Sacramento Appraisal Blog

Market trends and real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely.

Low Prices on Duplex & Fourplex Properties in Sacramento County: June 2009

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Duplexes and fourplexes are often the hot ticket for many investors because of the positive cash flow possible on certain properties due to current low pricing and decent rents. Let’s take a look below at current listings from MLS in Sacramento County for duplexes and quadruplexes. The units below are not short sale properties, but mostly all bank-owned units.

RESIDENTIAL INCOME – FOURPLEX UNITS UNDER $200K

ACTIVE Properties as of June 5, 2009 (in Sacramento County)

730 Dixieanne Ave Sacramento            99,900  
3801 44th Ave Sacramento                 114,000  
1710 Kenwood St Sacramento           129,900  
3624 Willow St Sacramento                174,500  
10500 Saltana Way Rancho Cordov   189,900  
912 Dornajo Way Sacramento            195,900  
2884 Del Paso Blvd Sacramento         199,000  

RESIDENTIAL INCOME – DUPLEX UNITS UNDER $100K

ACTIVE Properties as of June 5, 2009 (in Sacramento County)

7820-7822 68th Ave Sacramento         50,000  
1529 Orlando Way Sacramento            59,900  
5846 Nina Way Sacramento                  62,500  
641 El Camino Ave Sacramento            64,900  
1528 Frienza Ave Sacramento               74,900  
1840 South Ave Sacramento                 75,000  
2691 norwood Ave Sacramento            78,500  
2318 Empress St Sacramento                84,900  
2742 65th St Sacramento                      93,900  
7612 Bogey Ct Sacramento                   94,900  
7618 Eagle Park Dr Sacramento            94,900  
1517 Tessa Ave Sacramento                 94,900  
730 Dixieanne Ave Sacramento             99,900  
2456 Beaumont St Sacramento              99,999
 
I appraise properties for investors and I am available for desktop appraisals, full interior inspections and market and trend analysis. Please contact me (Ryan) and 916-595-3735 or LundquistCompany@gmail.com with any questions about the information above or to discuss the current real estate market in the Greater Sacramento Region.

Can Realtors Still Talk to Appraisers After May 2009? (HVCC went into effect on 05/01/09)

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Dear Local Realtors,

You can still talk to appraisers. The Home Valuation Code of Conduct (HVCC) went into effect on May 1, 2009 and it means that loan departments and other parties cannot influence an appraiser’s opinion of value. HVCC basically means that an appraiser’s opinion should be independent and not have any outside influence to “hit the number” (meet the sales price, meet the minimum amount for loan qualification, etc…).

This sounds fairly straightforward, but the problem is that there is some confusion in the marketplace about who can speak with appraisers. For instance, last week I emailed a local Realtor to ask her about the details of one of her recent sales. I wanted to obtain information about the condition of the property and any financing terms that were not made available in MLS. The Realtor emailed me back and stated that she could no longer speak with appraisers due to the new law (HVCC). Unfortunately this is not an isolated incident, but most of all it is absolutely wrong.

As far as property details, the Listing & Selling Agent are often an outstanding source of information. When we get answers to questions like, “Why did your buyer purchase this one?” or “How come this was on the market for so long?” or “What did you mean by ‘conversion’ or ‘needs TLC’ in your MLS description?”, we get valuable insight. Just think of the word “fixer”, for example, and how this one word in an MLS listing can mean anything from “infested with mold” to “needs new paint”. Discussing details like this is all a part of the appraiser’s job in analyzing the market to determine a fair market value. Besides, we are not even talking about a value here, but only property characteristics. Keep in mind too that most of the time we are asking about properties that we are not appraising anyway because we are trying to get information on potential comparables to use in an appraisal report.

HVCC simply means that nobody can influence us toward a certain value opinion. Can you still provide property details? Yes. Can you help us understand a certain neighborhood market better? Absolutely yes. Are you able to give us insight into the financing of one of your deals? Yes. Are you within the law to coerce us and influence an opinion of value? No. That’s the gist. 

Your insight is valuable and providing basic information to appraisers really helps us do our job well. Thank you in advance for your communication and expertise. 

Your local appraiser,

Ryan Lundquist
Lundquist Appraisal Company
PH: 916-595-3735 
FAX: 916-361-1964
EMAIL: ryan@lundquistcompany.com
WEBSITE: www.lundquistcompany.com

The Rosemeont Area of Sacramento: Real Estate Market Trends June 2009

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Rosemont is a community of single story, two-story and tri-level houses just South of Highway 50 and East of Watt Avenue in Sacramento. The neighborhood has easy access to Folsom Blvd and the Light Rail Station and is located within close proximity to Downtown Sacramento.

What’s been happening in the Rosemont area of Sacramento in terms of real estate activity? The data below is based upon information provided in Sacramento Metrolist within the following defined boundaries:

rosemont-trends

  • Sales in Past 12 Months:  139
  • Sales in Past 90 Days:  31
  • Current Active Listings:  6
  • Current Active Short Sale Listings:  19
  • Current Pending Listings:  18
  • Low Sale in Past 90 Days:  $90,000
  • High Sale in Past 90 Days:  $230,000
  • Low Sale in Past 12 Months:  $90,000
  • High Sale in Past 12 Months:  $280,000

It looks like the oversupply of listings is being absorbed and that price levels are becoming more attractive to local buyers. That’s a good thing and encouraging to home owneres too. Yet one question to ponder within Rosemont and any local neighborhood is how many foreclosures are coming to the market soon and how that might impact property values. Are banks holding on to some of their inventory within Rosemont right now? That’s a key factor in evaluating the coming future of local real estate. If you have any questions about the Rosemont area of Sacramento or any other local neighborhoods, feel free to give us a call at 916-595-3735 or see www.lundquistcompany.com

When is the deadline for appealing property taxes in Placer County?

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The deadline for contesting property taxes in Placer County is September 15, 2009. This means that if you are intent to appeal the assessed value on your property, that you will need to turn in the Application for Changed Assessment as well as evidence for a lowered opinion of value at some point between July 2, 2009 and September 15, 2009. You also have the option to fill out the Decline in Value Reassessment Application, but I highly recommend that home owners not fill this out because this application is NOT an appeal. The Decline in Value form does not have any real power of appeal and so if you choose to only fill out the Decline in Value form and the deadline passes for appealing property taxes, then there is nothing more you can do to contest property taxes for the year. This happens to home owners every year and so I hope now that it does not happen to any readers of this blog.

The Assessor’s Office in Placer County says they will mail property owners a letter in July 2009 if the owner’s property experienced a decline in value over the past year that impacts the level of property taxes.

Placer County Links:

If you have questions about the process of appealing property taxes in Placer County or any other surrounding county, give us a call at 916-595-3735. We are happy to help Placer County home owners understand what you need to do as well as how we can help you. We are a local company that knows the local real easte market well. We do have a main property tax website at www.SacramentoTaxAppeals.com also and you may find further helpful information there.

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