Pops in the Park!

Pops in the Park will be at Bertha Henschel Park (near 45th Street and Brand Way) in East Sacramento on Saturday, June 21st. Bands include Sister Swing, Sidney Pope and Onion Awards. Admission is free! Call for more information at 916-808-5240.

Fast Forward - Future Development in Lincoln in the works...

Looks like there will be some future development in Placer County - specifically in the City of Lincoln. The Lewis Group of Companies has purchased a 500+ acre tract of land near its Lincoln Crossing community. Their plan is long-term, with construction starting no sooner than 2012. The Lewis Group is predicting that job growth in the greater Roseville area will fuel the need for homes in Lincoln. Read today's article in the Sacramento Bee.

Young Professionals Council Fundraiser

I think I have mentioned in the past that I am a member of the Sacramento Association of Realtors "Young Professionals Council." In the midst of all the craziness in my schedule lately, the YPC put on a vendor fair at the end of May to raise money for the Loaves and Fishes' Mustard Seed school...if you do not know what Mustard Seed is, it is a school for homeless children. We raised over $3,300 from the vendors and attendees of the fair. SMUD actually donated $500 alone! Today, 3 other YPC members and I presented the co-directors of Mustard Seed with a check...I was pretty bummed actually that we did not have a big cardboard check to give to them - perhaps next time?



I was the one behind the camera, so I make a small "cameo" at the very end of the video...

Sacramento County - Pendings UP! Closed Sales UP! Inventory DOWN!

Demand in Sacramento County is remaining consistent...inventory is decreasing. In Sacramento County as a whole, based on these figures there is 4.8 months of inventory on the market currently. 6 months of inventory is regarded as a market with buyer/seller equilibrium...hmm...

Couple other stats...REO's represent a large percentage of the inventory and sales. REO Inventory in May was 2,161, REO pendings were 1,584, and REO closed were 1,083. Based on those numbers, there is 2 months of REO inventory.

Average sales price in May was $253,000 (down from $254,000 - just a slight decrease there). Median sales price in May was $230,000 (down from $236,000).

My personal activity definitely reflects these trends...there are LOTS of buyers out there in the $300k and under price ranges, mainly using FHA programs. Many properties have multiple offers extending well beyond the asking price. There are some great opportunities out there...and it is still the wild west in Sacramento!!

Source: Trendgraphix / Metrolist MLS

Is the Circus in Town?

One of my listings is being fumigated this week. I drove by it today and couldn't help but take a photo. In person it looks like a huge, mis-matched circus tent. To learn more about Structural Pest Control in CA, visit their website at http://www.pestboard.ca.gov/.

I've been quoted in an Associated Press article about Foreclosures!!

Last week I was interviewed by a journalist with the Associated Press. I get interviewed frequently about real estate because of my high search engine rankings, but this is the first time I have actually been quoted in an article...at least that I actually know of!

The journalist mis-quoted me a little bit (he says "market price" in the quote instead of "listing price"), but I suppose that is bound to happen with any interview. Perhaps I should get used to it?

He also interviewed one of my clients and used her quotes as well...they also sent a photographer out and did a shoot with my clients!! Too bad they took the photo in front of another agent's listing sign! :-(

The journalist just emailed me and said that article should be in "the newspapers" tomorrow. I wonder if it will appear in the print edition of the Sacramento Bee? Click here to read the article. It is starting to appear on some of the major news sites (like CNBC, CNN, Fox News, etc.)...

Change your HVAC Filters!!

I spent yesterday afternoon at a home inspection at a property I have in contract. The home inspector tested the central heat and air conditioning system, and noted that there was not a significant change in temperature after letting the system run for 20 or so minutes. This was a matter of obvious concern to my client (the buyer), as repairing or replacing a central heat & air system is not inexpensive.

Today I met an HVAC contractor at the house, and he was able to diagnose the problem in about 30 seconds - the filter had not been replaced in a long while. Sure enough he popped the filter out, grabbed a new one off his truck, and tested the system. After running for a couple minutes, he measured a very significant change in temperature - problem solved for a $2 item and a service call. Glen with Elite Heating and Air (916-214-5297) suggests replacing the filter every other month.

First post in over a week...Happy Story!!

The end of May was a stressful one! I had been working to negotiate a short sale on one of my listings, and finally got approval from both lenders involved on May 16th - yay! The problem? The lenders required that the close of escrow be by May 30th!...actually let me correct that...they wanted their sale proceeds wired to them and in their possession by May 30th, so really we needed to aim for May 29th. YIKES!

I had been in close communication with the buyer's agent the entire 45 days I had worked to negotiate the short sale, and I had the feeling that the approval was on its way. Around May 13th I told her to get the buyer's loan officer on the phone and polish the loan application, do another verification of income and assets, etc. When I called her on May 16th and told her we had 13 days to close the transaction, we both panicked.

In the last 6 weeks, with the massive increase in pending sales and solds in the area, many real estate industry related companies (lenders, title companies, etc.) have gotten backed up. They had been operating lean and mean for a while, but the sudden spike in sales overloaded many of these providers. The buyer's agent confirmed both of our worst fears...the buyer's loan officer said there was "no possible way" to underwrite and fund the loan in time.

So what's a Realtor to do? I called my go-to loan officer, Marlena Olson with Vitek Mortgage Group. If anyone could get our crazy timeline accomplished, she could. Within an hour of contacting Marlena, her assistant, Kelley, had taken the buyer's loan application over the phone. I emailed over the purchase agreement and preliminary title report. The next day the buyers and Marlena met in her office. The appraisal was ordered and completed immediately. The full loan package was submitted to underwriting.

In the meantime, I contacted the title company - Placer Title, to make sure all of those ducks were in a row. There was no margin for error in completing the buyer's signing and the seller's signing, receiving funds, going on record at the county, and wiring the funds to both lenders so money was received on May 30th. Janine Romney and Kim Meidinger went above and beyond to make sure all was correctly coordinated and all the correct paperwork was in place.

Like some miracle - loan documents arrived EARLY! The buyers signed on the afternoon of Friday May 23rd...basically a week after the process started. The sellers signed on Tuesday, May 27th (Monday was a holiday). The loan funded on Wednesday May 28th and went on record with the county that afternoon.

Job well done by all...truly a team effort to get this transaction closed. My clients were elated to have their house sold. They buyers were elated that they were able to move their children from a busy street to a cul-de-sac.

...a happy ending!