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asking.
HOME PRICES ARE INSANE (SO IS THE RENTAL MARKET) Home prices are insane (so is the rental market) Prices growth has been insane lately and that’s pretty much how the rental market feels too. Let’s talk about this and a few other things. Enjoy. Home price stats are truly crazy right now across the country. It’s mind-blowing to see prices up 15-20% from one year ago, but there’salso an
ARE APPRAISERS KEEPING UP WITH RAPID PRICE GROWTH? BIG ADJUSTMENTS: At times lately I’ve given some hefty market adjustments. For instance, when appraising a home in Rancho Cordova I used a really similar sale from July that sold at $365,000 and the market was willing to easily pay about $40,000 more today. That’s over 10% growth in a very short time period, but that’s what thetrendline
AN EXPLOSION OF APPRAISAL WAIVERS. IS THAT GOOD OR BAD? Thanks Jamie. In an era of big data it’s prudent to recognize there is a place for different products. This is true in the valuation space and every other sliver of the real estate profession. THE 4 REQUIREMENTS FOR A ROOM TO BE CONSIDERED A BEDROOM Four things a room MUST have to be considered a bedroom: 1) Entrance: A bedroom needs at least two methods of egress, so it should be accessible from the house (commonly through a door), and then have one other exit (window or door). 2) Ceiling Height: A bedroom ceiling needs to be at least 7 ft tall. It’s okay if some portions of theceiling
HOW DO YOU KNOW IF IT’S A SECOND UNIT OR AN ACCESSORY You bring up an interesting dichotomy. County Departments can be like silos, completely independent of each other. Once while trying to help a seller obtain permits for a second structure on a property, we found that while the Building Dept was unaware of its existence, the Assessor’s office had been aware of it (and adjusted the property valuation because of it) for over a decade. 10 REASONS NOT TO PUT A POOL IN YOUR FRONT YARD 10 reasons NOT to install a pool in your front yard: Buyers don’t want pools in the front yard. There is more privacy in the backyard. Your house may actually sell for less because of a front yard pool. Avoid perverts looking through holes in the front fence to check you out. It’s awkward to try to avoid drowning while walking to thefront
CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’S Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. SACRAMENTO APPRAISAL BLOG Real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely. IS THE HOUSING MARKET STARTING TO SLOW? Is this crazy housing market slowing? Let’s talk about that today. On one hand stats are basically at all-time highs, but when we look deeper we’re starting to see some subtle signs of slowing. HOW MUCH ARE BUYERS PAYING ABOVE THE ASKING PRICE? Or in other words, buyers on average paid $23,787 more than the original list price. Keep in mind these stats represent the average and there are many properties that went above and below this amount. There are also quite a few homes that sold at the original list price. In short, this doesn’t mean literally every buyer paid $23,787 aboveasking.
HOME PRICES ARE INSANE (SO IS THE RENTAL MARKET) Home prices are insane (so is the rental market) Prices growth has been insane lately and that’s pretty much how the rental market feels too. Let’s talk about this and a few other things. Enjoy. Home price stats are truly crazy right now across the country. It’s mind-blowing to see prices up 15-20% from one year ago, but there’salso an
ARE APPRAISERS KEEPING UP WITH RAPID PRICE GROWTH? BIG ADJUSTMENTS: At times lately I’ve given some hefty market adjustments. For instance, when appraising a home in Rancho Cordova I used a really similar sale from July that sold at $365,000 and the market was willing to easily pay about $40,000 more today. That’s over 10% growth in a very short time period, but that’s what thetrendline
AN EXPLOSION OF APPRAISAL WAIVERS. IS THAT GOOD OR BAD? Thanks Jamie. In an era of big data it’s prudent to recognize there is a place for different products. This is true in the valuation space and every other sliver of the real estate profession. THE 4 REQUIREMENTS FOR A ROOM TO BE CONSIDERED A BEDROOM Four things a room MUST have to be considered a bedroom: 1) Entrance: A bedroom needs at least two methods of egress, so it should be accessible from the house (commonly through a door), and then have one other exit (window or door). 2) Ceiling Height: A bedroom ceiling needs to be at least 7 ft tall. It’s okay if some portions of theceiling
HOW DO YOU KNOW IF IT’S A SECOND UNIT OR AN ACCESSORY You bring up an interesting dichotomy. County Departments can be like silos, completely independent of each other. Once while trying to help a seller obtain permits for a second structure on a property, we found that while the Building Dept was unaware of its existence, the Assessor’s office had been aware of it (and adjusted the property valuation because of it) for over a decade. 10 REASONS NOT TO PUT A POOL IN YOUR FRONT YARD 10 reasons NOT to install a pool in your front yard: Buyers don’t want pools in the front yard. There is more privacy in the backyard. Your house may actually sell for less because of a front yard pool. Avoid perverts looking through holes in the front fence to check you out. It’s awkward to try to avoid drowning while walking to thefront
CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’S Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. IS THE HOUSING MARKET STARTING TO SLOW? Is this crazy housing market slowing? Let’s talk about that today. On one hand stats are basically at all-time highs, but when we look deeper we’re starting to see some subtle signs of slowing. EVERYTHING IS SELLING $100K OVER THE LIST PRICE (NOT REALLY) The market is nuts and everything is selling $100K over the list price!! We hear that quite a bit, but how true is it? Today I have some new visuals to help answer this question. AN EXPLOSION OF APPRAISAL WAIVERS. IS THAT GOOD OR BAD? Thanks Jamie. In an era of big data it’s prudent to recognize there is a place for different products. This is true in the valuation space and every other sliver of the real estate profession. AN OPEN LETTER TO HOME SELLERS IN A CRAZY MARKET In Sacramento so many sellers dream of greenbacks, but only 14.4% of all sales have been cash this year. Remember, the vast bulk of the market is financed, so buyers using financing CAN get it done. 3) Be realistic about timelines: Nearly every real estate vendor is slammed, so if you counter the buyer, be realistic about longer turn-times. REAL ESTATE TRENDS TO WATCH IN 2021 TRENDS TO WATCH IN 2021: Continuation of aggressive market: My crystal ball is broken, but right now demand is truly excessive and inventory is about as low as it’s been, so for the spring season at least we seem poised to see the continuation of the competitive market we’ve had these past two quarters. Let’s remember one of x-factors why WHEN SELLING WAY ABOVE ANYTHING ELSE (Q&A) When selling way above anything else (Q&A) There’s no way it will sell for that much. But then it did. Today I have an interview with a local real estate agent about a property that recently commanded easily about $100,000 more than it looked like it could have on paper. I hope you enjoy this Q&A with Ted DeFazio and my takeaways below. THE 4 REQUIREMENTS FOR A ROOM TO BE CONSIDERED A BEDROOM Four things a room MUST have to be considered a bedroom: 1) Entrance: A bedroom needs at least two methods of egress, so it should be accessible from the house (commonly through a door), and then have one other exit (window or door). 2) Ceiling Height: A bedroom ceiling needs to be at least 7 ft tall. It’s okay if some portions of theceiling
10 REASONS NOT TO PUT A POOL IN YOUR FRONT YARD 10 reasons NOT to install a pool in your front yard: Buyers don’t want pools in the front yard. There is more privacy in the backyard. Your house may actually sell for less because of a front yard pool. Avoid perverts looking through holes in the front fence to check you out. It’s awkward to try to avoid drowning while walking to thefront
CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’S Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. DOES AN ENCLOSED PATIO COUNT IN THE SQUARE FOOTAGE? Tax records does not reflect any extra sq footage, but of course the owner wants to add 400 sq ft to the MLS listing. Answer: An enclosed patio usually does not count in the square footage unless it is more like the home than not. The fact that it was built in 1970 is not the issue, but rather the quality of the enclosed patio is a big deal. SACRAMENTO APPRAISAL BLOG Real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely. HOW MUCH ARE BUYERS PAYING ABOVE THE ASKING PRICE? Hi Nan. The median can be checked, but I don’t have the bandwidth to do that right now as this takes significant time to compile. The truth is we’re going to get value out of the average and the median, though they might be different (hopefully only slightly). EVERYTHING IS SELLING $100K OVER THE LIST PRICE (NOT REALLY) The market is nuts and everything is selling $100K over the list price!! We hear that quite a bit, but how true is it? Today I have some new visuals to help answer this question. HOME PRICES ARE INSANE (SO IS THE RENTAL MARKET) Prices growth has been insane lately and that’s pretty much how the rental market feels too. Let’s talk about this and a few other things. Enjoy. NOTE: Scroll down for the big market up ARE APPRAISERS KEEPING UP WITH RAPID PRICE GROWTH? Rapid price growth. That’s what we’ve been seeing lately in many markets across the country. I’d like to share some stats below for my local market and then talk about whether appraisers are keeping upor not.
AN OPEN LETTER TO HOME SELLERS IN A CRAZY MARKET Thanks for the great insight Ryan. I like the idea of having the inspections done up front I know the seller will need to pay for them. However, this lets the buyer know everything there is to know about the home and you don’t need to negotiate a second time with thebuyer.
REAL ESTATE TRENDS TO WATCH IN 2021 What’s the real estate market going to do in 2021? Let’s talk about some of the emerging trends. Scroll quickly or digest slowly. Anything to add? Market update at SAR: I’m doing a 10 REASONS WHY PUBLIC RECORDS AND THE APPRAISER’S SQUARE San Francisco with rent control is a little bit of a different animal. Price per SF is given more weight in that market & with public records along with MLS using GBA to report size but lenders/underwriters only want GLA, it’s a mess. HOW DO APPRAISERS COME UP WITH SQUARE FOOTAGE ADJUSTMENTS? Hi Carolyn. That is a great question. Custom homes are best compared to other custom homes. There will obviously not be a perfect comparison, but there can still be competitive properties that buyers would consider equal despite many differences. CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’S Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. SACRAMENTO APPRAISAL BLOG Real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely. HOW MUCH ARE BUYERS PAYING ABOVE THE ASKING PRICE? Hi Nan. The median can be checked, but I don’t have the bandwidth to do that right now as this takes significant time to compile. The truth is we’re going to get value out of the average and the median, though they might be different (hopefully only slightly). EVERYTHING IS SELLING $100K OVER THE LIST PRICE (NOT REALLY) The market is nuts and everything is selling $100K over the list price!! We hear that quite a bit, but how true is it? Today I have some new visuals to help answer this question. HOME PRICES ARE INSANE (SO IS THE RENTAL MARKET) Prices growth has been insane lately and that’s pretty much how the rental market feels too. Let’s talk about this and a few other things. Enjoy. NOTE: Scroll down for the big market up ARE APPRAISERS KEEPING UP WITH RAPID PRICE GROWTH? Rapid price growth. That’s what we’ve been seeing lately in many markets across the country. I’d like to share some stats below for my local market and then talk about whether appraisers are keeping upor not.
AN OPEN LETTER TO HOME SELLERS IN A CRAZY MARKET Thanks for the great insight Ryan. I like the idea of having the inspections done up front I know the seller will need to pay for them. However, this lets the buyer know everything there is to know about the home and you don’t need to negotiate a second time with thebuyer.
REAL ESTATE TRENDS TO WATCH IN 2021 What’s the real estate market going to do in 2021? Let’s talk about some of the emerging trends. Scroll quickly or digest slowly. Anything to add? Market update at SAR: I’m doing a 10 REASONS WHY PUBLIC RECORDS AND THE APPRAISER’S SQUARE San Francisco with rent control is a little bit of a different animal. Price per SF is given more weight in that market & with public records along with MLS using GBA to report size but lenders/underwriters only want GLA, it’s a mess. HOW DO APPRAISERS COME UP WITH SQUARE FOOTAGE ADJUSTMENTS? Hi Carolyn. That is a great question. Custom homes are best compared to other custom homes. There will obviously not be a perfect comparison, but there can still be competitive properties that buyers would consider equal despite many differences. CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’S Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. IS THE HOUSING MARKET STARTING TO SLOW? Is this crazy housing market slowing? Let’s talk about that today. On one hand stats are basically at all-time highs, but when we look deeper we’re starting to see some subtle signs of slowing. EVERYTHING IS SELLING $100K OVER THE LIST PRICE (NOT REALLY) The market is nuts and everything is selling $100K over the list price!! We hear that quite a bit, but how true is it? Today I have some new visuals to help answer this question. AN OPEN LETTER TO HOME SELLERS IN A CRAZY MARKET Thanks for the great insight Ryan. I like the idea of having the inspections done up front I know the seller will need to pay for them. However, this lets the buyer know everything there is to know about the home and you don’t need to negotiate a second time with thebuyer.
REAL ESTATE TRENDS TO WATCH IN 2021 What’s the real estate market going to do in 2021? Let’s talk about some of the emerging trends. Scroll quickly or digest slowly. Anything to add? Market update at SAR: I’m doing a AN EXPLOSION OF APPRAISAL WAIVERS. IS THAT GOOD OR BAD? Thanks Jamie. In an era of big data it’s prudent to recognize there is a place for different products. This is true in the valuation space and every other sliver of the real estate profession. SACRAMENTO APPRAISAL BLOG Real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely. WHEN SELLING WAY ABOVE ANYTHING ELSE (Q&A) There’s no way it will sell for that much. But then it did. Today I have an interview with a local real estate agent about a property that recently commanded easily about $100,000 more than it looked like it could have on paper. 10 REASONS NOT TO PUT A POOL IN YOUR FRONT YARD 10 reasons NOT to install a pool in your front yard: Buyers don’t want pools in the front yard. There is more privacy in the backyard. Your house may actually sell for less because of a front yard pool. CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’S Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. DOES AN ENCLOSED PATIO COUNT IN THE SQUARE FOOTAGE? Can you count an enclosed patio as square footage? I had a real estate agent ask me this question recently, and the answer was going to make a huge difference in the value and pricing strategy for an upcominglisting.
SACRAMENTO APPRAISAL BLOG Real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely. HOW MUCH ARE BUYERS PAYING ABOVE THE ASKING PRICE? Or in other words, buyers on average paid $23,787 more than the original list price. Keep in mind these stats represent the average and there are many properties that went above and below this amount. There are also quite a few homes that sold at the original list price. In short, this doesn’t mean literally every buyer paid $23,787 aboveasking.
HOME PRICES ARE INSANE (SO IS THE RENTAL MARKET) Home prices are insane (so is the rental market) Prices growth has been insane lately and that’s pretty much how the rental market feels too. Let’s talk about this and a few other things. Enjoy. Home price stats are truly crazy right now across the country. It’s mind-blowing to see prices up 15-20% from one year ago, but there’salso an
ARE APPRAISERS KEEPING UP WITH RAPID PRICE GROWTH? BIG ADJUSTMENTS: At times lately I’ve given some hefty market adjustments. For instance, when appraising a home in Rancho Cordova I used a really similar sale from July that sold at $365,000 and the market was willing to easily pay about $40,000 more today. That’s over 10% growth in a very short time period, but that’s what thetrendline
AN OPEN LETTER TO HOME SELLERS IN A CRAZY MARKET In Sacramento so many sellers dream of greenbacks, but only 14.4% of all sales have been cash this year. Remember, the vast bulk of the market is financed, so buyers using financing CAN get it done. 3) Be realistic about timelines: Nearly every real estate vendor is slammed, so if you counter the buyer, be realistic about longer turn-times. HOW DO APPRAISERS COME UP WITH SQUARE FOOTAGE ADJUSTMENTS? Hi Carolyn. That is a great question. Custom homes are best compared to other custom homes. There will obviously not be a perfect comparison, but there can still be competitive properties that buyers would consider equal despite many differences. WHAT DO APPRAISERS DO WHEN THERE ARE NO PERMITS ON AN Other lenders will loan when there is a non-permitted addition, but they ask appraisers to consider how a lack of permits impacts value. Usually in the latter case the lender wants the appraiser to say something to the effect that the addition was done in HOW DO YOU KNOW IF IT’S A SECOND UNIT OR AN ACCESSORY You bring up an interesting dichotomy. County Departments can be like silos, completely independent of each other. Once while trying to help a seller obtain permits for a second structure on a property, we found that while the Building Dept was unaware of its existence, the Assessor’s office had been aware of it (and adjusted the property valuation because of it) for over a decade. WHAT’S THE DIFFERENCE BETWEEN A CONDOMINIUM AND TOWNHOUSE? There is usually an HOA managing the condo or townhouse development, but the big difference really boils down to a condominium owner not owning the individual parcel and a townhouse owner actually owning the land on which the unit is built. It’s still not easy to identify whether a property is a condominium or townhouse though sometimes, so CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’SACCESSORYSTRUCTURES OF SKIN
Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. SACRAMENTO APPRAISAL BLOG Real estate appraisals for divorce, estate settlement, loans, property tax appeal, pre-listing and more. We cover Sacramento, Placer and Yolo County. We're professional, courteous and timely. HOW MUCH ARE BUYERS PAYING ABOVE THE ASKING PRICE? Or in other words, buyers on average paid $23,787 more than the original list price. Keep in mind these stats represent the average and there are many properties that went above and below this amount. There are also quite a few homes that sold at the original list price. In short, this doesn’t mean literally every buyer paid $23,787 aboveasking.
HOME PRICES ARE INSANE (SO IS THE RENTAL MARKET) Home prices are insane (so is the rental market) Prices growth has been insane lately and that’s pretty much how the rental market feels too. Let’s talk about this and a few other things. Enjoy. Home price stats are truly crazy right now across the country. It’s mind-blowing to see prices up 15-20% from one year ago, but there’salso an
ARE APPRAISERS KEEPING UP WITH RAPID PRICE GROWTH? BIG ADJUSTMENTS: At times lately I’ve given some hefty market adjustments. For instance, when appraising a home in Rancho Cordova I used a really similar sale from July that sold at $365,000 and the market was willing to easily pay about $40,000 more today. That’s over 10% growth in a very short time period, but that’s what thetrendline
AN OPEN LETTER TO HOME SELLERS IN A CRAZY MARKET In Sacramento so many sellers dream of greenbacks, but only 14.4% of all sales have been cash this year. Remember, the vast bulk of the market is financed, so buyers using financing CAN get it done. 3) Be realistic about timelines: Nearly every real estate vendor is slammed, so if you counter the buyer, be realistic about longer turn-times. HOW DO APPRAISERS COME UP WITH SQUARE FOOTAGE ADJUSTMENTS? Hi Carolyn. That is a great question. Custom homes are best compared to other custom homes. There will obviously not be a perfect comparison, but there can still be competitive properties that buyers would consider equal despite many differences. WHAT DO APPRAISERS DO WHEN THERE ARE NO PERMITS ON AN Other lenders will loan when there is a non-permitted addition, but they ask appraisers to consider how a lack of permits impacts value. Usually in the latter case the lender wants the appraiser to say something to the effect that the addition was done in HOW DO YOU KNOW IF IT’S A SECOND UNIT OR AN ACCESSORY You bring up an interesting dichotomy. County Departments can be like silos, completely independent of each other. Once while trying to help a seller obtain permits for a second structure on a property, we found that while the Building Dept was unaware of its existence, the Assessor’s office had been aware of it (and adjusted the property valuation because of it) for over a decade. WHAT’S THE DIFFERENCE BETWEEN A CONDOMINIUM AND TOWNHOUSE? There is usually an HOA managing the condo or townhouse development, but the big difference really boils down to a condominium owner not owning the individual parcel and a townhouse owner actually owning the land on which the unit is built. It’s still not easy to identify whether a property is a condominium or townhouse though sometimes, so CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’SACCESSORYSTRUCTURES OF SKIN
Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. AN OPEN LETTER TO HOME SELLERS IN A CRAZY MARKET In Sacramento so many sellers dream of greenbacks, but only 14.4% of all sales have been cash this year. Remember, the vast bulk of the market is financed, so buyers using financing CAN get it done. 3) Be realistic about timelines: Nearly every real estate vendor is slammed, so if you counter the buyer, be realistic about longer turn-times. AN EXPLOSION OF APPRAISAL WAIVERS. IS THAT GOOD OR BAD? Thanks Jamie. In an era of big data it’s prudent to recognize there is a place for different products. This is true in the valuation space and every other sliver of the real estate profession. SHARE - SACRAMENTO APPRAISAL BLOG Share. It is an honor when others share my content, but I wanted to take a minute to unpack my sharing policy so we’re on the same page. The big truth: My stats are my brand, so this is really important to me. Don’t worry about asking about 1-4, but please ask me about 5-6. SIX WAYS TO SHARE MY CONTENT: 1) Graphs: Feel free to share my REAL ESTATE TRENDS TO WATCH IN 2021 TRENDS TO WATCH IN 2021: Continuation of aggressive market: My crystal ball is broken, but right now demand is truly excessive and inventory is about as low as it’s been, so for the spring season at least we seem poised to see the continuation of the competitive market we’ve had these past two quarters. Let’s remember one of x-factors why ASK RYAN - SACRAMENTOAPPRAISALBLOG.COM First off, thank you for being here. Now let's get into the fine print. The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist AppraisalCompany.
10 REASONS NOT TO PUT A POOL IN YOUR FRONT YARD 10 reasons NOT to install a pool in your front yard: Buyers don’t want pools in the front yard. There is more privacy in the backyard. Your house may actually sell for less because of a front yard pool. Avoid perverts looking through holes in the front fence to check you out. It’s awkward to try to avoid drowning while walking to thefront
WHAT’S THE DIFFERENCE BETWEEN A CONDOMINIUM AND TOWNHOUSE? There is usually an HOA managing the condo or townhouse development, but the big difference really boils down to a condominium owner not owning the individual parcel and a townhouse owner actually owning the land on which the unit is built. It’s still not easy to identify whether a property is a condominium or townhouse though sometimes, so CAN A DETACHED STRUCTURE BE INCLUDED AS PART OF A HOME’S Ryan, how about this. The listing agent has added the square footage on a non-permitted enclosed garage. It does not have a heat source only cooling is a wall AC unit. A “CHEAT SHEET” FOR AGENTS OF INFORMATION TO PROVIDE TO Thanks so much Jeff. I hope this will be helpful for many. I know it will help me to get this type of information. I always like to hear things from the agent’s perspective because the agent often has somegreat insight.
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SEVEN HUNDRED MISSING SALES May 6, 2020 By Ryan Lundquist12 Comments
We’re obsessed with prices. OBSESSED. But real estate is about way more. In fact, if we want to understand a market we need to move beyond a laser focus on prices. On that note, let’s talk about salesvolume.
1) SEVEN HUNDRED MISSING SALES: There were about 700 fewer sales this April compared to last year in the Sacramento region. In other words, sales volume was down about 30% last month from April 2019. 2) VOLUME REFLECTS PENDINGS FROM THE PAST: In mid-March the housing market started to react to the coronavirus and in three weeks pending contracts dropped 45%. Well, pending contracts from back then started to close in April, and that’s the reason why we saw a big drop inmonthly volume.
3) SENSATIONAL: It’s easy to get sensational with stats like this and say the housing market is crashing, but we’ve been in a pandemic and these types of numbers at 30% are what we’d expect. Moreover, we’re seeing figures like this in many markets across the country. Keep in mind pending contracts have been on the rise for the past month, which means we can expect sales volume figures to grow in a month or two when these new ones close. 4) IT’S ABOUT MORE THAN PRICES: The reason I’m so interested in sales volume is because it’s possible for prices to remain stable even though the number of actual sales has changed dramatically. So while it’s easy to say, “Hey, prices are okay,” I think the bigger headline has to do with what is happening behind the scene with sales volume. I talked about this in a webinar this week here.
Now let’s get visual. FRESH VISUALS TO SHOW SALES VOLUME: OTHER VISUALS TO SHOW WEEKLY / DAILY CHANGES:RESOURCES:
NEW MARKET VIDEO: Here’s my weekly market update. It’s 15 minutes and I talk through some big stats this week that show buyers and sellers are coming back to the market. Check it out below (or here).
A PANDEMIC WEBINAR: On Monday I did a 90-minute webinar with the Sacramento Association of Realtors . This is almost an hour and I trimmed the first ten minutes because it was a recap of my weekly video. Watch below (or here).
VIDEOS THIS WEEK: I’ve been doing lots of video conversations lately. I figured I would post the recorded ones in case anyone wantsto listen.
4/30/2020 Conversation with Steve LaMothe 5/01/2020 Conversation with Anthony Alfano & Others APPRAISER JOHN CARLSON GOFUNDME: John is an appraiser in Southern California and he was diagnosed with cancer and hospitalized. I invite you to pray for him and donate if you can. See more here.
I hope this was interesting or helpful. Thanks for being here. QUESTIONS: What are you noticing happening with the market these days? Anything to add? What did I miss? If you liked this post, SUBSCRIBE BY EMAIL(or RSS).
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HOW WILL THE PANDEMIC SHAPE BUYERS AND SELLERS? April 30, 2020 By Ryan Lundquist8 Comments
How will this pandemic shape buyers and sellers? What will people do differently when it comes to real estate? Here are some things on my mind. What do you think? Please comment below. RURAL AREAS: I’ve heard data firms and colleagues talk about growing interest in rural areas, so this is something to watch to see if it pans out. The idea is people are craving more space, so they’ll embrace a country lifestyle. LAND: A friend the other day was talking about land on the outskirts of the region. Owning a couple acres for $20K is appealing in light of the idea of having more space. Here’s a listof
thirty lots under $50K. FAMILY & DIVORCE: Some people may want to move closer to family while other households are going to be splitting due to divorce. BUYERS MORE SENSITIVE ABOUT LOCATION & CONDITION: For years buyers have been exhibiting sensitivity to adverse locations and homes that are not in pristine condition. In other words, buyers have higher expectations about what they are buying and they aren’t overlooking the true condition of a home or paying top dollar for junk. I expect going through a pandemic will only inflame this dynamic. ACCESSORY DWELLING UNITS: I’m guessing accessory dwelling units will be more useful and desirable for extra income as a rental, housing family members, helping friends who lost jobs, and working from home. Here are all sales in MLS over five years with a listed guest house (I may do a deeper post on this soon). Some of these properties of course had more of a pool house, but many do have a legit ADU / second-unit / apartment thingy. MOVING OUT OF STATE: This pandemic may motivate people to finally make that move they’ve been talking about to a different county or state. I’ve heard some locals say things like, “I’m heading to Texas as soon as this ends.” And I imagine some Bay Area residents are declaring, “I’m going to Sacramento when this is over.” Migration has been a trend already,
and we’ll see how it evolves. HOME OFFICE: We’ve all been having Zoom meetings and figuring out ways to work from home lately. I suspect many businesses will go back to normal, but some may adapt their model. Thus having dedicated space for working from home could prove to be more valuable over time. I don’t know that buyers at the moment are actually shopping with this in mind, but if we see a bigger change in business models this will be something that becomes more important. CASH OUT AT THE TOP: Some people are concerned about the market changing directions, so we’ll see certain owners try to cash out at the top so to speak. I’m not saying we’re at the top of a pricecycle
.
I’m only saying some people think the pandemic has pushed us or will push us into a new price cycle. DOWNSIZE & UPSIZE: There are households in need of more space because they’ve learned their home is too small. In contrast, maybe it’s time for some to sell, buy a smaller home, and pocket cash (or invest in hand sanitizer and toilet paper). GARDENS: It seems like everyone and their Mom is either baking bread or starting a garden (except for my house). Thus I expect to see more gardens in coming time when visiting properties. The other day someone asked me if a one-acre parcel would now be more appealing because of all the extra space to start an urban farm. Well, in my mind most people are not looking to have a garden of that magnitude. NO EFFECT AT ALL: Let’s be real that lots of people will come out of this not doing anything differently. OTHER: What else? I’d love to hear your take in the comments.Okay, moving on.
FRESH STATS:
Like I said last week, buyers are starting to get more used to this market, and this week it looks like pending contracts are on pace again to outpace the previous week (we’ll know more in a few days).RESOURCES:
NEW MARKET VIDEO: Here’s a fresh market update. It’s 20 minutes and I talk about the future (NOT a prediction video). Check it outbelow or here .
SAR MARKET EVENT (FREE): On Monday May 4th at 10am I’m doing a free big market update with the Sacramento Association of Realtors. This will be about an hour and it’s for anyone (not just members).Register here.
VIDEOS THIS WEEK: I’ve been doing lots of video conversations lately. I figured I would post the recorded ones here in case anyonewants to listen.
4/22/2020 Conversation with Madison Chase Team 4/24/2020 Conversation with Rico Rivera 4/24/2020 Conversation with Jenica Williams 4/27/2020 Conversation with Kristin Cooper APPRAISER JOHN CARLSON GOFUNDME: John is a well-known appraiser in Southern California and he is going through a difficult time as he was diagnosed with cancer and hospitalized. I invite you to pray for him and donate if you can. See more here.
I hope this was interesting or helpful. Thanks for being here. QUESTIONS: How do you think quarantining will shape buyers and sellers? What else would you add to the list? What did I miss? If you liked this post, SUBSCRIBE BY EMAIL(or RSS).
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ARE BUYERS & SELLERS GETTING USED TO THE PANDEMIC? April 22, 2020 By Ryan Lundquist8 Comments
Quarantine. Wearing masks. Social distancing. It’s so weird that these are regular things now. The world indeed has changed over the past month and so has the housing market. Let’s talk about some newdevelopments.
FIVE WEEKS AGO: About five weeks ago the real estate market started to have a strong reaction to the coronavirus. I look to March 12th as our day of change as that’s when things started to kick into high gear with events cancelling and sellers and buyers backing off the market. OBSERVATIONS RIGHT NOW: 1) Pendings and listings declined heavily for a few weeks. 2) Pending contracts have begun to increase again. 3) More new listings are hitting the market. Here’s a closer look at the numbers. These are single family detached homes without condos. I don’t include condos because they’re a different market that can water down the data. If you include them in your numbers, that’s cool. Here is a look at new listings. There has not been a dramatic uptick, but we are seeing more new listings compared to a month ago (the first week we had sheltering in place). SOME CLOSING THOUGHTS: 1) GOODBYE CLICHES, HELLO EXPERTS: In a market like today it forces us to place our cliches, canned statements, predictions, and positive or doomy narratives aside. We simply must look to the numbers to understand the market. When trends change it creates opportunities for experts to arise. It also creates opportunity for credibility to be destroyed by making predictions that don’t come true and getting swept up in every single sensational headline. 2) OTHER MARKETS TOO: This dynamic of the market seeming to hit a bottom a few weeks ago is something that is happening in some other areas across the country too as reported by Mike DelPrete in his email yesterday (a must follow). I’ll talk about this more in my weekly video at the end of this week. Please know I’m not saying prices or other metrics have bottomed out. I’m only saying it looks like listings and pendings (for now) have begun to increase again. 3) THE FUTURE: We still don’t know the future, so I’d exercise caution in saying definitively the market has begun a recovery or rebound and will move forward from this point onward. We need time to see how everything shakes out and we’re still living in the midst of so many unknown factors that could sway the market in many ways. The reality is what we say about the market could be different next weekbased on new data.
4) GETTING USED TO THE PANDEMIC: For now it looks like buyers and sellers have started to get a little more used to this pandemic market, which is evidenced by more pending contracts and an increase of listings lately. It’s possible some of this could be attributed to real estate agents being deemed essential too. Will this continue? Is this a trend we’ll see more in coming weeks? To be determined. GRAPHS: I plan to make a tutorial soon on how to make a few of the graphs I’ve been posting. Appraiser colleagues, I haven’tforgotten.
I hope this was helpful.Okay, moving on:
RESOURCES:
NEW MARKET VIDEO: Here is a fresh market update video. This is 25 minutes and perfect for the background while working. Check it outbelow or here .
INTERVIEW WITH THE APPRAISER COACH: I did an interview with Dustin Harris to talk about not waiting for sales to see pandemic data. Watchbelow (or here ).
INTERVIEW WITH BRAD: I did a Facebook Live Q&A with Brad L’Englelast
week to talk shop. Enjoy hereif
you wish (you don’t need Facebook to watch). I hope this was interesting or helpful. Thanks for being here. QUESTIONS: What do you make of the stats above? What are you hearing in escrows from buyers and sellers? If you’re not local, what are you seeing happen in your market? If you liked this post, SUBSCRIBE BY EMAIL(or RSS).
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SEVEN THINGS TO WATCH IN REAL ESTATE DURING A PANDEMIC April 14, 2020 By Ryan Lundquist25 Comments
What’s the market doing? What can we watch right now to get a better sense of housing trends during the pandemic? Here are seven things I’m keeping my eyeballs on these days. Anything to add? SEVEN THINGS I’M WATCHING DURING THE PANDEMIC 1) LISTINGS: We often think about listings increasing as a way to see the market changing, but right now many markets across the country are seeing fewer new listings. So at times change is best seen with less of something rather than more. It’s not a surprise to see fewer new properties during a pandemic, right? 2) PENDINGS: When the number of pending contracts declines it’s likely a sign that buyers have begun to back off the market. Like many areas across the country, pendings are down 40% right now in the Sacramento region. There are simply fewer buyers willing to engage with the current market. Also, one of the things we want to watch is the gap between all listings and current pendings. If this gap widens it will soften prices and give buyers more power. 3) SALES VOLUME: When fewer sales start to happen, it’s a sign the market has changed for some reason. This image below shows we are at the beginning stages of seeing sales volume dip due to the pandemic. In other words, the second week of April clearly saw FAR fewer sales compared to last year at the same time. From here on out it’s likely we’re going to see bigger changes in sales volume since many homes beginning to close got into contract over the past month during thepandemic.
4) CANCELED / HOLD: A market isn’t just about what is listed, but what used to be listed. There have been over 1,000 listings taken off the market in the Sacramento region over the past four weeks. The removal of these listings has helped the market feel much more balanced than had these listings still been active. Key questions: How many of these listings will come back? When will they hit the market? Will there be enough pent-up demand to meet the supply? 5) WORD ON THE STREET: What are buyers, sellers, and real estate professionals saying? The stories of today become the stats of tomorrow, so paying attention to what people are saying is huge. 6) OTHER METRICS: There isn’t one end-all metric to tell us everything we need to know about the market, so it’s important to pay attention to lots of little things such as days on market, changes in financing, the average list price, the sales to original list price ratio, price reductions, the number of multiple offers, changes in various price ranges, concessions offered by sellers, etc… Let’s remember the market isn’t going to be the same for every property type or in every price range or neighborhood. 7) PRICES: In real estate we are so obsessed with prices, but that’s really the last place to look to see the market. What I mean is change happens first in the areas above before showing up in sales stats a couple months down the road. In short, for now the slower pandemic trend hasn’t infiltrated sales price figures as of yet in Sacramento. This doesn’t mean the market is stable in every price range and location. All I’m saying is regional and county stats don’t show price declines right now. Normally I pull monthly price data, but I’ve switched to weekly in order to see the trend soonerrather than later.
I hope that was helpful. And yeah, that was long. But hopefully it was worth digesting whether you’re local or not.Okay, moving on.
A FEW RESOURCES:
NEW MARKET VIDEO: Here is a fresh market update video. This is 30 minutes and perfect for the background while quarantining. Check itout below or here .
Q&A VIDEO: Here is a video I did recently with Doug Reynolds to talk about the market and appraisal stuff. I have many of these lined up and I’m glad to share them in the future. As a side note, I’m not an advocate for any brokerage and I’ll never take sides. I’ll do interviews with just about anyone as long as there is mutual respect and I have time to do so. I’ll share videos here only if the end-product is worth sharing. ZOOM WITH GROUNDED: I mentioned a Zoom meeting last week hosted by Grounded and some of you were able to join live (thank you). I have about four to five Zoom sessions per week these days, though most aren’t public. I look forward to doing these with many brokerages. Watch below or here.
BIG MARKET UPDATE (ON HOLD): I normally write a huge market update around this time of the month, but my entire life and social media feed has been one big market update lately. So I’m putting my typical format on pause so I can spend time on more pressing visuals. I hope this was interesting or helpful. Thanks for being here. QUESTIONS: What are you watching in today’s market? Did I missanything?
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* Seven hundred missing sales * How will the pandemic shape buyers and sellers? * Are buyers & sellers getting used to the pandemic? * Seven things to watch in real estate during a pandemic * Watching listings, the word on the street, & being negative * Hot real estate stats during the pandemic? * Working with appraisers during a pandemic * Buying an island, uncertainty, & pendings * The blazing hot market & uncertainty * Coronavirus & the housing marketDISCLAIMER
First off, thank you for being here. Now let's get into the fine print. The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist Appraisal Company. Content on this website may not be reproduced or republished without prior written permission from Ryan Lundquist. Please see my Sharing Policy on the navigation bar if you are interested in sharing portions of any content on this blog. The information on this website is meant entirely for educational purposes and is not intended in any way to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or any other potential real estate or non-real estate purpose. The material found on this website is meant for casual reading only and is not intended for use in a court of law or any other legal use. Ryan will not appear in court in any capacity based on any information posted here. For more detailed market analysis to be used for an appraisal report or any appraisal-related purpose or valuation consulting, please contact Ryan at 916-595-3735 for moreinformation.
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