Erin Attardi's Sacramento Real Estate Blog

RIP Harold - mommy misses you...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sun, 21 Feb 2010 21:22:08 -0600

If you follow me on Facebook or Twitter, you will know that this week has been an emotional one for me. On Wednesday, my sweet 8-year old bloodhound Harold, began showing signs he was suffering from some sort of ailment. Harold is a big boy of about 140 pounds, and was pretty much immobile due to his ailment...I could not get him to his veterinarian's office, and over a couple hours Wednesday afternoon, it became clear that his condition was not one that was going to improve. I desperately tried to find a mobile vet that could come out immediately and examine Harold to no avail. I finally found one that could come out on Friday, and unfortunately by the time he was able to be examined his condition was imminently dire. The only option was to put Harold down.

If you have ever had to euthanize a pet, you will know just how heart-wrenching it is. Thankfully, the mobile vet was able to give Harold a sedative first that made him basically fall asleep, and I do not think he aware of what was happening. He died in my arms. Let's just say I cried pretty much all of Friday, and had a few teary episodes this weekend. I know it was the only humane decision, and a part of responsible pet ownership.

I got Harold when he was 7 weeks old from a breeder in Southern California. He weighed 20 pounds at that age, and we all knew he would be a big one, eventually growing to 140 pounds. He was such a character and definitely ruled the household.

Some of my favorite memories include taking him camping - a couple years ago I rented a tent trailer, and Harold pertty much claimed an entire side for himself! He also used to love to go for rides in the back of the truck or for walks, and just saying "Do you want to go bye-bye?" would make him so excited he would totally prance around! Also, he frequently would sneak on to the couch and fall asleep when I was not looking, including once on the top of a pile of my freshly washed laundry. I loved giving him a bath so he could snuggle with me, sometimes on the bed if he was really good - which was pretty much always. He brought me so much joy over the last 8 years, and he will always have a special place in my heart. I know he will be missed by my other babies too - Hubert and Howard. RIP my sweet boy.

New Short Sale Listing - 7656 Boardwalk Way, Antelope, CA 95843

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sun, 21 Feb 2010 20:12:43 -0600

Stunning newer 3 bed, 2 bath, 1,545sf Antelope Winncrest Home - Calypso model! You will love the open layout, gourmet kitchen with granite counters and GE Profile appliances, pre-wired for surround sound, plantation shutters and tile and upgraded carpet flooring! The backyard is truly a showpiece-professionally landscaped with flagstone patio, trex deck, pergola and more! Don't wait! Offered at $215,000, subject to lender approval of short sale. For more photos and additional detail, visit http://7656BoardwalkWay.com.

New Listing - 2032 Richmond Street, Sacramento / Arden, CA 95825...NOT a short sale!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sun, 21 Feb 2010 19:56:47 -0600

Stunning 3 bed, 2 bath, 1,904sf Arden ranch-style home has been lovingly and meticulously cared for by its owner. You will fall in love the stamped concrete driveway, the renovated kitchen with newer tile flooring, corian countertops, and crown moulding, the large inside utility/laundry room with incredible storage and custom cabinetry, the cozy living room with built-in shelving and gas log fireplace, the amazing light and bright family room with surround sound and a wall of ceiling-to-floor dual pane windows and sliding doors, the large covered patio perfect for outdoor entertaining, built-in fountain with sitting area, the manicured lawn with planter beds, and the outdoor Tuff Shed for extra storage. HVAC and roof replaced in 1999, water heater replaced in 2006, updated copper plumbing in 2008 - and much more (please ask listing agent for detailed list). Offered at $299,900, NOT a short sale / foreclosure. For more photos and detail, please visit http://2032richmondstreet.com/.

Sacramento Association of Realtors - Scholarship Applications Available NOW!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sun, 14 Feb 2010 01:30:12 -0600

You may recall from a previous blog post, the Sacramento Association of Realtors "Young Professionals Council" raised about $4,400 for the SAR Scholarship Fund last year in June via a vendor fair event. Just as the "Young Professionals Council" did last year, this year we are also doing a vendor fair fundraiser for the SAR Scholarship Fund.

In 2009, SAR awarded approximately $44,000 in scholarships to deserving Sacramento area students. Well...the application period for SAR's 2010 scholarships is NOW!! Completed applications must be received by SAR by 5:00pm on March 31st, 2010.

The scholarships are available to qualifying high school seniors and college students who attend school in and are permanent residents of Sacramento County or the City of West Sacramento. SAR scholarships are awarded for academic achievement (minimum cumulative GPA of 3.5), community service, and extracurricular activities. You must also be related to a past or current Realtor or Affiliate member of the Sacramento Association of Realtors.

Awards in recent years have ranged from $750 to $3,000. Scholarship awards will be announced in May, and they will be presented in June at SAR's headquarters in Sacramento.

To download the SAR Scholarship Application, click here.

New Listing - 2009 Medusa Way, Sacramento / Garden of the Gods, CA 95864

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 10 Feb 2010 20:20:01 -0600

Updated 3 bed, 2 bath, 1,680sf Garden of the Gods gem! You will fall in love with the spacious floorplan with separate living and family rooms, formal dining, large master suite with walk-in closet, covered deck, .194ac large manicured front and back yards, and 2-car garage with extra-wide driveway/possible rv access. Freshly painted interior, new carpets, wood flooring, new window coverings, metal roof, central heat & air. NOT a short sale/Foreclosure!! Offered at $359,000. For more photos and additional detail, visit http://www.2009medusaway.com/.

Buying or Selling a Wachovia Bank Short Sale in Sacramento? It's your lucky day!

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 10 Feb 2010 00:30:00 -0600

So I have gotten to the point where I have closed so many Sacramento short sales, I figured I would share my experiences with different lenders. The last short sale lender profile I did was for Bank of America. I figured this time I would profile a lender at the opposite end of the spectrum: Wachovia.

Let me just tell you - if you are a Sacramento buyer or seller dealing with Wachovia Bank on a short sale, you have stumbled upon the golden goose!

Wachovia has one of the smoothest short sale approval processes I have witnessed. They actually have a local representative that personally meets with the short sale seller and the listing agent, who personally views the property, and issues short sale approval in a short time - usually within 3-5 days. Wachovia commonly offers the sellers incentives to move out and leave the property in good condition. Ocasionally a Wachovia short sale can be "conditionally" approved before it is listed in MLS. The seller generally does not have to supply much financial documentation - rather the seller must be prepared to discuss their financial / hardship situation with the local rep during their in-person meeting.
I would post the local Wachovia short sale rep's name, telephone number, and email address, however since I have her direct contact information, I am going to refrain from posting it so that she does not receive an onslaught of communication.
Click here if you are thinking about doing a short sale of your home. Click here if you are thinking about buying a short sale home.

Another 3 seconds of fame on Fox 40 news...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Mon, 01 Feb 2010 00:34:17 -0600

If you follow me on Facebook or Twitter, you probably already know that Fox 40 reporter Chris Biele interviewed one of my buyer clients on Friday at my office. The story he did was about opportunities for first time home buyers in the Sacramento real estate market (e.g. affordable home prices, tax credit, etc.), and in turn the opportunities available to renters given that so many folks are vacating their rentals in favor of buying a home. I am shown for a few seconds while my buyer client is interviewed, and the exterior of one of my Garden of the Gods listings at 4320 Morpheus Lane is featured. Cool beans...

Erin Attardi's Sacramento Short Sale Experiment, Part V

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 27 Jan 2010 02:02:18 -0600

Time for my fifth installment of Erin's Sacramento Short Sale Experiment! I am sure ya'll are just on the edge of your seats to find out just what has transpired in the world of short sales in our Sacramento metro area since the last time? I have deliberately allowed more time to pass between Part IV and Part V, so that we can see if a trend has truly emerged and also see what the YTD totals for 2009 are. For those of you not following along at home, or perhaps if you are reading this for the first time, my short sale experiment is tracking a few different Sacramento zip codes to see what how the short sale activity increases or decreases over time as compared with traditional resale listings (where there is a seller with equity in a "normal transaction") and to bank-owned resale transactions. My hypothesis at the start of this experiment: the number of short sales will grow over time, as will their dominance in our greater Sacramento marketplace (overall percentage of listings). I have continued to list more short sale properties. Let's see how this new data compares to the "control data" for the experiment and also to last month...

95624 is the section of Elk Grove closest to Hwy 99. As of right this second according to MLS, there are a total of 325 active listings there. 244/325 listings are short sales. The median price in that zip code in December 2009 was $245,000 according to Trendgraphix (an increase over last installment). The result vs. the control data? Control data was 68.6% of all active listings in 95624 were short sales, vs. 68.3% last installment, vs. 75.1% this month. BIG INCREASE over the control data, and a more significant increase over last installment. Number of 2009 closed short sales - 245.

95610 is a section of Citrus Heights. As of right this second according to MLS, there are a total of 170 active listings there. 116/170 listings are short sales. The median price in that zip code in December 2009 was $196,000 according to Trendgraphix (a significant decrease over last installment). The result vs. the control data? Control data was 60.3% of all active listings in 95610 were short sales, vs. 67.3% last installment, vs. 68.2% this month. BIG INCREASE over the control data, and a slight increase over last installment. Number of 2009 closed short sales - 85.

95826 is a section of Rosemont and College Greens. As of right this second according to MLS, there are a total of 121 active listings there. 72/121 listings are short sales. The median price in that zip code in October 2009 was also $181,000 according to Trendgraphix (a decrease from last installment). The result vs. the control data? Control data was 62.2% of all active listings in 95826 were short sales, vs. 74.1% last installment, vs. 59.5% this month = BIG DECREASE. Number of 2009 closed short sales - 65.

95864 is a section of Sierra Oaks, Arden Park, and Arden Manor. As of right this second according to MLS, there are a total of 140 active listings there. 41/140 listings are short sales. The median price in that zip code in December 2009 was $451,000 according to Trendgraphix (a big increase over last installment). The result vs. the control data? Control data was 17.0% of all active listings in 95864 were short sales, vs. 25.8% last installment, vs. 29.3% this month. BIG INCREASE. Number of 2009 closed short sales - 18.

95818 is a section of Midtown, Land Park, and Curtis Park. As of right this second according to MLS, there are a total of 54 active listings there. 14/54 listings are short sales. The median price in that zip code in December 2009 was $424,000 according to Trendgraphix (big increase over last installment). The result vs. the control data? Control data was 16.0% of all active listings in 95818 were short sales, vs. 25.0% last installment, vs. 25.9% this month. BIG INCREASE over the control data, and a slight increase over the last installment. Number of 2009 closed short sales - 15.

95819 is a section of East Sacramento. As of right this second according to MLS, there are a total of 57 active listings there. 12/57 listings are short sales. The median price in that zip code in December 2009 was $310,000 according to Trendgraphix (a decrease over last installment). The result vs. the control data? Control data was 19.7% of all active listings in 95819 were short sales, vs. 22.6% last month, vs. 21.1 this month. Still a BIG INCREASE over the control data, but a slight decrease over last installment. Number of 2009 closed short sales - 11.

So in summary - of the six Sacramento area zip codes I am tracking for my experiment, 4 of them experienced an increase in the number of active short sale listings from last installment, while 5 experienced an increase over the control data...the majority of the zip codes posted pretty large proportional increases, and the one decreasing zip code I am tracking posted a huge proportional decrease. My phone definitely keeps ringing and I continue to receive emails - I am fielding lots of inquiries from homeowners looking for more information and insight from my short sale experience...buyers too are really curious about the short sale process since they are encountering so many short sale listings in our marketplace. Also (you will be aware of this if you follow me on Twitter or Facebook), I closed many of my own short sale listings since the last installment of Erin's Sacramento Short Sale Experiment...in fact I closed an Arden short sale last week, and I have another Sacramento short sale closing next week. Until next time!

Erin's Sacramento Short Sale Experiment, Part I
Erin's Sacramento Short Sale Experiment, Part II
Erin's Sacramento Short Sale Experiment, Part III
Erin's Sacramento Short Sale Experiment, Part IV

Sacramento Real Estate Statistics - December 2009

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Tue, 26 Jan 2010 21:21:12 -0600

Hmm. Is it just me, or do the median price statistics in Sacramento County sure seem to look pretty flat for the last year? If you look at the median price in December 2008 vs. that of December 2009, you will actually see an INCREASE of about 5.1%! Perhaps now we have enough data to think this little trough we saw from last January to April was not a fluke - and stability is here to stay? Time will tell. I can tell you that most of the transactions I have been representing for both buyers and sellers, (in all price ranges, short sales, foreclosures, and "regular transactions with a traditional sellers" - yes those DO exist!) are mostly met with multiple offers often resulting in pushing the price over the listing price. If you would like me to email you the Facts and Trends graphs for specific zip codes in Sacramento County, just shoot me an email and I am happy to provide them.

New Short Sale Listing - 7117 Heather Tree Drive, Sacramento, CA 95842

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Sat, 23 Jan 2010 00:16:50 -0600

Adorable Sacramento 3 bed, 2 bath, 1,159sf home is ready for a new owner! You will love the updated kitchen, open floor plan, spacious master bedroom, and the convenient location within minutes of shopping, entertainment and freeway. LOW $60/month HOA dues cover the front yard and common area maintenance. Convenient location close to I-80, shopping, schools and more. Offered at $119,000 subject to lender approval of short sale. For more photos and information, visit http://www.7117heathertreedrive.com/.

HUD's proposed changes to FHA lending programs...and what this means for Sacramento home buyers and sellers...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 20 Jan 2010 20:26:03 -0600

The US Department of Housing and Urban Development (HUD) announced today that it is planning to make some changes to its FHA loan program. Hmm...the announced changes include:

Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. Per HUD's press release, "the first step will be to raise the up-front MIP by 50 bps to 2.25% and request legislative authority to increase the maximum annual MIP that the FHA can charge." This change will supposedly take place this coming Spring 2010. Eventually, they plan to shift this from an up-front fee increase to an annual premium increase. What does this really mean, in plain english? The FHA mortgage insurance premium is paid by the buyer up front, however the cost is financed into the loan. For example, if your purchase is for $300,000, your "base" loan amount after your 3.5% downpayment is approximately $289,500...the MIP is added to the base mortgage loan amount. Currently, MIP is approximately 1.75%. This would add approximately $5,066.25 to your financed loan amount, making your total financed purchase approximately $294,566.25. With this change, with the MIP being raised to 2.25%, this would add an additional $1,447.50, for a total financed amount of $296,013.75...a difference in monthly payment of about $10 depending on the interest rate?

Update the combination of FICO scores and down payments for new borrowers. Per HUD's press release, "new borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with less than a 580 FICO score will be required to put down at least 10%." This change will supposedly take place this Summer 2010. What does this really mean, in plain english? Candidly, I really do not anticipating this having a huge impact on FHA lending as it exists. Until now, there has been no minimum FICO score requirement imposed by HUD, however, lenders who fund FHA loans have imposed their own "overlay" requirements. I do not know of ANY lender who currently will fund an FHA loan for a borrower with a credit score below 580 (and really, that number is probably 620). I just hope lenders do not create new "overlay" requirements that raise downpayments for borrowers with credit scores under, say, 640 or something...

Reduce allowable seller concessions from 6% to 3%. Per HUD's press release, "the current level [at 6%] exposes the FHA to excess risk by creating incentives to inflate appraised value. This change will bring FHA into conformity with industry standards on seller concessions." This change will supposedly take place this Summer 2010. What does this really mean, in plain english? Candidly, this does suck (for lack of a better way of saying it). While I think it is pretty rare to see a buyer ask for a 6% seller concession (aka, a credit for buyer's closing costs), it is not uncommon to see a buyer ask for 3.5%, or 4% to cover their closing costs. Also, often times a credit will be negotiated after the buyer and seller are in contract to compensate for a repair or something of that nature...now ALL credits will be capped at 3%. Heck...many conventional loans allow more than 3%. It means that buyers will have to come into the transaction with more money...that concept is not a terrible thing, but all of the (probably unintended) consequences of limiting the seller concessions could be really crappy.

So what is the net effect of all of this? If you are an FHA buyer looking for a home, and these changes above will adversely affect your ability to purchase a home, you may want to get in gear and complete your purchase...or, start saving more money for your purchase. If you are a seller, and potential buyers for your home may be using an FHA loan (which in Sacramento, will be MOST sellers), get ready for these changes...you will be capped at a 3% seller concession, so throwing money at a transaction in lieu of repairs may not fly in some cases.

City of Elk Grove First Time Home Buyer Downpayment Assistance Program

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Wed, 20 Jan 2010 01:35:30 -0600

Are you a first time home buyer seeking to purchase a home within the City of Elk Grove limits? Well you are in luck! The City of Elk Grove has received grant money from the US Department of Housing & Urban Development (HUD) "Neighborhood Stabilization Program." The program affords eligible first time home buyers up to $60k in the form of low interest, payment-deferred loan toward their downpayment and closing costs!!

Of course there are several buyer eligibility requirements...among the requirements are that the home must be a bank-owned/foreclosed single family home, within the city limits, and the buyer's income must be within the 2009 "moderate income limits."

Think you may qualify? Get more info by downloading the City of Elk Grove's brochure or check out their program fact sheet.

HUD Suspends its "Anti-Flipping" Rule! What this means for Sacramento FHA Home Buyers...

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Fri, 15 Jan 2010 21:12:34 -0600

If you follow me on Twitter, you will already know that I "re-tweeted" an earlier post from the California Association of Realtors regarding a temporary suspension of a HUD lending rule that has prevented many buyers from purchasing "flipped" homes.

What is a "flipped" home? As you can probably guess, this is when an investor purchases a home with the intent to resell it for a profit.

The rule has been that a buyer using an FHA loan can not purchase a flipped home until the title to the home has been held by the current seller for 90 days or more. A couple years ago, HUD excluded bank owned properties from this rule, as there is a change of title from the owner to the bank. Often times however, investors who are flipping property do some improvements to the property and list it within days or weeks of taking title to the property....it is not uncommon when I am looking for properties to show a buyer to see an agent-only remark in MLS stating something like, "Sorry, no FHA loans until 2/15/2010 due to anti-flipping rule." In fact, in 2008 I wrote a blog post about the anti-flipping rule when one of my buyer clients expressed interest in purchasing a flipped home.

Sooo....now, according to HUD, they are going to make an exception to their anti-flipping rule for one year. This new exception to the rule is effective begining February 1, 2010.

I will be VERY curious to see how lenders who fund FHA loans will react to this. Just because HUD will allow flipping, that does not necessarily mean that a lender will permit it. In fact, even with conventional loans, many lenders will not lend on a flipped property. Time will tell!

Buyers - be sure to ask your loan officer about how this rule may affect your ability to purchase a flipped property with an FHA loan. Do not assume that since this new exception to the standing rule has been made that you will be able to actually find a lending institution that will do it.

New Short Sale Listing - 923 Equinox Loop, Lincoln, CA 95648

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Fri, 15 Jan 2010 00:28:33 -0600

Equinox at Lincoln Crossing! This beautifully maintained 3 bed, 2.5 bath courtyard home is better than new, and includes many nice upgrades. You will love the open floorplan, gourmet kitchen, tile flooring, custom paint, window coverings, pre-wiring for surround sound, 2-car garage and beautiful landscaping with stamped concrete patio! Offered at $165,000 subject to lender approval of short sale. For more photos and detail, visit http://923equinoxloop.com/.

New Short Sale Listing - 2580 West El Camino Avenue #1105, Sacramento / Natomas, CA 95833

Erin Attardi, Realtor - Sacramento, CA 916-342-1372 (Lyon Real Estate ) — Thu, 14 Jan 2010 15:05:34 -0600

Welcome to the Astoria community in Natomas! Come and fall in love with this amazing 2 bedroom, 2.5 bath end unit condo with attached 2-car garage, dual master suites, gourmet kitchen with granite counters, maple cabinets and stainless appliances, and separate living and family rooms. Enjoy the state of the art fitness center, pool and clubhouse just a stone's throw from the front door. Don't wait! Offered aty $169,000 subject to lender approval of short sale. For more photos and additional details, visit http://astorianatomascondo.com/.