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Why is inventory so low in Sacramento right now?

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If there is one conversation dominating real estate right now in Sacramento, it’s definitely the shortage of listings. It’s wild to think there is only about a one-month supply of inventory on the market. This means buyers have had to duke it out (not literally) to get into contract. Also, multiple offers and offers over asking have become much more common too.

But why is inventory low? Is it because of a coming “wave” of foreclosures or a “shadow” inventory? Do sellers have less confidence in the market? Do banks have something to do with it?

Inventory in Sacramento County - Quarterly from 2011 - Graph by Trendgraphix and modified by Sacramento Appraisal Blog

I talked with Eric Peterson of Praxis Capital about the issue of low inventory. Eric’s company pays very close attention to the market as they flip about 125 houses a year in the Greater Sacramento area. Watch the video below (or here).

What do you think? Anything else you’d add? Is there a looming shadow inventory? If you are an agent, buyer or seller, what’s it been like in the trenches for you lately?

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

Duplex and Fourplex Activity in Sacramento County

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Here’s a glimpse of what’s been going on in the duplex and fourplex real estate market in Sacramento County. Have a look at the graphs below and let me know what you see. There is quite span in price level of course because there is a big difference between areas such as Del Paso Heights, Land Park, Pocket/Greenhaven, South Sacramento, Midtown, etc… If you’ve been paying attention to the 2-4 unit market, what trends have you been seeing lately? If you are an investor, what price range and/or area do you target most often?

By the way, I have a few videos coming up in the next month or so with a local real estate investment specialist. The videos will highlight 2-4 unit trends in more detail. Be on the lookout.

All Duplex Sales in Sacramento County by Sacramento Real Estate Appraiser

Graph of Sacramento County Fourplex Sales by Sacramento Real Estate Appraiser

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.

Home remodel in progress & wooden pool covers

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I met up with a real estate investor friend today to shoot a short video of one of their current rehab projects. Housing Group Fund recently purchased a bank-owned property in the Sacramento area that had been sitting vacant for a very long time. This property actually racked up $48,000 in code enforcement fines too during the long process of foreclosure and vacancy. Anyway, here is a 30-second clip I put together to show the beginning point of the rehab process.

As shown in the video, I found the “pool cover” to be an inventive way to help avoid the safety risk of an empty pool and maybe avoid damage from skateboarding too. This cover was already on the property when it was purchased. What other ways have you seen a pool “secured” when there is no water?

Offering appraisal services to investors is one of my favorite roles because I enjoy seeing the “before” and “after” product as well as working outside of the scope of appraisals geared toward Fannie Mae. I am not doing any appraisal-related work on this particular house, but in other cases investors will order an appraisal from my company in order to do the following: 1) Present the appraisal to the funding source to secure capital for the project; 2) Use the appraisal as a part of a federal or state rehab program (particular programs simply require an appraisal); 3) Use the appraisal for marketing purposes to include in MLS for buyers and agents (or to get an idea of the “after improved” value for listing purposes).

I hope you enjoyed the brief video. Let me know if you have any questions.

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.