Sacramento Home Seller B-I-N-G-O!

After one particularly stressful transaction recently that was laced with several pandemic-induced challenges I jokingly asked my seller client "So was 'getting exposed to COVID right before closing' on your BINGO card"? 

And we both laughed.

And then it hit me -- gosh maybe adding some levity during an otherwise stressful time would be a good idea. So, starting now I will be giving my sellers a BINGO card to complete during our transaction. I used an online program that randomizes the squares so each client will have a unique card for their own unique transaction. Any client who achieves a BINGO will get a $100 gift card to a restaurant of their choosing at closing.

The market is a little nutty and things can get chaotic, so let's have some fun too. 

February 2021 - Sacramento pandemic housing market statistics, inventory, home prices, etc...

Spoiler alert: if you are thinking about selling your Sacramento area home, the market is very much in the seller's favor at this moment. 

We are now nearly one year into the COVID-19 pandemic. Wow, where did the time go?? It seems like yesterday and way too long ago that things were "normal"...but what is our new normal looking like a year in?

Just how is the Sacramento real estate market doing a year into the pandemic? I answer this question for my clients every day. In short: the Sacramento market has been heated, prices have climbed significantly, and inventory of homes for sale is so low that many homes are getting 10+ offers because buyers descend on listings like locusts. 

The really low 3%-ish interest rates, people highly valuing different uses of space, and newly discovered mobility and ability to work from home from any location has lead to high home buyer demand in Sacramento. Couple that high demand with the fact that many would-be sellers have hunkered down during the pandemic and not listed their homes, this combination has lead to increased prices. 

You can see in the graph that there's literally HALF the number of listings on the market today as there were a year ago, right before the pandemic started. The graph is a stunning illustration of the supply and demand of the current Sacramento housing market. You will see that in June, July, August, September, October, November, December, January and February there were MORE homes that went into contract (dark green bar) or sales that closed (red lines) than the number of homes available. The fact this dynamic has persisted for so long is shocking.

The effect on price has been significant. From February 2020 to February 2021, according to Trendgraphix, the median home price in Sacramento County has increased 16.1%, from $398,000 in February 2020 to $462,000 as of the end of February 2021. 

Multiple offers abound, homes selling for more than listing price, prices increasing. But if you dig into the dynamics and data it makes a lot of sense. I wrote about Sacramento real estate market dynamics in July 2020 and November 2020 and the housing market trajectory in Sacramento has remained the same.

As we approach the spring, usually we see a lot of new listings hit the market. I do think we will see more listings come onto the market, but there is a persistent buyer demand that I believe will gobble up the new supply of resale homes that hit the market. I personally have several would-be seller clients who were ready to list their homes before COVID-19 hit who are watching closely to see if Sacramento County moves to a more favorable tier, if vaccines are more widely deployed before they re-evaluate if they feel safe to have showings and people in their homes. And I also have a growing list of clients who would love to sell, however they have not been able to find another home to purchase, and hence these clients have not listed their homes for sale.

I am still listing plenty of properties -- folks still need to move, whether relocating out of state, or moving to different school districts, or moving closer to work, finally getting that home with a pool they always wanted, or upsizing to have a home office, or downsizing after the kids move out, or selling an empty home in a living trust or probate estate, etc. 

What I can say is -- if you are thinking about selling your Sacramento area home, the market is very much in the seller's favor at this moment. It may be an opportune time to take advantage of the seller's market right now. If I can help, I welcome your call or email to see if we are a fit to work together.

New listing - 2306 Coppervale Drive, Rocklin, CA 95765

Stunning 3 bedroom, 2.5 bathroom, 2,173sf home in Rock Creek at Stanford Ranch! You will love the light bright open layout and upgrades throughout. Enter to find a sunny living room, formal dining area with built-in wine racks, and downstairs remodeled half bathroom. Enviable kitchen features updated cabinetry, center island, gas appliances, and pantry. Family room overlooks the backyard with newer custom sliding door with integrated pet door. Spacious loft upstairs makes an ideal home office, or possible 4th bedroom. Remodeled hallway bathroom. Spacious primary bedroom has large closet with organizers, and stylish remodeled ensuite bathroom with stunning shower, and dual sinks. Private backyard, patio and lots of sunny space to garden or play! Newer water heater and a/c unit. Custom shutters throughout. Ideal location just a stone's throw from Night Ridge Park, and just down the street from open spaces with pedestrian and biking paths. Close proximity to highly sought schools. Don't wait! Offered at $549,900. For more photos and a 3D virtual tour visit 2306 Coppervale Drive, Rocklin, CA 95765.

I finished 2020 ranked as #9 out of 618 individual Coldwell Banker agents in the multi-county Sacramento region...

To say that 2020 was a crazy year is an understatement for many reasons...but today Coldwell Banker released the final numbers for the year, and I was excited to see that I cracked the Top 10! At Coldwell Banker for the entire multi-county Sacramento region, I was the #9 individual producer out of 618 individual agents. 

Doing the math, it puts me squarely in the top 1.5%. That qualifies me for something called the "International President's Elite" award. 

I am super grateful for my many clients who entrusted me with their transactions. And 2021 is already off to a busy start! 

I am officially the 2021 President-Elect of the Sacramento Association of Realtors

Without the usual fanfare of a real "installation event" with COVID19 and all, today I was virtually sworn into my new position as 2021 President-Elect of the Sacramento Association of Realtors. I love doing the great work of our association, and I very much miss all of my amazing colleagues that I serve with. Cheers and hoping we can meeting in person soon rather than on Zoom!

A little Bernie meme fun...

Clearly this humor is not for everyone, but party lines aside, Bernie was EVERYWHERE and I have not yet tired of the clever memes that are all over the internet. So much so, that one of my seller clients with a particularly great sense of humor let me photoshop Bernie into a few of the listing photos. They lived in MLS in the real published listing for a few days before Metrolist asked me to take them down. It was great fun for a bit, and the listing sold quickly! I'm not convinced that Bernie is the reason it sold so quickly but it certainly attracted a lot of extra attention.

My personal favorite is the shot of him on the red sofa. Like he just looks like he clearly belongs there!

New listing - 2229 Greatfield Drive, Roseville, CA 95747

This is it! Stunning single-story 4 bedroom, 3 bathroom, approximately 2,439sf home in Fiddyment Ranch Village! You will love the light and bright open layout and new laminate flooring. Enter to find a sunny living room off the entryway, and a remote front bedroom with ensuite bathroom - perfect for home office or multi-generational living! Enviable kitchen features granite countertops, upgraded raised panel cabinetry and gas cooktop with an extended eat-in bar top counter. Huge family room overlooks the backyard. Spacious hallway bedrooms, and hallway bathroom with dual sinks. Primary bedroom overlooks the backyard, with ensuite bathroom that has an enviable walk-in closet, separate tub and shower, as well as dual sinks. Private backyard, patio and lots of sunny space to garden or play! 3 car garage. Ideal location just a stone's throw from C. Doulton Burner Park, and just down the street from natural open spaces with running and biking trails. Close proximity to highly sought schools including new elementary & high school. Don't wait! For more photos and a 3D virtual tour, please visit 2229 Greatfield Drive, Roseville, CA 95747.

California Proposition 19 passed...now what? Property tax basis portability explained... kinda...

I have had several seller clients ask me recently about the implementation of California Proposition 19, which passed back in November. I think most people assumed it would go into effect at the beginning of 2021, however that is not the case. I prepared a table that I hope will be a helpful reference tool for those seeking general information. 

The property tax basis portability element of Proposition 19 actually goes into effect on April 1, 2021. 

This allows seniors (over age 55), the victims of wildfires, and severely disabled to transfer their existing property tax base up to 3 times, anywhere in the state, and to a property of higher or lower value. 

Many Sacramento home sellers have asked me if they can sell the current home and close the sale prior to April 1. Or if a home they sold in 2020 would qualify if they have not purchased another one yet. The short answer is - I do not know. 

Proposition 19 (which was Assembly Constitutional Amendment 11 in the state Legislature) does not address that. A qualified homeowner has 2 years to identify and close on a replacement property to transfer the low property tax base over to, however it is unclear if that 2 years commences on April 1, or there is perhaps a 2 year lookback period commencing on April 1.

It is possible that there will be some new legislation introduced soon to eliminate that ambiguity in Proposition 19, but as of this minute there is no clarity. 

For now, I suppose the safest solution is -- do not close the sale of your current home until April 1 or later. Realistically, if you want to list your Sacramento home in the near future, you should be able to do so. The closing date of your transaction is completely negotiable. And your listing agent can note in MLS that the sale must close on or after April 1.

So for example, if you were to list your home on February 17th, respond to offers received on the 24th, get into contract with your buyer on the 26th, -- closing on Friday, April 2nd would be slightly over a 30-day escrow. 

I have a couple seller clients who will be employing this very strategy. It's a seller's market right now, and they'd love to list their homes asap.

Since I am not an attorney and not a CPA, it is best to get tax and legal advice from qualified professionals. 

The Sacramento County Assessor's office has prepared some Prop19-related information with linked forms as well here.