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FAQs: What is the California foreclosure timeline or process?
Tuesday, December 2, 2008
Q: What is the timeline for the foreclosure process in California? When does the process start and end?
Asked by an anonymous web visitor in East Sacramento
A: This is a question I get asked a lot by both people who are experiencing a financial hardship as well as those interested in investing in preforeclosures and who want to know what the foreclosure process looks like.
Rather than a lengthy written answer, I wanted to share a video I found online from a company that assists home owners and REALTORS® with the short sale process. Take a look:
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, FAQs, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Winn Park, Woodlake, Woodland
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posted by Rob McQuade @ 2:53 PM,
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FAQs: What is Median Sales Price?
Sunday, November 2, 2008
Q: What is "median sales price"? Why did the median price spike in Sierra Oaks in the middle of 2006?
Asked by Kelsey, a home buyer in the Arden area
A: Your question strikes at the heart of so many people's questions about home values, Kelsey.
The median resale price (sometimes called "median price" or "median home price") refers to the price at which half of all homes (in a given area for a certain time period) sold for more and half sold for less. If the sampling of sales isn't large enough—say for instance it's for a small geographic area or short time period—then that number can be skewed by a couple properties and may vary dramatically from period to period.
In May of 2006, Sierra Oaks (95864) had an unusually high number of homes selling for over $1 Million. While million-dollar homes aren't unusual in the area, there were four homes that sold in that price range in one month compared to the 1-3 that sold other months.
If you look at a larger area or longer period, you'll get a truer picture of things--but median resale price is an imperfect number and is a "snapshot" of what types of homes are selling at any given time, not necessarily of actual home values. This is why Sacramento's median resale price has dropped dramatically in the last several months as real estate investors and first-time homebuyers have flooded the market but the number of move-up buyers has been low (note: foreclosures and short sales don't fuel the move-up market because banks don't buy a property after selling and short-sellers are typically exiting the ownership market).
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, FAQs, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 9:50 AM,
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FAQs: Can I write offers on more than one house at a time?
Monday, October 27, 2008
Q: Can I write offers on multiple houses without losing my deposit if more than one of those offers is accepted?
Asked by Tony, a home buyer in Natomas
A: Great question, Tony--and one I get asked often.
While you can potentially "get away with it" because of the many contingencies you're afforded within the purchase contract, writing offers on multiple properties at the same time would probably be considered acting in bad faith because you don't actually intend to purchase all the properties you're writing offers on. Chances are you're writing multiple offers with the hope that at least one of them will go somewhere--which is definitely a reality in the current market, especially in competitive price ranges.
When my clients ask this question, my response is simple: let's write and submit one offer at a time and, as each offer expires, we can move on to the next offer. If your agent is using a CAR purchase agreement, the default expiration of your offer is probably 5pm on the third day after you submitted your offer. Banks may (and often do) drag their feet and take longer than three days to respond, so technically your offer may expire even while it's being considered by the bank. If you choose to accept a response after your offer is expired, that's great--but nothing precludes you from writing another offer in the meantime if your original offer's expiration date has come and gone. Further, you can adjust the day and time that your offer expires by writing in something else if three days is longer than you want to wait.
Labels: Anatolia, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, David Taylor, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, FAQs, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 7:59 PM,
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Sacramento unveils 311 for expanded info by phone (and email)
Wednesday, August 13, 2008
Not sure where to go for specific services with the City of Sacramento? What used to be known as Sacramento City Operator is now Sacramento City 311 which means you can dial 311 from a land line or most cell phones within the limits of the city of Sacramento 24 hours a day, seven days a week—even on holidays— to get assistance from a live person (you can even email 311@cityofsacramento.org or use 311 online).
Get answers to questions, request City services, and get help on any municipal issue (besides police and fire) including: Code Enforcement (abandoned cars, graffiti, substandard housing, etc.); Animal Care (injured, stray, aggressive animals, etc.); Development Services Help Line (all calls for DSD are first routed to 311 for triage); Street Maintenance (potholes, cracked sidewalks, lighting problems, etc.); Facility Maintenance (work order requests related to repair/maintenance of City buildings); Citywide Directory Assistance and information about all things related to City services; Request a City crew for drains, water, solid waste, along with general inquiries; Making utility payments by credit card
Sac City 311 is a centralized call center for the City of Sacramento that is intended to make life a little easier for its residents, businesses and visitors. Sac City 311 call center works to answer questions as quickly as possible with minimal transfers.
Frequently Asked Questions
What is 311?
Sac City 311 is an easy to remember phone number that residents, businesses and visitors can use to request service, report problems or get information from local government. Sac City 311 is your resource for connecting with the City of Sacramento. Sac City 311 handles requests for building permits, stray animals, utilities services, and much more—Sac City 311 is ready to help! The 311 customer service agents undergo extensive training to ensure each caller gets a courteous, quick and accurate response. 311 provides a single point of contact for City of Sacramento government services.
Why was 311 created?
The Sac City 311 service is part of an ongoing effort by the City of Sacramento to make access to City government easier and more responsive to the needs of residents, businesses and visitors. Now there is no need to search the phone directory for the right City department—let Sac City 311 take care of that for you.
How does 311 work?
A courteous Sac City 311 customer service agent will assist you in finding the appropriate government service you need. If you need information, agents will either provide it directly or connect you to the appropriate department for your answer. If you need a service, agents can automatically route a work request to the proper department for a City crew to respond.
Who can call 311?
Anyone within the Sacramento City limits can call 311 free of charge from a land-line telephone or cable line. 311 works on most cell phones as well. Cell coverage is determined by individual service providers.
What if I need to call 311 from outside city limits?
Callers outside the City limits can reach Sac City 311 by calling (916) 264-5011.
When do I use 311, and when do I use 911?
The 911 service is for emergencies, such as house fires and crimes in progress, that require an immediate response by police, fire crews or an ambulance. For all other City services, call 311.
Will a 311 agent be able to respond in multiple languages?
Yes, through the use of a third-party translation service, Sac City 311 agents can respond in over 150+ languages and dialects.
Will a 311 agent be able to respond to calls from hearing impaired individuals?
Yes, TDD/TTY callers can dial 311 and then press 3, or dial (916) 808-8563.
Labels: Central, Curtis Park, Del Paso Heights, Downtown, Elmhurst, Greenhaven, Land Park, Meadowview, Midtown, Natomas Park, North Natomas, North Sac, Oak Park, Old Sac, Pocket, Regency Park, River Park, Sacramento, South Land Park, South Natomas, South Sac, Tahoe Park, UCD Med Center, Woodlake
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posted by Rob McQuade @ 11:50 AM,
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Home-Buying 101: Short Sales explained
Friday, August 1, 2008
Searching the MLS for a home in the Del Paso Heights area lately? If so, you've probably noticed a large number of homes listed as short sales (they may be referred to as active short sale or short sale contingency or even just "AS" or "ASC")—and they're often some of the lowest priced homes in any given neighborhood. Here are some of the most common questions I get:
Q. What is a short sale?
A. The term "short sale" is used to refer to a property being sold for which the seller owes more than it will sell for in the current market. This is more common in neighborhoods that have seen significant price declines since the peak of the market in 2005, but any seller can end up in a short sale situation if they've borrowed more money against the home than it's currently worth (such as when a home owner has borrowed money and "overimproved" a home for the neighborhood it's in).
Q. How do short sales work?
A. Short sales work like this: a seller has a financial hardship (death of a spouse, loss of a job, job transfer, hospitalization, or sudden change in monthly mortgage payment) and needs to sell a home. Because they owe more than the home is worth, the seller is requesting that the bank(s) that they have a mortgage through accept less than they're owed. Most banks won't even entertain the notion of a short sale if there aren't any buyers ready to purchase the home for the current market price so, as part of the process, the seller puts the home on the market and begins accepting offers. The seller will typically accept the best offer and submit it to the bank for approval.
Q. Are these deals too good to be true?
A. The short answer is: Yes, in many cases these deals are too good to be true. Many home sellers who are in a short sale situation are selling because they're falling behind on payments or are in preforeclosure. For this reason, they're feeling a lot of time pressure to get the home sold before a bank forecloses, so they price the home lower than anything else in a neighborhood to just try to get offers to submit to the bank(s). This leads to multiple offers but doesn't guarantee that the bank will accept whatever sales price the seller accepts. The seller doesn't usually care what the home sells for because he or she won't be making any money on the sale.
Q. Do banks really go for this?
A. Sometimes. No bank is ever eager to accept less than they're owed because they're losing money in the process, and banks aren't in the business of losing money. Of course in many cases the alternative is foreclosing on a home, and that can be a lengthy, expensive process that results in the bank owning a property—and banks are often even less eager to own the home so may be willing to negotiate if they see that it's in their best interest.
But there are some big challenges when buying a short sale. For instance, unlike a foreclosure where the bank owns the property free and clear and can sell it for whatever price they want, in a short sale situation there may be other parties with a financial interest in the property. If a seller has experienced a financial hardship, there may be unpaid taxes, utilities, or contractors who've done work and are seeking payment—and any of these can result in liens against the property. In a short sale, the seller MUST prove to the bank that there is a financial hardship that requires the home be sold and all parties must agree to accept little or no payment and sign off on the sale of the property. Add to this the fact that there may be a second mortgage that will likely be completely wiped out and it becomes challenging getting everyone with a financial interest to authorize the sale. This is often a grueling, months-long process that can ultimately be for nothing if one or more parties deny the short sale request, and this is a major reason why a lot of homes that are listed as short sales eventually come off the market and reappear later as bank-owned REO properties.
Q. What do the terms active short sale and short sale contingent etc. mean?
A. An active short sale is just another way of saying that the home is active on the market as a short sale. A home listed as short sale contingent means that the seller has accepted an offer and submitted it to the bank. Until the bank responds (and this can take months), the listing agent is obligated to continue to market the home as "for sale". Once the bank has accepted an offer, then the property will be marked as "pending" and the normal escrow period begins.
Q. I've called several times about a home that's for sale online and the agent keeps telling me it's already sold. Why is it still showing up online?
A. In the Sacramento area, if a property is being sold as a short sale, until the bank accepts one of the offers that has been submitted the listing agent is required (by the rules of the local MLS) to identify it as short sale cont and it will continue to appear online on searches because the home isn't yet technically in escrow. While this may seem confusing, your Del Paso Heights REALTOR® can help you figure out the status of properties you're interested in.
To summarize, when you see a property for sale that's listed as a short sale this means you should expect a much longer than average escrow period (so don't plan on buying a short sale if you're on a tight timeline), a counter offer on price from the bank (even if the seller has accepted your price), and the possibility that the bank will reject the short sale entirely. If you can find a great home that's either a traditional sale or a foreclosure (also called an REO), consider going with these options first. Good luck and happy house-hunting!
More questions about short sales or other homes? Give us a call at (916) 444-7577 today!
Labels: Anatolia, Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Home-Buying 101, Laguna, Land Park, Lincoln, Meadowview, Midtown, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 1:50 PM,
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I want you to use this website...
Monday, July 21, 2008
...even if you don't use my services!
I've designed these websites to be useful and usable—and I really want you to find the information (or property) you're looking for. To that end, I'd love to hear what you think. I'm constantly adding and updating the website, including new relevant info and resources. Even if I haven't blogged in a few days, I'm usually adding a new feature here and there (thanks for the feedback on the ZIP Code search tool at the left of each page, Margaret!)... But is it the type of info you want? And what else would be helpful?
Please let me know what you think. I'm listening and working to build the best, most easy-to-use Sacramento area real estate website I can. Judging by the great phonecalls and emails I'm getting it's working. But I'm not here to rest on my laurels!
Fifteen seconds of (real estate) fame
A few weeks ago I was fortunate enough to meet with the fine folks at Trulia (a real estate industry website used by a lot of consumers to find properties for sale—though it's not nearly as good as my websites! ;-D)to shoot a video with Brett Crosby at Google Analytics for other real estate industry professionals. It probably won't be of interest to you (it's a bit nerdy, I confess I'm a "real estate nerd"), but you can check out the video below. It was even picked up by ActiveRain (another industry website that many consumers use)
Oh, and if you decide you'd like some help with your Sacramento real estate needs, my team and I are absolutely here to serve you—just ask! -Rob McQuade -- (916) 444-7577.
Labels: Anatolia, Antelope, Arden, Carmichael, Central, Citrus Heights, Curtis Park, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Meadowview, Midtown, Natomas Park, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Rancho Cordova, Regency Park, River Park, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake
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posted by Rob McQuade @ 7:17 PM,
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"Buy and Bail" is Mortgage Fraud
Wednesday, June 18, 2008
A Sacramento homeowner was recently quoted in the Wall Street Journal talking about her plans to purchase a "second home" and then let her current home—purchased in November 2006 for much more than similar homes are currently selling for—fall into foreclosure.
"I can find the same exact house as what I live in right now for half the price."But this practice, referred to in the mortgage market as "buy and bail", is considered by many in the real estate industry to be mortgage fraud. Fannie Mae, established in 1938 as a government agency but now a privately-held lending institution that provides financing to most of the nation's largest home mortgage lenders, is tightening regulations to prevent these abuses of the system. Individual lending institutions are reviewing their own lending practices and underwriting requirements and are watching for borrowers that are at risk of engaging in buy-and-bail.
Legitimate borrowers planning to take advantage of the current sluggishness in the real estate market to buy a second home or move-up property can expect tighter loan standards and will likely need to produce additional evidence.
Thinking about renting out your current home and moving up to something better? Here's what your lender will probably request from you:
- Supporting evidence to back up the claim that the current home will be rented out, including a signed lease agreement;
- Proof of income to support principal, interest, taxes, and insurance on both the current residence and the new property being purchased;
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, condos, Del Paso Heights, El Dorado Hills, Elk Grove, Fair Oaks, Galt, Gold River, Granite Bay, Lincoln, Meadowview, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Rancho Cordova, Regency Park, Rio Linda, Rocklin, Rosemont, Roseville, Sacramento, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodland
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posted by Rob McQuade @ 3:04 PM,
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What you need to know before buying a Del Paso Heights foreclosure
Thursday, June 5, 2008
For the last three years we've been talking about a "changing real estate market"®and the Del Paso Heights real estate market keeps on changing.
Six months ago I began urging friends, family, and clients on the fence to scrape together their down-payment dollars for either their first home purchase or to begin investing in real estate. I'll admit even I wasn't expecting us to be where we are now: in the past few weeks agents on my team have been competing with five, nine, 17, and even 42 other offers on some properties... Is it 2004 all over again?
So why is this happening?
There are two explanations, really:
First, after three years of doom-and-gloom media headlines locally and nationally, many who've been waiting for "the bottom" are realizing that prices are great (and in a lot of areas have returned to pre-2003 levels) and that even if values dip a little bit more they're still buying at a great time. Financing that was challenging in late 2007 has become a bit more available and old school financing (think FHA and VA loans) are back in full force and are great options. Sure, lending requirements are stricter than in 2004 and 2005... But not everyone who qualified for mortgage financing back then was really ready for ownership.
Second, the banks are doing funny things. Whether because they've been beaten down or they're simply not sure how to price their foreclosed properties, many are pricing those properties so far below the market that buyers swarm.
And this second issue has become a problem.
Over the past couple years I've had to educate clients that pricing a home competitively is especially important in the current market. In some cases the only way to get a home sold is to be the very best price in the neighborhood. But when a bank prices a home artificially low it hurts neighboring property values and, worse, gives many buyers false hope that they can afford to buy in a certain neighborhood. I don't blame the listing agents because their own hands are tied by the banks' pricing "procedures".
I'm seeing homes come on the market for $175,000 or $200,000 in certain neighborhoods and they're instantly getting a dozen offers or more. Because of the competitive nature of things, buyers are being forced to offer above list price and that home listed for $175,000 actually sells for $195,000. Or $205,000. Or, in extreme instances, $230,000. If a home is in reasonable condition, a decent location, and is priced near market then it's probably going to sell quickly. And this is in stark contrast to what many buyers have been lead to believe in the recent past about always offering below list price on bank-owned homes.
Is it really fair for a buyer in the $175,000 price range to have a $200,000+ property dangled in front of them and jerked away? And how long will this go on? Banks aren't typically turning on a dime right now—it's something more akin to turning a battleship. As property inventory fluctuates and new batches of REOs come on the market, it becomes clear that we'll probably be dealing with this issue for most of 2008. We can probably expect another wave of fresh foreclosures later this year and that inventory needs to be consumed by the market before we'll see things normalize.
For now, I recommend buyers become attuned to what's happening in the neighborhoods in which they're considering purchasing. If average homes in the area are typically selling at $250,000 and a comparable property comes on the market at $200,000, expect a lot of competition. This isn't to say that there aren't deals to be had—but some of the best deals are in the overlooked properties that need a little extra TLC or cosmetic work.
If you can handle a little painting and minor repair then I encourage you to look at the ugliest home in your favorite neighborhood. ;-)
Labels: Anatolia, Antelope, Arden, Carmichael, Citrus Heights, Del Paso Heights, Elk Grove, Greenhaven, Laguna, Meadowview, Natomas Park, North Natomas, North Sac, Rancho Cordova, Regency Park, Rosemont, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, West Sac
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posted by Rob McQuade @ 3:28 PM,
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New! Search homes and condos quickly by ZIP Code
Saturday, May 31, 2008
Now you can quickly and easily search by ZIP Code with just a click! It's easier than ever to pull up homes and condos in your preferred ZIP Code by simply clicking the » By ZIP Code NEW! link under Quick Property Searches from the menu at the left. You can scroll through the list of available ZIP Codes in Sacramento, Placer, Yolo, and El Dorado Counties to bring up a convenient list of the first 200 homes and condos for each ZIP. And, as always, you can get news listings matching ALL your search criteria sent to your email inbox daily by clicking on the link under Resources for Buyers.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Elmhurst, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Old Sac, Orangevale, Pocket, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Tahoe Park, UCD Med Center, West Sac, Woodlake, Woodland
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posted by Rob McQuade @ 10:42 PM,
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NEW! Del Paso Heights foreclosures available online
Sunday, April 20, 2008
This is a quick update: I just added a new link to Del Paso Heights foreclosures, now you can view bank-owned and REO properties in Del Paso Heights and other areas, including Antelope, Arden, Carmichael, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown Sacramento, East Sacramento, El Dorado Hills, Elk Grove, Fair Oaks, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Meadowview, Midtown Sacramento, North Natomas, North Sacramento, Oak Park, Orangevale, Rancho Cordova, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sacramento, Tahoe Park, the UCD Med Center, the Pocket, West Sacramento, Woodlake, and even Woodland.
Foreclosures (also called REOs or bank-owned properties) represent some of the best deals in the local real estate market. Still not sure how to buy a foreclosure property? You can and review a glossary of terms, plus request additional info and get new foreclosure listings as they become available.
Labels: Anatolia, Antelope, Arden, Auburn, Carmichael, Central, Citrus Heights, Curtis Park, Davis, Del Paso Heights, Downtown, East Sac, El Dorado Hills, Elk Grove, Fair Oaks, Galt, Gold River, Granite Bay, Greenhaven, Laguna, Land Park, Lincoln, Lodi, Meadowview, Midtown, Modesto, Natomas Park, North Highlands, North Natomas, North Sac, Oak Park, Orangevale, Pocket, Rancho Cordova, Regency Park, Rio Linda, River Park, Rocklin, Rosemont, Roseville, Sacramento, South Land Park, South Natomas, South Sac, Southport, Stockton, Tahoe Park, UCD Med Center, West Sac, Woodland
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posted by Rob McQuade @ 9:52 AM,
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What's happening in the Sacramento market?
Monday, March 31, 2008
I just had a great exchange on a real estate forum with a professional in the East Bay asking about the Sacramento market:
Q. Can anyone answer this general question, in regards to Sacramento?
Where are you seeing all the action, in terms of sales, and reduced listings? Is there a particular area, or price range, or type of home? I know this is a broad question, just looking for some insight into the Sac market.... From an outsider...
A. If your question is "what's selling?" then there are a couple answers.
Bank-owned properties. The investors are coming back and they're looking for deals. In many cases, the best deal (on paper) is going to be a foreclosure listing. MLS statistics have been showing that single family homes priced under $250K are leading the local market in activity.
Established neighborhoods. Some neighborhoods never go out of style locally. The best parts of Sacramento—Land Park, East Sac, Arden Park, Fair Oaks—always seem to hold up well, even when the market is down. Many of these neighborhoods don't have a ton of inventory (sellers aren't selling if they don't need to), but there continue to be a lot of buyers looking to "get in".
The urban core. Downtown and Midtown are back in style as more single professionals, young couples, and empty-nesters are looking to be close to everything. Commuting is out, walking/biking to work is in. Proximity to shopping, dining, entertainment, and employment make these areas popular—and the number of new projects that are selling and the fact that huge price declines haven't hit these neighborhoods show that demand remains.
If your question is "where are the deals?" then there's a slightly different answer.
A lot of traditional "first-time homebuyer" and "new investor" neighborhoods have seen dramatic price declines. I'm seeing bank-owned properties on the market for under $100K in areas like Oak Park (95817), North Sac (95815), and Del Paso Heights (95838) to name just a few. You always get what you pay for, and in a lot of cases these are bank-owned homes in poor condition.
I hope this help, and welcome to Sacramento real estate!
Rob McQuade
McMartin Realty
Labels: Antelope, Arden, Carmichael, Citrus Heights, Del Paso Heights, Downtown, East Sac, Fair Oaks, Land Park, Midtown, North Sac, Oak Park, Old Sac, Sacramento
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posted by Rob McQuade @ 8:40 PM,
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Only YOU can prevent neighborhood explosions
Friday, March 28, 2008
I just got word from a friend in Minneapolis about an explosion a couple blocks from her home. The cause? A portion of the gas line in a vacant home was damaged by copper thieves stripping out wiring. With the recent climb in foreclosures here in Del Paso Heights, more homes are sitting vacant than ever before—making an accident like the one in Minneapolis possible. If you notice any suspicious activity in a home that is vacant or has a "bank-owned" or "foreclosure" real estate sign on, it please report it to local law enforcement or city officials.
Labels: Antelope, Arden, Citrus Heights, Del Paso Heights, Elk Grove, Meadowview, North Natomas, North Sac, Oak Park, Rio Linda, Rosemont, Sacramento, South Sac, West Sac
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posted by Rob McQuade @ 2:35 PM,
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