Email ElizabethHow To Price Rural Property For Sale In Northern California
Ever wonder how to price rural property for sale in northern California when there are no comparable sales? This is not for the faint of heart, that’s for sure. First, there are so many factors, one being construction type, like a log home. If you’re lucky enough to find another log home, that is a start; however, it won’t be the same size or may not have your desired 360-degree wrap-around porch. Again, it is a start. But the acreage — is it usable? Is it functional for raising animals or vineyards? So many variables.
If you are looking for comps in a rural area, so often you may need to expand, to go out into other ZIP codes. Sometimes, moving to even neighboring (sister) ZIP codes until you get a flavor for pricing. Look at all of the closed sales and ask yourself, what are they averaging? Then, find one property to hang your hat on as the best comp, similar for size, acreage, year built, quality of construction and finishes. Then start to adjust amenities from there on with other potential comparable sales.
Pricing custom rural property is a tremendous job, a tedious body of work. What is interesting is you can easily take money from unsuspecting victims. Appraisers that set values for lenders are often not even from the same area. Some have little to no experience with rural, yet they set the value for what a property is worth? How to price rural property for sale in northern California? There is not a simple answer. It is a process, and when you do the work, there is a confidence that arises as the numbers do not lie. If you are not sure, keep working. Call agents on other properties find out how much action they have had.
A Realtor, though not a licensed appraiser, can prepare a market analysis that will undoubtedly give a healthy price range. The bottom line, put in the time to analyze everything you can get your hands on. Also, look at vacant land values as this gives you a look at the land acquisition cost. A shop and outbuilding are not worth what you paid to construct them. A garage value in an appraisal is about $20,000, but try to build a high-quality solid garage with a 50-year roof to match a custom home for $20,000? Much like a $50,000 swimming pool, approx worth in an appraisal, $15,000.
Fantastic mountain views are subjective as you would need to find similar properties without views and then compare against property with views to figure out the actual difference in property values with a view. If you have sold hundreds and hundreds of homes, and you understand the math of an appraisal, you can come close in a very complicated property market analysis. Am I saying it is easy, no way? This is definitely where an experienced Realtor pays off for you.
Further, the market tells you so much. If you are getting hundreds of online views of your video and photos and no one is coming to see it, chances are you may be priced high. Here is the beautiful thing, if you price a bit low, sometimes it creates a bidding war, and a property sells for more than list price. We once had a buyer come up over $500,000 due to a bidding war on a rural farm in Elk Grove. Does experience count? I think it does what do you think?
I recently had an appraisal done on a property in Elk Grove as the seller would not listen to me and thought I had undervalued her home. The appraiser came in $30,000 under my market analysis. I sold it for $30,000 over that appraiser’s value. The second bank appraiser used my comparables and came in at the list price; the seller was ecstatic. This happens more than you think.
Like any job involving collaboration among professionals, there are some fabulous appraisers with whom I consult, and the difference is they put in the time and utilize their tremendous experience. We can always learn more about establishing list price values. To this day I keep copies of appraisals; they are a fabulous tool. Does experience count? I think it does. Call Weintraub and Wallace with RE/MAX Gold to obtain a free market analysis on your property. We can be reached at 916-233-6759.
— JaCi Wallace
June 2020 Sacramento Housing, Just Another Year Same Old Routine.
June 2020 Sacramento housing, just another year, same old routine. Well, if the Sacramento housing market was a person, she may be saying those things. Since achieving my real estate license and subsequent membership with the Sacramento Association of Realtors in 2012, the Sacramento housing market has outpaced itself every year.
This year has been no different. The Pandemic no doubt affected real estate, but it has been quite the opposite of what everyone was thinking. Well, not the opposite of what the smart, experienced Realtors were saying. Sure, there were and still, are, some price adjustments happening, but look at the numbers below. Numbers never lie.
Let’s do some quick math. What does -17 + 31.4 equal? If you actually did that in your head just now, you deserve a reward. But I will tell you that if you chose 14.4, you are wrong. The answer is $415,000. $415,000 is the new historical record for Sacramento median home price and we reached that with inventory down 17% and new escrows up 31.4% for June 2020. Inventory is also down 37.4% from June 2019 while new listings for June 2020 crept up a measly 1.4%. June 2020 Sacramento housing, just another year same old routine.
June did see a slow down in how long it was taking for homes to go into escrow. We went from 21 days in May to 25 in June. But sellers are still getting 99% of what they are asking, on average. Deals are still being had, but it is seller and property specific. We are on track for another increase in days on the market as we are at 27 days for July so far. July is usually one of the strongest months of the year. It will be very interesting to see what the numbers look like for July 2020 when they come out early August.
If it’s possible, keep your head down but your chin up. Lol. As long as you have a great Realtor team and excellent local lender, you will get a great home. The Weintraub & Wallace Team keeps closing transactions left and right, just another year, the same old routine. If you need a winning team who is passionate about the success they bring to their clients, you are halfway there by just reading this blog.
Reach out to us anytime for all of your real estate needs. Call Weintraub & Wallace Realtors with RE/MAX Gold. We can be reached at 916-233-6759. Another fabulous blog, on the Sacramento housing report, written by our very own fantastic team Realtor, Josh Amolsch!
— Josh Amolsch
I Sold My House and Need to Move Out In A Week
I sold my house and need to move out in a week happens more often than you might think. This happens to people we sell homes for when we receive a cash offer with a 10-day close of escrow. Many times sellers will say no as they believe it is impossible to move out in a week.
The question is can two people empty out a house, clean it, hand over the keys and exit in fewer than 7 days? Most people feel moving in a month’s time is difficult. What’s interesting is that my friends recently moved out: lock, stock and barrel in a week. They planned out what they were going to keep, what they were going to sell, and what they would donate.
They made a list of items to sell and priced each piece, and Facebook Marketplace was a good place to start posting pictures and prices.
Hit Parade List
1. Shred all old financial documents.
2. Donate the miscellaneous.
3. Pack the personal items and mementos.
4. Schedule the movers to load a cargo container for shipping.
5. Rent a dumpster.
6. Clean as you go. Let the fun begin!
The trucks then began arriving almost hourly to purchase the furniture for sale. The super shoppers were happy to come out and buy, even during COVID-19. As the furniture stores are not open, second-hand shopping is as busy as ever. Tip: Open a Venmo account so buyers can pay before they arrive. It is free.
Everything was finished in fewer than seven days — what a great example of how a move can happen when you put your mind to it. Of course, it takes the willpower to part with things. Keeping only the things that are important to you is the first step. By the way, it would be an excellent way to live every day if we could part with more things and decide not to keep every little thing that we think might be important to have.
Often, homeowners have so many personal belongings that their garage is full with no room for a car. Some homes have a bedroom in the house so full of boxes that it can no longer function as a bedroom; it becomes a storage room. We have sold hoarders’ houses that took months to clean-out. No matter how big or small the move, all moves should start with a plan.
Do you need to move but do not know where or how to start? It is not far fetched to say: I sold my house and need to move out in a week. Weintraub and Wallace Realtors, with RE/MAX Gold, can help you plan out how to empty your home. We have vendors for every task. If you want to sell your home and need support, guidance, and expert advice, call us. We can be reached at 916-233-6759.
— JaCi Wallace
May 2020 Housing Report for Sacramento County
Don’t believe the news. Or at least don’t believe a majority of it. You might think real estate is going the way of Blockbuster or disco if you watch the news these days. I can tell you with full certainty that it is not. In May, 1,556 homes went into escrow and that is 98% of the inventory that was available in Sacramento County in April 2020. The turnover rate in our area is incredible! Overall, pendings are up 46% from April 2020 and new listings are up 12.1% according to the May 2020 Housing Report for Sacramento County.
You won’t get turnover like this by overpricing homes. The average days on market for May 2020 is, wait for it, 20! The same as April. But the most desirable homes are selling even faster and far above asking price in many cases. If you plan on buying a home with white-and-grey-everything, plan to write your offer well over asking and with amazing terms for the seller. Twenty offers on a home is still a thing here in Sacramento County, especially for everyone who seems to be looking for the same thing. Let the trendy people duke it out.
If you want to save some money, be different, and get a home that needs some work and just focus on the area of your choice. Remember the adage: location, location, location. You can often get a deal by buying a beater, which I believe a lot of people are doing right now. Just make sure you have a Realtor who knows how to deal with fixers, and she will direct you to competent inspectors, hopefully. I know I do.
With all of this activity in the May 2020 Housing Report for Sacramento County, you would think that prices are rising. Well, the overall median says otherwise with a drop from $400K in March & April to $396K in May. Why is that? Fewer luxury homes selling? More deals being had on entry-level homes? Probably. Just remember that these numbers are a broad overview of what the Sacramento County market is doing. We are happy to send these market statistics to you, down to the ZIP code. We will also send along with it other value-determining factors to lock in your home value or a home you are interested in buying.
To navigate this market or any market, contact Weintraub & Wallace Realtors with RE/MAX Gold. We can be reached at 916-233-6759.
—- Josh Amolsch
Weintraub & Wallace Realtors
One Of The Leading Causes Of Divorce Can Be Financial
One of the leading causes of divorce can be financial — is an interesting blog topic from our preferred mortgage lender, Dan Tharp at Guild Mortgage. — JaCi Wallace
One of the leading causes of divorce can be financial. When a couples’ financial situation fails to measure up to expectations, and money stress gets so bad, they shut down. The communication between them often stops completely.
I have helped many couples obtain a mortgage to buy a home. They were laughing and smiling about the garden they were going to plant, or the BBQ they were going to invite me to. Only then to see one partner lose a job, then bills pile up. Next is the anger and the uncertainty starts to build. The next thing they know they are sitting down to talk about separating. It’s just plain awful.
As a mortgage planner, I educate my clients on “how to” buy a home and all the good stuff that comes with it. We also talk about the “Marriage Killer ” that could be lying in wait after the ink has dried on their mortgage documents.
I have seen first hand the pain and pure anguish from a once happily married couple, now facing this fight over money and their marriage. I used to avoid this topic in my early days to keep the mortgage experience light and positive. Now, my tune has definitely changed. I raise this uncomfortable topic as often and early in the process as possible.
Excellent clip from Jillian, a member of Inspirus Credit Union, speaking directly to this issue. She talks about a few simple tricks to help you zap the Marriage Killer. At a minimum, sit down with your partner and watch this video together. I am sure it will elicit some discussion about your current finances and future goals for retirement. Trust me, times are tough now for many folks, and the last person you want out of the loop – is your partner.
Please call Weintraub & Wallace with RE/MAX Gold if you are in need of a Realtor. We are also experienced working with divorcing couples and the attorneys when selling a home. We can help and be reached at 916-233-6759.
–Dan Tharp
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