"How's real estate?" I'll tell you....

With a long face primed for sympathy, I get asked "How are you doing in this market?" quite frequently. Well-meaning friends and others who know I'm a realtor, assume I am suicidal about THIS MARKET... broke, in debt, and have no one to sell to, sitting all alone in an empty office day by day twiddling my thumbs.

My answer always shocks them. "I'm doing great! I have helped 20 families manage their life by buying or selling a home this year." TWENTY! (Not my record of 55, but enough to give me great satisfaction that my career is still on-track.)

"Who the heck would buy (or sell) in THIS market??? I hear it's tanked. Prices are down. And who would buy these days knowing they may lose their job???? Who has any money to buy?"
Welp.... here's the answer. Who I have sold to this year will tell you what the market is about right now.... who is buying and who is selling....

I started off 2009 with May* and her husband. She had been transferred to So Cal during a reorganization. If she wanted to keep a job, she better move. She had help from her relocation benefits, and had enough equity left over to afford a downpayment down south. (* some unusual names have been changed to protect those whose Mom is a realtor, yet they bought or sold from me.)

Buyer #2 - I love Nate! First time homebuyer, mid twenty's... ready to start being responsible and spend weekends at Lowe's. Bought a short sale, had it appraise for $40K more than he paid. THEN got the $8,000 tax credit, which was more than his $6,000 down payment. And payments less than his rent would have been. Happy Camper! (And by now, master floor refinisher, I'm sure!)

Next.... Chuck and Mary selling their life-long home. He was offered a new territory in Arizona, and, tempted by the warm weather, moved. A first time homebuyer bought theirs - (they got the $8K credit.)

Billie wanted to move across town to be closer to her grandkids. Bought a fantastic newer home from a real seller who actually had equity! Woo-Hoo. Now she Skypes her grandkids from 2 blocks away!

Jim and Mary felt ready for Sun City's "cruise-ship-on-land" atmosphere, so sold their home of 25 years... to a first time homebuyer... who got the $8K credit. I'm sure they are playing golf, instead of mowing lawn, as we speak.

Brian and Wendy moved here from a big home in Colorado, into a stunning newer home with a pool in Serrano. At a shockingly low price. She's a nurse, and he has a great state job.
Next came Shannon and Ron who had 92 year old Grampa living with them, along with 3 kids... in a home so small, they had to go outside to change their mind. They bought a bigger home, with room for all, right next to a park. (Grampa was SOOOOO cute!)

Clay and Pat bought two rentals... convinced that the upcoming economy makes this the perfect storm of interest rates, prices, and tax laws to make it INSANE to not buy rentals now. We're now on the hunt for two more, and Clay's become an expert rehabber.

Stephen, one of my friend's sons, joined the ranks of adulthood by becoming an accountant and buying his first home, all at the same time. Woo-Hoo. And he racked up the $8,000 credit, plus payments comparable to his rent.... BUT HE OWNS IT! Feet up on the ottoman, beer in hand, "Go Niners" reverberating throughout the house...... Life is good.

Josh... another twenty-something first time buyer, took the bus to my office from his state job, and wanted a home near the bus line. We got a great deal, that appraised about $60K more than our purchase price. He also got the $8K credit. Another happy camper.

Bob and Marcy felt the pull of home yanking them back to Fair Oaks after 8 years on the East Coast. A mega runner, Bob wanted a special home where he could fall out the back door and be on our magnificent American River Parkway trail. A little clandestine digging revealed the perfect spectacular bluff home, right on the trail. They move in soon. And you can bet he'll be a happy runner!

Sharon's a teacher, who after owning many homes in many locations, had recently moved back in with 90 year old Mom. Interest rates and prices were just too attractive to keep her at Mom's, so now she's painting and redecorating her own home, adjoining the parkway where she walks every weekend. SHE got the credit, too!

Bob's Dad died this year, and he needed to sell his life-long home. I did it.... for $70K more than his neighbor offered him "to save on the realtor's commission". Bob and his bank account LOVE me.

Scott and Gina moved here from the Bay Area, where they couldn't afford a yard bigger than a postage stamp for their 3 darling active girls. A sports scout, they could live anywhere. Here, they got a first-time purchase - 2000 feet of exquisite beauty on a cul-de-sac, a 3 car garage, and a play structure. Their daughter caught their dinner the other day in Folsom Lake. Happy? Yeah, I'ld say!!!

My friend's Mom moved to a care facility, so I sold her condo to help pay for her care. Unfortunately, Mom passed away during our escrow, but the funds will help pay for care of her husband.

Josh and Melanie... now HERE are happy campers. We've been looking for 2 years. (Yeah, you could say I'm patient) Their son grew up (well, tripled his age, anyway), and they had a new daughter during the time of our hunting. I felt like part of the family. Right before Christmas we closed escrow on their new home, with a pool and huge play structure. They are already deep into a kitchen remodel. The good news is that prices tanked during the time we were looking, and they ended up buying at a rock bottom price with a killer interest rate.

Then there's sweet Sam and Michelle - other first time home buyers, who only put $4K down on their new home, and will get $8K back from the Federal credit. They have already painted, done flooring and have such pride in their own home. They want to expand their family and wanted a home of their own to do it in.

Then there are more, including Craig, whose escrow fell apart when his Mom passed two weeks before closing, leaving him a home. Who needs two? Cancel escrow.

So, as you can see, people buy or sell for many reasons. Death, expanding family, taking on the responsibilities of adulthood, job transfers, changing family structures. Lots of reasons. As a realtor, I love just taking care of my peeps. I chose to not jump into the listing of bank foreclosures, or to specialize in short sales, and instead have continued to focus on what my peeps need. And as you can see, they keep needing to move, buy, sell, or make a change. It's a great business. A good life.

Fair Oaks, California, Home Prices and Sales Activity (5/09)

It's been a wild ride for homes sales in Fair Oaks, California, but for 2 months in a row we have had huge increases in the number of sales.

Sales doubled in March over the preceeding month, from 18 to 38, then increased another 10% in April, to 41.

And all the while inventory has been dropping to it's lowest numbers in over a year. With 42 pending sales out of the 132 homes on the market in Fair Oaks, that's roughly 1/3 of the homes selling in one month.

Compare that to one year ago, when only 1/5th of the homes sold.


But what effect have the increased sales had on the prices, you ask? April saw an overall increase in the average price per square foot from $143 to $149. That's down from a high of $194 last April.

Remember, this is for all price ranges. In general, the lower priced homes are going to sell for much different per-foot-prices than luxury homes.

But one thing is for sure... it's tough to build as cheaply as our homes are currently selling for.

We are in a market that may be the best buyer's market you'll ever see. Low prices, low interest, and some selection.





If you want stats on a specific price range, just holler on over. I can zero in on price for you, or provide stats for any other Sacramento area neighborhood.

Video Tour of Fair Oaks, with Sally Dunbar, Your Fair Oaks Realtor.

I've been living in and loving Fair Oaks since 1979, and I can't think of a place I would rather live or raise my kids. That's why it's my favorite place to sell real estate. Join me on a brief video tour of my Fair Oaks, the way I love it. I filmed this in April of '09 during a glorious week of Springtime weather.

For more information on Fair Oaks Homes for sale, give me a call, (916) 535-0356, or search for homes at www.SallyDunbar.com. (I do list and sell homes throughout the Sacramento area, but now you know my bias!)

My escrow just blew up. Can I keep my buyer's deposit?

OOOH.. Tough break. No one's happy when an escrow falls apart. But whether the seller gets to keep the buyer's deposit comes down to two words.

It Depends!

Let's say the buyer has already removed all their contingencies in writing. Now they lose their job, or they find another house they like better, or they decide they can't stand each other, after all. They want out. In most cases, the seller would have a right to keep the deposit. After all the buyer backed out, AFTER removing their contingencies.

But HAVING A RIGHT TO THE DEPOSIT, AND ACTUALLY GETTING IT ARE TWO DIFFERENT STORIES.

In Fair Oaks and the Sacramento area, the buyer's deposit is typically held in escrow. Escrow is a neutral third party. Escrow needs both the buyer's and the seller's approval (signature) to do anything. And that includes releasing any money.

But if the buyer is stubborn, or is a jerk, or really doesn't think it's their fault the can't complete the sale, they may refuse to sign the release, even though they agreed to in the contract. Then, short of begging, reasoning, pleading or sending out Luigi, the seller has no option other than court - usually small claims court.

As a little twist, twice I have had a buyer back out, then leave the state. Now what? You can't file in small claims court against an out-of-state person.

So what happened to the $5,000 that was sitting in escrow... that rightfully should have gone to the seller? It's still sitting there today. My seller didn't get it, but at least the buyer didn't get it back either. Escrow can't do anything unless both sides agree. Ultimately, the escrow company will turn the unclaimed money over to the state.
An honorable buyer, who does what they say they will do, will sign the release, and turn the money over to the seller. After all... a deal's a deal. But that's why we have courts. Not everyone does what they say they will do.

Flickr photo by shyg's photostream

Sacramento Area... On Sale and On Fire!

My broker just returned from the Realty Alliance conference, which are the top 100 independent real estate brokers in the nation. Sacramento was the "talk of the town", he said!

We are apparently giving the nation hope that we are turning the corner in this market, with our booming sales. We were one of the first to be hit during this "Repo Madness" which is sweeping out nation, with a record drop in prices, but it looks like we are the first to be coming out of it.

Our county-wide inventory is down 58% since a year ago (8968 to 5251 currently). Our price per square foot is down 29% (161/ft to $115/ft currently), and appears to be leveling off. We are down to 3.4 months of inventory, from a high of 11.2 months back in Jan of '08.

Sales for the past 4 months are furious, with 39% of our listed homes entering escrow in February '09, compared to 14% last February. This is truly phenomenal.

What does the future hold?... who knows. But for now, interest rates are at an all time low and the buyers are coming out of the woodworks enticed by the sale prices we have. It's fast, furious... heck, we're on fire!

It's a great time to be a buyer!

The Right Kitchen Remodel Pays For Itself!

A complete kitchen remodel isn't cheap...$20K - $40K on average. But if you have an ugly kitchen, you will drop the price of your home by more than that to sell.

Would you pay $25K more for this home with this kitchen?

Or think of it this way, if you were a buyer, how much would you take off the price of a home if it's kitchen looked like the "before" kitchen below?

This kitchen was MAJORLY UGLY... bad flow, funky cabinets, ugly counters, yucky lighting, dated tile floors, a dropped ceiling and right-in-your-face hanging cabinets.

Before putting it on the market, we redesigned it, (thanks Suzanne Kyle Space Planner & Interior Design) gutted the old one, and built a beautiful new kitchen with new hardwood flooring and contemporary lighting. (Thanks DR Dunbar Construction Services... my sweetie). What a difference!

(See how expanding the cabinet around the corner opened up the whole space? That was Suzanne's money making idea.)

Sellers, To get your home ready to sell.... call me.... I GOT PEOPLE!

Prep Your Home for Sale - Closets and Shelves

DON'T OPEN THAT DOOR... EVERYTHING MIGHT AVALANCHE OUT! If that's your home... listen up. When you sell your home, you're darn tootin the buyer is going to look in every closet. Afterall, that will be their future storage!

So take a look and see what you should do to make your closets presentable....

To get your closets and the rest of your home ready to sell, call me. I'm brutal when it comes to throwing out YOUR things! Seriously - you will thank me when the buyer makes their offer.

I've sold hundreds of homes where the seller took my advice and prepped it for sale. Let's make you the next one!

Prep Your Home for Sale - Your Bathrooms

Let's take a little stroll into your bathroom and check it out. Sound a little too personal? Well just imagine the buyers who are checking out your bathroom, to decide whether to buy it or not. They don't want to be in there with you OR your personal things... they don't even want to NOTICE you in there, or they get uncomfortable.

Check out the following video and think about how your bathroom looks from the buyers eyes.

Give me a call and let's whip the rest of your home into shape for your buyer. It's money in your pocket, so take the time now.

Prep Your Home for Sale - Personal Belongings

What does "Yo Mama" have to do with preparing your home for sale? Plenty. Take a look at the following video to find out what!




So check out your home from the eyes of a buyer. Do you have a montage of photos on your hallway that will trap the buyer's attention? Get rid of it. And your Mama's wedding picture.... out it goes. At least until you are in your new home and can safely put out all your relatives again... NO MATTER WHAT THEY LOOK LIKE!

Not sure what else to do... I'll help you. Give me a call. We'll get your home looking ship-shape!

Prep Your Home for Sale - Put Away Photos!

Your home looks great doesn't it? Friends come to visit and just love seeing your Little League team pictures, your expensive wedding portrait, and your historical gallery of your great-grandparents. It tells them all about who you are. And they love it.

But buyers could care less! They aren't buying YOU, they want to buy YOUR HOME! Do you really want them to walk through your home like this.... "How many kids do you think they have... didn't you go to school with her?... what do you think they do? EWWWW, what an ugly man this is - I'ld die if I had an uncle with a schnoz like that?"

Think they don't talk like that? Get real! they totally judge and evaluate everything you present them about your life..... so GET RID OF IT BEFORE THEY HAVE A CHANCE!

Watch this video, then contact me.... we'll do what it takes to get your home "SHOW READY".