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Tag: Ryan Lundquist

  • Here’s the most expensive home on the market in Citrus Heights right now

    A home at 7508 Mariposa Ave. was listed in December for $795,000. // M. Hazlip

    By Mike Hazlip—
    The highest priced single-family home on the market in Citrus Heights is currently listed at $795,000, as the city sees a cooling housing market amid rising mortgage rates.

    The 2,990-square-foot home at 7508 Mariposa Ave. went on the market Dec. 27 at $266 per square foot. It last sold in 2016 for $502,000, records show.

    The home offers four bedrooms and three baths. Originally custom built in 1992, the home sits on a three-quarter-acre lot that fronts Mariposa Avenue. The back of the property borders a green space, and the listing says a variety of citrus trees are on the property.

    What’s the housing market like right now?
    Real estate appraisal expert Ryan Lundquist told The Sentinel on Thursday that home prices throughout the region are seeing a significant decline — a drop three times sharper than the typical seasonal decline the market sees this time of year.

    “Citrus Heights is reflecting what we are seeing in the surrounding county with lower volume, fewer pending contracts, and slightly more listings compared to last year at the same time,” said Lundquist. “Last month properties on average sold about 5% below their original list price, and it’s been taking closer to 40 days to get into contract on average.”

    The median price in the region has dropped about 15 percent since May of 2022, Lundquist said, noting some areas where changes in the market are more obvious.

    Despite the downturn, some properties are still selling above list price, and many homes still have multiple offers.

    “This shows even though the market has changed drastically, the market isn’t dead,” he said. “However, overpricing is a quick way to sit instead of sell, so if a property is not priced correctly, it’s going to really struggle in today’s market.”

    One way sellers are compensating for the changing market is by offering credit to close the sale. In recent months, 62 percent of sales included some form of credit, Lundquist said. Sellers are offering to help buyers with sticking points such as closing costs, repairs, or buying down the mortgage rate.

    With the market feeling the “pain of higher mortgage rates,” Lundquist still expects to see increased activity this spring.

    “Buyers are hungry for quality listings, and there is growing attention for the spring season,” he said. “During the spring, even during a declining market, it’s normal to see an uptick in sales (even though the number of sales is still way down).”

  • More homes on market see price drops in Citrus Heights, region

    File photo, a for sale sign advertises a local home on the market. // M. Hazlip

    By Mike Hazlip—
    Rapidly rising mortgage rates are causing a “massive impact” on the prices home buyers are able to afford, according to a regional analyst.

    Real estate appraiser Ryan Lundquist told The Sentinel in an email Tuesday that over 36 percent of Citrus Heights homes on the market have seen a price drop, marking a sharp change from the over-heated housing market coming out of the pandemic. He said that number is in line with regional statistics that show 39 percent of all listings have a reduced price.

    “Price drops are happening throughout all price ranges, which supports the idea that every single range is feeling the effect from higher mortgage rates,” said Lundquist, who regularly publishes analyses at www.sacramentoappraisalblog.com. “Buyers having to pay $500 to $700 more each month compared to what they would have paid just six months ago has made a massive impact on buyers being able to afford the market.”

    Of homes that have seen a price reduction, a little over a third of them have dropped between $5-10,000 off list price and another 35 percent have dropped $10-$25,000 from the original list price, he said.

    The Sentinel previously reported a million-dollar mansion saw a price drop after what the seller said was a lot line adjustment that reduced the size of the lot.

    Two Citrus Heights sellers are hoping to break the $1 million mark with a home on Sycamore Drive listed at $1,299,000 and one on Holly Drive for $1,250,000. Both offerings feature large lots, with the Sycamore Drive property at five bedrooms, three bathrooms, and over 4,000 square feet.

    The Holly Drive property has been on the market for more than 50 days, according to the listing. The Sycamore Drive home was re-listed June 9 after first being listed in November 2020 and a price change that same month. The listing was eventually removed December of that year, records show.

    One home at 8087 Alma Mesa Wy. is now listed for $616,000 after initially being on the market for $627,000. The 1,806-square-foot, three-bedroom, three-bath home in Sunrise Oaks also offers a pool.

    One reason Lundquist sees for the reductions is that sellers are listing for a market that has already passed them by.

    “Sellers throughout the market seem to be infatuated with hot headlines from the past instead of current market conditions with fewer offers, fewer showings, and fewer buyers playing the game,” he said.

    Lundquist pointed out that Bay Area cash buyers who added fuel to the local market six months ago might now be seeing what he called a “massive hit” to their portfolio, as stock prices and crypto currency values drop.

    With the Citrus Heights market closely resembling the larger regional picture, Lundquist said it would be a mistake for sellers to think their property is an exception to the market that will attract a “mythical unicorn buyer.”

    “I think the bigger takeaway is for sellers to recognize we’ve left that really aggressive market from early 2022 in the dust,” Lundquist said. “We are in a different market today where it’s simply going to take longer to sell.”

  • Home sales indicate market is slowing slightly in Citrus Heights, region

    Sentinel staff report–
    Latest home sales data shows just over 100 homes closed sale in Citrus Heights last month, down from a high point of 130 in May.

    According to the most recent MLS data provided by local real estate broker Beth Moran, home sales in July ranged in price from as low as $216,000 for an 840-square-foot, two-bedroom condo on Cavan Drive, to as high as $670,000 for a five-bedroom, 2,641-square-foot home on Hespera Way. The condo sold for $16,000 over list price, while the home on Hespera Way closed at $4,000 below list price.

    In an Aug. 11 blog post titled “10 ways the housing market is slowing,” Sacramento area real estate appraiser Ryan Lundquist noted prices in the region are starting to dip, and fewer sales are happening — although much of that he said is expected as “normal seasonal slowing.”

    “The market is slowing, but it’s not dull,” he wrote. “The doom and gloom crowd loves to say the market is starting to crash because of the slowness we’re seeing, but stats right now don’t support a crash and burn narrative.”

    Additional signs of a slowing market are that it’s taking a few days longer to sell a home, slightly more homes are selling below list price, and there are slightly fewer offers above list price, according to Lundquist. He also noted housing supply has increased recently in Sacramento County and adjacent counties, but said “we are still at an absurdly low level with basically less than a one-month supply of homes for sale.”

    Prior to the pandemic, the monthly inventory in Sacramento County hovered between one and two months supply of housing in 2019, but that dipped well-below one month’s supply during the latter half of 2020 and extending into 2021. A similar trend was seen in the adjacent counties of Placer, El Dorado and Yolo.

    Lundquist also cited data showing sales with multiple offers in the region peaked in April this year with about 75% of single-family homes receiving multiple offers, but that has since dipped to about 65%. Compared to a normal year, however, that number is still much higher than the peak of about 50-55% from 2017 to 2019, according to regional data posted on Lundquist’s website, www.sacramentoappraisalblog.com.

    The appraiser’s advice to buyers is: “[B]e hopeful that we’re seeing some seasonal slowing, but be careful not to think you’re poised for a big price discount. We’re just not in that sort of market.”

    Editor’s note: A full list of homes sold in Citrus Heights last month will be included in The Sentinel’s Aug. 15th Weekend Edition

  • ‘A new Gold Rush.’ COVID shutdown fuels Citrus Heights housing market

    File photo, an open house sign directs buyers to a two-story home for sale in Citrus Heights. // CH Sentinel

    By Mike Hazlip–
    Housing prices in Citrus Heights have been on the rise during the COVID-19 shutdown, as buyers find more options in working from home and sellers move out of state.

    Cara Richey, broker-owner of NextHome Millennium, based in Citrus Heights, told The Sentinel in an email Wednesday that an expected hesitation in the real estate market due to economic uncertainty never materialized. Instead, the market has become extremely competitive for buyers, with many moving from the Bay Area to the Sacramento region in search of lower housing costs.

    “Most of our sellers are leaving the state,” Richey said. “Often they are moving to be closer to family, for a job opportunity, or simply in pursuit of a lower cost of living. The ability for many to now work virtually has given more people flexibility when it comes to location.”

    Richey said inventory in Sacramento County has hit a 15-year low, with Citrus Heights seeing a 57.5% decrease in housing inventory year over year. She said this has “led to a significant jump in home values this year,” due to supply being lower than demand.

    Local broker Beth Moran is seeing similar trends, noting there were just over two weeks of homes available in Citrus Heights during June and July.

    “The lack of inventory is fueling this seller’s market and it reminds me of 2005 when realtors couldn’t write offers fast enough,” she said.

    Moran called the exodus from the Bay Area a “new gold rush” fueled by COVID, as people seek a lower cost of living compared with larger cities.

    “As Bay Area buyers get priced out down there, our area grows more attractive, she said. “Not good for the local buyers, but great for sellers.”

    The average price for homes listed in Citrus Heights last month was $490,000, up nearly 25% since last year, according to data provided by Richey. A year ago, the average home price listed in Citrus Heights was $397,000.

    Market data also shows a trend toward larger homes, especially in Placer and El Dorado counties. A Sept. 14 blog post by Sacramento-based appraiser Ryan Lundquist shows a spike in the size of homes purchased since the beginning of 2020.

    Sales of homes with pools are also up 4.2% according to Lundquist. He believes this is due to the COVID-19 quarantine orders, now in their sixth month.

    “If you’ve been cooped up for months it makes sense that you’re going to want a larger home, and that’s exactly what the stats show in the Sacramento region,” said Lundquist.

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  • Notorious murder suspect’s Citrus Heights home sold off-market for $320k

    Notorious murder suspect’s Citrus Heights home sold off-market for $320k

    File photo, Law enforcement from various agencies stand outside the home of a man suspected of being the East Area Rapist on April 25, 2018. // CH Sentinel

    Sentinel staff report–
    The home once occupied by Joseph DeAngelo, the suspected Golden State Killer, was sold off-market for $320,000 last month, according to reports in multiple news outlets.

    DeAngelo’s home, on Canyon Oak Drive off Old Auburn Road, was built in 1979 and features a 3-bed, 2-bath 1,499-square-foot layout. A bargain sale price was expected, given the home’s association with an accused serial killer — but how much of a bargain the price turned out to be is hard to tell.

    Beth Moran, a local real estate broker from Citrus Heights, said it’s difficult to determine how the sale price compared to similar homes, without knowing the condition and amenities of the property. However, she said a “model match” in the same neighborhood, with the same square footage and design, sold for $390,000 at the end of April.

    “I think the price was probably competitive given the circumstances and that it was sold without the benefit of utilizing the multiple listing service, which is the standard in the industry,” Moran told The Sentinel in an email. “The average price in that area for that size home is about $375K, so this price would reflect the stigma and condition.”

    Ryan Lundquist, an appraiser who runs www.sacramentoappraisalblog.com, posted his assessment of the sale in a Dec. 17 blog post. He said the home “clearly sold at the lower end of the market,” but noted that the price could have been due to a lack of upgrades rather than stigma.

    Lundquist disclosed the property’s sale history, which was originally purchased for $77,000 in 1980, refinanced several times, privately transferred to a family member in 2019 and then privately sold for $320,000 last month.

    DeAngelo, 74, was arrested last year at his home and is awaiting trial on 13 counts of murder and 13 counts tied to sexual assaults across the state.