market conditions: Favorite aspect of being a Realtor?? - 08/19/08 09:37 PM
I generally do not include information about my specific clients on this blog, however in this case I will make an exception. If ya'll recall, a few months back I was interviewed by the AP for an article about the current state of the real estate market (specifically regarding foreclosures and … (1 comments)
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market conditions: Indymac Federal Bank is born... - 07/11/08 07:01 PM
So I was going about my business this afternoon, actually writing a blog about the June 2008 Real Estate stats in Sacramento (which I just posted), when suddenly I had 5 or 6 emails right around 4:10pm regarding the fate of Indymac Bank. Can't help but post something about it...it's pretty … (2 comments)
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market conditions: June 2008 Sacramento Real Estate Stats - Sales & Pendings Up again! Inventory continues decline! - 07/11/08 06:15 PM
The numbers for June are out, and for the SIXTH STRAIGHT MONTH, listing inventory is down, and pendings and solds are up! After a full 6 months, I think we have enough data now to say that this is a trend. Cool beans.
Couple other comments about the numbers...while overall the … (0 comments)
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market conditions: Sacramento County - Pendings UP! Closed Sales UP! Inventory DOWN!! - 06/11/08 11:54 PM
Demand in Sacramento County is remaining consistent...inventory is decreasing. In Sacramento County as a whole, based on these figures there is 4.8 months of inventory on the market currently. 6 months of inventory is regarded as a market with buyer/seller equilibrium...hmm...Couple other stats...REO's represent a large percentage of the inventory and … (0 comments)
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market conditions: I've been quoted in an Associated Press article about Foreclosures!! - 06/06/08 04:21 PM
Last week I was interviewed by a journalist with the Associated Press. I get interviewed about once a week because of my high search engine rankings, but this is the first time I have actually been quoted in an article...at least that I actually know of! The journalist mis-quoted me a … (8 comments)
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market conditions: Sacramento County Drops Assessed Value on 85,000 Homes - 05/22/08 10:07 AM
As I mentioned on my radio show on Monday night, the Sacramento County Tax Assessor is lowering the assessed values of 85,000 homes in Sacramento County via Proposition 8. To read the press release, click here.Residents should start receing notificiations very soon that their 2008-2009 (issued in October) tax bills will … (0 comments)
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market conditions: Meet Robert Kleinhenz - 05/07/08 12:37 AM
I attended the Sacramento Association of Realtors monthly main meeting this morning. The speaker was the California Association of Realtors Deputy Chief Economist, Robert Kleinhenz. Interesting insights. I wish I could have taped his presentation because he cited so many statistics and graphs. Couple interesting things... The Sacramento market specifically, has … (3 comments)
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market conditions: Property Tax Reassessment - 04/29/08 11:25 PM
Want to make an appeal to get your property taxes lowered? Starting in mid-May, the Sacramento County Assessor's office will be reviewing property values. Under California tax law per Proposition 8), if the market value of your property falls below the Proposition 13 assessed value as of January 1, the Assessor … (3 comments)
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market conditions: Hot Markets... - 04/28/08 02:17 AM
I have gotten into several debates over the weekend, both in person and online (on other blogs and forums) regarding the state of the market in certain areas and price ranges. Folks, the market is blazing hot in nice areas under $300k. Allow me to illustrate...above is a Trendgraphix chart that … (1 comments)
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market conditions: March Statistics - 04/15/08 02:51 PM
Exciting stuff...the March stats are out, and pendings have substantially increased over last month (which was substantially up over the prior month too). In March, there were 2,311 pending sales. Compared to February's numbers, that is about 50% MORE pending sales. Overall listing inventory decreased slightly, but is still higher than … (0 comments)
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market conditions: Purchase foreclosure = tax credit? - 04/15/08 02:43 PM
Looks like there is a new bill out there making its way through the Senate...one of the elements of the "Foreclosure Prevention Act of 2008" is offering a $7k tax credit (spread out over two years) to those folks who purchase a home in the process of foreclosure or that has … (0 comments)
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market conditions: The Death of 100% Financing... - 01/11/08 07:07 PM
100% Financing is on its deathbed. I predicted this in a past blog a few months ago (click here), and I hate to say it, but we are returning to the world of a minimum of 3 - 5% down. Speaking with my go-to loan officer the other day, it appears … (7 comments)
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market conditions: Sacramento - November 2007 Statistics - 12/11/07 05:54 PM
The November numbers just came out...I wish there were enough space on this blog to post all the graphs that show what our market is doing, but unfortunately there just is not enough. If anyone wants me to email them all of the graphs showing price per square foot, inventory, days … (4 comments)
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market conditions: Want to buy a Firehouse?? - 11/24/07 08:29 PM
Well if you do, you may be in luck!! The Sacramento Metropolitan Fire District is receiving sealed bids for Station 110 at 1616 Mission Avenue near Arden Way. The station has been closed for about a year, and per local guidelines has to be offered to other state and local government entities first. … (1 comments)
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market conditions: California ARM borrowers get some good news... - 11/21/07 07:35 PM
Arnold Schwarzenegger and the State of California made a deal with Countrywide, GMAC, Litton Loan Servicing, and HomeEq to freeze interest rates for homeowners meeting certain criteria...the owner must occupy the property as his/her primary residence, must be current on their mortgage payments, and must be able to prove that they … (5 comments)
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market conditions: October Inventory Stats - Sacramento, CA - 11/14/07 01:07 PM
Last month around this time I published inventory charts for Sacramento County. Good news: inventory went down last month. I can tell you from my own personal experience that at the same time listing inventory is decreasing, buyer interest has been increasing. In the last two weeks alone, I have had … (0 comments)
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market conditions: More fun Charts... - 10/15/07 08:30 PM
Before I could log off after my last post, I got an email asking for the housing inventory trend over a larger period of time...That I can post! Here is the 5-year inventory chart for Sacramento.
I do have the full market report Trendgraphix/MLS reports, but they are miles long and … (0 comments)
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market conditions: Current Inventory - 10/15/07 08:28 PM
Ok...so the September statistics are out. While the actual number of resale homes on the market dropped, closed and pending sales are also substantially down in Sacramento County. Based on the current numbers, there is 15 MONTHS of resale inventory on the market! The chart is pretty compelling! This is a … (0 comments)
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market conditions: Good Old Benny Boy!! - 09/21/07 07:12 AM
Ben Bernanke just surprised many by dropping both the Fed Funds and the Discount Rate by .5%. It's too soon to tell how this may impact mortgage interest rate. My thought is that this is more of an economic booster than anything, but if I were a bettin' woman my money … (0 comments)
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market conditions: Ask Erin: What should I offer? - 09/07/07 12:49 AM
I am constantly asked what a good first offer on a property should be. Unfortunately, there is no good blanket answer to this question, because the strategy regarding each individual property should differ depending on the property in question itself, where it is located, the recent comparable sales data, it's asking price, … (0 comments)
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market conditions: More on Market Conditions... - 08/28/07 05:40 AM
According to the Sacramento, California and National Associations of Realtors, in the last 25 years, homes in Sacramento have appreciated 7.4% per year on average, with several periods of ups and downs during that time. This latest uptick here was fueled largely by historically low interest rates, migration to Sacramento from … (0 comments)
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market conditions: Loan Programs are Disappearing - 08/28/07 05:38 AM
FYI folks, if you are planning on putting less than 10% down, if you have a credit score under 700, if you have income that is not documented (or not at a consistent level over the last few years), or any combo of these, you may wish to accelerate your purchase … (0 comments)
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market conditions: Home Front: In some spots, house sales just ZIP along - 07/20/07 03:37 PM
There is a great article in the Sacramento Bee today. Look people, despite all the mass media doom and gloom regarding the Real Estate market, many areas in Sacramento (and surrounding counties too) are still doing really well!!! The areas that are suffering the most are those where new home construction … (0 comments)
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market conditions: Before & After... - 07/12/07 01:04 PM
Well the June stats just came out...total inventory keeps climbing. I thought it might be fun to take a trip down memory lane by showing the current inventory stats as compared with stats June 2004.Behold! The top chart shows inventory from April 2003 - June 2004...a seller dominated market. The bottom … (0 comments)
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market conditions: Length of time on the market... - 06/22/07 11:17 PM
Sellers especially are always asking me what the average length of time a home will sit on the market is... well here is the answer for all of Sacramento County. Keep in mind, these stats are averages, and your home's DOM (days on market) will vary due to many factors like … (0 comments)
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market conditions: Lots of listing inventory... - 05/11/07 11:06 AM
Wow...check out the listing inventory by month through the end of April...this chart represents single family homes in Sacramento County. The number of homes on the market is creeping back up in its typical summer fashion, but take note at the levels from April 2006. There were over 1700 more homes … (0 comments)
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market conditions: Fed leaves interest rates unchanged... - 05/10/07 04:12 PM
Looks like the Fed has decided not to raise interest rates [insert here a collective sigh of relief from Realtors, loan officers, buyers, and sellers everywhere].For the seventh straight meeting, the nation's independent central bank on Wednesday decided to make no change in interest rates. It's been this way for almost … (0 comments)
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