Real Life Real Estate Blog

Janine Romney has been kind enough to put together a list of fun events across Northern California for this weekend and will be posting new activities every week. Check it out on our Fun Things in Norcal Page.

Despite yesterdays hacker attack our site is now back to normal. 

The site was hacked earlier today and we would like to apologize for any confusion that was caused as well as for the content that someone maliciously posted on our site.  As you can see, the incorrect information was pulled down and our articles are back up for you to read.  The site will look different for a while we are reconstructing and working out some security issues.  Thank you for your understanding.  Also, we want it to be known that wind, rain, or hackers we will continue to provide great articles from our real estate professionals.  

Do you live in the Washington D.C. area? Do you want fair access to a multiple listings service? Too bad…at least for now. Federal anti-trust lawyers are working to unravel the web of collusion created by a group of Columbia area brokers who formed the MLS company in their area and are using it to exclude other brokers and maintain higher fees…allegedly. For more on the story you can read this detailed article at cnbc.com.

Sacramento’s under $300K market is “popping,” and many first time home buyers aren’t preparing themselves to take advantage of it.  I get calls everyday from folks who’ve finally made the decision to get into the real estate loop. The problem now is TIMING. For the first time in 2+ years, I run a report for active listings in the morning, show about a half dozen homes, pick one we like, call the agent to see if any offers have been made…and find out that the home has just gone pending with 3 to 8 offers.

So what’s happening out there? Well, the investors are swooping in like hawks and scarfing down anything that has a pulse. They often make all cash offers on the best deals; namely bank-owned REO’s. How does a first time home buyer have a chance in this market? The solution is to get PRE-APPROVED, have a good down-payment (borrow it from family if you must), and be ready to pounce the second something scurries onto the market. A good agent can follow default short sale properties and place a low offer just to see if you get it! They should continue to follow the defaults that don’t sell … and be ready when it re-lists as an REO listing from the bank. All can be done simultaneously. Many inexperienced buyers don’t know you can make offers on different properties at the same time. So find a good, honest loan person to help you be armed and ready. I have a few trustworthy sources …as I’m sure many an agent does.

Ever hear the phrases, “turn that frown upside down” or “see the glass as half full?” Each one is a reaction to the palpable pessimism of the person at whom it is directed (try saying this three times fast…palpable… pessi… uh!). Depending on your mood, or which parking space you didn’t get into this morning, these phrases can be quite annoying. Yet, other times you’ll find yourself repeating these colloquialisms to a downtrodden friend or co-worker. Even though I’m a pretty optimistic person, I am certainly not one of those suspiciously cheerful gals who smiles widely no matter what’s going on around me. However, I am willing to run the risk of offending some of my more pessimistic readers (none of which is intended) by applying a “look on the bright-side” mentality to the current Sacramento Real Estate market.
I know there are people out there whose houses are “upside down” and that is definitely reason to frown. But even in the worst of situations some good can be found for someone. Short sales with governmental debt forgiveness help or even a phone call to the bank for loan modification might possibly save some owners from complete despair. Instead of going down the path of Chicken Little, I would like to address the flipside of the housing downturn for the new fortunate members of society. There are plenty of people who would like to own homes that never have before, and others who are finally able to afford to invest in real estate for the long term benefits. These people are the yang (tranquility) to the housing markets ying (chaos). While average home prices are still lowering, the number of great deals on homes for sale is slowly starting to decline. “Why?” one might ask. It’s simply because… many people who buy homes now for $250K that sold years ago for so much more…are finding their “diamond in the rough” instead of a “sinking ship.” Great deals are going into “pending status” daily in the greater Sacramento area. My advice, change your frame of reference and act now because people will still be complaining of the housing market woes when the glass really does get to half empty and the housing market starts to bubble up again.

Please, do not confuse the seccesion that took place in South Carolina with what I discuss in this article. A whole war was already fought over those issues. It is in no way my intention to revisit them here. The topic today is the debate over the Arden Arcade Community incorporating as its own city and leaving the control of the County of Sacramento. The discussion over the issue has gotten pretty hot, although I have yet to see cannon and calvary marching down Fulton Avenue. However, a vote won’t even be possible until November. So, why all the hullabaloo?

Because LAFCO ( Sacramento Local Agency Formation Commission), the entity that oversees contracts for consultants on city/county matters, allowed an environmental and fiscal study necessary to making the legislation to miss the deadline for going to a vote in November. Read more about it here on the Sacramento Bee’s website. Also, read more about both positions on the matter below.

Those opposed say Aye

Those in favor say Aye

Today marks a momentous occasion for RealLifeRealEstateBlog. We are introducing the first of several new contributors to help provide useful information about Real Estate, along with some fun stuff. Her name is Janine Romney and since her debut here at RealLifeRealEstateBlog coincides closely with the start of the 2008 Major League Baseball season, she has provided us with the Season Schedules for the A’s and the Giants on our new “Fun Things in NorCal” page. Look forward to hearing more from her on important title issues and interesting events in and around the Sacramento Area.

Zillow.com is adding yet another “user friendly” element to their website. Kevin Boer goes into great deal about it in an article on his site, 3oceansrealestate.com.

My advice is to forget the media, water-cooler buzz, bank advertisements, etc… and go straight to your favorite Realtor and ask for recent pending & sold statistics within a 1/4 mile neighborhood radius of your “dream home.” Why? Because the bottom has literally gone up in some markets. Since February 1st, I have been involved with more multiple offerings than all of last year combined! Anatolia and Elk Grove in the Sacramento Valley have people clammering over short sales and bank owned properties. Just last week, I could no longer find what 2 of my buyers were looking for in these areas. They were priced out with 8 offers on one home and 15 on another. Ok, I admit the homes are priced to sell, but eventually they will ALL sell. I think you get the point. Don’t hedge your bets so closely that you get greedy! Think about it for a minute. That was pretty much the mindset that got us into this mess. All I can say is go out and purchase now and make any reasonable offer on a traditional listing, short sale or bank owned home you like. Regardless of what you hear about the market going up or down…you are likely to get a great home in the scheme of things. So cheers, California has NEVER been so affordable…and I’ll drink to that!