Monthly Archives: September 2017

Buying and selling a home, Contract negotiating when buying or selling a home, Home inspections, Real estate, Running and real estate, Sacramento buyers, Sacramento real estate, Sacramento sellers

Important Real Estate Question Answered for Buyers and Sellers – Sacramento Hot Real Estate Market

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“How is our Sacramento real estate market?” is a question I get quite frequently when talking to friends, past and new clients. Before elaborating on this question, I try to start with a simple answer, such as : “Well, it is a seller’s market right now.” This straight forward statement is immediately understood, but oddly enough, I have come across seasoned agents who still do not explain our purchase agreements to their buyers correctly and honestly.

 

One of my listings that I have sold for my sellers in three days with multiple offers. Yet, the buyer asked for $5,000 credit for repairs following the home and pest inspections, even though the repairs were quite minor. Their intention was to renegotiate on the price after the inspections, which should not be a buyer’s focus or hope when making an offer.

 

I have recently sold properties in Auburn, Rancho Cordova, Carmichael and acted as the listing agent, meaning that I represented the seller. On all the listings, I received offers at or above asking price with no mention about repairs on them, which is why I want to answer and clarify the following question for future homeowners, as well as sellers.

 

  1. Is the seller obligated to do repairs for the buyer after buyer’s home and pest inspections to name just a few?

    The answer is: NO. The seller can certainly choose to do some repairs, all, or no repairs based on the “as is” clause, or paragraph 16 that is in our contracts. Yet,  most selling, or buyers’ agents do not bother to explain this clause to their buyers, who will get upset and frustrated later, if sellers do not agree to do repairs.

16. CONDITION OF PROPERTY: Unless otherwise agreed in writing: (i) the Property is sold (a) “AS-IS” in its PRESENT physical condition as of the date of Acceptance and (b) subject to Buyer’s Investigation rights; (ii) the Property, including pool, spa, landscaping and grounds, is to be maintained in substantially the same condition as on the date of Acceptance; and (iii) all debris and personal property not included in the sale shall be removed by Close Of Escrow.

With older homes there are more items that home inspectors point out on their reports. However,  our purchase contracts are written as is. You can always try to negotiate, but sellers do not have to agree.

 

The moral of the story for buyers and sellers:

 

  1. Buyers – Do not expect the sellers to bend over backwards to do repairs, or offer a credit. Be reasonable if you do ask for repairs and evaluate the repairs needed before making an offer in case sellers will not agree to do these repairs after your inspections.
  2. Sellers – I hope you will work with an agent who will fight for every dollar on your behalf and who will not make you do unnecessary repairs, especially if you are selling your home at a great price and have had multiple offers. Have your agents negotiate on your behalf, and feel free to refuse doing minor/petty repairs that come across on the famous, or most precisely, infamous Request for Repairs form. Yet, be flexible with repairs that are major or safety items, as it is not always easy to start with a new buyer and it will definitely delay the close of escrow.

 

For more info on running and real estate, whether buying or selling, please e-mail me at carmenmicsa@yahoo.com, or call me at 916-342-2446. Running for real estate with joy!

 

Buying and selling a home, Real estate market outlook, Running and art, Running and real estate, Running tours, Sacramento real estate, Seller's market

Sacramento Real Estate Developments & Our Thriving Art Community – Art Meets Real Estate

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With the continued growth of our real estate market and prices climbing, Sacramento is still affordable especially for Bay area buyers who agree that Sacramento is a thriving community with great nightlife, according to some Bay area newspapers, a flourishing art community, and an amazing bike trail system for various recreation purposes.

Staff writer Ben van der Meer of the Sacramento Business Journal has recently come to our Sacramento Association of Realtors  and talked about future developments happening in Natomas, Folsom, and, of course, downtown.

 

Grateful to listen to a wonderful presentation at our monthly broker meeting held at Sacramento Association of Realtors.

 

Sacramento’s Real Estate Projects

 

  1. Natomas has 3,000 entitles, but unbuilt homes.
  2. Folsom will have a 6,900 new units being built . The Folsom plan will add about 350 homes a year.
  3. Rancho Cordova will also build 6,700 homes with a master plan being developed that would add about 12,189 new homes. Rancho Cordova has the advantage of being close to the Lightrail.
  4. Downtown has 2,200 entitled or under construction units.
  5. Sacramento has a lot shortage with a supply of about 5,700, which is approximately a year’s worth.
  6. J St- 11-story project in midtown with 175 units being built, some as small as 440 sq. ft.

 

Some of the building projects.

 

Despite all these great new building projects, staff writer Ben van der Meer pointed out that new housing supply will continue to stay slim, which creates a shortage of new listings and inventory.

 

Sacramento’s Wide Open Walls – Art Meets Real Estate

 

Another reason to be excited about our Sacramento real estate market and all the new projects is the Wide Open Walls new murals that adorn Sacramento’s old and new buildings. With more building and development, the art movement is evident. More than 50 local, national, and international artists have produced some amazing art, using various techniques, such as spray painting.

 

A poignant and suggestive art mural and portrait of a child.

 

Along with enhancing the cityscape, Sacramento Congresswoman Doris Matsui said a thriving arts scene can be an economic driver for the city.

 

Portrait of Lady Gaga on the Golden One building, where I recently saw her in concert. Gaga-ism at its best done by Southern California artist Christina Angelina.

 

I was lucky to take the Wide Open Walls running tour done by one of my fellow runner friends Jenn Kistler-McCoy and organized by our best local running store Fleet Feet. Jenn is the founder of Sacramento Running Tours. She leads walking and running tours of our beautiful city and has tremendous energy, passion, dedication, and knowledge about Sacramento’s culture and history.

 

 

A collage of the art murals reflecting different themes, artists, and painting techniques. A feast for the eyes, heart, and soul! Sacramento moooves us with its sophistication – not a Cowtown anymore!

 

 

Due to the constant developments and our growing art movement, Sacramento will continue to be a wonderful place to live a lot more affordable than the Bay Area, so let’s be proud of our buildings – inside and outside with all their stories and adorning art.

 

 

For more info on running and real estate, whether buying or selling, please e-mail me at carmenmicsa@yahoo.com, or call me at 916-342-2446. Running for real estate with joy!

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