Home Buying and Selling in Sacramento
Every listing I write starts its life as a six-month listing, and there is a darned good reason for that length of contract. Like I explain to my clients, it’s not always possible to close an escrow within 90 days. For one thing, it doesn’t take into account the first buyer who is likely to cancel for some flakey reason and then I have to sell that home again. Or lender delays or any of the other million things that can happen. At least, I figure, our six-month listing will not expire, and it’s one less thing to monitor.
One of the most commonly used and often misunderstood documents is the power of attorney, especially when used in conjunction with real estate. Basically, we use two different types in California: a specific or a general power of attorney. When it comes to real estate, many title companies prefer the specific power of attorney. This comes up a lot, especially with trusts. People seem to think you can use a power of attorney any old time and you can’t. You can’t use a power of attorney with a trust. That’s why a trust names a successor trustee.
Some agents have implied that selling a Woodside Oaks condo is too difficult because they believe the HOA dues are too high, so they take too long to sell and agents won’t get a fast sale. Me, I’ve never worried about fast sales. Like I told a seller today, he should go on the market by early June to capture what’s left of our spring market, but he can also wait until he’s ready. Now is optimum for highest concentration of buyers. But if he’s not ready, I’m not gonna push. I’ll wait until next year. Makes no difference to me, although it might to him.
Because I drive all over the city to list homes for sale, I notice Sacramento apartment buildings being built throughout my travels. I can tell you the number of new apartment buildings seems to be increasing. For example, when building stopped in Elk Grove after the 2008 market crash, everybody just assumed that builders eventually would continue someday. What owners did not count on was the type of new construction. Goodbye single family, hello apartment buildings.
How would you like to have bought a home on, say, Donson Court in Elk Grove, that presented you with a lovely view of fields and nature? Then 10 years later, whammo, apartment buildings in your face, overshadowing your yard.
The California Energy Commission adopted yesterday new energy efficient standards that will make solar panels mandatory by the year 2020 for all new residential construction. Not only will new California homes need to have solar panels installed by January 1, 2020, but the standards also affect insulation, ventilation and lighting. California leads the way as being first in the nation to require such improvements.
However, the first question is how much will it cost? The state says the new standards making solar panels mandatory, along with other energy improvements, will add about $9,500 to the cost of a new house. We are already in dire straits, desperately needing new construction. Inventory is so low. Our housing market needs a fresh boost, and this might not be it. They say adding these improvements and making solar panels mandatory will pay back $19,000 in saved maintenance and energy costs over 30 years.