Where do you do your reading? I tend to read in bed at night and mostly in front of a screen – whether a tablet or smart phone. Wherever your chosen place might be, I’ve got something for you to add to your list.
The Wright Report is compiled by real estate broker Joel Wright, and is the most exhaustive report I know of to help digest the real estate market in Sacramento, Placer, Yolo, El Dorado and San Joaquin County. This is great reading for the bathroom, bed, Starbucks or wherever you do your thing. The Wright Report helps provide a context to understand the local market and things like low inventory, investor cash purchases, how Sacramento compares with national trends and historic graphs to help see where the market has been over the past decade. Along with some other industry professionals, I also contributed a few thoughts to this report. DOWNLOAD here (pdf) or READ ONLINE.
This is a small example of some of the data in the report:
You can read the embedded report below or DOWNLOAD (pdf) or READ ONLINE.. This is relevant for consumers, real estate professionals and those considering investing in the market. The report is 43 pages (about half of the pages are graphs), so I recommend downloading. Let me know what you think.
Question: Where do you do your reading?
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
Ryan,
Brilliant! I always love your take on the world of real estate, and you make me laugh a bit also.
Keep up the great work!
Joel
Thanks Joel. I’m so glad our paths crossed a few years ago. You are a great contact and you have a wealth of knowledge about the local market.
Our “Correcting” market
Dear Ryan: I appreciated your cautionary thoughts in the Bee article.
The Bee isn’t what it used to be. Even in its heyday, realtors exercised undue influence over content because of the advertising revenues they provided. I recall right up to the ’09 crash the Bee opined sentiments such as: “Yup, real estate is high, and who knows when it will level off? Better get in while you can.” Plenty of reporters at the Bee knew better, but they don’t control content — managers do. And when the owner-managers of a paper or mag respond to pressure from advertisers, their publication becomes what journalists call “advertorial.” For example, Sacramento Magazine is advertorial. I would not be alone in thinking that the Bee is quite a ways up that road if not well into that zip code.
So, when anyone quotes the Bee as a souce, my immediate thought is: “Oh, here we go…”
I do agree with the last Bee article you referenced that the Sacramento house market is not in another bubble. It’s not a bubble because it’s not a “market” of local buyers and sellers haggling over value in the agora. Here the artificially low supply and powerful outside influence (hedge fund and other investors) make Sacramento real estate seem more like a rigged casino.
The future? My guess (no better than anyone else’s) is that the average market price of a house will not largely exceed the maximum amortization of the average State worker’s salary. For better or worse, the State payroll is the core of the economy in this town, and its relaibility is why investors came. Right now benefits for new state workers are decreasing. As for new private sector business coming in, affluent executives aren’t excited about the quality of our schools. In fact I don’t know anyone who sends their kids to public school if they afford to send them somewhere better. Hence, the only way the market is going up will be from outside investors. And that may happen. But if so, us locals will be getting, as I believe the Japanese call it –‘itchy feet.’
Ricardo
Thanks Ricardo. I appreciate that you’re thinking critically about the market. I respect that. Every time I offer quotes to The Bee or Sac Business Journal, I’m always up front about what I see. I think you’re exactly right about the external influences in the market. They are definitely the X-factor and driving force. It’s so important to realize that and sift data in the context of the forces that impact value.
Thanks for the comment. We’ll see how it pans out. I’ll be watching closely.