Wednesday, October 12, 2016

Market slow down (Roseville and surrounding area)

I thought it was an odd day when I got 2 calls from sellers (not my clients) that wanted my opinion why their house isn't selling.  I took the time to dig into the situations.  One property was in Old Roseville, and the other was in South Land Park, Sacramento.
My finding is rather simple, that demand has dropped.  In both cases the properties were priced where their comparable properties have sold for.  One of my listing in Roseville right now is priced at $369,000, very closely priced to one of the callers properties and we both have had 4 showings in 1 month.  This information was helpful for me as well to see why my listing of 2200 sqft for 369K hasn't gone into contract yet.  It's the lowest price property in Roseville with 2000+ sqft.
The graph below shows the tend over the last year in Placer county.  It's a pretty predictable cycle.  Slows down in the winter and picks up in spring/summer.  I think we're going to see a bigger dip in the pending this Oct compared to last year.  It could just be an anomaly, could be we're close to election time or simply a lack of buyers.  We're not seeing low ball offers.  That would be an indication of the market pulling back.
Overall, we're fine!  Rates are good, people have to qualify for loans now.  As far as a recession, we're not out of the woods yet, but hopefully there is light at the end of the tunnel.
I'll update when the Oct date comes out!
Let me know if you have any real estate questions!

-Chad @ Re/Max

Thursday, September 1, 2016

Placer County Average Price per SQFT and For Sale vs. Sold - Stats thru July 2016

Below are two graphs that illustrate what our market has been doing.  August will be similar, maybe even a spike in solds as I know there where people scrambling out there to close escrow and get their kids into school.
Values might be peaking again!  This time of year the market tends to change as we head into fall/winter.   If the feds push up rates like they probably should then that will directly effect the monthly payments of borrowers.  We're in the mist of a crazy election year.  Uncertainty is in the air.  The stock market fells like a fugazi, not putting my money there.  At least real estate is tangible and people always need a place to live.  We're still in a good market when rents will cover a mortgage payment.
Our inventory has increased.  This should help to stabilize the market.  A health market has around 3 months of inventory and we've been well below that.
I have 3 listing coming on the market next week.  1 in Roseville, priced at $379,900, 2200 sqft.  That's $172 a sqft.  1253 Cresendo Dr.
Another listing in Antelope 4229 Cougar Hills Dr.  1900 sqft priced at $339,000.  Just been updated, floors, baths, kitchen...
Lastly a nice house in Folsom, broadstone area.  450K.

If you have any real estate questions or looking to buy or sell, feel free to give me a call.

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Chad M Phillips Broker Assoc. (Lic: 01405825)
RE/MAX Gold (Lic: 00983982)
2998 Douglas Blvd., #125
Roseville, CA 95661
Primary: 916-390-1476 Secondary: 916-218-7500

Monday, May 9, 2016

from the buyers prosective

Here we are May 9th 2016.  The real estate market is continuing to rally.  We're seeing a shortage of inventory in almost all areas, from Natomas to Auburn.  If you want a single story with a pool your search just got harder.
I have a VA buyer that has been trying for 6 months to get into contract unsuccessfully.   It's not for the lack of offers or price, it's just been touch to make a VA offer as attractive as an over asking all cash close in 8 days offer as we just lost out to.
Timing is everything!  I've been able to get some folks into contract in Roseville and Rocklin simply by being strong in off the gate.  Some sellers don't want to deal with open houses and people going thru their house.  Day 1 on the market full price, and wrap it up.  Other sellers will play the game, they're "out of town" and wait for multiple offers to work with.  It's important not to get wrapped up in the craziness as a buyer and go with what you're comfortable paying.
If you have time to shop for a home then it will give you an advantage.  As this is a sellers market, you want to try and play to your strengths.  If you really like a property and there's other offers, then you're looking at a bidding war, over asking or more...
There are other ways to make an offer to buy a house strong, other than just price.  If you shorten your inspection period, or increase the deposit, or quick close can all be factors to help in locking down a property.  We're beginning to see some buyers go as aggressive as paying the difference of the purchase price and appraisal if it comes in low.  There's also closing costs that a buyer can take on to help the sellers bottom line.  The best thing you can do as a buyer is to find an agent who's been in the business for a while and has a good reputation.  Often times I've worked with these listing agents before and I'm able to get useful info in order to get you the deal.  I just has one where my buyers loved a property and we missed it.  The listing agent is a buddy of mine and he let me know that it was falling out of escrow, I slid my buyer right in there without fighting any other buyers.
Having a strong reliable lender is also key.  I have several local lenders here in Roseville, CA that I can recommend you talk to.
If you want to get started, give me a call to discuss!

Chad Phillips
Re/Max Gold

Tuesday, March 1, 2016

Roseville and Rocklin Real Estate Update: 3/1/16

Technically it's not spring yet, but the buyers are out.   I'd say it's another normal cycle, always seems to pick up this time of year.   Our market is being driven onward and upward.  In just the past couple weeks we're seeing a spike in activity.  Multiple offers again, and not just on the low end properties.  We're seeing homes in the 800's getting multiple offers driving the price over asking.  There are several homes I'm referring to here and they were on the market this past winter, not selling now all pending.  The medical field is helping our local economy.  Kaiser is hiring and recruiting.  I have a buyer coming out from Ohio, Scottsdale and the bay area folk see our market as affordable.  My real estate market forecast for Placer county might be changing.  In January I was thinking that we'll get a flood of inventory and prices will correct; however, it seems we might just have enough influx of buyers to keep this going.

Chad Phillips
Re/Max Gold

Tuesday, January 19, 2016

Low Inventory

There is a good chance you’ve been hearing about the hot the real estate market. Like many Roseville homeowners you might be considering a move but you’ve been waiting for the right time. As a real estate professional I’m thrilled to report a positive outlook for those who are thinking about selling.  I've been encouraging some of my clients to get listed before the typical spring time.  With values up, we might see a flood of inventory come spring; thus, effecting the supply/demand.  Below are statistics that indicate it may be a sellers market.
 - According to the Association of Realtors inventory of available homes has decreased 3.3 percent from December of 2014 to December of 2015. In December of 2015 there was a 5 month supply of homes, this is below the 6 month supply that many real estate professionals consider normal. - The number of homes sold according to the National Associations for Realtors was 3.8 percent lower in 2015 than 2014, this is due in part to the lower number of homes available for sale. Typically when there are fewer homes for sale it is considered a sellers market.
 - Additionally the National Associations of Realtors reported that single family home prices nationwide have risen 6.3 percent in 2015. I am sharing this information with you because inventory in Roseville and Rocklin is low, and I am hearing from agents and prospective buyers that they just can’t find what they are looking for.   Contact me for a detailed CMA and marketing plan to get you top dollar.

-Chad Phillips
Re/Max Gold Roseville, CA