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Not getting distracted by outlier sales

February 5, 2020 By Ryan Lundquist 12 Comments

It’s been a record-breaking couple of years. In New York we saw the highest residential sale ever in the United States at $238M. Then a couple months ago California got a new record with the Beverly Hillbillies mansion at $150M. And now there’s a listing in Bel-Air that just hit the market at $500M. The truth is it’s easy to get distracted by the bling of outlier sales because of how lofty the prices are, but here are a few things to keep in mind.

Price records: It’s not a price record unless it actually sells. In many cases higher-end sales are overpriced by hundreds of thousands of even millions of dollars. As an extreme example, that $250M listing finally closed for $94M after two years of aspirational pricing.

That “One” five hundred million dollar flip: Have you heard about that five hundred million dollar flip in Bel-Air? This property hit the market last week and it’s called “The One.” It’s said to be one hundred thousand square feet and it comes with a bowling alley, night club, and four swimming pools. This property has been talked about for years and it’s finally here. You can buy this one or here’s what you can get in Sacramento instead:

Price records in Sacramento this past year: 

– Sacramento County $5M
– East Sacramento $3.8M
– Woodland $2.94M
– El Dorado Hills $3.9M

Growth at the top: Here are a couple visuals to show growth in the million dollar market over time in the Sacramento Region.

Sales over $50M in the United States: If you woke up wondering how many homes are selling above $50M in the United States, you’re in luck thanks to Jonathan Miller who tracks this information and let me share the image. There were twenty three sales above $50M last year in the country. On one hand we’ve definitely seen more sales lately, but this is still a really uncommon price point (probably because FHA financing isn’t available).  🙂

Now here’s some final commentary.

QUICK CLOSING THOUGHTS:

1) These sales don’t pull the market up: Outlier sales don’t pull the rest of the market up, and they have nothing to do with the entry-level market or affordability for the average person.

2) I just gotta have it: My observation with the highest sales is sometimes cash buyers offer prices that seem disconnected from what looks reasonable on paper. This doesn’t happen in all situations, but sometimes it does where the buyer simply says, “I just gotta have it.”

3) Not the new comps: Unless you have an outlier home, the highest sales in town aren’t the new comps. In other words, don’t price higher because of an outlier. What is similar and selling? That’s probably the better question.

4) They sometimes sell for less: What’s interesting is watching record-breaking sales list again after having sold a few years prior. Sometimes they sell for more, but in other cases they end up selling for less than their original purchase despite the rest of the market having risen since the purchase. This actually happened with two of the top ten sales ever in the Sacramento region.

5) A different trend: I was asked recently if you can look at what a high-end sale sold for years ago and simply apply the appreciation rate from the city or county to come up with the value today. Look, there are many ways to figure out value, but as an appraiser I’m more interested in comps today rather than giving too much weight to a previous sale. After all, a past sale might have sold for too much if it was a unicorn “gotta have it” type deal. I saw this recently with a home that ended up selling 25% lower than the original purchase six years ago despite the surrounding market having seen massive gains. In short, I’m cautious about applying county or zip code metrics to these high-caliber sales. It’s just a completely different market that may or may not follow the county trend. What will the current market bear? That’s the bigger question.

I hope this was interesting or helpful.

CLASS I’M TEACHING: I’m doing my favorite class at SAR on Feb 18th from 9am-12pm called “How to Think Like an Appraiser.” Sign up here.

Questions: Why do you think people are so fascinated by lofty sales? What else have you observed about the high-end market? Anything to add?

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Filed Under: Market Trends Tagged With: Appraisal, Appraiser, cash buyers paying too much, high-end market in Sacramento, Home Appraiser, House Appraiser, million dollar flip, million dollar market, outlier sales, overpaying, sacramento housing market, The One in Bel-Air

An open letter to homebuyers

January 29, 2020 By Ryan Lundquist 44 Comments

Dear Buyers,

Can we chat? I’ve been having SO many conversations about buying in today’s market, so I wanted to stir some thoughts and maybe offer some perspective. I hope this will be helpful.

Things to keep in mind about buying a home right now:

Starter home vs dream home: We all want that pristine HGTV flip, but we can’t expect a dream home on a starter budget. In other words, a first home might not have the best upgrades or condition and it probably won’t be found in the best neighborhood either.

Be realistic: Sellers are prone to overprice and that’s their glaring real estate “sin” so to speak, but for buyers I’d say being unrealistic about what you can buy is a big issue. The dream is to pick up a $150,000 brand new modern home in Midtown, but that’s nowhere close to reality. At times it can be sobering to see what you can honestly afford, but if you’re serious about buying it’s best to get up to speed with that. You don’t want to be like Jim Carrey in Dumb & Dumber saying, “So you’re telling me there’s a chance?” No, there’s not a chance to buy that house with your budget.

It’s okay to be picky and patient: Buyers get flack today for being patient. My sense is buyers are picky about getting into contract at the right price and staying in contract. That’s okay and I think you’re wise for being discerning rather than making a flippant decision (like many of us made in 2005). So take your time rather than being hasty. Just be sure you’re realistic that the home you want actually exists in your price range.

Waiting for the market to crash: Quite a few people say they are waiting for the market to crash. The idea is to hold out until prices are low and then swoop in for something cheap. But if a market implodes you might not be able to buy. The temptation is to talk about a crash as if it’s isolated without any effect on income, jobs, consumer confidence, credit scores, etc… But a crash in prices could mean other parts of the economy and life are plummeting too.

The last implosion: There is real concern about buying at the top of the market and I understand why buyers are hesitant. Just remember the implosion that happened last time isn’t the new formula for every future market change. On one hand it’s normal to see prices go up and down, so we can expect to see prices decline at some point because that’s what markets do. But the severe collapse during the last decade isn’t the new template for the future either.

Timing a market perfectly is hard: It sounds easy to time a market perfectly and buy at exactly the right time, but it’s not so easy to pull off in real life. In my experience most people buy because of lifestyle and being able to afford the mortgage payment rather than being technical about where we’re at in a price cycle. I don’t say this to gloss over a growing lack of affordability or frothy prices in some markets, but only to share a real issue. Your lifestyle is likely to be the trump card here. Where do you want to live? What school district do you want for your kids? Or if the market did decline, where do you want to ride it down? (my friend Mike Gobbi asks this honest question). Realize there is no right time for everyone either. I say it’s best to weigh your goals and lifestyle with current market trends. Does buying make sense for your lifestyle and wallet? If the market did go down, would you still be comfortable with the monthly mortgage payment? Those are reasonable and honest questions.

Bring a strong offer: If you are playing the market, bring a strong offer rather than lowballing. I just saw a Realtor on Facebook talking about a client who wanted to offer at 50% of the list price. Yeah, don’t do that. We all know sellers are smoking pricing crack and they need to come down from their “high” expectations, but at the same time sellers are in tune enough to sniff out offers that have no chance.

Fear of missing out & pressure: I recently spoke with a young man who just graduated college and wants to get into real estate. He asked me for advice since he was worried about missing out on the market if he didn’t buy right now. I told him: “Do what you want and be sure you can afford the mortgage. If you can though, get aggressive first about paying down student debt so you have more freedom for future real estate opportunities.” I mention this because there is often pressure to buy RIGHT NOW when in fact timing might not be right for every individual. For this recent grad, I’ll respect whatever decision he makes, but he won’t lack opportunities in the future if he doesn’t buy now.

Pulling the trigger: At some point you have to decide if buying is right for you. I’ve watched friends obsess over prices for years and become paralyzed in making a decision because they’re so worried about the future. Look, either do it or don’t. That’s entirely up to you and there’s no pressure from me. But my hope is for you to come to a place where you have confidence and peace about your decision rather than being anxious for years without any progress.

Talk to a loan officer: Some people can afford the market but they don’t realize it because they haven’t explored options with a professional. This is why the first step is talking to a reputable loan officer. Find out about different financing options and special programs that might be available. Remember, we don’t live in a world where everyone has to bring 20% to the table either.

Prophets: Everyone has ideas about the future, but nobody really knows what will happen. I’m not saying to ignore trends or red flags, but only to be humble about predicting. Also, realize many who make predictions simply move their prophecies to the next year when they don’t come true.

Other: What am I missing? Please speak up in the comments.

That’s my two cents. I hope it was helpful.

Questions: Buyers, any stories to share? Is there any helpful advice here? What are you most concerned about? What am I missing? Anything to add?

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Filed Under: Market Trends Tagged With: advice for buyers, appraisers, buying at the top of a market, first-time buyers, HGTV, House Appraiser, housing trends, market crash, patient buyers, picky buyers, real estate bubble, sacramento home appraisal blog, start home

Horses aren’t allowed & a big market update

January 14, 2020 By Ryan Lundquist 19 Comments

The other day a client asked me to include a statement in my appraisal that horses are allowed on the property. It was a huge lot, so it seemed like that might be okay… But I said NO for a very specific reason. Let’s talk about this and then for those interested let’s take a deep look at the local market.

A conversation with the city:

Me: Are horses allowed in the Tahoe Park neighborhood?

City: No. You need agricultural zoning for that to work. City of Sacramento code says: “It’s unlawful to keep, harbor, or maintain any bovine animal, horse, etc… on any parcel located in the city.” There are some locations that will work in the northern part of the city due to agricultural zoning, but not this location.

Me: What if it’s a really large lot though?

City: No. You need agricultural zoning.

Me: What if it’s an emotional support horse? (I wish I asked)

The point: On paper it might look like a horse property, but what does zoning allow? That’s the question. This is a good reminder to call the city or county to verify what is legally possible. To be fair owners can sometimes obtain a variance, but otherwise horses weren’t going to fly in this tract subdivision.

Class I’m teaching on Jan 16th: I’m doing a big market update at SAR from 9-10:30am. We’ll talk through the market, tips for talking to clients, and ideas for where to focus business. I’d love to see you there. Sign up here.

Any thoughts?

—–——– Big local market update (long on purpose) —–——–

This post is designed to skim or digest slowly.

A QUICK LOOK AT CONTENT

  1. Recap of 2019
  2. Loans & cash over the past decade
  3. The number of sales in 2019 vs 2018
  4. Distressed sales in Sacramento County
  5. Sales above $1M over the past eight years
  6. Sales below $100K over the past eight years
  7. Sales volume “recovery”
  8. Not a crash, but on the lower side
  9. Price growth is slowing down
  10. Comparing last year vs this year
  11. Price Cycles
  12. Housing supply is anemic
  13. More visuals for surrounding counties

Scroll down to see what captures your interest. There are a number of new visuals too. I used a different format. What do you think?

DOWNLOAD 145 visuals: Please download all graphs here as a zip file. See my sharing policy for 5 ways to share (please don’t copy verbatim).

1) Recap of 2019: The year ended up feeling somewhat normal after a painfully dull last half of 2018 that left us wondering what would happen in 2019. Price gains were modest, there were slightly fewer sales compared to the prior year, and it typically took several days longer to sell in most counties (besides El Dorado taking over ten days longer). Here are some trends to watch in 2020.

2) Loans & cash over the past decade: These visuals are brand new and I hope you like them. Conventional financing has taken off this past decade, right? FHA used to be more common until conventional products began offering lower down payments. There was actually an uptick in FHA though this year, so let’s keep watching that. Cash sales are not a big factor in today’s market despite sellers thinking they are.

3) The number of sales in 2019 vs 2018: There were more sales at higher prices and less at lower prices. This makes sense for a market that showed upward price movement. 

4) Distressed sales in Sacramento County: It’s astounding to think that 84% of sales in Sacramento County were distressed in early 2009, whereas now we have fewer than 1.5% bank-owned sales and 0.5% short sales. People keep asking me if we’re poised to see these numbers start increasing again. Technically there’s really no place to go but up since distressed sales have bottomed out. But I wouldn’t expect these to increase dramatically because there’s no mechanism in place right now that would trigger mass-distressed sales. There is not the ticking time-bomb of adjustable rate mortgages or an economic collapse. But if we had a devastating economic downturn or some other huge issue, that could change things. There are definitely voices that talk about a coming “wave” of distressed properties, but this wave has not materialized despite prophecies for many years. Granted, bank-owned sales are up very slightly this year, but it’s not statistically significant. I’ll keep you posted with any changes.

5) Sales above $1M over the past eight years: This is a fascinating way to look at the market. I know there are many colors, but here is the number of sales above $1M for each respective year. What’s the trend?

6) Sales below $100K over the past eight years: On the other side of the price spectrum, here are sales below $100K. There aren’t too many these days. I know, everyone wants to go back to 2012. But the problem is financing was hardly available back then to so many people who had a foreclosure or short sale on their record. So even though prices were right so to speak, financing wasn’t.

7) Sales volume “recovery”: We’ve begun to see sales volume come out of a funk as it was down for over a year. However, there’s an asterisk to this news because we’ve seen sexier volume over the past few months, but we’re also comparing these recent months to a REALLY dull season last year. So of course the numbers today look better. My advice? Take this news with a grain of salt and save rejoicing for the spring season if we see this trend continue.

8) Not a crash, but on the lower side: As I said above, we’ve been having a definitive sales volume slump since mid-2018, but lately volume has been stronger. The number of sales this year has basically been down about 3% or so from last year in the region, though when looking at the past five years we can see volume is down closer to 5% or so. But here’s the thing. Sales volume this year was still on the lower side of normal (and even higher than 2014 which was a dull year). This is a good reminder to look at stats in a wider context instead of having tunnel vision stuck on one or two years. For reference, when the market crashed in 2005 we saw a 40% drop in sales volume over one year.

9) Price growth is slowing down: Price growth has been slowing, which basically means prices aren’t rising as quickly as they used to. Though technically the monthly and quarterly data below show higher price growth this year. Does that mean the market has been more aggressive? Has it begun to rebound? Not necessarily. I recommend being hesitant about sharing this positive-sounding news because the market was REALLY dull last year. Thus when we compare monthly and quarterly numbers today with dismal stats from 2018 it can really inflate the figures.

10) Comparing last year vs this year: All year long most price metrics have been up about 2-4% each month compared to last year, but these past three months they’ve been higher. This is likely due to stats sagging last year during a dull 2018 fall season. I know, I keep mentioning that. Additionally, mortgage rates went down a few months ago and we’re likely seeing some of the effect of that.

11) Price Cycles: Markets go up and down. That’s just what they do. Here’s a look at the past few price cycles in various counties. This is a fascinating way to see the market. Do you see the price deceleration in this current cycle? Also, in El Dorado County I pulled my stats just two days ago and the median price was down 0.1% instead of at 0% in my recap image above (that’s why the numbers are slightly different).

12) Housing supply is anemic: There isn’t much on the market right now, so buyers are hungry for good product. Remember, the spring market usually comes alive in the sales stats by March, but this means the market really started to move in January and February when these sales from March got into contract. Anyway, inventory looks to be mirroring what we saw a few years prior to last year’s dull season as you can see in the image directly below. There should be more homes hitting the market in coming months if we have a normal seasonal rhythm. Sellers, there’s nothing wrong with listing in January or February either. If you sense demand is there and especially if rates go down, you’ll have a captive audience.

13) More visuals: I know, there are too many visuals already. But here’s more. I never post them all either, so check out the download if you wish.

SACRAMENTO REGION (more graphs here):

SACRAMENTO COUNTY (more graphs here):

PLACER COUNTY (more graphs here):

EL DORADO COUNTY (more graphs here):

DOWNLOAD 145 visuals: Please download all graphs here as a zip file. See my sharing policy for 5 ways to share (please don’t copy verbatim).

Thanks for respecting my content: Please don’t copy my post verbatim or alter the images in any way. I will always show respect for your original work and give you full credit, so I ask for that same courtesy. Here are 5 ways to share my content.

Questions: What stands out to you about the market last year? What are you seeing right now? Anything to add?

If you liked this post, subscribe by email (or RSS). Thanks for being here.

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Filed Under: Market Trends Tagged With: 2019 market recap, 2019 real estate market, 2020 real estate market, cash, City of Sacramento zoning code, FHA, foreclosures, Home Appraiser, horses, House Appraiser, multiple offers, price growth, sacramento regional appraisal blog, sales volume shrinking, Short Sales, Tahoe Park, VA, Valuation

Street names & hot stats with an asterisk

November 13, 2019 By Ryan Lundquist 17 Comments

I have two things on my mind. Street names and super “hot” market stats. Then for those interested I’ve include my big monthly market update below. 

Two things:

1) Street Names: Just for fun, could a street name actually affect value? I mean, if it was really off-color, would buyers pay less because of a name? In my mind it seems iffy because I’ve never seen a name that would actually deter buyers. Yet the middle schooler in me can think of some examples that might work… Anyway, after a conversation on Twitter, here are some of the more random street names in Sacramento. What funny or odd street names have you seen?

2) Hot stats with an asterisk: Last year we experienced a REALLY dull market in many places across the country. If you remember mortgage rates ticked up and it was as if a dark cloud was looming over the housing market. I’m bringing this up because stats last year were depressed. Thus when comparing last year to more glowing or normal numbers today it can make recent price figures look really sexy. My advice? Over these next few months be aware of more sensational data due to lackluster stats from last year. Otherwise if we’re not careful we might end up thinking the market is much hotter than it actually is.

Any thoughts?

—–——– Big local market update (long on purpose) —–——–

This post is designed to skim or digest slowly.

Summary: The numbers are “hot” this month. Prices are up to a greater extent than they’ve been most of the year, inventory is down, pendings are strong, and sales volume has been up too. Part of the reason why the numbers are so stellar is because last year’s numbers were dull, but some of the hotness stems from low mortgage rates a few months back too. In other words, strong pendings from the summer finally closed in October.

DOWNLOAD 90+ visuals: Please download all graphs here as a zip file. See my sharing policy for 5 ways to share (please don’t copy verbatim).

THE SHORT VERSION:

  • It’s been a normal fall so far
  • FHA buyers have been hungry
  • Zillow bought their first house
  • Anemic housing supply
  • Celebrity flippers are coming
  • Rent control doesn’t apply to every property
  • Market crash vs recession
  • Strong million dollar market
  • Slowing price momentum
  • Overpricing is still an issue

THE LONGER VERSION:

Here are some of the bigger topics right now:

Normal fall so far: Not all fall seasons are created equal. What I mean is some falls are duller than others, and this year so far has seemed to be a stronger season. Granted, prices are still softening like we’d expect, but it’s nothing like the painfully dull fall we had last year when some thought the market was about to take a big turn. 

Hungry first-time buyers: Last month FHA was 21% of the market in Sacramento County. It’s been over two years since we’ve seen a month with 21% of the market go FHA. For years FHA has been declining because there are conventional products that can readily compete, but so far in 2019 FHA is up 5.6% in Sacramento County.

Zillow’s first purchase in Sacramento: About a month ago Zillow entered the Sacramento market and they just closed on their first house. It was a $560,000 private sale in Carmichael. On a related note, a piece came out in Forbes this week about iBuyer models paying close to market value. Look, we need to remember the credits these companies are getting from owners are padded into the purchase price. So instead of reducing the price to account for repairs, iBuyer tech companies are keeping the price higher and getting a credit for repairs within the purchase price. This is a huge advantage because it makes it look like the price is even closer to fair market value.

Anemic housing supply: Last week the big news was sellers are spending an average of 13 years in their homes instead of 8 years. As a result we’re seeing fewer homes hit the market. This is surely in part a consequence of eight years of historically low mortgage rates. We now have millions of owners with less incentive to list because they’re sitting on a low rate with equity.

Celebrity flippers are coming on strong: A few weeks ago I couldn’t sleep and I snapped this image while watching television at 4am. This flipping program aired simultaneously on four major networks. My advice? Be careful. We all want financial freedom, but you can spend thousands of dollars on these seminars to obtain “secret” flipping knowledge you can probably get for free.

Rent control does not apply to single family homes in Sacramento: I have an exhaustive Q&A post on rent control coming soon, but for now I wanted to mention something important. Rent control in the City of Sacramento only applies to properties within city limits with two units or more that were built prior to 1995. It does NOT apply to single family homes. However, if an investor owns ten or more properties under an LLC (and a couple other scenarios), rent control can apply. Keep in mind California has some differences between Sacramento rent control. Here’s an overview of rent control in California with a video link to a lawyer talking through rent control dynamics.

Ready for the market to crash because of a recession: Some prospective buyers are waiting for a recession in hopes of the market crashing, but real estate doesn’t always crumble when a recession happens. In fact, sometimes prices even rise. Here’s a video I made to talk through the past five recessions in Sacramento. This is a huge topic right now.

Strong million dollar market stats: The million dollar market has been growing. We really are in a market of outliers where we’re seeing some of the highest prices ever (Sellers, don’t overprice because of this). For reference, the top three sales ever in East Sacramento have all sold this year.

Slowing price momentum: Overall price growth has slowed down from years ago. This isn’t a shocker because I’ve been beating this point to death for the past couple years at least. What I mean is prices are moving forward still, but it’s not the type of rapid growth we saw in early 2013.

The plague of overpricing: Sellers these days are fixated on glowing stats and they’re often thinking the market is more competitive than it actually is. It’s like sellers are saying, “The market is SO hot and I’m going to get tons of offers,” but then buyers are like, “OK, boomer” (sorry, had to fit that in). Seriously though, overpricing is an enormous problem for sellers among all ages, price ranges, and locations. My advice? Price according to similar homes that are actually getting into contract. Remember, the market in later November and December is usually the slowest time of year. If you’re priced right you’ll likely get one or two offers, but if you’re priced too high you’ll likely get zero.

I could write more, but let’s get visual instead.

FIVE THINGS TO TALK ABOUT:

1) SLOWER GROWTH: Price growth has been slowing. This isn’t my idea or agenda. It’s what stats are telling us. This market is still very competitive when priced correctly, but it’s not a market with hefty price appreciation.

NOTE: Two of the categories above are showing slightly more price growth in 2019 compared to last year. But remember, when looking at data for October or the past 90 days, we have to consider how dull the market was last year.

2) PRICE CYCLES: Here’s a look at the past few price cycles in various counties. This is a fascinating way to see the market. What do you notice?

3) LAST YEAR vs THIS YEAR: All year long most price metrics have been up about 2-4% each month compared to last year, but this month they were a little stronger. This is likely due to stats sagging last year during a really dull 2018 fall season. Additionally, mortgage rates went down a few months ago and we’re likely seeing some of the effect of that.

4) VOLUME SLUMP: We’ve been having a definitive sales volume slump since mid-2018, but lately volume has been stronger. In other words, sales volume has been down fifteen out of the past eighteen months. But sales volume has been up for three out of the past four months. This is something to keep on the radar. It’s not a volume meltdown, but it’s definitely been a slower year.

5) PRICES ARE SOFTENING FOR THE FALL: The market generally slowed in October, which is expected for the time of year.

NOTE: Take El Dorado County data with a grain of salt. Stats change significantly month by month. Also, if you’re in Placer, be careful about only looking to Placer data because limited sales can mean numbers jump around quite a bit from month to month.

Thanks for respecting my content: Please don’t copy my post verbatim or alter the images in any way. I will always show respect for your original work and give you full credit, so I ask for that same courtesy. Here are 5 ways to share my content.

Please enjoy more images now.

SACRAMENTO REGION (more graphs here):

SACRAMENTO COUNTY (more graphs here):

PLACER COUNTY (more graphs here):

EL DORADO COUNTY (more graphs here):

DOWNLOAD 90+ visuals: Please download all graphs here as a zip file. See my sharing policy for 5 ways to share (please don’t copy verbatim).

Questions: What’s the wildest street name you’ve seen before? What market trend above stands out to you the most? Anything to add?

If you liked this post, subscribe by email (or RSS). Thanks for being here.

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Filed Under: Market Trends Tagged With: celebrity flipping seminars, fall season, Home Appraiser, House Appraiser, low housing supply, low mortgage rates, million dollar market, rent control, sacramento housing market, Sacramento real estate trends, slower price growth, slowing market, street names, trend graphs, Zillow buying in Sacramento

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