With the holidays coming, it is still a good time to sell. Interest rates are still low and buyers are still optimistic about the future of properties. They are almost twice as optimistic of the market then 2 years ago. Buyers are well informed using REALTOR services, social media and their mobile devices to locate their home of choice and other information that was not available in the past. So if you’re thinking about selling the home but you want to improve the property, some improvements will have a better value then others. So work with your budget and get the most bang for your money.
Last year, in 2013, more then half of the homes sold were on the market for 6 weeks or less. This was the shortest time on the market since 2005. One of the reasons why homes sold so quickly was due to lower then normal inventory levels. In this type of market, sellers are seeing more and more offers over the asking price. In 2013, 50% of the properties that sold last year, sold over the asking price. Most of the sales, almost all, had multiple offers to buy the property. When this happens, buyers have no choice but to participate in an auction type situation. The situation is changing and the inventory levels have increased, providing buyers with more choices. As prices increase, sellers are more willing to make a move.
This is still a good time to purchase a home. A couple of things to think about when buying a property, you might want to know how the neighborhood will fit in your lifestyle and since we are in a drought, how will the property help you conserve water.
If you’re thinking about selling your property here in California, now might be a good time for you to do so. Median home prices are up in most, if not all of the counties in California. Locally, San Mateo and Santa Clara counties have low inventory, but is increasing, so there would be more buyers for your home and you’ll get a higher price for now. It’s been about approx. 7 years since the great recession and finally we see an improvement for our state.
If it’s the right time to sell, don’t forget to use a REALTOR. You’ll be glad you did. There are so many things involved in a sale, you need a REALTOR to help you get the best price for your home, with least amount of stress. Believe me, if you don’t know what you’re doing, it will cost you in the end. The fee is still tax deductible until the government takes it away. Remember when commercial property mortgage payments and your interest paid to credit cards were tax deductible ? Well not anymore.
Did you realize that the Obama Care Bill will tax property owners 3.8% for any real estate transaction to pay for our nation’s health care? Well, it’s true. It starts January 1, 2013. What that means is when you sell your $500,000 home next year, there could be an additional fee of $19,000 payable to the government to pay for the health care program, if your profit from the sale is more then $250,000. This will hurt owners of property in the more expensive areas like San Francisco, New York, Hawaii, and especially retirees. Retirees usually sell their homes to down size and use the rest of the money to enjoy the rest of their lives. With this program, it’s going to eat up a lot of their money and may have to postpone retirement.
Here we are again. It seems like every governmental agency has it’s favorites. Remember the huge governmental bail outs, well here’s another example of government unfairness. RESPA seems to also have favorites too. Is this really going to help consumers?
- HUD Accepting Complaints About Mortgage Lenders (bucks.blogs.nytimes.com)
- AT&T says FCC didn’t give it fair look in T-Mobile deal [Update] (intomobile.com)
Now that we are in the last part of the year, how is the real estate market? Well for the month of September, existing home sales were up by 10% from the month of August. However, sales are down by 19.1% compared to September 2009. This is a great opportunity for buyers to take advantage of the market. It’s no wonder that Americans still think about owning their own home. 80% of Americans believe in buying a home is a good financial decision.
- Pending Home Sales Slump Further In September(realestateradiousa.com)
- William Lyon Homes Reports Third Quarter 2010 Results(eon.businesswire.com)
- Fed sees West’s housing as ‘unchanged’(lansner.ocregister.com)
- REFILE-US Sept pending home sales fall 1.8 pct–NAR(reuters.com)
- CREA slashes home-sales forecast(theglobeandmail.com)
Are you wondering what your home is worth these days? The California Association of REALTORS have published the results. Some areas have experienced some appreciation. My guess is that the valueshave bottomed out and are starting to go up. San Francisco and the peninsula home values seem to be doing better then a lot of other areas.
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- Calif. home sales rebound slightly (lansner.ocregister.com)
- Fading Economic Recovery Affects San Francisco Housing Sales (eon.businesswire.com)
- California home sales to drop 10% this year (lansner.ocregister.com)
- California real estate market: the good and the bad (sfgate.com)
- Slump to last 3 to 5 more years (lansner.ocregister.com)
- Can You Guess Which American City Tweets The Most? San Francisco, New York or Washington? (socialtimes.com)
- Cash paid to homesellers at all-time low (lansner.ocregister.com)
- Federal Home Loan Bank of San Francisco Releases August 2010 Cost of Funds Index (eon.businesswire.com)
Having a hard time keeping your payments up? If you’re like millions of people facing the thought of loosing their home, here are some options from Fannie Mae, that may help your situation. A little knowledge goes a long way. You may be surprised to know that there is a way for you to keep your home.
Have you been thinking about when it may be the best time to purchase a property? Well, here’s 5 reasons why you might want to make that big step now. Don’t forget, real estate has cycles. We are now in a buyer’s cycle and it’s the best time to take advantage of the market place. Remember, not too long ago, the last seller’s market? Do you remember when prices went through the roof and properties were selling like hot cakes? Does multiple offers to buy a home and bidding over the asking price sound familiar? Well, it’s better now. If you can get into a property today, you’ll be able to ride the wave of the next seller’s market.
So how are you going to get the money to take advantage of the opportunity? Unless you have lots of cash to make that purchase, you should see your banker or loan agent to see how much you can borrow. If you need to scrape up some money for a down payment, here’s 7 ways that may help. Good Luck!