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Sacramento Real Estate by Julie Jalone Keep it Real in Sacramento - December 2007
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Christmas is past and we are wrapping
up 2007. I thought this holiday season might be slow with some time to catch
up on some of those things you always put off, but that was not the case. Of
course some of my “busy” has been related to starting MagnumOne Realty but I do have a new listing that I am excited about. It is in the Barrett Ranch
area of Antelope which is so new that the streets of this subdivision are not shown on the major map sites or my car GPS system. What
is so interesting about the Laguna Beach Way home is that is loaded with upgrades and virtually new. A wonderful couple bought
it from the builder and added almost every upgrade thinking this would be their dream family home for years to come. Plans changed for various reasons and they moved out leaving this wonderful home and
all the extras for someone else. Take a look at it, we have some good photos,
and let me know what you think.
Remember
this at Christmas Time
Therefore,
according to EVERY historical rendition depicting Santa's reindeer, EVERY single one of them, from Rudolph to Blitzen, had
to be a girl. You
should’ve known . . . ONLY A woman would be able to drag a fat-ass man
in a red velvet suit all around the world in one night and not get lost.
Today is the last school
day before Christmas vacation for Mikie and most kids; do you remember how great that felt? Here in the Sacramento real estate market we are not following the law of
supply and demand which says as supply declines demand increases. In real estate
this would normally mean as the inventory of homes for sale declines the asking prices of those on the market would increase. For the past seven weeks according to HousingTracker inventory of homes for sale has been declining but there has been no sign of asking prices increasing or even
firming. In the last month alone, inventory has dropped over 6 percent. During that time asking prices have fallen 4.2 percent which is even faster than the
three month figure of 9.6 percent. Looking back a year, although we are seeing declines in the current inventory
of available homes, we still have over 19 percent more homes on the market now. The median asking price which currently stands at $334,500 is down 18.2 percent from
a year ago. By the way, the tax break for mortgage loan debt forgiveness I mentioned
several months ago has now become a law. This is a pretty nice Christmas present
for those folks who were able to complete short sales this past year. Last but not least, only 4 shopping days until Christmas. There is always more to do so the only time I know I am done getting ready for Christmas is when time runs
out!
In difficult times successful people
become creative rather than relying on what has worked in the past. In the slower
Sacramento area real estate market determining how to price your house if you are a seller is a key ingredient in obtaining
the most money in the shortest period of time. Check out my latest column over
at Rocklin & Roseville Today, “Price Your House to Sell,” and see how the use of comparables has changed. I have also published
the article on the Real Estate News page.
I want to acknowledge the fine
people at Alliance Title who lost their jobs last week when management decided to close the operation. We were customers of Alliance and enjoyed working with the staff and especially Christine Moore who always
had a smile on her face and went the extra step to make sure our clients and needs were met.
We will miss working with Christine and the team! I know it has been a
difficult year in the real estate industry, especially here in the Sacramento area but, when a company the size of Alliance
Title, with the customer base they had developed, just “closes the door” rather than sell the business you have
to wonder if there is something more to the story. By
the way, the market reception to our new company, MagnumOne Realty has been so very positive and I want to thank all you who have taken the time to send me emails and notes about starting
a new company. I am delighted to say we are busy and are looking to add one or
two experienced agents to the team. If you are an agent and considering a move
to a smaller firm with a strong commitment to agents and customer support, please let me let me know.
Normally this is a very
slow time of year for the Sacramento and other real estate markets. Not many
people want to sell or buy homes during the holidays and Realtors get some needed rest and a chance to catch-up with the rest
of the world. Not so, at least so far this year. Check out my column over at Rocklin & Roseville Today, “Costs up + Attractive Rates = Increased
Mortgage Applications” and see what is happening and some of my own observations.
I have also published the article on my News Page at jalone.com.
Since November 28th
when I recommended looking at the Catalog
Choices where you can have your name removed from almost any catalog mail list I have been collecting the catalogs we receive and
have now eliminated us from 31 mail lists. I hated to say good bye to Godiva
Chocolates but I really don’t need the calories and paper. In addition
I have suggested about another 10 catalogs I would like to see added to their list.
It is a really easy site to use and although it won’t reduce much this holiday season, I am sure our mail box
will have more room when the spring catalogs are sent out. I am on a mission,
join me!
There are a number of local sites that do a good job of reporting the monthly real estate statistics
for the Sacramento real estate market. This month I am looking at Sacramento Real Estate Statistics where the author just posted some November numbers for our area. The comparisons
below are pretty ugly but I caution readers to remember that we have a strong and diverse local economy and our real estate
market will improve. Average $/SF Median $/SF 2006 - $234
2006 - $226 2007 - $198
2007 - $187 Average Sales Price
Median Sales Price 2006 - $419,543
2006 - $375,000 2007 - $360,271
2007 - $320,000 In addition
the site includes a chart showing the number of closing in the four county Sacramento area.
In September there were 1,287 closings compared to 1,386 in October and 1,158 in November. Looking at November for the past two years reveals in 2005 there were 2,172 and in 2006 there were 1,710
closings. The 1,158 for this November clearly demonstrates the doldrums the market
is currently in.
My
reality real estate series, MyForSaleSign is where I blog and photograph a transaction as it happens. I recently completed
my first series when Randi and Tony completed the sale of their Yuba City condo and purchased and moved into a brand new home. We had fun doing the series, Randi and
Tony were great and let us share so much and the reader response was wonderful. I
had lots of comments and even some suggestions from other agents who were following us.
I feel like it was entertaining as well as informative. Until I find
another client who is willing to let me blog and start my podcasting about their real estate transaction I will continue to
chronicle our own adventure in Anchorage, Alaska. We have a rental property up
there that we completely remodeled and have now had on the market for what seems like forever.
It is a great starter home or potential rental for an investor. It has
a good location within the city but the neighborhood has its share of issues. It
is one of those streets where you are starting to see signs of improvements but still enough not so nice places that the entire
neighborhood does not look as good as it could. I made a
trip to Alaska over this past weekend to review with our Realtor where we are in the process, what changes need to be made
and just to make sure the place is still showing well. I also was able to surprise
my sister Lynn on her birthday. It was a fun weekend and the house clearly needs
to be cleaned again but generally looks very nice. We have held on to it this
long and will continue to wait for the right buyer to come along. It really is
cute and virtually brand new now with all the remodeling we did. If anything
we may have over improved the home for the neighborhood. That is the kind of
mistake investors can make when they don’t live in the same area as their investment property. If you are
interested in the MyForSaleSign reality real estate series check out the main site and the blog. Happy Birthday
Lynn, I loved surprising you!
Copyright © 2002-2008 MagnumOne Realty and its agents are licensed by the Department of Real Estate, State of Logo copyright © MagnumOne Realty ALL RIGHTS RESERVED Helping you buy and sell real estate in: |
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