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Wright Real Estate

The Sacramento real estate market so far in 2012

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What’s been happening in the Sacramento real estate market in 2012 so far? I recommend checking out The Wright Report to understand how the market has shifted. The latest version focuses on the first half of 2012 in the counties of Sacramento, Placer, Yolo and El Dorado. The report is the most comprehensive local report I know of as it shares recent and historical housing data, commentary, graphs and local and national trends. I was honored again to contribute a piece in the report on “high offers” (it might look familiar if you’ve been reading my blog lately).

I hope this is helpful. You can read the embedded report below or DOWNLOAD. This is relevant for consumers, real estate professionals and those considering investing in the market. I recommend downloading since the report is 36 pages.

Question: If you had to describe the housing market so far in 2012 in just a few words, what would you say?

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

Limbo and low inventory in Sacramento

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It’s been amazing to watch housing inventory become so scarce in the Sacramento area. In fact, sometimes it feels like a limbo competition where it just keeps going lower and lower. A few days back I met up with Joel Wright to talk about the bottom of the market and how low inventory is driving today’s real estate market. Below is an unscripted video of our conversation (click here to watch on YouTube).

By the way, does anyone else talk with your hands like me? I should probably duct tape my hands when doing videos, but then I might not be able to speak…

For a detailed analysis of the Sacramento real estate market, check out the latest Wright Report. I haven’t seen a more exhaustive local report. You may be interested to read Why did it appraise “low” even with multiple offers? and also How to talk with appraisers in this changing real estate market.

How have you seen inventory impact the housing market or your strategy in business?

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Twitter, subscribe to posts by email or “like” my page on Facebook

Have we reached the bottom of the real estate market in Sacramento?

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I met up with Real Estate Broker Joel Wright recently to talk about the real estate market in Sacramento. Here’s an unscripted first-take video of our conversation on whether the market has hit bottom or not (click here to watch on YouTube). I’ve been watching the market closely and I’m cautiously optimistic about the recent improvements in the market, but I’ve truthfully been hesitant to declare the bottom for three reasons: 1) I’m not an economist; 2) I don’t hold a crystal ball; and 3) I’m not certain property values have finished declining in the Sacramento area – despite recent market improvements.

Do you feel we’ve reached the bottom of the market? How do you feel the presidential election will impact the real estate market in 2012?

For a detailed analysis of the Sacramento real estate market, check out the latest Wright Report. I haven’t seen a more exhaustive local report.

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Twitter, subscribe to posts by email or “like” my page on Facebook

Trading Fourplexes in South Sacramento

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It’s interesting to see the sales history of a 4-plex subdivision in South Sacramento. There are 30 units off 24th Street in the Meadowview area and only 3 out of 30 units have not transferred in the past 4-5 years. Or in other words, 90% of units have sold in recent years. The purple dots below represent sales over the past 3 years and sales beyond that were labeled accordingly.

Fourplex Units off 24th Street in Sacramento - Meadowview Area

What does this tells us? This shows me how much turnover there has been since the bubble burst. For example, one unit sold for $560,000 in 2006 and then resold in 2011 for $155,000. It used to be really difficult to pick up a fourplex under $400,000, but that’s not the case anymore. Also, I’m reminded of investment strategy as well as risk. Some investors make purchases and then sit on them for the long haul before reselling, whereas others are looking to purchase and then resell in a relatively short time period.

Mistakes Investors Make: By the way, here is a video I did with Sacramento real estate broker Joel Wright on mistakes investors sometimes make when purchasing real estate. I think we saw some of the mistakes Joel mentioned

Holes in a Fourplex: I inspected one of these units years ago and it was an odd situation since there were actually large holes in the walls of each unit big enough to let me access the entire fourplex. I could simply make my way through each hole to get to the next attached unit. This was actually a bit on the creepy side though since the property was powerless, stripped and clearly had a problem with squatters.

hole in wall to other fouplex unit

Was it still four units or just one big unit?  🙂

If you have any questions or Sacramento area real estate appraisal or property tax appeal needs, contact me by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.