It's official - I have moved to Coldwell Banker!

I am super excited to let everyone know that this week I pulled the trigger and affiliated with Coldwell Banker. As of April 9th, 2018 I am a Broker Associate working out of their Sierra Oaks office at 2277 Fair Oaks Blvd in Sacramento. I will continue to serve neighborhoods in and around Sacramento, including Downtown / Midtown Sacramento, East Sacramento, Land Park, South Land Park, Hollywood Park, Curtis Park, Tahoe Park, Pocket / Greenhaven, Elk Grove, West Sacramento, Natomas, Arden, Carmichael, Rosemont, College Greens, Fair Oaks, Orangevale, Foothill Farms, Citrus Heights, Antelope, Roseville, Rocklin and Lincoln.

I did not just wake up last week and decide to pull the trigger and switch brokerages. This has been something I have contemplated for the last several months. Coldwell Banker is one of the largest real estate brokerages in the United States, and they have a significant market share in the greater Sacramento area. I am really excited to use their amazing technology and marketing tools that will allow me to better serve my buyer and seller clients.

Having spent nearly 8 years at my previous brokerage Dunnigan Realtors, I was truly truly sad to leave such great people. Some of my best friends on the planet are there and I will miss seeing them on a regular basis. I plan to go out of my way to maintain those relationships because many of them are very special to me.

Median Home Price in Sacramento County Increases to $370,000 in April 2018

The median home price in Sacramento County climbed last month to $370,000. The median had been relatively flat for the bulk of 2017 and early 2018. There is A LOT of buyer demand right now and not nearly enough homes on the market to satisfy the demand. If my own client activity is any indication of the greater market, my buyers are all in multiple offer scenarios, and my listings are receiving multiple offers. In April there was approximately 1.1 months of inventory -- which is not too different from this time last year.

City of Sacramento offering free leak repair services to qualified households

The City of Sacramento is offering free leak repair services to qualified households until March 31, 2018. This is a great opportunity to have a city contractor to investigate, repair or replace fixtures at no cost!

The program, called "Leak Free Sacramento" is available to those Sacramento home owners who meet the following criteria:

• Live within a Disadvantage Area Community (here is a map);
• Complete and submit the application (linked here);
• Single family residential homeowners that are customers of Sacramento County Utilities;
• Show irregular water usage, need leak detection and repair or replacement services;
• Applicants must own both the home and the land (for example, mobile homes on rented land do not qualify); and 
• Applicants must be the permanent resident of the home.

The program may be used to repair leaks and install water efficient fixtures. Residents can contact the program at 916-808-5605 or email leakfree@cityofsacramento.org. Do not wait! This program is available for a very limited time between March 19, 2018 - March 31, 2018.

New Listing - 137 Mike Gartrell Circle, Sacramento, CA 95835

Spacious single story 3 bedroom, 2 bathroom, 1,733sf home in Regency Park Natomas! You will love the custom interior paint, vaulted ceilings, lots of natural light and open feel, formal dining area, kitchen with stainless appliances, 5-burner gas stove and convection oven. Large master suite with walk-in closet, ensuite bathroom with double sinks, large sliding door leading to the backyard. Close to recreational bike trails, parks, restaurants, retail, freeways, and Sacramento International Airport. Don't wait! Offered at $375,000 subject to lender approval of short sale. For more photos and a virtual tour visit 137 Mike Gartrell Circle, Sacramento, CA 95835.

How to fill out a Short Sale Addendum

I have a new short sale listing coming on the market in the next few days, and it seems that over the last few years, other agents and buyers have forgotten how to do them. In the time period from 2007 - 2012 or so, it seemed like ALL my listings were short sales. I know them backward and forward, how different types of short sales work, how different mortgage companies and banks process them, and more. Short sales are not a huge part of our Sacramento real estate market anymore...but they are still out there.

So - here is a primer on how to fill out a Short Sale Addendum (C.A.R. Form SSA) and what it means to buyers and sellers.

First, this form must accompany any offer on a short sale listing. This document establishes that the property is being sold subject to the mortgage company's approval of a payoff for less than the amount owed, defines timelines and other parameters in conjunction with the Residential Purchase Agreement. Generally, the SSA discloses that there is no guarantee of approval, that the buyer and seller pay incur costs that are not recoverable in the event the mortgage company(ies) does not approve the transaction, and that the parties may want to obtain tax or legal advice. Aside from that, there are three fillable components that may change the dynamic of the short sale transaction that I want to cover.

Paragraph 1A: SHORT SALE APPROVAL - this timeline indicates the period in which the buyer is willing to wait for the mortgage company to provide written approval for the short sale. This timeline commences upon the seller's acceptance of the offer, and the buyer MUST wait during this timeframe for a response from the mortgage company. In other words -- the buyer CANNOT cancel prior to the timeline in this contract simply because the buyer gets tired of waiting. There may be other contingency timelines that permit cancellation before this period expires, but otherwise the buyer is in contract with the seller and is obligated to wait it out. For a seller of a short sale, you want this timeline to be as long as possible. As a short sale listing agent, I like to see a minimum of 60 days. Ideally the short sale will not take that long for mortgage company approval, however short sale timelines are a bit of a moving target.

Paragraph 2: TIME PERIODS - this indicates when the buyer's contractual contingency timelines will begin. Checking the box for "shall begin as specified in the agreement" is what I prefer as a listing agent. This means that buyer investigation contingencies, appraisal contingencies, loan contingencies, etc. all would begin once the seller accepts the offer (which is BEFORE the short sale mortgage company consents to the short sale). As a short sale listing agent, I want the buyer to conduct inspections, appraisal, loan underwriting, etc. right away. If this box is unchecked, then the buyer's timelines do not start until the mortgage company has issued short sale approval. The sooner the buyer removes contingencies, the better. If timelines do not start upon seller acceptance, then it is possible for the buyer to walk away after we have short sale approval. We do not want to get several months into a short sale and lose the buyer over something relating to condition of the home. If a buyer cancels we want that to happen early so we do not have to take too many steps backward before moving forward again.

Paragraph 3: BUYER'S DEPOSIT CHECK - this indicates when the buyer's initial deposit should be held in escrow. Checking that box for "as specified in the agreement" is what we want to see. This means that within 3 business days of seller acceptance, the buyer's initial deposit is held in escrow (which again is BEFORE the short sale mortgage company consents to the short sale). As a listing agent, I want to see this for a few reasons. One, if the buyer is willing to do this, it indicates they are serious buyers! Two, if the buyer gets sick of waiting and wants to move on, they will want their deposit back. If escrow is not holding a deposit, the buyer can move on and simply never tell us. That would be bad. Three, holding the buyer's deposit upon seller acceptance looks fantastic to the short sale mortgage company. Four, if the buyer removed contingencies (as we discussed in paragraph 2) and then decide before the timeline in paragraph 1A is over, then the seller may have the right to retain the deposit.

Not all buyers of short sales are willing to do all three of these things I recommend. In non-competitive situations, many buyers will not agree to do all of these things...in multiple-offer situations, often buyers will agree. It is all negotiable. Hope that helps!

New Listing - 6308 & 6310 Blackstar Drive, Citrus Heights, CA 95621

Excellent real estate investment opportunity with this well-maintained Citrus Heights duplex. Convenient and high-demand location. This property is a 2 bedroom/1 bathroom/1-car garage and a larger 2 bedroom/2 bathroom/1-car garage duplex. Spacious units flow nicely with lots of living space, open layouts, big bedrooms, ample storage, and private backyards. 6308 has brand new flooring and fresh paint. Reports, income/expenses, and maintenance records available. Located near shopping, public transportation, parks, schools, and I-80. Offered at $345,000. For more photos and detail, please visit 6308-6310 Blackstar Drive, Citrus Heights, CA 95621.

New flooring and fresh paint can be a huge improvement and help maximize your selling price when preparing a home for sale...

Often, I list property for clients where the home has been occupied for many years and then is vacated before the listing goes on the market. Perhaps the seller purchased another home first, moved out, and then listed the home. Or in other scenarios, the property was occupied by tenants who did not leave the home in stellar condition. Whatever the case, sometimes after a long term occupant, a vacant home will not look or smell its best.

Case in point: in an upcoming investment property listing, the tenants vacated the property after living there 8 years. I viewed the property while the tenants were still living there and thought to myself that once they moved out the unit would probably just need a deep cleaning and would ready for market. It became clear after they moved out though, that the unit needed more than a deep cleaning. Their possessions masked the rips and stains in the carpet, and there was a distinct pet odor that remained. Also, after 8 years the white walls were really dingy. 

My sellers live out of the area, so I met my go-to contractor at the home and he bid replacing the flooring and repainting the interior, among a few other repairs. The before and after differences are amazing! The unit is now ready for occupancy, whether by a new owner occupant or new tenant. 

It does not always make sense to make improvements to a home before listing it though...depending on numerous variables, such as the target buyer for the property, overall condition of the home, the location of the property, and overall market conditions, a seller might be better off selling the property in its current condition. I of course help advise my clients accordingly. It is my goal to maximize the return on any pre-sale repairs or improvements, and sometimes that means it does not make sense to do much, if anything. Or, as in this case, spending some money up-front should yield a three-fold return on the investment with a much higher selling price. 

New Listing - 2616 Cleat Lane, Sacramento, CA 95818

Popular, sold-out floorplan in The Mill at Broadway is available! 2 bedrooms + den, 2.5 bathrooms, 1,451sf detached home in cool newer Land Park community! You will love the kitchen with quartz counters, stainless appliances, built-in wine fridge and bar area, high-end laminate flooring, stylish light fixtures, downstairs den or possible 3rd bedroom, upstairs loft, both bedrooms have ensuite bathrooms. Energy saving features include 1.5kW owned photovoltaic solar system, tankless water heater, ductless HVAC. 2-car attached garage, big patio and large upper balcony. HOA dues $90/month. Newer construction from 2016 within close proximity to Land Park, Broadway District, Bike Dog Brewing, Selland's, transportation and more! Offered at $469,900. For more photos and information visit 2616 Cleat Lane, Sacramento, CA 95818. Don't wait!