Why I work by referral, Tyler Smith Sacramento
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Why I work by Referral!!
Thursday, August 5th, 2010TOP 50 PRODUCING TEAMS IN THE NATION…. WE MADE THE LIST!!!
Tuesday, May 25th, 2010For the first quarter we were ranked in the top 50 nationwide. We came in at #28 and are very excited. We went down a couple of spots from Jan-Feb, so we are pushing to keep that ranking. We have one of the hardest working teams out in the market place!!! Thank you to all of our Buyers, Sellers, and Asset Managers who trusted us!! We are here to serve!!!
TOP 50 PRODUCING TEAMS IN THE NATION
Tyler Smith & Team ranked #24 in the Nation
Wednesday, April 14th, 2010For the months of January and February we were ranked in the top 50 nationwide. We came in at #24 and are very excited. We have one of the hardest working teams out in the market place!!! Thank you to all of our Buyers, Sellers, and Asset Managers who trusted us!! We are here to serve!!!
Foreclosures’ collateral damage widespread
Friday, February 12th, 2010If you’re among the thousands of Sacramento-area homeowners who played it conservative during the housing boom, who didn’t refinance or flip to a bigger house, everyone else’s foreclosures reached out and smacked you anyway.
Sales prices are lower. There’s less home equity to tap into. Local services have been shredded by falling property tax revenue.
Such repo collateral damage is why so many owners who pay their mortgages on time are so grouchy.
Rob Wassmer hasn’t been affected so much. Fourteen years ago he bought an east Sacramento house – in the Fab 40s – cheaply at the very bottom of the last housing bust. His older neighborhood has largely escaped the brunt of 52,000 foreclosures across the Sacramento region since 2007.
But Wassmer knows the financial whipping people have taken in Lincoln, Elk Grove, North Highlands and Yuba City. Being an academic, he knew there had to be a number for the carnage.
“I knew this kind of research had been done. I wanted to do a study of Sacramento,” said Wassmer, chairman of California State University, Sacramento’s department of public policy and administration.
Wassmer analyzed $9 billion in sales prices from 36,822 home sales in Sacramento, Yolo, Yuba, Sutter, Placer and El Dorado counties between January 2008 and June 2009. Almost half were homes sold by banks. The other half were sold by regular folks.
He concluded that the foreclosed homes cost this one region of America $2.7 billion in price cuts and lost equity over just 18 months.
• The repos sold for $659 million less simply because they were bank-owned and differed from normal sales. They took $1 billion more in price cuts because they were near other repos.
• Both reductions then stripped $1 billion from sale prices of nearby homes never in foreclosure danger.
Collectively, these foreclosures cost local governments $27.1 million in property taxes. Reassessments will likely take more.
Said Wassmer, “This is a call for regulation.” He suggests a federal law to make lenders and borrowers meet in “structured mediation” at least once before foreclosure.
Few ideas have proved so far to be the solution. See the research directly at: >www.csus.edu/indiv/w/wassmerr/ResForeclosure.pdf
At the end of the repo road a house gets new life
Thursday, December 10th, 2009Here’s to long-time renters Ken and Diana Tate and their newborn son, among the first families to buy a Sacramento foreclosure renovated with federal stimulus funds.The couple paid $117,000 for a house near Fruitridge Road and Highway 99, and moved in two weeks ago.
The Housing Group Fund, small-scale local builders, remodeled the house, and SMUD turned it into a energy efficient model demonstration project.It’s a tiny piece of the $3.9 billion federal Neighborhood Stabilization Plan that sent $32 million to Sacramento County earlier this year.
The Sacramento Housing and Redevelopment Agency contributed $86,000 from the allocation to bring back a house nearly destroyed on its way to foreclosure. Said Diana Tate at a ribbon cutting marking the accomplishment Thursday: “It’s been a long time coming.”
In another moving scene, husband Ken said they’d looked at houses for a year. ”We finally finished the race,” he said.
Here’s a look at the ribbon cutting held in their front yard:
Home sales gravity: Higher-end prices in capital area can drop farther
Friday, October 23rd, 2009After years of falling values and a massive sell-off of foreclosed homes in the Sacramento region, it’s easier now to believe real estate agents when they say the market has bottomed out.
But wait. That’s the lower end, houses priced at roughly $300,000 and under, the zone of repos and bidding wars between investors and first-time buyers.
The higher end of the Sacramento-area market – say anywhere from $500,000 to $1 million or more – still has ample room to fall unless this economy surprisingly rebounds. So owners are whacking harder now on initial asking prices.
You can see that in new statistics from home search firm Trulia.com. The company says homeowners with listings in El Dorado, Placer, Sacramento and Yolo County have collectively reduced asking prices by $156 million since putting out for-sale signs.
About 40 percent of that markdown is from homes priced at $1 million or more. On average, these richest owners have cut their prices by $271,000 in El Dorado County, and $334,000 in Placer County.
Up in the real estate heights, it remains more expensive for buyers to get financing. The move-up buyer pool is smaller than ever as thousands at the lower- and mid-market have seen their equity shredded.
Those who can buy at higher prices are savvy and watching for capitulation, meaning “price reductions and opportunity,” said Bob Bronswick, head of Coldwell Banker’s residential brokerage for the Sacramento and Lake Tahoe region. For owners, it’s all about what Bronswick and others in the trade call “getting a little more realistic.”
Bronswick said the higher end is a little stronger than a year ago. Yet numbers from the Sacramento Association of Realtors show just 2.9 percent of October’s buyers paid $500,000 or more in Sacramento County and West Sacramento. At today’s pace, it would take two years to sell the houses in SAR’s territory priced at $650,000 or more, said association President Charlene Singley. The market as a whole has a much smaller inventory of unsold homes – just 3.2 months worth.
This story is repeated all over California. There’s a market for it still,” Bronswick said of higher-end homes. “But it’s a little bit softer.” In a business where no one likes to be negative, and inside an economy that hasn’t got its act together yet, that’s probably putting it – well, softly.
Rents headed down again
While we’re speaking of deflationary real estate, area apartment rents have returned to late 2006 levels. That’s after a yearlong slide that continued in July, August and September, Novato-based industry tracker RealFacts reported this week.
No wonder capital apartment complexes are offering “two-bedroom blowouts” or a four-bedroom lease for the price of two bedrooms.
RealFacts pegged average third-quarter rent at $946 for 76,000 apartment units in El Dorado, Placer, Sacramento and Yolo counties. That’s down from $974 a year ago. The average two-bedroom, two-bath unit goes for $1,062, said the firm.
Rents at large apartment communities are falling in tandem with higher vacancies as more people who have lost their jobs double up, live at home or rent houses from people unable to sell them.
Average monthly apartment rents and occupancy rates in capital-area cities:
• Davis: $1,354; 96.4 percent.
• Elk Grove: $1,098; 88.9 percent.
• Folsom: $1,138; 90.4 percent.
• Rancho Cordova: $814; 93.5 percent.
• Rocklin: $1,047; 93 percent.
• Roseville: $1,066; 92.9 percent.
• Sacramento: $929; 92.4 percent.
Homeowner Expects Electric Bill to Drop by Two-Thirds
Tuesday, October 20th, 2009FAIR OAKS, CA – The new owner of an all-electric home in Fair Oaks expects to pay about one-third as much to SMUD as the previous homeowner did.
Jim Bayless bought the 1983 ranch-style home on the brink of foreclosure last May and spent about $42,000 for energy efficiency improvements. “This house is more efficient than most new homes being built today,” he said.
Bayless works with a company called GreenBuilt, which specializes in energy improvements in older homes. SMUD offered Bayless incentives to create a demonstration home to show other homeowners
how to do the same thing.
SMUD Project Manager Mike Keesee said the wave of foreclosures in the Sacramento area offers an opportunity to upgrade thousands of older homes that would be remodeled anyway.
“If you built (energy improvements) into a 30-year mortgage, we estimate you could be cash positive from day one,” Keesee said.
Energy improvements on Bayless’ home include new insulation in the attic and one outer wall, solar hot water, solar electric panels, a heat pump for the electric water heater, retractable window shades, and a rooftop solar tube to provide natural lighting indoors.
Bayless expects the annual $3,000 SMUD bill to drop to $1,000.
The demonstration house is located at 8901 Quail Hill Way in Fair Oaks and will be open to the public Saturday Oct. 24 from 11 a.m. to 3 p.m.
How to buy a Bank-Owned home, too funny!!
Friday, October 16th, 2009Tyler Smith & Team “Most Listings taken” Top Producer September!!
Wednesday, October 14th, 2009
We took the most listings in the office for the month of September. Thanks to all of our clients who supported us and to my great team who worked very hard. Our hope is to continue giving great service to our clients.
Thanks everyone.
CA Senate votes to extend $10K tax credit for new-home buyers
Wednesday, October 14th, 2009Shortly after noon today, the California State Senate voted 35-1 to extend a popular $10,000 tax credit for buyers of new unoccupied homes in California to another 4,300 buyers. It goes back to the Assembly now for a second vote. But the near-unanimous approval of the idea – heavily favored all year by the Legislature – gives it a good shot. The governor has also long liked the tax credit as a boost for the construction sector of the economy.
The bill had long been carried by Assemblywoman Anna Caballero, D-Salinas, as AB765. But as part of budget machinations in the Senate, it was folded into SBX3 37 with Sen. Roy Ashburn, R-Bakersfield as the new author and Caballero as a co-author.
Essentially the legislation, if it clears all the hurdles and receives final approval, will start the clock running again and giving people who close escrow on new unoccupied homes after its effective date a shot at receiving the credit – up to $10,0000 over three years.
But it shuts out people who have closed escrow since the Franchise Tax Board cut off applications on July 2. Already, more than 10,600 California buyers have been approved to get the cut.
Home builders called it a key sales tool during the spring and summer – and cited its absence as a key reason for slumping sales during the third quarter.
