Sacramento Real Estate Views

October 2009 Sacramento Home Sales Report

Sales Show Slight Increase

Sales of single family detached existing homes increased slightly in October over September while homes available for sale continues to decrease or at best stay flat.

I read an article in a Southern California periodical this week that cited inventory levels beginning to increase slightly there and I’ve heard recently that we will begin to see the same thing in the Sacramento real estate market in the coming months.

We’ve been hearing this for over a year now but it’s beginning to make more sense that it could happen.  Whether we do see an increase in homes for sale will remain to be seen for now.

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The market produced 955 sales in October vs. 877 sales in September.  Almost a 9% increase in sales isn’t earth shattering but and increase is an increase, right?

Over the course of my real estate career, October has been a better selling month than September.  With school starting, September just tends to be busier for most folks than October.

Average Sales Price Dips

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Tags: homes in sacramento

Is the Sacramento Real Estate Market at THE Bottom?

Finally!

The Wall Street Journal came out with an article titled “Housing Picture Brightens in California” on May 29th suggesting that the California real estate market may have hit bottom.

I created a video to address my thoughts on this article and how it effects the Sacramento real estate market.

Thanks for watching!

Tags: homes in sacramento, Sacramento real estate market

A Big Red Flag in Sacramento Real Estate

Water Intrusion

Water is one of the most destructive forces of nature.  What it can do to a house is astounding. See this home I shot a while back. Click here.  This one was bad and the water damage was obvious, the ceiling came down into the dining room!

Some forms of water damage aren’t as obvious and it’s smart to have qualified home inspector take a look at the home you’ve decided to purchase.

I hope this video sheds a little light on the signs of possible water damage.  If you have questions or need an inspector to look at a home for you, please give me a call and I’ll be happy to refer one to you.

Thanks and enjoy the video.

Tags: homes in sacramento

Lease Options in Sacramento

Great Option for Investors and Buyers

As the mortgage markets have gotten tougher and the foreclosure boom is in full stride, bridging the gap between buyers and sellers has become a necessity of moving real estate between parties in the Sacramento market.  Buyers who are completely qualified are having difficulty buying homes due in large part to the majority of the market being bank owned and the financing being provided by government backed lenders.  (Click here to understand why this is an issue)

While there are pros and cons to lease options, the same can be said for mortgaging a home with a bank.  Just ask anyone in the Sacramento region who is $100K, or more, upside down in their homes!

I’ll attempt to touch on what a lease option is and give a few tips for getting one completed.  The basic elements of a lease option are:

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Tags: homes in sacramento, sacramento lease option

6031 Valley Hi Dr., Sacramento

Classic Sacramento Home

This is a great home in the 95823 area code.  Now priced at $128,500 with 3 bedrooms, 2 bathrooms and a pool, it’s also a good deal but it’s been on the market for a while and I think a better price can be had on this one.

It needs a little fix up but beyond that it appears to be a pretty solid home.  This floor plan and architecture is very prominent in the south Bay Area homes, something I really appreciate.

With a little cosmetic fixing, from all appearances, this could be a very nice home.

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Mapquest of the Location

Tags: homes in sacramento

Foreclosures In Sacramento

Are You Worried About Losing Your Home?

I visited the SHRA, Sacramento Housing and Redevelopment Agency, and they had a load of information regarding foreclosure resources so I thought it might be good to pass it along.

There have been many, as there always seems to be, cases of fraud regarding those attempting to take advantage of others who are in in trouble.  This housing market is no exception to that.  Here are a couple of things to watch out for:

1.  Anyone who calls or comes to your home offering to help unsolicited.

Some areas of the region are more prone to foreclosure than others.  The unscrupulous could target these neighborhoods and take advantage of folks having  a hard time making their mortgage payments.

2.  Anyone who offers to let you stay in your home if you pay them rent.

3.  Anyone who asks for a security deposit and first month’s rent in cash for a rental home.

I’ve seen single mothers displaced by this one.  It’s a tragedy of the market and it does happen.  Never pay anyone who asks for cash upfront in this market or any market for that matter.

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Tags: foreclosure resources, homes in sacramento, sacramento foreclosures

Sacramento Foreclosed Homes

What Can $60,000 Buy in Sacramento?

I got a call from a fellow who lives in San Diego, he just graduated from the State college there and wants to purchase a home in the Sacramento area.  His funds are limited but he’s paying all cash for the home.  He wants to spend no more than $60K.  So what kind of home can you get for $60K in the Sacramento region?

First thing I needed to let him know was that the homes in this price range can be in seemingly “dubious” areas of the region.  He is a very level headed guy, thinks that if the market goes down much further it won’t effect his long term goal and doesn’t think we’ll see prices like this in the area for some time to come if ever again.  I can’t sell a home, in this scenario, unless I feel that the decision is based on solid and basic home buying fundamentals.  Especially to someone who isn’t an investor.

I searched the entire Sacramento County area and came up with 71 homes that were listed at $50K or lower.  He has $60K to work with but I wanted to leave room for new carpet, paint and cosmetic fixing if need be and funds for closing costs.  I cut the 71 homes into about 10 due to time constraints and we went out a looked.

The Common Theme

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Tags: foreclosed homes, homes in sacramento