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.
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.
Not only do you have a place to live in, you also have a bunch of other benefits when owning your own home. Uncle Sam wants you to own your own home and help stimulate the economy at the same time. This is why there are still a few perks left in home ownership.
When the housing market declines, it effects everybody. When it is on the upswing, more opportunities are created for everybody. We have been in a recession for 6 years and we are seeing better times. Let’s hope that this is not another bubble.
It is certainly a great time to purchase a property only if there is something to buy. There are plenty of buyers looking to make the purchase but instead, they are experiencing disappointment after disappointment in trying to make offers for a home. Some buyers have made offers over the asking price only to find out that there were 20 other offers for the same house. Some all cash purchases, some with large down payments, and most of them are over the asking price as well. This is due to the lack of properties available for sale. The housing inventory is so low that it is creating a sellers market. Where is all of the shadow inventory? Until more properties come on the market, buyers need to be patient and hope that more properties come on the market.
Last month San Francisco’s sales price for median priced homes have increased by 11.6% from the same month the previous year. During the month, 188 single family homes were sold and 284 homes were pending. This is an increase of 27% in sales from April 2009 and 33% increase in pending properties during the same period. This is a good sign that we might be on the right track to recovery. Property values are better but they still have a long way to what they were a few years ago. This is still a good time to buy something. Prices are still very attractive, however some prices in some areas are so attractive that it is generating multiple offer situations.