Weekly Newsletter Weichert, Realtors - Sierra Pacific Group
 
March 28th, 2024
Welcome to another exciting edition of the Weichert Weekly Newsletter! This week, we turn our spotlight onto Elk Grove. We'll keep you updated on the latest Elk Grove business news and provide insights into the dynamic real estate market with stats from the past month. Thank you for joining us – let's jump right in!
 
What's The Latest with Mortgage Rates?
Recent headlines may leave you wondering what’s next for mortgage rates. Maybe you’d previously heard there were going to be cuts this year that would bring rates down. That refers to the Federal Reserve (the Fed) and what they do to their Fed Funds Rate. While cutting, or lowering, the Fed Funds Rate doesn’t directly determine mortgage rates, it does tend to impact them. But when the Fed met last week, a cut didn’t happen — at least, not yet.
There are a lot of factors the Fed considered in their recent decision and most of them are complex. But you don’t need to be bogged down by those finer details. What you really want is the answer to this question: does that mean mortgage rates aren’t going to fall? Here’s what you need to know.
Mortgage Rates Are Still Expected To Drop This Year While it hasn’t happened yet, that doesn’t mean it won’t. Even Jerome Powell, the Chairman of the Fed, says they still plan to make cuts this year, assuming inflation cools:
“We believe that our policy rate is likely at its peak for this tightening cycle and that, if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year.”
When this happens, history shows mortgage rates will likely follow. That means hope isn’t lost. As a recent article from Business Insider explains: “As inflation comes down and the Fed is able to start lowering rates, mortgage rates should go down, too. . .”
What This Means for You But you don’t necessarily want to wait for it to happen. Mortgage rates are notoriously hard to forecast. There are so many factors at play and any one of those can change the projections as the economy shifts. And it’s why the experts offer this advice. As Mark Fleming, Chief Economist at First American, says:
“Well, mortgage rate projections are just that, projections, not promises and don’t forget how hard it is to forecast them. . . So my advice is to never try to time the market . . . If one is financially prepared and buying a home aligns with your lifestyle goals, then it could be the right time to purchase. And there’s always the refinance option if mortgage rates are lower in the future.”
Basically, if you’re looking to move and trying to time the market, don’t. If you’re ready, willing, and able to move, it may still be worth it to do it now, especially if you can find the home you’ve been searching for.
Bottom Line If you’re looking to buy a home, lets connect today so you have someone keeping you up-to-date on mortgage rates and helping you make the best decision possible.
 
Elk Grove Business News
The Village - Developers of a new Elk Grove shopping center known as The Village say the project is breaking ground within the next few weeks. It will be on Elk Grove & Big Horn boulevards near Highway 99. Businesses set to join the 111,150 square-foot retail space include Mendocino Farms, NuYo Frozen Yogurt, Whole Foods and Yard House. A brochure from developers Pappas Investments describes Elk Grove as one of the largest growth markets in the country because of its strong employment base and continued boom in residents. VP of Leasing Kelly Rule said the project's initial construction start date was delayed because of recent weather conditions. Spaces remain available for businesses interested in leasing at The Village.
Project Elevate - An Elevated Retail, Dining, And Entertainment Experience For Elk Grove
The City owns a 20-acre property at the southeast corner of Elk Grove Boulevard and Big Horn Boulevard, just north of District56 (the Civic Center/Aquatics Center) and is pursuing its development as a mixed-use project that includes retail, dining, entertainment, office, and residential uses, as well as a hotel. The objective of the project is to elevate the level of retail, dining, and entertainment amenities in the City, while at the same time developing a site with enhanced design elements that promote pedestrian activity and include central, public gathering spaces. For these reasons, the City refers to this as Project Elevate. Development of Project Elevate will occur through several phases.
Phase 1: Site Planning and Program Development - Complete. Evaluation of the local market conditions and development of a site program and overall site plan. This includes development of concept architecture for buildings and landscaping pallet but does not include the design of individual buildings.
Phase 2: Disposition Process - Current Phase. This step involves soliciting the project with potential developers and selecting one or more developers to partner with the City to develop and operate the project.
Project Elevate is an ambitious endeavor. Mixed-use development with this type and quality of architecture are unique and new to Elk Grove and limited in the region. These facts reflect the complexities involved with such projects and the fact that Project Elevate would push the local and regional market forward. In the best economy, Project Elevate could take five years to develop at once, and possibly up to 15 years to develop in a phased manner, and City financial participation would almost certainly be required to make the Project financially feasible. Check out the website here: https://www.elkgrovecity.org/strategic-planning-and-innovation/project-elevate
Here's the latest snapshot of the Elk Grove Housing Market:
*Only Reported on Single Family Homes
If you want an update for a different area or need help understanding what these stats mean, contact me today.
 
Find Your Home's Hidden Value
The common question, "What's my home worth?" often conceals the real curiosity: "How much equity do I have?" That's why I'm excited to introduce our service, the Professional Equity Assessment Report (PEAR). I understand you might just want a quick online estimate. No worries! You can also check out our Home Value Tool online.
Weichert, Realtors® - Sierra Pacific Group is committed to helping people at every turn. Whether they're customers, searching for a home, or professionals, looking for a place to expand their real estate career, we are proud of our tradition of supporting others as they realize their dreams.
At Weichert, Realtors® - Sierra Pacific Group, our commitment to our agents is to inspire, challenge and support the as they strive for their personal best.
If you are just getting started or are a season pro, we are confident that we have the tools and resources you need to grow your dreams!
We would love to visit with you about the unlimited potential and possibilities TODAY!
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That's all for this edition of the Weichert Weekly Newsletter! If you're in the market for a new home or just curious about the current real estate market, please don't hesitate to reach out to me. I'd be more than happy to assist in any way I can.
Scott Kirk is the Broker/Owner of Weichert Realtors – Sierra Pacific Group (SPG), a family-owned, full-service brokerage based in Folsom. A REALTOR® licensed since 2010, he has closed more t....
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MetroList CA data last updated: September 17, 2026 6:08 PM UTC 
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