Archive for the 'My Stories' Category

Interesting Sacramento Market Statistics for First Two Weeks of August

New listings are finally outpacing pending sales. In the tri-county area (Sacramento, Placer, El Dorado) it looks like the summer flurry is already subsiding- the total available homes on the market is now building again.

A good thing for many eager buyers who had been out-bid on homes that had seen multiple offers… Many first time buyers who are relying on down payment assistance and or other first time programs have had a hard time competing with stronger offers… We have been working with several buyers who have written scores of offers (one couple has written over 15 offers) and been outbid each time- they are finally in contract!
 
 
Check out the numbers
 
 
Active: 2207 Pending: 1846 Sold: 893 Other: 0 Total: 4946
Bedrooms Bathrooms Square Feet List Price Selling Price Days on Market
Minimum 0  0.00  90  $22,900  $28,500  0
 Average 3  0.00  1,806  $283,188  $276,468  37
 Median 3  2.00  1,575  $232,900  $247,000   12
 Maximum 7  0.00  10,500  $3,600,000  $3,500,000  518
 Total Dollar Value  $246,886,155
 
Average DOM Breakdown and Average % of List Price received on Solds by Market time:
0-30 Days  31-60 Days  61-90 Days  91-120 Days  120+ Days
 No. of Listings  488   124   76   86   119
 Breakdown %  54.65   13.89   8.51   9.63   13.33
 Avg SP % LP 100.96   97.19   96.18   94.45   94.25
 
 
It’s amazing how different our local markets are from one another, though, for instance, in Folsom, there are only 23 bank owned homes on the market in the whole zip code… As of 2007, the State of California’s estimate of Folsom’s population is 70,835. the market is amazingly stable and predictable.
 
In Elk Grove, there are 245 bank owned homes!! In a town that the State’s estimates place the  population at 136,318. Not so stable… it’s two totally different markets, just a few miles from one another…

Authored by Forth Hoyt | Discussion: No Comments »

4 reasons to use a CRS… even in Witchita…

When I’m finished with next week’s training, I’ll only have one more class left to reach my 2008 year goal of finishing my CRS training…

What is CRS?

The Certified Residential Specialist (CRS) is the highest Designation awarded to sales associates in the residential sales field. The CRS Designation recognizes professional accomplishments in both experience and education.

Needle in a haystack: One in a million…Why use a CRS?

There are over one million REALTORS® in business today. So if you want to find that one-in-a-million REALTOR®, start with the over 37,000 who hold the Certified Residential Specialist Designation. CRS is the symbol of excellence in residential real estate. Our members have proven they have the experience, training and commitment to be among the best in their profession.

Since 1977 the Council of Residential Specialists has been conferring the CRS Designation on agents who meet its stringent requirements. Currently, there are more than 39,000 active CRS Designees.

I love to learn, love to improve and love to bring tools back to my busines that will make a difference in my clients’ lives and their real estate experience. 

 I can’t wait to begin my  six-day intensive training schedule for next week…

Authored by Forth Hoyt | Discussion: No Comments »

Pass It On…

http://www.youtube.com/watch?v=nuKuXfvMG5w

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More Hope for Sacramento Shortsales…

We just got an approval letter on a shortsale the other day; from Countrywide! In just three short weeks!  It is for a client who’s home here in Folsom is in foreclosure.  We had it on the market for only a week and received several offers, one full price with plenty down. The buyer, who understands the short sale process and the potential downfalls, is represented by a great agent I worked with at my old company.  They absolutely no matter what have to live in that neighborhood and were willing to wait and take the risk of a bank saying no.

We now have two files with Indymac, another Countrywide, One with an Option One first and  HSBC second (I usually don’t even try to work a shortsale listing with a first and a second, however the HSBC gal I talked to in their loss Mitigation department promised they would work with us). 

We also have buyers in contract on a beautiful home in Orangevale who we are anticipating an approval letter from  Homeq, this week… It is a screaming deal too– these kids will move in with 20 or 30k in equity… on a street where the last reo listing sold in two days, and in a market where we have probably reached a bottom!

Yes, these people have waited six weeks for an answer from the bank.  We have seen at least thirty other houses since we wrote the offer, and the buyers have always wanted to keep the offer in and continue to try…  It is always an exercise in patience and understanding for me;  working with buyers who want to write on a short sale!  …but it always seems to work out in the long run for the best; we either close on the short sale or find another home while we wait.

I really expect short sales to get easier… they have to!

Some banks, Indymac, Homeq, Countrywide, along with several other smaller lenders are getting their acts together and I look forward to being able to really move some real estate sometime soon.

The banks just must keep working on their systems and improving their timetables… there are so many more foreclosures coming! There has been another jump in California foreclosures  last quarter, which means this summer, fall and winter, there may be another jump in shortsales and REO’s…

 

 

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Elk Grove loses a son…

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