sacramento home buyers
The February 2020 Sacramento Area Housing Report, everyone is talking about it. Wall Street is in meltdown, toilet paper doesn’t exist at Costco and my friend just in a panic bought three firearms. Whoa! The majority of us are handling this current COVID-19 virus pretty well. Others, are of course being impacted on a variety of levels. There will always be different ranges of reactions. When isolated, it is often challenging to know the reality of the housing market. This blog serves to be a source of information. So let’s talk about interest rates. Yes, they spiked up slightly (still under 4%) a week after they dropped to a record low 3.13%. This is in part to a backlog of loan applications (up 55%) that lenders cannot keep up with.
To be a successful Sacramento home buyer’s Realtor is a very important job. Because many agents sell homes, it does not mean they are excellent at their job. Selling homes takes two agents: a listing agent and a buyer’s agent. Often the stronger agent will get the job done for both sides. How can a seller’s agent help a buyer’s agent? Great question.
As a listing agent, we make sure the time frames and contracts are completed, along with all the disclosures and reports. We can explain in detail how and why we are taking action. We make sure we have a 100% complete file and stellar record of all communications. Even if the buyer’s agent doesn’t know what she or he is doing, we will get the transaction completed, regardless. They can’t miss an important milestone, as we won’t let them.
Buyers don’t care what you tell them as long as you tell them. That’s my opening statement when I hand home sellers a package of disclosures to complete. It’s the things you don’t tell a buyer that can come back to haunt you, not what you do say.
You take a neighborhood where I live and work like Land Park. Because I live in Land Park, I have intimate knowledge about the neighborhood, which agents who live outside of Land Park probably don’t know. If they don’t know, they can’t disclose those facts to a buyer. Although, it could probably be argued that they should know or should at least have asked questions of the seller.
I know, you’re probably wondering how do I routinely sell $30 million a year and still find time to work a second job? Organization and passion is my response to that.
We were early pioneers. Since then, and especially from being a source others copied, meant that website has today morphed into many different things, with its 1,000 or so experts now split into vertical channels. All the SEO experts agree it better reflects what we are about. My position as the Home Buying Expert also entails other writing duties for the company. However, lately I’ve been toying with the idea of not writing for them anymore. I’m not compensated enough, not like I was initially. It’s a huge commitment to set aside huge chunks of my life to write. But then I love to write about real estate, and the topics they suggest are usually near and dear to my heart.
The latest article I wrote on Sunday is First Things to Do After Moving into a Home. You may enjoy it because I have unique perspectives, at least for a short time before somebody else plagiarizes my stuff. One of the things about that piece that really struck home for me was how people rarely change the locks after moving into a home. This is one of the first things after moving into a home that needs attention. I heard from a buyer’s agent last week whose buyers allegedly had personal items removed from the home. This resulted in a big problem after closing, presumably by a relative with a key.
You don’t know how many keys are out there. Petsitters. Housekeepers. Children’s friends. The neighbors, and let’s not forget the keys hidden in the yard just in case you get locked out.
It is very inexpensive to hire a locksmith. Just make an appointment with a locksmith the day prior to closing. The locksmith will meet you at the house. Your agent will remove the key from the lockbox and use that to enter the premises. Then, the locksmith, right there on the spot can change all the locks in the house to be used with one key. A different key. It takes about 20 minutes.
So while you’re walking through the house with your agent, marveling at all the space and discussing where you will place your furniture or the colors you will paint the walls, you could have brand new keys to secure the home in under half an hour. For about $100 or so. Prices will vary.
If you do nothing else when moving into a home, at least do this one important thing first and change the locks. Ask your Sacramento Realtor for a referral to a locksmith.
Hey, all you Sacramento home buyers, are you ready for the spring market? This is going to be a tougher market than you’ve ever seen in your life to buy a house in Sacramento, but don’t let that little thought discourage you. Unless you’ve been working in real estate full-time with a ton of transactions under your belt, you probably are not prepared to meet the demands that this market is putting forth for you. It is not impossible to buy a house, but you better be working with an experienced buyer’s agent or you might not buy anything at all.
I talk to Sacramento home buyers who often call from a or sale sign or because they spot a home that sold two months ago on an unreliable website, and I try to explain to them that they need to align themselves with a Sacramento Realtor. It won’t be this agent because I don’t work with buyers, but my team members do, or they could pick an agent at another company. Whatever choice, they need to get hopping with an agent. They can’t do this alone. They won’t get a heads up on the best homes for sale, and by the time some of these DIY Sacramento home buyers hear about a home for sale, it will be in escrow.
We have 1,481 homes for sale in Sacramento County right now. This includes all condos and single-family homes. That is peanuts. It is miniscule. We have 1,687 pending (in escrow). It will take us about 3 weeks to sell every home instead of the more healthy 3 to 4 months. I don’t know if Sacramento home buyers skim over housing reports that say inventory is falling and they wrongly think the market is falling when it is not, it is going up. Or why they aren’t more concerned about haphazardly calling an agent here and there to try to buy a home. It won’t happen for them that way.
We used to have 10,000 homes for sale. That number is insane compared to today’s inventory. Yes, at the height of the market in August of 2005, we had over 10,000 homes for sale. We have way more Sacramento home buyers in the market at the moment than homes to sell. Almost every single listing of mine receives more than one offer, some 10 offers. But even so, don’t let THAT discourage you because with the right agent, you WILL buy a home.
So many transactions in Sacramento are negotiated between agents. If you don’t have an agent, you really don’t stand a chance. A buyer’s agent is paid by the seller, not by the buyer, so if you want a home, give us a ring. You can call Elizabeth Weintraub at 916.233.6759, and I’ll pair you with the perfect agent on my team. Just don’t keep calling on homes that have already sold and be disappointed. Don’t keep kicking that can down the street.
If you’ve been writing offers and been unsuccessful, maybe it’s time to think about hiring a more aggressive and experienced buyer’s agent?