Land Park, East Sacramento
and Curtis Park Specialist

HOW ARE VALUES EVER GOING TO GO UP?

HOW ARE VALUES EVER GOING TO GO UP?

HOW ARE VALUES EVER GOING TO GO UP?

We have a problem. We are creating the perfect storm. As Erin Attardi’s post “Erin Attardi’s Short Sale Experiment” reflects, there are areas where the majority of available properties are short sales (and I suspect a few foreclosures thrown in). In the new HVCC regulations, appraisers cannot be in communication with Realtors, agents or lenders. It is more important for comparables to be recent than accurate. Allow me to elaborate. At one time, appraisers would take into account that a property was a foreclosure or short sale when they were doing their appraisal and adjust accordingly. If we, as Realtors, felt that inappropriate comparables were being used, we could discuss the issue with the appraiser. Appraisers, if they felt we had a valid point, could change their appraisal. Comparable properties could have closed within the last 6 months. If the market had changed, the appraiser would adjust accordingly. Presently, appraisers are coming up with value by using the lowest common denominators…the short sales and foreclosures. No longer is there an adjustment for these types of sales. Due to HVCC, appraisers can come in and appraise in an area that they have no experience in…and we have no way to help them or provide information to encourage accuracy. With a shortage of comparable sales in now a demanded 3 month period, appraisers are being told to go outside the true area the home is in, thus throwing off the true value of the property. So, if we are valuing our listings by the lowest common denominator, and there is no adjustment for the type of sale they are (generally seriously...

RAIN OR SHINE, YOUNG PROFESSIONALS COUNCIL SUCCEEDS!

Today, the Sacramento Association of Realtor’s, Young Professionals Council sponsored the Second Annual Vendors Fair. More than 40 vendors, stagers to Tupperware, pest control companies to jewelry sales, insurance to cutlery, were there promoting their wares. Even in the rain, they persisted!They offered a great barbecued lunch. Choices were wonderful…hamburgers, veggie burgers, hot dogs, chips, macaroni and potato salads, and the ever popular chocolate frosted cupcakes!There was a wide variety of raffled items to win…shuffles to car washes, wine baskets to decorated canvas bags…and the grand prize, a mini laptop with all of the bells and whistles.At the very least, tapping your toes couldn’t be resisted with the likes of Santana being played with gusto in the background.Finally, the ultimate purpose of the event was celebrated. The Young Professionals Council raised over $4000 for the Scholarship Fund. With gifts such as these to the fund, the Scholarship Committee has raised enough money over the year to give out 39 scholarships totalling $44,000! All in all, a VERY GOOD...