Tips for Home Buyers, Sellers in Sacramento CA Real Estate
If you’re a potential buyer visiting a home for sale, don’t criticize the home while you’re at it, act too excited, and talk about what you’re ready to offer while standing out. front.
It’s because you might not be alone. More and more, vendors have recording equipment in their homes, from Alexa devices on the library to Ring video recorders on the porch, and they can listen.
“I tell my clients, ‘Just keep your comments to yourself,’” says Yuri Ramirez-Villanueva of eXp Realty in the Sacramento area. Wait until you are in the car or back at the office to give your opinion or talk about money. “It’s safe to assume that everyone has a camera or recording device in their house… they’re probably listening.”
Ramirez-Villanueva’s tip was one of hundreds of ideas offered last week by seven Sacramento area real estate experts during Sacramento Bee Real Estate Week, a series of five recorded webinars currently available for viewing on the The Bee’s website for Bee subscribers. The full list of real estate videos is available on The Bee’s website.
The exclusive conversation series, titled “Your Craziest Housing Market Guide in 15 Years,” consists of five videos, each lasting about half an hour, and each focusing on one aspect of the regional housing market in Sacramento.
Here’s a quick list of what the Sacramento Bee and their guests discussed each day:
Day 1 – An overview of how the Sacramento real estate market works
Real estate analyst Ryan Lundquist kicked off the week, offering behind-the-scenes data that shows what’s going on in the local market right now, including new numbers that show the first signs that the region’s fiery price increases have subsided. .
The median selling price of homes in the region edged down in July and early August after rising more than 20% last year.
“We’re seeing a normal (seasonal) downturn,” Lundquist said. He and other Bee panelists say they expect house prices in Sacramento to remain roughly flat over the next few months.
The sellers always have the upper hand, Lundquist said. It offers several charts that explain what makes this market such a seller’s market, including new data on the percentage of home sales that go above asking price.
“We still have one of the most aggressive markets we’ve ever had,” Lundquist said.
Day 2 – Is the Sacramento property price bubble about to burst?
No, the price bubble is not going to burst, says Dean Wehrli, whose job at John Burns Real Estate Consulting is to advise home builders and institutional investors on what the market will do next.
Bringing his expertise to regular buyers and sellers during the second day of Bee’s real estate week, Wehrli detailed the top four reasons analysts believe today’s high prices are here to stay, albeit with the possibility of a slight decline as the buyer’s income catches up with home prices. .
This includes a detailed discussion of the main foundations of the local market: mortgage interest rates, millennial buyers, Bay Area emigrants coming to Sacramento to telecommute, and the low rate of new home construction.
He also offers his two basic reasons why it might not make sense for Sacramentians to move to Boise or Austin in search of cheaper real estate.
Wehrli warns of FOMO – the fear of missing out – which has led to a home buying spree this spring, but also said waiting in hopes of a housing market collapse would be in vain.
“If you wait for the prices to collapse, that won’t happen,” he says. And if you buy, “you may have to settle for less than your ideal.”
Day 3 – How to buy a home in today’s hyper-competitive market
Real estate agent Yudi Ramirez Villanueva and real estate company owner Tim Collom discuss the number one mistake potential home buyers make these days, which virtually guarantees they will lose the first home they want to buy.
The pair offer advice on why it is essential to pre-qualify for a loan before starting their home shopping. They also discuss negotiation tactics when involved in a bidding war with other buyers, and offer their views on whether or not buyers should forgo having a home inspected before making a listing. offer.
“I won’t say it’s reckless,” Collom said of the growing trend to eliminate the unexpected from home inspection. But it can be risky. Buyers who skip the home inspection are “out of their comfort zone.”
Collom offers general advice on whether or not to bid more than the asking price, and how much more, depending on the number of other bidders competing.
Day 4- Sell your house? How to get the best price
Broker partner Erin Stumpf and real estate agent Kelly Pleasant question whether sellers should sell their homes above the regular market price in hopes of capturing the so-called “unicorn” buyer, this Bay Area resident who shows up with $ 1 million in his pocket willing to pay too much for a house.
These buyers do exist, Pleasant said, but it is generally a mistake to focus on them.
“If you’re in a zip code where it’s generating this type of demand,” he said, “then it’s something to look at but it’s situational. I’m saying you want the price for the masses, not for the unicorn.
Stumpf says if a “unicorn” shows up among the bidders for your house, fine, but “that’s the exception to the rule. Don’t try to price the unicorn as you will eliminate most of the audience. potential of the house.
The pair also address the question of why there are so few people putting their homes on the market, despite the high prices.
“I suspect COVID has had a big impact in keeping homes off the market,” Stumpf said. “A lot of people are uncomfortable having people in their homes.”
Day 5 – First-Time Home Buyers: How Much a Home Can You Afford?
Brandon Haefele, CEO / President of Catalyst Mortgage, guides first-time homebuyers through the steps to pre-qualify for a loan and most importantly, decide how many homes they can afford to buy.
He suggests that potential buyers start the loan buying process months before they start looking for a home. Borrowers are much less likely to have financial problems today than they were ten years ago, as the qualification process involves more steps and more proof of financial means than in years before. preceded the 2007 real estate crash.
“You pretty much need a DNA sample,” I tell clients, ”Haefele said. “We have some really strong, quality mortgages that are being underwritten. It’s really apples for oranges.
Haefele offers his take on how to buy a mortgage from local mortgage brokers, banks and online mortgage companies. And, he talks about grant programs, down payment assistance programs, and how much down payment a person might want to include in the purchase agreement.
What should your credit rating be? It depends on the situation, he says, but it could be as low as $ 500,000 or as high as $ 620,000, he says.