Sacramento Real Estate Views

Warren Buffett and Sacramento Real Estate

An article I read today from the New York Times written by Warren Buffett gave wisdom that can be directly related to the mindset needed to be successful in the Sacramento real estate market or any investment scenario.  There is a lot of fear out there right now about not only real estate but the economy, personal finances and shadows moving in the night.

There is fear of fear itself.  If I remember the quote correctly, the only thing to fear is fear itself.

On this point, Mr. Buffet wrote;

“A simple rule dictates my buying: be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.”

Warren Buffet

My guess from this statement is that it’s time to be greedy.

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California Foreclosures Drop 61% in September

According to ForeclosureRadar.com, the filing of notices of default declined 61% from the August level of 42,790 to the September level of 16,352.  This was primarily due to a new state law requiring lenders to notify owners of the filing, their options and waiting 30 days before proceeding.

While this is a nice headline on the surface, it seems that it will only delay the process of foreclosure not eliminate it altogether.

“The drop indicates that the lenders were not ready for the impact,” said Sean O’Toole, founder of ForeclosureRadar.com.

The move by the state was to encourage lenders to modify loans to help make the homes more affordable and thus help people keep their homes.  The only issue then becomes that, according to Sean O’Toole, it might encourage non-defaulting homeowners to default in hopes of getting a principal amount reduction of their mortgage balance and still be able to keep their homes.

The decline of default notices aside, trustee sale notices and the number of properties auctioned off were both down as well and I don’t know how much that has to do with the law passed by the state as these properties have already been through the foreclosure process.

Is the state and national legislation taking the bite out of foreclosures?  Wouldn’t that be a nice turn of events?

Looking for a home in the Sacramento or Placer county areas?  Give me a call, I’d love to help you too.

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Statistics: Homes Sales in Roseville Increase

48% Increase in Sales 2007 to 2008

The encouraging news with all of the negative things going on in the economy is that homes are selling.  The activity has been increasing all year in the South Placer county area with increases across the board with few exceptions.

As the graph shows, from September 2007 to September 2008, sales increased 48% with 156 homes selling in 08 vs. 80 sales in 07 combined in all zip codes of Roseville.  A majority of that activity is short sale and foreclosure based but and increase is an increase.  This is helping the reduction in inventory that we’re seeing across the region.

Median Sales Prices in Roseville Real Estate

The increase in sales is directly proportional to the decrease in values in the area although Roseville and other South Placer county price declines have not been as dramatic as other areas of the region.  Roseville is one of the best cities in the region with lots of parks, a great school system and it’s own electric company that helps to keep energy costs down for residents.

Median sales price year over year has decreased a little over 18% from September 2007 numbers. Acceptable, all in all, considering what’s going on out there.

Current Days On Market in Roseville Real Estate

It’s taking less time to sell a home in the region that it did a year ago.  The Roseville real estate market is no exception to this. Last year, the market seemed to be asking “ok, what the heck is going on here?”  Besides prices being unaffordable, no one knew quite what was looming on the horizon and only the extreme minority could even have been close to predicting what has occurred, especially over the last few weeks.

The average days it takes to get a home sold has improved by 56% over the last year.  In September 07, the average was 61 days vs. 39 days in September of 08.

Year to Date Sales in Roseville Real Estate

Sales this year have increased every month.  Again, regardless of the negative aspects of the market, movement is a good thing.  Backsliding or stagnant sales isn’t good for our economy.

With exception to the seasonal slowdown in September, the Roseville real estate market has increased every month this year.

The Synopsis? It’s a Buyers Market in Roseville Real Estate

This all adds up to the fact that it’s a buyers market in our region at the moment.  If you’re looking to buy or sell a home in the Roseville area, please contact me, I’ll be happy to help you purchase or get your home sold as quickly as possible.

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