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Sacramento County Statistics January 2008
2008-02-05 19:44:00
Here are the latest numbers on single family residences from the Metrolist MLS:January was a slow month in terms of sales and disappointing as the median price dropped another 9.4% over December's median sale price to $255,000.2523 units came on the market as new listings in January in Sacramento county now bringing single home inventory to 9042, about 11.9 months of unsold homes.The silver lining? 1209 homes went pending in January 2008, 16.8% higher than December's numbers. Perhaps this fall in homes has inspired many to head out - first time buyers and investors alike.Check the trends: December's numbers for Sacramento real estate; November's Sacramento real estate statistics; October's numbers.Also read: Population Projections for Sacramento; Statistics and How to Read ThemTomorrow, I'll have statistics for Sacramento condos. Be sure to check back!
More About: Real Estate Market , County

Sacramento Mortgage Update
2008-02-04 23:23:00
Sacramento Real Estate Gal's mortgage expert Huck Ferrill has the following mortgage updates for you today:Much has been happening lately on the residential real estate front, some well publicized, like the huge number of foreclosures, and some not so well publicized. In the last month for example, I?ve been prequalifying about a half dozen prospective buyers per day! Entry level houses ($100,000 - $300,000 in Sacramento area) seem to be enjoying the greatest interest by both first time homebuyers and investors looking for more rental property. One of my clients, a well recognized listing agent of bank repo property, reports that the nicer homes are seeing multiple offers not long after they?re listed. So far, prices haven?t risen but, I suspect that if that trend continues, for sale inventory will drop, and prices will start to rise. This is probably a great time to be buying if you or someone you know is looking for an investment or their first home. Mortgage news - 2008 is the ...
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MLS Search is Live!
2008-02-02 03:21:00
In the past, I've been sending you to the Elite Properties site to search for real estate in Sacramento, but now you can search for homes right here on Sacramento Real Estate Gal. Just follow this link.Bear with me while I add more links to automatic email updates of properties and the such, but for now the MLS is searchable right here!Enjoy!
More About: Breaking News , Search , Live

Sacramento Foreclosures Affect Pets
2008-02-01 18:55:00
Here's a side to the Sacramento real estate market that has been largely ignored - the pets of foreclosed homes. According to a recent article in the Sacramento Bee, a large number of homeowners leave their pets behind either tied to a tree or just stuffed in closets when they leave a foreclosed home.If you're facing foreclosure and cannot afford to take your pets with you, at least consider adopting them out. You can go to the Sacramento Society for Prevention of Cruelty to Animals on Florin-Perkins Road and surrender them for $30. Website is here.If you know you won't be able to take your pets with you (and honestly foreclosures take months) advertise them as adoptable. Here are some tips on how to do so and here are some more.
More About: Pets , Foreclosures

Real Estate Book Review: Retire Rich from Real Estate
2008-01-31 20:04:00
Amazon.com WidgetsMarc W. Andersen's Retire Rich from Real Estate : a Low Risk Approach to Buying Rental Property for the Long-Term Investor is a book that keeps coming to mind when I talk to clients interested in owning rental properties. This is a book that will appeal to even the most serious and cynical of investors out there. Andersen sidesteps issues of quick profits, piles of money, and other "flashy" images and words and focuses on what's important. He uses statistics and real numbers to show readers how buying real estate and holding it - in the words of Warren Buffett "forever" will eventually lead them to wealth. However, the path is not as easy as it sounds and Andersen has no problems telling you of the various pitfalls you will encounter as a landlord.There is no dearth of good advice in the book related, but not limited to, the common questions most investors would ask if they were serious about their investments, such as:- do single family homes make better rentals...
More About: Real Estate , Book Review , Review

REO Buyers: Three Things to Watch For
2008-01-31 01:00:00
Yesterday I wrote about how the new short sale addendum protects buyers from waiting forever for the house they made an offer on to get approved. Later in the day it made me wish we had something similar to that for bank-owned homes. The unfortunate truth with bank owned homes is that the buyers are almost always relying on every inspection in the book they can think of and then just plain luck.Here are the three most important things however that buyers need to watch for when it comes to bank-owned homes:1. Timelines always get mangled unless they are in the bank's favor - I remember being frustrated with short sales in the past because the lender would come back with an approval that was good for fifteen days. Most escrows take 30 days. However, this last weekend I wrote an offer for a bank-owned, foreclosed home for a client. The offer was more than fair - it was full price, cash and the buyer was paying for half the escrow costs. It has now been ten days and we hear the same t...
More About: Watch , Things , Buyers

Rate Cut as Expected by Most
2008-01-30 20:16:00
The Federal Reserve just cut another 1/2 point - federal funds rate is now down to 3.0%Read the details here.
More About: Breaking News , Rate

Fed Meeting Today...
2008-01-30 18:40:00
I'm curious to see what they have in store. After the last .75% rate cut, most experts expect another .50% cut today. While this rate cut may take a long time to affect mortgage rates, it is still good news for anyone with equity in their homes or first time real estate buyers.Wait and watch.
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Short Sale Addendum Protects Buyers
2008-01-30 00:01:00
The California Association of Realtors added a short sale addendum to the required forms in November of 2007. So far, this is one of the best forms I have seen and goes a long way in protecting a buyer's rights while buying a home in California.For one thing, it limits the amount of time a buyer has to wait to hear back from the lender's approval - "the short sale contingency period." If the lender doesn't respond during this period, the buyer can walk out of the escrow.Secondly, the addendum expressly states that all timeline begin after the approval from the seller's lender. This protects the buyer's security deposit from getting deposited into escrow before approval.The short sale addendum should put a lot of buyers' worries regarding short sales at ease.
More About: Sale , Addendum , Buyers , Short

Real Estate Quote of the Week
2008-01-28 18:52:00
As the 200th post on this blog, I give you this nugget:"Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth." - Theodore Roosevelt
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Adding Value to Your Home Ragardless of the Sacramento Housing Market #5
2008-01-26 20:06:00
A few weeks ago, I mentioned I was painting part of our house here in Pollock Pines and the lessons I learned about painting wood paneling. Well, it's finally done - minus curtains, which will go up this week. And here are the results. Hard to believe it's the same house, isn't it?Here's another one:
More About: Market , Home , Housing , Sacramento , Cram

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.
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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...
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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!
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$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!
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