I saw this sign yesterday while driving through the Anatolia neighborhood in Rancho Cordova. What do you think of this marketing strategy?
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Unemployment Rates in Sacramento County for May 2009
Here are the most recent figures for unemployment in Sacramento County as of May 2009 per the Employment Develompent Department. The figures below consider both cities and Census Designated Places (CDP). Sacramento County as a whole has an unemployment rate of 11.1%.
Arden Arcade CDP 10.8%
Carmichael CDP 8.2%
Citrus Heights city 7.8%
Elk Grove CDP 9.0%
Fair Oaks CDP 6.2%
Florin CDP 16.7%
Folsom city 5.1%
Foothill Farms CDP 14.2%
Galt city 16.9%
Gold River CDP 1.9%
Isleton city 11.8%
La Riviera CDP 6.1%
Laguna CDP 5.8%
Laguna West Lakeside CDP 7.5%
North Highlands CDP 16.4%
Orangevale CDP 8.0%
Parkway South Sacramento CDP 18.7%
Rancho Cordova City 12.8%
Rancho Murieta CDP 3.5%
Rio Linda CDP 16.3%
Rosemont CDP 8.8%
Sacramento city 13.1%
Vineyard CDP 5.2%
Walnut Grove CDP 24.5%
Wilton CDP 6.8%
What do you notice? Does any of the data stand out to you? Let me know if you have any questions about the latest figures and how unemployment impacts the local real estate market. You are welcome to call 916-595-3735 or visit our company website at www.lundquistcompany.com
Marketing Strategy of Builders in the Sacramento Region
I snapped the following shot while inspecting a Beazer property the other day in Rancho Cordova. This type of sign is very typical in many portions of the Greater Sacramento Region for new construction.
In hopes of selling off their inventory, most builders these days use marketing language such as “Foreclosure Pricing” or “Closing Costs Back to You” or “Tax Credits”. Builders definitely have to compete with the foreclosure and short sale properties within the marketplace and so there is quite a different marketing strategy from what we saw just five years ago. Let’s take 2004, for example, the Builders could pretty much command whatever price they wanted (prices went up 10K a month like it was nothing), “upgrades” were quite pricey, and the builder was definitely in control. Nowadays the buyer is in charge, sometimes the “upgrades” are now included as more standard features, concessions and closing costs offered within the purchase price are more normative, and prices have come down substantially in most areas.
What other ads or signs have you seen in the local market?
Tip for the Buyer of New Construction: Make sure that you are paying fair market value for the house you are purchasing. You need to have a reliable appraiser who understands the current market. It’s nice to get closing costs and concessions included within a purchase price, but if the purchase price is padded so greatly with these things, one must wonder if the house is really worth what it is being sold for. For example, if a house is being sold for $325,000 and there are $25,000-$35,000 worth of concessions within the purchase price, maybe the house is truly worth $290,000-300,000. If the house was offered for sale without concessions or closing costs covered within the purchase price, what would it sell for? That’s a good question to ask and it might save you some money in the long run. Obviously though many times the inclusion of concessions and closing costs is what helps the deal get done and assists the buyer’s financing. Even though prices are much lower in California right now, it is still very difficult for the bulk of buyers to put down 20% of the cost of a home (hence the popularity lately of FHA financing programs with 97% loans).
If you have any questions, feel free to call me at 916-595-3735, see my company website at www.lundquistcompany.comor email me at ryan [at] lundquistcompany [dot] com.
Is that a ski slope? Nope, it’s a trend line of the housing market.
I had a conversation today with a friend about Rancho Cordova real estate market trends and I made this graph to show her in an image of what words so often say – that the market has declined.
When making trend graphs in many local areas and cities in the Greater Sacramento Region, I often think the overall trend looks like a ski slope. This one above is maybe a bit more bunny-slope-like, but still, you get the point. If you have questions about the local real estate market, feel free to contact me at 916-595-3735 or www.lundquistcompany.com
A Closing Thought: Looking at market trends doesn’t often times “bring gladness to the heart of man” so to speak (that was a quote from Chimay, if you follow), so let’s remember that relationships and so much of life can be wonderful even though home values aren’t much to brag about right now.