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What do appraisers do when there are no permits on an addition?

November 4, 2014 By Ryan Lundquist 38 Comments

Real estate isn’t always black and white. What I mean is it’s rare to have one short standard answer to fully satisfy a question. The truth is an answer can vary depending on the property, location, or who you ask. Enter a lack of permits. How do appraisers handle it when there are no permits for an addition? Is it possible for a non-permitted area to be included as living space in the appraisal?

no permits on addition - by sacramento appraisal blog - image purchased and used with permission

I get asked this question almost every single week, and I’ve broken down my answer into four major parts. I hope this helps.

  1. Difference among Appraisers: First off, there is a spectrum for how appraisers respond to a lack of permits. Some appraisers take a hard-lined stance to say, “If there is no permit, there will be no value given to the area because it is illegal.” But other appraisers might take a different approach to discover how the market responds to the lack of permits. In the latter scenario, the appraiser is asking: Are buyers willing to pay more or less for the home because of the addition? In this case the best way to support an adjustment for the addition would be to find comps with a lack of permits. Of course there is a fat chance of actually finding comps, so an appraiser has to really exercise caution about counting the area as square footage. Ultimately a lack of permits does tend to carry a stigma for buyers, which causes many buyers to avoid the property. However, at the same time buyers are often still realistically willing to pay something extra for the addition. This is one reason why some appraisers might give a non-permitted area some value in the report (but the area may be considered as storage instead of living space).
  2. no permits on addition 2 - by sacramento appraisal blog - image purchased and used with permissionQuality: The quality of the addition is going to be a huge factor in whether buyers pay more or less for an addition without permits. Does it feel like the rest of the house? Does it have a real use? Does it have a permanent heat source? Is it something buyers actually want in the neighborhood market? Is the workmanship decent or shoddy? Buyers may also consider how much it would cost to get the area permitted.
  3. Depends on the Issue: If there is something minor that was added without permits (like a covered patio), it’s probably not cause for appraisers to start waving the red warning flag. But if there is something very significant that was done without permits, that’s a different story because it can deter buyers from wanting the house. For instance, I recently did some consulting for an agent for a property that had a non-permitted addition that increased the size of the house by 60%. After research it was my sense that the market would pay something more for the addition, but I still was not willing to say the area should be counted as square footage. In this case the addition was simply too much of a change, and it was bound to be a major marketability issue for a buyer obtaining a loan (see point #4).
  4. Loan Problems: Some lenders will not loan on non-permitted areas, and they ask appraisers to not include any non-permitted area as square footage. Other lenders will loan when there is a non-permitted addition, but they ask appraisers to consider how a lack of permits impacts value. Usually in the latter case the lender wants the appraiser to say something to the effect that the addition was done in a professional workmanlike manner – despite a lack of permits. An appraiser really isn’t licensed to say something like that, but lenders still try to get a definitive statement out of the appraiser nonetheless.
  5. Other: What else would you add? I’d love to hear any stories, points, and comments below.

Loan Officer James Clark with New Penn Financial says the following:

james clarkUnpermitted Additions are a big grey area when it comes to financing. There are so many different factors and people that come into play that make them difficult. Because of this many lenders will just say no. I have seen unpermitted additions obtain financing, but only if the appraiser is well qualified and writes a good report as to why. The appraiser will have to sell the reason to include it, and most of the time you will never get the full square footage value for the addition. Questions to ask when you have a property with an unpermitted addition: Does it make sense? Does it conform to the area? Does the addition actually add value to the property? Does it look like the rest of the house, or can you tell it was an addition? So be nice to the appraisers. I can say if you want the unpermitted addition to count for value or qualify for financing, it will come down to what they say in the report.

Five things to consider when there are no permits:

  1. Get the area permitted before listing it on the market. Then be sure the appraiser sees a copy of the permit (that has been signed off). A permit ensures the work was done to minimum building standards, and everything was done correctly.
  2. Just because there are permits doesn’t mean the market is going to pay big bucks for the area. For example, a garage conversion could technically add 400 extra square feet to the house, but taking away the garage is often a negative for value. A property with a conversion is not necessarily instantly more comparable to a house with 400 additional square feet. It’s probably better compared with other similar-sized homes that also have conversions.
  3. Just because an addition was added with permits does not make it living space. For example, an enclosed patio might be fully permitted, but it’s probably not going to be counted in the square footage if it doesn’t feel like the rest of the house, have the same quality as the rest of the house, and doesn’t have a permanent heat source.
  4. If you know an area is not permitted, try to provide the best possible information to the appraiser about when the area was added, who built the area, how potential buyers responded to the extra space when the property was listed, and even how much it would cost to permit the area (if you have that research).
  5. If you’re considering doing work without permits, realize you are signing up for some appraisal and loan headaches. A lack of permits is a good way to potentially kill a deal and/or harm your property’s marketability.

As you can see, there is much to consider when a property has a non-permitted addition. Not every appraiser will view the issue the same either.

Question: What else would you add? I’d love to hear your take and any stories.

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Filed Under: Appraisal Stuff, Resources Tagged With: appraisals, Appraiser, appraiser's response to no square footage, GLA, gross living area, no permits on square footage, non-permitted living area, square footage no permits

But Zillow says my house is worth a gazillion dollars

October 28, 2014 By Ryan Lundquist 17 Comments

“But Zillow says my house is worth….”. That’s a fairly common statement, and it highlights how much the public trusts Zillow these days. I’ve written other posts comparing 10 actual appraisals with Zestimates, but today I want to show you a property in Sacramento that is over-valued on Zillow by more than 100%. While Zillow is a neat tool, let’s consider some of the important factors that go into making values accurate, and where things went wrong with this property.

zillow details

Case Study: Let’s look at 5309 Broadway in Sacramento located in the Greenfair townhouse complex. You might be thinking, “C’mon, let’s cut Zillow some slack since this is a complex of only 45 units, and sales have been sparse for two years”. But Zillow sits at the adult table, and should have access to data from previous years. Moreover, notice above that Zillow actually shows the subject property sold in 2008 for $138,000, which gives Zillow a context to measure value.

Broadway Sales vs Zillow

The Zestimate: The Zestimate for this property is $321,679. The graph above shows all sales since 1998 in the Greenfair subdivision. As you can see, there have never been any sales above $300,000 in this complex – even during the height of the housing bubble in 2005. In this case Zillow is frankly wildly off since market value looks a whole lot closer to the red trend line.

Where did Zillow go wrong?

  1. nearby so-called similar sales to the subject propertyChoosing the Wrong Comps: The image to the right shows “nearby similar sales”, but these sales are single family detached homes, and NOT attached townhouses. When there are no recent sales in a townhouse subdivision, it doesn’t mean you should borrow from the single family detached market. Either you can use VERY old townhouse sales in the same subdivision, or maybe find a competitive complex somewhere in the market area. Again, it’s easy to cut Zillow some slack here since they might not know the units are attached, but even in that case the TINY lot size and history of sales should be given much stronger weight then.
  2. Data Fail: Zillow clearly didn’t consider even its own data in this situation. Despite an understanding that this property sold in 2008 for $138,000, something in Zillow’s algorithm is obviously not crunching the numbers correctly since the market has not increased from $138K to $322K. Moreover, not considering a listing in the complex that expired at $186,000 this month is also a failure. When there are few recent sales, sometimes much older sales and expired listings can tell us about the market.
  3. Wrong Neighborhood Boundaries: Zillow is considering single family detached homes in Elmhurst and other parts of Tahoe Park as you can see by the addresses in the “similar sales” image. These areas have far higher prices compared to the Greenfair subdivision. If you use the wrong neighborhood boundaries, there’s a good chance the value might be off-base too.
  4. Problems with Less Data: When there is little data to consider, it looks to be a struggle for Zillow. To be fair, it’s relly not easy for humans to crunch numbers either when there are not many numbers to crunch. Yet data is available. It’s just a matter of seeing the numbers in their proper context.

Zillow Values in Sacramento - by Sacramento Appraisal Blog

One Buyer’s Reasons for Using Zillow: I asked a current buyer how she is using Zillow as she hunts for a home. I thought her response was interesting and insightful. What do you think?

At first, it helps me get an idea of overall neighborhood values, so it helps me know where to look or not look. Then, when we do look at specific houses, it gives me a general value of the house. I like the low-high range tool better than the “Zestimate” because it helps me get a feel for the overall values of a neighborhood. So, if a house is priced near or less than the low end, I figure it probably needs a lot of work, and if not, it might be a good deal. If it’s priced near or over the high end, I expect it to be in very good condition or have some kind of bonus features. Likewise, if we really like a house and it appears to be a good value according to Zillow, we’ll consider making an offer.

We also use Zillow to see a price and sale history of the house (our realtor can do this too, but it’s easy for us to do with Zillow rather than constantly calling her!). We can see when it first came on the market and various price changes, whether it’s a flip or not, and sometimes even if it was a rental.

One thing I don’t like is that it doesn’t have very accurate listing information. There are many houses on Metrolist and Redfin that aren’t on listed as “for sale” on Zillow. So, I find myself going back and forth between the three resources and our Realtor’s updates! If Zillow and Redfin merged, I’d be happy!

I look at Zillow as a range or estimate. I know that it doesn’t replace a person on the ground, but we can’t bring an appraiser with us to each house! 🙂 Zillow can’t see a smelly smoker’s house or a house full of old wall paper that needs to be torn down, or a crazy neighbor with three boats on the front lawn, or a dog that barks at all hours. It also can’t see a potential great neighbor with kids our kids’ ages, or a shade tree that’s perfect for a tire swing or tree house. It also doesn’t understand that I’m OVER granite countertops! Enough with the granite!

Zillow isn’t usually off by 100%, but cases like this are worth noting because they highlight some of the issues a “machine” can have when valuing a property.

Quick Advice:

  1. Take Zillow with a grain of salt.
  2. Don’t excuse Zillow when it’s wrong. If it’s off-base, call it what it is. You can look at Zillow’s own accuracy rates and be the judge whether this is reliable data or not.
  3. Home owners, realize Zillow doesn’t know neighborhood boundaries, the condition of your home, all the same listings that are in MLS, and it may not even be comparing your house to the right type of property.
  4. Agents, be sure to look up the Zestimate before listing presentations so you can be prepared to answer when your potential client says, “But Zillow says….”. Consider some of the positive reasons why consumers like Zillow (there are some for sure), but then talk about the things you know as an expert – neighborhood boundaries, the mood of the market, sales and listings in the immediate neighborhood, expired listings, how long it it taking to sell in the neighborhood, the direction of values, the condition of the house, and what buyers are willing to pay more for in the neighborhood.

I hope this was helpful.

Question: Any stories to share, or any other points you’d add?

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Filed Under: Resources Tagged With: appraisals, appraiser vs Zillow, Greenfair subdivision, research, Sacramento, Zestimate vs Appraiser, Zestimates, Zillow, zillow's accuracy

5 trends to watch in Sacramento’s regional real estate market

August 14, 2014 By Ryan Lundquist 10 Comments

If you want to understand real estate, it’s important to see the big picture. It’s one thing to unpack trends for a neighborhood or county, but when we take a panoramic view of the region we can often get a fuller sense of how the market is really moving. Buckle up and let’s go for a quick tour of five trends to watch in Sacramento’s regional market. Remember, I do two big market posts around the second week each month, and there are two ways to read these posts. You can scan the highlighted text quickly or take a few minutes to digest what is here.

market trends in sacramento 2 - image purchased and used with permission

graphs from sacramento appraisal blog 3

THE SACRAMENTO REGION:

1) Prices have been flat for three months in the Sacramento Region:

median price sacramento placer yolo el dorado county

The median price has been the same for three months in the Sacramento Region, which shows the market has definitely cooled off. There may be some sub-markets that are still hot and showing increases in value, but the overall trend for the region is very telling. When looking at the median price, average price per sq ft, and average sales price in multiple counties, the market as a whole has been clearly flat for the past 90 days.

sacbiz journalQuote in SacBiz: By the way, I was quoted in the Sacramento Business Journal yesterday in an article about the slow market. Check it out at Slower real estate market could just be normalizing. It’s always an honor to share my two cents. I’d love to hear your take on the market too.

2) Inventory is steadily increasing in the Sacramento Region:

inventory in sacramento placer yolo el dorado county

Housing inventory has been increasing in the Sacramento Region over the past several months, which is creating more opportunity for buyers to get into contract (and be more picky). This has also increased competition for sellers to compete for a smaller pool of buyers. Inventory is still relatively low, which means well-priced properties are generating quick and multiple offers, yet there are also ample price reductions since many properties are simply overpriced. Sellers, pay attention to this trend because you need to price your property correctly in this market or it is going to sit.

months of housing inventory in region by sacramento appraisal blog

The higher the price, the more inventory there is. This is a normal trend, but it’s always interesting to see, isn’t it? Moreover, when we know how much inventory there is at a certain price range, we can help coach buyers and sellers about what they might expect.

number of listings in Placer  Yolo El Dorado Sacramento - by home appraiser blog

3) It’s taking 40 days on average to sell a house in the Sacramento Region:

days on market in placer sac el dorado yolo county by sacramento appraisal blog Last month it took three days longer to sell a property compared with the previous month, which is one more sign the market is slowing down. Before calling in the troops and sounding the alarm, remember it’s normal for the market to cool off as summer fades away. Generally speaking, the higher the price, the longer it is taking to sell.

4) There are 6% more listings this month compared to last month:

number of listings in Placer Sacramento Yolo El Dorado county - July 2014 - by home appraiser blog

The number of listings jumped by about 6% from last month to this month, while the number of sales rose by just over 2% (pending sales did increase though). Overall since the number of listings outpaced sales and pendings, inventory saw an increase.

5) Sales volume is down by 11% from last year in the Sacramento Region:

cash sales and volume in sacramento region - by home appraiser blog

Sales volume is down about 11% from where it was last year for the Sacramento region. Why? In large part it’s a reaction to investors stepping away from the market one year ago. Less cash sales in the region created a gap in sales, and the market is simply trying to figure out how to normalize or adjust now that investors have taken their foot off the gas pedal. You can see in the graph above how there has been about the same number of non-cash sales in 2013 and 2014, but the number of cash sales is very noticeably down this year. Keep in mind investors didn’t gut the market in Placer County or El Dorado County like they did in Sacramento County, but what happens in surrounding areas still matters for market trends.

BONUS MATERIAL: PLACER COUNTY

Placer County median price and inventory - by home appraiser blog

median price in placer county and sacramento county by sacramento appraisal blog

Prices have been flat in Placer County: Just like Sacramento County, Placer County is best described as flat. The median price saw a dip to $379,000 from $380,000 this month, but overall has been hovering around $380,000 for three months in a row after a small seasonal uptick this spring. It seems the peak of summer has hit, so it is likely to see the market soften up over the Fall (which is completely normal to see). Last year the market felt really sluggish though at this time in light of the looming government shutdown. This year we don’t have the same phenomenon, so the market is a bit different.

Placer County housing inventory - by home appraiser blog

months of housing inventory in placer county by sacramento appraisal blog

Inventory saw a very minor decline last month: Monthly inventory saw a very slight decrease, but really it’s still hovering at about the same level. As you can see, inventory above $750,000 is far different from the rest of the market. Generally speaking, the higher the price, the more inventory there is.

days on market in placer county by sacramento appraisal blog

It’s taking one week longer to sell compared to last month: On average it is taking 45 days to sell a home in Placer County as opposed to 37 days in Sacramento County (and 40 days in the Sacramento Region). Generally speaking, the higher the price, the longer it is taking to sell (which is normal). There were only 14 sales between 100-200K, so take the days on market with a grain of salt. Overall it took about one week longer to sell a home last month compared to the previous month.

Placer County sales volume - by sacramento appraisal blog

Sales volume is approaching more normal levels: Sales volume saw an increase last month, but volume is still down by 7.5% from July 2013. Overall volume is starting to hit much more normal levels.

number of listings in PLACER county - july 2014 - by home appraiser blog

There are more listings this month than last month: Listings increased by 5% from last month to this month. At the beginning of July there were 1387 active listings on the market, and at the beginning of August there were 1457 listings. This isn’t news to write home over, but the number of listings is something important to watch because if sales don’t increase at the same rate, the market will inevitably soften. Inventory actually went down slightly though in July in light of sales slightly outpacing listings in Placer County (very slight decline).

interest rates inventory median price in placer county by sacramento appraisal blog

It’s a joy to put these graphs together every month. Yes, it takes quite a bit of time, but it’s worth it. As always, I’d love to hear your take on how the market is unfolding too. Moreover, if you have ideas for how to refine or present trends, I’m always game to get some constructive feedback.

Sharing Trends with your Clients? If you want to share graphs online or in your newsletter, please see my sharing policy. Thank you for sharing.

Questions: How else would you describe the market? I’d love to hear your take.

If you liked this post, subscribe by email (or RSS). Thanks for being here.

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Filed Under: Market Trends Tagged With: appraisals, Appraiser, El Dorado County, flat market, less cash, Median Price, Placer County, Sacramento County, Sacramento real estate trends, sacramento regional market, soft market, Yolo County

The real estate train is slowing down in Sacramento

August 12, 2014 By Ryan Lundquist 4 Comments

Slow. Flat. Price sensitive. Competitive if priced correctly. These are words that describe the Sacramento real estate market. Some consumers may not be in tune with this reality because last they heard the market was “on fire”, but those in the trenches of the industry know the real estate train is slowing down. Let’s take a look at ten quick talking points to help explain how the market is unfolding and why it is moving the way it is. I hope this is helpful for you and your clients.

Two ways to read this post:

  1. Scan the highlighted text and graphs quickly.
  2. Grab a cup of coffee and spend a few minutes digesting what is here.

free graphs from sacramento appraisal blog

1)  The median price has been the same for three months in a row:

median price and inventory since 2013 - by sacramento appraisal blog

The market saw a normal seasonal uptick for the spring of 2014, but the median price has been flat now at $270,000 for three months in a row. Keep in mind that not every neighborhood and price segment in Sacramento are experiencing the same flat trend as shown above, though charts for surrounding counties do have a similar flatness. Remember too that real estate markets are constantly changing, so it’s not a surprise to see the market has been flat – especially as summer begins to fade away.

price metrics in sacramento county

In the midst of a flat median price and average price per sq ft, the average sales price did see an uptick last month. If we were to isolate the average sales price, we’d say the market is increasing in value, but this is why it’s important to look at more than one metric. What are all the metrics saying together?

2) The number of listings is increasing (so are price reductions):

Active listings in Sacramento County by sacramento appraisal blog

number of listings in sacramento - July 2014 - by home appraiser blog

There were 8% more listings that hit the market in July. It’s normal to see more listings during the spring and summer, yet what is happening with these listings is the real story. Over the past two months in particular there have been increasingly more price reductions, which shows many properties are simply overpriced and that the market is getting soft. If inventory continues to increase, this trend of price reductions will likely persist since sellers will need to compete for a limited pool of buyers. This is important news for sellers because it underscores the need to price properties correctly. At the same time this is welcome news for buyers since they can be slightly more selective.

3) Inventory increased again last month and is now at 2.2 months:

inventory in sacramento county - by sacramento appraisal blog

Inventory increased again this past month and is now at 2.23 months of housing supply, which is about where it was when the market bottomed out in early 2012. This essentially means there are 2.23 months worth of houses for sale based on how many sales there were last month.

months of housing inventory by sacramento appraisal blog

number of listings in sacramento - by home appraiser blog

Inventory is increasing, and that is causing the market to slow down, but inventory is ultimately still fairly low. It is still a sellers’ market, but buyers are very noticeably gaining power. As you can see above, inventory is not the same at each price level. Generally speaking, the higher the price, the more houses there are for sale.

4) Sales volume is down 8% from last year but up from last month:

sales volume in Sacramento County since 2008sales volume in Sacramento County

Sales volume in July 2014 is down 8% from July 2013. When looking at the past 90 days in 2014 compared to the same time last year, volume is down by 10%. In the Sacramento region, sales volume is about 11% lower. However, the good news is that sales volume increased from last month to this month, and has been increasing all year mostly (after a couple of very slow months to begin the year).

5) FHA sales were 25% of all sales in Sacramento County last month:

FHA and cash sales since 2009 in Sacramento County by sacramento appraisal blog

FHA and cash sales under 200K in Sacramento County by sacramento appraisal blog

FHA has been making quite the comeback over the past year and has been filling some of the gap left by cash investors exiting the market. In fact, FHA sales represented 25% of all sales in Sacramento County last month and 32% of all sales under $200,000. We have not seen FHA percentages this high since 2012. Keep in mind FHA sales used to be 30% of all sales in Sacramento County between 2009 and 2011, so there is a precedent for FHA buyers being able to absorb even more of the market. As the market inches toward a buyers’ market, be sure you are familiar with FHA minimum property requirements.

6) There have been 40% less cash purchases in 2014 compared with 2013:

cash sales and volume in sacramento county - by home appraiser blog - Copy

Cash sales since 2009 in Sacramento County by sacramento appraisal blog

Cash investors drove the market for quite some time until they began to pull back just over one year ago. In fact, there have been about 40% less cash sales so far in 2014 compared to the same time period last year. When investors stopped buying it created a gap of sales, and over the past year the market has been trying to figure out how to respond to this gap. In other words, if we added in the number of extra cash sales from last year to this year’s total sales volume, we’d have a very similar number for both years. Remember, if cash volume was still as high as it was last year, inventory would be incredibly low, and the market would feel much like it did in early 2013.

7) It’s taking 37 days on average to sell a house:

CDOM in Sacramento County - by Sacramento Appraisal Blog

On average it’s taking 37 days to sell a house in Sacramento County and 40 days in the Sacramento Region. Last month it was taking 35 days to sell a home in Sacramento County. When a property is priced correctly it will sell very quickly and even have multiple offers, but an overpriced property is going to sit on the market. Generally speaking, the higher the price, the longer it takes to sell. For further context, it was taking almost 90 days to sell a house just a few years ago.

8) Interest rates are hovering in the 4% range:

interest rates by sacramento appraisal blog since 2008

interest rates by sacramento appraisal blog

Interest rates took a very slight dip last month, and they’ve been hovering in the lower 4s all year. What happens with interest rates will impact affordability for buyers over the long haul, but very minor changes probably won’t impact the market like increases in housing inventory will. The Fed hasn’t given any indication they will raise rates aggressively since they know how fragile the housing market is these days. Remember that one of the reasons why values increased so rapidly these past two years was because interest rates went below 4% for the first time ever. You can see in the graph above how the Fed deliberately lowered rates when the recession hit in 2008.

9) Today’s market is being driven by other factors compared to 2013:

layers of the market since 2011 sacramento county - by sacramento appraisal blog

layers of the market sacramento county - by sacramento appraisal blog

layers of the market sacramento county since 2001 - by sacramento appraisal blog

Part of being in tune with real estate or becoming a local expert (for agents and appraisers) is being able to explain how the market is moving and why the market is moving. The real estate market has many “layers” that impact value, and the key factors that were driving the market in early 2013 were cash investors, interest rates in the 3s, and a housing supply of less than one month. Now the “layers” of the market have shifted where inventory is over 2.2 months, interest rates are in the 4s, cash is now at a normal level (about 20% of sales), and the local economy is bound to be a bigger player in shaping the real estate market. While our economy seems to be slowly improving, it’s still not easy to get a job.

Median price & unemployment in Sacramento County since 2008

The unemployment rate in Sacramento County and California have both been declining, but take the jobless rate with a grain of salt when you see it on graphs like the ones above. An improving job market does help real estate values, and it’s important to watch over time, but since there are essentially less people participating in today’s job market, it’s only natural to see unemployment decline.

10) The median price is 32% lower from the peak in 2005:

context for median price since the real estate bubble by sacramento appraisal blog

Lastly, in case you needed some market trivia to impress your friends or you’re playing a game of real estate Jeopardy, the current median price in Sacramento County is about 32% lower than the peak in 2005. At times the real estate community is fixated on comparing current values with the previous peak of the market, and sometimes we even hear conversations about values getting back to those levels. But let’s remember how unaffordable and unsustainable that market was at the time. At the same time there is surely value in knowing the peak of the market and how far we’ve come since then, but ultimately what the house is worth right now is probably more valuable for current sellers and buyers.

Summary: After a typical seasonal uptick during the spring, the market has definitely changed over the past few months and is showing clear signs of slowing down. We are seeing this change show up with properties taking longer to sell, a flat median price, an increase of price reductions, higher inventory, more credits from sellers to buyers, and generally buyers starting to feel like they have more power to negotiate. The market is still competitive because inventory is still low, but it is extremely price sensitive, which is seen with buyers being more picky. Keep in mind it is fairly normal to see the market slow down as summer fades away, though the slowness seemed to slow up a bit sooner than usual this year, which means it will be interesting to see how this trend unfolds in coming months.

Sharing Trends with your Clients? If you want to share graphs online or in your newsletter, please see my sharing policy. Thank you for sharing.

Questions: How else would you describe the market? I’d love to hear your take.

If you liked this post, subscribe by email (or RSS). Thanks for being here.

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Filed Under: Market Trends Tagged With: appraisals, Appraiser, cash investors, FHA buyers, FHA increasing, interest rates, less cash investors, price sensitive, real estate graphs, real estate trends, Sacramento Real Estate, sales volume, slower market, Unemployment

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Most Recent Posts

  • The players in the market & normal pendings
  • How do we value a house with a HUGE non-permitted addition?
  • More owners, less sales, & confidence
  • Being neutral, price per square foot, and the Governor’s new digs
  • At least read this part of the appraisal
  • Will buyers step on the gas or brakes in 2019?
  • Real estate trends to watch in 2019
  • The real estate left behind after a fire
  • An underrated metric & slumping volume
  • Seven years of price increases & my blue kitchen island

Disclaimer

First off, thank you for being here. Now let's get into the fine print. The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist Appraisal Company. Content on this website may not be reproduced or republished without prior written permission from Ryan Lundquist.

Please see my Sharing Policy on the navigation bar if you are interested in sharing portions of any content on this blog.

The information on this website is meant entirely for educational purposes and is not intended in any way to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or any other potential real estate or non-real estate purpose. The material found on this website is meant for casual reading only and is not intended for use in a court of law or any other legal use. Ryan will not appear in court in any capacity based on any information posted here. For more detailed market analysis to be used for an appraisal report or any appraisal-related purpose or valuation consulting, please contact Ryan at 916-595-3735 for more information.

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