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Sacramento Market Update

What words are used to sell homes?

May 20, 2020 By Ryan Lundquist 21 Comments

What words are used to sell homes? Let’s get lighthearted because it’s been intense lately with the pandemic. I thought it would be fun and fascinating to see how many times certain words were used in real estate listings.

Realtors do a great job selling and here are words used in public property descriptions in MLS listings in the Sacramento region. There were 33,884 sales since last year. Some of this is just for fun.

How often were the following words used in home sales?

I hope you enjoyed and even laughed a little.

RESOURCES:

New market video: Here’s my weekly video. I talk through two markets. The future and the present. I also have a woodworking sign giveaway in the video. Check it out below (or here).

Millennial Millionaire Podcast: I was on this podcast recently and the episode is called “Teacher turned appraiser by accident.” Yes, I used to teach Middle School if you didn’t know. This was recorded about two months ago.

I hope this was interesting or helpful. Thanks for being here.

Questions: What stands out to you most about the words above?

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

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Filed Under: Random Stuff Tagged With: Appraisal, Appraiser, descriptive words, home, house, pandemic, real estate marketing, Realtors, Sacramento Appraisal Blog, Sacramento Market Update, selling real estate, what sells a home, words used in real estate

It’ll never sell that high (but then it did)

May 17, 2018 By Ryan Lundquist 8 Comments

There’s no way it’s going to sell that high. Have you ever thought that in real estate? Well, let’s talk about a property that many said would never sell at $4.1M, but then it did. I definitely have some takeaways about this lofty condo in Downtown Sacramento, and I hope non-locals will relate to the commentary. Then for those interested I have a huge market update below. Any thoughts?

A few things on my mind about this one sale:

1) Outlier: This sale is a total outlier. It is a big deal, but it’s also completely disconnected from the rest of the market. Can you tell based on the graph?

2) Thin history above $4,000,000: There have literally only been four residential sales ever above $4M in Sacramento County. EVER. So yes, it’s huge news to have a condo close this high, but at the same time let’s not think everything is now worth four million. Here are the sales:

a) Governor’s Mansion in Carmichael in 2004 at $4.1M
b) Sierra Oaks home in 2013 at $4.7M
c) Elk Grove estate in 2005 at $4.6M (sold $1.3M in 2011)
d) Downtown Condo at $4.1M

3) Lamborghini & Camry: Some have said things like, “I can’t afford the market any longer.” But this one “lone ranger” sale isn’t the new comp for everything in town. It’s tempting for sellers to price higher now, but it’s not like someone ten miles away is going to pay more at the $300,000 level because of a multi-million dollar condo sale. If my neighbor bought a Lamborghini, that doesn’t all of a sudden mean I have to pay more for a Camry…

4) An emerging market: There is definitely an appetite for high-end condos in Sacramento, so let’s expect to see this niche market find more expression in coming time. Ultimately the sales office at the Kimpton Sawyer Hotel has done well so far to sell units far above what many locals imagined. Of course the eventual test for these properties will be to see what happens when they hit the resale market in coming years without the benefit of marketing from a Beverly Hills sales agency.

I hope that was interesting or helpful. Anything to add?

-—-—- Big monthly market update (absurdly long on purpose) ———–

The market feels very normal for the spring. Well, I guess what I mean is all the stats are normal, but buyers are pulling the trigger very quickly and we’re seeing multiple offers on just about anything that is priced correctly. One of the bigger stories is sales volume so far in the beginning of 2018 is up 5% in the region. In fact, we’ve seen the strongest start to the year since 2013. Buyers have been starving for more inventory, so they’re gobbling up anything in site as long as it’s not overpriced. But part of the growth in volume these past few months could also stem from some buyers trying to get a slice of real estate pie before interest rates rise.

New recap images: Last month I introduced recap images. Here’s round two, though this month my data from last year is less complete since I tore my knee a year ago (I’m all better now). Anyway, what do you think?

Two quick things:

1) Inventory is increasing: We’re starting to see inventory increase a bit. For years it did nothing but decline, but toward the end of last year it seemed to flatten out, and so far this year we’ve seen some slight upticks. Granted, inventory this past month was only up 3% in the region compared to the same time last year, but that’s better than being perpetually down every single month.

2) The wrong comps with new construction: With more new construction lately, it seems like some sellers are using brand new nearby homes as “comps” for their older homes. Let’s remember the new ones often sell with a hefty price premium, so they really don’t make adequate comps. My advice? Don’t get distracted by the brand new stuff. Try to find older sales that are similar rather than assuming buyers are going to pay the same amount as a new home.

I could write more, but let’s get visual instead.

DOWNLOAD 52 graphs HERE: Please download all graphs here as a zip file. See my sharing policy for 5 ways to share (please don’t copy verbatim).

SACRAMENTO COUNTY (more graphs here):

SACRAMENTO REGION (more graphs here):

PLACER COUNTY (more graphs here):

DOWNLOAD 52 graphs HERE: Please download all graphs here as a zip file. See my sharing policy for 5 ways to share (please don’t copy verbatim).

Questions: What do you think of that $4.1M condo sale? What else are you seeing out there in 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: April 2018 market graphs, Downtown condo sale record, Home Appraiser, House Appraiser, housing shortage, inventory, lofty condo sale, Placer County real estate trends, rising prices, Sacramento County real estate trends, Sacramento Market Update, sacramento regional housing market, sales volume, trend graphs

Sacramento market update with Steve Ostrom

January 26, 2012 By Ryan Lundquist 8 Comments

Steve Ostrom Photo Roseville and Rocklin Real EstateI met up with Realtor Steve Ostrom today to talk about what’s been happening in the Sacramento real estate market. Steve focuses on Roseville and Rocklin, but he also lists properties all over Sacramento. He sits on the Board of Directors at the California Association of Realtors and he really knows his stuff. Steve and I talked about inventory levels, multiple offers, distressed sales, flippers and more. The main question was, “What’s happening in the real estate market?” Watch or listen to our conversation below (or here) to get a glimpse of how the market has felt lately in the Sacramento area.

What do you think? Have you seen something similar? Why do you think inventory has been down?

By the way, this video marks the debut of my beardless look for 2012. I suppose it’s a resolution of sorts, but I decided it was time for my “distinguished” beard color to go away – at least for this year. Since shaving the gray, not one person has said, “Ryan, you really shouldn’t have done that,” so I know it was the right season to let the razor win. I know you don’t come here to hear about my face, but I just wanted to put this out there publicly so there is some internet accountability in case you see a beard creep back into my life this year.  🙂 Anyone make a similar resolution?

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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Filed Under: Resources, Videos Tagged With: distressed sales, flippers, Home Appraiser in Sacramento, inventory, Real Estate Agent Steve Ostrom, Roseville and Rocklin Real Estate, Sacramento Appraiser, Sacramento Market Update, Steve Ostrom Realtor, Video Real Estate Update

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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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