Wednesday, August 16, 2017

New Listing - 3017 9th Avenue, Sacramento, CA 95817

Adorable 2 bedrooms+loft, 2 bathroom, 1,400sf home near Curtis Park! You will love the light and bright spacious, open layout, cute kitchen opens to the dining area and living room, inside laundry, laminate flooring, big bedrooms, master suite opens to backyard, and huge upper loft/possible 3rd bedroom! Deep lot offers lots of sunny spaces to play or garden. Newer central heat and air, newer roof, attached 2-car attached garage. Short distance to Curtis Park, Sac City College, K-12 schools, fun shops and restaurants. Don't wait! Offered at $349,000. For more photos and a 3D virtual tour, visit 3017 9th Avenue, Sacramento, CA 95817.

Thursday, August 10, 2017

July 2017 Sacramento County Real Estate Statistics...

This summer has pretty much flown by and candidly, I can't believe that the kids are going back to school this week, and that the 90 degree days are a welcome relief from the scorching hot temperatures we had in July. Pleasantries aside, the Sacramento real estate market, just like the weather, seasonally changes a bit this time of year and 2017 seems to be no exception.

Inventory has increased! Thank goodness, because the market sorely needs it. Though by increased, I mean it went from about 1 month of inventory for sale, to 1.4 months of inventory for sale. 1.4 months of inventory is still super low. It is still a seller's market for homes priced correctly...multiple offers abound. A balanced market where neither buyer nor seller have an advantage is between 4-6 months of inventory for sale.

A seasonal increase in inventory is typical. If you compare this to the market dynamics from July 2016, you will see it looks remarkably similar.  I expect things will be much the same this year.

The July 2017 Sacramento County single family median home price climbed to $355,000...if typical trends for this time of year hold true, the median price should bump along for the rest of the year and not change too dramatically.

The market is still far from our peak median home price, which per Trendgraphix was $395,000 from August 2005. Adjusted for inflation to today's dollars, that median value would have to reach $492,653 (using the US Department of Labor Consumer Price Index Inflation Calculator) to be equivalent to our previous peak.

I see A LOT of demand for purchasing Sacramento homes. My buyer clients face lots of competition from other buyers, and my sellers enjoy the multiple offers. For one, Sacramento rent prices have increased quite a bit, and with that many renters who can afford to buy are looking to purchase to stabilize their monthly housing expense. Additionally, there are many people looking at Sacramento as a less expensive alternative to the bay area where median home prices are more than double and triple those in Sacramento (my most recent closed sale just last week was for a family relocating to Sacramento from Oakland). And then there is the fact that during the decline, fewer homes were built in the greater Sacramento area - so we did not increase the amount of housing stock to keep up with people creating households in the area. We are seeing some new development in Sacramento though not nearly enough.

So with that, the low supply coupled with the high demand and strong underlying economic conditions should keep the Sacramento real estate market on its current trajectory for a while...

Tuesday, August 8, 2017

New Listing - 3622 Sardinia Island Way, Sacramento / Natomas, CA 95834

Elegant and better-than-new 3 bedroom + den, 3 bathroom, 1,941sf home at Courtyard Westshore Natomas! You will love the light and bright spacious layout, high ceilings, high end custom window coverings, lots of storage, downstairs den/possible 4th bedroom, downstairs full bathroom, kitchen with maple cabinets and granite counters, upstairs loft area with built-in desk area, huge master suite with separate tub and shower, 2-car attached garage, low maintenance backyard. Close to parks, schools, and more! Homeowners Association dues at $92/mo covers common area and front yard maintenance. Offered at $359,000. Don't wait! For more information, photos and a virtual tour visit 3622 Sardinia Island Way, Sacramento, CA 95834.

Friday, August 4, 2017

Proactively avoiding appraisal conditions issues where I can...

I have written in the past about repairs required by appraisers as a condition of funding a loan on a property, and thought I would post this with a slightly different spin: pro-active repairs before the appraiser has the chance to require them!

I keep my eyes open for red flags on properties that I am listing or where I am representing buyers...in this case, on a property one of my buyers is in contract to purchase, I noticed an electrical outlet without a cover plate, and a hole in the wall where some speaker wiring was popping out. These were both in the little alcove where a television would likely be.

So today, prior to the appraisal which should happen next week, I spent $1.28 and went by the property and installed two cover plates.

My buyer is using a FHA loan which comes with a heightened standard for condition of the property, and an appraiser would definitely call this condition out to be repaired. When an appraiser calls out repair items, that also means they have to revisit the property once the repairs have been completed to visually verify the repairs are done. The fee for the 2nd visit is $150. So for $1.28 and an extra trip to the house, I likely saved my client the $150 re-inspection fee.

It's wise if you are a buyer or seller to address these issues up front so they are non-issues later.

Friday, July 28, 2017

New Listing - 5331 11th Avenue, Sacramento, CA 95820

Adorable 2 bedroom, 1 bathroom, 863sf home near Tahoe Park! You will love the modern amenities paired with the original charm - remodeled kitchen with white cabinets, granite counters, stainless appliances and tile flooring, remodeled bathroom with granite counter, tub/shower combo, and tile flooring. Dual pane windows throughout, newer composition roof, newer central heat and air, and more! Low maintenance yard. Short distance to parks, schools, and public transportation. Don't wait! Offered at $309,950. For more information, photos, and a 3D virtual tour, visit 5331 11th Avenue, Sacramento, CA 95820.

Thursday, July 27, 2017

Bank of America Short Sale Forms Advisor

While short sales in Sacramento are not nearly as common today as they were a few years ago, there are still some of them out there. And thankfully after nearly a decade, Bank of America has made it easy to determine just which forms are necessary to submit to request a short sale.

In order to obtain a complete checklist of documents necessary for a Bank of America short sale, you will need to know a couple of things:
  • What entity owns or insures the loan? It could be Fannie Mae, Freddie Mac, FHA, VA, USDA, or none of the above;
  • Is there anyone in the household that pays household expenses who is not a borrower on the loan? That should be easy enough -- a non-borrowing spouse, domestic partner, boyfriend/girlfriend, parent, child, roommate, etc.
Bank of America will require income, expenses, asset and hardship documentation from the borrower(s). This usually involves providing recent bank statements, paystubs, tax returns, etc. and possibly consenting to a credit check. Additionally, they now require similar documentation from any non-borrower who contributes to the household expenses.

Friday, July 21, 2017

New Listing - 3026 Swallows Nest Drive, Sacramento, CA 95833

Beautifully updated 2 bedroom, 2 bathroom, 1,257sf unit in the highly sought Swallows Nest community! You will love the spacious layout, updated kitchen with granite counters, new laminate flooring, new carpet, dual master bedrooms with updated bathrooms, new central heat and air (2017), attached 2-car garage, private deck, secluded serene setting. Homeowners Association offers a manicured 9-hole NCGA golf course, tennis courts, swimming pools, guarded front gate, and more. Located minutes from the Sacramento River, close proximity to Downtown Sacramento. Don't wait! Offered at $245,000. HOA dues $416/month. For more photos and a 3D virtual tour visit 3026 Swallows Nest Drive, Sacramento, CA 95833.

Monday, July 10, 2017

Be sure to keep your central heating and air conditioning system healthy...

While the temperature on average Sacramento summer days tends to be between the upper-80's and low-90's, a couple times each summer we usually see the weather extend above 100 degrees for a several days or a week straight. Those days I usually crank up the air conditioning, binge watch something on Netflix, head to the movies, or do other indoor activities. Or if you are Nugget, my sweet mini aussie, you might lay directly on the HVAC floor vent to cool down. The LAST thing anyone wants during that hot week is to turn on the air conditioner and find that it is not working.

HVAC maintenance is really important. I highly recommend having your unit(s) professionally serviced at least one per year...and in the meantime there are a couple of DIY things you can do as well.

First, be sure to change your HVAC filter at least every other month -- maybe more often if you notice the filter looks dirty. As more particles are caught in the filter, the more clogged it becomes. If it becomes difficult for the unit to suck air through the filter, you unnecessarily burden your system. Not only will that cost you more in monthly utility bills, but it makes the system work harder and will possibly be more prone to failure. Filters are relatively inexpensive, and I tend to keep a few on hand and replace them as often as I need to.

Second, if you have an outdoor unit as I do - it is important to keep the top and sides free from debris. I have lots of leaves in my backyard and they tend to fall into that top exposed fan area. I use a shop vac to clean them out. Also, try not to stack things on top of them...it's best to allow unrestricted air flow.

Third, whether your interior vents are in the floor or ceiling, occasionally take the vent covers off and clean them out. The vents in my house are on the floor, and they get dusty, dog hair and other small debris gets caught in them, etc. Again we take the shop vac and clean them out and wipe off the vent covers.

Doing these little maintenance items can help make sure that the air flows nicely...