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Erin Stumpf - Realtor

Sacramento’s real estate market in one sentence

August 1, 2013 By Ryan Lundquist 6 Comments

How would you describe the housing market? I asked a handful of real estate professionals to explain market trends in Sacramento in July 2013 by using ONLY one sentence. This is first-hand insight in “Twitter-sized” chunks.

July 2013 real estate market in Sacramento - by Sacramento Appraisal Blog

Barbara LebrechtBarbara Lebrecht – Realtor/Broker: “Despite rising interest rates and a promising yet small increase in inventory, buyers and investors continue to duke it out for well priced properties.”

Erin NewingtonErin Newington – Realtor: “Buyers are starting to get more leverage during negotiations, and Sellers now have to come down off the cloud and get back to reality!”

Eric-Peterson-Praxis-CapitalEric Peterson – Managing Director Praxis Capital: “The Sacramento market has gone from red hot to whatever temperature is just above luke warm in the last 30 days.”

Jeff-Grenz-Real-Estate-BrokerJeff Grenz – Realtor/Broker: “Mostly corrected and on its way back to a normal end-user (an employed owner occupant with financing) driven and balanced market.”

brandy salazarBrandy Salazar – VP Folsom Asset Management: “In July, we experienced an increase in inventory and a shift to a more buyer-friendly market.”

Estella-DrakeEstella Drake – Realtor: “Sellers want to make a killing, buyers want a good deal, valuations all over the map, lending is more challenging, flipping deals are running dry, and on a happy note interest rates are still fantastic.”

Erin-StumpfErin Stumpf – Realtor: “Many Sacramento home buyers were shocked into paralysis around the beginning of the July due to the sharp increase in mortgage interest rates, only to be reinvigorated to aggressively search for homes again by the month’s end since they realize rates won’t dip so low again any time soon; supply of homes for sale is still relatively low and demand is still high.”

Ray HensonRay Henson – Realtor: “There is high demand for a very limited supply of homes in Sacramento and the few homeowners that are selling have little incentive to sell as prices continue to rise month over month”.

Steve-Ostrom-Realtor1Steve Ostrom – Roseville Realtor: “Still hot, but with signs of settling into normal market”.

Any thoughts, questions or stories to share? I’d be curious to hear your take on the market in the comments below.

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Filed Under: Market Trends Tagged With: Brandy Salazar, Eric Peterson - Praxis Capital, Erin Newington Real Estate, Erin Stumpf - Realtor, Folsom Asset Management, Home Appraiser, House Appraiser, Jeffe Grenz Real Estate, July 2013 real estate market, Raymond Henson, Real estate market trends in Sacramento, Sacramento County Real Estate, Steve Ostrom

What 6 photos tell us about the real estate market

March 7, 2013 By Ryan Lundquist Leave a Comment

I love how pictures can tell a story. Today I wanted to share some of the small but interesting things I’ve seen lately while out in the field during appraisal inspections. All of these images help tell a story about the real estate market.

Story 1:  Locks and Foreclosures

Changed lock on house - photo by Sacramento Appraisal Blog

Changed lock on house - photo by Sacramento Appraisal Blog

There are really two stories to tell here. First off, the locks were changed because the bank took possession of the property. While the number of foreclosures decreased by 20% last year in Sacramento County, still 1 out of every 10 sales on MLS is bank-owned. Secondly, someone broke into this house while it was vacant, which is why it has now been screwed shut from the outside and inside. Nice door, huh?

Story 2:  The Surge of New Construction

New construction in Sacramento market 2013 - photo by Sacramento Appraisal Blog

Have you been seeing new construction more lately? I’ve been seeing it all over the place in Sacramento, Folsom, Rancho Cordova, Elk Grove, Roseville, etc… This week alone I appraised two newly constructed homes. Since prices have seen an increase and housing inventory has been incredibly low, demand for new construction has been on the rise. Moreover, many new builders are working hard to not sell to investors, so this opens up opportunities for owner occupants to have more of a chance to get into contract (there is still major competition though).

Story 3:  “New” Graffiti

New construction in Sacramento market 2013 - graffiti - photo by Sacramento Appraisal Blog

Along with new construction comes graffiti. Most buyers probably don’t see stuff like this, but I see this quite a bit as an appraiser. A vacant house in almost any situation can be a target for theft and vandalism, and that’s certainly true with new construction. There was spray paint on almost every window upstairs.

Story 4:  Grandma’s Retro Flooring

Old vinyl flooring - photo by Sacramento Appraisal Blog

Did you have this pattern while growing up in the 60s or 70s? I came across this flooring recently in a duplex, and it made me smile since my Grandma had this exact pattern in her house when I was a kid. I’m always amazed how certain designs can bring back memories. Ultimately today’s buyers are not looking for flooring like this, but since sellers have more power than buyers right now in the market, buyers will tend to be less picky about certain outdated features when hunting for a home.

Story 5: Check the Details

new construction photo by Erin Stumpf

This photo was posted on Facebook by Erin Stumpf, a Realtor friend. I love her caption: “New construction final walk-through pop quiz: What’s wrong with this picture?” As you can see, the counter does not fit the cabinetry. What a great reminder to really look closely when buying a house. In a market that is saturated with investor flips, this is especially important because you want to buy a property that is remodeled well instead of a “lipstick on a pig” job so to speak. And remember, duct tape solves most problems in the world, but it’s not a good solution in real estate (I saw a duct tape “fix” recently to cover up shards of broken glass on one pane in a window). Thanks Erin for letting me use this photo.

Question: What else do these photos tell you about real estate or the market?

If you have any questions or Sacramento home appraisal or property tax appeal needs, let’s connect by phone 916-595-3735, email, Twitter, subscribe to posts by email (or RSS) or “like” my page on Facebook

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Filed Under: Photos from the Field, Random Stuff Tagged With: appraiser blogs, appraiser photos from inspections, changed locks, Erin Stumpf - Realtor, graffiti in new construction, Home Appraiser, House Appraiser, new construction, outdated vinyl, real estate photos, retro floor

Do buyers care about fireplaces if they can’t be used much?

January 31, 2013 By Ryan Lundquist 5 Comments

This might sound like a really liberal idea to friends in other parts of the country, but we cannot use wood burning fireplaces every day in the Sacramento area. What do I mean? It is illegal on certain days to burn wood or pellets depending on the air quality, which essentially means you can be fined if you burn on a “no burn” day.

The Sacramento Metropolitan Air Quality Management District states “Residents and businesses are restricted or prohibited from using indoor or outdoor fireplaces, wood stoves, fire pits and chimneys that burn wood, pellets, manufactured logs or any other solid fuel, when fine particle pollution is forecast to be elevated. It is your responsibility to Check Before You Burn.”

Photo used with permission from Realtor Micah Baginski
Photo from Realtor Micah Baginski of a recent house he flipped.

Real estate questions: Whether you agree or disagree with the rule for burning, there are some implications for real estate, which leads us to ask the following questions. Since wood-burning fireplaces cannot be used as often in light of “no burn” days in Sacramento, are they still an asset? How much weight are buyers giving fireplaces in today’s market? Is it a good idea to ever remove a fireplace? I asked a handful of local real estate pros to share some thoughts on the topic, and here is what they had to say. I’d love to hear what you think in the comments below.

Kyle GrovesKyle Groves – Realtor  Fireplaces are truly subjective. I have clients who want a wood burning, some who would remove it, some who would stick in an insert. Some want a fireplace just to put a TV over. I don’t think there is an overwhelming majority either way. Personally, with the limited ability to use wood burners, they’ve become obsolete, and more of a nuisance. Buyers can easily build a fireplace, with an insert, wherever they want, and it’s a much more efficient, usable option.

Bruce_Slaton_reasonably_smallBruce Slaton – Realtor  Fireplaces define a room for Buyers. There is nothing better than attending a family holiday and everyone gathering around the fireplace to socialize. I would say a fireplace in most Buyers profiles are preferences but not always necessarily a deal breaker or a must have. An HPBA Survey in 2012 said “In 2012, 36 percent of homeowners said their fireplace or stove was a major factor in choosing to purchase and/or live in their current home”. That’s up from 12 percent just 10 years ago, according to the HPBA report. The issues Sellers come across when reselling is they do not maintain the chimney maintenance and burn the wrong type of materials, which contributes to build up and possible fire safety issues. Sellers should always have a qualified chimney cleaning and inspection done months before placing their home on the market in order to remedy any issues with the chimney prior to any Buyer inspections. Maintaining documents and/or warranties are another thing a Seller should do as many homes have older fireplace inserts with no information or maintenance suggestions.

Kellie Swayne – Realtor
Kellie Swayne - RealtorIn the older neighborhoods in Sacramento where I specialize, like Land Park and East Sacramento, a fireplace is a fixture that is a part of the “traditional charm” that draws people to these areas. While many homes in these neighborhoods have been built without a fireplace, there is certainly the feeling that something is “missing”. I have worked with several buyers over the years who insisted on a fireplace as a feature in their home, even when they did not always intend to use the fireplace. I believe that fireplaces are an asset to these homes, even when they are not being used much. A fireplace can enhance the charm, ambiance and feel of a home. I have seen many fireplaces that have become a part of the decor in a home by adding candles, candelabras, and other creative pieces when they are not being used for fires. In most cases, I would recommend against removing an existing fireplace.

Tamara-Dorris-RealtorTamara Dorris – Realtor  The new burn laws are certainly something that people are unhappy about, however, I recently sold a home in Auburn and they’ve had special wood burning stove laws in effect for a while now. In my experience people still like fireplaces, and I would go so far to say that in the luxury market, people practically insist on them. I think in median price ranges, especially in this competitive market, that buyers will “settle” for no fireplace if they have to sacrifice something. And, in a seller’s market, sacrifice or compromise is a given. I would never recommend taking a fireplace out; mostly, due to the expense, and structural impact. Regardless of burn laws, something about a fireplace and a mantle with family photos on it just seems to make a house more of a home.

Jeff-Grenz-Sacramento-Real-Estate-BrokerJeff Grenz – Realtor  Fireplaces are a focal point for homes in higher price ranges. Much design time and money goes into these features. At the affordable level, there are definitely higher priorities for the money, so these features can certainly be bypassed, especially now that wood burning fireplaces have restricted use.

Erin Stumpf RealtorErin Stumpf – Realtor  I think the majority of Sacramento home buyers prefer homes with fireplaces. In fact, I have had several clients pass on purchasing nice homes without fireplaces in favor of other homes that do have them. The fireplace frequently is the center piece or focal point of a living room – often adorned with photos and such, holiday items, family heirlooms, etc. Additionally it can provide an additional source of warmth during cold weather, and makes for a nice place to gather. Most folks I work with do not mind the “Check Before You Burn” program in Sacramento, and I direct my clients to sign up for “Air Alerts” so they know which days they are permitted to burn fires (by the way, Erin has a post on the importance of chimney inspections that you might want to check out).

Questions: How important is a fireplace to you when purchasing a home? What do you think of the “check before you burn” campaign? Anything you’d like to add? Comments are welcome below.

If you have any questions or Sacramento home appraisal or property tax appeal needs, let’s connect by phone 916-595-3735, email, Twitter, subscribe to posts by email (or RSS) or “like” my page on Facebook

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Filed Under: Market Trends, Resources Tagged With: Bruce Slaton Realtor, Burn days in Sacramento, Erin Stumpf - Realtor, Home Appraiser, House Appraiser, Jeff Grenz Realtor, Kellie Swayne Realtor, Kyle Groves - Realtor / Broker in Sacramento, opinions of Realtors, Realtor thoughts on burn days, realtor tips, sacramento appraisers, Sacramento Realtors, spare the air days, Tamara Dorris Realtor

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