Sold on Sacramento

Archive for November, 2008

A Second Chance for Strapped Sacramento Homeowners

The entire Nation is struggling in this economy. If you watch the news as of last week we are officially in a recession, Although all of us on “Main Street” already knew that. Here in Sacramento California I am looking at the possibilities for a young couple who are upside down in their home have missed a couple of payments and she was recently laid off. The story seems all too common these days. It is unfortunate that the lending practices of this last real estate cycle bred this virus that no one seems to have the antidote for.

The Governor as well as may lenders have put a 90 day freeze on new Foreclosures. It is important that you are proactive since this may or may not help you.

For those of you in a tough spot let me offer some advice:

• Call your lender and find out if you have options for a restructure.
• Seek the advice of an Attorney and/or an Accountant.
• Do not ignore the problem as time goes on your options will become fewer.

For this couple it looks like a Short Sale will be the answer. Even if they qualify for a loan restructure their finances may not improve soon and being married to a  forty or fifty year mortgage has both of them scared in light of their current situation. As an expert in short sale listings I feel confident that they have a hardship the banks loss mitigator will accept.

For many Sacramento homeowners that are in Notice of Default and for those that have missed payments. I feel that you have been dealt a second chance. The additional 90 days that the state and some of the banks have given could a window of opportunity to list you home as a short sale and minimize the impact of this difficult situation. Choosing a Realtor with extensive knowledge of the short sale process and the proper marketing of a short sale could mean a second chance at minimizing your losses.

If you have questions regarding this process I would be happy to share my knowledge with you. Give me a call at (916)332-1292.

2008 Sacramento Kings Schedule

If your like me you have been looking forward to the 2008 Sacramento Kings season. I have been a long time fan and although the team is young I am as excited as the next fan that this year will some exciting games here in the capital city.

I can here everyone that knows me well screaming at their screens right now. So I must disclose. Yes I am partial. I designed the famed Sacramento Kings Motorcycle that has been touring the town for the last year, It was on of my favorite projects. Although I swear I will retire from custom painting some day, I really enjoy working on custom motorcycle projects and have found it tough to give up.

The kings should have a great season. Don’t miss a single game by checking the schedule. Special Thanks to Paula and Jerry for the commission, Bachmans Custom Cycle for the build and Mike Chase Photography.

Blue Light Special on Sacramento Bank Owned Homes

October Stats for Bank owned (REO) home sales.

Carmichael, 50 Homes sold 22 REO. 44% REO Sales

	Listing $	SqFt	Listing Pr/SqFt	DOM/CDOM	Sale $	Selling Pr/SqFt
Residential (22)	$280,495	1765	$160	20/27	$278,348	$159

Fair Oaks, 28 Homes sold 15 REO. 54% REO Sales

	Listing $	SqFt	Listing Pr/SqFt	DOM/CDOM	Sale $	Selling Pr/SqFt
Residential (15)	$296,314	1898	$164	64/86	$295,255	$164

Orangevale,  30 Homes sold 20 REO. 67% REO Sales

	Listing $	SqFt	Listing Pr/SqFt	DOM/CDOM	Sale $	Selling Pr/SqFt
Residential (20)	$265,535	1672	$161	19/48	$271,346	$165

Folsom, 61 Homes sold 18 REO. 30% REO Sales

	Listing $	SqFt	Listing Pr/SqFt	DOM/CDOM	Sale $	Selling Pr/SqFt
Residential (18)	$399,704	2267	$188	19/24	$397,465	$187

Citrus Heights 95621, 50 Homes sold 36 REO. 72% REO Sales

	Listing $	SqFt	Listing Pr/SqFt	DOM/CDOM	Sale $	Selling Pr/SqFt
Residential (36)	$172,171	1420	$123	23/23	$179,639	$128

Citrus Heights 95610, 50 Homes sold 31 REO. 62% REO Sales

	Listing $	SqFt	Listing Pr/SqFt	DOM/CDOM	Sale $	Selling Pr/SqFt
Residential (31)	$217,210	1569	$141	21/50	$220,048	$144

What do these numbers mean? Actually they are quite revealing. We know that currently the number of Notice of defaults is down. I believe that it is a synthetic situation though; two factors have made the foreclosure situation in California more difficult to predict. One the banks are trying to hold off on taking in more properties until the 2009 calendar year for tax reasons. Second the number of banks that have merged in this financial meltdown has made the process that they were getting pretty good at overwhelmed again. A third factor slowing the banks is the new foreclosure and loan modification bill signed by Governor Schwarzenegger.

Our Sacramento real estate market has been trending down all of 2008 due to the REO properties and the overall economy. The market will not fully recuperate until the number of REO’s in the market is fewer than 5 %. For now it will be stable, LOW but stable. It is anyone’s guess how the new government “Help “will affect the market. If you are interested in buying a bank owned property a liquidation prices as an investment or as a first time homebuyer I would be happy to help you make sense of this constantly changing market. Contact me at natesisam@gmail.com.

Did you pay your landlords mortgage again this month ?

The current Sacramento real estate market has everyone scratching their heads. However their is one fact that remains. As long as we have the number of REO (bank owned) properties on the market their will be affordable homes for first time home buyers. Recent MLS data suggests that their is movement in the bank owned market, over 70% of properties that closed escrow were REO’s. With all of the major banks working to slow or even eliminate foreclosures the window of opportunity may be shrinking.

Now could not be a better time for first time home buyers. With the great number of properties at liquidation prices and FHA loan programs designed to help buyers. If you have a stable job and decent credit it is worth looking into your options. A real estate professional can help you through the process and help you on the path of home ownership.

I am positive about one thing, 3 to 5 years from now everyone will wish that they took advantage of this ” Housing Crisis “. The real question may be ” Did I help your landlord buy another rental this month, or did you ? “