All Forum Posts by: Gordon Cuffe

@Kent Kettell I hope not. lol.  I am actually looking at a house that is not a Victorian but needs part of the home bulldozed and a ton of work done. I am just being more careful on the price because I know it will take five months so I want it to be worthwhile if I am going to do something like that. At least this next potential home is only a single story so I cant fall as far. 

@Caleb Brown it is on a street known for historic homes but this city does not registered their historic homes. I am glad because the permits and requirements would have much tougher. The home is in a city called Yuba City which is 40 mins north of Sacramento. 

For some reason Biggerpockets asked me to take my 1st step towards real estate investing with a new member introduction. I signed up with Biggerpockets over 10 years ago when it was free. I started my domain over 10 years ago when people first started going online trying to buy fixer upper houses. Many people over the years have passed me up in the number of homes they have either wholesaled or flipped. That is ok. I am just a slow learner but I am still going at it. I just finished my first old Victorian style home flip. It took five months to do the work on the home in Yuba City CA. I lost nine pounds during the remodel and at the final week of work, I fell face fist off the ladder and was knocked out and suffered fractures in my face. I am still here though and still learning on how to find the homeowner in distress. The initial video that I took of the home had 510k views on Tiktok because of how much stuff was left and how bad of shape the home was in. We found a newspaper from 1889 in the house and also a dead cat. 

The number of homes for sale in the three county area around Sacramento finally had a decrease in November 2024. There were 3032 homes for sale in the Sacramento, Placer, El Dorado counties. There were 3399 homes for sale in the month of October 2024. In January 2024 we were at the low in inventory with only 1648 homes for sale. We had nine months straight of increasing inventory. The number of homes for sale declined to 1263 homes sold. Home sales typically decrease during the winter months. We only had 1087 homes sold in Nov. 2023. We just have to hope mortgage rates decline a little bit in 2025 while the supply does not drop so that we can have more home sales in 2025 compared to 2024. The link above has this graph also. 

The supply of homes for sale around the three county area of Sacramento has risen for the 8th month in a row. There was only a 1.5% rise in supply compared to August 24 to September 24. There were 3447 homes for sale on MLS in September 2024. In January of 2024 there were only 1648 homes for sale. We are no longer in a Sellers market. In September of 2023 we had 2389 homes for sale. We had a 2.5 months of inventory in September 2024 that is up from a 1.5 months supply of inventory back in February 2024. Based on the supply of homes for sale and the time of year, I predict home values will drop a little bit over this winter until early spring. We shall see what happens with the supply of homes and interest rates to determine if values will drop this next spring of 2025 or if they will push back up. I have one home up for sale and another one being listed in two weeks. I am going to be very aggressive on pricing and not wait for the homes to be listed months and months then start lowering the prices.

I am wondering if I can still tell people about an off market 4br home I am selling in Citrus Heights ?

There used to be a classified section where people could list properties for sale.

@Michael K Gallagher When I go back six years it only shows the numbers quarterly. I will just show a picture of the graph. The supply is not a much as 2018 yet. 

You made a nice profit. It is tough finding off market houses to flip so I hope you find something. 

I just looked at the data for August 2024 and read that there were 3397 homes for sale in the three county area around Sacramento. That is the sixth month in a row that the supply of homes for sale has increased. I am going to declare that it is no longer a sellers market and that it is a neutral real estate market now. We had 2.2 months of inventory in August that is up from last years months of inventory of 1.4 months back in August 2023.We also have had a nice drop in mortgage rates the last several months so I am just hoping rates stay low and inventory increases even more so that we have a lot more real estate sales this winter. 

The number of Homes for sale in the three county area around Sacramento has increased again according to the data in June 2024. There were 3130 homes for sale in the month of june compared to 2818 homes for sale in May of 2024. Back in June of 2023 there were just 2158 homes for sale. If this trend in the supply of homes for sale increases again next month, we will see price softening. You can click on the link above to see and read the graph.