Keep it Real in Sacramento

I have been feeling the softness in the Sacramento real estate market for the past few weeks.  My first indication things were slowing down is when I had to put one of my short sale listings back on the market after the buyer backed out just as the lender approved the transaction.  This house on Roseville Street in Roseville is very cute, priced right and after we had it in contract had to turn away Realtors and potential buyers.  I thought this would be a snap to get another offer, especially since the short sale negotiations are virtually done.  We have now had it back on the market for a few weeks and not a single offer has come through.  This is a house that earlier this spring had multiple offers and tons of interest in. 

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With the mortgage industry going through change and consolidation it is vital for home buyers to have a “good” lender working for them.  In my latest Rocklin & Roseville Today and Sacramento Today columns, “Home Buyer Key to Success: A Good Lender” I write about good lenders and one who is on my “never work with again” list.  I also provide some tips on how to make sure you get a good lender when you are in the market for a loan for a new purchase or even a refinance.

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I have been wrestling with a situation I have not experienced before.  Some of the buyers we are currently helping find new homes are the same ones we helped buy a home when the market was peaking back in the summer of 2005. The difference today is they want to buy a smaller more affordable home in the same community they live in and one where the loan to value ratio is not upside down.  There objective is buy a new home before their credit is destroyed by walking away from their existing home.  Check out my column, “Who gets hurt?”  at Rocklin and Roseville Today or over at Sacramento Today if you are interested in learning more.

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Assistance programs have been around for years but are re-emerging now that most lenders require down payments before they will finance a home. Check out my latest column, “Down Payment Assistance,” over at Roseville & Rocklin Today where I write about a few of the programs we have used, how they can benefit both buyers and sellers and where to get more information.

Here we are on Wednesday of the week where we are expected to get some 80 degree weather during the coming weekend.  That feels good to me and so does what is starting to happen in the Sacramento and Roseville real estate market.  Check out my column, “Warmer weather brings out buyers,” over at Roseville & Rocklin Today and see why I am starting to feel optimistic.

There are many industry professionals and local agents clamoring about a recovery of our troubled Sacramento real estate market but I am feeling cautious because I have been dealing with so many shorts sales and foreclosures.  It is nice to hear about agents being busy and see some houses move so check out why I am not smiling in my weekly column, “No Smiles Yet” over at Roseville & Rocklin Today.

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The news and commentary from my National Association of Realtors has not always been something to be proud of.  More often than not they have, in my opinion, been guilty of delivering propaganda than telling readers the truth.  That may be a bit harsh, but clearly they can find a way to put a positive “spin” about some very negative trends in our National real estate market. 

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