Tag Archives: Home Improvement

Coldwell Banker Realty Check – Homebuyers Growing Optimistic

HomebuyersOptimistic
A new homebuyer/Agent sentiment survey by Coldwell Banker Residential Brokerage’s parent company has found a growing sense of optimism among buyers as the nation’s housing market continues to improve. In particular, buyers are becoming more confident about the stabilizing and increasing value of home prices.The annual homebuyer survey, which drew 5,865 responses, was designed to discover what was behind the recent increases in buyer demand. The key finding here seems to be a growing optimism about improving prices, which appears to be driven by an extreme shortage of homes for sale in many markets.While low interest rates and change in life situation were cited as the two highest factors motivating buyers, expectation that home prices will rise – a very new sentiment among buyers – came in a very close third. This optimism over values grew the most over the last 12 months (61 percent) closely followed by “increased optimism around selling” (51 percent).

Dan Barnett, senior vice president of marketing for Coldwell Banker Residential Brokerage’s parent company, said there is a very clear correlation between a growing optimism over prices and buyer frustration over the lack of homes for sale. The graph below depicts results by various NRT local operating companies:
GroiwingChart
Despite increased buyer and seller optimism overall, there still does not seem to be a big increase in move up buyers. About 42 percent of Agents said move-up buying was increasing “modestly” and only 7 percent said it was increasing significantly.Below are the results of the survey: What is motivating buyers to look now (factor is “very motivating” or “motivating”):

83% Low interest rates
60% Change in life situation
57% Expectation that home prices will rise
51% Job relocation
46% Real estate investment value
43% Confidece in personal economic outlook
42% Increased optimism around selling
37% Rising rental prices

Which factors have become more important now than a year ago:

61% Expectation that home prices will rise
51% Increased optimism around selling
44% Low interest rates
35% Real Estate investment value
34% Confidence in personal economic outlook
28% Rising rental prices
27% Change in life situation
22% Job relocation

What are buyers complaining about:
(% saying “frequently” or both frequently and “more often than not”)
41% (69%) Lack of inventory
19% (52%) Uncertainty in economy
11% (44%) Home affordability
19% (43%) Difficulty with mortgage appraisal
18% (42%) Difficulty qualifying for a mortgage

How do buyers cope with limited inventory (Agent could pick more than one):
87% considered expanding the geography they would consider
85% prepared to pay more
74% considered distressed properties
70% stopped looking
54% considered buying new construction
54% considered foregoing a move

What is happening in the overall market:

Prices:
63% of our Agents found that home prices were increasing, with larger increases identified on the west coast. Half of the San Francisco Agents described home prices as increasing significantly.

Inventory:
78% of our Agents found inventory to be decreasing. Atlanta, Florida, Hawaii and Sacramento are feeling the most constrained by low inventory.

Transaction volume:
Agents report that transactions are up somewhat – 40% – with the most activity being reported in the Midwest and West.

Buyer confidence:
60% of Agents report that buyer confidence is increasing, across the board. Sacramento and Harrisburg, while generally positive, lag the nation.

So what does all this mean for you? Every day, both buyers and sellers are growing more confident as the housing market continues its steady rebound. If you have been thinking about buying a home, you shouldn’t wait too long. We have a good window of opportunity right now when interest rates are low and prices are still very affordable. But that won’t last forever, as history has shown us. Even a small jump in mortgage rates could significantly change how much you’ll end up spending on a home. If you’ve been considering buying a home, there may not be a better time than now. I’m ready to help you find the home of your dreams today. Let’s get started!
©2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned by a Subsidiary of NRT LLC. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. DRE License #01908304

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack & Tracey Edwards, your real estate advocates, specialize in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com

 

One Cool Thing — The Social Benefits of Home Ownership


Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!

Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack & Tracey Edwards, your real estate advocates, specialize in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com

 

Smoke Alarm Requirements for Home Improvers and Landlords

Summary provided by California Association of Realtors:

Starting not next year but January 1, 2014, for all dwelling units intended for human occupancy for which a building permit is issued for alterations, repairs, or additions for more than $1,000, the issuer of the building permit will not sign off on the completion of work unless the owner demonstrates that all smoke alarms (previously “smoke detectors”) required for the dwelling unit are devices approved by the State Fire Marshal.

Also starting January 1, 2014, to be approved and listed by the State Fire Marshal, a smoke alarm must display the date of manufacture, allow a place for the date of installation to be written, incorporate a hush feature, incorporate an end-of-life warning, and, for battery-operated devices, contain a non-removable 10-year battery.

These rules may be superseded by a local rule or ordinance that is more stringent than state law.

For properties rented or leased, an owner is generally responsible for testing and maintaining smoke alarms in an apartment complex or other building starting January 1, 2013 and in a single-family residence starting January 1, 2014, and also responsible for installing additional smoke alarms as needed to comply with building standards starting January 1, 2016. Senate Bill 1394.

Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!
Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack & Tracey Edwards, your real estate advocates, specialize in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com

 

Coldwell Banker Realty Check — June 2012

MarketLeader

In real estate, as in many things in life, size and experience do matter. Buying or selling a home is often the single largest financial decision any of us will make in our lives. It’s an extremely complex and time-consuming process, with lots of exciting opportunities but plenty of potential pitfalls as well. This is no time to take a chance by working with an amateur.

Especially in today’s challenging market, it pays to use the best real estate company in the field. Hiring the top real estate brokerage means you’re working with the most successful company in your local market, whose agents have a long and proud track record of efficiently and effectively marketing properties and helping consumers just like you find the home of their dreams.

And in Northern California, that undisputed real estate market leader is Coldwell Banker Residential Brokerage.

Coldwell Banker’s record of success dwarfs all other real estate brokerages in the Sacramento-Tahoe area. The company’s market share for sales volume is nearly twice as much in Northern California as its closest competitors so far this year and nearly three times the market share of the third place brokerage.

Through its internationally renowned Coldwell Banker Previews® program, the company leads the luxury home market in Northern California, representing more than 22% of all dollar volume sold of properties over $1 million.

This kind of professional success doesn’t just happen. It’s earned by the hard work of nearly 800 of the most experienced and savvy Realtors in the business who work for Coldwell Banker Residential Brokerage’s 13 offices in the Sacramento-Tahoe area. Their proven track record is just one reason why buyers and sellers, year after year, come back to Coldwell Banker for all their real estate needs.

Because Coldwell Banker’s sales professionals have handled so many transactions, they truly understand the ins and outs of the local real estate market. Our Realtors not only know the homes and specific neighborhoods in our communities, they often know the sellers and potential buyers, the local schools, community parks, commute times and even some of the best restaurants for great pasta!

Working with the industry leader also means having the networking advantages that small brokerages can’t touch.

The real estate business has changed so much over the years. While the buyer of your home may still come from across town, there’s also a decent chance that he or she may come from across the country – or even across the Pacific or Atlantic. Having the local, national and international reach of Coldwell Banker expands your marketing potential in an increasingly global economy.

Coldwell Banker Residential Brokerage has 62 office locations and more than 3,600 sales associates throughout Northern California.  Last year the company handled 13.5 percent of all dollar volume sold in Northern California, more than double its nearest competitor. In all, the Coldwell Banker organization boasts 85,000 sales professionals in 3,100 offices across the country and more than 600 additional websites around the globe..

Some other advantages of working with Coldwell Banker Residential Brokerage, the market leader:

The best agents in the business. A real estate company is only as good as its individual agents. Year in and year out, our agents often rank among the top Realtors – not just in our local market, but throughout the United States. Fourteen of Coldwell Banker agents in Northern California have been ranked among the top 1000 Realtors nationally for sales last year by the prestigious Wall Street Journal annual survey released in June.

  • The best agents in the business. A real estate company is only as good as its individual agents. Year in and year out, our agents often rank among the top Realtors – not just in our local market, but throughout the United States. Nationally, Coldwell Banker scooped up more spots than any other brand in this year’s prestigious Wall Street Journal/Real Trends ranking of the top 1,000 Realtors in America. A total of 218 Coldwell Banker agents made the list for sales volume and number of transactions, fully one out of every five honorees!
  • Superior professional experience. Our agents are some of the most seasoned veterans of the Sacramento-Tahoe market. Many have helped consumers buy and sell dozens or even hundreds of homes over the years. Our highly skilled agents have managed to succeed for their clients in good times and in bad, in booming markets and in recessions.
  • Local market knowledge. There’s an old saying that “all politics are local.” The same can be said about the real estate market. It doesn’t matter what the national real estate market is doing; what matters most is what is happening here in the Sacramento-Tahoe region. You need a real estate broker that knows your market and the homes within your price range. Coldwell Banker agents know the ins and outs of different neighborhoods, how best to effectively market your home or which areas might provide you with the best home to suit your needs and budget.
  • A leader in corporate relocations. Business relocations account for a number of homebuyers in many cities. Few real estate companies generate more corporate relocations in Northern California than Coldwell Banker Residential Brokerage. Each year, we assist nearly 5,000 relocating buyers and sellers. Our connections mean we’ll show your home to corporate transferees that most real estate companies don’t have access to.
  • Incomparable marketing support. Coldwell Banker Residential Brokerage provides critical exposure of your home through a sweeping, aggressive local and regional advertising presence. The power of global advertising with the most recognizable brand name in real estate puts your listing in front of an ever-increasing pool of potential buyers.
  • Cutting-edge Internet exposure. Nearly nine out of 10 homebuyers begin their real estate search online. It’s no longer enough to use traditional print and direct mail advertising to sell a property. Coldwell Banker offers not just one but a host of popular websites to match buyers and sellers. Besides Californiamoves.com and ColdwellBanker.com, we tap into sites hosted by the New York Times and Wall Street Journal, REALTOR.com, Trulia.com, Yahoo Real Estate and many more.
  • Superior training for agents. The real estate business is a very challenging and complex field that changes all the time. That’s why it’s critically important for agents to stay on top of the latest professional and marketing issues. Our agents receive comprehensive training in all aspects of the real estate transaction process. By receiving the most up-to-date professional education, our agents make sure you receive the very best possible support to meet your real estate goals.

Buying or selling a home is never easy. But by working with the best real estate company in the industry you can make the experience a whole lot easier. If you’ve been thinking about buying or selling a home, now’s a great time to jump into the market. And Coldwell Banker Residential Brokerage professionals are ready to help you get the most for your property or find the home of your dreams. Just give me a call and we’ll get started today!


Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!
Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack & Tracey Edwards, your real estate advocates, specialize in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com

 

Should I Buy an Older Home or a Newer Home?

The best answer to that question, of course, is, it depends!!!

Since I just received a similar question from one of my clients, I figured that I should put together some real-time numbers before answering.

Her question was, “How much more does a newer resale home cost than an older home?”

Graphic of homesSo, I looked up sales in the past 6 months for 3 bedroom, 2 bath homes that were built between 1987 and 1999 in the Laguna Creek neighborhood of Elk Grove, California.  A simple market analysis of these homes showed that the average home was about 1,448 square feet in size and that the average sales price was about $159,000.  Therefore, the average price per square foot was about $110.

Then, I looked up the sales in the past 6 months in the East Franklin neighborhood of Elk Grove, California. Only looking at 3 bedroom, 2 bath homes that were built between 2000 and 2007.  The average home in this neighborhood was about 1,692 square feet in size and the average sales price was $197,000. That amounts to an average cost per square foot of $116.

So, on the surface, the older home was about $6 per square foot cheaper, but was also much smaller.

Does that mean that I could tell her that the older home was a better buy?  Again, it depends.

Most of the homes built before 1991 in our communities had cedar shingle roofs.  Most of them are in need of replacement.  So, if you bought an older home with a shingle roof, you would need to consider the cost of a new roof when you compare these older homes with the newer homes that have tile roofs.  Generally, you are not going to replace a shingle roof with a tile roof because the older home was not engineered to handle the weight of a tile roof.  The alternative would be a standard composition shingle roof.  How much does it cost to replace the old shingles with a composition shingle roof?

I went online to the Service Magic site that provides the homeowner with estimators for such tasks. http://www.improvenet.com/HomeOwner/ProjectTools/index.html  Based on the the roofing estimator, depending upon the type of roof you were replacing and the quality of the roofing materials you were using, the cost could be somewhere between $5,000 and $10,000 to replace the roof.

Unfortunately, the older roof is not the only consideration.  What about paint and carpeting?  You may have that expense for the newer home, as well as the older home, but since the newer home is generally larger, the cost for paint and carpet will be higher in the newer home.

Also, the kitchen and bathroom may need updating in the older home.  And, last, but not least, you may need to consider replacing windows in the older home. That can add another $15,000 or more to the cost of upgrading the older home.

It seems like it is pretty easy to bring the cost of the older home up to the cost of the newer home if you do the roof, windows, kitchen and bathroom.  You still have an old heating and air conditioning system to deal with too.

Although the older home was an average of $42,000 cheaper than the cost of the newer home, was it the better investment or not?

If it’s a home that I am buying as a rental, then maybe I will lean towards the older home because I probably won’t do anything other than the roof and paint and carpet.  If I am going to live in it, then I will want to do it all and my overall cost will probably be about the same.

In the end, I guess it is all a matter of personal choice. Some people really like the look and feel of the older, more mature neighborhood. Some want the newer neighborhood.

With the above info, you should be in a position to make the best choice for you. And, when you are ready to move forward, give us a call at www.ElkGroveRealEstate.com, and we will be happy to answer your questions and help you experience the joy of home ownership.


Start building your memories,
as you turn your house into a home. 

As you might guess, this document is a compilation of information from our own efforts as REALTORS, as well as input from other REALTORS in our Coldwell Banker office.  I hope it has been of value to you.  Don’t hesitate to email us with any suggestions that will make this document better for you and your fellow homeowners!
Be sure to follow us on Facebook at www.Facebook.com/ElkGroveRealEstate.  For information about properties available for sale and for more information for buyers and sellers, please visit our website at www.ElkGroveRealEstate.com and don’t hesitate to give us a call or drop us an email with your questions.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this complete blurb with it: Jack & Tracey Edwards, your real estate advocates, specialize in helping buyers and sellers in Elk Grove, CA,  and the greater Sacramento area.   Get information about available homes online at:  www.ElkGroveRealEstate.comOur mobile clients can find us at Mobile.ElkGroveRealEstate.com