sacramento real estate
How California fires are affecting Sacramento area real estate is a timely and brilliant blog. It is written by our exclusive buyer’s agent, Josh Amolsch. Enjoy, — JaCi Wallace.
I have realized over the years that things that are obvious to me are not always obvious to other people, and vice versa. We all live in our own little bubbles or “echo chambers” as I heard someone once say. We live “our own truth”, a sad but true reality for the misled.
If you were to ask my dentist how California fires are affecting Sacramento real estate, he might tell you that homes are sitting on the market longer right now because buyers don’t want to go out in the smoke to see homes. Well, no. Homes are flying off the shelf as if they were the mad rush in March 2020 for toilet paper. People don’t seem to care about the smoke-filled skies right now when it comes to buying a home. A steady stream of buyers keeps on coming in from the Bay Area. Since companies have found out that their employees can work from home, it seems they are taking advantage of that momentum. Boy, some commercial real estate is going to take a hit due to the lack of demand for brick and mortar.
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.
It takes a village to close a Sacramento escrow is a blog previously written by Elizabeth Weintraub. I have included an excerpt in italics below as this is a broad stroke topic that deserves more dialogue.
Before the escrow begins we have the title officer order a Preliminary Title Report. We order the natural hazard report. Next, our pest and roof report. To sell a home as-is, for me, if the reports are upfront, then they know what they are buying. I’ve always practiced real estate this way for 25 years and it has never been a problem. Let me say though that this is not the only way to practice. Some agents order no reports and, in fact, do not want to know anything and that is just as correct. It’s all a matter of the path you feel confident using.
How do Sacramento appraisals work? Appraisals are something that is always interesting to talk about. This excerpt below was provided from a blog, which Elizabeth wrote some years back. It got me to thinking about the various appraisal challenges we have had. A great subject to write about today for our blog.
One of the actions we take to assist with the appraisal process is to provide the comparable sales that support our list price. When our listings go pending we change showing instructions to not reflect a lockbox. This ensures the appraiser calls us to get in so they can’t enter without us. As if they can get in and out they may leave with very little information and then a low appraisal. Additionally, we provide the appraiser all the upgrades and features that support our list price. Many appraisers want to bring the value in however, without the added information we provide the appraisal can come in below the sales price. What does a low appraisal mean to a seller? A topic for another blog, the impacts of a low appraisal in escrow.
Will discount internet real estate brokerages replace local Realtor experts? We recently took a listing as a seller found us online. She had previously been on the market three months. Poor seller made the mistake of hiring a discount internet Realtor.
She said they told her to buy a vendor combination key box, and she made flyers and showed the property. The property sat for these months while the seller made three house payments, paid HOA fees, utilities and maintenance costs. These ongoing expenses were triple the amount she potentially would have saved. If a property doesn’t sell with a discount brokerage, it doesn’t mean much. Happens a lot.