some image

Sell a home in Galt and buy a bigger one!

Tags: , , , , , Elk Grove Real Estate Blog, Galt Real Estate Information No comments
featured image

Have you outgrown your Galt home? Are you thinking about selling it or renting it and buying a bigger home?

It’s time to get off the fence and make this decision. Here is the deal… We have seen home values in Galt jump in the last 12 months. The shortage in home inventory has certainly helped with that price jump.

Have you have played with the idea of selling your Galt home and buying a bigger one or even downsizing? There is still time to take advantage of the real estate market as a seller and as a buyer.

As I mentioned before home values have jumped in the last 12 months in the Galt area. You can find out what your current Galt home value is here —->www.GaltRealEstateMarket.com

Many of you will want a big carrot at the end of the stick to motivate you to go through the home buying process again! It can be a low stress situation if you work with a real estate agent who understands how to juggle both transactions.

The reality is your money can still get go far, since interest rates are still historically low. What you don;t want to do is wait until we see another jump in interest rates. Just a small shift in interest rate could mean that your price range is now reduced and you can get less for your money.

There are great homes for sale right now in Galt! If you were thinking about up-sizing, see all the homes for sale in Galt with over 2,000 sqft! If you were looking for a home that is a little bit smaller and less maintenance, check out these Galt homes for sale.

It will be important to meet with your lender to determine if you need to sell your Galt home before you can buy. Either way it is totally doable, it just takes a different approach depending on your situation.

If you have thought about moving into a larger home or down-sizing into a smaller one, give me a call! I would love to discuss your options  to sell your Galt home!

 

 

 

VIDEO: Another Sacramento HUD home SOLD

Elk Grove Real Estate Success Stories No comments

I am excited to announce that I helped another First Time Home Buyer buy a home!

 

I don’t just sell homes in Elk Grove! I just sold this fixer home to a great first time home buyer in Sacramento!

After a frustrating transaction that did not close, Matt called me to see how I could help him buy a home.  He was buying his first home and wasted several months working with a real estate agent who did not have the level of experience he needed.

Unfortunately, Matt got into escrow on a deal that was mismanaged. He spent hundreds of dollars on inspections and an appraisal for a home he did not ultimately buy.

He called me after this transaction frustrated that he would never be able to find his first home. His patience had run thin and he was about to give up. We met at my office and discussed his options. We regrouped and got him back out looking at homes right away… this time with a plan!

Matt was very realistic about the real estate market and really just wanted a house he could call his own close to his job. We found this great home that fit his needs. This particular home needed work and the seller offered a  repair credit available to make pre-determined repairs to the home.

This particular home was a HUD home. Now it’s important that your choose a real estate agent who understands Sacramento area HUD homes. They have a different process to not only make an offer (actually place a bid) and they have their own rules to follow during the escrow process. It’s just as important to work with a lender who understands HUD homes!

Once we got into escrow I immediately realized that Matt’s lender was not up to speed with Sacramento HUD homes. My first course of action was to educate him about the process and see if we could “hold his hand” to get the mortgage funded. Unfortunately, within a week of being in escrow, I realized that this just was not going to be a good fit and the lender was risking my client’s earnest money deposit. I helped my client fire his lender and we moved his mortgage file to another lender who understood how to deal with a repair credit for a HUD home. Within days we had a new mortgage approval and were ready to close the escrow.

Whenever you buy a Sacramento HUD home with an escrow repair credit, there is set repairs that needs to be made within days of the closed escrow. HUD decides what work needs to be done and provides a credit for the work to be left in an escrow account. Once the work is completed, the contractor involved is paid from this escrow account for the amount HUD offered.

For this particular home HUD agreed to pay for a major roof repair, a long list of dry-rot issues, a new stove , and some other miscellaneous repairs. It was a great deal for my buyer and he ultimately got everything he wanted in a home!

There is nothing better than handing the keys to a First Time Home Buyer! The look of shock on their face when it sets in that the home is theirs is priceless!

Thinking of buying your first home? Give me a call at (916) 585-3858 or request more information online… I’m here to help!

 

Sacramento Real Estate Market Update

Tags: , , , , , , , , Elk Grove Real Estate Market No comments

Ready for another Sacramento County real estate market update? 

Today we are going to check in on the Sacramento County real estate market. The numbers reflected  below will be related single family home sales only.

Many sellers I speak with are looking to take advantage of our recovering real estate market and sell their home for top dollar. They are usually looking to buy a larger home (some are downsizing) and lock in a low interest rate on the new purchase before they go up.

More and more sellers started listing their homes for sale at the end of 2013. In the last couple of months, we have seen our home inventory level starting to decease from the high of October 2013.

If you look at the chart below, the light green bars will reflect the home inventory available. The dark green bar reflects the buyer demand. If I compare January 2013 with January 2014, we have seen an 86% increase in the home inventory available for sale in Sacramento County. That is a big jump! Last year at this time is was very difficult, if you were a buyer, to find a home. That pressure is easing and giving buyers a shot to find a home they might not have had this time last year.

 

 

sacramento county real estate statistics

 

We have seen a 23% decrease in the amount of homes sold in the same period. This most likely is a seasonal issue as we just came off the holiday season and less folks were out looking for a home.

Our cost per square foot has steadily raised. Over the last 12 months we have seen a 19.9% increase in Sacramento county home values. Industry experts expect this appreciation rate to slow as interest rates are expected to rise. Although we all want our homes to go up in value, it’s really important that our recovery be at a pace we can sustain.

sacramento country real estate facts

 

 

Homes in Sacramento County as of January 2014 are selling for 96% of the original list price. We had a hot market the first half  of 2013 where buyers were almost in a panic. Sellers could be unrealistic and still get their price. It felt very much like the 2005 real estate market. As more homes have come on the market, it gives buyers more choices. This has forced sellers to become more realistic. Not every seller undertands the shift in our market and they still think we are in the middle of the buyer frenzy. We are seeing more and more price reductions as sellers realize they can’t get their original asking price.

sacramento county days on market

 

 

We are also seeing a trend in Sacramento county that homes are taking longer to sell. It is more important than ever that sellers list their home for sale at a competitive price if they want their home to sell quickly.

sacramento home inventory level
Right now we have 2.6 months of home inventory available in Sacramento County. So if no other homes were listed for sale, it would take us 2.6 months to sell the remaining home inventory, based on the current buyer demand.

Over the next couple of months interest rates are going to become a big factor you will want to keep an eye on. Obviously once the Government stops or slows down their efforts to keep our interest rates artificially low, that interest rate shift will also impact our local market.

If you have thought about selling your home, now would be a great time to request a professional FREE valuation of your home. Get an idea of how much you will net from your sale of your home and evaluate if doing a move up purchase makes sense. Once interest rates goes up, you can buy less of a house for the same payment.  Don’t miss your opportunity to get into the home of your dreams.

Give Erin Newington at Keller Williams Realty a call for more information at (916) 585-3858.

Looking to invest in a Sacramento duplex?

Tags: , , , , , Sacramento Multi-family units No comments

Looking to invest in a Sacramento duplex?

There are many duplexes in Sacramento for sale that will provide you great cash flow. Not only can you find a duplex that will give you a monthly return, there is also room for an upside with appreciation.

It’s important that you pick a good area of Sacramento to invest in. If you are thinking about buying a duplex, it’s important that you pick an area of Sacramento that will provide you a good tenant.

sacramento-duplex-for-sale

 

If you are looking to buy a duplex in the Sacramento area, give me a call, I can help you make a wise decision about your next rental purchase. I have been investing in multi-family properties in the Sacramento area since 1997. I can help you get into a solid investment that will provide you cash flow! Call Erin Newington at (916) 585-3858 or visit www.InvestinSacramentoRealEstate.com to request more information!

Here are some other Sacramento duplexes and multi-family properties for sale >>

 

 

 

 

 

Sacramento Duplex for sale

Tags: , , , , , Sacramento Multi-family units No comments

Great new duplex on the market located in Sacramento just went on the market! 

This particular Sacramento duplex for sale has 2 bedroom units on each side. I like how this one sits back from the street and has a courtyard entrance. These features can set your duplex rental a part from the rest. This particular area of Sacramento has a ton of duplexes. As a landlord, you want to find a place that is rentable and has an element of charm if available. You won’t necessarily get more rent for your Sacramento duplex, and you may have more tenants apply for the place giving you more options.  The square footage of these duplexes are fairly similar, so the area you choose to invest in will be very important.

If you are looking to buy a duplex in the Sacramento area, give me a call, I can help you make a wise decision about your next rental purchase. I have been investing in multi-family properties in the Sacramento area since 1997. I can help you get into a solid investment that will provide you cash flow! Call Erin Newington at (916) 585-3858 or contact me online!

Here are some other Sacramento duplexes and multi-family properties for sale >>

 

 

 

 

 

Another Sacramento First Time Home Buyer helped!

Tags: , , , , , , Elk Grove Real Estate Success Stories, News No comments
featured image

I am excited to announce that I helped another First Time Home Buyer buy a home!

I don’t just sell homes in Elk Grove! I just sold this fixer home to a great first time home buyer in Sacramento!

After a frustrating transaction that did not close, Matt called me to see how I could help him buy a home.  He was buying his first home and wasted several months working with a real estate agent who did not have the level of experience he needed.

Unfortunately, Matt got into escrow on a deal that was mismanaged. He spent hundreds of dollars on inspections and an appraisal for a home he did not ultimately buy.

He called me after this transaction frustrated that he would never be able to find his first home. His patience had run thin and he was about to give up. We met at my office and discussed his options. We regrouped and got him back out looking at homes right away… this time with a plan!

Matt was very realistic about the real estate market and really just wanted a house he could call his own close to his job. We found this great home that fit his needs. This particular home needed work and the seller offered a  repair credit available to make pre-determined repairs to the home.

This particular home was a HUD home. Now it’s important that your choose a real estate agent who understands Sacramento area HUD homes. They have a different process to not only make an offer (actually place a bid) and they have their own rules to follow during the escrow process. It’s just as important to work with a lender who understands HUD homes!

Once we got into escrow I immediately realized that Matt’s lender was not up to speed with Sacramento HUD homes. My first course of action was to educate him about the process and see if we could “hold his hand” to get the mortgage funded. Unfortunately, within a week of being in escrow, I realized that this just was not going to be a good fit and the lender was risking my client’s earnest money deposit. I helped my client fire his lender and we moved his mortgage file to another lender who understood how to deal with a repair credit for a HUD home. Within days we had a new mortgage approval and were ready to close the escrow.

Whenever you buy a Sacramento HUD home with an escrow repair credit, there is set repairs that needs to be made within days of the closed escrow. HUD decides what work needs to be done and provides a credit for the work to be left in an escrow account. Once the work is completed, the contractor involved is paid from this escrow account for the amount HUD offered.

For this particular home HUD agreed to pay for a major roof repair, a long list of dry-rot issues, a new stove , and some other miscellaneous repairs. It was a great deal for my buyer and he ultimately got everything he wanted in a home!

There is nothing better than handing the keys to a First Time Home Buyer! The look of shock on their face when it sets in that the home is theirs is priceless!

Thinking of buying your first home? Give me a call at (916) 585-3858 or request more information online… I’m here to help!

 

 

Another Sacramento Multi-Family Apartment Complex SOLD by Erin Newington

Tags: , , , , , , News, Sacramento Multi-family units No comments
featured image

I’m very proud to announce I SOLD another Multi-Family apartment complex in Sacramento! The best part? My clients got one heck of a deal!

This particular bank owned commercial building had some differed maintenance and had tenant challenges .  Out of the nine units, there were 5 tenants still left after the owner lost the property due to foreclosure. These tenants were creating havoc for the bank, which provided an opportunity for my buyers to get a discount on the property.

Often times the best deals I have negotiated come with a headache. This particular property had a couple. In addition to tenants who had lived there for several months rent free, they decided to call Sacramento Code Enforcement and complained about the condition of the property. This forced the county to come out and complete a full safety inspection of the property. This triggered an active case with Code Enforcement included a laundry list of items that needed to be addressed.

Now many buyers would hear this and want nothing to do with the situation. This particular multi-family property was a great match for my buyers because they had cash and are not afraid of the challenge. These particular clients were looking for a deal. In fact we were able to negotiate and additional $150,000 off the asking price.

The truth is the bank could have sold this property for much more once the tenants were out, even without making one repair. They made that very clear they understood that. So we were in this sweet spot to write up an offer. My buyers had cash, it was the end of the year so the bank wanted to clear their books, and my buyers were willing to take the property as-is.

The upside to this particular multi-family property was certainly there. Although there were hostile tenants who liked to shoot at each other when they disagreed… This property was located within a couple blocks of million dollar homes! The damage that code enforcement noted was work the buyer was going to do anyways.

That is my favorite kind of investment property to sell and buy. I look for that sweet spot where the upside outweighs the headache to get there! Especially when those headaches scare away most buyers, so there is room to negotiate.

I have sold multiple properties to this particular investor over the years.  As we discussed from the beginning of our relationship, they are now shifting their focus from multi-family residential units (4 units or less) to focus on larger apartment complexes where they can get more leverage.

If you are thinking of buying or selling a multi-family property in the Sacramento area, please do give me a call. I have been buying and selling these type of investment properties since 1997. I understand the process and how to find a great deal to meet your investment needs.

See all multi-family properties for sale in Sacramento under 4 units >>

See all multi-family units in Sacramento over 4 units >>

I run a local real estate investment club and would like to ask you to join us for our next free meeting. We focus the conversation around multi-family properties purchases and maintenance.  If you are interested you can check out the website at www.ElkGroveREIA.com to register for our next upcoming event! Let’s get into a conversation about multi-family properties in Sacramento!

Selling a duplex in Galt or Elk Grove

Tags: , , , , , Elk Grove Real Estate Market, Galt Real Estate Information No comments
featured image

I just listed a duplex for sale in Galt. It’s a great rental unit close to the freeway in an area where there are not a lot of muti-family units for sale.

Here are the details for my newest listing:

There are many reasons landlords decide to sell their rental properties. Sometimes life just happens, and they find themselves in a situation where they need to sell. Sometimes it is a divorce situation, or a property is inherited by someone who doesn’t not want to own rental property.

I’ve also been contacted by landlords who just want to be out of the rental business. Many times their cash flow is not good and/or they have an issue with a tenant.

Whatever the reason, I am a real estate agent who specializes in multi-family homes, and I am here to help!

If you are thinking of selling your duplex in Elk Grove, Galt, or Sacramento, give me a call (916) 585-3858. Let’s discuss your reasons for selling and find a way to get top dollar for your multi-family properties.

Here are more duplexes for sale in Sacramento County:

Great new Duplex listed for sale in Galt by Erin Newington

Tags: , , , , , , , , Galt Real Estate Information, News No comments

Looking to buy a duplex in Galt? I just listed this great one for sale!

There is plenty of opportunity with this Galt duplex to make a great return on investment. One side the unit is completely remodeled and has a happy clean tenant. The 0ther side is in original condition and has had the same tenant in place for over 20 years.

These Galt rental units rent quickly according to the owner. The rents are on the low side , so there is opportunity to improve your return by raising the rents to market rents.

For as little as 20% down you can get more of a return on your money than your high yield savings account. Isn’t it time you invested your money in multi-family properties?

565-567 Carol Drive, Galt, CA 95632 $220,000
Each unit has 2 bedrooms, 2 bathrooms, and 2 car garage.

carol Drive front

Call Erin Newington with Keller Williams Realty for more information about this property!

If you are thinking about investing in multi-family properties, make sure to come to our next Elk Grove Real Estate Investment Club meeting! Elk Grove REIA meets monthly to discuss topics important to multi-family investors and landlords. You can get more information by visiting www.ElkGroveREIA.com or call Erin at (916) 585-3858

New home for sale in Rancho Cordova near the American River Walking Trail

Tags: , , , , Elk Grove Real Estate Blog, News No comments

I just listing this home in Rancho Cordova for sale! I don’t just sell home in Elk Grove!

Click here to see more pictures and detailed information.
Schedule a Showing
Search ALL Elk Grove homes
GET YOUR FREE MOBILE APP
What is Your Home Worth?
Search ALL Country Property
Search ALL Galt Homes
Homes Close to Where You Work
Erin Newington
Keller Williams Realty
916-585-3858
Questions?
Schedule a Showing!
MLS#: 13060362
Licensed In:
CA
License #:
L#01700374