Tag Archives: Home Loans

Coldwell Banker Realty Check – A Great Time To Sell!

They say timing is everything in life. And that’s particularly true when it comes to real estate. If you’ve been thinking about selling your home but are not sure if this is the right time, think again: There may not be a better time to sell than right now.

We are experiencing a severe shortage of homes for sale in our area. Our inventory of listings is at the lowest level it has been in many years. Buyers are out there each weekend scouring the neighborhoods for homes to buy; buyers are ready to make a move when they find a house to buy.

With so few homes available in this market, if you were to sell your home now you could potentially get the highest price since the downturn of the housing market. With buyers far outnumbering available homes for sale, sellers are often getting multiple offers – sometimes a dozen or more – often closing at a price that is significantly more than their asking price.

We’re not alone here in the Sacramento/Tahoe region. The low inventory of for-sale homes is creating a seller’s market throughout the country, according to an article by the National Association of Realtors®. NAR reported that “Buyers and Agents are literally waiting for the next house” to come on the market in many cities.

According to NAR, the supply of existing homes for sale reached nearly an eight-year low in January. Nationwide, there is a 4.2-month supply of existing homes for sale and it could take some time before we reach a more balanced market. There are a number of reasons for the shortage of listings. The number of distressed houses for sale is decreasing as the foreclosure crisis recedes. New home construction is improving but still at low levels in most areas of the country. And many homeowners still believe they are too underwater on their mortgage or may not have enough equity in their property to buy their next home.

But you may be surprised at how much the tide has turned in the last year.

Multiple offers and bids over the asking price are pushing up home values in many areas. Properties that looked like they would have to sell as a short sale have ended up pricing out as a traditional equity transaction with homeowners walking away with cash from the sale. We are experiencing this change in the market every day.

In a recent Money magazine article, reporter Beth Braverman said homeowners might be wise to sell now rather than hold off. “It’s tempting to postpone selling to hold out for a better price,” she said. “But if you want to move to a larger place, act sooner rather than later.”

While you might be able to sell your home for more if you wait, there’s no way to tell what the future will hold. When more homeowners eventually decide to come into the market, the balance of supply and demand could change in favor of buyers once again. And even if prices go up in the future, the appreciation on a trade-up home could be even greater.

As we travel through life, housing needs evolve. You may have outgrown your starter home and need more space now that you have children. Perhaps you want to move to a similar home on a quieter street. You’ve decided to downsize now that the kids are on their own and you are empty nesters. Or you’re just tired of maintaining that big yard in your current home.

Whether you’re moving up, across or downsizing, whatever the reason for your move, it’s important to work with a well-qualified professional Realtor® who can help make the transition a success.

In order to get the best possible price for a home, you must expose it to the largest number of potential buyers. Start by hiring an Agent from a reputable firm who specializes in your local area.

Your Agent must be able to showcase your home in a variety of traditional and online media including professional photography, direct mail, property flyers, listing syndication, social media, and electronic communication to area Agents.

Additionally, your Agent should also identify the key selling features of the home and actively promote the property to other Agents during the brokers’ tour and to potential buyers during an open house.

Your best choice is to start by hiring the Sacramento/Tahoe region’s leading real estate services company, Coldwell Banker Residential Brokerage. Our proven marketing plan will showcase your home to the widest possible audience of qualified buyers and net you the best price possible for your property.

Selling your home can be a complicated and stressful process. But it doesn’t have to be, especially when you are working with the best. As a full-service company, we are with you every step of the way, keeping you informed about the entire transaction.

As your professional Realtor®, I can help you navigate through the process of selling your home and even help you find your next home that fits your current situation. Contact me today for a private consultation and to learn more about my comprehensive marketing program.

	©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

Coldwell Banker Realty Check – Homebuyers Growing Optimistic

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:

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.

One Cool Thing — Don’t Wait Too Long To Buy

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

Coldwell Banker Realty Check

That was then – this is now:

Rebound in Housing Market May Mean A Tremendous Opportunity for Home Sellers

As 2013 gets underway, Northern California’s housing market is poised to continue the steady recovery that began last year. Home sales and the median sale price rose in most of our markets last year, and industry economists expect more improvement this year. Foreclosures and short sales continue to decline.

The only problem seems to be that many potential sellers don’t realize that things have changed so dramatically since the downturn of the housing market, and they’re missing out on a tremendous opportunity.

There’s a severe shortage of homes for sale in many areas, which means that homeowners savvy enough to list their home right now are often getting multiple offers – and sometimes at prices we haven’t seen in several years!

Available inventory of homes for sale in much of our region is down 50 percent or more just in the past year. Right now, there are more eager buyers out there than homes on the market to meet their demand.

With an imbalance between supply and demand, homebuyers have been fiercely competing with each other, and that’s great news for sellers.

The California Association of Realtors announced in its November 1, 2012 report that 57 percent of home sales in California received multiple offers, the highest percentage of multiple offers in at least the past 12 years, with each home receiving an average of 4.2 offers, which was up from 3.5 offers in 2011.

This seller’s market is rapidly driving up prices. The median price of all homes sold in Sacramento County, for example, rose by 18 percent in December compared with the same month a year before, according to a study for the Sacramento Bee by DataQuick, the La Jolla-based information services company. According to DataQuick the price appreciation was even sharper in the Bay Area, which saw the median price in December spike by 32 percent.

California Association of Realtors
Unsold inventory index for existing single-family homes (in months)

Source: California Association of Realtors

The same trends that we are seeing here in Northern California are occurring in markets across the country, according to the National Association of Realtors.

Home sales nationwide rose to a seasonally adjusted annual rate of 5.04 million in November, the highest level since November 2009, when the annual pace spiked at 5.44 million, NAR reported.

“Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” said Lawrence Yun, NAR’s chief economist. “With lower rental vacancy rates and rising rents, combined with still historically favorable affordability conditions, more people are buying homes.”

Yun said healthy market demand and shortage of listings is driving up prices once again. “A diminishing share of foreclosed property sales is helping home values,” he noted. “Moreover, an acute shortage of inventory in certain markets is leading to multiple biddings and escalating price conditions.”

Total housing inventory at the end of November nationwide fell 3.8 percent to 2.03 million existing homes available for sale, which represents a 4.8-month supply at the current sales pace. It was down from 5.3 months in October and is the lowest housing supply since September of 2005 when it was 4.6 months, NAR reported.

Listed inventory is 22.5 percent below a year ago when there was a 7.1-month supply. Raw unsold inventory is now at the lowest level since December 2001 when there were 1.89 million homes on the market, NAR said.

Compared with a year ago, home listings are down in every price category in each of the nation’s 30 largest housing markets, according to a study by real estate website Zillow.

The tight inventory conditions won’t last forever, of course. In an interview with USA Today, Zillow economist Stan Humphries said tight inventories will push up prices, encouraging more people to list homes.

So where does this all leave you? If you’ve been putting off selling your home, you may want to seriously consider getting back into the market now. As the new year gets under way, the pendulum has swung back into a seller’s market. But there’s no guarantee how long that will last.

Buyers are out there looking, prices are climbing once again and there just aren’t enough good home listings to go around. With such strong buyer demand and a shortage of listings, this may be the best time to sell your home. I’m ready to help you get started today!

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

One Cool Thing — Owning a Home is Still The Dream

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Tag Archives: Home Loans

Coldwell Banker Realty Check – A Great Time To Sell!

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

Coldwell Banker Realty Check – Homebuyers Growing Optimistic

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

One Cool Thing — Don’t Wait Too Long To Buy

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

Coldwell Banker Realty Check

Rebound in Housing Market May Mean A Tremendous Opportunity for Home Sellers

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

One Cool Thing — Owning a Home is Still The Dream

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

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

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

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

Rebound in Housing Market May Mean A Tremendous Opportunity for Home Sellers

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

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

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

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

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

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

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