New Listing - 6041 13th Street, Sacramento, CA 95822

Loved by one family for many decades, this 3 bedroom 3 bathroom South Land Park Hills home is ready for a new owner. This is the perfect blank canvas for your personal touches. You will love the spacious, light and bright layout with a freshly painted interior and refinished wood floors. Enter into the foyer. A formal living room overlooks the backyard. Spacious kitchen opens to the family room and has a large breakfast counter. The family room features a cozy fireplace and built-in shelving. Enviable inside laundry/utility room features extra storage and an adjacent full bathroom! The primary suite has abundant light, dual closets, and an ensuite bathroom and a stall shower. Down the hallway two more bedrooms. Hallway bathroom has a tub/shower. Large covered patio space is the perfect place to enjoy coffee and conversation, or for al fresco dining while entertaining guests on a crisp evening. Big backyard with lots of sunny space to garden or play. Attached 2-car garage. Central heat & air. All this is located in close proximity to award-winning k-12 schools, public transit, parks, the Del Rio Trail, shopping, restaurants, freeway access, and more! The possibilities are endless! Don't wait! Offered at $575,000. For more photos and a 3D virtual tour, please visit 6041 13th Street, Sacramento, CA 95822.

New Listing - 4621 Mead Avenue, Sacramento, CA 95822

Lovingly maintained by the same family for nearly 6 decades, this impeccable 3 bedroom, 1 bathroom, approximately 1,122sf South Land Park Estates home is the perfect blank canvas for your personal touch! Enter to find a spacious living room and cozy fireplace. The original wood floors gleam throughout. Through the dining room, you will find an adorable kitchen with a wall oven, separate cooktop, and lots of counter and storage space. Large hallway bedrooms, and a hallway bathroom with a separate tub and shower. Through the backdoor, you will find an large patio and backyard with lots of sunny space to garden or play! And the possibilities are endless with an attached separate unit with approximately 536sf more space, with an additional 2 bedrooms and 1 bathroom -- an amazing feature for a home office, extra storage, or to host extra guests or family. All this with a composition roof, central HVAC, newer water heater, and 2-car garage. And location, location, location just a quick hop skip and a jump from William Land Park, the Zoo, restaurants, shopping, award-winning K-12 schools, and more. Don't wait! Offered at $525,000. For more photos, information, and a 3D tour, please visit 4621 Mead Avenue, Sacramento, CA 95822.

Earned a Certified Probate Real Estate Specialist (CPRES) designation

Not that I have loads of spare time, but as we are spending more time at home during the COVID19 pandemic, I have dedicated more time in 2020 to continuing education. While I have closed many probate estate transactions and already consider that to be an area of expertise, I recently earned a Certified Probate Real Estate Specialist (CPRES) designation. This additional education will be an asset as I assist estate personal representatives throughout Sacramento to sell properties that are in probate estates. 

Probate is a legal process through which the applicable county court verifies that a deceased person's assets are distributed according to the deceased's Will or via applicable law. Most people filing for probate need to connect with an attorney who specializes in estate law - I know several great ones if you need a referral.

It is an emotional time for any family, and a confusing path to navigate. Having an expert to help sell the real estate assets of a probate estate is really a key. 

This is a path I have traveled both personally and professionally. Not only have I sold many homes via probate processes, but I have also been the personal representative and administrator of my mom's probate estate when she passed away unexpectedly. 

I know first hand what the process is like from the inside out, and I try to smooth out the rough edges for my clients. 

New Listing - 6725 Swenson Way, Sacramento, CA 95831

Stunning 3 bedroom, 2 bathroom, 1,632sf South Land Park Hills home! Ideally located on quiet cul-de-sac, you will love the spacious layout. The remodeled kitchen has quartz counters, apron sink, double oven, breakfast nook, and lots of counter/storage space. The formal living room has a fireplace and sunny dual pane windows overlooking the manicured backyard. Separate family room offers a fireplace and access to backyard. Large hallway bedrooms. Master suite has dual closets, and a remodeled master bathroom. Wood floors, composition roof, central HVAC, lots of storage space, 2-car attached garage. Storage shed, AND a 2nd shed with finished/drywalled interior currently used as a home office, perfect for hobbies or crafts! HUGE .31ac lot, park-like backyard, lots of sunny space to garden or play, planter beds, covered patio, manicured gardens. Backs to undeveloped city-owned property! All this located near award-winning k-12 schools, parks, shopping & more. Don't wait! Offered at $569,900. MLS# 20026715. 3D Virtual Tour available. For more photos and detail please visit 6725 Swenson Way, Sacramento, CA 95831.

Listing, AND SAFELY SHOWING, property during the Coronavirus pandemic....

Last week, the Sacramento County Public Health Director modified the our local directive to allow the showing of occupied property. Many of my seller clients rejoiced! And then, after that initial "yay, I can finally sell my house!" excitement, literally all of them had the same realization: "Oh, now I actually have to have a parade of other people in my home."

After having to "Stay at Home" in Sacramento County for nearly 7 weeks, and having limited contact with other people outside of the household, for many sellers this is a scary proposition.

So I have been having the same conversation over and over again lately -- how do I safely show my home? And I thought it might be helpful to post how my seller clients and I are approaching listing and safely (as possible) showing homes.

Given our unique public health circumstances, it is probably pretty important not to let just anyone who wants to see your house inside for a showing. In consultation with my sellers, I came up with a few different types showing options for them to consider.

Again, this is something every Sacramento home seller must contemplate and implement per their own comfort level. As agents we can make no guarantees that these strategies will prevent the risk of getting sick, but sellers may wish to take as many precautions as they believe are necessary.

I listed an occupied property late last week and the method we used to control showings seemed to work pretty well. Most importantly, we limited the flow of people through the property to only serious buyers, AND we didn't impede our ability to show and get offers on it. Basically we required buyers and their agents to jump through some hoops before a showing appointment was granted.

First, the buyers were directed to thoroughly review all marketing photos, 3D tours, inspection reports, and disclosures available in MLS in advance. Then if they had significant interest in the property they had to sign a document called a PEAD (Coronavirus Property Entry Advisory and Declaration) where they swear that they have not been exposed to Coronavirus, have not had symptoms, etc and that they will follow best practices for viewing another property (wear personal protective gear, not touch anything, etc).

Second, they had to prove they were either pre-approved or had enough cash to purchase the home for at least the listing price.

Third, they had to sign and submit all showing instructions documents 24 hours in advance of scheduling a showing.

This seemed to do a pretty good job of vetting the looky-loos and we ended up with serious buyers only. A sample of the showing instructions is pictured above.

I drafted three alternate "showing instructions" scenarios for them to consider. These are of varying rigidity and can be modified based on a seller's comfort level.

Option A is what this most recent seller opted to do. It seemed to work well and seemed to successfully screen the looky-loos out while offering a little flexibility to buyers and agents to request showing days/times.

Option B is a bit more rigid -- I replaced the bullet points with spots for buyers to initial (which should ideally convey certain concepts more strongly). I added a section where the buyers/agent can indicate which showing day/time(s) they prefer, where in Option A we allow the buyers/agents to request times. I also added a requirement that the buyers are not making an offer contingent on the sale of another property -- which you may or may not wish to limit, as that will eliminate some showings/buyers.

Option C is very rigid and requires that the buyer actually makes an offer (relying on the virtual tour, photos, and reports) in order to schedule a showing...it also provides fewer appointment time options to see the home.

Of course all of these can be adapted for specific situations.

The California Association of Realtors published some COVID19 Best Practices that you may find useful as well.

While Option A is pictured in this post, if you would like the verbiage from Options B and C, I am happy to share via email. Shoot me a request at erin@erinstumpf.com. And of course if you are thinking about selling your Sacramento home, I am happy to discuss this and welcome your call to see if we are a good fit to work together.

Sacramento City Council approves a temporary moratorium on tenant evictions relating to hardships caused by COVID-19

Our local elected leaders, responding to calls from tenant advocates to provide relief to renters experiencing hardship related to our current public health situation, enacted an ordinance aimed at preventing renter displacement.

Last night, the Sacramento City Council approved a temporary moratorium on tenant evictions relating specifically to COVID-19. Keep in mind, this applies to all residential rental units within the city limits of the City of Sacramento.

Details of the new ordinance:

• Effective Immediately, but not retroactively applied if tenant was already delinquent in rent
• Moratorium applies to evictions due to nonpayment of rent due to COVID-19
• Tenant was sick or caring for COVID-19 family member 
• Tenant experience layoff or other income reduction associated with COVID-19 
• Tenant’s compliance with a recommendation from a government agency to stay home, self-quarantine, or avoid congregating 
• Tenant needed to miss work to care for a home-bound school-aged child 
• Tenant must do all of the following: 
• Notify landlord in writing before rent is due that the tenant has a valid reason for delayed payment 
• Provide verifiable documentation of a covered reason 
• Pay the portion of rent the tenant is able to pay 
• Tenant has 120 days after the termination of the Sacramento County public health emergency order to pay landlord all unpaid rent. 
• Landlord and Tenant may voluntarily agree to an alternate timeline for payment of rent due in arrears. 

Here is a link to a Delay in Payment Notification Form provided by the City of Sacramento.

The County of Sacramento has not taken similar action as of now, nor have the other cities within Sacramento County.

Pro Tip: use inexpensive lights and light timers to keep a vacant property secure

Occasionally I will list a vacant property, and my sellers will be jittery about the home's security during the time it is on the market. One quick and easy way to make a vacant home seem occupied is to install lights and on timers so that lights go on and off all night long. This gives the appearance that there is activity inside the house, and can be a strong deterrent for would-be troublemakers. These lights in the photos were about $7 and the timer devices were about $5 at a hardware store. A good investment!

Check Before You Burn in Sacramento -- from November to February!

Check Before You Burn: it's that time of year again...my husband and I love to have fires in our backyard fire pit this time of year. And as per usual between November and February, in Sacramento, I had to check the Sacramento Metropolitan Air Quality Management District website - luckily it was ok to burn the evening we wanted to roast marshmallows.

Sacramento County residents and businesses are restricted -- or potentially prohibited -- from using indoor or outdoor fireplaces, wood stoves, firepits and chimineas that burn wood, pellets, manufactured logs or any other solid fuel, when the "fine particle pollution" is forecast to be elevated. And if you burn on a "no burn day" there are penalties. If you see someone burning a fire on a day where burning is restricted, you can file a complaint here. First time violators face a $50 fine or an option to complete and pass a wood smoke awareness course. Fines for subsequent violations are higher. Or if a fireplace is your home's only heat source, you can apply for a waiver. That waiver document is here.

Call 1-877-NOBURN-5 (1-877-662-8765) to get the daily burn status, check online, or you can subscribe to a daily "Air Alert" as I have, where the air forecast is emailed to you.

Planning to sell a home that one of my buyers may like?

It's mid-February in Sacramento. And, like our seasonal real estate cycles typically predict, it is that wonderful time of the year when home buyers really get motivated to buy, and sellers start to prep their homes for sale...the perfect storm when buyers are ready to go, but there is not quite yet an abundance of housing inventory on the market for buyers to choose from. Which brings me to today's post...do you have a home that you would like to sell that my buyers would like to buy? I am working with some really well-qualified (pre-approved!), amazing people...

Buyer A
Seeking a home in the Arden / Arcade, Carmichael, or Fair Oaks areas. In a perfect world, the property would have 3 bedrooms, 2 bathrooms, 1600sf or larger, a built-in pool, AND an Accessory Dwelling Unit for a multi-generational situation. An ADU is also commonly referred to as a "granny flat", "in-law unit", or "studio". A home with room to add an ADU may also work, or they are also willing to retrofit some existing space to create an ADU. They are pre-approved up to $500,000.

Buyer B
Seeking a home in the Tahoe Park, Tallac Village, Hollywood Park, or surrounding areas. Ideally the property would be a 2 bedroom, 1 bathroom home of 900sf or larger, be pretty turn-key and not need a lot of work, but this buyer would happily do some minor repairs, replace flooring and paint if need be. This buyer is pre-approved up to $335,000.

Buyer C
Seeking a home in the East Sacramento, Land Park, or Midtown Sacramento areas. They would prefer something with architectural character that is walkable. They are down-sizing and a 2 bedroom, 1 bathroom home of 1200sf+ would be great. A second bathroom would be a bonus. Ideally the home has an open layout where the kitchen is open to the living area. A garage is a must, and they'd also love a basement too but that is not required. They are pre-approved up to $600,000.

Buyer D
Seeking a home in the South Land Park, Pocket / Greenhaven, or Little Pocket areas. They would love a 4 bedroom home, but are also fine with a 3 bedroom, 2 bathroom home of at least 1200sf. A half-plex would also be ok too. The house must have a decent-sized yard for their soon-to-be adopted dog. They are pre-approved up to $350,000.

Buyer E
Seeking a newer home (2014 or newer, but not new construction) in Roseville or Rocklin areas at least 4 bedrooms, 2.5 bathrooms, and 2000sf+, and with a good-sized yard (aka, larger than just a patio). They are doing a tax-deferred 1031 Exchange and are all cash buyers. By the rules of their exchange, they need to spend a minimum of $500,000 and a max of $550,000.

So anyway, if you own a home something like what I have described here and are thinking about selling it, drop me a line at erin@erinstumpf.com or 916-342-1372! My buyers would love to hear about it. And if it is not a great fit for one of them, I can help you prep your home for sale and list your home as well.

Top Individual Agent in my Coldwell Banker Sierra Oaks office FOUR months straight...

It has been a BUSY summer and I have nothing to complain about...for the 4th month in a row I am the top producing individual agent in my office. Needless to say, I have thrived since joining Coldwell Banker Sierra Oaks. Looking forward to continuing to be busy helping buyers and sellers throughout Sacramento.

What is that red device and why did it have to be installed on the gas meter of one of my listings?

Well, even after nearly 13 years as an agent and after hundreds of sold properties, I still every now and then come across new things in my transactions. You might be looking at that photo wondering what is that red thing on that gas meter?

Candidly I had never seen one before either until being required to install one on the gas meter of one of my listings prior to the close of escrow. It is an automatic gas shut off valve device.

When the buyer for one of my listings was in the process of getting homeowners insurance quotes, he had to fill out a questionnaire about the property. One of the questions was "Is the house bolted to the foundation?" This actually mirrors one of the questions on a seller property disclosure called the Residential Earthquake Hazards Report. My seller clients answered this question as "Don't Know."

This set off alarm bells with the insurance company.

You might think, well duh, of course the house is bolted to the foundation. Not so fast...this home was built in 1922 when construction standards were different. We asked the home inspector to go down in the basement and look for anchor bolts. The manner in which the home was constructed either concealed the bolts (probably likely), or the house was indeed not bolted to the foundation.

So is a house that is not bolted to its foundation un-insurable? Apparently not being bolted to the foundation is not all that uncommon. That alone won't disqualify the home from being eligible for a homeowners insurance policy, however the insurance company mandated the home have an automatic gas shut off valve installed prior to issuing a new insurance policy.

Why? We were told that in the event of an earthquake, if the home somehow shimmied off its foundation, this shut off valve would at least prevent a natural gas leak. Ok then.

I called several plumbing contractors to have this thing installed, and literally none of them even knew what I was talking about when I described what I needed. Apparently this is way more common in the bay area where earthquake and seismic risk is greater, but nobody locally here in Sacramento had ever seen one or heard of it being required.

So...$720 later, the buyer is now the proud owner of a cute home in Land Park with a shiny red gas shut off valve.

How to apply for a temporary discharge of a federal IRS tax lien so you can close your Sacramento short sale....

While short sales are definitely a much smaller part of the Sacramento real estate market now than they were a few years ago, I am still doing plenty of them. And something that seems to be pretty common, that is seldom discussed, is the fact that many of the folks facing financial hardship also have unpaid income taxes. The IRS may place a Federal Tax Lien on you and your property if you have unpaid income taxes. This can be an issue if you need to sell a home because those liens need to either be paid in full or released before a sale can close. Luckily, there is a process to temporarily discharge tax liens so that a home can be sold.

The IRS wants quite a bit of documentation, packaged up in a certain way, and it can't be submitted until several other milestones in the short sale process have been reached.

I have done this for several of my transactions and it is definitely within my area of expertise. There is not a separate fee for my services to do this, and it is a part of services when I negotiate short sales for my seller clients.

The sellers will need to complete and sign IRS Form 14135 (Application for Certificate of Discharge of Property for Federal Tax Lien), and IRS Form 8821 (Tax Information Authorization) which provides permission for a real estate agent to talk to the IRS on the seller's behalf. Form 14135 outlines in detail the supporting documentation that needs to be sent in with the application. The list of items includes a description of the property, a copy of the deed for the home, a formal appraisal of the home, county valuation of the home, a copy of the formal tax lien as filed with the county, a purchase contract to sell the property, preliminary title report, short sale approvals, an estimated closing statement, and other supporting information as necessary.

An experienced real estate agent will be able to gather all of these documents and assemble the package for submission. If you are selling a home I would not suggest trying to complete this process yourself. It can be complicated. Even just filling out the forms correctly can be a daunting task if you haven't done it before.

When it is time to submit documents to the IRS, you will need to FedEx everything to them at once. For northern California properties, you will need to send everything to the IRS offices in Oakland. In the photo above, all of those documents amounted to about 160 pages, not including the real estate transaction or the short sale negotiation itself. You will need to track the package and find out who the file is ultimately assigned to. Then...follow up! This is not a difficult process but there are several nuances involved. I have closed several of these transactions. If you have questions or are in this situation, I welcome your call.

Does it make more sense to rent or buy a home in the Sacramento area? The data is here...

For the last few years in the month of January, I have written about the difference between typical monthly mortgage payments vs. the average rent payments in certain neighborhoods in the greater Sacramento area. I thought I would start 2015 much the same way, updated with today's interest rates, average Sacramento home prices, and average rents.

2015 has started and my phone has been ringing off the hook. I have been busy with both home buyers and sellers. Who has been calling me? Prospective home buyers who finally have decided that 2015 is the time take the plunge and buy a home in Sacramento, folks who are relocating to the area, or looking for a bigger home who also need to sell their current home. I have also been called by several folks so far in 2015 who are looking to sell an investment property they've been holding on to. This is very similar to my activity that started 2014...

While home values have increased a bit since this time last year, it is still currently more affordable in many areas to buy a home in Sacramento than rent a home. And compared to our market's peak in 2005, prices are still extremely low, plus rents seem to have increased.

When you take into consideration the median home price and probable monthly mortgage payment in particular Sacramento neighborhoods vs. the typical rent, often times the mortgage payment is less. Plus often times the 'average' home that is purchased is much larger or nicer than the 'average' home rented. So as per usual, let's take a look at a few different areas...just for the sake of citing my information sources, for median home price (used to calculate mortgage payment scenarios) I am using most recent year end December 2014 Trendgraphix data, which is taken directly from MLS, and for average rent I am using the most recent Q4 2014 Homepointe Quarterly Residential Rental Survey. For my mortgage payment calculations, I am basing it on a 4.0% interest rate (which is actually slightly above today's average market interest rates), and including the full PITI - loan principle, interest, monthly property taxes, and monthly homeowner's insurance (and mortgage insurance where applicable).

Natomas - 95833, 95834, 95835
Median single family home sale price: $288,000
Average rent for a 3 bedroom home: $1,353 (range $1,095 - $1,795)
30-Year Fixed VA Loan (Zero downpayment): $1,788
30-Year Fixed FHA Loan (3.5% downpayment): $2,046
30-Year Fixed Conventional Loan (10% downpayment): $1,735
30-Year Fixed Conventional Loan (20% downpayment): $1,483

Elk Grove / Laguna - 95757, 95758
Median single family home sale price: $321,000
Average rent for a 3 bedroom home: $1,471 (range $1,195 - $1,950)
30-Year Fixed VA Loan (Zero downpayment): $1,993
30-Year Fixed FHA Loan (3.5% downpayment): $2,281
30-Year Fixed Conventional Loan (10% downpayment): $1,934
30-Year Fixed Conventional Loan (20% downpayment): $1,654

Rosemont / College Greens - 95826, 95827
Median single family home sale price: $244,000
Average rent for a 3 bedroom home: $1,239 (range $90 - $1,495)
30-Year Fixed VA Loan (Zero downpayment): $1,515
30-Year Fixed FHA Loan (3.5% downpayment): $1,734
30-Year Fixed Conventional Loan (10% downpayment): $1,470
30-Year Fixed Conventional Loan (20% downpayment): $1,257

Arden - 95821, 95825, 95864
Median single family home sale price: $250,000
Average rent for a 3 bedroom home: $1,275 (range $995 - $1700)
30-Year Fixed VA Loan (Zero downpayment): $1,552
30-Year Fixed FHA Loan (3.5% downpayment): $1,776
30-Year Fixed Conventional Loan (10% downpayment): $1,506
30-Year Fixed Conventional Loan (20% downpayment): $1,288

Carmichael, Fair Oaks - 95608, 95628
Median single family home sale price: $318,000
Average rent for a 3 bedroom home: $1,649 (range $900 - $2,600)
30-Year Fixed VA Loan (Zero downpayment): $1,974
30-Year Fixed FHA Loan (3.5% downpayment): $2,259
30-Year Fixed Conventional Loan (10% downpayment): $1,916
30-Year Fixed Conventional Loan (20% downpayment): $1,638

Citrus Heights, Orangevale - 95610, 95621, 95662
Median single family home sale price: $251,000
Average rent for a 3 bedroom home: $1,278 (range $995 - $1,550)
30-Year Fixed VA Loan (Zero downpayment): $1,558
30-Year Fixed FHA Loan (3.5% downpayment): $1,783
30-Year Fixed Conventional Loan (10% downpayment): $1,512
30-Year Fixed Conventional Loan (20% downpayment): $1,293

South Land Park, Pocket / Greenhaven - 95822, 95831
Median single family home sale price: $223,000
Average rent for a 3 bedroom home: $1,293 (range $1,000 - $1,795)
30-Year Fixed VA Loan (Zero downpayment): $1,384
30-Year Fixed FHA Loan (3.5% downpayment): $1,584
30-Year Fixed Conventional Loan (10% downpayment): $1,344
30-Year Fixed Conventional Loan (20% downpayment): $1,149

Obviously there are other tangible and intangible benefits to home ownership as well...for example, a tangible benefit is the fact you can write-off or deduct your mortgage interest on your income taxes, and also deduct some other related expenses each year. An intangible benefit might be that as a homeowner, you have the freedom to paint the walls, decorate, plant a garden, remodel, etc.

So clearly these numbers are just a baseline to give you an idea of housing affordability in certain areas. You definitely need to consult a loan officer to see what type of financing is the best fit for you, and ultimately just how much you can afford - and there are several variables that will affect your interest rate and terms. You should also speak with a CPA or qualified tax professional regarding the mortgage interest and other tax deductions to see how it will affect your particular situation. If you need a good referral to either one, feel free to contact me and I can put you in touch. And of course I can help you purchase your home and all that goes with it...

As 2014 comes to a close, has Zillow figured out how to accurately estimate Sacramento home values?

If you have been reading my blog for a while, then you probably already know that I usually get a chill down my spine when one of my clients mentions "the Z word." What's the Z word? Zillow. What is Zillow? Zillow.com is a website that, among other things, provides information about neighborhoods and properties.

Zillow is a neat website. I have an agent profile on Zillow. I have clients who have found me using Zillow. However, my general thought about Zillow is that while it's a fun consumer tool that provides property information to people looking to buy or sell (or even rent property now), the vast majority of the time, the "Zestimate" (aka, the value that the website dreams up for a certain property), is usually not close to the market value of a Sacramento area property, and the homes listed for sale on the website are not current.

I posted a few times last year about how the sales prices of my transactions compare to Zillow data. I've closed 10 transactions in the last couple months so let's take a look to see how close Zillow is to the actual selling prices of these properties. This information is CURRENT as of today, December 22nd, 2014.

2 Alvares Court, Sacramento, CA 95833; this was a nice updated home with a pool that I sold (represented the buyer) in the Natomas area. The original listing price was $235,000, and sold on 9/15/14 for $235,000. Zillow's Zestimate: $226,000 -- approximately 3.8% below it's selling price. 
 
2480 Sandpiper Way, Cameron Park, CA 95682; this was a beautiful home with a view that I listed (represented the seller) in the Cameron Park area. The original listing price was $359,900, and after multiple offers this sold on 10/15/14 for $362,000. Zillow's Zestimate: $340,522 -- approximately 5.93% below it's selling price. Ironically, Zillow does not note the recent home sale...

11532 Linday Way, Gold River, CA 95670; this was a bank repo home I sold (represented the buyer) in Gold River. The original listing price was $374,900, and this sold on 10/15/14 for $340,000. Zillow's Zestimate: $381,702 -- approximately 10.92% above it's selling price.

6725 Swenson Way, Sacramento, CA 95822; this was a home I sold (represented the buyer) near in South Land Park on a HUGE lot. The original listing price was $449,000, and this sold on 10/17/14 for $437,000. Zillow's Zestimate: $391,758 -- approximately 10.35% below it's selling price.

3716 Lankershim Way, North Highlands, CA 95660; this was a home I listed and (represented the seller) in North Highlands in Sacramento. The original listing price was $149,900, and after multiple offers this sold on 10/22/14 for $159,500. Zillow's Zestimate: $142,915 -- approximately 10.39% below it's selling price.

329 Berthoud Street, Sacramento, CA 95838; this was a short sale home I listed and sold (represented the seller) near the Natomas / Del Paso Heights area. The original listing price was $169,000, and after learning it needed about $20,000 in work between the termite and roof inspections, it finally sold on 10/28/14 for $155,000. Zillow's Zestimate: $153,574 -- approximately 1% below it's selling price.

2180 Irvin Way, Sacramento, CA 95822; this was a cute updated home I sold (represented the buyer) in Hollywood Park. The original listing price was $275,000, and this sold on 10/30/14 for $258,000. Zillow's Zestimate: $224,040 -- approximately 13.16% below it's selling price. WOW.

5000 Priscilla Lane, Sacramento, CA 95820; this was a cute updated home I listed and sold (represented the seller) in Colonial Village. The original listing price was $169,900, and this sold on 11/20/14 for $162,000. Zillow's Zestimate: $153,372 -- approximately 5.3% below it's selling price.

4436 Wyman Drive, Sacramento, CA 95821; this was a home I sold (represented the buyer) in Arden near the Carmichael border. The original listing price was $265,000, and this sold on 11/20/14 for $260,000. Zillow's Zestimate: $251,937 -- approximately 3.1% below it's selling price. 

5020 Kokomo Drive, Sacramento, CA 95835; this was a short sale home I listed and sold (represented the seller) in Natomas. The original listing price was $259,900, and this sold on 11/25/14 for $265,000. Zillow's Zestimate: $246,126 -- approximately 7.12% below it's selling price. 

I have said it before and I will say it again...I think a couple conclusions can be drawn from the information above. First, Zestimates are generally not accurate - so if you are thinking about buying or selling, you can see that the values generated by this website are all over the board higher or lower. They don't take into consideration property features that can not be quantified. Is it on a main street, is it near a park, was the kitchen remodeled, does it have unique architectural features...? Second, some area neighborhoods have a lot of varied housing stock - they are not cookie cutter homes. Some areas in the same zip code have drastically different values or pricing trends. Third, our dynamic Sacramento area real estate market has changed significantly in the last couple of years, and Zillow has a long way to go to catch up to pricing these trends and factoring them into their mathematical equations that determine these values. But it is still a fun website for entertainment purposes. 

If I can assist you determine an accurate price range for your Sacramento area home, I welcome your call or email.

Zillow...a fun tool for "entertainment purposes" - but has it become more accurate in predicting Sacramento home values?

If you have been reading my blog for a while, then you probably already know that I usually get a chill down my spine when one of my clients mentions "the Z word." What's the Z word? Zillow. What is Zillow? Zillow.com is a website that, among other things, provides information about neighborhoods and properties.

Zillow is a neat website. I have an agent profile on Zillow. I have clients who have found me using Zillow. However, my general thought about Zillow is that while it's a fun consumer tool that provides property information to people looking to buy or sell (or even rent property now), the vast majority of the time, the "Zestimate" (aka, the value that the website dreams up for a certain property), is usually not close to the market value of a Sacramento area property, and the homes listed for sale on the website are not current.

I posted a few times last year about how the sales prices of my transactions compare to Zillow data. I've closed 8 transactions in the last couple months so let's take a look to see how close Zillow is to the actual selling prices of these properties. This information is CURRENT as of today, September 5th, 2014.

15 Waterfront Court, Sacramento, CA 95831; this was a nice remodeled home I sold (represented the buyer) in the Pocket/Greenhaven area. The original listing price was $270,000, and after multiple offers this sold on 6/4/14 for $281,000. Zillow's Zestimate: $263,576 -- approximately 6.61% below it's selling price. 
 
2509 Butano Drive, Sacramento, CA 95821; this was a fixer home I sold (represented the buyer) in the Arden area. The original listing price was $239,000, and this sold on 6/18/14 for $225,000. Zillow's Zestimate: $242,722 -- approximately 7.87% above it's selling price.

7244-7246 Canelo Hills Drive, Citrus Heights, CA 95610; this was a duplex I sold (represented the buyer) near in Citrus Heights. The original listing price was $255,000, and this sold on 6/20/14 for $215,000. Zillow's Zestimate: $220,478 -- approximately 2.56% above it's selling price.

6134 Van Alstine Avenue, Carmichael, CA 95608; this was a home I sold (represented the buyer) near in the American River in Carmichael. The original listing price was $1,595,000, and this sold on 7/17/14 for $1,495,000 (and it appraised significantly higher than the purchase price). Zillow's Zestimate: $1,336,127 -- approximately 11.89% below it's selling price.

1419 Hopkins Street, Sacramento, CA 95822; this was a home I listed and sold (represented the seller) near South Land Park in Sacramento. The original listing price was $129,900, and this sold on 7/20/14 for $129,900. Zillow's Zestimate: $125,415 -- approximately 3.58% below it's selling price.

3201 T Street, Sacramento, CA 95816; this was a home I listed and sold (represented the seller) near the UC Davis Med Center in East Sacramento. The original listing price was $299,900, and this had multiple offers and sold on 7/24/14 for $308,000. Zillow's Zestimate: $264,769 -- approximately 16.33% below it's selling price. WOW.

5364-5366 Elsinore Way, Fair Oaks, CA 95628; this was a home I sold (represented the buyer) in Fair Oaks. The original listing price was $259,900, and this sold on 8/26/14 for $259,900. Zillow's Zestimate: $304,522 -- approximately 17.17% above it's selling price. WOW.

4336 52nd Street, Sacramento, CA 95820; this was a home I listed and sold (represented the seller) in Colonial Heights. The original listing price was $189,900, and this sold on 8/28/14 for $183,000. Zillow's Zestimate: $175,871 -- approximately 4.1% below it's selling price.

I have said it before and I will say it again...I think a couple conclusions can be drawn from the information above. First, Zestimates are generally not accurate. They don't take into consideration property features that can not be quantified. Is it on a main street, is it near a park, was the kitchen remodeled, does it have unique architectural features...? Second, our dynamic Sacramento area real estate market has changed significantly in the last couple of year, and Zillow has a long way to go to catch up to pricing these trends and factoring them into their mathematical equations that determine these values. But it is still a fun website for entertainment purposes. 

If I can assist you determine an accurate price range for your Sacramento home, I welcome your call or email.

New Listing - 1419 Hopkins Street, Sacramento, CA 95822

Adorable and remodeled 2 bedroom, 1 bathroom, 760sf home on .12ac lot in South Sacramento between South Land Park and the Pocket! You will absolutely love the hardwood floors, dual pane windows, remodeled light and bright kitchen with custom cabinets, granite counters, built-in microwave, gas oven, and tile flooring, remodeled bathroom with tub/shower combo and tile surround, oversized vanity & tile flooring. Newer roof, newer central heat and air, attached 1-car garage. Big backyard & shed. Don't wait! Offered at $129,900. For more photos and information please visit 1419 Hopkins Street, Sacramento, CA 95822.

Do you want a pot dispensary in your Sacramento neighborhood?

Do you live in or near Land Park, Curtis Park, or Hollywood Park? If you follow me on Facebook, then you will already know that the Sacramento Community Development Department has received an application to open a marijuana dispensary at 2216 Sutterville Road, right across from Sacramento City College. I urge anyone who is interested in weighing in on this proposed addition to the neighborhood to call Remi Mendoza with City Planning asap, before 4/25/14 at 916-808-5003 or via email at RMendoza@cityofsacramento.org or your city councilman and tell them your thoughts. I did this morning, and Remi "logged my comments in his staff report." There will likely be a public hearing sometime in the future.

Do you have a Sacramento home to sell that one of my buyer clients might like?

And continuing with my buyer clients "wants and needs" series of blog posts -- here are what some of my buyer clients are looking for...are you (thinking about) selling a home that would meet any of these buyers' needs?

"Buyers A" are very well-qualified pre-approved first-time home buyers. They would like to live in Garden of the Gods or a nearby neighborhood in the Arden or Carmichael area. They are looking 3+ bedrooms, and 2+ bathrooms, decent closet and storage space, and a .15ac+ yard. Real hardwood flooring and a 2-car garage are both "must haves", and they do not mind something that needs updating. A large side yard or RV access would be a plus. Their max purchase price is $350,000.

"Buyer B" is a very well-qualified pre-approved investor buyer seeking a duplex. He ideally would like a property in the Citrus Heights, Arden, Carmichael, or nearby Sacramento areas. He would prefer 2+ bedrooms on each side and rents in the $800/month+ range for each unit. He is doing a 1031 Exchange. His max purchase price is $250,000.

"Buyers C" are very well-qualified pre-approved buyers. They ideally would like a newer or remodeled home in Arden Park, Carmichael, Land Park, East Sacramento or Pocket/Greenhaven. They would like 4+ bedrooms, and 3+ bathrooms, and 2,000sf or more. If a 2-story home, they must have a downstairs bedroom and bathroom. Their max purchase price is $750,000.

"Buyer D" is a cash buyer seeking a single family home, condo or half-plex.  He ideally would like home in the South Land Park, Hollywood Park, or Pocket/Greenhaven neighborhoods. He would like 2+ bedrooms, and 1+ bathrooms, and 1+car garage. A fixer or turn-key property would be ok. His max purchase price is $225,000.

If you own a home that seems to meet any of this criteria and are thinking about selling (or know someone who is), please contact me -- I may have a buyer for your home! If you need to do a short sale, I can certainly facilitate that as well, and am happy to talk to you to see if we are a good fit to work together.

On another note, I am working with numerous other buyers who are looking for homes in several other Sacramento area neighborhoods -- please contact me if you would like more details, and look for future posts.

Rent vs Buy a home in Sacramento? What the hard facts say.....

The last few years around this time I have written blog posts detailing the monthly mortgage payments vs. average rent payments in certain neighborhoods in Sacramento. I thought I would start 2014 with a similar post, updated with today's interest rates, average Sacramento home prices, and average rents.

2014 has started with a bang. I have been super busy with both home buyers and sellers. Who has been calling me? Prospective home buyers who finally have decided that now is the time to buy a home in Sacramento, folks relocating to the area, or looking for a bigger home who also need to sell their current home. I have also been called by several folks so far in 2014 who are looking to sell an investment property they've been holding on to. Interesting...

While home values have increased since last year, it is still currently more affordable in many areas to buy a home in Sacramento than rent a home. And compared to our market's peak in 2005, prices are still extremely low, plus rents seem to have increased.

When you take into consideration the average home price and probable monthly mortgage payment in particular Sacramento neighborhoods vs. the average rent, often times the mortgage payment is less. Plus often times the 'average' home that is purchased is much larger or nicer than the 'average' home rented. Let's take a look at a few different areas...just for the sake of citing my information sources, for average home price (used to calculate mortgage payment scenarios) I am using most recent January 2014 Trendgraphix data, which is taken directly from MLS, and for average rent I am using the most recent Q1 2014 Homepointe Quarterly Residential Rental Survey. For my mortgage payment calculations, I am basing it on a 4.5% interest rate (which is actually slightly above today's average market interest rates), and including the full PITI - loan principle, interest, monthly property taxes, and monthly homeowner's insurance (and mortgage insurance where applicable).

Natomas - 95833, 95834, 95835
Average single family home sale price: $264,000
Average rent for a 3 bedroom home: $1,340 (range $950 - $1,795)
30-Year Fixed VA Loan (Zero downpayment): $1,718
30-Year Fixed FHA Loan (3.5% downpayment): $1,952
30-Year Fixed Conventional Loan (10% downpayment): $1,660
30-Year Fixed Conventional Loan (20% downpayment): $1,422

Elk Grove / Laguna - 95757, 95758
Average single family home sale price: $303,000
Average rent for a 3 bedroom home: $1,380 (range $1,095 - $1,695)
30-Year Fixed VA Loan (Zero downpayment): $1,972
30-Year Fixed FHA Loan (3.5% downpayment): $2,173
30-Year Fixed Conventional Loan (10% downpayment): $1,906
30-Year Fixed Conventional Loan (20% downpayment): $1,632

Rosemont / College Greens - 95826, 95827
Average single family home sale price: $215,000
 Average rent for a 3 bedroom home: $1,259 (range $985 - $1,650)
30-Year Fixed VA Loan (Zero downpayment): $1,399
30-Year Fixed FHA Loan (3.5% downpayment): $1,589
30-Year Fixed Conventional Loan (10% downpayment): $1,352
30-Year Fixed Conventional Loan (20% downpayment): $1,158

Arden - 95821, 95825, 95864
Average single family home sale price: $217,000
Average rent for a 3 bedroom home: $1,258 (range $995 - $1650)
30-Year Fixed VA Loan (Zero downpayment): $1,412
30-Year Fixed FHA Loan (3.5% downpayment): $1,604
30-Year Fixed Conventional Loan (10% downpayment): $1,365
30-Year Fixed Conventional Loan (20% downpayment): $1,168

Carmichael, Fair Oaks - 95608, 95628
Average single family home sale price: $318,000
Average rent for a 3 bedroom home: $1,146 (range $900 - $1,800)
30-Year Fixed VA Loan (Zero downpayment): $2,069
30-Year Fixed FHA Loan (3.5% downpayment): $2,193
30-Year Fixed Conventional Loan (10% downpayment): $2,000
30-Year Fixed Conventional Loan (20% downpayment): $1,713

Citrus Heights, Orangevale - 95610, 95621, 95662
Average single family home sale price: $240,000
Average rent for a 3 bedroom home: $1,262 (range $995 - $1,800)
30-Year Fixed VA Loan (Zero downpayment): $1,194
30-Year Fixed FHA Loan (3.5% downpayment): $1,562
30-Year Fixed Conventional Loan (10% downpayment): $1,509
30-Year Fixed Conventional Loan (20% downpayment): $1,292

South Land Park, Pocket / Greenhaven - 95822, 95831
Average single family home sale price: $262,000
Average rent for a 3 bedroom home: $1,371 (range $995 - $1,795)
30-Year Fixed VA Loan (Zero downpayment): $1,705
30-Year Fixed FHA Loan (3.5% downpayment): $1,937
30-Year Fixed Conventional Loan (10% downpayment): $1,648
30-Year Fixed Conventional Loan (20% downpayment): $1,411

Obviously there are other tangible and intangible benefits to home ownership as well...for example, a tangible benefit is the fact you can write-off your mortgage interest on your income taxes, and also deduct some other related expenses each year. An intangible benefit might be that as a homeowner, you have the freedom to paint the walls, decorate, plant a garden, remodel, etc.

So clearly these numbers are just a baseline to give you an idea of housing affordability in certain areas. You definitely need to consult a loan officer to see what type of financing is the best fit for you, and ultimately just how much you can afford - and there are several variables that will affect your interest rate and terms. You should also speak with a CPA or qualified tax professional regarding the mortgage interest and other tax deductions to see how it will affect your particular situation. If you need a good referral to either one, feel free to contact me and I can put you in touch.