Sacramento Real Estate Gal

RSS Feed Homepage

Articles: 1, 2, 3, 4, 5, 6, 7

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

November Statistics - Single Family Homes in Sacramento
2007-12-04 22:18:00
Boy oh boy! The choices buyers have out there! 2201 new listings came on the Sacramento county real estate market in the month of November, while a mere 759 single family residences sold. the number of homes that closed escrow were not much changed from October. 759 in November as compared to 746 in October. Pending sales were higher at 1008, a sign that perhaps buyers have finally realized this is a good time to buy. October had shown pending sales at 974.Median price has fallen 2.25% to $299,000.Coming up tomorrow: Sacramento county condo market. Check back!
More About: Family , Statistics , Homes , Single

It's the most wonderful time...
2007-12-04 03:20:00
I can't believe the stuff they'll come up with! This one's actually clever. Check out the iBlade.And I thought I would be cool if I just bought a Wii.
More About: Fun , Time , Wonderful

Found: Flippers in Sacramento
2007-12-03 21:12:00
It seems like idiocy for anyone to use the word "flipping" in today's market. Or does it? Unfortunately, the word "flipping" in my opinion has got a pretty bad rap lately. It went from being a bad word which meant buying and selling property with no attempts at rehabbing it while profiting from the market upswing to lately adding sweat equity and then selling the home for maybe a bigger profit.However, flipping is essentially a speculative activity. Which doesn't mean that there is no research and work involved. It simply means that it is one of the more riskier investments you will undertake. Here are five things to keep in mind when considering flipping a home:1. Math is always important. Here's a handy calculator for your improvements. Always over-calculate by about 25% - that way, all your surprises will be pleasant.2. Know the neighborhood. Know the numbers - bedrooms, baths, what homes sell for, what square footage is common, even what homes rent for.3. Stay with the neighb...
More About: Sacramento , Amen , Cram

I'm a First Time Homebuyer. What Loans are Available to Me?
2007-12-01 19:34:00
The obvious answer is any loan that's available to any buyer, but since the most frequent challenge that we see with first time homebuyers, is that they have little or no money for a down payment. So for purposes of this article we're going to focus on programs that allow for 100% financing of the purchase price.CONVENTIONAL PROGRAMSIn general, these programs are limited to properties selling for $417,000 or less, and there are are number of them with names like "My Community, Flex 100, Home Possible" or any number of proprietary names that various lenders might attach to them. All of them will finance 100% of the home's purchase price with a single loan, and all have very similar requirements-a minimum FICO score of 620, ability to document one's employment and income history for at least two years, minimum (sometimes no) reserve requirements, etc. They also will allow the home to be purchased "as is" in most cases, as long as the home is in reasonably good condition as determi...
More About: Loans , Time , First Time

Real Estate Quote of the Week
2007-11-30 00:35:00
Everyone says buying your first apartment makes you feel like an adult. What no one mentions is that selling it turns you right back into a child.- Anderson Cooper, CNN anchorman of the Anderson Cooper 360 program.
More About: Estate , Real Estate , Week , Real , Quote

If I Wasn't a Sacramento Realtor...
2007-11-28 18:23:00
...I'd most likely be a Roseville Personal Shopper!
More About: Fun , Realtor , Sacramento , Amen , Cram

Sacramento Real Estate Gal Answers!
2007-11-27 18:14:00
Today's answer is directed toward this post about the necessity of a buyer's agent and the comment that followed. I thought writing about it and answering the questions raised in it through an "Ask Sacramento Real Estate Gal" feature would make more sense. So here goes!Question/Comment:"The buyers are going to get a loan and the bank is going to require a [sic] appraisal which will protect the buyers from overpaying by 25% so really they still don?t need to use you. Oh and say they wanted to get their independent appraisal just to be sure? I?m sure $300 - $500 is lesser than your commission. I realized [sic] the buyer doesn?t pay your commission but he could use that as a negotiation tool to get a better price on the house. Realtors are only needed for very uneducated people or people that have a very high value on their time such as very, very rich people. People use Realtors because they are to [sic] lazy to get educated about a very simple process. My .02 cents."- Luke Hoppel.A...
More About: Real Estate , Answers

Real Estate Quote of the Week
2007-11-26 18:33:00
Yes, as a Thanksgiving present to all you readers out there, I'm adding yet another feature to Sacramento Real Estate Gal! Every week, I'm going to pick a really great quote related to real estate and post it here. I love great food for thought, and if you're reading this blog, chances are you do too! So enjoy!
More About: Real Estate , Week , Quote

Sacramento Real Estate Gal Answers Tomorrow!
2007-11-26 18:21:00
I'm going to be responding to a comment on this post about people needing a Real tor to represent them. Here is the comment in its entirety, that is, without the blatant advertising. The commenter was trying to say that buyers do not need a Realtor representing them, that they can do very well just by themselves. Read on:"The buyers are going to get a loan and the bank is going to require a [sic] appraisal which will protect the buyers from overpaying by 25% so really they still don?t need to use you."Oh and say they wanted to get their independent appraisal just to be sure? I?m sure $300 - $500 is lesser than your commission."I realized [sic] the buyer doesn?t pay your commission but he could use that as a negotiation tool to get a better price on the house."Realtors are only needed for very uneducated people or people that have a very high value on their time such as very, very rich people."People use Realtors because they are to [sic] lazy to get educated about a very simple proc...
More About: Estate , Real Estate , Answers , Sacramento

Excellent Short Sale Article on Sacramento Home
2007-11-26 18:02:00
I have written a post before on bank owned homes (REOs) and short sales and the difference between them, but if you are considering a short sale of your property, do read John Lockwood's post on three things your Realtor should tell you about short sales. I think it's also important to look at the statistics on short sales and how many of them really go through - not too many, in my experience! I promise to do more research into this and post it soon!
More About: Article , Home , Sale , Sacramento , Short

Landlords - time to send out rent bills!
2007-11-21 17:49:00
It's time. You should be sending a bill to your rentals today to ensure prompt payment of your rent. The statement should include the following:- when rent is due- when rent is late- what the fine is for the rent being late- what form to make the payment in- where to send it.It doesn't hurt to have a return envelope with the statement with your address on it. Log that you have sent out this statement in your rental logs.I know, I know. You're saying most of these things are in the month-to-month or lease agreement you have signed with the tenants. But most of them have not been read, so remind them. Today. And have a good December!
More About: Time , Rentals , Send , Rent , Landlords

Another Scum...
2007-11-21 05:02:00
... has taken to sending mass emails to people, mostly fellow Realtors, with stupid and sometimes obscene messages and predictions about the real estate market with my name and email address underneath.If you've received an email from me and it has not come directly from my mailbox, I did not send it. It's just the work of someone with way too much time on his hands - well, I guess it doesn't take much time to sit around collecting welfare and reading real estate blogs (with no intention of buying or selling a home!) now does it?By the way, Chicken Little (you know who you are), there are a few Realtors including me considering slapping you with libel here. So you better watch out.
More About: Blogging , Scum

Why is Email the Preferred Choice for Scummy People?
2007-11-21 01:46:00
There sure are a lot of scummy people out there and their preferred choice seems to be the internet. Sure, I know there are a lot of good people out there too in the blogosphere, including my friends, family, homebuyers and homesellers that like to do their research and so on. But lately there have been consistent attempts at people being pretty terrible online and by email. Exhibit 1 - competitors that would like to advertise on my blog while saying I'm unimportant to the homebuying process.Exhibit 2 & 3 - Chicken Little 1.0 and 2.0Exhibit 4 - Competitors in general that send mean little messages that are supposed to be threatening and scary.Hmmm.... come on, nice people. Express yourselves on the internet! No wonder so many people in general feel threatened and afraid in the blogosphere - the annoying ones are the loudest. Nut Hound Quincy, Huck, John and me excluded. :)
More About: People , Email , Blogging , Choice , Refer

First-time Homebuyers a Real Joy!
2007-11-17 18:48:00
I've always said I absolutely love working with first-time homebuyers. Of course, it becomes even more fun when the homebuyers are excited, have timed the market just right and are your friends!Yesterday, we opened escrow on a fantastic property my clients and friends found in the Foothill Farms area. It is a 3 bedroom 2 bath house and had an asking price of $199,000. The home sold last year for $330,000 and then was foreclosed. As an REO, it is one of the best deals around. My fingers are crossed - I imagine all our fingers are crossed!
More About: Time , Real , First Time

Playing House in Pollock Pines
2007-11-15 05:50:00
I was playing house today because we're going to be having house guests soon and I have to put in a good word for Fran at Fluff-n-Fold at Pollock Pines, who helped me professionally clean and fold five comforters for free. She gave me insider details on which machines are the best at the laundromat and how to fold the huge comforters I was washing.If you're at Pollock Pines and have to go to the laundromat, check out Fluff-N-Fold on Pony Express Trail. Ask for Fran. And tell her the woman who didn't know how to fold her comforters sent you. :)
More About: Fun , House , Neighborhoods

Zillow to Nationalize Real Estate Advertising
2007-11-14 15:58:00
Realtors are getting luckier - now we can advertise our Open House in Sacramento, CA to someone in Houston, TX. Or so says Lloyd Frink, president of Zillow in a company-prepared press release. Basically, this would work well for Realtors who advertise in the Sunday classifieds. Zillow has formed a partnership with about 282 newspapers (and are expecting more to join before the first half of 2008) where anyone who advertises in the classifieds will have the option to advertise online on Zillow across the nationwide alliances.Already I find a few of my clients using Zestimates to evaluate the market for their homes and I've been known to add homes for sale to the Zillow database. While I think the Zestimates are not accurate, they're a good place to start. Then get a Realtor to tweak them.My real problem with Zillow is that it is not regulated enough. And while I have had problems with the Metrolist MLS that keeps a very strict tab on Realtors and fines you for being late in reporti...
More About: Estate , Breaking News , Real Estate , Advertising

Sacramento Homes are still Seeing Multiple Offers
2007-11-13 18:29:00
No lies here. I submitted an offer for my friends who are buying a home and was surprised to learn that there were multiple offers on the table. Another client I am helping to locate a home in Natomas had exactly the same results. He saw a home he wanted to take a closer look at and when I checked the MLS, it was pending sale.How could this happen in this market? Aren't we all bemoaning how horrible it is out there - using dramatic speech like "blood on the streets?"The secret is simple - it's price. There obviously is pent up buyer demand out there like previously noted in the real estate market predictions. When a home is priced correctly, it will sell. And sell fast - in as little as two weeks, with multiple offers.Some examples:240 Regency Park Circle, Sacramento , CA 95835 - asking price $334,9004951 Clearwood Way, Sacramento, CA 95841 - asking price $199,0004805 Winamac Drive, Sacramento, CA 95835 - asking price $295,900
More About: Real Estate Market , Offers , Homes , Offer

I Guess the Blog is Doing Well!
2007-11-12 23:09:00
Lately, I've been receiving a lot of traffic that wants to put its own advertising on here within the comments. While some of these comments are ones I would love to respond to, I don't want to allow any advertising here.One such commenter - Luke Hoppel - appeared on the post for "Are Realtors Necessary?"Be rest assured, I will put your comments up in their entirety in the next post. I think you make some good points, Luke, that bear consideration and response. But I will delete your blatant advertising on my blog.Check back!
More About: Blogging , Blog , Guess , Well

Real Estate Trivia
2007-11-11 18:36:00
Today's real estate trivia is about something I really like seeing in a home when it is done well. It is considered a feature today because it adds beauty to the walls. I'm talking about wainscoting. Wainscoting is usually wood paneling used in conjunction with crown molding used to cover the two to three feet of the bottom of a wall above the baseboard in a home. In the past, it was used to conceal the bottom of the walls to cover up rising damp - at a time when they didn't have a horizontal barrier to prevent moisture from rising up on a wall from the ground.Today the purpose of wainscoting is purely ornamental.
More About: Estate , Real Estate , Trivia , Real