Keep it Real in Sacramento

Saturday and still talking short sales

2009-06-27T08:26:00.001-07:00

This has been another busy week of dealing with short sales and lender negotiators so I am using Saturday to catch up a bit on my blogging. I just published my weekly column over at Rocklin & Roseville Today, “Getting Short Sales Done in Sacramento.” Check it out if you want to get a small taste of what it takes to negotiate a successful short sale.

We are continuing to be busy at MagnumOne Realty and are dealing with a nice group of buyer and seller clients. The market for homes priced under $300,000 is very active. Homes in that price range which show well are very hard to get into contract if you are representing the buyer. More often than not, they are getting multiple offers and being sold over the asking price. One of our agents who was showing homes priced around $200,000 has made seven offers over the past month for the same buyer and is still looking. Buyers in the higher price ranges appear to be much more price sensitive. They won’t even look until they believe the asking price is a bargain but when the price is lowered to “bargain level” then they have to deal with other buyers and multiple offer situations. Hint to buyers (particularly on short sale listings): go look at homes that interest you regardless of the asking price. If you like it make an offer of what you are willing to pay. You may be surprised to get it accepted.

If you have any questions or just want to talk about short sales, buying or selling, call me at (916) 290-9339 or send me an email to juliej@jalone.com.

The picture in this post is one of several Michael took on Father’s Day when we discovered a field of sunflowers in Sacramento. If you want to see more click, Sunflowers on Father’s Day.

The Ugly Side of Short Sales

2009-06-18T09:00:00.000-07:00

I have recently been writing about the benefits of short sales in my weekly column at Rocklin & Roseville Today which is also carried over at Sacramento Today. The column today was, “Sacramento Short Sales – Good for All.” I really do believe short sales are win-win transactions where more than just the homeowner and lender benefit but there is an ugly side of short sales too.

Our team at MagnumOne Realty has been successfully completing short sales for the past three years. We have worked with almost every lender, we know what we are doing, have a strong process and we believe have a great reputation for getting them done. When you read my column today and I explain the benefits to the lender in accepting a short sale you would have to believe that our job as Realtors in working with lenders would be easy. That is so wrong!

Dealing with the lenders can be a nightmare and we treated as the enemy by most. The employees we deal with at the lenders for the most part treat us as if we are stealing money from them and should not be trusted.

I do understand that lenders are only as good as their employees and with the growth of short sales they have not been able to keep up and many of their employees are swamped with work. We were recently told that when Bank of America took over Countrywide they increased the file load on the short sale negotiators by more than 100 percent. Each negotiator now must follow 350 files. It doesn’t take a rocket scientist to figure out not much time can be given to a request.

Our experience with BofA/Countrywide is horrible. They misplace faxed information; they make you wait on hold when you call to get updates, of which they generally don’t have. They tell you not to call back until some date in the future that is beyond the trustee sale date and the thing that frustrates me the most is the inconsistent messages. We called to get an update on Monday and were told by the CSR that there were no new notes from the negotiator for the past 30-days so we could escalate the file to get attention. Naturally we agreed and were told to call back on Tuesday afternoon because it would take 24 hours to get a status update placed in the file notes. On Tuesday afternoon we called to get the update but were told escalations can take up to 48 hours and to call back tomorrow. On Wednesday, believe it or not, there was no update and we were told escalations can take up to five days so call back next Monday. Clearly their process is broken, there appears to be no effort to improve and it is almost impossible to find anyone who seems to care.

Some are better and a few even worse than BofA/Countrywide but the bottom line is most lenders have not figured out the cost/benefit of short sales and lose money every day by not adding staff and resources to their short sale departments. It makes our job of helping them and our client much more difficult.

If you are a Realtor or someone who deals with lenders on short sales, I’d love to share your stories here. Send them to me at juliej@jalone.com. Later this week I’ll write about some of the other lenders worse than BofA and a strange process at Wells Fargo.

Short Sales as a Financial Tool

2009-06-02T09:38:00.000-07:00

With local schools getting out for the summer this and next week we should see an increase in the already busy Sacramento real estate market. Unfortunately much of this will be more short sales as more and more homeowners who owe more on their homes than they are worth realize getting out from under the debt and starting over makes sound financial sense. Homeowners who used 100 percent financing options or refinanced to pull all their equity out a few years ago are beginning to understand that it may be years before their house is worth what they owe. Add to this a financial hardship such as loss of a job or divorce and you have the perfect ingredients for a short sale and a fresh start.

If you or someone you know owns a home and owes more than the current value of the property give me a call at 916 290-9339 or drop me an email to juliej@jalone.com. We may be able to help you.

Over the past month there has been a consistent rumor floating around saying there is a huge number of bank owned properties that have not come to the market but will in June. Check out my column, “Rumors dampen Sacramento area Real Estate” over at Rocklin & Roseville Today for the details.

Getting Help to Achieve the American Dream

2009-05-12T08:48:00.000-07:00

The first-time home buyer tax credit of up to $8,000 can be a significant help during the remainder of 2009 for buyers who have not owned a home in the previous three years. Check out my column, “First time home buyer’s tax credit,” over at Rocklin & Roseville Today for the details of the program. I believe this is a good program and will help not only to revitalize our Sacramento real estate market but will help buyers get their first home.

Sacramento Short Sales

2009-05-11T12:39:00.000-07:00

We are beginning to see short sale junior lenders flexing their muscle. A year ago you could count on the junior lender to pretty much roll over and take whatever allowance the senior lender allotted to them for their lien release. Now, they are holding out for more money and most are asking for the borrower to sign a letter saying they will remain responsible for any shortfall amount.

Trying to help struggling Sacramento homeowners avoid foreclosure by modification of their mortgage or a short sale is more difficult than it should be. Every time the government comes up with a program or an incentive the lenders quickly figure out how to get the money without helping the borrower and essentially avoiding the primary objective of the program, which is to help the homeowner.

We are continuing to do our best to help homeowners avoid foreclosure but it is taking more time, energy and all of our experience to make it work. If you or someone you know is having trouble making their monthly mortgage have them call us soon if they are behind in their payments.

Worst to best with a flaw

2009-04-28T08:57:00.000-07:00

Two years ago when a client told me they wanted me to short sale their home and their lender was Wells Fargo, I would visibly cringe. Dealing with Wells Fargo in those days was a nightmare. They didn’t have sufficient staffing to handle the requests, their process was weak and it took so long that when you got the approval the buyer had moved on so you had to start all over and nobody at Wells cared. Today they are one of the fastest, they make status update calls to you and often you can deal with the negotiator through email.

There flaw is bizarre. When they have more than one loan on a property they have not figured out how to let one negotiator manage their interest. You have to deal with two different departments, each with their own interest so they double the work for themselves and believe it or not the junior lien holder part of Wells Fargo often kills the deal because they demand more money than the other department is willing to pay for the lien release. They should be embarrassed!

If you want to read more about short sale negotiations, check out my weekly real estate column, “Getting Short Sales Done,” over at Rocklin and Roseville Today and reprinted at Sacramento Today.

Loan Mods and Good to Be Back

2009-04-23T08:04:00.000-07:00

It seems like almost daily I am talking to a homeowner about short sales. When they are asking me to help them short sale their house to avoid foreclosure I always ask them if they tried getting a loan modification to stay in the house. The most common answer is that they called their current lender who politely said they were not interested. Okay, maybe it wasn’t so polite but they at least said call a Realtor and request a short sale. There are other avenues for help besides the current lender.

If you or someone you know is having trouble making their monthly mortgage payments and wants to keep their home, have them check out my column, “Homeowners, do you need to help?” over at Rocklin & Roseville Today and republished at Sacramento Today.

Other news: Over the past month my posts to the blog have not been as regular as I would like and although I have been busy it is because I have been focused on some other business issues that have now been successfully resolved and I am, again, committed to posting more frequently. For those of you who have sent me emails or called me, thank you very much and I appreciate your interest and very happy to know I have some loyal readers.

Kentuckyanna

2009-04-15T07:32:00.000-07:00

It is always fun to get away for a few days and even better when you return and appreciate home. Last week we traveled to Elizabethtown, Kentucky to visit Michael’s son Mark and his family. I enjoyed spending time with them and seeing Kentucky.

I heard about the terrible ice storm they had this past winter but until I saw the devastation it caused I didn’t understand the impact. Kentucky is trees; almost every road is cut through a forest of trees or rolling green hills surrounded by trees. Almost every one of those trees was damaged. Now you see broken limbs jutting out in odd directions or piled high on the ground. The cleanup is going to take a long time and the effects will be seen for many years to come.

We did do some work on the Bourbon Trail and I enjoyed that but they need to learn from California wineries how to do tastings! I am not much of a bourbon drinker so was interested in learning what I tasted and why I enjoyed one more than another. Hard to do when you drive for 30 minutes and get one sip.

The real estate market where I was in Northern Kentucky or “Kentuckyanna” is doing alright. They didn’t have the huge run-up in the early 2000’s so have not seen the kind of large price declines we have had here in the Sacramento area. Interestingly, people there seem to take a longer view of real estate and their home values. They are not as concerned about the value today, because they, on average, live in the same house longer than we do in California.

More Good News for 1st Time Buyers

2009-04-01T08:46:00.000-07:00

Starting tomorrow the California Association of Realtors will start a new program to help first time buyers who are worried about the economy and not being able to make their mortgage payment if they lose their job.

The program, C.A.R. Housing Affordability Fund Mortgage Protection Program is designed to give these new homeowners some peace of mind by providing them with up to $1,500 per month for up to six months in the event of a job loss. In addition a co-buyer can participate for a reduced benefit of $750 per month for up to six months in the event of a job loss. C.A.R. is spending $1 million on the program and estimates it could benefit as many as 3,000 families in 2009.

To qualify for the program the applicant must:
· Be a first-time home buyer – someone who has not owned a home in the last three years
· Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
· Use a California REALTOR® in the transaction
· Purchase the property in California
· Be a W-2 employee (cannot be self-employed or military personnel)

If you are interested in this program please let me know, I can get you more information and an application. You can reach me at (916) 290-9339 or by email at juliej@jalone.com.

By the way, there is no cost to the home buyer to participate in this program.

If I had only known

2009-04-01T08:42:00.000-07:00

These are words we never want to hear ourselves saying, especially as it relates to selling your home. I recently met a former homeowner who now has a very nasty tax issue as a result of not understanding the consequences of debt forgiven by a lender when they completed a short sale. Unfortunately he was not using an agent who had much experience. The agent told him about the law passed in 2007 which allows the IRS not to count debt forgiven by a mortgage lender as income. She did the right thing and told her client to talk to an accountant but she appeared knowledgeable and he confirmed with a friend that this was true so completed the transaction. This happens every day and if you or someone you know is considering a short sale please read my column, “Important Short Fall Lessons,” over at Rocklin & Roseville Today. It can also be found at Sacramento Today.

You have to love this spring weather; it makes me want to be outside. Home buyers are out and as the days get longer we can look at more than one house “after work.” I have been working with several buyers over the past few weeks and it never ceases to amaze me at how many homes end up with multiple offers in a market where we clearly have too many listings. Houses that are well maintained show well and when priced right sell quickly. The days when a buyer could think about making an offer for a week or two are gone!

Sacramento Homeowners Beware!

2009-03-20T09:59:00.001-07:00

I have been hearing several different foreclosure rescue scams at work here in the Sacramento area. The perpetrators of the scam are approaching financially distressed homeowners and promising to help them stay in their homes and avoid foreclosure. I found and posted some warning signs of “foreclosure scams” to be aware of on the Real Estate News page at my jalone.com website. In addition there is a list of legitimate organization that are helping homeowners and where you can report anyone who you believe is out to make money at your expense. Remember, if it sounds too good to be true, it probably is not true.

Although the forecast is for rain tomorrow, today is bright, sunny and warm so get outside and enjoy the early spring weather. Good-bye winter!

Should you walk away?

2009-03-17T10:36:00.000-07:00

If your home is worth less than you owe, the payments are killing you and have a lender who refuses to help what will happen if you walk away? Walking away is letting the bank foreclose, giving them the keys or avoiding a foreclosure by doing a short sale. If you do one of these things how bad will it be for you? Will you get sued by your bank? Will you ever be able to get credit again? How much will Uncle Sam and the IRS want from you? It may not be as bad as you imagine. Check out my weekly column, “What are the consequences of walking away?” over at Rocklin & Roseville Today and find out.

Other Items: Happy St. Patrick’s Day! I hope you have the luck of the Irish today and all year long!

I have been reading reports about a new California bill that may require banks to wait longer before foreclosing on mortgage obligations. Last year it was taking some banks up to 9 months before they even started the foreclosure process. Today they are responding much faster to delinquent loans so this bill may be helpful to Sacramento homeowners who want to qualify for a loan modification, refinance program or who want to avoid foreclosure

Just a bit angry today!

2009-03-04T10:29:00.001-08:00

This morning I read an article in the Sacramento Bee about the former executives of Countrywide that got rich on bonuses and golden parachutes after they made tons of questionable loans which we are all now paying for. Believe it or not they have taken their wealth and created a company that buys up bad loans from failed banks. They are paying pennies on dollar for these loans and making a killing on collecting. The economy is in the tank, the everyday guy is suffering and these guys are making millions again!

Why do I feel that when this is all said and done the people that will have prospered are the ones who helped create the problem and the borrowers who made risky and poor financial decisions to buy homes they couldn’t afford? Those of us that bought homes we could afford and are making our monthly payments, even when our income has declined and other costs have skyrocketed, will maybe just be lucky get through this recession.

Today, another Washington scheme was announced called the “Making Homes Affordable” initiative. I am not saying the housing market and homeowners shouldn’t get help but there are now so many plans and programs it is confusing and most of my clients, who we help avoid foreclosure, say when they call their lenders and ask about these Government sponsored plans the answer is generally something about we don’t care what you read, send us money or we will foreclose.

There seems to be a breakdown in the communication between Washington and the lenders. Why when we are giving banks billions don’t we get commitments to follow the program? You don’t need to be a rocket scientist to understand “make loans and help borrowers.”

If you want a bit more detail on the latest plan to help you keep your house, check out my column, “Dizzy in Sacramento” over at Rocklin & Roseville Today.

Sacramento Real Estate Picking-up Steam

2009-03-03T17:39:00.000-08:00

I have been watching and experiencing a steady increase in real estate activity around the Sacramento area. We have a number of new listings, several of which are on fire. Yesterday I listed a great home in a downtown Sacramento neighborhood, 1324 35th Street. The agent “hits” on MLS has been very high and the phone has been ringing non-stop. It is an unfortunate Sacramento short sale but will make a new buyer very happy.

The other property that is hot is another short sale but this one is in Newcastle on o ve r 4 acres. We had an accepted offer which is being reviewed by the seller’s lender but they had to back out because they could not obtain financing. We put it back on the market yesterday and can’t keep up with the requests for more information.

Although the Sacramento listing on 35th Street and the home and acreage in Newcastle are so different they have two striking similarities. First they are priced aggressively and as important they are both beautifully maintained homes with loads of curb appeal, charm and are both move-in ready. No matter what you hear about the market and the economy, price a great house right and they will come!

Call it What You Will

2009-02-24T08:24:00.001-08:00

In the past two weeks we have seen the Federal stimulus bill, the Homeowner Affordability and Stability Plan and our new California budget which as some provisions to help the housing market. What are these, how do they work and have we finally got all the players headed in the same direction? Take a look at my local real estate column, “Stimulus, Recovery, Stability coming to Sacramento?” over at Rocklin & Roseville Today.

I have had a number of emails in the past few days from some of my readers and I apologize for dropping off a bit in the past few weeks. We have been very busy and I have been feeling a bit under the weather but hopefully I will get back to a more normal schedule and get a few more posts up over the next few days.

Escape from it all!

2009-02-13T06:07:00.000-08:00

Here is the view from a listing I have coming on the market soon. This is a unique home in Auburn only minutes from the freeway but a world away from the city and people. There is nothing “track” about this home and it will take a equally unique buyer to make this work. This is not a family home and is best suited for a working couple who want an alternative style home or it could be a great weekend escape pad for someone from San Francisco or the Bay Area.

If you or someone you know might be interested in learning more about this unique property let me know and I will send you more information.

Over at Rocklin & Roseville Today my weekly column this week is, “What is likely to be in the final stimulus bill?”

Important Information for Struggling Sacramento Area Homeowners

2009-02-07T08:17:00.001-08:00

There have been some significant changes with lenders that are catching financially strapped homeowners unaware and reducing their alternatives to avoid a foreclosure. If you or someone you know is not making their monthly mortgage payments and thinking they can wait several months before asking for a loan modification or doing a short sale, those days are over. Check out my column over at Rocklin & Roseville Today or at Sacramento Today, “Short Sale Market Changes in Sacramento.”

Busy Sacramento Week

2009-02-05T13:54:00.000-08:00

This past week has been very busy and adds to my belief the real estate market is weather driven or at least it seems that way to me. Every time we get some warm sunny days, I am too busy to spend much time outside! It is nice to see the Sacramento real estate market continuing being active, even if the transactions are always difficult to get closed.

During the past week I have taken three new listings. The first is a very nice home in the Natomas area of Sacramento. This home is just a year old, has tons of upgrades and has been very well cared for. If you or someone you know is looking to buy in this area take a look at 510 Dnieper River Way.

The second listing is also in the Natomas area but since we have some additional work to complete before it is ready to show it is not officially on the market but keep an eye out for it.

The third listing we took this week is unique for a couple of reasons. First, this is a spectacular home on 2 plus acres in Newcastle and it is one the seller never anticipated having to sell so it has been painstakingly remodeled and shows like a dream. These sellers thought they were working with their lender and anticipated a loan modification that would allow them to stay in their home. When negotiations failed the lender quickly filed a notice of default and has set a sale date for later this month. I don’t normally like to work under such pressure but we have had success with this lender and feel if we can get an offer in quickly, we have a chance to delay the sale and avoid foreclosure. For this reason we have priced the home super aggressively. Take a look at 1001 Kentucky Greens Way, and let me know what you think.

I am looking out the window and seeming clouds moving in. Would you know, just as I am catching up!

Buying a short sale listing

2009-01-27T08:41:00.000-08:00

What do I need to know about buying a short sale listing? This was essentially the question one of my readers sent me last week. I have written a number of articles including “Six Steps to a Successful Short Sale” and “Short Sale Success,” on using short sales to avoid foreclosure but have not spent much time addressing the buyer in a short sale transaction.

If you or someone you know is considering buying a home in the Sacramento and Roseville area you will more than likely look at one or more short sale listings. What should you know and be prepared for if a short sale turns out to be the home of your dreams? Check out my Rocklin & Roseville Today column, “Short Sale Question & Answer,” and read what I have to say on the subject.

Other News: Getting some rain last week was great but I am enjoying the sun this week and using its energy to keep up with everything that is going on in the Sacramento real estate market. We have some new listings that will be on the market in the next week or so plus several clients who are actively looking for homes.

Stop Sacramento Foreclosures

2009-01-23T09:43:00.000-08:00

A total of 523,624 California properties received foreclosure filings, including default notices, auction sale notices and repossessions in 2008. This was a 110 percent increase from 2007 and almost five times as many compared to 2006.

The city Stockton registered the highest foreclosure rate in California and the nation with a 9.46 percent of its housing receiving a foreclosure filing during the year. Other California cities in the nation’s 100 largest metropolitan areas in 2008 included Riverside-San Bernardino at number 3, Bakersfield at number 4 and our own Sacramento at number 9.

Sacramento foreclosure filings impacted one in 19 properties or 5.2 percent of all homes. This compares to a rate of one in 54 across the country.

If you or someone you know is struggling to make ends meet and are unable to continue to make mortgage payments on a home where the value is now less than the loan amount, call us. We can help you avoid foreclosure and get you back on the road to financial independence. We have been helping stop Sacramento foreclosures for two years and have an experienced team to guide you through the Short Sale or loan modification process.

If you are interested in learning more about short sales see one of my articles on the subject, “Six Steps to a Successful Short Sale.”

Sacramento Predictions

2009-01-19T10:42:00.000-08:00

I was looking at the number of homes currently on the Sacramento area market, how inventory has changed in the past year and the impact on prices and value with so many homes for sale in preparation for writing my weekly columns for Rocklin & Roseville Today and Sacramento Today. I had promised myself I would avoid making predictions in such turbulent times but somehow when you write about how many Sacramento homes for sale last year and this year it seems impossible not to say where you believe this number will go by year-end. If you are interested in seeing what I had to say on the subject check out may latest article, “Sacramento Year End Inventory.”

Martin Luther King Day: Pretty amazing to be celebrating the life of Dr. King and his efforts to break down barriers caused by race on the day before we inaugurate the first African-American President, Barack Obama. Regardless of you political party affiliations and who you voted for tomorrow is a new beginning for America. If there is strength in our culture it comes from optimism and hope that we share for a better tomorrow.

Short Sale Update

2009-01-15T09:59:00.000-08:00

If you have been reading my blog, you know I have spent a good deal of time and energy over the past two years helping Sacramento area homeowners avoid foreclosure by doing short sales and/or loan modifications. In the past month or so I have been ranting about how difficult it has been to deal with Countrywide (“Countrywide Sucks,” published on December 9, 2008). Well, as of this morning we have had two approvals from them in the past week. The one we got this morning is a deal we have been working on since April of last year. The buyer has long since walked, the sellers have abandoned the property, the condition has deteriorated rapidly and the prices in the neighborhood have continued to decline. The price they have agreed to accept is significantly higher than what this home will now sell for but at least it is a positive sign from this lender.

I figure the speed at which Countrywide has moved on this single short sale transaction has cost them in excess of $60,000 and will most likely increase over the next 60-days as we seek a new buyer at a much lower price. No wonder lenders need federal bailouts!

The fact that we have received two approvals from Countrywide in the past week demonstrates they have finally started to understand the cost to them and are improving their process. It may not help with the property I just used as an example but it will help with countless other homes that under the specter of foreclosure.

If you or someone you know is struggling to make their mortgage payments give me a call we may be able to help even if their lender is Countrywide!

Positive News in Sacramento Forecast

2009-01-13T06:48:00.001-08:00

As soon as the holidays were behind us it seems like the media has again focused on the economy and in particular the negatives. I don’t know about you but when I hear too much negative news it impacts my mental attitude and slows me down. There are some bright spots in regards the Sacramento and the real estate market. I think we should understand the overall situation but take the time to remind ourselves of what is positive.

In my weekly real estate column over at Rocklin & Roseville Today, “Sacramento Economic Forecast,” I highlight some of the strengths of our Sacramento economy and the real estate market positives that were reported in the Sacramento Business Review’s economic forecast. I think they are worth thinking about on this cold winter morning.

Other: Yesterday, I received a phone call from a homeowner asking me to help them avoid foreclosure on a property in Rocklin. They were transferred to Minnesota and have been renting the home for the past year but the tenants are now moving out and they cannot afford to continue to make the payments. This is a typical of the kind of requests I get so I started to get to work.

Using Twitter to stay in touch

2009-01-06T11:00:00.000-08:00

I have been using twitter for almost 2 years now and it is one of the social networking tools I enjoy the most. It is a flow of short messages from members all around the world and allows users to follow others and read what they have to say as the day progresses. You can carry on conversations, ask questions, get directions and always find someone who can cheer you up. As of today I am following 2,257 users and have 2,102 followers. Some of my twitter colleagues are news organizations such as the Sacramento Bee, CNN and Sacramento Traffic Alerts. You can find and follow a wide range of celebrities such as Madonna and Britney Spears and even get updates from Barack Obama. Most users are just like me, everyday people who do their jobs and enjoy the internet and staying in touch. There is a growing number of spamers using twitter but they are easily controlled.

I recently used twitter to ask some of my “followers,” who are real estate agents; about their local markets and found some similarities with what is happening in our Sacramento area market. Check out my column today at Rocklin & Roseville Today, “Tweeting Real Estate News” to see what I learned.

If you are not familiar with Twitter check it out at http://www.twitter.com/. If you end up joining the thousands of other who are using twitter, follow me at twitter.com/JulieJ and I will follow you back.

Nothing new in Sacramento or Roseville

2009-01-03T11:09:00.000-08:00

I started to blog about some of the November results for our local Sacramento real estate market and quickly became bored. For anyone who reads a newspaper or listens to the news there is nothing new to report. Generally sales are up, median prices and average price per square foot are down. About the only thing of much interest is the number of default filings have dropped, but may be the result of a new state law requiring lenders to contact homeowners who are delinquent on the payments, then wait 30 days before filing a default notice.

As we move into 2009 the inventory of homes for sale has continued the slow decline from the highs we experienced in the summer of 2007 when it was reported by HousingTracker that there were over 18,000 homes for sale in what they define as the Sacramento area. Even with the increased number of foreclosures the inventory of homes has continued to decline and as of mid-December stood at 12,628 down almost 23 percent from a year ago and down 5.9 percent in the past month.

As we move into the spring selling season I would expect to see the decline in homes on the market slow or even increase. There are still way too many houses on the market for the number of buyers but the good news is we are headed in the right direction to achieve a balanced market and some price stability.

If you are interested in more specific numbers about the Sacramento, Roseville or other local communities send me an email to juliej@jalone.com and I would be happy to answer.

Where are we going?

2008-12-31T09:43:00.000-08:00

Happy New Year! Here we are at the final day in 2008 and looking forward to the hope of a new year. Whatever your plans are for this evening, be careful on the roads, last night was super foggy here in the Roseville area and will most like not be much better tonight.

There were some great times and occurrences this past year but it was also one of the most difficult years I have had in real estate. There were plenty of clients but getting transactions completed was more difficult than in years past and much more difficult than they should have been. Check out my weekly column over at Rocklin & Roseville Today, “Sacramento Real Estate: Where are we going?” and see where I think our Sacramento real estate market is headed in 2009.

Let's Say Thanks

2008-12-22T05:31:00.001-08:00

Take a minute during this busy holiday season to recognize our U.S. Troops stationed overseas. Go to www.LetsSayThanks.com, where you can pick out a thank-you card. Xerox and the Let’s Say Thank organization will print and send it.

All you have to do is click on your favorite design and either select a message or draft a personal note. The postcards are then printed by Xerox and mailed in care packages by military support organization Give2TheTroops®.

Wouldn't it be wonderful if the soldiers received a bunch of these? Whether you are for or against the war, our soldiers over there need to know we are behind them. This takes less than a minute and here is an example reply from one Soldier:

Thank you so much for the post card. It is so nice to receive things in the mail
here. Some would not believe it but the simple good feeling of going to the
company mail room and the clerk saying "Yes, you have mail" is an uplifting
experience. Even if it’s just a letter saying "hi" makes our day! Thanks
again for your thoughts and prayers.

Please take the time and please take the time to pass it on for others to do. We can never say enough thank you's. Thanks for taking to time to support our military!

Rant: Service is key to short sale

2008-12-18T10:05:00.000-08:00

In today’s competitive real estate services industry there is nothing more important than client service. I am referring to what may be called Realtor helpers such as title/escrow companies, home inspectors, lenders and others who help us get our transactions completed.

It is this group of professionals who can make closing a sale easy or a nightmare. Over the past two plus years we have been working with a number of clients who would like to avoid foreclosure/bankruptcy by having us negotiate a short sale with their lenders. Trust me when I say, this is not as easy as it sounds. It takes experience, time, sustained effort and on occasion some luck to get all the parties to the sale in agreement. Just this week we had all our “ducks in a row” on a short sale we have been working on for months and want to close this year so our clients can get on with their lives. Out of the blue, our escrow officer went lame on us! She told us something we have been doing for over two years with another escrow company is illegal and if she did it, she would be fired.

Believing we were not crazy, we checked with the other escrow/title company we do business with. They laughed and said showing the additional payment to the second lien holder contributed by the agents from their commission was a no problem. We immediately requested the transfer of the escrow.

The first escrow officer who said she would be fired, but wanting to keep the escrow, sent off estimated settlement sheets to the lenders and got approval. How could we go from “illegal…I’ll be fired” to “…we got approval?”

I love the people in the industry who work with me and make my job easier, provide top notch service to my clients but there is no reason to use those who insist on operating with a “my way or the highway attitude.” In today’s market you don’t get a second chance.

Can housing lead the way toward recovery?

2008-12-16T10:11:00.000-08:00

If it was housing that led the economy to where it is today, “the tank,” then it only stands to reason, housing can be the way to recovery. Sure there are other elements of the National economy that need tending but until we have some stability in housing the economy is not going to improve dramatically. Check out my column, “Next Steps Toward Recovery,” over at Rocklin & Roseville Today.

Update on my last column, Sacramento Short Sale Tales: Although we have not closed this transaction, we did escalate our request and rational to the executive offices at Bank of America and this morning we got what we hope will be the approval that will allow our clients to complete their short sale and avoid foreclosure and bankruptcy.

You won't believe this!

2008-12-10T09:51:00.000-08:00

A good portion of the business we do at MagnumOne Realty is helping financially struggling Sacramento area homeowners avoid foreclosures by helping them qualify and negotiate with their lenders to accept less than they are owed by accepting a short sale. Lenders tend to treat us as the enemy even though we are helping them and the entire process can be long and arduous but we are good at them and there is a good deal of satisfaction when we complete a short sale and our clients can step away from payments they can no longer afford to pay and a debt that was greater than the value of the house they owned.

My column today over at Rocklin & Roseville Today, “Sacramento Short Sale Tales” is about a current deal we are working on with both Wells Fargo and Bank of America and will give you a flavor of what we have to deal with to complete one of these transactions.

They are the Worst!

2008-12-09T10:01:00.000-08:00

I started to write a short rant about how difficult it is to deal with Countrywide when you are representing sellers who would like to avoid foreclosure and complete a short sale. My frustration with them got the better of me and the rant became an article, “Countrywide Sucks!” which I have posted on my real estate news page at jalone.com. If you have had a different experience or have any suggestions on how to complete a transaction with CW, please let me know.

Other Item: Just a reminder as we enter the heart of the holiday season, the first installment of your 2008-2009 property tax is due tomorrow, December 10th. The penalty for late payments is stiff so if you pay your own taxes make sure you get them into the mail ASAP.

Are we going to lose our home?

2008-12-04T08:37:00.000-08:00

Just when I thought we might start seeing a decline in the number of homeowners who are facing foreclosure the next wave came crashing in. The new wave is a combination of more homeowners who have experienced a financial setback such as a lost job or reduced income combined with continuing declines in home values. A married couple with two incomes making their payments all of a sudden are struggling to when one of them loses their job have lost their option to sell their house, pay down credit card debt and move to more affordable housing because their home is worth less than they owe. Check out my weekly column, Sacramento Short Sales, over at Rocklin & Roseville Today for some of the reasons these homeowners and others should consider a short sale as an alternative to foreclosure.

Lender Heart

2008-11-25T09:52:00.000-08:00

Today I conclude my series of articles answering the question, is now the right time to buy a home in Sacramento? Today’s final article is, “Do you know what you want in a home?” and can be seen over at Rocklin & Roseville Today in my real estate column. If you missed the previous articles and would like to read the entire series you can find it on my personal website.

This is a short holiday weekend and we have continued to be busy with Sacramento short sales. Most lenders, other than Countrywide, seem to have a pretty good process and appear to be working at getting as many closed before the end of the year. Countrywide seems confused and disorganized compared to other lenders and the impression we get is that they just don’t care if the house goes to foreclosure. Bank of America better start paying attention and get the bleeding stopped or we will be seeing yet another bank bailout.

Speaking of foreclosures the folks at ING Direct, a large internet based lender, have warmed the cockles of our hearts this week by announcing they would suspend all evictions through January 15th, “in the spirit of the holidays.” They are going to toss them out after Christmas rather than before, once again proving there are big hearts in the mortgage lending business.

Thanks Jim!

2008-11-22T08:58:00.000-08:00

As much as I enjoy maintaining my blog there are days when I feel like I have to write a post and times when other tasks pressure me to publish and run. I was thinking about this earlier this week when I went to Mikie’s parent-teacher conference. The subject was writing and how much he has improved since last year. We were looking at some of Mikie’s writing and his teacher told Mikie he would be able to correct some of his mistakes if he took time to read what he wrote. She said, “All good writers read what they write.”

I think sometimes I am guilty of letting spell-check do my reading. If there are no red, green or blue underlined words it must be good to go. This morning I got an email from a good friend on the East Coast who, I like to believe, reads my blog occasionally to see what we are doing out here. He wrote, “I just wanted you to know the latest, fourth blog should have been proofed by someone other than the spell check! ;-) FOURTH not FORTH!”

Thank you Jim, I am going to take your email as a queue to slow down, enjoy blogging and do more than spell-check before I publish. I won’t promise there will not be errors or better ways to write something but you can be assured that I have read what I wrote.

Buying a Sacramento Home?

2008-11-20T08:09:00.000-08:00

Today I published my fourth in a series of five articles examining the question, Is now the right time to buy a home in Sacramento. You can read it in my real estate column, “How much can you pay for a home in Sacramento,” over at Rocklin & Roseville Today.

I think the question, is now the right time to buy, is important in light of the current market and economic conditions. So far I have received some positive feedback on the series and hope it helps a few potential buyers make the right decision in regards to purchasing a home in Roseville, Sacramento or anywhere in the area. You can see the entire series of articles on my personal website, http://www.jalone.com/. They are located on here.

As some of you know I am spending the week in Alaska. As much as I love living in the Roseville area, it is always nice to be back in The Last Frontier. This week it is very cold in Anchorage. Today is forecast to be the warmest since I have been here, 16 degrees. Yes, that is cold but it has been clear and very pretty too.

Back home the MagnumOne Realty office has been very busy, especially with some of our short sales. Dealing with the lenders can be trying and is takes much more time than it should but when you finally get an approval, it sure makes everyone involved feel good. Last but not least one of our agents just got her first contract signed. She helped her buyers find their “perfect home” and the offer was accepted by the seller yesterday. We have lots of work to get the sale closed but I want to congratulate Kara Green on her fist sale. Great job Kara, we know there will be many more!

Are you financially prepared for home ownership?

2008-11-17T12:46:00.000-08:00

I just posted my third of a five part series dealing with the question, “Is it the right time to buy a home in Sacramento?” The article is posted over at Rocklin & Roseville Today as part of my real estate column, “Is it the right time – are you financially prepared to be a homeowner.” If you want to read the entire series you can find all five articles on my personal website.
Just being out and about today has to make you feel good. Here we are in the second half of November and the sun is out, the sky is blue and it is warm. What more could you ask for.

In the real estate business, we have been busy. I spent all day Friday out with a great new buyer. His company is looking for a home or multi-family unit where his employees can live while they are working on several projects here in the Sacramento area. We saw some interesting properties and went to a few neighborhoods I hope to never see again. In addition, our Short Sale negotiator has been having some success with a few lenders and getting short sales approved.

Working with the lenders is a difficult and long task. Unfortunately they appear to view us as the enemy rather than someone helping them avoid a larger loss. After you get them approved there is nothing more frustrating than having the buyer bail. This happened last week on one of our Sacramento listings. If you or someone you know is looking for a great investment or starter home, this property on 73rd Street is a great deal and the bank is ready to go!

Four Questions to Consdier When Buying a Home

2008-11-11T13:49:00.000-08:00

Since I was a bit off my game last week I thought I would spend Veteran’s day morning catching up on my real estate column over at Rocklin & Roseville Today. Well as can happen when you have not been writing for awhile my article, which I try to keep not more than six paragraphs long turned out to be an epic on is now the right time to buy a home in Sacramento. I decided to publish in five parts and introduction and then examining the four questions I feel buyers, especially first-time buyers should consider to determine in now is a good time to buy a home. The questions I pose are, should you stay where you are, are you financially prepared to be a homeowner, how much can you pay for a home and do you know what you want in a home.

Check out the introduction, “Is now a good time to buy a home in Sacramento” and watch for the sequels over the next few days or you can find the index to the full series on my personal website, Jalone.com.

Veteran’s Day: I want to thank all of the people who have served our country and especially those who are on active duty today. Michael’s son Mark, who is a veteran of three tours in Iraq and has been awarded the Purple Heart, is currently stationed as an instructor at Fort Knox. We talked to him today to wish him a happy Veteran’s Day and sure enough he had to work!

Sacramento homes can still sell fast!

2008-10-29T09:52:00.000-07:00

I have noticed a difference in the Sacramento real estate market. I understand it is late October and things normally slow down about now and homes for sale in Sacramento as well as homes for sale in Roseville and other communities start to stay on the market longer but since the economy crisis came to light the phone is not ringing as often, new leads are fewer and worst of all, the lenders have become much more difficult to deal with when negotiating short sales.

If you are a seller or in a position where you are going to have to sell your home during this uncertain Sacramento real estate market, take a look at my column, “Sacramento Homes: Eight Rules to Sell Fast in an Uncertain Market” over at Rocklin & Roseville Today. I have attempted to spell out some basic tenets about selling homes in all markets but which may be even more important in a slower market like we are currently seeing in the Sacramento area.

Bar Stool Economics

2008-10-28T09:29:00.000-07:00

I couldn’t resist sharing this long but illuminating story this morning. It was one of those things that had been forwarded about a 100 times so I had to clean it up a bit but I think it is intact and worth the time to read.

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth man (the richest) would pay $59.

So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. "Since you are all such good customers", he said, "I'm going to reduce the cost of your daily beer by $20". Drinks for the ten now cost just $80.

The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men - the paying customers? How could they divide the $20 windfall so that everyone would get his "fair share?"

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so: The fifth man, like the first four, now paid nothing (100% savings). The sixth now paid $2 instead of $3 (33%savings). The seventh now pay $5 instead of $7 (28%savings). The eighth now paid $9 instead of $12 (25% savings). The ninth now paid $14 instead of $18 (22% savings). The tenth now paid $49 instead of $59 (16% savings). Each of the six was better off than before. And the first four continued to drink for free.

But once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man, "but he got $10!""Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got ten times more than I!" "That's true!!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!" The nine men surrounded the tenth and beat him up.

The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D.Professor of Economics,

University of Georgia

Not that Simple

2008-10-24T10:04:00.000-07:00

I came across this brief article this morning and thought it was worth sharing:

Reworking Troubled Mortgages Isn't That Simple

In order to rework troubled mortgage, the government may have to do more
than persuade lenders and investors that workouts are ultimately more profitable
than foreclosure, analysts conclude.

Hundreds of investors hold an interest in trusts that invest in mortgages.
If loans are reworked, some of those investors will lose money. Mortgage
servicers are prohibited from modifying a pool of loans without getting the OK
from two-thirds of the investors. That nod can be difficult to get because some
investors stand to make more from foreclosure.

Many observers and government officials are pointing out that it will take
government action to nullify or supersede investor interests. If the government
stepped in and, perhaps, gave less-favorable tax status to an investor that
didn’t agree to accept a modification, there would certainly be lots of
litigation and the government might have to reimburse investors for value they
lost, analysts say.

Therefore, some analysts conclude that the best answer is to give
bankruptcy judges the right to cut the interest rate or reduce the principal
owed on a debtor’s troubled mortgage.

Source: www.realtor.org

It never ceases to amaze me how large and diverse our economy is. The fact that the government has allocated $750 billion to work on the credit crisis is not enough, we can’t just buy or way out of this mess. There has to be a well developed and thoughtful plan created by a broad cross section of business and political leaders and I only see a shoot from the hip approach.

There are fewer homes for sale in Sacramento

2008-10-22T12:17:00.000-07:00

With September sales volume of up in all counties in the Sacramento region from last year and for most counties up even from August we are finally seeing a decline in homes for sale. Check out my weekly column, “Six Months of Increasing Homes Sales in Sacramento,” over at Rocklin & Roseville Today for the details and a prediction.

With this great “Indian Summer” weather even October continues to show some good levels of activity. Homes priced right are getting a fair number of showings and most of our short sales all have solid offers being reviewed by the seller’s lenders. Most of these even have backup offers. Most of the activity we are seeing is in the under $350,000 price point. We have seen some of our seller’s of more expensive homes ask to take their homes off the market as showings of homes priced above $600,000 has slowed down as buyers are waiting to see how the economy and credit markets respond to the Government rescue/bailout plan.

Potential Loan Woes in Sacramento

2008-10-21T12:53:00.000-07:00

I received word this morning that some lenders are not providing pricing on FHA Plus which are loans in excess of $368,231 and conforming Plus which are conforming loans above $417,000. Remember these were temporary limits with an end date of December 31, 2008. Because these loans must be closed before the end date and since there is no extension yet moving these increased limits into 2009 lenders are starting to pull away from these products now.

I know, we just passed a $750 billion bailout; the government is buying bank stock and commercial paper but can’t extend these limits so banks are pulling back? This is just one more thing about this credit crunch to make you angry. Regardless if you are thinking about buying a home and using FHA, you may want to talk to your lender now and see if you need to move faster or if there are other products available to you.

If you need more information or have any questions please call me at MagnumOne Realty. My number here is 916 290-9339 or you can email me at juliej@jalone.com

New Listing near Sierra College

2008-10-17T10:18:00.000-07:00

I just listed a great home in Rocklin’s Reflections at Sierra College which has 3 bedrooms, 2.5 baths and almost 1,600 square feet of living space. If you are looking for a home and not a lot of yard work this is the house for you. With a small front and back yard you have all the benefits of a single family home but without the headache of having to care for a large yard. The private fenced back yard has a patio, shade pavilion and room for a garden. It is a great place to entertain or relax on a warm summer evening. This is a short sale and won’t last long so if you or someone you know is interested in a great house within walking distance of Sierra College take a look here and get more information on my website.

Other News: Tina Farinas is hosting an open house tomorrow, Saturday, October 18 from 1 to 4 PM at her Alicia Way listing in Sacramento. This looks like a nice home and is being marketed as a Short Sale so if you are out and in the area, stop by 1536 Alicia Way in Sacramento and say hello to Tina.

Good News for Sacramento Real Estate

2008-10-14T11:39:00.001-07:00

We have finally slipped below 14,000 homes for sale in Sacramento. According to HousingTracker there were 13,958 homes on the market as of October 13. This is the first time since March of 2007 since we have been this low. It is still higher than it should be and the uncertainties of foreclosures and the credit crisis loom but check out my column, Good News for Sacramento Real Estate, over at Rocklin & Roseville Today and see what I have to say about prices.

Staying Busy with Roseville Real Estate

2008-10-09T10:33:00.000-07:00

It very nice to see a break in the warm weather and even to get a bit of rain but I am happy to see we will be getting some nice warm days this week as we move deeper into October.

Over at MagnumOne Realty we had a strong past week with some new listings and some nice escrow closings. One of the joys of this business is to complete a sale for my clients and this past week it was fun to see my customers from the southern part of the state move into their new home here in Roseville.

Even with bailout legislation we are still anticipating seeing the Sacramento area foreclosures continuing to be a significant part of our local real estate market. This means we will continue to help clients avoid foreclosure by representing them on short sales in Sacramento. I will be adding three new short sale listings during the next week.

Our team is getting very good at working with the lenders to get these short sales completed but there is nothing easy about the process. One of our short sales is being caused by the seller being transferred out of state to maintain employment. For some bizarre reason their lender, who has the completed short sale package we prepared, sent the loan to HOPE where they specialize in finding a way to keep the homeowner in their homes by restructuring the loan. When they have to move to keep a job, this is not exactly what they need and could cause a delay of up to two weeks in getting an answer to our short sale request. Even when you call the lenders as often as we do to keep the process on track, some still find ways to “drop the ball.”

Bailout and Sacramento Real Estate Market

2008-10-01T09:27:00.000-07:00

After the failed vote on the financial rescue plan on Monday the Senate takes the spotlight today and is likely to pass a slightly revised plan to provide liquidity back to the credit markets. I predict an embarrassed House of Representatives will place their rubber stamp on the bill and we will have legislation by the end of the week.

How will this impact the Sacramento real estate market and the recovery that is taking place? Take a look at my column, “Bailout may slow Sacramento real estate recovery,” over at Rocklin & Roseville Today.

Buying a home in Roseville is not easy

2008-09-30T09:15:00.000-07:00

What are the chances a house that has been on the market for over 200 days, built in the 70’s and has never been remodeled or even well maintained now has three offers to buy? I think something does not smell right. Has the Sacramento real estate market returned to the pre-2005 era where you put the house on MLS and headed to the fax machine to get the first offer?

I am a optimist by nature and trust people until they prove me wrong but I am having a hard time believing this particular property, out of the blue is in a multiple offer situation. Don’t get me wrong, the spring and summer have been busy and we have encountered multiple offers and in fact we have a listing now that has received four but it is a very cute house, clean, ready to move-in and we priced it very aggressively for a short sale to help the owner avoid a foreclosure.

It is almost impossible to know if another agent is not telling the truth about interest in the house. Not many will tell you that your client is the only one ever to show interest and I often hear that there may be another offer coming but when you are formally informed there is a multiple offer situation I have, in the past, believed it. For the first time, I am not sure and may not ever know the truth. My clients are thinking and I suspect we will respond to the request for “last and best” offer but we will not overpay for this one.

Sacramento's real estate market is not frozen!

2008-09-25T16:36:00.000-07:00

Is the only way to get anything done in politically partisan Washington to declare an emergency, tell the world the sky is falling and create a three day “bipartisan period” to pass back room brokered deal that may cost the American taxpayer a trillion or more dollars? We thought getting a budget passed in Sacramento for California was ugly!

I clearly have my opinions about the bailout and you can read more about that in my Rocklin & Roseville Today column, “Bailout will be felt in Sacramento” but my main message today is to motivate you to let your Senators know how you feel about the bailout. Here is a link to their contact pages.

The local Sacramento real estate market continues to be busy. We are getting and making offers on homes regularly. The lower priced homes are being sold faster today than they have in the past few years but the market for homes over $600,000 remains pretty slow. I recently been looking for homes for sale in Old Roseville and the inventory is low. Some of the houses for sale in Old Roseville that my buyer is interested in have multiple offers. Guess these folks have not been watching Fox News.

Sacramento Real Estate News

2008-09-19T12:58:00.000-07:00

While congressional leaders and the Bush administration work preparing a massive bailout of the US Financial system including a plan to allow banks to sell bad loans to a Resolution Trust like company, mortgage rates have dropped in Sacramento. The decline from 5.93 percent for a 30-year fixed to 5.78 percent for the week ending September 18 marks a seven month low.
As bank stocks are going up and their senior executives are anxiously waiting to sell their mistakes, I mean bad loans to the government. Some of these same bankers have instituted a policy of denying short sale applications that do not include the seller/borrower signing a note for some portion of the short sale. Based on our extensive experience with short sales this would, in the past, have created a situation where the seller will refuse to sign the note and the bank would take a larger loss. With the ability to pass these loans to the government it means lenders may be taking much harder line with short sales and increasing the burden on taxpayers.

Where else in the world can you make a mess and get rewarded for it?

I have a suggestion for candidate “change” and candidate “reform.” When one of you gets to Washington, let’s have a policy that says if a mid-level IRS agent can’t understand what a company is doing or how a particular derivative is an asset it should be illegal. Another reform or change should be if a company gets big enough that their failure will impact the economy it should be fined and immediately broken into smaller companies.

At least it is Friday, rates are low, and buyers are out looking at homes.

Wall Street, Sacramento and Hollywood

2008-09-18T07:23:00.000-07:00

This week what is happening on Wall Street has captured my attention so my column over at Rocklin & Roseville Today, “More Bad News from Wall Street” is about being not overly optimistic about the financial crisis.

Per my blog on Monday, I have posted a guest article by Louise Buford of Partners Mortgage, “FHA—what is it and why should I consider this type of loan?” Louise is one of the lenders I work with who does what she says and when she says it. Sounds simple but it is what sets her apart from other lenders.

Finally, my singer and actress friend in Hollywood, Karmyn Tyler needs some help! The soundtrack for Karmyn’s original song, Luv Me So, has been entered into a contest for unsigned artists and each playing is a vote. Check out the great song here and help Karmyn. Each playing of the song is a vote so play it now and often. I think you will enjoy it. By the way you can learn more about Karmyn on her website, http://www.karmyntyler.com/.

Now Serving Sutter, Yuba and Colusa Counties

2008-09-15T13:21:00.001-07:00

Check it out! We have officially opened an office in Plumas Lake with Stephanie McLaughlin to better serve clients in Sutter, Yuba and Colusa counties. Stephanie has now been with us for a few months and is ready to take the next step in building her business and expanding the MagnumOne Realty brand in these counties. We are continuing to provide individual customized services to buyer and seller ranging from those looking to buy their first home all the way to working with sellers who are trying to avoid foreclosure. We are pretty excited about this new development and if any of you know anyone thinking about buying or selling in our Northern serving area please let them know about Stephanie and our new office. Here is the MagnumOne Press Release that was sent out today.

Other News: We have our second guest article from Louise Buford of Partners Mortgage who is a certified loan specialist in FHA, CalPERS, CalFHA, VA and 203k FHA programs. With so much interest in FHA loans I asked her to write about what the FHA is and why you should consider this type of loan. I hope to have this published tomorrow on our news page.

Better Than New!

2008-09-12T07:44:00.000-07:00

We have a brand new listing in Roseville. This home was built by one of the regions quality builder, Tim Lewis in 2007, and the sellers have done all the right things to make this new house a home. Located in the Altessa at Woodcreek gated community we are going to have an open house this Sunday, September 14th from 1 to 4 PM. If you are out and about and want to see a great home, come by 1553 Morning Glory Lane in West Roseville and take a look. The open house will be hosted by Darci Mercer.

September so far seems like a continuation of the higher than expected level of real estate activity. Normally we see a slow down as we get close to school starting and for about a month after as we all get used to starting a new school year. Our team at MagnumOne has been adding new listings and working with a number of buyers but nothing seems easy. We are seeing delays in closings due to new lender restrictions, other Realtors seem more difficult to contact and deal with, and on the short sale front, the lenders who seemed to be getting more cooperative a month or so ago are back to “do it our way or we will foreclose.” We are getting a few closed but for the first time we have lost a couple to foreclosure because the lenders were being difficult or slow to respond. The above mentioned listing is really nice, in a great location and we have some good experience with this particular lender so have high hopes for getting this one done quickly. Come by on Sunday and say hello to Darci.

Freddie, Fannie Takeover is Good

2008-09-08T14:55:00.001-07:00

The Treasury Department’s move to takeover Freddie Mac and Fannie Mae over the weekend surprised me. But then again, when you give someone an open line of credit, maybe you want greater accountability and say in the overall management. Well that is exactly what happened and it appears to be a very good, if only for the short term, for the housing market. Read more about the takeover and what benefits we could see in my weekly column, “Takeover of Freddie, Fannie is Good for Short Term,” over at Rocklin & Roseville Today.

Other News: No surprise, should have expected it, September is busy. Not only has the local Sacramento and Roseville real estate markets remained active but getting back into the school and soccer routine has caused us a fair amount of angst this past week and there doesn’t seem to be much relief in sight. Always good to be busy!

End in Sight for Seller-Funded Down Payments

2008-09-03T15:45:00.000-07:00

Prospective homeowners have until October 1, 2008, to use down payment assistance from a seller to purchase if they intend to finance the house with FHA backed mortgage.

The Housing and Economic Recovery Act of 2008 signed into law in July bars such seller-funded aid on Federal Housing Administration-backed mortgages. Lawmakers added the provision to the housing relief package because about 40 percent of FHA borrowers who went into foreclosure in the past year received down payment assistance from a seller.

The loss of programs such as Nehemiah and Hart which have been helping buyers use seller assistance with their down payment has the potential to keep some buyers out of the market at a time when sellers still outnumber buyers and how it impacts the Sacramento real estate market is yet to be seen.

Is it our Sarah for Vice President?

2008-08-29T14:20:00.000-07:00

Growing up in Alaska makes you an Alaskan wherever you live and this morning I was, along with many others, surprised to hear that John McCain had selected Alaskan Governor, Sarah Palin, as his running mate. As much as I tried to write my Rocklin & Roseville Today column about real estate, I just had to say something about presidential politics, “Congratulations John McCain.”

Notes: The past two weeks have been very busy for us, hiring a new assistant, bringing on a new agent, two new listings, working with several buyers and getting back in the school routine with Mikie and our work at his school. The Labor Day weekend is looking so very good to me and I am sure to many others. The heat of the past few days is supposed to break tomorrow, we have three days to catch up and maybe even relax. Enjoy your weekend and be safe.

Meet Darci Mercer

2008-08-27T14:56:00.000-07:00

We are delighted to announce Darci Mercer has joined our MagnumOne Realty family. She comes to us from Coldwell Banker where she worked on a successful team. Moving to MagnumOne will allow her to continue to work in a team atmosphere while building her own business. She grew up in the Roseville/Granite Bay area and has great experience in those markets but has also worked with clients in Sacramento and El Dorado counties.

Every time we recruit another agent it reminds me how many talented and dedicated people we have working and trying to make a living in the real estate industry. At the same time it is the opposite of what we have been experiencing with other agents recently. For example we have clients who believe they have found the perfect home in Roseville but the listing agent can’t seem to find time to get a key to show it. Hint, call a locksmith! Then there is the agent who didn’t list their correct telephone number in MLS. No wonder the house has had no offers. We had to call the client to get a number for the agent. Nice!

At MagnumOne we work hard to provide customized individual service to our clients and that is why we are so pleased to have Darci with us. To learn more about Darci Mercer click here.

New Listing in Rocklin Highlands

2008-08-25T15:17:00.000-07:00

We have a new listing in one of Rocklin’s most desirable neighborhoods, The Highlands. Located at the top of Sierra College Road this is a semi-custom single level Tim Lewis home which has upgrades galore and has been wonderfully maintained like a new. With almost 3,300 square feet of living space there are not many single level homes as large. The only stairs in this house are the ones in and out of the sparkling pool in the resort like backyard.

As you can tell I am pretty excited about this home! Check it out on my website here or have a look at the virtual tour. If you want to arrange a private showing, please give me a call at 916 276-6883 or send an email to julie@jalone.com.

Cautiously Optimistic

2008-08-21T12:06:00.000-07:00

There are still many unknowns including a new wave of foreclosures, rising unemployment and the aftershock of the credit crunch but the increase in home sales in the Sacramento area is encouraging. We still have way too many bank owned properties and inventory is still much too high to see a reverse in dropping prices but the decline is slowing. This and the level of activity in my own business as well as the other agents at MagnumOne Realty make me cautiously optimistic about where the Sacramento housing market is headed. Check out my latest column, Sacramento Home Sales Increase, over at Rocklin and Roseville Today and read more about the sales increases and my prediction.

Notes: Sorry there have not been as many posts this week. It has been one of those where the time and days seem to get away from me. Mikie has started school so our routine at home has changed and we have been interviewing for new assistants so all of that and my clients have kept me very busy. I am determined to get back on track today and tonight feel like I have accomplished a few things and not be further behind. Guess we will see!

New Era in Housing

2008-08-15T12:02:00.000-07:00

The more I have been reading about the Housing and Recovery Act the more I believe it is the first critical element in the beginning of a new era in the housing industry. If you are interested in learning why I feel this way, check out my column, New Housing Cycle, over at Rocklin & Roseville Today and Sacramento Today.

By the way, we have had tremendous response to our request for applicants for our Executive Assistant position. I really appreciate those of you who took time to send me an email and recommend someone for the job.

Have a great weekend!

Californians to Get Refunds From Kickback Suit

2008-08-11T13:00:00.001-07:00

Hundreds of thousands of Californians are expected to share in a $35 million settlement of a lawsuit that accuses some of the nation’s largest real estate brokers of taking kickbacks.

A federal judge in Los Angeles still must sign the agreement.

The lawsuit accuses brokers from an array of major companies, including Coldwell Banker, Century 21, ERA and RE/MAX, of accepting kickbacks for referring business to Property I.D. Corp. Property I.D., is a Los Angeles-based company that provides fire, floods, earthquake, and landslide hazard reports.

The suit alleges that brokers received $25 for every client steered to straw companies set up to disguise the kickbacks.

Under the settlement terms announced Friday by the U.S. Department of Housing and Urban Development, the firms denied wrongdoing but agreed to give customers who bought the reports from 1996 to 2006 a full refund – typically about $100.

Is there a bail out?

2008-08-11T11:57:00.000-07:00

I have read a fair number of blogs complaining about the governments “bail out” of people who over borrowed and companies who were responsible for much of the credit crunch. I don’t think the Housing Recovery Act is a mistake because it would not be prudent to push the economy into a long recession or even depreciation which I believe is a real possibility.

Only time will tell if the Housing Recovery Act will be successful but in my opinion when the financial system is faced with collapse there was no choice but to act.

In other news from Washington, earlier this week, the Federal Reserve did not make any changes in discount rate, leaving it at 2 percent. In their press release the Fed stated, "Although downside risks to growth remain, the upside risks to inflation are also of significant concern,"

The talking heads all seem to think we will see any interest rate changes from the Fed for the balance of the year as they watch and assess the risk to the economy.

Good News for First Time Home Buyers

2008-08-05T11:10:00.000-07:00

The Housing Recovery Act of 2008 contains a tax credit for first time home buyers which will be beneficial here in the Sacramento real estate market. Although it is actually a loan, repayment is stretched out over 15 years and is interest free. The maximum benefit is $7,500 but is conditioned on purchase price, adjusted income and tax filing status.

Sound complicated? It really isn’t, check out the easy to understand details in my weekly column, First Time Home Buyers, over at Rocklin & Roseville Today and/or Sacramento Today.

Guest Author - Louise Buford

2008-08-01T13:31:00.001-07:00

Guest Author – Louise Buford

Here we are in August! It was three years ago this month when the super hot Sacramento real estate market hit the wall. Since then it has been pretty much down-hill since then with prices declines ranging from 28.5 percent in El Dorado to 43.2 percent in Sacramento.

Finally, earlier this week the Housing and Economic Recovery Act of 2008 was signed into law. It is a fairly complex piece of legislation and since much of it deals with mortgage industry I wanted to have an experienced lender write about how it may impact us. I couldn’t be happier that my first choice, Louise Buford with Partners Mortgage accepted this challenge and even promised to write a second article later in the month that will cover some of the other aspects of the bill including FHA loans.

Louise’s article, “How the housing bill can help you” is posted on my Real Estate News page at Jalone.com and provides a quick overview of some of the acts most important elements and even if you are not an industry professional I recommend reading it.

By the way, Louise is one of a small handful of lenders that I recommend to MagnumOne Realty clients. She is one of those rare people who do what they say they will and keeps her clients informed

HGTV’s House Hunters is Calling

2008-07-30T15:04:00.000-07:00

I mentioned the other day in one of my entries, “You won’t believe this”, that another reality television show had contacted me. Yes, this is in addition to our continuing interviewing with “Wife Swap.” According to the producer of House Hunters they found my website, jalone.com, and based on it and my blog, “Keep it Real in Sacramento” thought I would make a good realtor to work with a featured buyer in the Sacramento area.

House Hunters takes viewers behind the scenes to learn what others look for in deciding to purchase a home. The show focuses on the emotional experience of finding and buying a new home. Each episode shows the progress as buyers working with their Realtor search for a home.

Since someone apparently wants me on television I have decided to pursue this opportunity and now need to find a “TV friendly buyer.” If you or someone you know is looking to buy a house and wants to share the experience on the nationally televised show, House Hunters, please let me know and I can provide additional information.

Produce or Leave

2008-07-29T14:26:00.001-07:00

Word on the street is, several large national brand name brokers have sent messages to their troops saying agents need to produce or find another place to hang out. Make me money or be gone may be another way of saying it.

Real estate is a difficult business to begin with and is not as easy as it looks or even should be. One of the reasons agents go through dry spells is because they get very little support from their offices. Getting a single transaction completed can be a full time job and when an agent is working to get a purchase or sale closed they don’t have time to do much marketing. So many agents working in large brokerages find they are too busy or very slow. Now that they are slow and have time to market they get a message from “upstairs” to produce or else.

A team approach to real estate enables each individual to accomplish more than he or she could do alone and is why we formed MagnumOne Realty. It is by choice, not chance or necessity that professionals go into business together. If you are an agent who is feeling the pressure to produce or leave come talk with us about joining our team where we celebrate your success and let you enjoy your down time.

"Wife Swap" and more!

2008-07-16T11:00:00.000-07:00

Over the years we have learned we need a day to get ready to fly home from Alaska and today’s it! This is a wonderful place to visit and with everything we try to accomplish by the end our stay we have clothes and gear in every imaginable place. Today we will get it all in one place, maybe even do a load of laundry and get packed up for our return to summer.

While we are here, we have had a number of emails and a few calls asking about what has happened with “Wife Swap” the reality TV series. As I mentioned a few weeks ago, they contacted me after finding me at our www.jalone.com website. They said they were interested in having a Realtor on the show and liked my site. Okay, we have talked to them a few times; filled out an application that asked all sorts of interesting questions, and now we have a scheduled phone interview with them next later this week. If that goes well I we were told we would then meet with a casting producer. If nothing else it has been an interesting experience and a fun topic in conversations.

The MagnumOne Realty team has been busy while we have been gone and it will be fun to see everyone and get a caught up. Sounds like we have a few more great listings and a couple of escrows going that could use some help.

Out of Town Lenders

2008-07-11T12:58:00.001-07:00

Not all out of town lenders are bad, just the ones I seem to have to deal with! Twice in the past month I have had great clients who both were using lenders I had never heard of and were located out of the Sacramento area. Both were quick to provide pre-qualification letters when we needed them. One went so far as to say he could close the deal in 14-days when we told him the seller was requesting a 21-day close.

There was more talk than anything coming from these two loan originators. In the first case after six extensions we moved the loan to a local lender who now has it in the final stages and we are expecting a close next week. The second lender experience has been the worst I have ever witnessed. This particular lender has made promise after promise with never any follow through. How can someone say the documents are being sent to the title company five times and are never received? We actually had another lender look at the loan request and were told the clients “just didn’t qualify for the requested amount” but the out of towner continues to promise documents that will never come.

Both of these lenders work on commission, if they don’t make a loan they don’t make any money. On first blush, this sounds good; they should work hard to get the loan done so they can make a living. What I think happens, is when the lender finds out the loan may be difficult, require extra work or they think it might not be approved they “cut and run.” Why spend more time on something you may not get paid for. I know this is what happened on at least one if not both of my most recent bad experiences.

If you are considering a mortgage loan please talk to your friends, family or even your Realtor and find a lender who one of them has successfully worked with. I never push my clients to use one of my lender contacts but I will tell you a lender who has relationship with a good agent has an additional incentive to meet your needs.

Foreclosure Buying Tips

2008-07-11T12:56:00.001-07:00

Since the Sacramento real estate market is comprised of so many foreclosures I thought it might be a good idea to provide some tips on buying lender owned properties. Although there are some bargains to be had they are not always easy and there are some things you should know if you are interested in buying one. Check out my latest article, Buying Bank Owned Properties, on my Real Estate News page at www.jalone.com.

Back in Anchorage

2008-07-11T12:55:00.001-07:00

We returned to Anchorage from our favorite Alaska city, Homer. Anchorage has and has not changed much from when we lived here. There are new buildings here and there and plenty of road construction. The downtown area is a mess as a enormous parking garage is being built and the traffic is as bad as we remember.

Unlike California, everyone we talk to up here is excited about the economy and the future for the State of Alaska. Yes, gas prices are high, we paid 4.74 per gallon of unleaded on our trip back from Homer but if you live here you may be getting a $1,000 check from the State soon to help with the higher fuel costs. Seems the oil revenues are coming is so fast there is a multibillion dollar surplus. If you are interested in reading more about what is happening in the “Last Frontier” check out my column, “There is more to Alaska than summer,” over at Rocklin & Roseville Today.

Homer, Alaska

2008-07-11T12:51:00.001-07:00

Nestled on the shore of Kachemak Bay there is breathtaking views of glaciers, mountains and wildlife. In addition to the fishing there is an active art community, quaint café’s and a few very nice restaurants. Whether it is fishing, kayaking, bear viewing, shopping, dining or site seeing Homer has it all and then some. For a community this small it has a very cosmopolitan feeling.

This is one place where the local real estate market appears to being doing just fine. In the past few years there as been large increase in the population as the town has been discovered as a great vacation spot and, interestingly, a growth in retired people moving to Homer.There is no doubt in my mind, if we ever return to Alaska to live, it will be to Homer!

Homer,

2008-07-11T12:51:00.000-07:00

At the end of the road is Homer. You drive as far south as you can from Anchorage along the Kenai Peninsula and you end up in this wonderful Alaska village. It is also known as the Halibut fishing capital of the world but it is so much more and if you are ever in Alaska well worth the time to visit.

Nestled on the shore of Kachemak Bay there is breathtaking views of glaciers, mountains and wildlife. In addition to the fishing there is an active art community, quaint café’s and a few very nice restaurants. Whether it is fishing, kayaking, bear viewing, shopping, dining or site seeing Homer has it all and then some. For a community this small it has a very cosmopolitan feeling.

This is one place where the local real estate market appears to being doing just fine. In the past few years there as been large increase in the population as the town has been discovered as a great vacation spot and, interestingly, a growth in retired people moving to Homer.There is no doubt in my mind, if we ever return to Alaska to live, it will be to Homer!

So long summer!

2008-07-01T12:37:00.001-07:00

We left summer behind yesterday and arrived in Anchorage where they have been experiencing a wet and cool summer. At least it is nice to get away from the smoke for a few days. We are here for a family wedding and a trip to Homer to visit Michael’s daughter Kevyn and her husband Dave.

We have a good team to cover for me while we are away and I have my phone and email so hopefully we can get some work done and have some fun with family here too.

Real Estate Market Update

2008-06-25T12:49:00.001-07:00

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.

If you are interested in learning more about what is happening in the real estate market and where we are here in the Sacramento area, take a look at my column, “Some Steam has Left the Market” over at Rocklin & Roseville Today and Sacramento Today.

Wife Swap

2008-06-24T13:38:00.001-07:00

I have watched this show in the past and always think, where do they get these people, I would never do that! Well that was before yesterday when I got an email from the show’s producer asking me to consider being on the show. Evidently they are looking for a “wife” who is also a Realtor and they found my website, www.jalone.com. I thought for sure Michael and Mikie would have fit and not want me to do it. I was wrong; Mikie really wants to do it. I think he likes the idea of him being on TV. Michael was a bit less enthusiastic but encouraged me to at least talk to the producer. He thinks I would make a great participant but could see me having a meltdown if they sent me to house that was dirty or had reptile pets. He thought it would be good exposure for my business, “…if you behave yourself!” On the other hand he is not sure about having a “new wife” in the house.

Everyone I mention it to laughs first then encourages me to do the interview. Maybe they know something I don’t? What do you think? Send me an email at juliej@jalone.com and let me know.

Sacramento Home Sales are up

2008-06-19T11:22:00.000-07:00

If you read the headline in the Sacramento Bee this morning, “Home Sales up for 2nd month” it might give you a feeling that our real estate market is doing pretty well after almost three years of slumping. Don’t get me wrong, I am feeling optimistic about eventually getting back to a balanced real estate market but when you get behind some of the numbers it is pretty clear we have a ways to go.

Compared to a year ago, there were over 47 percent more sales of existing homes in Sacramento County during May than a year ago and up 154 sales from April to 1,827 closed escrows. This is a significant increase but for Placer County the news was not as positive. Sales or existing homes in Placer was down 24 percent from last May to 473 sales and this number was down 6.5 percent in the past month. Nevada County sales were also down while Amador, El Dorado, Sutter, Yolo and Yuba counties all experienced increase.

Prices of existing residences in all eight counties were down year over year. Not surprisingly, Sacramento had the largest decline at almost 36 percent. Placer was down 24.6 percent and Amador experienced the smallest decline, 18 percent. Only Yolo and Yuba counties had a price increase from the previous month.

Total sales for May in the eight county region totaled 3,420 which is up 204 from April but this number does not compare well to May 2004 when over 6,700 homes were sold.

The pressure on price will continue as long as we have excess inventory available. The good news is that even with the continued increase in foreclosures inventory has actually been declining over the past few months during a time when you would expect to have more houses coming on the market than

Check back tomorrow, I want to give my thoughts on the declining prices we are still seeing.

Monday - Monday

2008-06-16T11:53:00.001-07:00

Where did Father’s Day weekend go? At our house it seemed so go by very quickly and here we are starting another busy week. I may be starting to feel the pressure of getting ready to go on vacation but it seems the Sacramento real estate market is showing no signs of slowing down.

We have continued to see a activity in the Sacramento short sale market as we picked up two new listings last week and as important, successfully finalized two short sale lender negotiations. Once we get the lender to accept the short sale proposal the purchase of the homes can start the normal closing process. I always enjoy having transactions complete but there is some extra satisfaction when they are short sales.

Check out our new listings from last week. Robin Sweigart has two new listings in Granite Bay’s prestigious Cavitt Ranch Estates. One is a spectacular luxury home with panoramic views on over four acres and the other may be the best view lot, if you can call 7.7 acres of land a lot, in Granite Bay. You can see the home here and the lot here. Tina Farinas added two new short sale listings. The first is a nice home in a great Elk Grove neighborhood and the second stretches our geographic boundaries and is our first ever listing in San Joaquin County. It is another short sale in the picturesque town of Lathrop.

If the week goes as fast as the weekend it will be Friday soon!

Short Sale Headaches

2008-06-11T12:07:00.000-07:00

Many lenders have dedicated staff to deal with short sales and some appear to have developed a process that works for them. Where the problem occurs is the volume of requests for short sales. It overwhelms the negotiators and others who deal with borrowers and Realtors who are requesting short sale consideration. Yesterday, we were talking to a negotiator for a lender who when we asked her to call us back with some additional information she didn’t have, said, “I have over 200 people just like you that want me to call them, just send me a new closing statement with the amount I want or this can go to foreclosure.”

Lenders are doing themselves a disservice by not staffing up these departments and allowing the negotiators to think before they act. The cost to some of these companies is huge, rather than recovering a few thousand dollars they will spend up to $60,000 in the foreclosure process and end up with nothing.

The answer here is to change the process and make the Realtor a partner not an adversary. Talk to us before we list the house, determine what a fair price is, work out the payoff needed and let us get it for them. It would make our jobs as Realtor’s easier, buyers would know if the bank is going to accept the short sale request and the lenders would reduce the workload and improve their bottom lines.

Sacramento Housing Inventory is Down

2008-06-10T13:47:00.000-07:00

The trend is clear; we are not going to be seeing the normal buildup of inventory of homes in the Sacramento real estate market this year. Normally starting in late February or early March the number of homes coming on the market is faster than sales so inventory of available homes increases until August. Going into the spring, inventory was already high but instead of increasing it has actually declined. As of June 9, according to HousingTracker, there were 14,670 homes on the market in the Sacramento area. This level of inventory is down 4.2 percent in the past three months and down 11.5 percent from six months ago. Again this is particularly noteworthy that the decline is happening during a time of year when we would expect to see inventory growing.

The decline in inventory is a direct result of more homes being sold than houses being put on the market. Yes, sales are up but I also believe there are homeowners who, although they would like to sell are holding off until they see if the market will improve.

In the latest report from HousingTracker, the median asking price of homes on the market was $305,000. This is down $2,000 from the week before but holding level from a month ago. Compared to six months ago the median asking price is down almost 10 percent and off 23.4 percent from a year ago. If inventory continues to decline there will be some pressure on prices to increase but I am not making any predictions in this area as I think it will be mid-2009 before we may see any firming of prices and some balance in the market.

Bank Workouts at Record Levels

2008-06-05T12:05:00.000-07:00

Approximately 183,000 at-risk homeowners were provided loan workouts in April, 23,000 more than in March, according to a new report from HOPE NOW, a private sector alliance of mortgage servicers, counselors, and investors working to prevent home foreclosures across the country. The April numbers represent the highest number of workouts provided through HOPE NOW since the program was launched in July 2007, according to the alliance.

"These numbers clearly demonstrate that we are succeeding at helping homeowners avoid foreclosure and stay in their homes," said HOPE NOW Executive Director Faith Schwartz. "Foreclosure benefits no one: the borrower, community, lender, and investor all lose. HOPE NOW has every incentive to help troubled homeowners hold on to their homes, and the alliance will continue to do everything possible to reach and help as many as possible."

From California Association of Realtors Newsline:

I have been writing about using short sales to avoid foreclosures here in the Sacramento area but if you or someone you know is having difficulty paying their mortgage and wants to stay in their home, HOPE NOW is a great resource to help dealing with your lender. As you can imagine banks and other mortgage lenders have been swamped by what is happening so like I recommended for considering a short sale, find someone with experience and knowledge to help you. For more information about HOPE NOW, visit their website.

More on Short Sales

2008-06-05T10:33:00.000-07:00

It is clear the Sacramento real estate market is going to continue to see short sales and foreclosures for the foreseeable future. For many months the mainstream media focused on foreclosures and bank owned property and didn’t pay much attention to short sales. Today we are hearing more about them because there are so many.

Short sales are a strategy for some homeowners to avoid a foreclosure and can represent a good deal for buyers if they are patient. If you or someone you know is having difficulty making their monthly mortgage payment read my latest article, “Short Sale Success” find out more about short sales and how our process and experience has made them work for our clients.

How to find a good lender

2008-06-03T13:58:00.003-07:00

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.

I have worked with some wonderful lenders over the years but right now, when a client asks for a lender recommendation I feel as positive as I have ever felt to provide them with several names. Having our clients working with a good lender not only makes my job easier but adds to the overall positive experience for the client. If you are in the market for a lender, make sure you read my column today.

2008-06-03T13:58:00.001-07:00

Welcome Stephanie

2008-05-28T12:13:00.001-07:00

This has been a crazy real estate week and I have several new topics to blog about but today I want to officially welcome Stephanie McLaughlin to our MagnumOne Realty family. Some of you may remember “MyForSaleSign” feature when I chronicled the selling of a Yuba City home for Randi and Tony. The agent on the other side of the transaction was Stephanie and I was so impressed with her skill and customer service philosophy I stayed in touch with her and have now convinced her to join MagnumOne Realty. Not only does she bring the focus on client service but she provides us with a solid presence in Sutter and Yuba counties.

“For me, real estate sales is the most exciting and rewarding career,” says Stephanie. “It's all about helping people find that perfect home where they can create memories, establish an equity investment or even raise a family. In order to help my clients accomplish the experience of home ownership, I strive to be detail-oriented, technologically proficient, consistent in my follow-through, assertive in my actions, and always honest. My goal is to provide you unparalleled superior service.”

We are very happy to have Stephanie at MagnumOne Realty because she is the kind of agent we want to grow our business with. To learn more about Stephanie, see Stephanie McLaughlin at jalone.com or visit her Lake Plumas Real Estate page.

Golf Country

2008-05-24T15:32:00.001-07:00

One of our agents at MagnumOne Realty has a new listing in Loomis. I have always said living in this area makes you close to everything but as a non-golfer I had never thought of this area as “Golf Country.” What I learned from the seller of this beautiful home on 2.3 acres is that from his house in Loomis there are eleven golf courses within 10 miles and believe it or not there are more than 30 courses within a 35-minute drive. With this house you don’t even need to drive as the property is big enough to safely hit wedges, pitch, chip and you can putt on your own private putting green.

If you or someone you know is looking to enjoy the county life and be “close to it all” this home is nestled among some mature shade trees and gives the feeling of seclusion with being “remote” give me a call and we can arrange a private showing. You will not be disappointed! For more information and pictured visit my website at http://www.jalone.com/ and the Golf Country Estate page

New Day Same Buyer

2008-05-16T16:10:00.000-07:00

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.

Great New Listing

2008-05-12T11:42:00.000-07:00

As you may have noticed from my lack of posts this past week I have been a bit swamped. As much as I enjoy helping homeowners who are experiencing difficulty and need to get out from under their mortgage debt, the process of short sales is long, tedious and requires a good deal of effort. We have been making some good progress and it looks likely we will get another positive response from a lender in the next few days. Then we go through the normal escrow period and closing dance. I know there are some who feel Realtor’s drive around, look at houses and make more money than we should. It is work and generally more difficult than it should be to get some of these transactions closed.

I am not complaining because I really enjoy working with our clients. Just this past week I have met a wonderful new family and we are now helping them sell their wonderful home in the Deer Ridge development in Auburn. If you have never been there it is worth seeing. Nestled in the hills off of Highway 49 this neighborhood is beautiful with green areas, flowers, paths and large lots. The home we are selling is on Rain Tree Court and is large, well maintained and has all the upgrades you could ask for. In addition the lot and backyard is more like a first class resort. You really do have to see this one to believe it. This home is shown by appointment so call me and I’ll give you a private tour.

Julie & the three bears

2008-05-06T14:47:00.000-07:00

I recently read an article about real estate blogging which made the point that people only read your blog to get information on real estate and author’s who make the mistake of venturing off into other topics will lose readership. I hope that is not the case as there are days I am thinking about other things besides real estate and I feel like writing about them. Today is one of those days but I’ll toss is some real estate tidbits too.

Bears: Michael’s daughter Kevyn is a Park Ranger in Alaska at Lake Clark National Park. Part of her job is monitoring bears and making sure the occasional visitor to her area of the park are aware of the bears and know what to do when they encounter one. She just sent us a few pictures and I couldn’t resist posting this one of the three cubs.

Cinco de Mayo: We had a long day yesterday and since it was Cinco de Mayo I was thinking about some good Mexican food. We ventured off to the Hacienda Del Roble on Granite Drive in Rocklin. We have not been there in several years because the last time we went the food was not very good. It is close and we thought some of the other better know restaurants might be very busy. It wasn’t busy, there was no indication they even knew it was a special day and the food was just the same as our last visit. All the dishes we had had Mexican names but none tasted that way. Very disappointing!

New prices: We just lowered the price on two of our listings. Check out the beautiful home in Granite Bay on Ebony Oaks, now offered as a short sale with an asking price of only $775.000. In addition, our Latigo Court listing in Roseville which is a very nice home in a great neighborhood has now been reduced to $428,000. Check these homes out and if give me a call if you would like to arrange a private tour of either home.

New listing: This may be the finest home in Auburn’s most desirable neighborhood, Deer Ridge. Check out this stunning home with six bedrooms, loft study and loads of upgrades on large private lot that feels like a first class resort. This brand new listing is located at 11309 Rain Tree Court in Auburn.

MagnumOne is growing

2008-05-01T12:24:00.000-07:00

I am delighted to announce that Tina Farinas has joined MagnumOne Realty. Tina is an experienced agent who specializes in serving buyers and sellers in Sacramento and Placer counties. She is a real “worker” and her clients love her for that. Check out her page at jalone.com and her personal website, http://www.tinafarinas.com/. Welcome Tina!

In addition to Tina joining our team we have just announced our desire to participate in an internship program being sponsored by Sierra College. With a management team that enjoys helping staff and agents grow and develop it seemed like a natural decision. We hope there will at least be one student who would be interested in learning more about real estate, the Sacramento market and how a small company is meeting the needs of clients. If you are a student or know one who is interested see our intern posting.

Vacant Homes

2008-04-30T13:11:00.000-07:00

The number of vacant homes for sale in the United States set a new record in the first quarter of 2008, the U.S. Census Bureau reported Monday.

The Census Bureau reported that 2.9 percent of U.S. homes or 2.28 million properties, not including rentals, were vacant and for sale. It was the highest quarterly number as far back to 1956 when records of such vacancies were first kept.

The West had the biggest gain in vacancy rates among home owners, rising to 3.2 percent in the January-March period from 2.6 percent in the same quarter a year earlier. Vacancy rates inched up in the Northeast and remained steady in the Midwest and South.

From my recent house hunting trips with clients I know there are a good deal of vacant homes, many of them short sale or bank owned properties in the Sacramento area. Of MagnumOne Realty’s current active and pending listings only 40 percent are occupied..

We are starting to hear about squatters moving in but have not had any direct experience with this issue.

Visit my website at http://www.jalone.com/.

Good News Sacramento

2008-04-29T11:22:00.001-07:00

Get this, now is the time when inventory of homes on the market traditionally increases and should continue to so as we move into summer but inventory is remarkably stable right now. Even with the large numbers of foreclosures in the Sacramento area during the first quarter we are seeing inventory staying right around 15,000 and even edged down last week. We still have more “For Sale” homes than wanted to achieve a balanced market but the fact that it is not increasing rapidly as it has in the past two years is very good news. For sellers the icing on this cake is, believe it or not, according to our friends at HousingTracker the median asking price has actually increased in the past week. For the week ending yesterday, the median asking price was $307,000 up $2,000 from the previous week.

Bank Owned Nightmare

2008-04-29T11:21:00.001-07:00

We just lost out on a great house because of how an overworked agent manages her bank owned listings. Check out my weekly column at Rocklin & Roseville Today, “Buying bank owned can be a pain!”

More Foreclosure Pain

2008-04-24T11:57:00.000-07:00

It is just a number but when you think about the families having to move from their homes and lives disrupted, 5,278 foreclosures in Sacramento and surrounding counties during the past three months is staggering. For more details about the Sacramento foreclosures check out my column, “Foreclosures Skyrocket, “over at Rocklin & Roseville Today.

Speaking about my weekly local real estate column at our largest online newspaper it can now also be found at Sacramento Today, which is a new and rapidly growing online newspaper. I have been writing this column and updating it at least weekly since December 2005 and proud of my affiliation with the Rocklin & Roseville Today and now with Sacramento Today.

Mid-Week Report

2008-04-16T13:42:00.000-07:00

I must have forgotten to knock on wood last week when I babbled on about For Sale Declines and being amazed that inventory of homes on the market in the Sacramento area were declining and prices were holding steady. I just surfed over to HousingTracker to take a look at inventory and prices this week and was surprised again, for a different reason.

It wasn’t surprising to see inventory creeping up as there are 148 more single family and condo homes on the market this week than last. After all this is the traditional time of year we always experience increases in homes being sold. What did surprise me was the median asking price. For the past five weeks it has been hovering around $309,000 and I thought for sure with all the buyer activity we are seeing it might stay in that range. According to HousingTracker the median asking price for a home in the Sacramento area for the week ended April 14 dropped to $305,000, a 1.2 percent drop in a single week.

Other Items:
1. Welcome to our newest agent at MagnumOne Realty, Tina Farinas. You can learn more about Tina and her business at www.tinafarinas.com.
2. Kara Green will be hosting an Open House at Megan Way in Sacramento on Saturday, check our website for details (map).
3. On Sunday, Tina Farina will be at Latigo Court in Roseville hosting an open house. Check back on the website later today and see the photos of this great home (map).
4. Hope you all remembered to file your tax returns or request for extension yesterday!

Help for Home Buyers

2008-04-15T12:48:00.001-07:00

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.

Not Hot but....

2008-04-09T12:46:00.001-07:00

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.

For Sales Decline

2008-04-08T13:16:00.001-07:00

Okay, make me officially amazed! Inventory has not started growing like it normally does this time of year, it has actually declined. According to our friends over at HousingTracker, the number of homes on the market in the Sacramento area has declined 2.9 percent in the past month and now stands at less than 15,000 for the first time since the low last spring of just over 13,000. This trend if it continues could make for an interesting second half of the year.

While inventory is declining or at least holding steady during the past few weeks the median asking price for homes has been hanging in the $309,000 range for the past five weeks. As of April 7 it was at exactly $309,000 down .3 percent in the past month. Asking prices seem to be showing signs, albeit weak signs, of stabilizing.

If there was any doubt about buyers getting active it was erased this past weekend when I showed a house one of my clients was interested in. Since it was loaded with Realtor cards I called the listing agent to get a status update. Believe it or not within two days of being on the market she has received 22 offers and said she was not taking any more! As we were leaving, two other agents were pulling up with their clients.

I want to be optimistic

2008-04-04T12:53:00.000-07:00

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.

By the way, the publishers of Roseville & Rocklin Today, have just launched Sacramento Today and we are working out the details for my weekly column to appear there. I’ll keep you posted when and where it will be.

Today is Friday, I think and it has been a very busy real estate week for us and we are looking forward to some downtime over the weekend and maybe even getting outside a bit.

More Help from Washington?

2008-04-03T14:25:00.000-07:00

Yesterday the Senate announced that it had reached a bipartisan compromise on a plan to aid families facing foreclosure. This is good news as the lawmakers have been unable to reach agreement on some of the key provisions already passed by the house.

The compromise includes:

· Foreclosure aid. A $4 billion package to aid communities hard hit by foreclosures and mortgage delinquencies. Local governments could use the funds to buy and rehabilitate foreclosed homes at a discount.
· Government-backed mortgages. Increased loan limits for FHA- guaranteed mortgages.
· Financial counseling. About $100 million in new funding for housing counseling for troubled families.
· Tax credit. A $7,000 tax credit, over two years, for buyers of foreclosed homes or properties on which foreclosure action has been filed.
· Business tax relief. Authority for home builders and other firms that are losing money to reclaim taxes paid up to four years ago vs. two years now.

The Mortgage Bankers Association applauded the plan, saying it would "keep at-risk borrowers in their homes."

April Fool's Day Jokes

2008-04-02T15:59:00.000-07:00

It's April 1st again and that means there are some crazy things flying around the Internet. Some of it is difficult to tell if it a joke or not but most of it is fun. Here is a list I found earlier with links to some April 1st jokes.

· The BBC's Flying Penguin's - this one is the best April Fools' joke out there this year. You can watch the video here .
· CNET has TechCrunch acquiring TigerBeat and renaming it CrunchKids.
· Google and Sir Richard Branson launched Project Virgle and plan to colonize Mars. See also the Google Blog announcement.
· PizzaHut has become PastaHut.
· Search the future with Google Australia's gDay technology.
· Too busy to search? Let someone Google for you.
· Catch up on your old email with Gmail Custom Time. You can only send mail back in time as far as 2004. "Gmail utilizes an e-flux capacitor to resolve issues of causality."
· Scribd will scan all your documents and publish them on the Internet for free. (via Boing Boing)
· Bungie's next project is a LEGO version of Halo.
· PirateBay is relocating to the desert of Sinai.
· Orkut is now Yogurt.
· Many more Google created or inspired April Fool's jokes listed here.
· LifeHacker has a list of harmless geek pranks for those who want to prank their friends without causing permanent damage.

Price Reduction

2008-03-31T14:20:00.000-07:00

Wow, we just reduced our 53rd Street listing in Sacramento down to $137,500. This is property that is worth looking at by first time home buyers and investors. Not only does it have curb appeal in a rapidly improving neighborhood but it has a double size lot with a cottage in the back. The small cottage has a private driveway off of 20th Avenue and the two structures are separated by a privacy fence. The house needs some work but has the potential to be a real jewel.

Speaking of nice homes on the market, check back later today and check out our newest listing on Meghan Way in Sacramento.