Metrolist Sacramento MLS pending sales March-May 2020 is a clear snapshot of the current surge in pending sales. Clearly, May 2020 forward shows increased buyer confidence. We would customarily see an uptick this time of year; however, Covid19 has some buyers nervous about home buying. Many buyers we talk to are surprised when they see the reports like this graph. If they are out shopping, they know as buyers are only allowed two at a time, so buyers are waiting outside in a line on some listings. The above market snapshot is a good example of simplicity and EZ to follow. The inventory is increasing slowly, but not by much.
Realtors in the City of Davis called this real estate broker continuously yesterday. It was difficult to keep up with the phone calls, text messages and emails as I entered into a “no service” zone at a U. C. Davis Medical Center. That was kind of like the Twilight Zone. Eerily quiet. No zing, ping, snap, twinkle, or loud Louie-Louie song breakout while I sat in the waiting room. The doctors were 3 hours behind yesterday. Usually they are right on the button when I show up for my annual SI joint injection appointment. Yes, when you get to be an older real estate broker like me, sometimes you need an injection to keep the old body moving along another year.
The Realtors in the City of Davis were relentless. I figured it would be either me or my client, so it was better to make me the source of these telephone calls. That’s part of my job as a Realtor, to be the buffer. You see, once a listing is canceled or withdrawn from MLS, agents come out of the woodwork. In their excitement, some of those real estate agents don’t even notice that the listing has gone back on the market as a new listing. They still call the seller to beg for the chance to list the home. From their point of view, why not? Here’s a guy who wanted to sell and didn’t, for whatever reason. But still . . .
On the other hand, if a listing goes into Temporary Off Market status, the agents are prohibited from hounding, er, pursuing, the seller. The back story is I have a former client in Davis who wants to sell a home in Davis, and he asked me to list it in May with the hopes of going on the market at the end of June or early July, after a few repairs and sprucing up efforts. As things sometimes go, the projected on-market date was pushed further out a few days ago. MLS regulations are a listing can stay in off-market status for a maximum of 60 days. We would not be ready to go on the market by the end of July, so we were forced to take action on this particular listing.
To put the listing into TOM status requires going “active” in MLS for a few minutes and then off market. I asked the seller to sign a Modification of Terms reflecting this technicality. However, the Realtors in the City of Davis went crazy over this. One of the Realtors left me voice mails that referred twice to this “strange listing,” with a peculiar tone in her voice. I didn’t understand. Then, another Davis Realtor called and asked if this was one of those “games” that Realtors in the City of Davis apparently play or he thought they did. Due to no entiendo, I asked for clarification. What “game” is played by Realtors in the City of Davis, I asked?
I’m certainly not playing a game. Oh, you know, the Davis Realtor explained. You put the home on the market, take it off the market and then buyers call you directly (so you double-end the transaction). That had not occurred to me, probably because it is unethical. Anybody who knows me knows that is not how I operate. In fact, I prefer single representation. But apparently, in the close-knit community of Realtors in the City of Davis, real estate is, let’s say, different.
Maybe it’s my title and escrow background that makes me naturally inquisitive. I used to search title and liens for First American Title in the early 1970s. Uh, oh, I almost typed that date as 1907. Transposing the digits would probably no difference to most people; whereas to me the 1970s seems like it wasn’t all that long ago, but further down the path than, say, 1990s. Although the 1990s was yesterday, you know, and I still haven’t adjusted to the 2000s. What, what, new millennium?
My how time flies when we are researching the history of property through the Sacramento MLS. The MLS provides access to other links containing essential data ripe for exploring through other companies as well.
One can learn so much by looking at history. For example, when I take a new listing, I will study how many times it has been listed before and by whom and when. I pay particular attention to the Days on Market. Those days on market could become mine. I might not differentiate much between the 1970s and today but I do recall — without question and with superior clarity — what the real estate market was like in any given time period since then, let’s say, 2004. If I spot a home that sold in 2004, and it was on the market for longer than a few weeks, there was most likely something wrong with the listing.
Then I have to figure out the defect. Was it price? Location? Condition? Agent expertise? I blow the dust off the comps from back then, flip through the photos, pull up the agent’s license and background. If I see that the home has been withdrawn from the market repeatedly during all sorts of real estate markets — including hot and cold real estate markets — then it might be a seller problem. I have to ask myself if I want to take on that kind of problem. I love challenges. I thrive on challenges, actually, but I try to draw the line at working with assholes and crazy nut jobs.
I recently skirted one such situation. A seller called, seemingly desperate to sell a couple of homes in South Sacramento. The prices she wanted were out of the realm of reality but I sometimes agree to take overpriced listings if other factors are compelling. Let’s just say during my discovery phase, not one of the other elements was compelling. Nada. So, those potential listings were not listings. It was an exercise in futility and, while the 1970s might not seem like that long ago, one would hope that I have learned a thing or two along the way. Experience is invaluable.
We count on things in our life to always be there for us and never change. To work when we expect them to work. But that’s not how life works. Stuff goes wrong. People let us down; they die.
But Sacramento short sales can go on practically forever. I have a few I’ve been working on now for more than a year. A short sale doesn’t die. It doesn’t blow up. It doesn’t just go away and, in some cases, the short sale bank won’t even file a foreclosure notice. It’s not having the Notice of Default filed that can keep a short sale alive and pumping out blood long after the arteries have been sliced.
This is the little known secret that agents don’t realize. Once a bank says NO to an agent, many will give up. Not this Sacramento real estate agent. I keep on pushing until either the seller collapses from exhaustion or the bank says: All right, you got it. Here is your short sale approval. Few sellers are outright rejected in this day and age. This is not 2005, Dorothy.
If you want to work with a Sacramento short sale agent who has closed hundreds of short sales, call Elizabeth Weintraub at 916 233 6759. I really doubt you will find an agent in the Sacramento Valley who knows more about short sales.