In my December report last year, I noted, "It is interesting to note that in the last seven months preceding December, the median price has not changed that much...The median price took a sizable jump in December to $640,000.  It looks like the spring buying season might be starting early this year."  That was the case until April.  The market was hot and we hit an average price of $703,000 in April, then the market changed on a dime.  The Fed started raising rates quickly, inventories started to rise and prices started falling.     What is the old saying about stock investing?  "Don't fight the Fed!"  It seems appropriate for the housing market as well.  This year is starting quite differently than last year with housing prices headed down and inventories way up.  There is an ongo... 01/18/2023

How (NOT) to Destroy Your Mortgage Approval!!!  Ever wondered about the most common (as well as lesser known) ways mortgage borrowers sabotage their own loan process?  Do they dispute credit items and try to fix their FICO scores? Do they change jobs without telling their lender or broker? Do they mistakenly wire their down payment to a cyber criminal in Russia?  All of the above can be mortgage destroyers --- and not like the KISS kind of Destroyer --- the one that captivated me as a child. So, let's take the mask off the Top 10 ways unsuspecting homebuyers and those looking to refinance encounter the God of Mortgage Thunder.  Don't be next!  Get up, everybody's gonna move their feet!  Rob SpinosaSVP of Mortgage LendingGuaranteed RateNMLS: 22343 Cell/Text: 415-367-5959 rob.spinosa@rate... 12/08/2022

November's Numbers for Elk Grove, CAOur average price for homes last month was up a bit month over month and year over year.  At first, it looks like we have reversed our trend of declining prices.  We may have, but there is a bit more to the story.  The average size of homes sold last month was up just over 11% meaning buyers are getting more for their money. We are also seeing a lot more seller concessions now.  Many buyers are asking for money from the seller to pay for closing costs or, more likely, to pay down interest rates.  There were 85 homes sold last month and 59% of those sold with a seller's concession.  It is difficult to know the exact numbers because not all agents put the seller concession amount in our multiple listing service so the numbers I am just about to share ar... 12/06/2022

The Fed just raised rates once again with a promise of more to come.  Even safe assets are being hit hard.  Michael Murphy, the author of The New World Investor blog, says, "The 10-year US Treasury bond is on pace for its worst year in history with a loss of 19.5%....This is THE risk-off asset.  Never in history, in an extreme draw down for stocks, have Treasurys, THE risk-off asset, gone down more than stocks-until now."  Stocks, bonds and Cryptocurrencies are all down.  I may not have a crystal ball when it comes to the housing market, but, to paraphrase the incomparable  Betty Davis, fasten your seat belts, it's going to be a bumpy ride.  Elk Grove Market Statistics for OctoberView Homes in Elk GroveOur Elk Grove market does not look too bad when you compare year over year numbers.  ... 11/05/2022

This new Elk Grove listing, 5332 Coral Creek Way, just came on the market today.  It is a three bedroom, two bathroom, 1,273 square foot home.  It features new floor tile, new carpets, granite counter tops, Hunter Douglas shutters, a custom interior color scheme, a newer roof and a spacious backyard. The two backyard patios creates a perfect environment to entertain friends and family or just to sit back a relax.There has been a pest inspection and all section one work (Section 1, in this case was a few areas of dry rot) has been completed. Most of the back three sides of the home has been painted.  The deep red accent trim also has been freshly painted. Neighborhood parks and schools are close by and it is conveniently close to shopping.Give me a call if you would like to view the home... 10/28/2022

I like to say that my clients are my friends or friends to be.  In this case, my good Runnin for Rhett friends, Gary and Nancy, reached out to me to help them sell their long time home.  It was an unexpected move for them.  Their renter decided to move out and Gary and Nancy decided it was time to downsize.  There was a lot to do in a short amount of time.  The yard needed some work, a deck needed shoring up, some carpet needed replacing and there was quite a bit of painting to do.  Gary and Nancy ended up being dynamos.  I really do not know how Gary did it.  He broke his clavicle about half way through the process. It did not slow him down.  They were both amazing and the results were fantastic.  Just look at what they did with the backyard! The work they did on the interior of the ho... 10/27/2022

Welcome to 8943 Clancys Court!  This home, located in Old Elk Grove, is a three bedroom, 2 bathroom, 1,598 square foot home.  It has a large room full of light at the front of the home that would make a great office, den or fourth bedroom.The previous owner was a tile contractor and installed beautiful tile floors in the kitchen, nook, entry and both bathrooms.  He also installed granite counter tops.     One of the things I really love about Old Elk Grove is the large yards with mature landscaping.  You will love this yard!     There is a nice sized shed on the West side of the home for extra storage and, with a little modification, there is space for a boat or maybe even a small RV.If you have a family, you will be thankful that this home is located very close to Markofer Elementary, ... 10/10/2022

Elk Grove Real Estate Market UpdateWe are barely holding on to yearly gains for our median and average prices in Elk Grove, but the average price per square foot is even for the year.  Sales volume is was down and days on market are up.  We hit a high in April of $703,000 for the average price of homes sold and then the Fed started raising rates.  Their goal was to slow the labor market down and bring down housing prices.  They have done a good job of driving our prices down in Elk Grove.   Our market is down 8.9% in 5 months.  That is $64,000! Here are a couple of interesting tidbits from Motley Fool: US median income is up ~15% since 2019. US median house price is up ~50% since 2019. Mortgage prices have gone from 2.75% to almost 7% this year. The typical home buyer's monthly mortgage... 10/07/2022

We are blessed to have some great wineries within a short distance from Elk Grove.  There are some fun place to go in Clarksburg, just West of Elk Grove on the Delta.  There is the Lodi area and, of course, there is the world famous Napa area less than two hours away.  We recently visited the Amador Wine Region.  With over 40 wineries to choose from in the area, there is a lot of variety.  We visited Jeff Renquist Wines,  Rombauer and Villa Toscano. Jeff Renquist WinesWe thoroughly enjoyed our time here.  The gentleman that poured us our wine was very friendly and made sure to explain each wine that we tried and there were several that I thought were outstanding.  I ended up purchasing the 2021 Viognier,  the 2021 Chardonnay, the 2020 Barbara and the 2020 Estate Zinfandel. RombauerThis ... 10/02/2022

The sales price of single family homes in Elk Grove is still up over the last year, but since the Fed started raising interest rates earlier this year, the average price of homes has dropped 7% from $703,000 to $654,000.  On Average, homeowners have lost $49,000 in a very short period of time.  It is clear that the Fed will be raising interest rates again at their next meeting.  They have made their strategy very clear.  It is too bad they did not take their mandate more seriously and address inflation much earlier instead of waiting until it was so entrenched. It is remarkable how much household wealth has been lost since this all started.  Reuters says, "U.S. household wealth fell by a record $6.1 trillion in the second quarter to its lowest in a year...The latest fall was led by a $7... 09/14/2022

The first Runnin for Rhett Elk Grove Pickleball Classic is now under way.  It is an exciting day and it is hard to believe that just a few short years ago, our friend Brian Guzman, pickleball ambassador extraordinaire, introduced this sport to our running group.  How did he have so much patients with us to get us here.Brian at the Runnin for Rhett TentToday features the women's doubles competition, while Saturday and Sunday feature the mixed doubles and men's doubles competition.  We have some great players out there.  Come out and cheer them on and enjoy something from Drewski's Food Truck.  They have some great food!Women's Doubles at the Runnin for Rhett Elk Grove Pickleball Classic  09/09/2022

When I help someone purchase or sell a home, I like to say that I am helping a friend or a friend soon to be.  Denise started out as a referral and now is a friend. We found this wonderful home in the Lakeside by Heritage 55+ Community.  The community features a private lake, clubhouse, pool, tennis courts, pickleball courts, gym and several other amenities.  It is the only 55+ gated community in Elk Grove.  Homes do not come up in the area often, but just look at the one my client purchased!Living room and dining roomKitchenMaster BedroomIt was a real pleasure helping Denise find a home.  She was new to the area and we had a lot of fun viewing homes.  When we walked into this one, she knew it was the one and we were able to make her dream come true.  She moved in today!"I was fortunate... 08/21/2022

     We saw average prices fall 4.4% from May to June in  July's report.  It is good to see that our market has leveled off as average and median prices are just about the same from July to August as they were at the end of June.  Elk Grove, CA is still up 8% over the past year.   One statistic that jumps off the table is the number of sales last month, 116.  It is way down.  Continuous Days on Market is up quite a bit, but 21 days is still pretty quick to sell a home.  Interest rates have started moving back down so I think those looking to make a new purchase are feeling a little more comfortable again. Home Buyers     There are currently almost 250 active listings right now so buyers do have choices once again with just over two months of supply.  I have noticed that local new home b... 08/09/2022

I am an optimist by nature, but our Elk Grove market has changed in a remarkably short time.For a little perspective, active listings were at 124 on 5/8/22.  Active listings are at 244 as of today (all those green dots in the picture).  It is a 96.7 rise in inventory over a very short time.  The supply change has come with a price drop of just over 3% month over month.  While our current supply is not out of line with our historic supply numbers, our market has turned on a dime.  The change started when the Fed decided to tighten.The Fed, "We have the tools for a soft landing when the time comes."  Obviously, they were wrong when we consider the loss of wealth recently in the stock market, bond market, cryptocurrency market and the large costs of inflation.The Fed (and many others)-"inf... 07/20/2022

Real Estate Market Statistics for Elk GroveThis month we do have a few changes in the market.  Prices are up over the last year, but our sales volume is down quite a bit.  We are also showing a big move up for days on market, but we started at such a low number that we are still showing homes priced right selling quickly at 16 days.  The trend is something to watch, though.  It is also worth noting that median prices are down almost 3% since May (average prices are down 4.4%).  Potential home buyers will be happy to learn that our inventory has increased 86% since April from 124 active listing to 231 active listings (see May Market Update).  That is a significant increase.It is not too much of a surprise since our economy has faced so many headwinds; higher interest rates, high gas pric... 07/09/2022

Elk Grove Market Real Estate Market Update for June, 2022We have higher interest rates, inflation at a multi-decade high, a stock market that has been correcting, cryptocurrencies have been falling and even the bond market is slipping.  I thought that all would have impacted out market more than it has.  Year over year, median and average prices were both up.  We did see the median price fall, month over month, fall from $685,000 to $670,000.  The average price of sold homes held solid at $703,000, though.The days on market ticked up slightly and we do have just over a month of supply now for the first time in a very long time.  A balanced market is generally thought of as three months of supply so it is still a strong seller's market.  It will be interesting to see how the trend contin... 06/11/2022

Our favorite destination for yard art, pots, statues and fountains is Lomeli Statuary.  I bet we have been visiting this place of business for over 30 years.  We have purchased several items to decorate our yard over the years.  We just visited Lomeli Statuary again a few days ago and look who greeted us!   There were several other beautiful peacocks strolling through the gardens and even a few babies.  The babies were so cute.  It was a pleasant surprise.We are always surprised by the diversity of items at Lomeli Statuary.   There is so much more to see, but I want to leave a few things for you to discover.  If you are looking for something beautiful for your yard and live in Stockton, Elk Grove, Sacramento or Lodi, it is worth the trip to Lomeli Statuary.If you are looking for real es... 06/05/2022

The North Laguna Creek Wildlife AreaWe have driven past the trail hundreds of times.  It is a short walk from our current home and we always have wondered what we would find.It really opens up into a large meadow area with quite a few oak trees, plenty of wild flowers and a few Eucalyptus Trees.A little further along the path we ran into Laguna Creek, turtles and lots of birds.  This heron was stalking his dinner.And look at all the sparrows zipping around the area.And we were rewarded with a nice sunset.It really is a nice area to hike, ride your bike or do a little jogging.  There is a bridge over the creek so you can visit North Laguna Creek Park.  We noticed that just a few blocks past the park is the Regal UA Laguna Village Theater so we are planing a hiking trip to watch a movie a... 05/23/2022

I do enjoy hosting open houses and many times I am surprised at the conversations that I have with those visiting the house.  Mary Margaret helped me stage a house a few years ago.  She added a very large, very nice Scrabble board made by Restoration Hardware on the living room coffee table, then she added words like, home sweet home, to the board.  I thought it was a little over the top, but every person that came through the door that day loved it and had to talk about it.  It is a fun way to get visitors to loosen up and enjoy the open house.When we put our home on the market a couple of weeks ago, we had removed all of our furniture so there was no place to put the Scrabble board.  I was a little worried that I did not have my "ice breaker,"  but everyone did want to talk.  They jus... 05/19/2022

203k - Experience CountsLike anything else experience counts. I was talking with someone the other day from Sacramento when I had to think back to when we started doing FHA 203k consulting. It all started in 1994 when HUD created 203k consultants. We did about 20-30 that first year just in the Sacramento juristiction. Then year after year we did more than a hundred each year in that area and sometimes  as many as 250-300 per year just in the Sacramento area.  That is 28 years serving this community.One of the most interesting onces we did ever was a sale for about $888,000 as I recall. How does this become a 203k you may ask? The maximum loan amount for FHA in Sacramento County was about $450,000 at that time.  What we find out from time to time is that you need to think "out of the box... 05/16/2022