Monday, May 18, 2015

New Listing - 4605 Stuart Place, Rocklin, CA 95765

Adorable 3 bedroom, 2 bathroom, 1,238sf Stanford Ranch Rocklin home in cul-de-sac location. You will love the vaulted ceilings, large great room with dual sided fireplace, kitchen with an island, tile counters, newer oven & dishwasher. Interior has been custom painted, decorative lighting throughout, ceramic tile & wood laminate flooring. The backyard is a private outdoor oasis with a large deck & built-in benches for entertaining! Short distance to award-wining schools, parks, shopping & Whitney Oaks Golf Course. Don't wait! Offered at $310,000. For more photos and information please visit 4605 Stuart Place, Rocklin, CA 95765.

Wednesday, May 6, 2015

Sacramento Real Estate Statistics - April 2015

Happy Seis de Mayo! The Sacramento home sales and price data for April 2015 is out, and not surprisingly, the median sold home price (in blue here) has increased ever-so-slightly to $281,000. What is also really interesting (and really telling about our local Sacramento real estate market) is that if you look at the average sold price  (in red) vs the "for sale" listing price (in green), you will notice that the average sold home price also increased just slightly to $311,000...but the average listing price increased to pretty significantly to $411,000.

This price disparity between the average listing and average selling price illustrates that sellers are increasing their listing prices at a much faster rate than prices are actually increasing. Sellers are getting a little more ambitious with their listing prices, while the average and median sold prices are not increasing as rapidly. Again, it will be interesting to see where this trend takes us.

Keep in mind, that data point (in green, the average for sale price) reflects the homes that are either languishing on the market and NOT selling, or were just listed and have not yet sold, but will be sold in the coming months as prices (in theory) continue to climb. If you refer to the 2nd chart here, you will see that sales activity has increased significantly this spring. Right now I would characterize the market as a " seller's market" -- not so many homes for sale, high buyer demand, fewer seller concessions, low interest rates in the high-3% range -- but that might change as sellers start to push the envelope more with price, more homes come onto the market, and interest rates rise. We shall see...just remember every scenario and listing is different.

Wednesday, April 22, 2015

1617 Cordano Way, Sacramento (Land Park), CA 95818

Adorable 2 bedroom, 1 bathroom, 1375sf Land Park home - the perfect blank canvas for your personal touches. This home needs TLC but will shine again with a little work. You will love the spacious layout, formal living room with coved ceilings and fireplace, built-ins, large formal dining room, cozy kitchen with nook, wood floors, covered patio and cute pergola in side yard is great for backyard entertaining. Detached single car garage with large bonus room. Use your imagination! Short distance to Sacramento City College, William Land Park, public transportation, California Middle School, and more! Subject to lender approval of short sale - offered at $384,000. Short sale has been approved at this price. For more photos and information please visit 1617 Cordano Way, Sacramento, CA 95818.

Thursday, April 9, 2015

New Listing - 3430 65th Street, Sacramento, CA 95820

Adorable 3 bedroom, 1 bathroom, 970sf home near Tahoe Park! You will love the open floorplan, remodeled kitchen with maple cabinets, granite counters, stainless appliances, breakfast bar opens to spacious dining room and living room, bamboo flooring, remodeled bathroom, spacious bedrooms, central heating and air, composition roof. Lots of windows make this home light and bright! The park-like backyard is truly amazing with lots of spaces to explore, fruit trees, planter beds, and more. Close to public transportation, Sac State, easy access to Hwy 50, East Sacramento and Downtown. Don't wait! Offered at $235,000. For more photos and information please visit 3430 65th Street, Sacramento, CA 95820.

Sunday, April 5, 2015

Sacramento Real Estate Statistics - March 2015

The Sacramento home sales and price data for March 2015 is out, and not surprisingly, the median sold home price (in blue here) is still right at $280,000. What is also really interesting (and really telling about our local Sacramento real estate market) is that if you look at the average sold price  (in red) vs the "for sale" listing price (in green), you will notice that the average sold home price also held steady at $308,000...but the average listing price increased to pretty significantly to $400,000. Looks like sellers are getting a little ambitious with their listing prices, while the average and median sold prices are not increasing. It will be interesting to see where this trend takes us. Right now I would characterize the market as a "seller's market" -- not many homes for sale, high demand, fewer seller concessions, low interest rates in the mid-3% range -- but that might change as sellers start to push the envelope with price, more homes come onto the market, and interest rates rise. We shall see...

Tuesday, March 24, 2015

Buying a Sacramento home? Use this tool to calculate your Supplemental Tax Bill...

Last week I attended a presentation by Kathleen Kelleher, Sacramento County's Tax Assessor. I've met her several times and seen several presentations regarding Sacramento County tax assessment and collection, but this time she introduced a new tool available for use to calculate the "Supplemental Tax Assessment." You can find the Supplemental Tax Calculator here.

What is a Supplemental Tax Assessment bill? In a nutshell, its a bill to collect the difference between the previous owner's tax assessment, and the new owner's tax assessment. Clear as mud, right? If you buy a house, you will receive MULTIPLE disclosures regarding the fact you may have to pay an additional tax bill at some point in time after closing.

Here is an example from a real life scenario. Let's say you are buying a home in East Sacramento that has been owned by the same family for many years. They purchased the property in 1968, and their current assessed value is $98,156. Their annual tax bill is $1,214 including the 1% base assessment, and all the "direct levies." You are purchasing the home for $400,000. Your new tax assessed value will be based on your acquisition cost, and adjusted annually for inflation. Obviously there is a significant difference in the previous owners tax assessment, vs your new tax assessment - $301,844.

Under these circumstances, you should budget for a relatively large "Supplemental Tax Assessment" bill. In this instance, using the calculator online and assuming you close on March 31, you will receive a "Partial Supplemental Tax Bill" for $754 within a few months of closing, and then another one a few months after that for $3,018. That's something you will want to budget for! The amount owed can change based on when during the state's fiscal year you close your transaction, so keep that in mind and use the online tool for help.

Obviously not everyone buys a home where there is such a gap between the previous owner's assessment and the new owner's assessment. In fact, in the days of short sales and foreclosures, often times the new owner's tax assessment was way less than that of the previous owner. But it is something to be aware of and this calculator can help you budget for that...

Wednesday, March 18, 2015

New Listing - 2628 Ball Way, Sacramento, CA 95821

Adorable 3 bedroom, 1 bathroom, 1,202sf Arden home on .16ac lot! You will love the remodeled kitchen with granite counters, cherry cabinets, and newer stainless appliances, wood floors, updated bathroom, separate living room and large family room addition adds great extra living space! Freshly painted exterior, dual pane windows, new fencing, covered patio and separate deck area. Don't wait! Offered at $199,900. For more photos and detail visit 2628 Ball Way, Sacramento, CA 95821.

Thursday, March 12, 2015

Sacramento Real Estate Statistics - February 2015

After a slower January for sales volume and price (which is pretty typical if you look at trends over the last decade -- just look at this graph for last January 2014 or look at my post from a year ago), Sacramento's median home price for February 2015 bounced back up to $282,000. This does not surprise me at all, and February was a brisk month for my business. March is going to be even busier for me, and I have noticed A LOT of pending sales...I'm not anticipating a huge upswing in price for next month, and expect things to continue with some modest price appreciation this year. Our current median home price is still FAR below the median from the peak of Sacramento's real estate market in the summer of 2005 (which was just a touch under $400,000). But it's nice to say that it's also FAR above the median home price at the bottom of the Sacramento market in winter 2011 (about $160,000).

A trend that I am continuing to notice for the last several months is folks who purchased a home at the bottom of the market in 2009-2011 are calling wanting to sell their home and purchase a larger one (or smaller one, relocate to a different neighborhood, etc). If you purchased a Sacramento home during that timeframe, there's a good chance your home has increased in value in the range of 25%+ depending on when you bought and where your home is located...so it's a great time to do sell and purchase another home. Of course if you would like me to provide you an estimate of your home's value, I'm happy to do that. Just email me. Another thing I am noticing is that I have several clients who are planning to list their homes, but want to find their replacement property first. "Contingent offers" (offers that are contingent on the sale of another home) are definitely making a huge comeback.