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Sacramento Housing Market Trends November 2017
Sacramento Housing Market Trends November 2017
The Sacramento housing market trends November 2017 shows the underlying story in Sacramento real estate. You have to dig around a little bit to find this chart, but this shows the last 15 months of average square-foot prices in Sacramento County. Over the past year, those prices have increased 11.4%. People are quick to jump on bubble theories, but that’s only because they don’t really understand what happened when the market crashed. They equate rising prices to the market crash, and that would be an untrue and unfair assessment.
Home prices were on the way down when the crash occurred. It was the financing free-for-all, lack of qualifications and the fast and loose Wall Street shenanigans that led to the crash. Today, most people either pay cash or are scrutinized under a microscope, plus they enjoy healthy equity positions obtained by large down payments.
Elizabeth Weintraub’s Prediction for the Future of Sacramento Real Estate
You wanna know what I think? Get ready, it’s not pretty. Here goes. Eventually, most home buyers will get priced out of the marketplace and we will return to a nation of renters. It’s already happening in many areas of the country. I’m also seeing apartment buildings going up in Elk Grove, for example, where single-family homes were originally planned.
People who call themselves a homeowner could become an oddity. Sadly, with the way things are moving, only the elite may own a home in the future. The housing market trends point to this data. In the chart below, you can see the overview of the Sacramento real estate market for November 2017. We are entering our seasonal dip in the number of available homes for sale and closed sales. This dip will probably continue through December as well, although, the month of December will probably be one of my personal best for the year.
My Elizabeth Weintraub Team this year will most likely break all records. We consistently rank in the top 10 in Sacramento. If I were thinking about buying a home right now, I’d be all over this inventory, trying to buy whatever I could. Because next year you might be priced out of the market. I don’t make up the housing market trends; I just report what I see. So, don’t yell at me about it. I didn’t do it.
Sacramento County Housing Market Trends for the past 15 months.
Who Are the Top 5 Real Estate Agents in Sacramento Right Now?
Year-to-date sales among top 5 real estate agents in Sacramento.
All year I have not once looked at the top producer stats in Trendgraphix, much less think I had made it into the top 5 real estate agents in Sacramento. I’m usually in the top 10, but I don’t look at those numbers until the end of the year. That’s when I make updates to my profiles all over the internet. Not every real estate agent in Sacramento updates her profiles to stay current but I make a sincere effort to do it. Besides, our Code of Ethics requires that Realtors present a true image. I care about my reputation.
One of my clients last week was joking about how so many agents call themselves Number One when none of them is Number One at anything, except in their own minds. Well, dude, my dog says I’m number one, and that’s good enough for me, they say. Or, they narrow it so closely, like I’ve sold more kitchens with white appliances than anybody! In 2012, during the market upswing, I did rank as the #1 agent in Sacramento for number of all sales, not just short sales. I closed 150 or so that year. But I haven’t been number one for 5 years, and that’s OK. I don’t need to be #1. I just need to be consistent. But I didn’t expect to move into the top 5 real estate agents in Sacramento.
Short sales is a tiny aspect of our market. Right now, short sales make up 2% or so of all sales in Sacramento, unlike the majority they used to be. And I made the transition out of short sales as they vanished while keeping my production high. I started on that process in 2011, and it’s paid off royally. My main focus, if you’d like to know, is to capture a 5 Star Review from my clients. That’s my whole secret in a nutshell. Well, that and I blog every day. I tell my sellers I want only one thing: that 5 Star Review. Many say they will post a review after closing and then they space it out. But they know I deserve it. They are thrilled by closing.
I’m not going into detail about who the other top 5 real estate agents in Sacramento are because it’s just important to me (and to my prospective clients) that Elizabeth Weintraub is on that list. Besides, I don’t know them, except maybe Lynda. I heard the top agent works for a home builder but I haven’t verified it. And really, would I want you to go looking for the number one agent; no, I would not. There is only one name you need to remember.
Elizabeth Weintraub is tied for #2 in Sacramento County for number of sales so far this year. I owe it to my dedicated team of 3 buyer’s agents, terrific mortgage loan officer and fabulous transaction coordinator. I imagine we’ll close out the year in about the same spot because we’re all hard workers and we don’t slow down just because the holidays are approaching. If you’d like to work with one of the top 5 real estate agents in Sacramento, please call Elizabeth Weintraub at 916.233.6759. I have 43 years of experience. We don’t discriminate based on sales price and will help anybody who needs it. We sell $80,000 condos to million-dollar sales over a four-county area.
Chart: Trendgraphix, used with permission.
Selling the Over-improved Home in Sacramento: The White Elephant
If you have an over-improved home to sell in Sacramento, call Elizabeth Weintraub.
If any Sacramento Realtor can sell an over-improved home in Sacramento, it is Elizabeth Weintraub. I know this to be a fact, Jack, because I’ve done it a number of times. Further, I’ve even owned such a place myself, many years ago. My first residence, which I bought in 1979, was a sprawling ranch of 8,600 square feet with an indoor in North Tustin (Orange County). I bought it utilizing seller financing and no-money-down from a lawyer. It didn’t dawn on me at the time but one of the main reasons the seller took my offer was because he himself could’t sell it. It was a white elephant for the neighborhood. All the surrounding homes were around 3,500 square feet, and that was almost triple that square footage. It belonged in the hills, not at the base of the foothills.
I met with a seller yesterday who owns an over-improved home in Sacramento. His first question was whether he should do a short sale. I ran the comps, and while it might look that way to him, to an appraiser, it doesn’t. To an appraiser, there are homes within a 1/2 mile radius that sell for enough that he’s got equity. We are in a unique market at the moment because there is not enough inventory to meet demand. There is also not enough inventory to make appraisals easy to do.
It is easy to do an appraisal when there are a dozen homes that sold in the same neighborhood. It’s another story where there are ZERO homes that sold in an existing neighborhood, forcing an appraiser to pull comps from the neighborhood down the street. I tried to explain this, and even showed him a map of where the comps are located. Only one comp is in his neighborhood. The rest are located in more expensive neighborhoods.
I pointed out that the underwriter will want to see homes in close proximity used as comps. If a home nearby of similar square footage and age is not used, the underwriter will question why. The problem with this guy’s home is it is worth, let’s say, around $800K. But it’s located in a neighborhood of homes worth around $400K. People who want to buy a $800K home want to buy it in a neighborhood of other homes worth $800K. Right now, this very minute, the similar values are in another neighborhood, which makes this an excellent, if not perfectly opportune time, to sell an overpriced home in Sacramento.
Buyers are unlikely to know that the surrounding homes are not of a similar value because none is for sale. But this guy is not ready yet to sell his over-improved home in Sacramento. He thinks if he waits, he will get more money because his home will continue to appreciate. Maybe it will. However, if interest rates go up or inventory increases, both of which will eventually happen, that could put a damper on those plans. Sometimes, when opportunity presents itself, one needs to jump right on it. Not to mention, 9-year-old improvements will continue to lose value as time marches forward.
Perhaps he will see the light. But if not, I’m sure I’ll find another over-improved home in Sacramento to sell. There are no shortage of homes that people improve within an inch of its lives, a white elephant, out of step with the rest of the neighborhood, with no regard to an eventual sale. You never want to be the best home on the block. Quite the opposite. But if you are, call me, because I’ll have a plan. I always have a plan. 916-233-6759. Elizabeth Weintraub.
Sacramento Real Estate Brokers Rank #1 for Income
Sacramento real estate brokers rank #1 in the country for income.
Leave it to ABC News to inadequately explain how Sacramento ranks #1 for real estate broker income across the nation. They say Sacramento real estate brokers make more money than anywhere else in the country. The reason? According to ABC News, it’s because we’re such a small real estate market and there are not very many brokers in town, and those who are here have a stronghold. The newer brokers go to San Francisco, says ABC.
In some ways, it sounds like they might be mixing up real estate agents with brokers. The average income for Sacramento real estate brokers, according to the Business Journal, is $156,780 versus $79,340 nationally. Of course, I don’t know how many real estate brokerages there are in Sacramento, but I know many agents who make more than that income on average. Long-term brokers also don’t have much of a hold on the marketplace.
Besides, if that were true, how did I sail into town 15 years ago and jump to the top 10 agents in Sacramento? I don’t know why they even compared the salary of brokers, which is generally based on the percentage of agent income they take. Still, doesn’t change the fact that according to a BJ survey, Sacramento real estate brokers lead the nation for average income.
However, Sacramento real estate agents do not. Real estate agents in Sacramento earn 4% less than the national average. It’s even worse to be a dentist. Dentists earn minus 7.5% of national average. Even though I am a broker-associate, I am not “the” broker of my brokerage. I work more in the capacity of a real estate agent for my listings and sorta like a broker of my team of agents.
In any case, it doesn’t change the fact that if I had moved to Newport Beach instead of Sacramento, I’d own an island in the South Pacific right now. So Sacramento real estate brokers might be making more than the national average, but in reality it doesn’t equate to much.
Who Are the Three Best Rated Real Estate Agents in Sacramento?
Elizabeth Weintraub is named one of the three best rated real estate agents in Sacramento.
This new website sent me an email yesterday completely out of the blue to say they had selected me as one of the Three Best Rated real estate agents in Sacramento. My radar went up, because even though people tell me I have a golden touch and am showered with luck in all that I do, I know it’s not always that way. Nobody ever gives you something for nothing. There is no free lunch. There are always strings.
Yet, I went to the website and I couldn’t find the strings. There is a little bit of advertising on it, so the owner of the website is monetizing it. There are no referral fees to pay or listing fees. In fact, I can’t even access my information on that site. It is all set up by the website owners. They claim to personally select each best-rated company or best-rated professional that they recommend, using a 50-point system.
When I look at the other two agents, I’ve certainly got more experience, and my sales are higher, so I imagine anybody who goes to this site will call me. I have closed twice the dollar volume of one agent and four times the dollar volume of the other agent over the past 18 months. That’s good news. I like being named to the Three Best Rated real estate agents in Sacramento. Especially when, modesty aside, I clearly stand out as the best choice.
It’s not always that clear when clients who want to buy or sell a home in Sacramento start looking for an agent. Although, I will say that I talked to a seller in Nevada the other day who had researched and read many of my online real estate articles / Weintraub blogs and does not want to list solely with an agent in Nevada. She is insisting that an agent in Nevada co-list her property with me in California, which I guess I can do. I would prefer to just refer her to the agent, but that is not what she wants.
If you’re looking for one of the Three Best Rated real estate agents in Sacramento, I hope you’ll check out the website and find other professionals you might be just as happy with in other professions. Go to the Best Rated website and check it out for yourself. Pick Sacramento as your city and knock yourself out.
