So, Why aren't you selling your Sacramento home??

Now that prices have risen by 25% over the past year, why aren't you putting your house on the market???  Some are completely happy with their house and don't want to sell.  Others are wanting to move but are worried about the low inventory and how they will be able to find a new house once theirs sells.  here's a recent article from SFGate which is experiencing the same low inventory of the Sacramento Real Estate Market.  Most of my current seller clients are understanding of the market and finding a short term rental to live in while they find their new house.  If you are really wanting to get a new home, take advantage of low interest rates and get in while prices are still fairly low, then the inconvenience of moving twice makes perfect sense for most.

Why aren’t you selling?

Record low inventories across the country and especially in the Bay Area are spawning stories offlash sales, eager homebuyers lining up for new homes lotto and homes that are selling for way over asking.

While they are turning real estate environment into a sellers market, many potential sellers are nervous to sell.  It’s becoming a catch-22.  Sellers want to sell but are worried that they won’t be able to find a house to buy with the low inventory and especially now, when the competition seems especially heated for quality homes with good bones.  So these sellers keep their homes off the market which makes the inventory situation even the more dire.

Last month, Redfin blogged about this issue, with low inventory of quality homes as the #1 reason potential homeowners are hesitant to sell.  With many potential sellers standing on the sidelines, this won’t help the shortage of Bay Area area homes for sale anytime soon and potentially lead to more crazy selling stories.

Are you thinking about selling?  What’s your reason for not selling now?

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Just SOLD- 5168 Cabot Cir, Sacramento Ca 95820- www.SellWithDoug.com - Doug Reynolds Real Estate

I just closed escrow on this 3 bed, 1 bath property in Colonial Village in Sacramento.  Since the property did not have central heat and air, the seller and i decided to price it aggressively to attract a handful of offers.  Well it worked.  I received 17 offers in the one week it was on the market.  Most of them were cash.  I listed the house at $109,900 and the final sales price was $117,000.  The buyer paid all cash and waived all of their inspections in their original offer.  That's how aggressive buyers in this price range are being.  Paying all cash and removing all contingencies up front.

It will be interesting to watch the market this summer as prices continue to rise, there will eventually be a point where all of these investors should start pulling back.  Eventually the prices will not make a good investment for them and they will step back from the market.  Continue to check back regularly for updates on this topic.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

JUST Listed - 3145 Kaiser Way, Carmichael, Ca 95608 - SellWithDoug.com

Beautifully remodeled & updated Carmichael home has 3 beds & 2 baths on a quiet street featuring a bright & open floor plan. Updated kitchen with granite countertops & stainless steel appliances. Spacious layout is perfect for entertaining year round or step out to the covered patio & pool for outdoor summer fun. Energy efficient with new central heat & air and insulation in 2011, dual pane windows & ceiling fans. New roof installed 2011. This home has it all and wont last long!!!

Virtual Tour

3 bed, 2 bath, 1,592 square feet.  Listed at $284,900

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Sacramento Short Sale info...

• One of the most-common misconceptions held by underwater homeowners is that the new California Homeowner Bill of Rights keeps a lender from foreclosing on a home regardless of whether the borrower is pursuing a loan modification or a short sale.
• However, the bill of rights is supposed to restrict lenders from “dual tracking” – repossessing a home while a homeowner is awaiting a decision on a home loan modification application.
• When a borrower sends in a complete loan modification application, the foreclosure process should instantly come to a halt. If the lender rejects the application, the borrower has a 30-day period to appeal the decision. The home cannot be foreclosed during that time either.
• In a short sale, however, the foreclosure process is halted only after all the lien holders on a home agree to the short sale and the prospective buyer gets financing. All of that can take months. The bottom line, according to one broker: “A foreclosure could easily occur during the attempt to bring about a short sale.”

For additional short sale information you can visit www.BHGshortsales.com  or call me to see how i can help.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Shortage of homes for Sale creates a buyers dilemma

With the inventory of homes for sale in Sacramento at an all time low, many buyers are having a difficult time buying a house.  The decision has to be made: continue to fight for a house now or wait a little while and buy when inventories are a little higher and favor buyers more.  The problem with waiting is prices will most likely be higher and interest rates could also be higher.  Most buyers are just doing their best to stay positive and keep writing offers until they get one accepted by a seller.  here's a recent article discussing this dilemma for buyers going on across the state of California.

Home buyers face dilemma with shortage

by Kathleen Pender of SFgate Published March 9, 2013

The sharp drop in homes for sale poses a tough choice for buyers: Jump in now and compete with hordes of others or wait until inventory improves.

If you buy now, you might have to pay above asking. But if you wait, you could end up paying an even higher price and a higher interest rate if you need a loan. That's because inventory won't improve until prices rise enough to get more homeowners to sell and more builders to break ground.

The inventory shortage is especially acute in California. Of the 30 largest housing markets, the four with the biggest drops in homes listed for sale on Zillow in February compared with February of last year were Sacramento (48 percent), Los Angeles, San Francisco (41 percent) and San Diego.

Although listings are increasing on a month-to-month basis as the busy spring season gets under way, Trulia Chief EconomistJed Kolkopredicts they won't start rising on a year-over-year basis for a year or more.

An example of that: "In all of Millbrae, there was one listing two months ago. There are about a dozen now," saysRoger Dewes, a Coldwell Banker agent on the Peninsula. In a normal market, there might be 20. "We are not there yet, but going from one to 12 is quite a leap," he says.

Experts cite five factors contributing to the inventory shortage:

-- Fewer foreclosures are hitting the market. "California did a good job of disposing of its backlog" of distressed properties, says Zillow Chief EconomistStan Humphries.

In California, where most foreclosures are handled out of court, the process is taking about 11 months on average, according to RealtyTrac. In New York and New Jersey, where foreclosures go through a court proceeding, the process is taking 36 and 32 months, respectively.

-- Many people still owe more than their homes are worth. If they sold now, they would have to come up with extra cash to pay off their loan. Although prices have rebounded from their lows, 23.3 percent of homes with a mortgage in San Francisco, San Mateo and Marin counties were still underwater in the fourth quarter of 2012, according to Zillow.

-- Even if they are not underwater, many owners won't sell for less than they paid. If they bought near the peak, it may take a while before they are ready to budge.

The median price paid for a new or resale home or condo in the nine-county Bay Area was $415,000 in January. That's less than halfway between its low of $290,000 in March 2009 and its high of $665,000 set in June/July 2007, according to DataQuick.

-- Many people, even if their homes are worth more than they paid, won't sell because they are afraid they won't be able to buy another house. "It becomes a game of musical chairs; they are afraid to get out because they can't get back in," Humphries says. This becomes "a self-reinforcing cycle" that keeps homes off the market.

-- The housing bust put new construction on hold.

The shortage comes at a time when demand is rising in the Bay Area, not just from regular buyers but from investors, second-home buyers and foreign buyers, especially from Asia.

Read more: http://www.sfgate.com/business/networth/article/Home-buyers-face-dilemma-with-shortage-4342162.php#ixzz2OZjLiEhp

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Sacramento Real Estate March - April 2013 video Market Update

Doug Reynolds, a Sacramento Area Realtor, provides the latest market statistics for February 2013. The median price increased again. This time to $203,000. The median bottomed out in January 2012. Doug also discusses the recent increase in Equity/Conventional sales since many homeowners are now gaining equity. Lastly, he talks about the recently coined term "Flash Sales." Connect with Doug Reynolds on Facebook, YouTube and Blogger. Feel free to call or email him any time if you are a seller or buyer in the Sacramento Area. He can provide you with a free market analysis of your property.

clear skies,

Doug Reynolds
 
www.BHGshortsales.com

Having an appraisal done in Sacramento??

• ·         Home appraisals are based on recent sales prices of comparable properties.  And in rising price markets, those sales prices might not be high enough to support new home sale prices.  Here are some ways sellers can improve their home appraisal.
• ·         Make sure the appraiser knows the neighborhood.  Sellers can request that the lender send a local appraiser; if that still doesn’t happen, owners should supply as much information as possible about the quality of the neighborhood.
• ·         Provide your own comparables. Sellers should provide the appraiser with at least three solid and well-priced comparable properties.  This will save the appraiser some work, and ensure that he or she is getting price information from homes that really are similar to the one being appraised.
• ·         Document home improvement projects. Sellers should provide before and after photos, along with a well-defined spreadsheet of what was spent on each renovation, which should persuade an appraiser to turn in a number that far exceeds what he or she first called out. It’s important to highlight all-important structural improvements to electrical systems, heating and cooling systems – which are harder to see, but can dramatically boost an appraisal.  Showing receipts also may be helpful.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

7 Tips for Staging Your Sacramento Home

Here's a great article i found that will work for any Seller in the Sacramento area that is getting their house ready to go on the market.  I often have seller clients ask me what they should do to prepare the home.  Read below for a great article that points you in the right direction.

By: G. M. Filisko

Published: March 19, 2010

Make your home warm and inviting to boost your home’s value and speed up the sale process.

1. Start with a clean slate

Before you can worry about where to place furniture and which wall hanging should go where, each room in your home must be spotless. Do a thorough cleaning right down to the nitpicky details like wiping down light switch covers. Deep clean and deodorize carpets and window coverings.

2. Stow away your clutter

It’s harder for buyers to picture themselves in your home when they’re looking at your family photos, collectibles, and knickknacks. Pack up all your personal decorations. However, don’t make spaces like mantles and coffee and end tables barren. Leave three items of varying heights on each surface, suggests Barb Schwarz ofwww.StagedHomes.com in Concord, Pa. For example, place a lamp, a small plant, and a book on an end table.

3. Scale back on your furniture

When a room is packed with furniture, it looks smaller, which will make buyers think your home is less valuable than it is. Make sure buyers appreciate the size of each room by removing one or two pieces of furniture. If you have an eat-in dining area, using a small table and chair set makes the area seem bigger.

4. Rethink your furniture placement

Highlight the flow of your rooms by arranging the furniture to guide buyers from one room to another. In each room, create a focal point on the farthest wall from the doorway and arrange the other pieces of furniture in a triangle around the focal point, advises Schwarz. In the bedroom, the bed should be the focal point. In the living room, it may be the fireplace, and your couch and sofa can form the triangle in front of it.

5. Add color to brighten your rooms

Brush on a fresh coat of warm, neutral-color paint in each room. Ask your real estate agent for help choosing the right shade. Then accessorize. Adding a vibrant afghan, throw, or accent pillows for the couch will jazz up a muted living room, as will a healthy plant or a bright vase on your mantle. High-wattage bulbs in your light fixtures will also brighten up rooms and basements.

6. Set the scene

Lay logs in the fireplace, and set your dining room table with dishes and a centerpiece of fresh fruit or flowers. Create other vignettes throughout the home—such as a chess game in progress—to help buyers envision living there. Replace heavy curtains with sheer ones that let in more light.

Make your bathrooms feel luxurious by adding a new shower curtain, towels, and fancy guest soaps (after you put all your personal toiletry items are out of sight). Judiciously add subtle potpourri, scented candles, or boil water with a bit of vanilla mixed in. If you have pets, clean bedding frequently and spray an odor remover before each showing.

7. Make the entrance grand

Mow your lawn and trim your hedges, and turn on the sprinklers for 30 minutes before showings to make your lawn sparkle. If flowers or plants don’t surround your home’s entrance, add a pot of bright flowers. Top it all off by buying a new doormat and adding a seasonal wreath to your front door.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Young Investors are stepping into the housing market

Here's an interesting article i recently came across.  It discusses how the recent housing cycle has created many opportunities for you investors across America.  This is a trend that i am also seeing in the local Sacramento market as well.  I'm working with some younger investors and also getting offers on my listings from young investors as well.

Investors starting young as housing market heats up

 

By PAUL OWERS, Sun Sentinel

Published: Thursday, Mar. 7, 2013 - 5:17 am

At 28, Rob Lananna wants to make real estate investing a full-time gig.

Lananna is part of a group of professionals in their 20s and 30s trying to capitalize on the recovering housing market through buying and reselling homes.

"I really like what I do," he said. "I like taking something that's ugly and dirty and turning it into something that's beautiful."

Lananna recently completed his first deal, buying a bank-owned home in Boynton Beach, Fla., for $68,000, renovating it for $30,000 and reselling it within six months for $135,000.

He bought another house in West Palm Beach, Fla., for $60,000, put in $15,000 of work and listed it for $125,000.

David Dweck, founder of the Boca Real Estate Investment Club, said he's seeing more young people join the group because of concerns about pursuing traditional careers in a still-lackluster economy.

"The same-old, same-old working 40 hours a week for 40 years is no longer the American way," Dweck said. "People are starting to realize that real estate investment is viable."

While rampant investor-led speculation fueled the housing bust of 2006 to 2011, today's investors take a more cautious approach and add value to the properties before turning around and selling them, Dweck said. He encourages club members to "buy low, sell low" and not pay more than 65 percent of the value of the home after repairs.

But this buy-fix-sell model does require cash in hand, which disqualifies many young investors, Dweck said.

An investor should have enough money to buy the home, renovate it and carry it until it sells. Lananna, an entrepreneur with a background in sales and recycling, recommends having at least $40,000 to $50,000.

Banks typically won't lend money to investors looking to flip homes, so club members often turn to one of Dweck's companies to provide financing. It offers short-term loans to investors, who make monthly payments and pay off the balances when the homes sell.

Mike Benton, 34, recently bought a house in Pompano Beach, Fla., for $165,000. After $35,000 in renovations, he sold it for $249,000. He said he and his business partner split about $22,000 profit.

Benton said they also bought and resold a Margate, Fla., house, netting about $12,000.

"I'm putting in surround sound, tiki huts - something that will stand out to clients," Benton said.

One of the biggest challenges in today's market is finding homes to buy, amid a lack of inventory and strong competition from large investment companies. Individual investors bid at online foreclosure auctions and also use relationships with real estate agents and other industry professionals to find properties for sale.

"In a seller's market, there's only so many ways to acquire homes," Benton said. "If we bid on 10 houses, we may get one."

Lananna said he spends about 15 hours a week looking at properties to buy.

"I just try to be the first one out there and beat everyone to the punch," he said. "I'd like to think (the investment firms) don't have the same hunger and desire as I do because it's not their own money."

Read more here: http://www.sacbee.com/2013/03/07/5243603/investors-starting-young-as-housing.html#storylink=cpy

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Record low housing inventory for HOT Sacramento Market

Here's another article from the SacBee talking about the record low home inventory and how we are currently in an extreme sellers market.

Zillow: Sacramento-area home inventory is lowest of the low

 

By Mark Glover

Published: Thursday, Mar. 7, 2013 -

How low is home-for-sale inventory in the Sacramento area?

It’s the lowest of the low, according to a report released today by Seattle-based data tracker Zillow.

The overall number of homes listed for sale in the Sacramento area on Zillow was down 48 percent year-over-year in late February.

That percentage plunge topped the 30 largest U.S. metro markets tracked by Zillow. Los Angeleswas second with a drop of 45.7 percent.

By comparison, the national decline was 16.6 percent.

Zillow’s report looked at all homes available for sale on Zillow on Feb. 24 and compared it with the number of homes available on Feb. 24, 2012.

In the Sacramento metro area, Zillow broke down the year-over-year declines this way: top-tier homes, down 33.4 percent; middle-tier homes, down 53.2 percent; bottom-tier homes, down 61.5 percent.

California metro areas accounted for the top four U.S. markets seeing the biggest decrease in homes for sale over the past year. San Francisco was down 40.9 percent, and San Diego declined 39.4 percent.

“The supply of for-sale listings continues to dry up, driven in part by potential sellers trapped in negative equity and homeowners that won’t sell out of fear they won’t be able to find a suitable home to buy later,” said Stan Humphries, Zillow’s chief economist. “ … Over the past year, inventory tightness has contributed to increases in home values in many markets.

“As home values rise, some homeowners will be freed from negative equity and able to list their homes, which will contribute to an easing of the inventory crunch.”

Call The Bee’s Mark Glover, (916) 321-1184.

Read more here: http://www.sacbee.com/2013/03/07/5244480/zillow-sacramento-area-home-inventory.html#storylink=cpy

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Sierra Oaks, Wilhaggin, Del Dayo and Shelfield - Sales Data for February 2013

There were 8 homes sold in Sierra Oaks, Wilhaggin, Del Dayo and Shelfield in the month of February, 2013. This is the an decrease from the 13 sold in January, 2013.  Here are the addresses and specific details:

Currently there are: 34 Active listings, 2 Active short sale listings, 2 Short Sales waiting for lender approval and 25 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Sierra Oaks, Wilhaggin, Del Dayo and Shelfield areas.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Arden Park and Arden Oaks - Sales Data for February 2013

There were 13 homes sold in Arden Park and Arden Oaks in February, 2013.  That is a increase from the 8 sold in the month of January, 2013.  Here are the addresses and specific information:

Currently there are: 10 Active listings, 2 Active short sale listings, 13 Short Sales waiting for lender approval and 12 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Arden Park or Arden Oaks area.


clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Elmhurst and Tahoe Park Sales Data - February 2013 (Sacramento, Ca)

There were 13 homes sold in Elmhurst and Tahoe Park in the month of February, 2013.  That is a increase from the 10 homes sold in the area in the month of January, 2013.  Here are the addresses and specific information.

Currently there are:10 Active listings, 2 Active short sale listings, 14 Short Sales waiting for lender approval and 12 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Tahoe Park / Elmhurst area.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

Land Park and Curtis Park Sales Data - February 2013 (Sacramento, Ca)

There were 25 homes sold in Land Park and Curtis Park in the month of February, 2013 .  That is a increase from the 18  homes sold in the month of  January, 2013.  Here are the addresses and specific information.

Currently there are: 25 Active listings, 5 Active short sale listings, 16 Short Sales waiting for lender approval and 29 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the Land Park or Curtis Park area.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

East Sacramento: McKinley Park, Fab 40's, River Park, East Sac, East Portal Park - Sales Data for February 2013

There were 18 homes sold in East Sacramento in the month of February, 2013.  That is the same from the 18 homes sold in the area in the month of January, 2013 .  Here are the addresses and specific information.

Currently there are: 33 Active listings, 0 Active short sale listings, 10 Short Sales waiting for lender approval and 34 Pending Sales

If you would like more information (pictures, listing history, what type of sales they were, etc.) feel free to call or email and I’d be happy to provide that for you.  Call or email me if you are looking to buy or sell in the East Sacramento area.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com