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Will Investors Save the Sacramento Market?
2008-01-22 17:11:00
This winter has been different for sure. While last winter, the real estate market was still reeling from sellers realizing that their mortgages were too high for them to refinance and or sell and get market value to salvage their home, this winter seems to be dotted with home buyers. Several things I've been reading lately seem to be coming to a head to make 2008 a very exciting year for real estate.On January 4th, the Sacramento Bee reported that Sacramento real estate is gaining its price edge over the Bay Area and Southern California. And while that may be a different way of saying that prices here have fallen faster and harder than elsewhere in California, the net effect seems to be the same: buyers from other parts of California are beginning to express interest in Sacramento. Again. Investors in Sacramento might take longer to recover, but since almost all of them depend on equity to buy other houses, once the prices start heading up, I have no doubt they'll be out there a...
More About: Breaking News , Market , Save

Friday Fun
2008-01-18 20:33:00
Three reasons for this post:1. I'm feeling completely uninspired,2. I have buyers coming in all weekend to look at houses from all over California,3. I've been reading a bunch of other blogs - which, of course, leaves me with no thoughts of my own.(4. Oh wait, I think that fourth one was supposed to be that I will be reading books to review today. Oh well.)Here are a few interesting things to brighten your weekend:Since taxes are on everyone's mind now, here's a good post about when not to fear the taxmanI doubt I'd ever spend money to buy any of these, except for maybe the cookie cup, but they are cute and remarkable in a purple cow sort of way. And lastly, the reason why I'm not never perfect.
More About: Fun , By the Way , Friday

Short Sales with MLS Entry Only - What?!?!?
2008-01-17 18:26:00
Everyone knows that short sales are not my favorite form of sales, and I believe the best prices and attractive options right now in Sacramento are bank-owned homes (REOs) but I seem to come across these entries in the MLS more often than I'd like - the short sale (not approved by the lender) and the classic "MLS Entry Only" status modifier.The MLS entry only to me is the classic red flag that the listing agent has either collected a fee for entering the listing into the MLS and has no further duties throughout the transaction, or that he is a discount broker with no further duties.No further duties? Excuse me, but this is a short sale!Here's what the Metrolist says about MLS entry only listings:MLS Entry-Only Listings are listings whereby the listing broker, pursuant to the listing agreement, will not provide any of the following services: a. provide cooperating brokers with any additional information regarding the property not already displayed in the MLS but instead gives coop...
More About: Sales , Short

Where is Casey Serin?
2008-01-17 03:09:00
So where is our very own Sacramento flipper Casey Serin lately? And why the interest in him anyway? I must admit, I must have commented on his blog a while ago and have been added to his list of contacts. So every time he does something - like get media attention - I get an email from him.He's on the Dr. Phil show tonight at 7:00p.m. about "get rich quick" schemes. I'll be watching!
More About: By the Way

Real Estate Book Reviews Coming Up!
2008-01-16 23:28:00
I'm really excited to let you know that I was recently contacted by Sphinx Publishing and asked to review "Retire Rich from Real Estate : A Low Risk Approach to Buying Property for the Long-Term Investor" by Marc W. Andersen. Today, I actually received the book in the mail and am eagerly looking forward to getting to it. So over the next few weeks, we should have not one but two real estate book reviews, both real estate investment oriented:Buying for Profit, edited by Vicki Christian; andRetire Rich from Real Estate by Marc Andersen.Feel free to get a headstart on them by clicking their links above (you will be sent directly to Amazon.com or just wait for the review.
More About: Reviews , Book Reviews , Book

Best Financial Calculators Online
2008-01-16 21:07:00
January is the perfect time for reviewing your financial goals. Some of us are still reeling from the holidays and tax season is still not in full swing. Which makes going over your finances and perhaps scheduling a family finance meeting a good idea in this time of year. Here's a good calculator for checking your net worth. Bankrate.com has been my favorite site for this time of year because they have the best calculators available online. You are free to come up with any scenario in your head and see it in black and white, including refinancing and extra payments on your mortgage. Another one for rent versus buy is here. If you're wondering if buying or renting a home - especially in this market - gives you the best return for your money, you might want to plug in some numbers here in the New York Times rent versus buy calculator.This next one is not really a calculator, but it does help immensely if you're a landlord and wanting some basic comps around your rental. Think you'...
More About: Finance , Financial , Online , Calculators

Ask Sacramento Real Estate Gal Answers!
2008-01-12 21:00:00
Some weeks ago, I wrote about a Sacramento homeowner regarding a possible short sale on two of his homes. I have now done enough research to be able to answer this very important question with the seriousness it deserves.If you are a Sacramento homeowner in distress, here are the steps you should take:1. Admit it. Many people that call me never take action because they are in denial. In fact, a lot of them hope their home will never be foreclosed upon and are still in denial when the home is auctioned on the courthouse steps. Don't be that person! 2. Call the mortgage company. The first thing you should do when you suspect not being able to pay your mortgage bill, is call the mortgage company and ask them if they can rewrite the loan under new terms. Now, be forewarned that they cannot create miracles. If your home had been bought just two years ago and the value has plummeted, the mortgage company might not be able to rewrite the loan without you contributing some cash. Try and wo...
More About: Estate , Real Estate , Answers , Real

Landlords: Good Time to Consider Repositioning
2008-01-11 21:29:00
The Sacramento Bee this morning reported that mortgage rates have fallen below the 6% mark for only the second time in two years. This might be a great opportunity for landlords to reposition their assets to see if they can yield a better cash flow or can finally begin to cash flow.Do the math at this mortgage calculator at BankRate.com and see if falling mortgage rates will help build your real estate empire!
More About: Time , Good , Landlords

Real Estate Quote of the Week
2008-01-09 21:17:00
Landlords grow rich in their sleep. - John Stuart Mill, British philosopher.
More About: Estate , Real Estate , Week , Real , Quote

Sacramento County Condo Market Update
2008-01-08 20:08:00
In November 2007 Sacramento condos gave a few of us hope. In December though, prices have fallen again, although sales and pending numbers remain the same. I guess it's really what you choose to focus on. Anyway, here are the numbers:Total condos sold: 57Total condos in escrow in December: 61145 more condos came on the Sacramento county market in December.There are a total of 755 condos still on the market.Median price fell to $185,000 from last month's high of $228,700 - a drop of 19% Please note these numbers have not been seasonally adjusted. Some month to month change occurs regardless of the market, influenced by conditions like the weather, holidays and so on.
More About: Real Estate Market , Market , Condo , Update

Real Estate Book Review
2008-01-08 18:00:00
Amazon.com Widgets"Cottage for Sale Must be Moved" by Kate Whouley is a great book for anyone who has done any home repairs. We're not talking about the usual home repairs we do everyday, and ourselves, but the major overhauls - the kinds that need permits, other people and intrusions on one's privacy.It's a memoir, great for rainy days like today. Whouley writes beautifully, quietly and the voice is a welcome change from the fix and flip books that now seem to line every real estate bookshelf. If you wish to buy the book, just click the image and you will be sent directly to Amazon.Next review: "Buying for Profit."
More About: Estate , Real Estate , Book Review , Review , Book

Real Estate December 2007 Statistics are Here!
2008-01-07 22:49:00
I don't remember who said it, but the quote is worth repeating: "Statistics are just a bunch of numbers looking for an argument." Well, here's the latest real estate squabble update.December was not a month to brag about, but showed almost the same numbers as November, which you may recall was a little better than October in terms of pending sales. However, the pendings and solds do not match up as well as I'd like, which seems to suggest buyers out there changing their minds during escrow or just longer escrows, as is the case with short sales.1763 single family residences came on the market in December.805 units were sold.1035 were pending, suggesting that buyers are out there looking.Median price has fallen to $281,500. Also read: November's statistics.
More About: Estate , Real Estate , Real Estate Market , Real

Sacramento Real Estate is Great...
2008-01-07 20:12:00
... but living in Pollock Pines is something else. While most of the Sacramento region was getting flooded with rain, up here at 4000 feet and just about 45 minutes away, we got about 12 inches of snow. This is the half melted picture I took of our deck railing outside our front door:And if you've been wondering where I've disappeared, without sounding whiny, let me tell you that we had a power outage that began Friday morning and ended just last night. Thank God for generators and husbands that know how to wire them!!! Because icicles just can't write blogs. Or sell real estate for that matter!
More About: Estate , Real Estate , Great , By the Way , Real

Sacramento Real Estate Gal enters 21st Century!
2008-01-04 00:31:00
Okay, here's a little nerd talk. Probably will make John Lockwood very happy. (Or not, depending on whether he thinks I'm spending less time on Sacramento-Home by doing this!)I was one of the lucky few to be gifted an iPod this Christmas and besides the very addictive Vortex game, I think there are a few things the little silver metallic friend is going to do for me.Like help me learn more about investing in real estate.Learning never goes out of style. The best aspect of learning about real estate is that it's both fun and rewarding. But I digress. Has anyone noticed all the podcasts out there about not just real estate, but investing in general? You have? Smart! But if you haven't, a few minutes spent browsing iTunes and downloading a few podcasts can teach you quite a bit. Then, if you get addicted, download a few audio books! I think my iPod just paid for itself!
More About: Fun , Estate , Real Estate , By the Way , Real

Happy New Year!
2008-01-02 20:25:00
If there's one thing everyone has been saying lately, it's how horrible 2007 was for a lot of people. I agree. Besides the real estate market being pretty crazy, I had a big personal loss which takes longer to get over. My mother passed away at age 65. However, it is losses that remind us of how good we really have it sometimes. So my resolution for 2008 includes being grateful and remembering to breathe! If your resolution includes buying a new home this year, I can't compliment you enough for choosing the right time. Be sure to call 916-712-4255 to get an informed idea of buying the right home.
More About: New Year , By the Way , Happy , Happy New Year , Year

If it's a Buyer's Market, Why am I so Stressed?
2007-12-28 18:38:00
Blame it on the fact that you like to read the news. Okay, that was cheeky. But the fact is, there is a lot of doom and gloom news out there right now. If you're a buyer, this should be good news, it should fill you with hope and happiness. But it doesn't. Human psychology is such that we are always happy following the investment curve rather than being first and winning at it.Warren Buffett bought stock in companies that are now the cornerstone of American business years ago. Today, we feel pretty safe buying stock in those same companies. Chances are though that they will not grow and give as huge a return today as they would have had you bought them back then when they were small.We all love to quote that we should be scared when others are greedy, and greedy when others are scared. Yet very few of us actually do so.But you are not the only ones to blame. And while reading the doom and gloom news can be unnerving, there are some real changes occurring that might also add to the...
More About: Market

Lessons while Remodeling
2007-12-27 18:10:00
You always learn something new every time you attempt something new - especially in real estate. This week I've learned that liquid sandpaper does not work to help paint adhere to old wood paneling.Half my home had wood paneling, so we decided to paint it. Well, Lowe's says to use liquid sandpaper and go ahead and paint! The next day, everything peeled! And we began over.So remember to save yourself some time - just go ahead and sand the paneling the old fashioned way. It might take a little longer than just applying liquid sandpaper, but the results are fantastic!
More About: Lessons , Remodeling

Merry Christmas!!!
2007-12-25 19:30:00
Yay! It's here.... Merry Christmas to all!
More About: Fun , Merry Christmas

$0 Down? How About Buy a Home with $250?
2007-12-23 17:21:00
Congratulations to Jessica and Brandon, who just bought their first home together. Because they timed this buyer's market so perfectly, they were able to buy 4951 Clearwood Way in the Foothill Farms area of Sacramento for just $205,000 with 100% financing.The home had sold just a year ago for over $300,000 and was a bank foreclosure.In a very conservative initial appraisal, the home was valued at $220,000 - about 10% over selling price. When more comps were added at the lender's request, the appraisal value shot even higher - at right around $245,000.There's no doubt about it - REOs are where the discounts and deals are. And if you've been careful enough to keep your credit scores high, you might just be able to bag this incredible market with just about $200 - $1000 out of pocket!
More About: Home

Short Sales in Sacramento - Now What?
2007-12-20 18:15:00
The other day, I received a call from someone who has read this blog with a very serious question. He owned two homes and was making payments on both homes every month, with not one missed bill. However, he knew he couldn't keep this up much longer. He was stuck with an Option ARM on both homes and the value of both homes had dropped about $100,000 each. What were his options, he wanted to know. He had a job offer in the Bay Area and was considering moving, but didn't know what to do with the homes. The rent wouldn't cover the mortgage and he didn't have enough to pay the real estate taxes.So I thought I would deal with what I told him with a post under "Sacramento Real Estate Gal."Check back for the details!
More About: Sales , Short , Amen , Cram

Market Predictions for 2008 - a Mortgage Perspective
2007-12-19 18:00:00
The mortgage expert on Sacramento Real Estate Gal, Huck Ferrill, has the following to say regarding home prices in 2008. This is an extract from a larger newsletter, but worth reading. For the most part, I agree with him.Read on:I think 2008 will be a mixed market for the first half (including some more foreclosures), beginning price recovery in the second half. Here?s why:Prices have already shown some stabilization, albeit at lower levels. The last half dozen appraisals I?ve seen were 5-7% HIGHER than their selling prices. One property selling in Roseville for $225,500, appraised for $275,000 last week, for example. Higher end prices, greater than $750,000, while having showed some softness, have held up pretty well, primarily because there isn?t the plethora of bank owned properties at those levels.Credit for financing purchases and refinances has been available all along, albeit from fewer lenders, and it has been relatively inexpensive (6-7% range). Stated income loans are ava...
More About: Finance , Market , Mortgage , Predictions , Perspective

Real Estate Quote of the Week
2007-12-18 20:22:00
It is a comfortable feeling to know that you stand on your own ground. Land is about the only thing that can't fly away.- Anthony Trollope, Victorian era novelist.
More About: Estate , Real Estate , Week , Real , Quote

What Realtors do in their Time Off...
2007-12-17 18:51:00
It isn't really time off, but today's been snowy so far and the holidays have forced me to slow down, mainly because no matter how fast my clients and I have been in getting paperwork to the mortgage company, they're taking their own sweet time sending docs out.So we have to wait. And be patient. I was never good at that.And this is what I'm doing in my free time:1. Still writing "Landlord Landmines" - an e-book on advice for landlords (not limited to Sacramento or California),2. Working off and on on the website for Landlord Landmines,3. Writing some 312 questions for Sacramento Home.4. Waiting, waiting, waiting..... still waiting for docs!
More About: Realtors , Time , By the Way

You've got to be Kidding Me!
2007-12-12 18:05:00
Okay, I understand making a statement, but really... can you just imagine how the Realtor will have to sell this to a prospective buyer?"Uh... wait till you get to the bathroom."
More About: Fun , Kidding

Federal Reserve cuts Interest Rates Again!
2007-12-11 20:47:00
Another .25% in the Federal Funds rate and .25% in the discount rate.Read all about it here.
More About: Breaking News , Interest Rates , Federal Reserve , Interest , Rates

Folsom Real Estate Market Showing Signs of Recovery
2007-12-09 20:08:00
I was talking to a would-be buyer a few days ago who was thinking about buying a home in or around Sacramento, Folsom or Roseville and he was actually a little saddened to hear that prices in Folsom have not dropped as much as he would like. Well, there's more news. Not only have prices not dropped, Folsom is actually showing signs of recovery. The median price of a single family residence in Folsom has risen from $414,500 in October to $436,500 in November - that's a rise of about 5.3%Average days on market fell from 59 to 52, a signal that at least some buyers are done waiting and are taking the plunge. Another fact: As opposed to only 11 homes that went pending in October, in November, a whopping 50 homes went into escrow! Someone tell the bubbleheads that!!!
More About: Estate , Recovery , Real Estate , Real Estate Market , Market

Winter Home Projects to Increase Home Value
2007-12-08 20:00:00
When the holidays arrive we have this flurry of activity and then they're gone! It's cold outside and nowhere to go. And although where you live might have no snow, it's important to plan a few things to do in January and February to get over the winter doldrums.In our family, we always plan a renovation project (especially since we have always lived in a fixer-upper and added sweat equity - what can I say? I'm frugal.) around January. Sometimes, we are so excited about a winter project, we begin on December 26th.Be sure to go through and pick out a project from the features about Adding Value to Your Home Regardless of the Housing Market and you'll be much happier when Spring arrives.Also, make sure to save some money from your Christmas fund to do these fun things after Christmas, when everyone else is morose and depressed!
More About: Projects , Winter

Is the Real Estate Market Recovering?
2007-12-07 19:52:00
You know the saying: by the time the cab driver tells you that the real estate market is really, really bad, it may be getting better. And now that the bad news is all over the place, here comes some good news: Sacramento condos have posted some great numbers this month - an 11% increase in sale prices and a 33% increase in sales. And while we're on the subject of bad news/good news, read this excellent article (funny, too) on Sacramento Home about my favorite publication.
More About: Estate , Real Estate , Real Estate Market , Market , Real

First-time Homebuyers Might Have a Harder Time Now...
2007-12-06 19:44:00
Traditionally, first-time homebuyers have bought homes with little or no money down. A recent email I received from Huck Ferrill, the mortgage expert of this blog, seems to suggest that these loans might be drying up for these first-timers as of the middle of next month.100% loans on houses are backed by mortgage insurance, which insure the lender in case the borrower defaults on the mortgage. But now, at least two mortgage insurance companies have decided not to insure 100% loans on houses in California to limit their exposure. This can have a major impact on those buyers who have less than 5% down on a home. With lending changing everyday, especially in this market, it is important to get pre-approved (not just pre-qualified) with a mortgage broker before going shopping for a home. It is also a good idea to make sure that the pre-approval is still valid when you do find the home you've been looking for.
More About: Time , First Time

Sacramento Market Statistics for Condos
2007-12-05 19:25:00
Condos have fared exceptionally well in terms of price this last month and sales have gone up as well, although not exceptionally.Last month I said that the Sacramento real estate market was beginning to show very early signs of recovery. Now now, before you shake your head, think about this: summer has usually been the time most homes sell or go into escrow. Summer statistics this year were abysmally depressing, however in the more laid-back time, the buyers are heading out. Perhaps a Christmas gift this year involves a house or two?Look at the numbers:Median price of condos in October: $206,000.Median price of condos in November: $228,700 - that is an increase of 11% - not a small number!56 condos sold in the month of November and 66 were pending sale - in terms of sales, that is an increase of 33% in sales.
More About: Market , Statistics , Amen , Cram