After Christmas Real Estate Sale

I've only been in residential real estate for three years (I was in commercial for three years prior), but I've noticed each January it's like an after Christmas sale for real estate. There's this rush to buy homes and everyone is out shopping. I thought maybe I'd have a chance to get some buyers into contract who keep getting beat out by multiple offers over asking price on homes, but no.

We are still getting beat out. These same clients are now offering well over asking price. We'll see if that works. Fingers crossed.

Real Estate Predictors are no Nostradamus

While reading the Sacramento Bee's synopsis of real estate predictions over the past year, it was comical to see how positive everyone was. The Bee did an article showing each prediction and then what actually happened. Almost all of the predictors thought we would be out of this economic housing mess by early 2009 at the latest.

Well, we are no where near out of it. Let's see how this year's predictions go.

2008 was a Doozie in Real Estate

For some reason, I stopped writing in my blog back in July. I'm not sure why -- lazy, the crazy market revealing the same things, I don't know.

Anyway, I'm back with a recap of 2008. All year long, those in the real estate business, kept saying we had hit the bottom. I said it too. Now those in the know are saying mid-2009 will be the bottom. I don't buy that either. I think due to higher unemployment and mortgages that will continue to reset, we are looking closer to 2012 for this whole mess to be over and back to a stable market. It's not a bad market, but it's definitely a sad market for those going into foreclosure due to job loss, adjustable rate loans, relocation and other hardships.

Of the listing appointments I go on, the majority are for short sales. Homeowners who are upside down on their mortgage and unable to make their payment due to some hardship. The stress and anguish these sellers go through can be unbearable. Many of these sellers shed tears during the appointment. It's heartbreaking. No one wants to lose their home. It's a family's one safe place and when you lose that safe place, the bottom falls out of your world. I can only imagine how hard that must be.

I really want to see the end of the market, but not only because I'd like to make a better living, but because it's just so sad. This sadness trickles down just as our "boom market" trickled up.

Here's to a new beginning in 2009.

The Bottom of the Market

Industry experts are starting to speculate whether we are at the bottom of the housing market. These same experts also say that we won't know for sure when the bottom of the market is until 6 months after it bottoms out. However, I'm sensing we are getting close. And by close I'm guessing next spring. For the first week in well over a year I have noticed that the "Notice of Defaults" for Sacramento County has dropped from the 500-600 range to the 200-300 range, and that's good news.

We still have issues with people qualifying for loans, but word is getting out that to get a house, you need to save money and fix your credit. Those buyers who are serious and have been saving money, will soon be poised to get a great deal on a home. Call me :0)!

It's a Seller's Market?

The media is still calling this a Buyer's market, and in some cases it is. However, if you're trying to buy a bank owned property, it's a seller's market. Banks are pricing their listings at rock bottom, which is bringing in multiple offers. A client called and wanted to look at a home that was just listed for an incredible price in Elk Grove, I checked with the agent and it had 17 offers. SEVENTEEN! Sellers of "normal sales" of homes are begging for just one offer, but those homes are overpriced.

So if you're a buyer and making offers on bank owned homes, don't lowball...the bank won't even acknowledge you. Also, be patient, your home is out there and when it's supposed to be yours, that's the house you'll get.

Did You Buy Your Sacramento County Home Between 2004 and 2006?

If so, you could be eligible for a property tax reassessment on your home. The County recently sent out letters to many homeowners regarding the lower property values and the resulting lower tax assessment. Our home has gone down, according to Sacramento County, $107K -- actually it's lower than that, but I'm not going to argue with a reduction of my property taxes in any form.

If you feel your home has lowered in value since you bought it and still have yet to receive a letter stating so from the County, you can do so online at: http://www.assessor.saccounty.net/DeclineinValueReassessments/default.htm

Losing a Home is More Than Just a Crazy Loan

In the past couple of months I am meeting more and more homeowners who are on the verge of foreclosure and it has nothing do with adjustable loans. These are people who are unable to make the payment on their 30-year-fixed mortgages. These are people who are finding themselves in tough times, many of which have lost their jobs and are unable to get new ones. Our economy is worse than the we think.

It is heartbreaking for a Realtor to see a client lose a home you represented them in buying. You remember that exciting day of handing them over the keys, never once thinking that they could lose that home in the future. But, now you end up trying to help them lessen the blow to their credit and offer to try to sell it before the bank takes it back. There really is no silver lining in losing your home. Just another of life's crappy lessons.

I'm really looking forward to our Sacramento Region getting out of this foreclosure mess and back to a nice stable housing market.