Sacramento Real Estate Views

Just Listed! 21 Rosemary Court, Roseville

Immaculately Maintained Central Roseville Beauty

I just listed a home at 21 Rosemary Court in Roseville last night and what a nice home this is!  4 – 5 bedrooms, 3 full baths and 2450 square feet and VERY well maintained.  This home is close to shopping, schools and easy access to highways for commuting to and from just about anywhere in the region.

Features list includes:

• Brand new exterior paint
• Newer interior paint very tastefully done
• A downstairs den/office that is currently set up as a playroom
• Granite counters in the kitchen
• Newer and all updated, higher end kitchen appliances (Bosch, Kitchenaid and Thermador).  Gas cooktop with beautiful stainless steel hood.
• Landscaped front and back
• A beautiful backyard with pool and associated water feature.  There is also a very nice spa but the seller’s aren’t including it in the sale.  It is negotiable however for a very reasonable price.  The backyard is also wired for stereo sound.
• Flooring consists of carpet, tile in the kitchen and laminate flooring in the family room/den area.
• A finished 3 car garage that has been textured and painted.  This garage gives new meaning to the term “man cave”.
• A video security system, that would make even the most particular Hollywood star envious, may be included with the right offer otherwise is a negotiable item.
• And so much more!
• Please see the picture gallery below.

Buying or selling, if you would like to schedule a free consultation, please call or text me directly at 916-532-7653 or click here, for my contact page.

Sacramento Real Estate Views is the most comprehensive online source for Rocklin real estate information. Whether you are looking for the latest sales, trends or homes for sale in the Sacramento Region, Sacramento Real Estate Views has it all at your fingertips.

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Showings

This home is shown by appointment only for unrepresented buyers.  Please call for more information.  For buyers with a Realtor showings will be Thursday, May 2 and Friday, May 3 from 12 to 2.  On Saturday May 4 and Sunday May 5, the house will be open for Realtors and their clients from 2 to 4 and I will be presenting offers to the seller’s on Monday May 6.

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Tags: 21 rosemary court roseville

The Secret To Getting Sued In The Sacramento Real Estate Market

Don’t Make This Mistake

Getting sued in the real estate industry is very easy.  You don’t even have to try very hard.  You could do everything correctly and still come on the losing end of litigation.

Of course, some scenarios make it more likely that you’ll get sued, others less likely.  In the course of everyday real estate transactions, as long as everything is documented and you’ve acted within the scope of your license, the risk is low.

However sometimes the risk is just too high and you’ve got to gracefully bow out.

I have a legally operating mind for some reason.  I’ve always loved the law and sometimes wish I had gone into that field.  I tend to spot potential legal trouble when I see it and as such have been able to avoid it thus far.  Wish me luck going forward! LOL

The Scenario

I got a call from a close family friend.  His situation is that he, after 20+ years of marriage, is getting a divorce.  He and his wife own two homes, right next door to each other and in order to settle the divorce, he would like to sell one of the homes to pay off his soon to be ex wife and go their separate ways.

As a Realtor, you’ve got to be extra careful in divorce situations.  Emotions are running high and it could easily be the case that one party or the other sees you as the scapegoat. Everything must be 100% disclosed to both parties equally and all communication overly documented.

He asked me if I would complete a comparable market analysis of both of their homes to see which had the highest proceeds of sale.  His thought was to get the highest proceeds of sale so he could pay her off for both houses.  Selling one of the homes definitely made this possible due to when they were purchased.

Getting the documentation together has been a chore.  The agreement with them to sell the home hasn’t been executed as the wife really doesn’t want the divorce and is stalling regardless of the inevitable.  I guess this is common according to my broker.  I’ve represented sellers in divorce situations several times but they were all amicable whereas this one is not.

We have been talking for just over a month about their options.

“You Will Lose Money”

Recently, he sent me an email string between he and his soon to be ex wife explaining that he could have a buyer for the house they intend to sell.  The buyer offered “fair market value” and would pay “appraised value” for the home if she was able to purchase it.  This person is known to both of them and from what I can gather, knows a little about real estate.  That’s my sense.

It wasn’t long before I got an email from him asking if I’d be willing to handle the paperwork for them at a reduced commission.  This in and of itself didn’t bother me but the scenario began to smell funny.

My red flags went up to full mast!  After thinking about it for a few hours, taking the situation into careful consideration, I sat down and constructed an email to him.  I explained that this was NOT a good idea and he would lose money in the process.  His goal was to make the most money from the house, not simply get it over with quickly.

Some private sales are like that.  The seller is selling to a family member and they just want a fair price for the home.  This was not that situation.

I explained that there is a significant difference between “fair market value” and “appraised value” and even a difference between appraised value in connection with an open market sale and a private sale.

Fair Market Value In Sacramento Real Estate

There is only one way to get fair market value for the sale of a home and that’s to put it up for sale to the open market where buyers compete.  In a market where values are advancing at a fever pitch, multiple offers are everywhere no matter the condition of the home and days on market has been CRUSHED by the demand for homes, this is the only way to know what the market will bear.

In a private sale, in this market, I explained to him that he would lose money no matter what he did to prevent it.  There is no way to predict what the market will bear.  Some buyers are paying over appraised value for homes right now.  Buyers are literally coming out of pocket to make up the difference in cash.

It’s that hot out there right now.  Putting your home up for sale on the open market is the ONLY way to ensure you get the most amount of money for your home if of course that’s your goal.

All Appraisals Are NOT The Same

The Sacramento and South Placer County real estate markets are sizzling right now.  I mean really hot.  I’ve never seen it like this in my 11 years of full time industry experience in the region.

I’ve noticed that appraisers I have worked with over the last 6 or so months are not only looking at the comparable sales for a given home but are also looking at the situations of the sale more closely than in the last few years.  Time on the market, were there multiple offers and were they all over full price are questions I have been asked by appraisers lately.

As a result of that, I’m seeing appraisals coming in higher than the comparable sales can support if you’re looking strictly at the black and white numbers.  If you think about this, it makes sense.

The market is appreciating and lenders know this.  When the market appreciates it reduces the risk for lenders that the borrower will default.  If the risk is perceived to be lower, lenders relax a little, want to make home loans and a slightly generous appraisal isn’t given much scrutiny.

But now, take away the situation.  Take away multiple, over full price offers, the time on the market and what are you left with?  Just black and white numbers.  Appraisers don’t do well in this scenario.  I’ve seen it over and over in my career that when an appraisal is done outside a transaction for the sale of a home, the value comes in lower.

Appraisals not only take into account the comparable sales but they also take into account the market at the time of the appraisal.

As I told my potential seller, I’d rather the market dictate to an appraiser than the appraiser attempting the determine the market.  With less information, appraisers most certainly come in with values that are more conservative.  That only makes sense.

“Hi Neighbor, Here’s A Lawsuit”

In speaking with my broker about this situation, he mentioned to me that not only was I correct in my assessment of this situation but that the seller could also be sued by his neighbors for accepting less for the home than the property was actually worth.

Selling for less than the home is worth drives down the value of other homes in the area thereby costing other homeowners money in the sale of their homes.

With the inventory of homes for sale so low aka a lack of comparable sales, this is a very real concern.

He had been speaking with a seller that day who asked if he could sue his neighbor for selling too low.  Of course, he referred this party to an attorney which is the appropriate as it’s outside the scope of a real estate license to give legal advice.

Why Risk It?

If you’re hell bent on losing money and putting yourself at risk for a lawsuit then have at it.  I can’t imagine why anyone would do this in the current market.  It’s been proven time and time again that when a seller tries to sell their home without the benefit of professional representation, they lose money.

There is a saying that “the cheap man pays twice”.  That has always been my personal experience.  Whenever I’ve tried to cut corners, it’s cost me money in the end and it doesn’t matter what it’s for.

Can you sell  your home on your own?  Sure you can!  If you do it correctly you won’t lose as much doing it on your own.  That said, why lose money at all and increase your risk of litigation exponentially?

I have told the seller that under no circumstances can I represent he and his soon to be ex in a private sale situation regardless of the commission.  The situation is just too risky with all factors considered.

Why not avoid possible litigation altogether and hire me to sell your home.  Studies have shown time and time again that hiring a Realtor will help make the most money from the sale of your home and make it unlikely that you’ll need a lawyer later on down the road.

If you have a home to sell, please call, text, email or simply fill out the form below and I’ll get back to you promptly.  If you’re looking for Rocklin related real estate information please go to Rocklin Real Estate Views.com.

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Tags: sell your home sacramento real estate

South Placer County Real Estate Report – February 2013

It’s CRAZY Out There!

This month, I feel like it’s Black Friday except for the discounts!  Homes are selling so fast for so much over list that it seems people are trampling over others to get to them as if there won’t ever be another home on the market again.  It actually feels like that and that it’s a bit frightening.

Any listing agent in this area can tell you that what we’re seeing now, while similar to the 2005/2006 time frame, is unprecedented.  No one remembers a time when the market was as hot as it is right now.

There are those on both sides of the sustainable vs. unsustainable debate, however, it’s where we are right now.  Let’s make it work!

An article this morning on DSNews.com, click here, reports that Fed Reserve Board Governor Elizabeth Duke does indeed believe that the recovery is sustainable..if all things stay the same.  However, as Mark Hanson, a respected mortgage banking and real estate analyst, points out in comments right here on SREVS, “..real estate like everything else is about rate of change..”.  Having been in this business full time for the past 11 years, I couldn’t agree more.

Nothing stays the same and all this market needs is some small wakeup calls over the next few months for the winds to shift completely.  Hopefully it will be subtle if it happens.

With prices going up as they have, investors simply won’t be in the market for much longer as it won’t make financial sense.  Pile on top of that an interest rate increase and we have the makings for a flattening or an actually decline in average sales price from where we are now.

That said, as my friend and top producing Realtor Marguerite Crespillo just told me, “..you can only predict the past.”  How relevant is that!?   Onward!

Homes Stay On The Market Fewer and Fewer Days

South Placer is not unlike Sacramento County in that properties are off the market within days of being listed.  As you can see by the graph and table below, the amount of time a home stays on the market has gone down more than 58% in the last 15 months, more than 54% over the last 12 months.

Multiple offers, again, dominate our market.  Low inventory levels are creating fierce competition for homes and sales prices are being driven up as a result.

 

 

As like last time, this market won’t be here for long.   The question is when and why not if.

The Average Sales Price Steadily Ascend

I had to do a double take when I saw the numbers here.  There was a 32% increase in the average sales price in one year in South Placer County.  That is simply amazing.  I don’t even know how to comment on this other than to say..wow!  Profound huh?

 

 

 

Homes Available For Sale

In South Placer County the number of homes available for sale is very low.  Low inventory and interest rates are combining to make one of the best seller’s markets in the last 7 years.  Over the last 15 months, the number of homes available for sale has dropped over 38%.

 

Summary

This year is starting out with a BANG! but who knows how long it will last.  Prices going up like they have will scare investors off at some point. That will result in fewer cash transactions and more inventory available for sale as a segment of buyers for investment worthy homes declines.

Similarly, if interest rates do go up, some buyers will be pressed out of the market due to affordability.  Again, this will result in a segment of the buyers being absent from the market and inventory will increase.

I would like to see the average sales price going up much more slowly than it has.  The run up in values from 2003 to 2006 didn’t leave a good taste in my mouth and I’d hate to see the market backslide again.

Have a home you need to sell or one to purchase?  Please call, text, email or simply just fill out the form below and I’ll get back to you promptly.

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Tags: homes for sale rocklin, roseville lincoln

Sacramento Real Estate Sales Report – February 2013

Wow..

That’s all I can think to say..wow!  The market in both Sacramento and South Placer Counties has taken off more than anyone would have thought.

We had signs in the last 6 months of 2012 that it was going to get hot and hot it has become.  The amount of homes available for sale as well as how long those homes stay on the market is just amazing.  Most homes are gone in less than a week and the rest are gone shortly after that.

Buyers are having a tougher time than ever getting into a home.  The demand is so high, competition is fierce and homes are selling for substantially higher than list price.  Nice homes priced right could easily sell for $30K over list price.

Seller’s are asking for all kinds of weird stuff in conjunction with their sales.  I ran into a listing this morning where the seller is in the process of a bankruptcy and is asking for his attorney’s fees to be paid by the buyer as a result of the sale!  In this case, it added an additional $23,000 to the list price in closing costs.

While it was a short sale and listed lower than market for the area, that just seems completely unreasonable to me but buyers are paying it!  The home has multiple offers as I write this.  It’s beyond anything I’ve seen before.

One of my most recent listings is currently in pending sale at well over list price after only 6 days.  The offer that was accepted had no appraisal contingency attached.  What this means is that no matter what number the appraisal comes in at the buyer is willing to pay the difference between the appraised value and the agreed upon purchase price.

Such is the market we’re in.  If you’re selling, it’s perfect for you.  If not, it can be miserable.  Perseverance is key.

The Average Sales Price Is Going Ever Higher

The average sales price in Sacramento county has continued it’s ascension into the stratosphere.  In February the average sales price climbed up to $234,000, an increase of 27.2% over the last 12 months.

There are many sources that cite this gain in the average sales price is unsustainable.  As of right now, it looks pretty darn sustainable.  Obviously, so it seems, percentage increases this dramatic can’t last but with the “Great Recession” largely behind us what’s to stop this?  With low interest rates and low inventory, this will continue as the economy improves.

 

 

Days On The Market Plummets!

As you can see by the graph below, the amount of days that a home stays on the market has gone down virtually every month over the last 15 months.  Where it hasn’t gone down it’s been flat or unchanged.

When you think about this, what usually drives the days on market average up are those properties that aren’t quite as desirable or are overpriced.  For the average days on market to be below 40 days means that virtually all homes are selling.  Investors are buying knowing that in a few short months, they will be able to flip the property for what they have put into it plus appreciation and homeowners are buying with the confidence that the market is becoming healthy.

This is amazing!

 

Inventory of Homes Remains Low

Over the last couple of months the number of homes coming on the market has gone up slightly but it’s nothing at all indicative of a change in the direction of the market.  It will take interest rates going up to slow this down and with the economic numbers improving it’s possible.  The Fed has said that their policy isn’t changing for 2013 but we’ll see.

Interest rates going up would slow things depending on how high they go.

Summary

The picture really hasn’t changed that much for the last 8 months.  The market is hot as a fire poker and at the moment the reasons for it slowing down just don’t seem to be in the cards.  Some economist think this recovery isn’t sustainable, others are revising their projections upward.  No one can really say with any certainty what the future may bring.

Where we are right now is that seller’s are having a party and buyers are not having fun at all.  I don’t see that changing in the short term.  In the long term, I can’t imagine this lasting much longer than the end of this year.  Your guess is as good as anyone else’s..probably better!!

Looking for a home to buy or have one you need to sell?  Please call, text, email or simply fill out the form below and I’ll get back to you promptly.

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Tags: sacramento real estate

For Sale – 1649 Stone Canyon Drive, Roseville

Elegant Luxury In Stone Canyon

Located in the exclusive Stone Canyon subdivision in Roseville, this home is every buyers dream!  All aspects of this home has been upgraded so as to set it apart from any other home in this subdivision.

One of the most striking elements is the backyard.  There are 3 terraces where fruit trees have been planted, a crystal clear pool, a pad for a spa and a stairway that leads to every terrace.   The .32 acre lot has been so effectively and tastefully utilized.

The seller’s are the original owners of this Meritage home built in 2003.  It borders False Ravine Park to the southeast and Secret Ravine Park to the northeast.  The two parks are connected by a walking trail that extend all the way to Miners Ravine Trail past I80.

 

The Kitchen

When I asked the seller what is her favorite thing about her home she said without hesitation, the kitchen.  The layout is perfect with plenty of space around the island including a vegetable sink, double ovens, wine refrigerator, pull out shelves in the cabinets, gas cook top and a large pantry also with pullout shelves.

It is a wonderful space that is very elegant yet not overly so, homey and comfortable.  The granite tile counters with full back splash and lots of under cabinet lighting as well as windows strategically placed  to provide the perfect amount of natural light that compliments the stainless steel appliances.

Other Amenities

This home has a very spacious 3 car garage with plenty of storage.  There are custom cabinetry built into the wall near the front door and also in the alcove near the doorways to the 2nd and 3rd bedrooms.  This cabinetry wasn’t an option from the builder but the seller contacted the contractor to build the cabinets so they perfectly matched what, Meritage, the builder offered.  They are unique to this home.

The location is spectacular! Very close to walking trails as mentioned above, close to the Galleria, restaurants, hospitals, there is a fire station within .6 miles, 3 minutes from the home.

The exterior of the home has been repainted within the last 30 days in preparation for selling and looks wonderful.

The Casita

There is an additional living space in this home above the garage.  It’s roughly 400 square feet* according to the seller and have a full bathroom.  It has it’s own entry just inside the entryway to the front courtyard.  It’s a very ample living space.  Pictures of this space to come.

Price

This property is for sale for $639,000.  There is another home in this community, the same model, without the upgrades or pride of ownership  as this home.  It is currently listed for $678,000.   The nearest comparable sale in this community of the same model sold in September of 2012 for $633,000 and home values have gone up since then.

We’re expecting multiple offers and will be reviewing all offers after the open house, per seller’s instructions.

Open House** (Open Houses Have Been Cancelled)

This home will be on the market officially as of Monday, February 18th.  There will be limited showings during that week and an open house the weekend of February 23rd and 24th.  For a private showing of this home, please call me, Robert Saxe*, at 916-532-7653.

 

 

View 1649 Stone Canyon Dr in a larger map

*Buyer to verify all square footage, bonds, taxes and assessments.

**The sellers have authorized me to represent both seller and buyer in the transfer of this home.  As such, if you’re looking for a home in this community and do not have an agent, please contact me.  In any event, all offers will be presented to the seller ethically and with integrity.   Ultimately it is the seller’s choice which offer to accept.

Tags: homes for sale in roseville

Rocklin & Roseville Open House Map Februrary 16 & 17

Google Interactive Open House Map

32 Open Houses This Weekend February 16th and 17th, 2013

There are 32 open houses scheduled for this weekend in the Rocklin/Roseville area.  This list comes from the MLS (multiple listing service) by courtesy of Metrolist, Inc. (Thank you!)

Click here for the Google version (much larger, easier, more information)

Agents who are holding these open houses schedule them in the MLS and those schedules are then posted in places like the Sacramento Bee online and in other spots.  There are more open houses out there than what’s on this list and you’ll find them driving around the area.  Just follow the signs!

There are always changes so if you see a home you’d like to get into and the agent for whatever reason isn’t there when they said they would be, give me a call and I’ll be happy to show it to you.

If you’re looking for a home in Rocklin or Roseville and need an agent to assist you, please fill out the form below the map and I’ll contact you promptly.

Click on the balloons for open house schedule.  For more detailed information, please email me at [email protected]

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View Rocklin/Roseville Interactive Open House Map in a larger map

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Tags: rocklin roseville open house

Sacramento RE Market Report – January 2013

All Cash Offers Abound

All cash offers from both investors and owner occupied buyers is somewhere between 30% and 35% of the market. Normally, all cash purchases represent about 10% of the market. This makes it tough for any financed first time buyer to purchase a home as, most seller’s will say, cash is king. When offers involve the fewest contingencies of sale the better for the seller.

Sacramento County is seeing a higher percentage of all cash offers as the price for a single family home is lower than in Placer County. Obvious but noteworthy nonetheless. In a previous post (click here) I reported that agents are seeing offers lost on homes after writing them for $35K over list price to offers coming in at $50K over list. We’re all seeing this and there is a a concern among some agents about home values being artificially inflated by the lack of homes to sell and the competition.

That said, we are where we are…embrace it!

Inventory Spike??

Just as in Placer County, Sacramento County had a spike in the available homes for sale in January.  As with Placer County, I believe this could be just a seasonal spike as the selling season tends to slow around the holidays.

I would LOVE to see the inventory come up to about 3 months of homes to sell just to help my buyers get into a home.  It’s taking an extraordinary amount of time to get offers accepted.

We’ve had similar spikes in the inventory levels only to see them go back down again.  I suspect that’s what we’re looking at here. Time will tell.

Average Sales Price Keeps Rising

The average sales price in Sacramento County has been on the rise for 13 months with only one month where values dipped down then up again.  How high can it go?  Depends on supply, demand and interest rates.  While 30% to 35% of buyers are all cash, at worst 65% are financed and this represents the majority of buyers.

What we know: 1) Inventory of homes to sell is down 2) Prices are rising 3) A higher than normal percentage of home buyers are buying with all cash 4) the Fed has said they will keep rates low through this year 5) Financed buyers are finding it tough to purchase a home.

I think that sums it up generally speaking.

Thus the 2013 outlook is pointing toward purchasing a home, if you’re in the market to, as soon as possible.  What will happen in the near term with values no one can say.  I mean, NO ONE can say.  There isn’t a soul alive who can tell you what will happen.  All predictions on housing by the top economists in the nation in December of 2011 for 2012 were wrong.  100 of the countries brightest economists missed the mark by a long shot, again.

All we know is right now.

I’ve heard it said that the real estate market is being artificially inflated right now.  I don’t know if I subscribe to that thinking.  If there were fewer seller’s underwater and we had more move up buyers there would be more homes available for sale and yes values could stabilize or increase more slowly.

It’s possible the appreciation that is happening now is a correction in a market that has been undervalued since January of 2009.  When it’s cheaper to purchase a home than rent one, as it has been in our region for some time, it’s commonly accepted that the market is undervalued.  I believe this correction in values has been accelerated by a lack of available homes to sell and low interest rates.

As appreciation continues, more and more homeowners will be in a position to sell and move up thus increasing the inventory.  When the inventory increases, values will begin to stabilize perhaps even settle down a bit.  This seems a longer term scenario.

Another possible scenario to increased inventory is if an institutional investor, seeing values beginning to stabilize, decides to liquidate their holdings in the region.  This sudden increase would calm down appreciation but it seems as if it would be temporarily until those holdings are depleted.

Of course, all of this is speculation.  No one knows what will happen with the market.  What are your thoughts?  Share them!

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Tags: homes for sale sacramento