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.

Market Trends: Past 90 Days in the Rosemont Area

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What’s been happening in the Rosemont area of Sacramento in terms of real estate activity? The trend graph below is based upon the past 90 days of sales and listings from information provided in Sacramento MLS (the only listings included in the graph are those which were actually listed in the past 90 days – some listings have been on the market for well over 90 days and were not used in the graph).

rosemont-area-of-sacramento-past-90-days

From the trend graph it appears that there are many recent sales and current listings being priced between $175-200K. It appears too that there are a good amount of listings priced below the level of the most recent sales, which is a classic feature of a declining market.

Data for Rosemont Area of Sacramento as of 02/27/09:

  • 7 current Actives
  • 20 current Short Sale Actives
  • 20 current Pendings
  • 27 sales over the past 90 days
  • Median Price of $190,000 over past 90 days
  • Average price per square foot over past 90 days: $126.33

The graph and data is based upon the following boundaries:

rosemont-trends

Please contact Lundquist Appraisal Company if you have further questions about the Rosemont area of Sacramento or other areas we cover within the Greater Sacramento Region. Thank you.

FHA Appraisal Inspections in the Sacramento Area

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FHA loans are the hot ticket in town these days, aren’t they? If you are involved in loans in the Sacramento Region, you probably find yourself doing quite a few FHA transactions these days in comparison to the past couple of years (I am certainly doing more FHA appraisals).

Since people sometimes ask me how an FHA appraisal inspection differs from a non-FHA appraisal assignment, I wanted to include a few differences below.  A non-FHA assignment could include some or all of the following, but an FHA inspection MUST include the following and more per strict HUD guidelines:   

  • Test appliances to ensure in working order
  • Test AC and Heat system
  • Observe if paint is chipping, peeling, or flaking
  • Test water (pressure, heat, smell, taste…)
  • Observe the attic
  • Observe the crawl space
  • Check all electrical switches to ensure lights come on
  • Check outlets to ensure they work
  • Flush all toilets and run water in all sinks
  • Take angled photos of the subject property
  • And more….

If anyone has questions on FHA appraisals within the Greater Sacramento Region, give me a call at 916-595-3735 or see www.lundquistcompany.com

NAMB Files a Lawsuit: What Will This Mean for Sacramento Region Agents and Brokers?

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When talking recently with local Realtors, Brokers, and Loan Officers about the Home Valuation Code of Conduct (HVCC), there has been concern and fear about how HVCC might shape the mortgage industry, not to mention, their business. 

Important News from the National Association of Mortgage Broker website:

McLean, VA – The National Association of Mortgage Brokers (NAMB), with the support of Baker & Hostetler LLP, filed a lawsuit today with the United States District Court for the District of Columbia against the Federal Housing Finance Agency (FHFA) Director James B. Lockhart over the controversial Home Valuation Code of Conduct (HVCC) included in the appraisal agreements between the FHFA, Fannie Mae and Freddie Mac (GSEs), and New York Attorney General Andrew Cuomo. 

What does this mean for local mortgage brokers, real estate agents, and all involved parties (including appraisers)? Well, there is nothing definitive to report, but with the lawsuit filed it may be possible to see the deadline for HVCC postponed ,or who knows, maybe they’ll throw it out altogether. We shall see.

Project 680: Serving Rancho Cordova & Folsom

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Blogs can sometimes be hubs where over-sharing takes place, huh. Have you ever read something and thought, “whoa, that was way too much information.” Well, that’s not the vibe here, but I do want to get a little more personal and share something close to my heart.

After learning recently that there were 680 documented cases of homeless students last year within the Folsom Cordova School District, a group of residents and I decided to something about it. We call ourselves Project 680 and we seek to find simple and practical ways to assist these “680? students located in Folsom and Rancho Cordova. 

The Project 680 Promo Video Explains it All: 

 

On March 11th, 2009 at 6:30pm we have a community forum set up at 10600 Coloma Road in Rancho Cordova (Cordova Neighborhood Church is giving us free meeting space). We’ll meet with the District Liaison for Homeless Services, have a Q&A, and then take part in discussion as a community about what it can look like to support local students. This is about working together to discover simple solutions to a real problem that is relevant to many areas in the Sacramento Region. You are invited and please spread the word. For more information, see www.cordovatowne.com, leave a comment, or give me a call at 916-595-3735. Thank you.

What does this have to do with real estate appraisal? Not much per se. But isn’t it great when we can pool our resources together to make a meaningful difference in the lives of local students? Isn’t it wonderful when local businesses can network and promote something altruistic that impacts the local community? In both our personal and professional lives we can find ways to bring positive change in our communities, even in this economy – that’s the good stuff in life.

Have a tremendous day of business everyone!!!

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