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Mortgage Update
2008-08-03 15:47:00
From Huck Ferrill, our guest mortgage blogger, the nuts and bolts of Congress' housing reform package is below. Some good, some not so good.The not so good:Seller funded down payment assistance (Nehemiah) will be gone if the loan is not approved by Sept 30, 2008. Gifts from relatives and public nonprofits is still OKMinimum borrower cash investment requirement for FHA is increased from 3% to 3.5%. It can all be a gift. Seller credits are still allowed for closing costs but not down payment.The good:Higher conforming loan limits are being made permanent. Max $625,000 and dependent on area median price.The great: $7500 tax credit for a first time buyer(s). Max income $75,000 for a single person and $150,000 for a married couple. Everyone who doesn't own a home should find out about this as fast as you can tell them.
More About: Mortgage , Update

Considering Remodeling? Think Rustic!
2008-08-01 15:11:00
If you're considering sprucing up your house this summer, consider a style often ignored in real estate, but one that - when done right - adds dollars and makes sense. I'm talking about the rustic look. You know, the country house. And before you turn up your nose like you smelled a stable, consider the following:1. There might be evidence that consumers are getting bored of granite and the polished, seemingly new look it seems to beg for from the rest of the house. I can't remember where I read it, but now that I have I see evidence of it everywhere. Most home buyers say, "oh, granite countertops," instead of "ooooh, granite countertops!!!" like they used to. They're thinking maintenance and co-ordination from the rest of the house will be a pain. You might disagree, but know that the granite craze is over and on its way out. 2. Rustic can mean green. Many home owners are now getting interested in creating green spaces that are low maintenance and this refers not just to the ou...
More About: Remodeling

Buying an REO is like Having a Baby!
2008-07-31 15:29:00
I've developed a new found respect for my first time buyers, especially when they've ventured into unknown territory and bought bank owned real estate while knowing nothing for sure about the Sacramento real estate market. These brave buyers will do well in the future when real estate values begin climbing! I have realized how wonderful their courage is when I'm 39 weeks pregnant with baby girl not showing signs of wanting to meet the world yet! And as an expectant woman's mind dwells on the same question of "When?" over and over I created this list:1. Making the decision is one thing - getting used to it is quite another. It's all you can think of for a few days. "Am I really going to buy a bank owned property?" "Are we really going to have a baby? Really, really?"2. Chances are, over the long run, both cost about the same.3. At no other time does trust that everything will always go well play such an important role...4. ...until something inevitably goes awry. Not terribly so...
More About: Baby , Buying

Historic Housing Bill Signed
2008-07-30 18:21:00
The President this morning signed a historic housing bill "Housing and Economic Recovery Act of 2008." It is believed that this bill will help some 400,000 homeowners who cannot make their housing payments to be able to refinance their mortgages with FHA-backed loans. It will also permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas.
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"Real Estate Agents Don't Call Me Back!"
2008-07-25 18:59:00
The other day I received a call from a client who is looking for a home - a personal referral - and her biggest complaint was that she had called a few places and the Real tors were not returning her calls. "I would have thought in this market they would be happy that customers are calling and return those calls," she said in an exasperated tone.I guess that's what they mean by a buyer's market. No one does what you expect them to do. Realtors don't return phone calls and buyers who have loads of opportunities to buy homes dirt-cheap decide to wait it out.A little bird told me recently however that parts of Sacramento are recovering. And the bird is getting ready to call the bottom of the Sacramento real estate market. This is a very mathematical and market research oriented "little bird" so I believe him. And we talked about what buyers will do when prices go up. I know the answer. They'll start buying, stop bargaining. And pay exorbitantly more for a house than they would have ...
More About: Estate , Real Estate , Agents , Back

Adding Value to Your Real Estate
2008-07-17 18:11:00
If you're like the thousands (millions?) of people painting your homes just because it's summer (personally I paint in the winter) you might want to consider reading this article that appeared in MSN.I have seen many people shy away from darker or more expressive colors when they perceive the room in question as "small." I remember as a child my parents always went with the boring pastels and whites because the rooms were too small. But there's nothing wrong with trying something new. There are some interesting color choices listed here. And even if you can't quite tolerate the idea of having too saturated a color all over the walls of the room, consider an accent wall. If you pick the right color on the right wall, you might end up making the room seem bigger!
More About: Estate , Real Estate , Real

Foreclosure Crisis may lead to Necessary Changes
2008-07-15 16:56:00
With so many homes being lost all over the country, it is time there are some changed made in the real estate industry, especially regarding lending. A few good things proposed that might become a reality in the future:1. Lenders will require proof of income if the borrower's credit isn't good. Also money for taxes and insurance will need to be set aside.2. Prepayment penalties are banned if the payment changes in the first four years. (I would like to see prepayment penalties go away completely. It is a ridiculous clause anyway.)3. The borrower must be able to repay the home loan based on house's value alone. This one is a little confusing to me because it seems like this condition is already present, which is why we have appraisals. No one can guarantee the future value of a home, and it seems that's the desire here.We seem to be moving in the right direction - just very, very slowly.
More About: Foreclosure , Crisis , Lead

Foreclosures Down 3% in June
2008-07-14 15:03:00
RealtyTrac has said that foreclosures are down 3% nationwide in the month of June over last month, but higher than last year. Although we might not have gotten over all the foreclosures yet, this is a good time to remember that the real estate market will eventually absorb all this excess inventory and at that point prices will begin to rise. So if you're on the fence wondering about whether you should jump in, the answer is... YES!Read the entire story here.
More About: Foreclosures

Sacramento Condo Market
2008-07-12 15:27:00
105 condos sold in the month of June in Sacramento county, down from May; prices fell from May's high of $153,000 to $135,000 in June. Active inventory was down slightly to 565 from last month's 622. 130 condos went pending, again not as good as June.I guess May was the month for condos and June was the month for single family residences!Have a good weekend!
More About: Market , Condo

Sacramento Market Update for June: Single Family Residences
2008-07-10 21:12:00
I guess I stand corrected: it isn't exciting out there this month in real estate. Which makes it perfect for all you home buyers out there, but this market update doesn't promise to change anything. :(Median price fell to $220,000 from May's $230,000. Days on market stayed pretty much the same at 50. 1866 single family residences sold in the month of June and 2074 homes went pending. 1241 more homes came on the market in the month of June. We have a total of 8157 homes for sale. Inventory is lower than May at 4.6 months.The silver lining you've come to expect? Sales were up 17% month to month over May!Saturday: condo market.
More About: Family , Market , Update , Sacramento

Sacramento Area Real Estate Market Updates Coming!
2008-07-09 15:54:00
Watch for them beginning tomorrow. I have a feeling they should be exciting. Usually by the time everyone is bored with real estate is the time they get pretty interesting - not scared, just bored, which seems to be the mood of Sacramento real estate.So come back tomorrow. We have single family residences, condos and maybe even some other area-specific updates!
More About: Estate , Real Estate , Real Estate Market , Market , Updates

Home Buyers like Condos: Market Update May
2008-06-06 17:02:00
As opposed to last month, the median price of a condo in Sacramento county jumped 12.6% to reach $153,000 in May. 114 condos sold, an improvement over last month's 100 and 150 condos went into escrow in May - better sales all around and better prices to go with them!136 new condo listings came on the market, lower than last month's 154.Want more good news? Okay. There are 622 condos for sale in Sacramento county, which brings inventory down further than last month, to sit at 5.45 months.
More About: Real Estate Market , Market , Home Buyers , Home , Update

Sacramento Market Update: Single Family Homes in May
2008-06-05 16:41:00
Days on market fell for the first time in months! We are down to 54 days on market for the average house sold in Sacramento county. Median price has remained fairly stable - down slightly from last month's $235,000. April was at $230,000.1594 homes sold in the month of May and 1995 new listings came on the market. The real surprise? 3621 homes went pending sale in the month of May - that is almost twice the amount of homes than went pending in April!There are currently 8135 houses on the active market, inventory sits at 5.1 months.Tomorrow: condo market.
More About: Family , Real Estate Market , Market , Update , Homes

Sacramento Real Estate Market Update Coming Tomorrow!
2008-06-05 04:29:00
Yes, it's finally the fifth of the month! So watch tomorrow for an exciting update on the Sacramento county market. From what I've been hearing and seeing, sales are up and the Sacramento real estate market as a whole seems to be recovering. Check back tomorrow!
More About: Estate , Real Estate , Real Estate Market , Market , Update

Real Estate Investing Article Worth Reading
2008-06-03 15:30:00
One of my favorite writers, Liz Pulliam Weston, over at MSN Money has written a new article about being a landlord. While being a landlord is an excellent way to invest in real estate and save for retirement, it is by no means easy. She discusses a few things in this article. Looking for rentals? Why not search here?If you're looking for advice on being a landlord, head over to Landlord Landmines.
More About: Reading , Estate , Real Estate , Real Estate Investing , Article

Bargain Crosswoods Condos
2008-06-03 01:39:00
For the first time in a long time, condos in and around the community of Crosswoods in Citrus Heights have fallen under $200,000. If you are considering buying a condo and like Crosswoods (I had a client who would buy nowhere else but there!) search these listings. There are at least a dozen right around $200,000.
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What am I Getting Paid For?
2008-06-02 14:34:00
An old broker (not in age, but the temporal sense) I used to have mentioned this little nugget about real estate sales I still remember: he said that the worth of any Realtor is how much expertise, experience and market knowledge she brings to the table for her clients. Unfortunately, some of our clients seem to think we get paid to make flyers for our listings. Anyone can make a flyer, only the good ones can sell a house.Quotable.But also very true. I was reminded of this recently when I was talking with John Lockwood about the fact that we need to educate our clients on two things in today's market: One, the fact that they will never potentially close a short sale purchase (statistically only 5% of short sales ever close) and Two, foreclosures really are very competitively priced. Their chances of getting one goes down exponentially if they don't make full price offers.While as a buyer's agent it is not up to me to tell clients what they should offer on a home or which house th...
More About: Paid

Sacramento Ranked 12th in Clean Air
2008-06-01 14:40:00
Sacramento might not be the best place for allergies, but a recent press release by Sacramento county claims that Sacramento ranks 12th for the least amount of carbon emissions per person nationwide!Read the press release here.
More About: Clean , By the Way , Sacramento

Tenants Facing Foreclosure
2008-05-31 21:21:00
Another story popped up in the Sacramento Bee recently about tenants facing foreclosure. I had written about it when the first tenants were being foreclosed on last year. Hey, maybe you should read this blog first!
More About: Foreclosure , Tenants , Facing

Sacramento's I-5 Project Begins Tonight
2008-05-31 04:17:00
If you travel to downtown Sacramento or will be using I-5 on a regular basis, go here for details on the repairs and to plan your commute.
More About: Project , By the Way , Tonight , Downtown Sacramento

Fannie Mae, Freddie Mac Revise Policies
2008-05-31 01:37:00
This just in from Darin Marquardt of Chase Home Loans:Fannie Mae and Freddie Mac have recently announced that they are eliminating their declining market policies beginning June 1st. Additional details will be provided when they are received from the Agencies. It is important to note that the mortgage insurance companies still continue to underwrite loans to their declining market polices, so MI restrictions will still apply for now. In light of the Agency announcement, Chase plans to eliminate the Agency declining market policy in an upcoming release. Until further notice, loans should continue to be decisioned per posted policies and product guides.To get prequalified, click here.
More About: Freddie Mac , Policies

Landlords Beware!
2008-05-30 15:18:00
There's a new scam out there. If you're a landlord like me who advertises on Craigslist and VFlyer you should watch for this story: the so-called tenant will usually approach you by email saying they are from the UK or some other foreign country. They inquire about the property and the rent. (This should be the first red flag since both the property address and rent is clearly displayed in the rental advertisement.)The rest of the story goes something like this: "Someone in the US owes me money, so they will pay you usually an amount much higher than the deposit and rent. You then have to deduct your amount and pay me the rest, so I can actually fly into the United States." Sound familiar?It should. Here's what will probably happen: The check the person who owes them money will send you might look good, but will bounce. You will be required to wire money to the so-called tenant. Why does this work? Because banks are required to make deposited funds available to you within 48 - 72...
More About: Beware , Landlords

Waiting for Prices to Drop 30%?
2008-05-30 03:07:00
In recent months, I haven't spoken to too many real estate buyers who are waiting for prices to drop another 30% but there were a few last year. As it turns out, these Chicken Littles awaiting this kind of disaster are few and far between. As many numbers show, prices are heading toward stabilizing in the Sacramento market, sales are up and inventory is down, even the Sacramento Bee was surprised by the numbers and first-time buyers are entering the real estate market and Greenspan called the housing bottom nationally.But for the rest of the doom-and-gloomers, here is a very interesting article to read about how the Case-Shiller index that the media keeps playing up as "the best gauge of home values" has a reason to be pessimistic - it has relationships with hedge funds on the side. So much for the Chicken Littles talking about Realtors with bad ethics and conflicts of interest.
More About: Waiting , Drop , Prices

Sacramento Real Estate Gal Shakeup and the Truth about Cats and Dogs
2008-05-29 17:17:00
In spite of the fact that we're having a baby, my husband and I decided to get another cat. Actually, I decided it - he just thought it wouldn't be such a bad idea. Since moving from Sacramento to Pollock Pines, the number of cats we have has gone down from three to one. So, we get Fuggles. We also have a dog. But besides the fact that they are cat and dog, there is one major difference between these two and that is this: for entertainment, Fuggles will irritate and aggravate things, people and animals around her. The carpet, the dog, the other cat, even us. The dog will just look morose and hope to be noticed. But where am I going with this? Don't worry - I haven't finally just lost it.I'm finally beginning to understand the beauty of Fuggles' world. When you feel like you're stuck in a rut, you just have to shake things up - even if it means aggravating everyone around you. Thankfully, the changes coming to Sacramento Real Estate Gal shouldn't be too aggravating - but I am...
More About: Truth , Dogs , Cats , Real Estate

Sacramento Property Taxes Fall Again!
2008-05-28 04:02:00
Some homeowners are seeing their property taxes falling again. This time, they are told, the reduction is temporary and the result of market value being lower than assessed value, especially if they have bought the home around 2004 - 05.The real estate taxes will not be refunded. However, the homeowners will receive a lower tax bill for the 2008-2009 ta year. Check your mail for the latest details. Many Sacramento homeowners have already received this letter from the assessor.
More About: Taxes , Property , Fall

Sacramento Property Taxes Fall Again!
2008-05-28 04:02:00
Some homeowners are seeing their property taxes falling again. This time, they are told, the reduction is temporary and the result of market value being lower than assessed value, especially if they have bought the home around 2004 - 05.The real estate taxes will not be refunded. However, the homeowners will receive a lower tax bill for the 2008-2009 ta year. Check your mail for the latest details. Many Sacramento homeowners have already received this letter from the assessor.
More About: Taxes , Property , Fall

Things to do in Placerville
2008-05-27 15:41:00
If you find yourself in Placerville with nothing to do, here are some tried and tested ways to entertain yourself:There is only one movie theater, but they do have art movies showing usually every Monday. Check at the counter.Head downtown! You can easily spend a few hours there browsing art galleries and shopping. While there, visit The Bookery. If you like used books and great prices, you'll love the place! If you're into beer, visit Jack Rusell Brewing Company. Ask for a private tour of their brewing facility. The guys usually like this part. And for the women, visit The Wine Smith - again in downtown Placerville! (Next door to The Bookery) If you happen to be in Placerville on the third Thursday of the month, stay a little longer at The Wine Smith for the monthly HAZE club meetings. Taste beer, learn about brewing it - hey, you might come back!Need I say more?
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Things to do in Placerville
2008-05-27 15:41:00
If you find yourself in Placerville with nothing to do, here are some tried and tested ways to entertain yourself:There is only one movie theater, but they do have art movies showing usually every Monday. Check at the counter.Head downtown! You can easily spend a few hours there browsing art galleries and shopping. While there, visit The Bookery. If you like used books and great prices, you'll love the place! If you're into beer, visit Jack Rusell Brewing Company. Ask for a private tour of their brewing facility. The guys usually like this part. And for the women, visit The Wine Smith - again in downtown Placerville! (Next door to The Bookery) If you happen to be in Placerville on the third Thursday of the month, stay a little longer at The Wine Smith for the monthly HAZE club meetings. Taste beer, learn about brewing it - hey, you might come back!Need I say more?
More About: Things

Where else but in Pollock Pines...
2008-05-27 03:34:00
... can you get beautiful rainy weather like this? No, I'm serious. It's about 45 degrees outside and wet. Lovely day to curl up with a book - or as in my case - a laptop. Considering being a neighbor and buying a home up here at 4000 feet? Browse these.
More About: Neighborhoods

Where else but in Pollock Pines...
2008-05-27 03:34:00
... can you get beautiful rainy weather like this? No, I'm serious. It's about 45 degrees outside and wet. Lovely day to curl up with a book - or as in my case - a laptop. Considering being a neighbor and buying a home up here at 4000 feet? Browse these.
More About: Neighborhoods