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Elizabeth Weintraub
September 2017 Housing Report for Sacramento
September 2017 Housing Report for Sacramento
Everybody and their uncle has a story to tell you about the September 2017 housing report for Sacramento. But the one place you can always count on to give you accurate information is Trendgraphix. However you decipher it is up to you. I’m sure there are agents out there who will look at the square-foot-cost chart in Sacramento and predict a bubble, and I’d say they are crazy because the conditions that created a bubble do not exist today. We don’t have a plethora of 100% financing, and a little over half of all transactions are conventional, with the rest about 12% cash, 25% FHA loans. Our qualification guidelines are stringent.
What we do have in Sacramento is continued limited inventory, even with a bit more on the market, we’re still under last year’s inventory. We have a shortage. Also, this time of year sales begin to dip a little bit. It’s seasonal. It’s not Chicken Little time. What is unusual is the first 9 days of October produced an uptick in pending sales. We are up by 26.5% over the same time period in September. That tells me demand is still strong. Even if the number of buyers are a bit less, that’s OK, because maybe it will even out with the inventory we have available.
Average square foot prices in Sacramento through September 2017.
Of course, the sign that I look to that is staying course regardless of how other numbers fluctuate is the average square-foot-cost in Sacramento. Like Tom Petty, RIP, it has not backed down. From January of 2017 forward, the September 2017 housing report for Sacramento shows another increase. The square-foot-costs have steadily risen since January. They started at $201 in January and are now at $224 a square foot. Prices are still going up. Even last year, they were somewhat stable, but March of this year saw a giant leap from $204 to $211, and there is no stopping yet.
The average sales price in Sacramento is now $384,000. The median price, those homes where half are worth more and half are worth less, is $348,000. As long as buyers can afford to buy the median-priced home, we’ll be OK. But if buyers get pushed out of their comfort zone with rising prices and rising interest rates, we could see a market stall. I predict prices will remain strong and activity high right through the winter and into spring.
Master bedroom with fireplace in Campus Commons Sacramento
We might have to deal with slightly longer days on market and instead of putting a home on the market on Friday and going into escrow on Monday, it might take another week. But compared to what it once was, the days of 30- to 45-day market time, this is still easy street for sellers. I hope you have enjoyed this September 2017 housing report for Sacramento, and please call your Sacramento Realtor, Elizabeth Weintraub, if you’d like to discuss your real estate needs at 916.233.6759.
Charts: Trendgraphix, used with permission.
Making Sacramento Home Sellers Refuse to Sell the House to You
Signing dual offers almost guarantees buyers are making the Sacramento home seller refuse to sell to them.
This is a story that needs to be shared in hopes you won’t ever end up in the position of making Sacramento home sellers refuse to sell the house to you. In its telling, the Sacramento buyer’s agent is not the focus of this incident, although she bears some responsibility. She was the last person who could have told the buyer NO, the proposal is a lousy idea. Or, she could have refused to accommodate the request. Or, she could have disclosed her buyers’ intent in the purchase offer. But she allegedly, by her own admission, was in no condition to do any of those things. The point here is she is not necessarily a bad agent.
Some of you reading this blog might say she was inconveniently caught, and if she hadn’t been discovered, all would have been right with the world. If you think that way, you have no business reading this blog. Or selling Sacramento real estate.
It all started when I received an offer that was almost $15,000 over our list price for a home in Sacramento. I began to dissect the offer, to determine what was wrong with it, like I always do upon receipt of an offer. The first thing I noticed was the preapproval letter: although dated that very day, did not match the purchase offer price. It was less. That was odd. Next, I noticed different sellers’ names printed on the offer, followed by a different property address. This was an offer on another property.
When I looked up the property in MLS, it was listed for almost $35,000 less than the purchase offer price. None of this made a lot of sense except for the fact I was fairly certain the buyers had written more than one offer. That maneuver just rubs Sacramento listing agents the wrong way. Lawyers say if the buyers can’t afford to buy both homes, it’s a breach of the good faith covenant inherent in purchase offers. Most agents in this situation would be upfront about this and disclose the multiple offers in the offer. Not this offer, though. This was an offer destined to making Sacramento home sellers refuse to sell the house.
The buyers had written a heartfelt letter about how much they loved the property and were planning to buy their very first home after 30 years of marriage. Except they felt that way about the other house in Rancho Cordova, too. I know this because I called the agent who had the other listing, and she confirmed the buyers had written her sellers a similar letter. She was also holding the offer that was sent by mistake to me. Further, she disclosed the buyer’s agent had pleaded with her to persuade her sellers to take the offer. The buyer’s agent had allegedly promised that listing agent, and I quote, “I will kiss your ass,” (presumably like no tomorrow).
What?
Looks to me, I volunteered, like these buyers are not purchasing either one of these homes. That listing agent and I both agreed this was not a purchase offer that would be beneficial to our clients. When you can’t trust the buyer and you have a bunch of other buyers who haven’t tried to pull shenanigans, it’s an easy decision. Making Sacramento home sellers refuse to sell the house to you is a terrible consequence. It doesn’t make the buyers bad people, either, just misdirected and uninformed.
It’s also a reason why you can see a home go into pending status and a day or so later revert to back on market. Dishonesty and deception should have no place in Sacramento real estate, but sadly, we all see crap like this.
The agent was very apologetic when she finally called to explain. Her buyers forced her to do it; she is under duress; personal life-changing events happening . . . Jim Belushi echoes in my ears. Still, I cautioned, none of that is an excuse to compromise your integrity nor your ethics.
Tip: If the shortage of inventory in our Sacramento real estate is inducing you to consider signing a bunch of purchase offers to see if any stick, please reconsider that approach. Find the home you want, write an aggressive clean offer and do the very best you can. Don’t try to game the system because it can backfire on you. If your agent suggests such a move, hire a different agent.
Billy Bragg Bridges Not Walls Tour at Crest Theatre
Billy Bragg performed at Crest Theatre in Sacramento October 5th, 2017.
When I first tried to get tickets to the Billy Bragg “Bridges not Walls” tour at Crest Theatre, I could not get the tickets I wanted. It was as though some promoter or some entity bought up all the tickets in the center section of the first 5 rows. The only tickets that were available at all were in Row D at the edge, in seats 101 and 102. I almost said to heck with it, I am not buying tickets to this performance at the Crest Theatre. But then I sat there pondering, staring at the monitor and saying to myself, well, it is Billy Bragg. And I can’t not go. I would be very upset if I missed seeing Billy Bragg.
Mind you, I wouldn’t feel that way about a few other shows I’ve seen at the Crest Theatre, but Billy Bragg is special. For one thing, I don’t believe he’s ever done a show before in Sacramento. He might never do one again. Whatever the cost and wherever the seats — and really, let’s face it, the 4th row is not the end of the world by any stretch — we need to support musicians like Billy Bragg. The world needs more people like him.
My mother had a bunch of Billy Bragg tapes in her house, when I cleaned it out after she died. Although I had not heard a lot of his earlier music, I do know many of the songs he performs. Such as There is Power in Our Union, which was originally written by Joe Hill in 1913, the same Joe Hill that Joan Baez sang about. Some people call Billy Bragg a leftist activist, but he’s a bit more than that. There is an edge, a revolutionary approach to life about him.
You can’t argue with his beliefs. Well, you could but it would be pointless if you’re talking to me. He stands up for the little guy. He wants equality for all. He fights fascism and racism and sexism. Important issues. Even more important today than a few years back. He is the Woody Guthrie of our time, even if he is English, and yes, he sings Woody Guthrie songs, too. He says the reason he tours is to let people know they are not alone in the world. The nasty world of Donald Trumps and the ilk. I was surprised to learn I am 5 years older than Billy Bragg. Not that it matters. I just thought he was older than he is.
The first album I heard in its entirety by Billy Bragg was initiated by Woody Guthrie’s daughter, Nora. In collaboration with Wilco and Natalie Merchant, Billy Bragg put music to a bunch of old Woody Guthrie’s lyrics. I especially liked Jeff Tweedy on California Stars, but all of the Mermaid Avenue albums are fabulous. The first Mermaid Avenue was released in 1999.
After the show, we picked up t-shirts and a CD called Shine the Light, a collection of railroad songs made while traveling on trains. We stood at the table as people piled up behind us. Then one guy shoved his way in front of me, waving his credit card, to buy an autographed poster. I turned to look at him and said, Hey buddy, you just butted in front of me. He didn’t move. See, I speak up. I don’t stay quiet.
Buying a Foothill Farms Home the Seller Remodeled for Herself
4652 Ravenstone Way is a remodeled Foothill Farms home
There is a difference between buying a flipper home and a Foothill Farms home the seller remodeled for herself. With some flipper homes, you don’t know what you are buying and what’s been covered up by the flipper investor. The flipper could be a guy with integrity or a woman who just wanted to do things as cheaply as possible without any experience. You just don’t know. But with a homeowner who remodels the home to her own tastes, the improvements tend to be a bit better quality with improved workmanship. Owners who remodel are often pretty picky.
This Foothill Farms home is in the Hillsdale subdivision, between Oakhollow and Hillsdale and south of Robert Frost Park. The seller says she absolutely loves her neighbors and will miss them terribly, but she has been forced to move away. It’s hard to leave a home that you have fixed up for yourself, thinking you will retire there and then your plans change. This is the second listing recently that my sellers have been in an identical situation.
If you’re a first-time home buyer, you will love this home, guaranteed. When you first walk into the home, you’ll look down and notice the beautiful white ceramic tilework under your feet and throughout the main living area, except for the carpeted living room. Then your eyes will move up, and you’ll be mesmerized by the captivating view through the window of the yard, backdropped by cypress trees and a lush green lawn. You probably won’t even care about the kitchen.
Until you walk into the kitchen and fall in love when you notice how creatively the seller installed granite on the back of the stove so you won’t have to look at the back of the stove from the dining room. The counters, of course, are granite. White glossy cabinets. And the refrigerator can stay if you ask for it in the purchase contract. Not only is there plenty of space to cook in the kitchen, but there is also a large breakfast nook area that is almost large enough to feed a football team.
This used to be a four bedroom home, but the sellers before this owner had removed a wall and made one of the bedrooms into additional living space, accented overhead by a fleur de lis ceiling. The Foothill Farms home now features 3 bedrooms and two baths. Check out those gorgeous ceiling fans.
Come to our open house on Sunday, October 8th, from 1:00 to 4:00 PM, hosted by the invincible Josh Amolsch from the Elizabeth Weintraub Team. 4652 Ravenstone Way, Sacramento, CA 95842 is offered exclusively by Elizabeth Weintraub and Lyon Real Estate at $259K. Watch the virtual tour. For more information, please call Elizabeth at 916.233.6759. See more photos below.
Dining room and living room at 4652 Ravenstone Way.
Large breakfast nook off the kitchen featuring granite counters.
Guest bath features extra thick glass shower doors and ceramic surround.
Back yard with cypress trees is spacious.
Reasons to Buy a Powell Condo in Campus Commons Nepenthe HOA
1102 Dunbarton Circle, Sacramento, CA 95825 is for sale by Elizabeth Weintraub, Lyon RE.
Many of my clients tell me they would love to buy a Robert C. Powell Condo in Campus Commons Nepenthe HOA. This particular HOA offers a wealth of amenities and benefits to those who are lucky enough to buy a Powell condo in Campus Commons, just like this one for sale at 1102 Dunbarton Circle. Do you like to play pickleball? How about attending yoga classes at the Nepenthe clubhouse? Join a bridge team. Practice Tai Chi. You have your choice of 2 spas, 4 swimming pools and 8 tennis courts. If you get bored, which would be difficult to imagine, you can always stroll to the American River and walk along the miles of trails on the levee.
A Powell condo in Campus Commons is a special place to live. Powell is considered a pioneer of remarkable vision in Sacramento. Even though some of his homes were built 50+ years ago, the design still stands the test of time today. I particularly like the huge glass garden windows that tend to frame the kitchens and offer panoramic views of a private brick courtyard. It’s so European.
This Powell condo in Campus Commons is remodeled with dark wood floors and about 1,748 square feet (not verified). This popular layout features 2 bedrooms upstairs with a third bedroom or den or family room on the main level. You will find creamy white granite counters in the kitchen, glossy white cabinets and a small breakfast nook. The kitchen is open to the main entertainment areas, which include a family room with a beautiful fireplace, and a separate dining area. Anybody would feel at home in this environment: a single person, couples or families with kids.
The interior is painted oyster gray, which is enormously trendy, complemented by white baseboards, white crown molding and mostly white light fixtures. It’s lends an elegant atmosphere, yet casual chic. The designer colors are carried upstairs. The master suite is enormous and oh, my gosh, also features a fireplace. How cool is that? There is another full bath in the hall, plus a built-in area for a full-size washer and dryer.
Of course, you get a two-car garage, accessible from behind the condo. And the private courtyard is a sheer delight regardless of our seasons in Sacramento. You can grill year round outdoors.
Come to our open house on Sunday, October 8th, from 1:00 to 4:00 PM, hosted by the incredible Barbara Dow. 1102 Dunbarton Circle, Sacramento, CA 95825 is offered exclusively by your Sacramento Realtor Elizabeth Weintraub and Lyon Real Estate at $425K. You can also check out the virtual tour here. Call Elizabeth at 916.233.6759 for more information or a private showing.
Check out more photos of this beautiful Powell condo in Campus Commons below:
Beautiful wood floors mostly throughout.
White, bright and open kitchen features granite counters.
This glimpse of the second floor master suite should be enough to make you want to buy.
The master suite features a fireplace, several windows and a white chandelier.
This enclosed brick patio with mature vegetation beckons you outside.
