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Rob Saxe's Blog

By Rob Saxe | Agent in Rocklin, CA
  • First Time Home Buyers: The Clock Is Ticking!

    Posted Under: Home Buying in Sacramento  |  January 24, 2010 9:02 AM  |  2,160 views  |  No comments

    Buyers Looking For Homes Increasing!

    first-time-home-buyers-sacramento After running just a couple of ads from this site,  I got 4 serious buyer inquiries from people looking to purchase in the next 90 days.

    One was an investor from Sonoma, another was a first time home buyer looking for foreclosure deals in Rocklin.

    Still another buyer, not a first timer, is looking in Carmichael and a guy looking in Morgan Creek, Roseville.

    All seemed ready, willing and able to purchase.

    On my Facebook page, one of my lending resources, Tim Clark, mentioned that he’d been to several open houses on Saturday and there were buyers at every one of them.

    You’ve got 95 days from today to be in contract on a home.  Trust me, it could take that long to get it done.

    Fewer Homes For Sale

    Right now, although I’m hearing the total amount of homes for sale will be increasing, there just aren’t that many homes on the market and it also seems from what I’m hearing that the number of buyers looking for homes is increasing.

    My site traffic numbers, the phone calls and emails I’ve been getting over the last weekend and what other local industry professionals are saying all point to buyers coming out of their winter hibernation.

    This could mean that 95 days isn’t enough time to get it done!

    According to many economists, the market may not be as favorable later in the year as it is now especially in lending.

    Although the recent FHA changes won’t take affect until after the first time home buyer tax credit expires, those changes could mean you don’t qualify.  So get moving!

    Thanks for visiting!

  • New FHA Guidelines Make It Harder To Qualify

    Posted Under: Home Buying in Sacramento  |  January 22, 2010 9:58 PM  |  2,187 views  |  4 comments

    Changes Could Affect Values

    fha-tax-credit-sacramento-real-estateThe new FHA guidelines, along with the expiration of the first time home buyer tax credit, could adversely effect home values in the Sacramento real estate market.

    And let’s not forget the regions 15% unemployment.  This is not a good combination for our region.

    Just when we thought it was safe to go back into escrow.

    With guidelines changing and loans for first time home buyers, or anyone for that matter, getting tougher to qualify for, a sales decline and resulting inventory increase could depress home values in the region again.

    The word on the street is that more homes will be coming on the market soon.  A quick inventory check doesn’t show that there have been any significant increases yet.

    Is that hissing sound the air being let out of the nice little recovery we had going?  Or just the ringing in my ears that’s been there since 2007?

    Changes In FHA Policy

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  • HUD Lifts "Flip Rule"....For Now

    Posted Under: Market Conditions in Sacramento  |  January 18, 2010 8:11 PM  |  2,103 views  |  No comments

    90 “Flip Rule” Gets 1 Year Moratorium

    Flipping-houses-sacramento In an effort to protect home buyers against investors buying substantially below market and selling a home at inflated prices, HUD instituted what’s known as the “flip rule” preventing federally insured (FHA) financing on any home with 90 days of the last sale date.

    Supposedly, this was to protect “unsuspecting” home buyers from paying more than the home was worth.

    While it is highly unlikely that this “flip rule” did anything more than delay getting homes sold in a more expedient manner, it has been given it’s own year long moratorium unless the FHA commissioner extends it out further.

    There are so many other safeguards in place to protect home buyers, like appraisers who will subvert values out of fear as they have been wrongly accused, in part, of creating the housing mess, that the flip rule was completely unnecessary and prolonged the time that a home sat vacant costing sellers money in the process.

    While FHA home loans weren’t the only loans available, private lenders also followed the HUD guidelines making it difficult for investors to purchase property, repair and resell within 90 days of purchase.  This is part of the reason, among others, that all cash buyers are preferred over financed real estate transactions.

    Lenders are in panic mode.  Getting a loan is tougher than it’s ever been so this is a welcome sign for buyers and sellers.

    Moratorium Guidelines

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  • 2009 Rocklin Home Sales Report

    Posted Under: Market Conditions in Rocklin  |  January 17, 2010 10:24 AM  |  2,132 views  |  No comments

    Median Home Price Falls In 95765

    It’s been a tough year for real estate values in some areas of the Sacramento region, again.  Efforts by the government to stop the slide of foreclosures and the seemingly constant bleeding of home values has only served to slow the 2009_average_median_home_price_by_quarter_inevitable. (boy I sound bleak this morning!)

    Are we at the bottom of this downturn?  Many economists, including those at CSUS, don’t think so.  I tend to agree based on more variables than there is time to cite and have been covered aptly here and elsewhere.

    In Rocklin, unlike the below $250K price range in Sacramento where sales price averages have gone up, values are still going down.

    This year, the median home price bottomed out at $299,500 for a 4 bedroom, 3 bath, 2350 square foot home in the third quarter.  Incidentally, per quarter, the characteristics of the median home fit this description.

    In the last quarter of 2009, the median home price rose to $314,000.  I don’t see that trend continuing but what happens is up for debate and to be perfectly honest, it’s all speculation.

    If this downturn has taught us anything it’s that the experts only have a vague idea of what the future holds and as one of my clients says, “only people new to the industry and fools try to predict the future”.  I agree with this completely.

    Average Sales Prices Trend Down

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  • Underwater Mortgages: Should you walk away?

    Posted Under: Market Conditions in Rocklin  |  January 14, 2010 7:16 PM  |  2,117 views  |  4 comments

    Over 1/3 Of California Mortgages “Underwater”

    homes-under-water I was surfing some of my favorite blogs today and ran into an article by Lori Turoff from HobokenRealEstateNews.com.

    Lori does an excellent job on her site and I’ve gotten many great ideas from her and used them here.  Go by and visit sometime.

    The article, from the NY Times Online,  click here,  is about how it used to be a moral question as to whether or not a homeowner, hopelessly “underwater” on their mortgage, should walk away from their home or continue to pay on an asset with little or no hope of recovering equity in the near term.  (The term “underwater” means that the borrower owes more on the home than the home is worth.)

    The Scenario

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  • How To Get Your Offer Accepted!

    Posted Under: Home Buying in Sacramento  |  November 12, 2009 8:29 PM  |  2,178 views  |  2 comments

    Results of Sold Homes Survey in North Natomas

    I’ve got a buyer who I just love working with.  As much as I like he and his girlfriend, they are questions depending on me to get them into a home for the holidays.

    This used to be a pretty easy task.  You find a home, write an offer that’s attractive to the seller and off you go to escrow.

    Now, not so much!

    Dramatically Low Inventory Levels

    As the foreclosure crisis churns on and banks are releasing fewer of the foreclosures to the open market for whatever the reason, the number of available homes for sale has decreased dramatically in the last year.

    This has created a fiercely competitive market for buyers and sellers are, again, enjoying getting their listing prices as high as appraisers will allow them to go due to multiple offers on almost every home.

    Days on market, depending on the area and price range, has declined as well.

    The declining amount of homes for sale is why you’re currently having trouble getting your offer accepted.

    Agents are communicating with each other only to the extent of “give us your highest and best”.

    Beyond that, mum’s the word.  As a result, it then becomes a mystery has to how to structure an offer that gets accepted.

    Until now!

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  • Homes for Sale in Sacramento

    Posted Under: Market Conditions in Sacramento  |  November 2, 2009 3:46 PM  |  2,124 views  |  No comments

    Homes Available for Sale Continues Decline

    homes_for_sale_-_sacramento,_placer_&_el_dorado_counties The total number of single family homes is down again this month in the Sacramento, Placer and El Dorado county areas.

    As of this article, there were 5549 detached single family homes for sale in the 3 county area.

    This is down from a high in January of 6538, 1000 fewer homes representing a 15% inventory decrease over the last ten months.

    Foreclosures Increase, Banks Holding Back Homes

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