10 Years of Sales on the Sacramento River

Living on the Sacramento River is a whole lot more affordable in today’s market than it was in the past. I wanted to share a bit of recent research as I just finished up an apprasial on Garden Highway. Here is a graph of all sales along Garden Highway in Sacramento County over the past ten years. Keep in mind these are only sales that closed in MLS, so there may be other private transactions or newly constructed custom properties not accounted for below. What do you see?

If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our appraiser website or via Facebook

No longer half-built in the Oak Park Neighborhood

It’s nice to take pause and see good things happening in the Sacramento real estate market. It’s not all bad news thankfully. Below are three houses on 37th Street in the Oak Park area that began construction several years back, but ended up going into foreclosure during the building process. These houses sat vacant for quite a while until they were purchased in January 2010 by an investor. All units have since been rehabbed throughout and are currently listed for sale. I snapped the half-built photo in October 2009 and the remodeled photo last week. 

This is a win for the neighborhood, don’t you think?  

If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our appraiser website or via Facebook

Interview: The 2-4 unit real estate income market in Sacramento

Part 2 of 3: I sat down recently with Sacramento real estate broker Joel Wright to discuss the 2-4 unit residential-income market in Sacramento. Joel specializes in working with investors and he knows his stuff. We hit on topics such as prices, inventory, rent levels and current trends with duplexes and fourplexes in the Sacramento area. Let me know if you have any questions and check out The Wright Report also for a very detailed analysis of the local market. View Part 1 of this interview series here and watch the new segment below.

Here is a graph of all duplex and fourplex sales in Sacramento County over the past three years. What do you see? Does anything stand out to you?

If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our appraiser website or via Facebook.

The skinny on options for dealing with defective paint for an FHA loan

A prospective buyer stumbled on my blog recently and watched a video about FHA and defective paint. She had some follow-up questions due to her situation, and I thought it would be helpful for others to see our interaction in case you are in a similar scenario.

Question from Buyer: Hello. I stumbled upon your video because I made an appointment to look at a house and the Realtor told me she hoped I had a conventional loan because an FHA loan has issues with the chipping paint on the outside. I have no idea if the paint is lead (the house was built in 1940 so there is a possibility). What are the options if the FHA loan is what I was approved for but don’t have the money to have the house painted? Could money be held in escrow to have the house painted or would the seller maybe pay to have it painted? Any help you could give me would be great! Great video!

My Response: Thanks for the comment and the question. Your options are really as follows: 1) Ask the seller to cure the problem; or 2) Find another way to cure the problem. The reality is that the issue needs to be cured – no matter how it gets done. Any paint surface that is defective (flaking, chipping or peeling paint) will have to be properly remedied and sealed. There won’t need to be any lead-base paint test. 3) A third option actually is to do an FHA 203K loan so you can get certain repairs like this taken care of without spending money out-of-pocket. You’d actually buy the property and then specific predetermined repairs would be made after the close of escrow from money bundled in your loan. Not all loan officers and brokers handle 203K loans or are good at doing them, so make sure you work with someone who knows about 203Ks. I’m glad to refer someone trustworthy to you.

The video below helps to explain the three ways to deal with FHA repairs. I hope this was helpful. Keep me posted if you have any questions or insight.

 

If you have any real estate appraisal, valuation consulting, or property tax appeal needs in Greater Sacramento, contact me at 916.595.3735 or www.LundquistCompany.com.