Elk Grove, CA Real Estate News

By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
The sales price of single family homes in Elk Grove is still up over the last year, but since the Fed started raising interest rates earlier this year, the average price of homes has dropped 7% from $703,000 to $654,000.  On Average, homeowners have lost $49,000 in a very short period of time.  It is clear that the Fed will be raising interest rates again at their next meeting.  They have made their strategy very clear.  It is too bad they did not take their mandate more seriously and address inflation much earlier instead of waiting until it was so entrenched. It is remarkable how much household wealth has been lost since this all started.  Reuters says, "U.S. household wealth fell by a record $6.1 trillion in the second quarter to its lowest in a year...The latest fall was led by a $7...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
The first Runnin for Rhett Elk Grove Pickleball Classic is now under way.  It is an exciting day and it is hard to believe that just a few short years ago, our friend Brian Guzman, pickleball ambassador extraordinaire, introduced this sport to our running group.  How did he have so much patients with us to get us here.Brian at the Runnin for Rhett TentToday features the women's doubles competition, while Saturday and Sunday feature the mixed doubles and men's doubles competition.  We have some great players out there.  Come out and cheer them on and enjoy something from Drewski's Food Truck.  They have some great food!Women's Doubles at the Runnin for Rhett Elk Grove Pickleball Classic 
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
When I help someone purchase or sell a home, I like to say that I am helping a friend or a friend soon to be.  Denise started out as a referral and now is a friend. We found this wonderful home in the Lakeside by Heritage 55+ Community.  The community features a private lake, clubhouse, pool, tennis courts, pickleball courts, gym and several other amenities.  It is the only 55+ gated community in Elk Grove.  Homes do not come up in the area often, but just look at the one my client purchased!Living room and dining roomKitchenMaster BedroomIt was a real pleasure helping Denise find a home.  She was new to the area and we had a lot of fun viewing homes.  When we walked into this one, she knew it was the one and we were able to make her dream come true.  She moved in today!"I was fortunate...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
     We saw average prices fall 4.4% from May to June in  July's report.  It is good to see that our market has leveled off as average and median prices are just about the same from July to August as they were at the end of June.  Elk Grove, CA is still up 8% over the past year.   One statistic that jumps off the table is the number of sales last month, 116.  It is way down.  Continuous Days on Market is up quite a bit, but 21 days is still pretty quick to sell a home.  Interest rates have started moving back down so I think those looking to make a new purchase are feeling a little more comfortable again. Home Buyers     There are currently almost 250 active listings right now so buyers do have choices once again with just over two months of supply.  I have noticed that local new home b...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
I am an optimist by nature, but our Elk Grove market has changed in a remarkably short time.For a little perspective, active listings were at 124 on 5/8/22.  Active listings are at 244 as of today (all those green dots in the picture).  It is a 96.7 rise in inventory over a very short time.  The supply change has come with a price drop of just over 3% month over month.  While our current supply is not out of line with our historic supply numbers, our market has turned on a dime.  The change started when the Fed decided to tighten.The Fed, "We have the tools for a soft landing when the time comes."  Obviously, they were wrong when we consider the loss of wealth recently in the stock market, bond market, cryptocurrency market and the large costs of inflation.The Fed (and many others)-"inf...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Real Estate Market Statistics for Elk GroveThis month we do have a few changes in the market.  Prices are up over the last year, but our sales volume is down quite a bit.  We are also showing a big move up for days on market, but we started at such a low number that we are still showing homes priced right selling quickly at 16 days.  The trend is something to watch, though.  It is also worth noting that median prices are down almost 3% since May (average prices are down 4.4%).  Potential home buyers will be happy to learn that our inventory has increased 86% since April from 124 active listing to 231 active listings (see May Market Update).  That is a significant increase.It is not too much of a surprise since our economy has faced so many headwinds; higher interest rates, high gas pric...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Elk Grove Market Real Estate Market Update for June, 2022We have higher interest rates, inflation at a multi-decade high, a stock market that has been correcting, cryptocurrencies have been falling and even the bond market is slipping.  I thought that all would have impacted out market more than it has.  Year over year, median and average prices were both up.  We did see the median price fall, month over month, fall from $685,000 to $670,000.  The average price of sold homes held solid at $703,000, though.The days on market ticked up slightly and we do have just over a month of supply now for the first time in a very long time.  A balanced market is generally thought of as three months of supply so it is still a strong seller's market.  It will be interesting to see how the trend contin...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Our favorite destination for yard art, pots, statues and fountains is Lomeli Statuary.  I bet we have been visiting this place of business for over 30 years.  We have purchased several items to decorate our yard over the years.  We just visited Lomeli Statuary again a few days ago and look who greeted us!   There were several other beautiful peacocks strolling through the gardens and even a few babies.  The babies were so cute.  It was a pleasant surprise.We are always surprised by the diversity of items at Lomeli Statuary.   There is so much more to see, but I want to leave a few things for you to discover.  If you are looking for something beautiful for your yard and live in Stockton, Elk Grove, Sacramento or Lodi, it is worth the trip to Lomeli Statuary.If you are looking for real es...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
The North Laguna Creek Wildlife AreaWe have driven past the trail hundreds of times.  It is a short walk from our current home and we always have wondered what we would find.It really opens up into a large meadow area with quite a few oak trees, plenty of wild flowers and a few Eucalyptus Trees.A little further along the path we ran into Laguna Creek, turtles and lots of birds.  This heron was stalking his dinner.And look at all the sparrows zipping around the area.And we were rewarded with a nice sunset.It really is a nice area to hike, ride your bike or do a little jogging.  There is a bridge over the creek so you can visit North Laguna Creek Park.  We noticed that just a few blocks past the park is the Regal UA Laguna Village Theater so we are planing a hiking trip to watch a movie a...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
I do enjoy hosting open houses and many times I am surprised at the conversations that I have with those visiting the house.  Mary Margaret helped me stage a house a few years ago.  She added a very large, very nice Scrabble board made by Restoration Hardware on the living room coffee table, then she added words like, home sweet home, to the board.  I thought it was a little over the top, but every person that came through the door that day loved it and had to talk about it.  It is a fun way to get visitors to loosen up and enjoy the open house.When we put our home on the market a couple of weeks ago, we had removed all of our furniture so there was no place to put the Scrabble board.  I was a little worried that I did not have my "ice breaker,"  but everyone did want to talk.  They jus...
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By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
203k - Experience CountsLike anything else experience counts. I was talking with someone the other day from Sacramento when I had to think back to when we started doing FHA 203k consulting. It all started in 1994 when HUD created 203k consultants. We did about 20-30 that first year just in the Sacramento juristiction. Then year after year we did more than a hundred each year in that area and sometimes  as many as 250-300 per year just in the Sacramento area.  That is 28 years serving this community.One of the most interesting onces we did ever was a sale for about $888,000 as I recall. How does this become a 203k you may ask? The maximum loan amount for FHA in Sacramento County was about $450,000 at that time.  What we find out from time to time is that you need to think "out of the box...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
There has been a lot of discussion regarding higher interest rates slowing the real estate market.  I just do not see the evidence of it in the Elk Grove Market.Elk Grove, April 2022The median and average prices are up just over 23% for the year.  The median price is up from $644,000 in April or 6.3%.  The average price is up from $685,879 or 2.5%.  Either way, that is a big increase in pricing for one month.  As you can see, continuous days on market has changed a bit and buyers are not paying quite as much over asking price as last year. I did put my house on the market last week.  It went on the market on Friday and it went pending on Monday.  Houses are still selling quickly.  I do not think what we are seeing is surprising.  When interest rates start rising, many times it spurs buy...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
We put our home on the market last Friday, held two open houses over the weekend and accepted an offer Monday evening.  There was a lot of interest in our place with multiple offers.  Two offers were particularly strong and almost identical.  It made our decision very hard and it was tough being the bearer of bad news to one of the buyers.  The agent called me and asked, "What did I do wrong?"  I had to answer, "Not one thing."  It is just that kind of a market.  An agent and his client can do everything right and still come up just a little bit short.  We feel very fortunate that our home went pending so quickly and hope the rest of the transaction goes smoothly.3412 Babson Drive 
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Our house goes on the market in about two weeks and one of our big projects to get accomplished before putting it on the market was getting our pool tile cleaned. We have some very hard water in Elk Grove.  Believe it or not, the build up on our tiles happened in just two years.  The tile is only two years old!  We did try to maintain it.  We purchased pumice stones and rubbed until we only had little nubs left.  It helped, but only by about 50%.  I didn't think there was much I could do, but a friend recommended Hess Tile Cleaning to me. They drained about 6 inches of water from the pool and then blasted the calcium deposits off the tile with little glass beads.  It is pretty amazing how well the process works.Hess Tile Cleaning in ActionDavid Nieves and Austin Hess did all the work. T...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Elk Grove continues to experience solid price growth.  The median home price is up 20.9%, year over year, and has risen 2.2% from February's $650,000 number.  Interest rates have not slowed the market down so far.  There has been a bit of an uptick in continuous days on market, but the overall number of days on the market is still low.  It makes sense as qualified buyers move quickly to purchase a new home to avoid even higher interest rates in the future.  This is very similar to what happened last year when prices rose very quickly in the first half of the year, then flattened out over the last half of the year.Real Estate Bubble?Are we in a bubble?  Will prices fall?  I have never been good at predicting the direction of future prices, but this is my strategy for those that own at le...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Our Lakeside Community's main streets are lined with fruitless pear trees.  They have had a few issues over the years.  About three years many were damaged by fire blight and we even lost a few, but they seem to be doing well again and they are simply gorgeous in the spring.  It sure makes it a pleasure to walk through the neighborhood.  If you would like to learn more about the Elk Grove and Sacramento Areas, please subscribe to my YouTube Channel for periodic updates. I am still not sure what time of the year I enjoy better, spring or fall.  The trees are gorgeous in the fall too.  Which do you like better?  If you are looking to purchase or sell a home in the Laguna West-Lakeside area, let me know.  I would love to help.  I have lived in the area since Janurary of 2000 and know the a...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Elk Grove Real Estate Market UpdateAfter taking a brief break in January, the median price has risen again in February to $650,000.  We are starting this year out much like we started last year with rising prices and a very limited supply of homes to purchase.  There are some real uncertainties in the housing market going forward with rising interest rates, rising inflation, including the rise in cost of fuel and the war that Russia just started.  These factors would generally slow the housing market, but it just does not seem to be happening.Homeowners that purchased their home in the last few years (or even the last 10 years) have seen some very high returns on their purchases.  Many have purchased these homes with very small down payments adding a lot of leverage to their returns.  T...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
We are getting our next listing ready for the market and thought it would be fun to share on of the coolest features of the property, the pond.  Imagine coming home to this quiet and relaxing backyard.The pond does have its share of wildlife that visits too.  We spotted four or five turtles enjoying the sun until another man's best friend showed up.There are some carp and catfish in the pond, but the real stars of the pond are the wood ducks.  They visit the pond every year to build and raise their families.  In fact, I think this one is pretty serious about getting pre-approved for a loan and making an offer.  😜  They are beautiful, aren't they?It is a beautiful 3 bedroom, 3 bathroom home sitting on just over two acres, but it will not be ready on the market until July or August.  I wi...
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
One of the great things about living in Elk Grove, CA is that we have some pretty wonderful sunsets. Every once in a while, we are blessed with thousands of migrating geese enjoying our National Wildlife Refuge just to the North and East of our neighborhood, Laguna West/Lakeside, at the same time.       Please subscribe to my YouTube Channel if you would like to learn more about the Elk Grove, Ca area and our real estate market. #youtubeshorts #elkgrove #realestate #sunsets  
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By Ray Henson, Realtor
(eXp Realty of California, Inc. (lic. #01878277))
Pickleball, it is not just your father's sport any more!Oasis Park-Elk Grove's Best Pickleball CourtsThere are a few places in Elk Grove to play pickleball, but the best place to play is at the Oasis Park.  There are 6 courts and they have excellent lights for playing at night.  My wife and I have been playing here since the park opened and we have found that everyone playing here is very friendly for both beginners and those that have been playing for a while.Other Pickleball Opportunities in Elk GroveHorseshoe Park-Sometimes the Oasis courts can be a little crowded so this is my second favorite place.  There is not real drop in play here so this is a great place to bring friends to play or practice.  There are two pickleball courts lined on each end of a tennis court and you do have t...
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