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Tuesday, August 25, 2015

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 8/25/2015

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...

 



ACTIVE INVENTORY
2,882   available homes on the market

2,887   Last week

2,866   Two weeks ago

2,936   Three weeks ago

2,955   Four Weeks ago

2,906   Five Weeks ago

2,873   Six Weeks ago


PENDING inventory

2,468   homes currently in escrow

2,478   Last week

2,466   Two weeks ago

2,445   Three weeks ago

2,519   Four Weeks ago

2,488   Five Weeks ago

2,481   Six Weeks ago



Median Price of homes sold for the Month

August: so far this month - $297,958

July -                $292,000
June  -              $295,000
May  -              $290,000
April -               $281,000
March -             $281,250
February-          $283,050
January -          $258,000
December -       $268,000
November -       $265,000
October -           $272,000
September -      $275,000
August -            $270,000



Closings for the month

August: so far this month - 1,050

July  -            1,738
June -            1,783
May -             1,458
April -            1,607
March -          1,376
February-      1,098
January -       927
December -   1,313
November -   1,081
October -       1,375
September -  1,396
August   -      1,428



 

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clear skies,
Doug Reynolds
Realtor
916-494-8441
 

         

Monday, August 24, 2015

Changes to FHA loans


        

Highlights from the new HUD Handbook 4000.1
            HUD has a new 809 page handbook that will apply to all FHA cases assigned on or after September 14, 2015. If you are like most people then you don’t have the time or the desire to dig into this huge document. What I have done here is highlight a few changes that I think will be the most likely to have an affect on my business, and the most common ones people will encounter when applying for FHA loans.
            You’ve made it to the second paragraph without falling asleep so I promise to make the rest of this article easy to read and understand. Here it goes…
DEFERRED OBLIGATIONS:
This is HUGE as I know a TON of people that have student loan debt.
OLD RULE: If the debt is deferred for more than 12 months we DON’T have to include it in debt ratios.
NEW RULE: ALL deferred obligations, regardless of when they will begin, must be included in the qualifying ratios. If no payment is available you will have to take 2% of outstanding balance on student loans and 5% of outstanding balance on installment debt.
Scenario: You have a borrower who is in graduate school with $80,000 in undergrad debt that is deferred until 2017 when they finish grad school. You now have to include a $1600/mo payment in their debt ratios! Ouch

MEDICAL COLLECTIONS:
NEW RULE: Not considered debt.

GAPS IN EMPLOYMENT: 
OLD RULE: Borrower must explain any gap in employment of one month or more
NEW RULE: Borrower must explain any gap in employment of six months or more

HOURLY WAGE INCOME CALCULATIONS
OLD RULE: No specific guidance provided
NEW RULE:
 ● If hours do not vary, use hourly rate
● If hours vary, use the average of the last 2 years
● If hours vary and there was in increase in pay, use the most recent 12 month average at the current rate

COMMISSION INCOME
OLD RULE: Defined as a person who receives over 25% of annual income from commissions
Must be earned for 2 years
NEW RULE: Defined as being paid contingent upon the conducting of a business transaction or the performance of a service
Earned income for at least one year in the same/similar line of work and likely to continue

                     The changes listed here are just a few of the ones I found interesting and that I felt would be the most common for borrowers to encounter. If you have any specific scenario questions it is a good idea to seek advice from a mortgage professional who can get clarification from HUD directly and also advise on whether or not the lender they work for has additional guidelines.
Here is a link to the new handbook if you would like some leisurely reading:

As always I am more than happy to answer any mortgage related questions from future clients or real estate industry friends. I hope to hear from you soon, Please feel free to reach out anytime!

Connecting people and homes, one loan at a time…
#MattTheMortgageGuy
916-529-7600
NMLS # 1088993














Thanks again Matt for your guest blog post.




Connect with me via FacebookYouTube, and Follow my Blog.

clear skies,
Doug Reynolds
Realtor
916-494-8441
 

         

Friday, August 21, 2015

Sacramento Real Estate Video Market Update August - September 2015



Doug Reynolds, a Sacramento Area Realtor, discusses the most recent market stats from Sacramento County.  The amount of homes sold in July were VERY strong. However, It’s a price sensitive market right now.  The homes that are priced right, show well and have a high quality marketing plan are getting sold.  The overpriced properties are having price reductions to try and get more attention. The summer market was strong with balance for both buyers and sellers.

Sacramento is typically a cyclical market so the volume of sales and pricing will most likely taper off a little bit in the fall/winter.


Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.


clear skies,

Doug Reynolds

Realtor

916-494-8441



         

Thursday, August 20, 2015

Interesting World of Real Estate - 8/20/2015

Since i became a full time Sacramento Real Estate agent, i have seen and heard many strange/funny/odd/weird/interesting things.  A lot of times i get to see things many people would not in their job since i am inside of so many homes and interacting with some many different people from all walks of life.  Here's a quick look at my latest interesting "thing."

I was recently viewing property in #ArdenPark and came across this interesting sight.  This is on the back wall of the garage.  It's a tiny garage door that is probably only 3.5 or 4 feet wide.  I'm guessing it was for a golf cart? Lawn mower? Motorcycle? Their 4 year old's Barbie convertable??


CONNECT WITH ME VIA FACEBOOKYOUTUBE, AND FOLLOW MY BLOG.



clear skies,
Doug Reynolds
Realtor
916-494-8441
 

         

Tuesday, August 18, 2015

Sacramento Real Estate Market - Tabulation Tuesday SnapShot - 8/18/2015

I'm a stats geek and love analyzing the Sacramento Real Estate market numbers, so...

Every Tuesday i provide a quick snapshot of what's going on with the market.  Call/Email/Text/or leave a comment below if you have any questions or opinions...

 



ACTIVE INVENTORY
2,887   available homes on the market

2,866   Last week

2,936   Two weeks ago

2,955   Three weeks ago

2,906   Four Weeks ago

2,873   Five Weeks ago

2,760   Six Weeks ago


PENDING inventory

2,478   homes currently in escrow

2,466   Last week

2,445   Two weeks ago

2,519   Three weeks ago

2,488   Four Weeks ago

2,481   Five Weeks ago

2,509   Six Weeks ago



Median Price of homes sold for the Month

August: so far this month - $299,900

July -                $292,000
June  -              $295,000
May  -              $290,000
April -               $281,000
March -             $281,250
February-          $283,050
January -          $258,000
December -       $268,000
November -       $265,000
October -           $272,000
September -      $275,000
August -            $270,000



Closings for the month

August: so far this month - 675

July  -            1,738
June -            1,783
May -             1,458
April -            1,607
March -          1,376
February-      1,098
January -       927
December -   1,313
November -   1,081
October -       1,375
September -  1,396
August   -      1,428



 

CONNECT WITH ME VIA FACEBOOKYOUTUBE, AND FOLLOW MY BLOG.



clear skies,
Doug Reynolds
Realtor
916-494-8441
 

         

Saturday, August 15, 2015

Sacramento Real Estate Market update - August 2015

Sacramento
Real Estate Update



August 2015



ó In July 2015, the median price decreased slightly from $295,000 to $292,000.  The median is 7.4% higher than one year ago.
ó The available housing inventory is at 1.8 months. I expect that number to increase a bit as we approach the fall. A “normal”or “balanced market” has been redefined over the past decade & is now considered about 3 months.
ó It’s a price sensitive market right now.  The homes that are priced right, show well and have a high quality marketing plan are getting sold.   The overpriced properties are having price reductions to try and get more attention. The summer market was strong with balance for both buyers and sellers.  Sacramento is typically a cyclical market so the volume of sales and pricing will most likely taper off a little bit in the fall/winter.



CONNECT WITH DOUG REYNOLDS REAL ESTATE VIA FACEBOOKYOUTUBE, AND 


FOLLOW HIS BLOG.



CLEAR SKIES,

DOUG REYNOLDS

REALTOR

916-494-8441



         



Friday, August 14, 2015

JUST SOLD - 3538 Huntsman Dr, Sacramento, CA 95826 - www.RealEstateWithDoug.com - Doug Reynolds Real Estate

Just Sold!!! 8/7/15 in Rosemont (Sacramento, Ca).  I represented the sellers on this property.  They found me online as a specialist of the 95826 area.  These sellers had owned this house for 30 years and raised a family in it so it had a lot of memories and sentimental value to them.  It was a great floorplan and backed up to the Rosemont Community Park.  Great location.  We had 4 offers the first week and got the escrow closed in under 30 days.  Congrats to my sellers for closing this chapter in their life and moving onward and upward.  It was a pleasure to represent you and help you in the sale.


Wonderful 4 bedroom Rosemont house with open and naturally bright floorplan.  Great location backing to the community park with playground, tennis, baseball and BBQ; step right out to all the possibilities of recreation/leisure.  This turnkey home has been well taken care of and shows pride of ownership.  Updated kitchen with granite countertops, spice racks, gas range, dishwasher and custom built oak cabinets. Updated bathrooms with cultured marble countertops and showers, tons of storage, separate family and living rooms, new flooring/carpet, freshly painted, wood burning fireplace, tool shed and large back patio for outdoor entertaining.  Extra features are a redwood deck for morning coffee, expanded driveway, new garage door, and inside the finished garage is a new side door, a storage shelf above the garage door track, a large laundry sink, and spacious cabinets.  Shady/fruit trees and low maintenance, drought-tolerant plants.  Close to schools, shopping and transportation.



Connect with Doug Reynolds Real Estate via FacebookYouTube, and Follow his Blog.

clear skies,

Doug Reynolds

Realtor

916-494-8441



         

Thursday, August 13, 2015

Interesting World of Real Estate - 8/13/2015

Since i became a full time Sacramento Real Estate agent, i have seen and heard many strange/funny/odd/weird/interesting things.  A lot of times i get to see things many people would not in their job since i am inside of so many homes and interacting with some many different people from all walks of life.  Here's a quick look at my latest interesting "thing."

I was recently on a broker open tour of a house in Land Park.  The home was nicely staged and this cool/unique coffee table was in the living room.  Yup, that's a foosball table underneath the glass.  There were actual handles and you could even play a game if you really wanted.  But it was mostly for creative show.  I thought is was a fun piece so i snapped a quick photo to share.



CONNECT WITH ME VIA FACEBOOKYOUTUBE, AND FOLLOW MY BLOG.



clear skies,
Doug Reynolds
Realtor
916-494-8441