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.
Every property owner have choices to make when it comes to improving the property. Unfortunately, most of the improvements are done prior to selling the home. When making plans to sell your home, you want to get the best price, right? Well, there are a few things you can do to increase the value of the property and there are things that won’t. However, if you’re planning to keep the property until you die, then it really doesn’t matter what you do to the home as long as it makes you happy.
HAPPY HOLIDAYS EVERYBODY!!! It’s that time of the year when real estate sales starts to slow down and everybody is shopping for gifts instead of homes. However, there are still buyers out there looking to purchase a home before the year is over. If you’re thinking of selling, find out what buyers want and don’t want. This could help you get your home sold faster. If you live in areas that have increased in value, you may want to cash in now. If you’re having problems keeping your home, at least you will not be responsible for paying taxes on the loan you didn’t pay off.
Thinking about improving your home? Why not do it now and enjoy the improvements until it comes time to sell your home? I have noticed that a lot of homeowners improve or do updates to their home when they are planning to sell. Yes, it will make the home more valuable but they didn’t get to enjoy the updates. If you’re planning to sell in the near future, there are a few things that could make your home more valuable and try to enjoy it before you sell.
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.
Home sales have declined in some areas and its due to high demand, low interest rates and a shortage of homes to buy. This creates a change in the market place. Not good for buyers but good for sellers.
Buyers around the bay area are going to be happy to see more homes on the market. Currently homes that are under $400,000 are experiencing a seller’s market. Most sellers are receiving multiple offers for their home. Every home that I have made offers for my clients have had more then 1 offer. One house in Hayward had 18 to 20 offers. Another house in San Bruno had 6 offers. My listing in So. San Francisco received 2 offers above the asking price, right after my open house, and 1 was all cash. My other listing in Pacifica received 8 offers, all over the asking price. It’s like that all over the Bay Area. It’s pretty discouraging for buyers today.
Maybe there is some relief coming soon. There is a shadow inventory due to be release around summer. I hope this will help the buyers that are trying to get into their home.
- Is the real estate market improving? (jefftung.net)
- Inventory Shortage: Move Along; Nothing to See Here (redfin.com)
- Reality Check for March 2012 (ilovevacaville.wordpress.com)
- Buyers compete for short supply of homes in Bay Area (mercurynews.com)
- Understanding the Difference Between Balanced, Buyers’ & Sellers’ Markets in Real Estate Lingo… (sellgrandrapidshomes.wordpress.com)
- Forclosures Hold Steady Overall, NY Rate Rises (traditionta.wordpress.com)
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)