Sacramento Real Estate Views

Archive for the 'Real Estate Market Commentary' Category

Short Sale Hell In Sacramento Real Estate

Mission Impossible – Short Sales

Short sales.  What a mess.

Over the last few weeks, it’s been evident that short sales have recently become tougher than they were six months ago.  The banks are inundated, agents can’t keep up with the changes the banks are making to the process and the buyers are getting screwed in the process.

With an absence of bank owned homes to sell and the economy getting worse, short sales are now taking center stage as more appear for sale in the MLS.  Banks, who you’d think would want to sell short rather than going through a costly foreclosure process, are making it tougher to get a deal done and homes off their books.  It seems as if they would almost rather foreclose than sell at a higher price while avoiding the foreclosure process. (short sales typically sell for more than bank owned foreclosed homes)

There has to be some money on the backend for them to make it this tough.

“I’ve Got Approval On The Second, Trust Me”

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Tags: short sales sacramento

Scary Things Found In Foreclosures

I Thought I Was Going To Pee My Pants!

Going into foreclosed properties is always a little unsettling.  You know that someone used to live there and that they lost their home for whatever reason.  When I first began representing buyers purchasing foreclosures, it was upsetting.  I’ve gotten used to it but today, although I was prepared for it, I got quite a scare.

Single family homes tend to be ok.  You let yourself in, hold your nose and go look.  Easy!

Multi family homes, duplexes and larger, are a little dicey.  You just never know what you’re going to find. Especially in south Sacramento.

The 5th Avenue Triplex

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Tags: foreclosures sacramento

Sacramento Mortgage Rate Watch

Mortgage Rates Ease Downward

According to the FreddieMac.com weekly mortgage survey, interest rates fell this week due to inflation numbers, which had been a concern, being lower than expected.

Interest rates on a 30 year fixed rate mortgage averaged 5.38% down from 5.59% last week.

From the FreddieMac.com website:

“Reports of benign inflation figures reversed the upward trend of mortgage rates this week,” said Frank Nothaft, Freddie Mac vice president and chief economist.

He also said:

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Tags: mortgage rates sacramento

More Foreclosures On The Way

No End In Sight

Someday, this is going to end.  Someday, we’re going to look back on this and saying, “damn that was tough”!”  But for now, we have to adjust, make changes where necessary and above everything else, survive this troubled time.  We will, we all will and we’ll be stronger because of it and also, we’ll make much better financial decisions as a result.

I had a conversation with a prominent REO listing agent yesterday who clearly told me, “get out of real estate, go do something else, anything else”.  The sky is falling.  He may be right.  Our financial system is quite a mess and may need a complete overhaul to keep it above water.

Many People In Pain

Going through a foreclosure is possibly one of the toughest things that can happen to someone.  It’s not intentional, no one meant to lose their home.  It just happens.  Divorce, job loss, mortgage reset..there are so many reasons causing this to happen.

Once you’re in foreclosure, the goal is to get out of it and on to a new beginning.  Don’t beat yourself up though. I know the CEO of GM isn’t beating himself up for running the company into bankruptcy.  He’ll just take his bonus, go to Tahiti, have a few Mai Tai’s and retire wealthy.  Something just doesn’t seem right about that but that’s the way it seems to go.

Are You In Foreclosure or Close To It?

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Tags: foreclosure help sacramento

Buying a Home in Sacramento

What to Expect – Preparation is Half the Battle

So you’ve gotten your offer accepted, YEAH, and now it’s time to enter escrow, complete your due diligence, get closed and on your way to home ownership or renting out your investment home.

While it may have seemed that getting your offer accepted was the hard part, your escrow will not go as you had planned or hoped it would.  Expect this.  There will be hiccups during the course of your “transaction” that will have you scratching your head and thinking “is this really worth it?”  While that’s a question only you can answer, you’ve got to keep in mind that the home buying environment out there is vastly different that it has been in the past.  It doesn’t matter how many homes you’ve bought and sold, every one of them is different with varying bumps in the road that will need to be navigated.

That is the reason you want to work with an experienced Realtor who has seen a vast majority of these issues come and go.  We bring reason to a very emotional situation.  While it may not be what you want to hear when you’re seriously angry about the situation at hand, it will help keep you focused on the goal and moving ahead instead of moving backward.

A Few Examples

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Tags: buy a home in sacramento

1 Million Foreclosures in ’09…so far

2.4 Million Foreclosure Starts Projected for 2009

I’ve always thought of myself as the “feel good” Realtor.  I felt that my primary function was to watch out for the best interest of my clients and represent them as the law states by a code of ethics I’ve agreed to uphold.  I still feel that way but I’ve had to make a shift in my perception of this business.  I guess that’s the toll the “bad market” has taken.

This is tough, folks.  I know I’m stating the obvious but it just doesn’t look like this thing is going to end anytime soon.  All the indications point to that this will be “normal” for the next couple of years. While I would prefer that we return to a moderately appreciating market where there are good values and people are prospering, I don’t always get my way. Damn it!

What Is A “Normal Market”?

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Tags: sacramento foreclosures

What is the “Shadow Inventory” in Sacramento Real Estate?

Is Our Market Headed for Another CRASH?

It’s been reported time and again that there are large numbers of unsold yet vacant homes in the Sacramento real estate that, due to lender and state moritorium, haven’t come on the market.  What will happen to those homes?  When will they come on the  market?

A short video on my perspective.  Enjoy!

Tags: homes for sale in rocklin, sacramento, Sun City Roseville