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Here is a brief podcast recap of the 2009 real estate market (in general) in the Greater Sacramento region. What will 2010 have in store for us? Do you think the market will surge, stabilize or decline? Do you feel like now is a good time to buy? Your comments are welcome below.

www.lundquistcompany.com/blog Recap of 2009 Sacramento Area Real Estate Market

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I’m disheartened to hear stats on President Obama’s “Making Home Affordable” program. So far it doesn’t look like the program is working very well (at all). A CNN article last week stated “The administration projected that between half and three-quarters of applicants would have new mortgages at this point. As of the end of November, the number is 4.3 percent.” That’s not good.

In light of this less-than-wonderful news, I thought it would be interesting to use the “Obama Cam” app on my mobile phone to snap a few images of some local REO and Short Sale properties in the Sacramento area. The “Obama Cam” application overlays an image of President Obama (17 to choose from) on any picture taken with my mobile phone (an Android G1).

These images are in no way meant to belittle the President, make a political statement for any political party, or even rant about the Making Home Affordable program. There is actually a deep element here for me since the shots juxtapose governmental programs with real life local distressed properties. I’m reminded of the ever-present struggle in today’s economy for so many households, that recovery is going to take a long time, and also that good intentions in Washington DC do not necessarily translate to good results on “Main Street”.

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What do these images evoke in you? Why is the “Making Home Affordable” program not yet working as it should? Please give your two cents and feel free to share your experience. By the way, do you have an app like this on your phone? Your comments are welcome below.

www.lundquistcompany.com/blog “Obama Cam” Photos in Sacramento

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Quick data. Here are unemployment rates for all cities and CDPs in Sacramento County and Placer County for October 2009. This data is based upon information provided by EDD. Unemployment rates for San Joaquin County & El Dorado County, and Yolo County, Solano County & Merced County are also available. These are all areas I appraise in, so I keep a close eye on unemployment each month.

What do you see? Does anything stand out to you or surprise you?  

October 2009 Unemployment in Sacramento County

October 2009 Unemployment in Placer County

www.lundquistcompany.com/blog October 2009 Unemployment Rates in Sacramento & Placer County

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Dear Local Home Owners, Real Estate Agents, Loan Officers & Attorneys:

The Sacramento Appraisal Blog is hosting a little contest for you, and the prize is a free $125.00 Residential Natural Hazard & Tax Disclosure Report by GeoAssurance. It’s what you wanted for Christmas, right?

gift_certificateThese types of reports are beefy in detail and help you get the skinny on hazards surrounding your property. GeoAssurance provides top-notch research, and you can use their report for any local residential property you want, whether for business or personal use (or for a friend or family member).

All you have to do is comment on THIS blog post or tweet the following message: “Christmas Contest from @SacAppraiser: FREE Natural Hazards Report http://bit.ly/7BKVzX”

Contest Rules & Details:

  1. Home Owners, Realtors, real estate agents, loan officers and attorneys may participate (future home owners too).
  2. twitterYou must live in or do business in one of the following California counties: Sacramento, Placer, Yolo, El Dorado, San Joaquin, Stanislaus, Merced, Yuba, Sutter, or Solano.
  3. All you need to do to enter the contest is leave one comment on THIS blog post. Each person only gets one entry, but if you have a Twitter account like me and you re-tweet the post, you can have two chances to win (blog comment and tweet).  Please re-tweet by manually clicking the re-tweet button on the post, or manually tweet the following message: “Christmas Contest from @SacAppraiser: FREE Natural Hazards Report http://bit.ly/7BKVzX”
  4. The NHD report applies to residential properties only and will be good for one residential property located in one of the aforementioned counties. Use the report for personal use, for a friend, or for business – whatever you want. Read HERE for more information on what the NHD Report includes.
  5. The winner’s name and contact information will be passed on promptly to GeoAssurance and they will contact you.
  6. A winner will be selected on December 21, 2009 at 3pm PST and announced here and on Twitter so long as there is at least a combined total of 50 blog comments and tweets. If there is not a total of 50 entries by then, the deadline will be extended. Email your local friends and everyone in your office though and the goal can be met easily.
  7. Please make sure I know how to contact you. If you do not provide accurate contact information, someone else will be selected. If you are on Twitter, no problem because I’ll tweet you to let you know you won. If you leave a comment below, just smlogo-234make sure your email address is accurate because I will contact you by email (your email address will not be visible in the actual comment you leave, but will be private between me and you).

If you have any questions, don’t hesitate to ask. And while you’re here, have a look around the Sacramento Appraisal Blog and subscribe to our RSS feed or get posts emailed to you directly by entering your email just below the banner in the upper right corner of this page. Email ryan@lundquistcompany.com, contact me on Twitter at @SacAppraiser or call 916-595-3735. 

This should be fun!!! Good luck to you!!!

www.lundquistcompany.com/blog Win a FREE Natural Hazards Disclosure Report: A Christmas Gift from The Sacramento Appraisal Blog

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I wrote previously about the “Bursting of the Duplex Market in Sacramento“, so I figured I’d also provide a graph of the fourplex market so we can see visually what has taken place over the past three years in Sacramento County. Yes, I know Sacramento County is a large territory representing many neighborhoods and sub-markets, but I think this trend graph tells a story nonetheless. All blue dots below are sales based on data in Sacramento MLS.

Quadruplex Fourplex Sales in Sacramento County November 2006 to November 2009 Trend Graph by Lundquist Appraisal

Isn’t it amazing to see the impact of the housing bubble burst? Three years ago many quadruplex units in Sacramento County were selling between $400,000 to $600,000, but the bulk of sales lately have been easily hovering around $200,000 +/- or lower. With prices so low right now, many investors have understandably been purchasing 4-plex units. The ideal scenario would be to pick up a quadruplex, have postive cash flow, and then re-sell the property in a number of years when the market turns around.

I actually just finished a property tax appeal for an investor who purchased a fourplex in late 2009 for under $200,000, but the Assessor still had his property valued in the high $300,000s. He is scheduled to pay over $1,000 too much in property taxes this year because the Assessor’s records are not consistent with realistic trends in the marketplace. This is a common problem for so many properties that sold near the top of the market and are now re-selling in today’s market.

Let me know if you have any questions. Comments are welcome. Ryan 916-595-3735.

www. The Crashing of the Fourplex Market in Sacramentolundquistcompany.com/blog

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How is the Rancho Cordova real estate market doing compared to the rest of Sacramento county? What is the percentage of foreclosure sales (REO), short sales and total amount of distressed property sales (REO + Short Sales)? Let’s take a look below to glean some insight.  

Rancho Cordova Sales and Sacramento County Sales Past 2 Years November 2009 by Lundquist Appraisal Company

The information above is based on all residential sales listed in Sacramento Metrolist over the past two years. Overall, the percentage of bank-owned sales dropped by 5% in both Rancho Cordova and Sacramento County, while at the same time the percentage of Short Sales rose by 7% in both Rancho Cordova and Sacramento County. Over the past two years Rancho Cordova had a 7% lower foreclosure rate than Sacramento County and a 2% higher percentage of short sales. 

www.lundquistcompany.com/blog Foreclosure and Short Sales Figures in Rancho Cordova Compared to Sacramento County

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We hear so many voices in today’s real estate market talk about the foreclosure rate decreasing in the Sacramento Region. Is that true? Are there less REO (bank-owned) sales today than there were two or three years ago? Let’s look at some hard numbers below for Sacramento County.

Sacramento County REO and Short Sales Percentages 2008 2009 by Lundquist Appraisal Company

The information above is based on all residential sales listed in Sacramento Metrolist over the past two years. Overall, it’s true that there were less bank-owned sales in Sacramento County during the last 12 months in comparison to the year before that. The foreclosure rate decreased by 5% overall, but the interesting thing is that short sales increased by 7% during this same time period. What do you make of that? Have short sales simply replaced what would have been a similar rate of foreclosure for this year? As a home owner or real estate agent, have you found banks to be more receptive to working with you to do a short sale? Comments welcome.

www.lundquistcompany.com/blog The Up and Down Dynamic of Foreclosures and Short Sales in Sacramento County

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Do you remember several years ago in the Sacramento area when duplexes were selling for $400,000-$500,000+ like it was nothing? Well, the housing bubble burst and the residential-income market came crashing down along with everything else.

The graph below displays all sales in Sacramento County for duplex properties. I know, Sacramento County is an enormous territory, but sometimes viewing large ares helps to see an overall trend.

Duplex Sales Past Three Years in Sacramento County Trend Graph by Lundquist Appraisal

What do you notice when looking at all duplex sales in Sacramento county? It seems the bulk of sales are well under $300,000, and that the median sales price level easily lost $200,000 or more over the past three years. Ouch. There certainly are an enormous portion of sales between $100,000 to $200,000 too, aren’t there? 

Let’s take a closer look at a specific area in Sacramento by viewing sales in North Sacramento in the 95815 and 95838 zip codes. No, that’s not a ski slope, but a trend graph of all duplex sales.

Duplex Sales in 95815 and 95838 Zip Code of Sacramento November 2006 to 2009 by Lundquist Appraisal

It’s interesting to see what looks like two markets at hand above: One market below $100,000 and another market hovering between $150,000-$175,000. Market segmentation (bifurcation) is common depending on condition, location, size, or even the nature of the sale – short sale vs foreclosure vs typical arms-length transaction.

One more. What’s happened in the city of Rancho Cordova’s duplex market over the past thirty six months? No surprises. It looks similar to the graphs above.

Duplex Sales in Rancho Cordova Trend Graph 2006 to 2009 by Lundquist Apprasial Company

When it comes to duplexes in Rancho Cordova and surrounding areas of Sacramento, the majority of recent sales are reo properties (bank-owned). For example, in a recent duplex appraisal I just completed in a Sacramento neighborhood, 84% of all duplex sales over the past 12 months within this neighborhood were REO sales and 10% of all sales were Short Sales. It’s not an easy market when 94% of all sales carry some level of distress.

Contact me at 916-595-3735 or ryan@lundquistcompany.com if you have any questions.

www.lundquistcompany.com/blog The Bursting of the Duplex Market in Sacramento

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This is a great cause I plan to participate in. I became aware of the Christmas CanTree drive through Jeff Dominguez of Exit Realty West (Jeff is definitely one of the good guys) and the Sacramento Association of Realtors.

exit realty west can tree fundraiser

Per the Sacramento Association of Realtor’s website:

What CanTree Does
The food donated will be distributed to needy families through The Salvation Army’s Holiday Food Basket Program. Over 45,000 local families are expected to benefit from the food contributed through CanTree, according to The Salvation Army. The Army currently serves 36,000 meals per month in the Greater Sacramento Area. CanTree is a critical factor in successfully feeding thousands of people at Christmas time.

Why SAR Sponsors CanTree
Every REALTOR® knows that a healthy community is crucial to our success. All the money we raise for CanTree goes directly to the Salvation Army – none of it goes for administration or any other costs. Even though the real estate market has seen better days, enthusiasm is still very high and REALTORS® are as generous as ever.

Let me know if you have any questions and I’ll do my best to answer them. You are welcome to contact Exit Realty West at 916-441-4418 for more information on their potluck / auction.

www.lundquistcompany.com/blog Christmas CanTree Project 2009: Event by Exit Realty West in Sacramento

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I’m been crunching numbers since 5am this morning and thought I’d share a graph with you. This is a broad view of a market I am doing an appraisal in right now. This scatter graph is based on all single family detached sales in the city of West Sacramento from October 2006 to October 2009 (Sacramento MLS). It’s always interesting to me to take a view of the entire market before analyzing and graphing smaller and more comparable niches within that market.

West Sacramento Sales Past 3 Years

www.lundquistcompany.com/blog City of West Sacramento Sales: Past 3 Years

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What’s the latest in the “Tahoe Park” market in Sacramento? Below is some basic data based on information from Sacramento MLS as of 10/28/09. The points on the graph represent sales within the entire Tahoe Park neighborhood – all four sections.  I wrote previously about the different areas of Tahoe Park HERE as well as a look at thirty-six months of the market in Tahoe Park.

Tahoe-Park-Sacramento-Sales-2009-October

Tahoe Park Real Estate Market Data:

  • 36 sales over the past 90 days (07/28/09 – 10/28/09)
  • 15 current Active listings
  • 17 current Active Short Sale listings
  • 26 Pendings
  • Low sale in past 90 days: $67,000
  • High sale in past 90 days: $349,500

This graph is a bit interesting. It looks almost like a fork that represents two different segments of the market – a lower end and a higher end. So what does each of those lines represent? Now there is a great question worth exploring. Any thoughts? Let me know if you have any questions or a need for further research. Call me at 916-595-3735 or email ryan@lundquistcompany.com.

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This is an important reminder. The deadline to appeal property taxes in Sacramento County and most surrounding counties is November 30, 2009. I run a website called www.SacramentoTaxAppeals.com to help property owners in the Greater Sacramento Region in the process of disputing property taxes. We also handle commercial tax appeals depending on the property. We’ve been getting quite a few calls from local property owners lately because the deadline is quickly approaching.

Disputing property taxes does not make good economic sense for everyone, but if it does (or might) for you, let’s talk. If you have questions about the appeals process and whether you might be a good candidate to contest your property taxes this year, feel free to call 916-595-3735 or email me at ryan@SacramentoTaxAppeals.com.

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