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Market Conditions in Sacramento : Real Estate Advice

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  • Home Buying675
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Activity 69
Sun Dec 14, 2008
Jim Walker answered:
The property is not currently listed on the MLS nor has it been recently listed. There is a house a few doors down from it for sale at $120K. Two recent sales on the street were at $145K and $186K. These were all about the same size as the house you inquired about. ... more
0 votes 3 answers Share Flag
Mon Dec 8, 2008
Willie Walton asked:
--This question is about this property: http://www.trulia.com/homes/California/Sacramento/sold/6040410-5401-20th-Ave-Sacramento-CA-95820-SCA
0 votes 1 answer Share Flag
Sun Nov 30, 2008
The Medford Team answered:
Joe:

Where is the rental property?

carl@carlmedford.com
0 votes 5 answers Share Flag
Sun Nov 30, 2008
Erin Stumpf (Attardi) answered:
Hi Joe,

It really depends on the specific neighborhood in Sacramento. Can you be more specific?

Erin
0 votes 4 answers Share Flag
Wed Oct 29, 2008
Rob McQuade answered:
Your question strikes at the heart of "median resale price" information, Kelsey.

The median resale price (sometimes called "median price" or "median home price") refers to the price at which half the homes in a given area for a certain time period sold for more and half sold for less. If the sampling of sales isn't large enough (say for instance it's for a small geographic area or short time period) then that number can be skewed and vary dramatically.

In May of 2006, Sierra Oaks (95864) had an unusually high number of homes selling for over $1 Million. While million-dollar homes aren't unusual in the area, there were four homes that sold in that price range in one month compared to the 1-3 that sold other months.

If you look at a larger area or longer period, you'll get a truer picture of things--but median resale price is an imperfect number and is a "snapshot" of what types of homes are selling at any given time, not necessarily of actual home values. This is why Sacramento's median resale price has dropped dramatically in the last several months as investors and first-time homebuyers have flooded the market but the number of move-up buyers has been low (note: banks and short-sellers don't fuel the move-up market because banks don't buy a property after selling and short-sellers are typically exiting the ownership market).

Hope this info helps...

Rob McQuade, ABR, REALTOR®
McMartin Realty | 2031 K St Ste 100 | Sacramento, CA 95811-4253

Tel (916) 444-7577 or Toll Free (866) 720-CITY (2489)
Fax (916) 444-7977

» Search all of Sacramento for real estate deals: http://www.ForSaleInSacramento.com
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Fri Sep 5, 2008
Erin Stumpf (Attardi) answered:
$300k goes a lot farther in some neighborhoods than others...but to answer your question, according to Trendgraphix that uses MLS data, in July 2008, the average selling cumulative DOM (inlcudes re-listing properties) for all of Sacramento County for all single family homes under $300k was 74 days...this is down from a high of 118 CDOM in January 2008. Just for the sake of reference, in June 2005 the average was 26 CDOM. ... more
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Wed Oct 29, 2008
Erin Newington answered:
Hi Airik!

Let's look at your options!

You state that you can't sell.. I will assume this is because you will have to come out-of-pocket in order to sell the home.

My question would be ... do you live in the property currently? I see that you are in San Francisco, but your question is listed under the Sacramento Market.

Here are the questions you should ask yourself:
- Will the property cash flow (meaning will the rent cover the expenses of the home)?
- If not, how much out-of-pocket $$$ will you have every month?
- How much "upside down" are you in the home?
- What type of loan program do you have on the subject property?
- If it is adjustable, when will it adjust and how much?
If you don't know ... get out the paperwork when you signed your loan documents and look for the document called the note. This will tell you what index the loan is ties to and what margin the bank is making. You could also call you lender for this information. The note will also tell you when this note will adjust. The index (this index changes daily) + the margin will = your new interest rate. Although you will not know what the index will be the day your interest rate adjusts. You can check to see what it is today (use the interest) to get an idea.

If the property cash flows and you are on a stable loan program.. I would say rent it. Keep in mind my opinion is given based on the information you provided.

If the property does not cash flow, then I would take a hard look at your ability to carry the deficit. The likelihood of property values in the Sacramento area to continue to decline is big! You would have to determine if selling now with less out-of-pocket make more sense than waiting for a potentially larger out-of-pocket expense later.

I hope this post gives you some food for thought regarding the decision in front of you! Bottom line: If the property can carry itself... rent it!

Good Luck!
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Mon Jul 28, 2008
Erin answered:
Hi Farrah: Could you please clarify your question?
0 votes 1 answer Share Flag
Sat Jul 12, 2008
James Blaylock answered:
When you are investing for the first time, all of your financials are important. Remember that the lenders are only going to lend on 75-80% of the purchase price so having a 25-30% down payment will most likely be required. I would gather rental rates as well as the owner occupied to renter percentages. For neighborhoods to look into I have done several deals in Antelope and they have all been for under 200k.

Good luck and let me know if you have any other questions
... more
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Sat Jun 28, 2008
Jim Walker answered:
NO WAY. - 100% financing will create NEGATIVE Cash flow out of your pocket on just about anything you could find here.

If you find a really good bargain and put 20% down, you may be able to break even. I recommend 25% to 30% down. If you finance 100% of the purchase you will be in the hole every month.

Lenders are after full market value. And they negotiate. Don't expect to get a large discount from value of much more than the cost to repair, clean and recondition.

Pre foreclosures - also known as short sales - are a nightmare to do simply because the banks usually fail to ever agree to to the terms of the sale negotiated between the buyer and the distressed owner.. Short sales are normally an exercise in futility. About 1 in 12 short listings sell. The other 11 don't.
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0 votes 6 answers Share Flag
Sun Jun 8, 2008
Gena Riede answered:
Adebola,
It's a great time to buy in Sacramento. Once you are approved for a loan and you have a profesional Realtor working on your behalf, making sure that you get the best price...it couldn't be better. There are some great buys out there, now.

Once it becomes common knowledge that the bottom has been reached, the news will be over a month old and real estate will be on the upswing in terms of prices. Right now, we are seeing a steady increase in the amount of sales as evidenced by my recent report on the market which you can see on my blog at http://sacramentorealestatevoice.com/2008/06/04/the-outlook-for-sacramento-real-estate-is-on-the-upswing/

Join the other home buyers and make sure that you don't miss out on getting a home before interest rates go up and supply goes down. Good luck.

Gena Riede, Assoc. Broker
Remax Gold
916-417-2699
... more
0 votes 5 answers Share Flag
Tue May 6, 2008
Alex Amaro answered:
Good Afternoon,
I don't think you should worry about investors just yet. There are many investors buying properties again because homes have come down so far, but there are still thousands of homes on the market. Supply is still greater than demand right now in the area. Also, my investors don't look for cosmetic fixers. We look for the fixers that are more than the average buyer can do because those homes have been on the market longer and we are able to get a better deal on them. ... more
0 votes 13 answers Share Flag
Mon Mar 31, 2008
Rob McQuade answered:
If your question is "what's selling?" then there are a couple answers:

Bank-owned properties. The investors are coming back and they're looking for deals. In many cases, the best deal (on paper) is going to be a foreclosure listing. MLS statistics have been showing that single family homes priced under $250K are leading the local market in activity.

Established neighborhoods. Some neighborhoods never go out of style locally. The best parts of Sacramento--Land Park, East Sac, Arden Park, Fair Oaks--always seem to hold up well, even when the market is down. Many of these neighborhoods don't have a ton of inventory (sellers aren't selling if they don't need to), but there continue to be a lot of buyers looking to "get in".

The urban core. Downtown and Midtown are back in style as more single professionals, young couples, and empty-nesters are looking to be close to everything. Commuting is out, walking/biking to work is in. Proximity to shopping, dining, entertainment, and employment make these areas popular--and the number of new projects that are selling and the fact that huge price declines haven't hit these neighborhoods show that demand remains.

I hope this help, and welcome to Sacramento real estate!

Rob McQuade, ABR, REALTOR®
McMartin Realty
www.ForSaleinDowntown.com
www.ForSaleinMidtown.com
... more
0 votes 3 answers Share Flag
Tue Jun 3, 2008
Terry O'Callaghan answered:
Hi Brian,
Here is the local newspapers website : www.sacbee.com

You can search the classified for rentals that meet your needs.
Good Luck... See ya in Sacramento
0 votes 3 answers Share Flag
Tue Jun 10, 2008
Lourdrie McNamee, MRP answered:
The homes that I see that are selling are the ones that are priced "right" for this market and show great. This is a great time and opportunity for many buyers. Good luck!
0 votes 21 answers Share Flag
Fri Oct 24, 2008
Liz Stevens answered:
Yes, the sold price IS a public record. You can go to the Sac County County Recorder and have access to all public records for properties in that county - including the sold prices for property. ... more
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Tue May 5, 2009
Alex Amaro answered:
Good Sunday Vken!
I just wanted to give you a bit of feedback about courthouse auctions. When you go to buy a home at auction at the courthouse you have to pay cash! Yep, that's right... cash!
I got started in real estate with foreclosures and that's what my investors and I used to do. The other problem with trying to buy a home before the foreclosure is that many of the homes are under water and many have large second mortgages on them. If you wait until after the auction and let the bank take the home back...aka "REO", "Real Estate Owned" or "Bank Owned" you will probably get a better deal.
As for the question, "Is it a good time to buy?"
If you look at mortgage rates over the last 25 years, we are at some of the lowest rates in history. That combined with the huge home prices makes for a great combination. Personally, I remind my clients that buying a home is a long term investment. Statistically, once a person buys their first home, they will be homeowners for the rest of their lives. That considered, if you are in a financially secure place to buy, then the time is not only right in the market... the time is right for you!
Good luck! I hope I was able to help a bit.
Sincerely,
Alex Amaro
... more
0 votes 8 answers Share Flag
Tue Jul 15, 2014
Jordan Stuhlmueller answered:
Hey Jane Dough, I just checked out Exit Realty's website, and here is my take (and this may be slightly biased considering I am with Coldwell Banker): After spending some time viewing Exit's website, I had a hard time finding any information on what services they offer. I did find info on their upcoming convention and their entrepreneurial opportunities...

There are many good agents across many different brokerages, but first and foremost I would recommend you chose an agent you TRUST! Check their referrences and ask the agent if you can call one or two to hear from the horses mouth (figure of speach, obviously) the personal experience of the conveyance.

The positives of the larger brokerages are prime marketing & advertising (for sellers), experienced legal teams, and required agent training. But again, in the end, make sure you get along with and trust the agent you choose.

Best of luck!!
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Sat Dec 15, 2007
Erin Stumpf (Attardi) answered:
18 residential resale properties closed escrow in North Highlands in November 2007. There are currently 59 properties pending sale. There are 289 active residential properties offered for sale. According to Trendgraphix, which compiles statistics using MLS and tax assessor data, the average sold price per square foot in November 2007 was $134/square foot. In November 2006, the average sold price per square foot was $236/sf. That is a huge drop. Other areas in Sacramento have experienced similar decreases... I am representing a buyer right now on a house in 95842 (Foothill Farms)...it is a bank owned property that in February 2006 sold for $319k...we are in escrow for $175k. It is a 3/2 of about 1000sf. I am representing another buyer right now on a house in 95823 (South Sac) for $169,900 - newer construction, 3/2, 1300sf...the house appraised 2 years ago in the high $200k's. Great time for buyers right now...

Please keep in mind that not all of the Sacramento area is experiencing this decrease. There are some very solid areas too that initially declined, but are holding their values well and are stable.

What is your definition of 'affordable'? It varies for everyone. ;-) It amazes me what is available right now for $200k. Depending on what you are seeking, you can find nice homes in this range in some Arden areas, Tallac Village, Colonial Village, parts of West Sac (the city of), parts of Citrus Heights, parts of Antelope, North Highlands, Foothill Farms, etc. If you are a first time buyer, there are some great 100% financing programs that are still available too.

Feel free to contact me directly (click my profile) with any questions.
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