Email ElizabethRising Home Prices in Sacramento Knock Out Short Sales
Short sales are soooo 2012. When a reporter called to interview me a few weeks back, she asked if I am seeing appreciation in Sacramento and, if so, how much. How much are homes appreciating? Trying to put a finger on the exact amount is difficult without reviewing the variable stats, but my gut said double digit. I wanted to say in the 20% range but I didn’t reach out that far; although, in hindsight, it would have been accurate.
There are so many ways to show and predict the real estate market in Sacramento. You can look at month-over-month numbers and year-over-year, and compare square-foot costs to closed sales, you can manipulate the crap out of numbers to make them say just about anything you want them to reflect. You can say sales prices are going up because homes sold for more this month than they did last month, but that doesn’t take into account the fact that we have fewer homes for sale or more homes or that sellers are moving up and those are not first-time home buyer numbers, and so forth.
What I am seeing all over the board is the fact that rising prices in Sacramento are putting sellers into positions of equity. These are sellers who would have been a short sale candidate last year but this year they are sellers with equity. While they might have been kicked under the table by buyers in March of 2012, this month buyers are handing them real silverware, placing linen napkins in their lap and popping the cork. Sellers with equity are back.
When I get a call from a seller asking if I will handle a short sale for them, the first thing I do now is establish whether they have to do a short sale. Because you know what? They might not have to do a short sale. Many of these sellers are finding that they qualify for a regular sale. Even sellers who are behind in their payments are finding investors who are willing to make up the back payments, bring them whole and even put some money into their pockets — after all is said and done and closing costs are paid.
Is it obvious to everybody? I wouldn’t be writing this if it were. I see it. I see it even if the comparable sales don’t support it because I have special glasses, the kind that see through walls. Not really, but I do spot certain instances that others can’t seem to see. I know which way the wind is blowing. I sold over $32 million last year, and that’s a lot of homes — I see a lot of action. If you are wondering whether you need to do a short sale or if you can sell with equity, you should call this Sacramento real estate agent, yes, me, at 916 233 6759. I might be able to sell your home without it being a short sale.
And wouldn’t that be a fabulous thing for you? Relief might be right around the corner. Get a jump on it. Call Elizabeth Weintraub at 916 233 6759. I love my job, and I’m happy to talk with you.
When to Accept a Sacramento Purchase Offer
Sellers today get very excited when they receive an offer but not excited enough to sign a full-price offer for their home in the Sacramento area. Wha? Yes, sellers do not want to take the first offer that comes in. They are savvy and know multiple offers will arrive if they just wait. The problem is a seller can’t wait very long unless her agent specifically states an offer review date in the MLS comments. Some sellers think they can wait as long as they want to accept a purchase offer, but they cannot.
Most residential purchase contracts in California contain a 72-hour clause for offer acceptance. This is by default. It means a seller has 72 hours to respond or the offer will expire. If a seller rejects a full-price offer that meets all requirements, it can be a problem. It can be a problem for the agent, and it can be a problem for the seller.
Agents are required per MLS to state in the comments that the seller has rejected a full-price offer, if the seller has rejected a full-price offer. An alternative is to increase the sales price in MLS to the price a seller will accept. Moreover, once a willing buyer has submitted a full-price offer meeting all the terms and conditions of the listing to a seller, the court typically says the brokerage has earned a commission. It’s not the listing brokerage that usually raises a fuss over this, it’s the selling brokerage, the company that represents the buyer.
Not to mention, just overall, a delay in response to purchase offers can super irritate a buyer to the point that a buyer might withdraw her offer if the seller keeps her waiting too long. While it may be tempting for a seller to wait to see how many other offers a seller will receive, a seller could have a legal obligation to quickly respond to a purchase offer.
Bidding Wars to Buy a Home in Sacramento
A potential home buyer called yesterday to talk about buying a home in Lincoln. Lots of buyers gravitate toward Lincoln because it’s newer and often more affordable than Roseville, although it’s a bit further out from the core of Sacramento. He wanted to know what the market was like in Lincoln. The real estate market in Lincoln is the same as anywhere else in Sacramento right now, mostly a seller’s market. Limited inventory. Too many buyers. Crazy bidding wars.
This fellow said he did not want to get into a bidding war. Hey, I did not want my car to stop in the middle of the freeway the other day either but it did. All the lights on the dashboard came on and it just stopped running. Fortunately, I was in stop-and-go traffic, coming back to Sacramento from Roseville, one of the few times I was grateful for the slow down in traffic. And now that I think about it, my car is not even 2 years old, and I better take it in to have it checked out or I could die next go around if it happened again. This is how busy I’ve been — not enough time to think about why my car died on the freeway, of all places.
The point is we deal with what’s at hand, and right now, we have a seller’s market. This means that some first-time home buyers will not buy a home. Because there are not enough homes for sale to feed the demand. There is not enough for everybody, no. No sense griping or complaining, it’s just the way it is. If you want to buy a home, you might end up bidding for it against one or more buyers. It’s not the fault of your Sacramento real estate agent, so don’t blame her.
Is it a good time to buy? You betcha. Interest rates are so low it’s almost laughable. It’s as though you’re getting money for free. Prices are still low, even though they are edging upwards. Do you want to wait until interest rates reach a point where they double? Do you want to be priced out of the market or have to settle for a home you don’t want? A little competition doesn’t kill you. What can kill you is to sit back and watch all of this action without participation. Or, not taking your car to a mechanic, as in my case.
So, the worst happens and you pay $5,000 more or $10,000 more or whatever amount more than the seller asked. The list price is not all that important in today’s market. The market value carries a lot more weight than a silly listing price. And what difference will it make a year from now or two years from now?
Three New Home Listings in Sacramento Area
Just before Easter, I’ve got a bunch of new home listings in Sacramento coming on the market. One home that I listed over the weekend in Lighthouse Marina is in the process of getting preapproved by Bank of America for a Cooperative Short Sale. Yet, all of the other 3 home listings are available immediately. Not one is a short sale. This is the future of real estate in Sacramento; I’m telling ya. Very few short sales. Many more equity listings. I don’t care what anybody says — if he or she disagrees — because this Sacramento real estate agent sees the writing on the wall. Stats will prove me right later. You can betcha.
My first new listing is an updated Craftsman bungalow in the Med Center for $225,000. Beautiful front porch where you can sit and watch people. Close to restaurants and UC Davis and all of the action. This is an exciting opportunity to own a home for less than rent. Yes, it’s true, there is no garage and parking is restricted, but it’s a gorgeous 1928 Craftsman at an affordable price that takes limited parking into account. So hurry!
Another new listing is a tri-level home in Roseville. If you have a need for four bedrooms, this is your home! On top of that, it features 3 full baths. The tri-level is really a 2214 square-foot two-story with a step-down family room overlooking a park-like yard with a raised and covered deck for outdoor entertaining. It has vaults, a stone fireplace and an open kitchen with tiled counters. All for the astounding price of $395,000.
Next, we have a popular single-story near Machado Dairy Park in Elk Grove. This is a corner home overlooking a cul-de-sac with 1870 square feet and 4 bedrooms. It is situated on Pedra Do Sol Way, where I have another listing presently in escrow. This streets winds around off the main drag and is south of Whitelock, which makes it even more attractive to first-time home buyers. The exotic wood floors are so bright it hurts the eyes to look at them. Sunlight floods this home. Priced right at $285,000.
Who says there are no new listings in Sacramento? Here are 3 that are new to the market today. No waiting for bank approval. All owned by sellers with equity. Fast closing possible. Interest rates are still under 4%. What are you waiting for? This is the best opportunity you’ve had in years to buy a home. Get moving. Call me for a private showing. Elizabeth Weintraub, 916 233 6759.
A Sacramento Short Sale Can Stress Even a Cat
Has your Sacramento short sale situation stressed out the cat yet? Cats are such delicate creatures. Oh, they put on a big act, like they are all tough and everything, ready to tackle any challenge or fishy treat tossed in their direction, but underneath, they are mush. They can be traumatized, and a short sale could do it to them. Cats are able to sense stuff. Don’t ask me how but cats know when you’re coming home, even if it’s not at the same time every day. If a cat was lost in Seattle, he could probably find his way back to Sacramento. A cat is capable of amazing things.
Our cat, Pica, tried to runaway from home once. He forgot to pack his catnip in a red scarf and tie it to a stick. Instead, he spied a door that was ajar and he slipped out. Pushed it open and split. Free, free at last in the back yard. He was petrified and spent the night in the bushes under our Japanese maple. Ever since then he’s been on Prozac. Only in California, I suspect, would a cat be given a prescription for Prozac. I tried to wean him off it once but he climbed up on the kitchen table and soaked the newspapers. A fine tribute to the Sacramento Bee. Tsk. He now has to take Prozac the rest of his life.
Our pharmacy called yesterday. I don’t know why since I order his Prozac online. But Walgreens called and my husband answered the phone. Our cat’s name is pronounced PIKE-ah. Like pica and points in newsprint. The Walgreen’s clerk asked: Is Peeka Weintraub home? That question was a bit confusing for a few seconds, as was the fact that our home telephone actually RANG with a caller on the other end. My husband answered, Yes, he is. The clerk asked: Can Peeka come to the phone?
Why no, he cannot. Because he is a cat.
The clerk didn’t seem to be listening. She asked again if she could talk with Peeka Weintraub, and my husband explained again that he cannot come to the phone because he is a CAT.
Well, his prescription is ready.
This is what talking to a short sale negotiator at the bank is like. My husband doesn’t have as much patience as I do. That’s why I make a great Sacramento short sale agent. I’m used to such nonsense. I’ve been selling short sales for 8 years now, and I probably sell more short sales than any other agent in the Sacramento area, from Lincoln to Galt. If you’re looking for a Sacramento short sale agent, call Elizabeth Weintraub at 916.233.6759. Your cat will be happy to release the stress.
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