Tuesday, April 27, 2021

New listing - 4341 54th Street, Sacramento, CA 95820

Opportunity awaits in Colonial Heights! Location location location - this major fixer 2 bedroom, 1 bathroom, 1089sf property is in an ideal spot overlooking Colonial Heights playground, sports fields, and swimming pool! This is a blank canvas for your significant renovation. Large living room, two spacious bedrooms, indoor laundry room. HUGE shed/shop building. Large 0.14ac lot! The possibilities are endless. Close proximity to public transportation, shopping, restaurants, schools, UC Davis Medical Center, the proposed Aggie Square, and more! Don't wait! For more photos and information visit 4341 54th Street, Sacramento, CA 95820.

Wednesday, April 21, 2021

Erin, where are all the homes that should be for sale in Sacramento?

I was quoted in a Sacramento Bee article last week, that among other things discussed the imbalance of supply of homes for sale and demand to purchase homes. I was quoted in the article saying "At some point there is going to be this backlog of sellers who have forgone selling. We are going to see those people put their houses on the market."

BUT WHEN?

That is a fabulous question. I thought I'd take a minute to describe some of the things I have been hearing from my clients, as well as some of the bottlenecks and challenges sellers have in this environment. At some point the trickle of new listings will be a little more steady, but we have some things to work through in our Sacramento real estate market.

(1) Some sellers still do not feel safe having buyers in their homes. Some homeowners who want to sell have a higher or lower risk tolerance than others. While the COVID19 vaccine has recently become more widely available, it will still be several months before the majority of the population in our region has been fully vaccinated. And cautious sellers who fear catching COVID19 have been staying put. I have conversations with would-be sellers in this category all the time. It does seem like there is a light at the end of the tunnel, but every would-be seller will have a different comfort-level here.

(2) The court systems have been backed up. You may not realize how many transactions are dependent on court orders or other legal processes. For example the probate court system, which governs who will manage the estate of a deceased person, was closed for a few months. There is a tremendous case backlog, and those who will ultimately decide if and when to sell a home that was owned by someone who died are not able to manage the estate affairs without a court order. I have one client who filed for probate back in the summer 2020 who was just recently finally granted authority to handle his father's estate. Courts also often weigh in on the sale of homes in divorce/family law and bankruptcy cases too.

(3) There is an eviction moratorium and various "just cause" ordinances in place preventing landlords from displacing tenants. While I feel for the plight of tenants who face a COVID19-related hardship, there are property owners who would love to sell if they were able to end the tenancy of their current renters. It is often challenging to sell a home with tenants for a variety of reasons. I was contacted by a single-family homeowner last year who had a non-paying tenant, and ultimately they were advised by their attorney that they could not evict the tenants and should not try to sell until the tenants were either paying rent or move out. 

(4) There is a moratorium on foreclosures. While we have been in an increasing price market for a while in Sacramento and distressed property listings (short sales and foreclosures) account for a very small fraction of listings, these listings are not coming on the market as quickly. (4b) Homeowners who are unemployed or under-employed are propped up by federal stimulus, additional pandemic unemployment insurance income, and loan forbearance. At some point, some of these homeowners will sell when the federal assistance expires.

(5) It can be a little more difficult to prepare a home for sale. I have spoken to many contractors are reluctant to work on occupied homes. For those that do, their schedules tend to be booked out for weeks or months. Some organizations have stopped taking certain donated items, so clearing out the house can take longer. Many building materials, supplies, and appliances have become scarce and can be difficult or expensive to obtain. (I personally am still waiting for delivery of a new cooktop I ordered in early March. I will be lucky to have it by the end of May according to the supplier. No it is not stuck on the Ever Given!)

(6) Where will the seller move once they sell? In this low inventory environment for both purchasing AND renting homes, sellers often express concern that if they sell their home they may not be able to purchase or rent something else. Not every seller has an easy move-out plan. I easily have 8 would-be sellers who would list tomorrow if they were confident in finding a replacement property. There are still plenty of ways to work through this, but some of the options can be a little stressful for risk-averse sellers/buyers.

So hopefully this is informative. And as I was quoted in the Sacramento Bee article -- at some point sellers who have not listed their homes WILL sell. I have a queue of many people who very much want to sell. And at some point we will see those homes come to market. There are ways to work within many of these challenges with a little creativity and determination. I am still listing plenty of homes...

The good news is I am seeing a little more inventory as we inch more into the spring. This is the time of year when we normally see more listing inventory...and I can only hope it takes some of the upward pressure off the market for home buyers, as the current trajectory of the market is not sustainable for the long term. but we all know there is less that is the normal we are all used to. 

Thursday, April 15, 2021

New Listing - 6422 Lincoln Avenue, Carmichael, CA 95608

Tucked back at the end of a private lane/driveway, this stunning 4 bedroom, 2.5 bathroom, 2,287sf Carmichael home with a built-in pool is ready for a new owner. You will love the serene setting! Come in through the formal entry to a light and bright formal living room. Downstairs half bathroom. Spacious kitchen with maple cabinets, stainless appliances, and an island with breakfast bar overlooks amazing backyard and opens to a huge family room -- an ideal setting for future gatherings. Enviable laundry room with cabinets and built in sink, door to backyard. Upstairs find a large primary suite with lots of closet space. Primary bathroom offers lots of extra storage, dual sinks, jetted tub and separate shower. Large hallway bedrooms with lots of closet space. Upstairs hallway bathroom offers dual sinks and a tub/shower. Backyard is an outdoor oasis with a stunning built-in pool with waterfall, multi-colored light, adjacent to a lovely flagstone patio. Large 7-8 person Cal-Spa included. HUGE 3-car garage with rear roll-up door. Don't wait! Offered at $649,900. For more a 3D tour, more photos and information please visit 6422 Lincoln Avenue, Carmichael, CA 95608.

Wednesday, April 14, 2021

New listing - 3481 64th Street, Sacramento, CA 95820

Tahoe Park 2 bedroom, 1 bathroom, 1027sf cutie! Location location location - this adorable fixer property is in an ideal spot just a hop skip and a jump from Tahoe Park and its playground, sports fields, and swimming pool! This is the perfect blank canvas for your significant renovation. You will love the light and bright floorplan, dual pane windows, two spacious bedrooms, indoor laundry room, large sunny bonus room. Oversized garage. Large lot! The possibilities are endless. Close proximity to public transportation, shopping, restaurants, schools and more! Don't wait! Offered at $349,900. Available disclosures include a termite inspection and floorplan sketch. For more photos and detail visit 3481 64th Street, Sacramento, CA 95820.

Thursday, March 18, 2021

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. 

Wednesday, March 10, 2021

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.

Wednesday, February 24, 2021

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.

Wednesday, February 3, 2021

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!