Real estate work during Covid19 requires patience as everyone is impacted on some level. Though real estate has been named as an essential service along with construction, don’t kid yourself it is not back to normal by a long shot. The scheduling of repairs is often booked weeks out. In many cases, as there have been layoffs in various businesses, a shortage of the workforce can mean delays. This week has been about working longer days. Whatever it takes we are putting in the extra time and effort.
March 2020 housing statistics for Sacramento County is certainly welcome news, per Josh Amolsch, who wrote this blog. Josh is an exclusive buyer’s agent on our team. He really brings to light the numbers and how you can apply them to your situation if you are buying or selling. Enjoy, it’s a great read. — JaCi Wallace
The first thing I noticed about the new March 2020 Housing Statistics for Sacramento County was that the median sales price for single-family homes reached $400,000. This is a 9.6% increase over March 2019. Going back to 2004 shows that this is an all-time record. The last time we were this high, besides last month, was August 2005 when the median reached $395,000. But, $400,000 may seem like a bargain when you consider the median sales price for the four-county region in March 2020 reached $440,000. Wow.
Are mortgage rates going up or down? As a mortgage professional for almost two decades, we have been through many wild rides, but nothing compared to what we are experiencing right now with this coronavirus; or what we are calling our alternative universe. Just over two weeks ago, the fear of COVID-19 sent stocks tumbling, and mortgage rates lower – according to Mortgage News Daily, the average rate for the popular 30-year fixed mortgage fell to 3.23%, an 8-year low.
Rates had been dropping for weeks as “breaking news” seemed to ping our phones by the minute, and fear began to manifest in real-time, as we watched the stock market cradle. In times of economic uncertainty, mortgage rates are typically the beneficiary of bad news, and rates go down as dollars move from the risky stock market and into the “usually” safe haven of mortgage-backed securities (aka mortgage debt) – and rates go lower. Question is, are mortgage rates going up or down?
Every Land Park agent likes to think of her new listing in Land Park as a truly incredible Land Park home for sale, but this particular home features all of your hot buttons. Privacy, space, luxurious updates, tasteful colors, modern blends with Old World, it’s all here. Coupled with energy-saving devices such as a tankless water heater for endless hot water, you will find all newer flooring, light fixtures, interior and exterior doors, copper plumbing, updated electrical and dual pane windows. Life-time transferrable warranty on roof.
Identity theft in Sacramento real estate is not something I have given much thought to until recently. It happens to other people but not to me or so I thought. Saturday, I received a few emails from agents out of state in Pennsylvania who said they received offers from me and were they real? I said, please forward it to me. The identity theft imposter was using an email very closely resembling my email, with just a few extra letters. Here the rub, I can only sell real estate in California as I don’t have a license in another state.