The El Dorado Chapter of Women's Council of Realtors will be hosting our 6th Annual Grape Escape Event Friday, May 8th, 2009 - 5:30-9:00PM at Mercedes Benz of El Dorado Hills. We will have local food and wine vendors, live music, and a silent auction.
This year we will be benefiting Family Connections - "Strengthening Families and Enriching Communities" and CASA - Court Appointed Special Advocates.
Tickets may be purchased as Lyon Real Estate in El Dorado Hills, 3900 Park Drive- $25 each.
This is a wonderful event and well worth the time and effort. Please join us.
For more information contact: Nancy Murphy 530.957.1950 or Judy Hawkins 916-955-2198
As a local realtor I am hearing reports from clients and friends about their refinancing difficulties and many are due to our decline in values. That is an issue all of us as homeowners are facing refinance or not. I decided to find out what can be done as far as having our property taxes reassessed to reflect our current values and at least help lower our property taxes. I contacted the El Dorado County Assessors Office directly and here is what I found out.
Our taxes we are paying now are based on the values from January 08. They will base 2009-2010 taxes on the value as of January 2009. The assessors office will be looking at homes purchased 2003 or since. They believe any home purchased before that time is still in the black and worth more than their current assessments. If you did purchase in 2003 or since you will need to fill out their online Decline in Value Request Form. You can find that at http://co.el-dorado.ca.us/assessor/prop8form.asp. Include in the comments what you believe your home is worth. They will be using their own comps for now to assess our properties. However, if you have had an appraisal recently, explain that in the comments and then fax your appraisal to 530-642-8148. Make sure to include your parcel number at the top of the page. They will be closing the tax roll for this year on June 30th so you absolutely need to have the above form in to them by then. I would suggest not waiting. It took me about three minutes to fill it out and that included finding my latest property tax statement so that I could enter my parcel number.
I can't guarantee that taxes will be reduced for you, but we won't know if we don't try. We should get the notice of assessment in the summer and will then be able to ask for an appeal if you are not satisfied with the outcome. This information is for El Dorado County. If you have properties in Sacramento County, Yolo County, and Placer County you will need to check with the assessors offices there as to what they require and their time lines.
Beware of scams to help you get your property reassessed for a fee. By contacting the assessors office yourself you should be able to handle it at no charge.
While our Lyon office is buzzing lately with activity and it is such an amazing time to buy, like this month"s Trendgraphix report states, our inventory is very low. With the moratorium on bank foreclosures, unfortunately what is still out there is either in very bad shape or is selling in a matter of days with multiple offers. I'm not sure how our officials are thinking this will help. Most of us in the real estate world just want to see what we have and get them out of the way. It feels like it is just postponing the inevitable.
Along with our newest Trendgraphix, I am including a Price Trend and Surplus Analysis that is through February and shows the cumulative per square foot growth since January 2001. For most areas in our region, we are almost back to those 2001 prices. For El Dorado County our homes are still comparing in value to the 2005 prices.
The monthly Trendgraphix report can be viewed on my website at DeeDeeRiley.com by clicking on the link in the left collumn. The Price Trend Analysis report is updated periodically for our Lyon agents. To see the latest update, please email me at driley@golyon.com. Feel free to contact me with any questions on either of these reports.
TRENDGRAPHIX MONTHLY REAL ESTATE REPORT
Bank Owned Inventory is running out
"It may only be a product of the many moratoriums on REO sales, that has dropped inventory levels down to just one month and below a month for pending sales which have jumped 24%," said Michael Lyon, CEO of Lyon Real Estate. "The average REO sold price is hovering at $180,000 for the last three months. Even more profound is that the price per foot for REO's in Sacramento County has dropped below $100/ft to $ 99/ft. Interest rates are below 5%, first time buyer tax credits and REO inventories that are being absorbed as fast as they reach the market are changing the market faster than anticipated. Let there be no misunderstanding about the REO market, we feel there will be as many REO sales this year as last. The difference is the drastic drop in prices and very low interest rates have made for an ideal buyers market. Jumbo mortgages above $700,000 which were very hard to come by are slowly becoming available as Lenders decide that they have enough money to lend. There still no secondary market for these loans so the Banks have to keep them on their books, but many banks feel a 6% to 7% asset on the books is not a bad investment."
TRENDGRAPHIX latest report shows that sales increased 10 percent during the month of March for the Tri-County region of Sacramento, Placer and El Dorado Counties. March 2009 sales were 43 percent higher than March 2008 sales. Pending sales increased by 35 percent from February to March 2009. March 2009 inventory of 7,739 homes for sale is 37 percent lower than March 2008 inventory. This is a 49 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales increased 7 percent from February to March 2009. Inventory decreased 7 percent during the month of March. Pending sales increased by 33 percent in the month of March. 61 percent of the homes sold for under $200,000; 34 percent of the homes sold for between $200,000 and $400,000; and 5 percent of the homes sold for over $400,000. The average price per square foot decreased by 2 percent during the month of March to $113.
Placer County sales increased by 32 percent and inventory decreased by 3 percent during the month of March 2009. Pending sales increased by 49 percent from February to March. 15 percent of the homes sold for under $200,000; 65 percent of the homes sold for between $200,000 and $400,000; and 20 percent of the homes sold for over $400,000. The average price per square foot decreased 1 percent during the month of March at $148.
El Dorado Countyshowed a 7 percent increase in sales from February to March, and the inventory increased by 2 percent from February to March. Pending sales have increased 29 percent during the month of March. 17 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 34 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of March to $163.
Yolo County showed a 57 percent increase in sales for March and the inventory decreased by 10 percent. Pending sales increased 17 percent during the month of March. 42 percent of the homes sold for under $200,000; 42 percent of the homes sold for between $200,000 and $400,000; and 16 percent of the homes sold for over $400,000. The average price per square foot increased by 11 percent during the month of March to $142.
Nevada County sales have decreased by 34 percent during the month of March, and inventory increased 5 percent. Pending sales increased by 30 percent. 0 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 57 percent of the homes sold for over $400,000. The average price per square foot increased by 2 percent during the month of March at $192.
San Joaquin County sales have increased by 19 percent during the month of March, and inventory decreased 16 percent from February to March. Pending sales are up 36 percent. 50 percent of the homes sold for under $200,000; 42 percent of the homes sold for between $200,000 and $400,000; and 8 percent of the homes sold for over $400,000. The average price per square foot decreased 5 percent to $91 in March.
Every month, at Lyon Real Estate, our CEO Mike Lyon releases a report on the statistics from the previous month's sales for six counties in our Sacramento region. These statistics come from our Trendgraphix tool and are available to us as Lyon agents. Here is this month's report as well as a table I put together to break down some of the areas within these counties to back up my "Real Estate is local" affirmation. There is a link on my website for this report that I update monthly around mid month.
TRENDGRAPHIX MONTHLY REAL ESTATE REPORT
BROUGHT TO YOU BY
Lyon Real Estate
March 9, 2009
Banked Owned Inventory Declines 20%
"Bank-Owned (REO) Inventory has declined 40% and ‘Solds' have increased 84% since February 2008," said Michael Lyon, CEO of Lyon Real Estate. "There has been a 20% drop in REO inventory in just the last 30 days in our region. With state moratoriums and enticements of federal aid, the general feeling is that a lot of REO inventory has been delayed entering the market. Meanwhile, the non-REO market above $500k has seen a 6% increase in inventory and a 37% drop in sales, when comparing February over January 2009. It's likely that financing constraints are now affecting upper-end market sales and inventory."
TRENDGRAPHIX's latest report shows that sales decreased 5 percent during the month of February for the Tri-County region of Sacramento, Placer and El Dorado Counties. February 2009 sales were 44 percent higher than February 2008 sales. Pending sales increased by 4 percent from January to February 2009.
February 2009 inventory of 8,136 homes for sale is 35 percent lower than February 2008 inventory. This is a 47 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 4 percent from January to February 2009. Inventory decreased 5 percent during the month of February. Pending sales increased by 3 percent in the month of February. 61 percent of the homes sold for under $200,000; 33 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot decreased by 1 percent during the month of February to $115.
Placer County sales decreased by 14 percent and inventory increased by 2 percent during the month of February 2009. Pending sales increased by 7 percent from January to February. 10 percent of the homes sold for under $200,000; 65 percent of the homes sold for between $200,000 and $400,000; and 25 percent of the homes sold for over $400,000. The average price per square foot increased 1 percent during the month of February at $149.
El Dorado Countyshowed a 13 percent increase in sales from January to February, and the inventory decreased by 1 percent from January to February. Pending sales have increased 4 percent during the month of February. 18 percent of the homes sold for under $200,000; 49 percent of the homes sold for between $200,000 and $400,000; and 33 percent of the homes sold for over $400,000. The average price per square foot increased by 2 percent during the month of February to $165.
Yolo County showed a 12 percent decrease in sales for February and the inventory decreased by 10 percent. Pending sales increased 18 percent during the month of February. 46 percent of the homes sold for under $200,000; 47 percent of the homes sold for between $200,000 and $400,000; and 7 percent of the homes sold for over $400,000. The average price per square foot decreased by 12 percent during the month of February to $128.
Nevada County sales have decreased by 9 percent during the month of February, and inventory increased 6 percent. Pending sales decreased by 10 percent. 7 percent of the homes sold for under $200,000; 48 percent of the homes sold for between $200,000 and $400,000; and 45 percent of the homes sold for over $400,000. The average price per square foot decreased by 4 percent during the month of February at $188.
San Joaquin County sales have decreased by 18 percent during the month of February, and inventory decreased 8 percent from January to February. Pending sales are up 3 percent. 48 percent of the homes sold for under $200,000; 43 percent of the homes sold for between $200,000 and $400,000; and 9 percent of the homes sold for over $400,000. The average price per square foot decreased 1 percent to $96 in February.
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In regards to the bank owned properties, the banks are lowering the prices to whatever they need to in order to get a home sold. For example, if a home is trashed or "a real fixer upper", it will tend to sit as the average buyer is afraid to take on big projects. The bank just wants it off of their books and keeps lowering and lowering a property until finally some buyer takes the chance. Larger bank owned homes tend to sit as well because even though the price per square foot can be extremely low, the total home cost is still more than the average buyer of today is willing to spend or can even qualify for. Again, the bank will continue to drop the price until it attracts the right buyer.
In regards to the non-bank owned, these figures include short sales, which should really be in their own category as well. These sellers have to list their homes to the level of bank owned properties in order to attract buyers due to the difficulties in selling them that has been involved and has given them a bad reputation in the real estate world. They are becoming a significant percentage of the non-bank owned sales and have contributed to the lower price per square foot values.
If you would like some statistics on your zip code email me at driley@golyon.com.
Based on our Lyon Real Estate Trendgraphix, here is a comparision of market statistics for January 2008 and January 2009 for El Dorado Hill, Folsom, and Cameron Park / Shingle Springs. These statistics are pulled from the MLS for our area.
If you would like statistics on a specific zip code in the Sacramento Region, please email me at driley@golyon.com
Alden Way, Roseville, CA - Though not exactly in our Sierra Foothills, I just listed this home and it is in such a great location, still in our Sacramento Valley, so I had to blog about it. This little single story home was built in 1998 by Cresleigh Homes on approximately .15 acres in a wonderful neighborhood where it is convenient to the Galleria Mall and the newly opened Fountains Mall, (approx. 1.2 miles or 4 minutes), Hewlett Packard (2.9 miles or approximately 9 minutes, Sutter Roseville Med Center (2.3 miles or 7 minutes), and an award winning elementary school (.2 miles or 53 seconds). These distances and times are by car, of course. This charming home has 3 bedrooms and 2 bathrooms, within its 1537 square feet. The 10 foot high ceilings and bright, open floor plan give it a much bigger feel. It is meticulously clean and has been newly painted so it is move-in ready for you to make your home or buy as a rental. This great find is listed at $295,000. Please email me for more information, pictures or to arrange a showing.
As realtors, we are hearing more and more about rental scams taking place. We were just made aware today of a scam that occurred with a listing in one of our local Lyon Real Estate offices. The scammers pulled property information, including pictures, from the MLS and posted an ad on Craig's List. An interested party drove by the property prior to submitting a deposit and saw the Lyon listing sign in the front yard. The prospective tenant then called the listing agent's number on the sign to inquire why the home was for sale if it was being rented. The listing agent then put the woman in touch with the homeowners and the scam was uncovered.
These kinds of scams are becoming more and more popular, especially with vacant properties. We have also heard of scammers taking deposit money on homes that are bank owned from people intending to rent.
Consumers should never make an upfront payment or deposit for rent unless they're confident that the person advertising the property is the property owner or has legal authorization to advertise the property, i.e. the property manager.
I did a quick search on Google.com where I found several articles on these kinds of scams. It is a shame that we have to worry about such things but we do. Please beware- Realtors, Homeowners, Renters.
Though our holidays have given us a little distraction, life has gone on in real estate in much the same fashion it has been going. Inventory is down, home values are down, interest rates are down. Sales are up however, so at least things are moving along. It is still a great market for buyers.
At Lyon Real Estate we have exclusive rights to a program we call Trendgraphix. Our statistics are pulled each month and analyzed. Our CEO, Mike Lyon, then issues a report based on the these statistics. The latest Trendgraphix Press Release reports:
A Buyer's Bonanza!
$200k Market sees prices below $100/sq.ft.
"It was just a few months ago that we saw the <$100k home market drop below $100/sq.ft," said Michael Lyon, CEO of Lyon Real Estate. "Now bank-owned (REO) properties in the $200k bracket have fallen to $95 a sq.ft., with non-REO listings close behind. Inventory for homes under $200k have risen and this market segment now represents 44% of the total Four County inventory. Our region has become a buyer's bonanza now that interest rates have fallen into the 5% range.
The flip side is that homes above $750k have seen sales decline by 50% in the last 12 months, as financing has become more restrictive. All price ranges continue to decline in value; the steepest declines occurring furthest away from job markets."
TRENDGRAPHIX's latest report shows that sales decreased 24 percent during the month of November for the Tri-County region of Sacramento, Placer and El Dorado Counties. November 2008 sales were 76 percent higher than November 2007 sales. Pending sales decreased by 10 percent from October to November 2008. November 2008 inventory of 9,541 homes for sale is 32 percent lower than November 2007 inventory. This is a 38 percent decrease for the regional inventory record high of 15,302 set in August 2007.
COUNTY HIGHS AND LOWS
Sacramento County sales decreased 23 percent from October to November 2008. Inventory decreased 7 percent during the month of November. Pending sales decreased by 9 percent in the month of November. 56 percent of the homes sold for under $200,000; 38 percent of the homes sold for between $200,000 and $400,000; and 6 percent of the homes sold for over $400,000. The average price per square foot decreased by 5 percent during the month of November to $124.
Placer County sales decreased by 25 percent and inventory decreased by 6 percent during the month of November 2008. Pending sales decreased by 15 percent from October to November. 9 percent of the homes sold for under $200,000; 68 percent of the homes sold for between $200,000 and $400,000; and 23 percent of the homes sold for over $400,000. The average price per square foot decreased 4 percent during the month of November at $156.
El Dorado Countyshowed a 24 percent decrease in sales from October to November, and the inventory decreased by 8 percent from October to November. Pending sales have decreased 10 percent during the month of November. 10 percent of the homes sold for under $200,000; 47 percent of the homes sold for between $200,000 and $400,000; and 43 percent of the homes sold for over $400,000. The average price per square foot decreased by 5 percent during the month of November to $172.
Yolo County showed a 28 percent decrease in sales for November and the inventory decreased by 12 percent. Pending sales decreased 18 percent during the month of November. 28 percent of the homes sold for under $200,000; 54 percent of the homes sold for between $200,000 and $400,000; and 18 percent of the homes sold for over $400,000. The average price per square foot increased by 15 percent during the month of November to $177.
To make this easier to understand I pulled some additional county statistics together and compared them to November 2007. To prove my point that "real estate is local", I also included statistics for Davis which is part of Yolo County. Davis is holding it's value quite well in comparison to the rest of the county. Granite Bay would be similar for Placer County and Folsom would be similar in regards to Sacramento County.
One last statistic for you to think about - At the end of 1998 the median home price for Sacramento County was approximately $130K and $168K for El Dorado County. Despite what our local economy has been going through these last few years, that is still a 28.6% gain for Sacramento County and a 52% gain for El Dorado County.
This report is available on my website at http://www.deedeeriley.com/ under the Trendgraphix Press Release tab in the left hand column. I update it around the middle of the month when the new report is released. To receive it automatically every month, email me and I will happily add you to my news group list.
Damico Drive, El Dorado Hills, CA - The best price per square foot home today in El Dorado Hills is only $111.48 per foot. It sits in one of the newer Serrano villages on approximately .23 acres with 5 bedrooms, 4.5 bathrooms, and just over 4300 square feet. It is a 2 story with a 2 car garage. There is no back yard landscaping but at this price you could put a yard in that you want and still be sitting pretty as far a a deal. This bank owned home is currently listed at $479,900.
To give you some perspective on the price of this home here are a few statistics for our local area:
Since June there have been 9 homes sold in the Serrano area between 4000 - 4500 square feet with the highest selling at $735K and the low at $600K, a median home price of $678K, and an average square foot price of $163.11.
Looking at our Lyon Trendgraphix statistics for the month of November, in all of El Dorado Hills there were 45 homes sold. Of those, 25 were non-REO and averaged $181/ square foot while the other 20 were REOs and averaged $162/ square foot. Comparing statistics from November 07, sales for all properties in El Dorado Hills is up 36.4% and inventory is down 27%. As inventory decreases we are creating more of a demand, which will evenutally turn our home prices back in the right direction. If you are waiting to buy, don't!
To see more of our Trendgraphix click here. To see all bank owned properties in El Dorado Hills, visit my website and click on the link at the top of the page.
El Dorado Hills, CA - As this is a rather slow time of the year and new inventory on the market is low, I thought I would touch on some of the other "bests" for our Sierra Foothills area. I use to think of myself as a summer person because I love warm weather and clear sunny skies which is typical here in the foothills. I still love summer here, even though it can be too warm at times (106 on the hottest days) throughout the Sacramento Valley. I have, however, come to the conclusion that fall is "the best" season here. We still enjoy clear sunny skies and daytime temperatures in the 70's and low 80's, but there is a definite beauty in the hills this time of year. Our climate allows us trees that have amazing fall color, turning beautiful shades of red, orange, and yellow that stand out against the golden color of the hills and the deep greens of the native oaks. With the hottest days of summer over, our landscape plants are rejuvenated and take on flush of growth that look beautiful as well. Here is a shot taken from the Highland View neighborhood overlooking parts of El Dorado Hills with Folsom Lake in the background. The lake is usually low this time of year but unusually so this year due to the construction of a new spillway near the dam. To see a webcam for this same view visit www.backyardviews.com For my best finds for the El Dorado Hills area visit: www.MyBestOfTheHills.com.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
The El Dorado Chapter of Women's Council of Realtors will be hosting our 6th Annual Grape Escape Event Friday, May 8th, 2009 - 5:30-9:00PM at Mercedes Benz of El Dorado Hills. We will have local food and wine vendors, live music, and a silent auction. 
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