New Homes Gaining Traction

With the difficulty of getting buyers into resale homes, I now have two clients who swore they didn't want a new home, about to be in contract on a new home. The prices are definitely higher than resale, but it's a new home.

So if you thought there was no way you'd do a new home, maybe give it a thought. But take your Realtor with you on your first visit or else they are unable to help you. It's just one of the new home sale quirks.

Fall Pool Party and Open House Sunday

There's still some nice weather to be had for a pool party!

Welcome to this newly listed and mint condition home at 3237 Hornby Island Street in West Sacramento's Southport neighborhood. This Sunday from 11-2 there will be an open house to view this fabulous property,which features 2,772 square feet, 4 bedrooms, 3 full baths, a spacious loft and lots of upgrades from stone counters, wood floors, crown molding, patio cover, master bedroom balcony, downstair bedroom, and much, much more.

For property specifics, visit: http://3237hornbyislandst.blucb.com/

Put in Pool Fence before Moving In

Today in the Sacrament Bee was a very tragic story about a father and son who drowned in the pool of a home the family had lived in only weeks. Neither the father nor the 2-year-old son could swim. The father drowned trying to save his son. It's such a senseless tragedy that could have been prevented by a pool fence.

My heart goes out the mom/widow and their family.

Visit Hawaii in Sac Saturday

As the weather starts to change, add a little aloha to your Saturday by visiting the Sacramento Aloha Festival from 10am to 6pm. It's free, just pay $10 for parking.

For more info, visit: http://www.sacalohafest.org/

Only 57 Homes for Sale in Livermore

I just had a friend email me who was on Realtor.com and it showed only 57 homes for sale in all of Livermore. He wanted to know if it was accurate. I told him, yes, it's likely accurate as the low inventory issue seems to be plaguing not only the Sacramento Region, but also the Bay Area.

At some point, something's gotta give. I hope! More people need to finally get off the fence and list their home. It's a perfect storm to sell -- get a good price for your home and still buy something affordable. Unfortunately, until a significant number of homes are for sale, those selling will have a hard time finding a home to move to.

OMG! 89 Offers on One House

I thought the market was crazy last week when I told buyers to up the ante on their offers. During our weekly office meeting this week, one agent wrote an offer on a property in Elk Grove listed for $140K. The listing agent told her she had 89 offers on the home. Holy offers, Batman!

I thought competing with 20-30+ offers was bad, but with 89 offers, buyers don't have a chance. I've tried to keep a positive attitude with my buyers with the mantra that, "somebody has to get the house, why not you!" That means there are still 88 buyers at that price point who still don't have a house. Bummer.

Deadline to Register to Vote

If you're not registered to vote, the deadline is October 22.  This year you will not be able to register on election day.

To register online to vote in California, visit Rock the Vote:
https://register2.rockthevote.com

Buyers Need to Get Serious with Offers

The market has once again changed how buyers who need a loan need to write an offer to get into contract. In Sacramento County we have less than 1 month supply of inventory. Many properties are getting upwards of 30 offers -- no exaggeration. This is unprecedented even in the hey day of the boom of 2005. A healthy market has an inventory of 3 to 6 months. To say this is a seller's market is an extreme understatement.

The typical buyer/seller fees and contingencies are out the door if a buyer wants their offer accepted. It takes the typical buyer a few rejected offers to finally be willing to write a strong offer -- especially a first-time buyer.

Here are some tips for getting an offer to even have a chance of being accepted:

1) Offer a purchase price that is your highest and best; don't  hem and haw over $5K, just do it as it doesn't make that much difference in your mortgage
2) Increase the earnest money deposit well over the typical 1% to 2-3% or more
3) Ask for nothing -- no home warranty, no pool table, no chandelier that was explicitly stated in the listing doesn't stay
4) Pay for everything -- escrow, title policy, transfer taxes
5) If possible, make the offer non-contingent on the appraised value

I know all this seems like lunacy, and it is; however, it's the only way to even have a chance at this market with very little inventory and not buying with cash.

Tips for Lowering Your Property Taxes

Great article from the Mercury News on how to get your property taxes lowered:
http://www.mercurynews.com/real-estate/ci_19829800

Help for Unemployed Homeowners

Fannie and Freddie are looking to give some assistance with delayed foreclosure for distressed homeowners, among other help.

For more info: http://www.nytimes.com/2012/01/22/realestate/mortgages-a-reprieve-for-unemployed-borrowers.html?_r=2&ref=realestate

Chase and Wells Fargo to Shorten Foreclosure Timelines

This is important info if you have a distressed loan with Chase or Wells Fargo.

For more info: http://realtormag.realtor.org/daily-news/2012/01/24/2-big-banks-slash-foreclosure-sale-timelines&WT.cg_n=RMO&WT.cg_s=RSSDaily?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DailyRealEstateNews+%28Daily+Real+Estate+News%29&utm_content=FeedBurner

So Many Buyers So Little Homes

If you're a buyer, it's tough out there. If you're a seller and your home is priced right, you will receive multiple offers over asking price. We have 1.8 months of inventory, which is a sellers market. This means it would take only 1.8 months to sell everything listed for sale if nothing else came on the market. A neutral market for both buyers and sellers is between 3 and 6 months of inventory. Our inventory goes down each month.

This doesn't mean buyers aren't getting homes, they are. But, it's a bit of a challenge. If you're a buyer, be patient -- your house is out there.

Great Wachovia Fast Track Short Sale

98 Summer Rim Circle, Sacramento

Property in mid-remodel just waiting for your finishing touches. Home features recently remodeled kitchen with quartz counters, newer cabinetry, and all stainless steel appliances; recently installed laminate flooring throughout living/dining room and all bedrooms; newer dual pane windows throughout; 4 years new roof; and partially removed popcorn ceilings in hall, kitchen and bedrooms.


More info: www.ScottAndKimSellHomes.com

BofA Distressed Borrower Outreach

For homeowners who have a distressed loan with Bank of America, there is a free three-day workshop being held next Thursday to Saturday at the Sacramento Convention Center.

For more info: www.bankofamerica.com/outreachevent or call 855-201-7426

Caifornia has Money for Distressed Homeowners

For homeowners who need help, California wants to help. If you own or occupy your home and have suffered a hardship, Keep Your Home California can provide help.

For more info: http://keepyourhomecalifornia.org/

New Listing: Fantastic Van Ruiten Ranch Home

Welcome to the ultimate entertainment home that is truly move-in ready with over $100K in upgrades inside and out. Home features great room concept, birch wood floors, granite counters, stainless steel appliances, wine fridge, designer paint, wrought iron light fixtures and mirrors, custom built-in entertainment center and office desk, remodeled master bath with custom built-in walk-in closet. Backyard is fully landscaped with pool, built-in BBQ/fridge in granite, gas fire pit and covered patio.

For additonal info:  http://www.postlets.com/repb/6403256

Our website: http://www.ScottAndKimSellHomes.com

Could This Maybe, Kinda, Sorta Be the Bottom of the Market?

Looks like we could be at the bottom of the market. Experts are forecasting as slight 1% increase in home sales next year and a 1.7% increase in prices. It's small, but at least it's up. Of course, we'll never truly know we've hit the bottom of the market until about six months after it's passed.

Visit, for more info: http://www.bloomberg.com/news/2011-09-20/california-home-sales-to-climb-1-next-year-realtors-forecast.html


For real estate info, visit: http://www.scottandkimsellhomes.com

CA Department of Real Estate Consumer Help

The California DRE has created booklets to help consumers navigate the real estate world. With topics that include:

"Finding the Right Real Estate Agents: What You Should Do"
"Preventing Real Estate Fraud: How to Protect Yourself and Your Home"
"Surviving the Escrow Process in California"
"Loan Modification Self-Help Guide"
"Financial Sense to White Picket Fence"

For more info and downloading booklets, visit: http://www.dre.ca.gov/cons_home.html

Also visit for additional housing market info: http://www.scottandkimsellhomes.com

Help for Vets Buying First Home

The Pentagon Federal Credit Union is providing financial assistance up to $5,000 to Veterans or active duty military members to buy their first home.

For more info: http://www.pentagonfoundation.org/site/PageServer?pagename=dream_index

Free Shade Trees

Doesn't a free shade tree sound good now that we are in the dog days of summer. Our local SMUD is celebrating 20 years of free shade trees.

For details, visit: savewithsmud.org