Tag Archives: Home Value

Coldwell Banker Realty Check — March 2012

SFSellingTodaysMarket

As the Sacramento area’s housing market continues to bounce back from the recession, more and more buyers have decided they can’t wait any longer – now is the time to get back into the market to find their next home.

While the real estate market still has its challenges, things are very different today than they were in 2009, 2010 and even early last year. Buyers are generally more optimistic about the future, ready to purchase, much better qualified for a loan and, in many cases, are paying big down payments or even all cash for their next home.

Indeed, the scales of supply and demand are once again moving back in the direction of home sellers after being out of balance for several years. While countless buyers are out there pounding the pavement for a home, the problem now is that there just aren’t enough sellers to meet the demand in many communities.

As the economy continues to improve and with a shortage of attractive properties in good neighborhoods, buyers are once again paying good prices for properties rather than simply looking for distressed homes at bargain basement prices. And in some cases, properties are even getting multiple offers, driving up the sale price above the asking price.

So if you’ve been thinking about selling your home, now may be an ideal time to do so while buyers are eager, interest rates are still low and there isn’t as much competition from other sellers as there usually is this time of year. Here are several suggestions on how to get started and the best way to get top dollar for your home in today’s market.

  • Pick the best agent for the job. Selling a home is never easy, but in today’s complex real estate market it’s particularly challenging. So it’s more important than ever to find an experienced professional Realtor to help you get the job done. This is no time for amateurs. Start by interviewing several agents to see who has a proven track record of successfully marketing properties in your area. Ask them about their marketing plan, including print media, social media and online marketing via major real estate websites. Find out how well networked they and their brokerage are to other agents with potential buyers. Do they have offices beyond your city limits and even outside the state? Today’s buyers are just as likely to be relocating from across the country as they are from across town.
  • Go online and be visual. Remember the days of sticking a sign in the front lawn and taking out an ad in the local paper? Those days are long gone. Nearly 90 percent of buyers start their search for a home online, according to the National Association of Realtors. So you must be there in a big way to compete for the attention of buyers. Work with your agent to put up lots of high-resolution photos and as much information as possible. Make sure to show photos of all the major areas of your home and yard to give buyers as much of a sense of being there as possible. If not, buyers may wonder what you’re hiding. And strongly consider using video and virtual tours. Such marketing tools are no longer just for luxury homes.
  • Price your home competitively for today’s market. Just because a house comparable to yours sold for a certain price before the recession doesn’t mean you will be able to get the same price today. A lot has changed since then. And while prices are firming up, it’s still important to realize the new realities of today’s market. Talk with your Realtor to determine the appropriate, competitive listing price for your home based on current market conditions. You may even choose to have an appraisal done in advance of setting the price. Remember that in this market, homes that are priced aggressively attract the most buyers and – in some cases – multiple offers that push your final sale price even higher.
  • De-clutter and de-personalize. De-personalizing and de-cluttering a home before putting it on the market can help make it easier for buyers to imagine themselves living there – a crucial step in the selling process. Take down family portraits, personal collections and knickknacks. Homebuyers are looking for a home they can picture their family living in, not yours. Removing these items will also eliminate clutter and ensure that people are looking at the house itself, not at the photos from your last family vacation.
  • Update, freshen up. Keeping in mind that some buyers take move-in condition to be important, put your home in its best light. Possibilities include replacing outdated kitchen and bathroom fixtures, applying a fresh coat of paint and/or refinishing the kitchen cabinets. Replace worn carpet or fix broken tiles. Many cosmetic touches are surprisingly affordable but may yield much higher sale prices. The less work buyers have to do when they move in, the faster they may be willing to make an offer.
  • Conduct a full home inspection. If a professional home inspector determines that there are negative issues with the home, consider repairing the problems before buyers show up at your door. Potential buyers will cast an extremely critical eye over your home if it needs too many repairs – especially if they are trying to decide between your home and another one without problems. Be sure to have the home inspection report available for prospective buyers along with an itemizing all of the repairs that have been made and the associated cost for each to demonstrate the investment you’ve made in your home.
  • Make your home and yard picture perfect. As the old saying goes, you only get one chance to make a good first impression. When a buyer sees your house for the first time, a positive impression can make or break the sale. You can maximize curb appeal by trimming trees, planting flowers and even rolling out a new lawn if needed. A fresh exterior coat of paint might also prove valuable. And consider having a professional “stage” your home to make it even more attractive for buyers by rearranging what you have and/or bringing in other furnishings and accessories.
  • Be patient and flexible. You’ve done all the right things to put your home in the best position to sell. But there will undoubtedly be bumps along the way. A buyer may have difficultly securing financing. The appraisal may come in lower than expected. The escrow period could drag on longer than you thought before the deal closes. It’s not unusual to have occasional issues pop up. After all, buying a home is the single biggest financial transaction most of us will ever make in our lives. Through it all, remember that your Realtor is there by your side. He or she will be there with you every step along the way, managing the tough issues so you don’t have to and helping you achieve all of your home selling goals in today’s market.

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 — February 2012

JobandEconomy

From Kris Vogt, President, Coldwell Banker Sacramento/Lake Tahoe

With 2012 well underway, there are very encouraging signs that the nation’s economy and job market are finally starting to gain momentum. If this trend continues in the months ahead, it bodes well for the recovery in housing – both here in Northern California and around the country.The U.S. economy grew at a 2.8 percent annual rate in the final quarter of last year, according to figures released by the federal government this month. This level was a sharp increase from the third quarter’s 1.8 percent rate. And there are indications that the latest GDP figure could actually be revised higher due to wholesale inventories rising in December.

Even more encouraging for real estate is the fact that the labor market is steadily improving. Most analysts agree that in order to have a self-sustaining recovery in the housing market we must first have a significant turnaround in the job market. There are indications that could be happening at long last.

Initial weekly unemployment claims fell 15,000 to 358,000 in a new report by the Labor Department. An even better trend gauge — the four-week average — fell to its lowest level since April 2008, the period before the financial crisis. And the unemployment rate has fallen to a three-year low of 8.3 percent.

One other bullish indicator for the housing market is solid gains in the stock market, especially in the housing sector. The S&P index is up more than 7 percent so far this year (as of February 10) and up more than 16 percent since late November.

No one can predict, of course, where stocks go from here and it’s not unreasonable to assume they could continue to bounce around given the sovereign debt crisis in Europe. But the stock market gains certainly are helping all of our 401k portfolios and perhaps bolstering the confidence of potential homebuyers.

The housing industry has fared better than many stocks on Wall Street. While housing starts are expected to climb 15-20 percent this year, the stock prices for homebuilders themselves have spiked from 20 percent to as much as 134 percent since August, according to a recent story in USA Today.

“Talk is turning from when housing will hit bottom to whether it’s time to buy housing stocks and count on the sector to propel the economy again,” the USA Today said in its February 9 article Home builders and investors both see signs of a turn.

To be sure, the nation’s housing market is still facing a number of challenges, as USA Today pointed out, from tight credit to glut of bank owned properties in many markets. And the recent $25 billion settlement by the nation’s biggest mortgage banks could spur more foreclosures in the near term.

In a speech before the National Association of Home Builders, Federal Reserve Chairman Ben Bernanke cautioned that, “We need to continue to develop and implement policies that will help the housing sector get back on its feet.”

Bernanke argued that overly tight credit in mortgage markets could be holding back a strong rebound in the real estate sector. He called on lenders and regulators to look at rules and practices that may hold back the origination of sound mortgages. He also has championed a plan to convert foreclosed homes into rentals.

But despite the challenges, there is good reason to believe the housing market is gradually turning the corner in many areas.

For most of the country, the inventory of homes for sale actually is falling while sales volumes have been picking up since last year. And affordability levels for homeownership have never been better, thanks to historically low interest rates and attractive home pricing.

We’ve seen the improvement right here in Northern California. According to a new report by the California Association of Realtors, January home sales rose 4.4 percent in the Bay Area when compared with the figures from last year. There was a 10.6 percent increase in Santa Cruz County, a 4 percent increase in Sacramento County and a 3.5 percent increase in Placer County. Prices did ease 8.2 percent in Monterey County.

We continue to see growing demand by very serious buyers looking to purchase homes. And while some are scouring the landscape for bargain basement distressed properties, many are seeking good homes at fair prices. And there continues to be a very strong demand for properties in the middle and upper ends of the market, too.

The real problem we’re facing here in the Northern California isn’t a lack of buyers; it’s not enough sellers.

Many homeowners who would like to sell their homes have been sitting on the sidelines, still wrongly believing that the market is in the depths of a recession. They still fear that they will have to take drastic price cuts in order to sell. I’m afraid that the news hasn’t gotten out to them that things have changed for the better over the past year or two.

Sellers no longer must sell their properties at fire-sale prices to get buyers’ attention. In fact, fairly priced homes that are staged well and located in desirable neighborhoods are not only being sold relatively quickly these days, but in some cases with multiple offers.

So if you’ve been thinking about buying or selling a home, there may not be a better time than right now. For buyers, mortgage interest rates are still below 4 percent for many 30-year fixed-rate loans and pricing is attractive in many neighborhoods. For sellers, there are scores of well-qualified buyers ready to purchase your home at reasonable prices.

No one knows what the future holds, but as the economy and the job market continue to gain momentum, there’s every reason to believe that the housing market will follow suit as well. A professional Realtor can help you decide if now is the right time for you to market your property or to find the next home of your dreams.

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

This article was not written by Jack Edwards, as this blog notes automatically at the top of the page. I cannot change the automatic notation at the top which is created by WordPress.  The article was written by Kris Vogt, President of Coldwell Banker Sacramento/Lake Tahoe.  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.com.

 

The Great Recession and Attitudes Toward Home-Buying

Research Institute For Housing America:

Special Report

In the last few years, Americans have experienced the most severe housing-market downturn since the Great Depression. The national homeownership rate during this period has declined from a peak of 69 percent in 2004 to 66 percent presently. Unemployment is high, income growth is stagnant and home sales are low. Indeed, in this environment, many have questioned whether the American dream of homeownership has ended.

This report utilizes data from the University of Michigan’s Survey of Consumer Attitudes to examine consumer attitudes toward homeownership before, during and after the financial crisis. In particular, it measures the extent to which the recession has changed consumer sentiment toward home buying and selling.

There are a number of principal findings from the report which include:

• Despite high unemployment, slow economic growth and problems plaguing the economy, almost 80 percent of American households believe that now is a good time to buy a home.

• Positive sentiment is strong particularly among young, educated, white and Hispanic households, and is attributable to low house prices and low mortgage interest rates.

• The pattern of home-buying sentiment during the current recession looks similar to the pattern from past recessions. In fact, current positive home-buying sentiment is around its long-run average level.

• What is different about the current recession is that positive home-selling sentiment is at an historic low. Indeed, the sell-side of the market is dominated by deeply negative sentiment.

• Negative home-selling sentiment is strongly related to difficulty in finding buyers at desired sales prices, as well as the large overhang of mortgages past due or in foreclosure.

• Over the last two decades, the value of mortgage purchase originations has tracked home-selling sentiment more strongly than home-buying sentiment.

• Favorable sentiment and real activity in the housing and mortgage markets will be weighed down significantly until the overhang of troubled mortgages is cleared out.

• Over the next five quarters, positive home-buying sentiment is forecast to remain around current and long-run average levels. In contrast, positive home-selling sentiment is forecast to remain around current and historic-low levels. This suggests that selling sentiment and, hence, market activity, will remain sluggish in the near term.

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’s 12 Month Home Maintenance Guide

Don’t let deferred maintenance take over your home. Do a little maintenance each month to help keep your new house like new.

January – Decluttering and Organizing
• Take down, clean and store holiday ornaments, decorations and
exterior lights.
• Put away all of those holiday gifts.
• While you are making room for your new gifts, take the opportunity
to go through your closet and get rid of things you haven’t used for
a year.
• Do end-of-the-year accounting and set-up a file folder for the current
year’s taxes.

February – Bathrooms
• Remove and replace any worn or crumbling caulk or grout in and
around bathtubs, sinks and toilets.
• Vacuum bathroom vent fan covers.
• Clean faucet aerators and shower heads.
• Make sure your toilets are not running and are in good working
order. If it’s within your budget, consider replacing your old toilets
with newer, more efficient models—and check with your local water
company to see if they offer rebates.

March – Kitchen
• Clean the range-hood filter in your kitchen.
• Remove all the items from your cupboards and pantry. Wipe shelves
clean, check expiration dates on all products and toss anything old.
• Clean your refrigerator and oven.
• Don’t forget to move your household clocks forward on March 11
during Daylight Saving Time and test your smoke detector and
carbon monoxide batteries.

April – Yards
• Check your sprinkler systems to make sure they are working properly.
• Cut back any trees or branches that are touching the siding or roof.
• Clear out debris from under decks or porches.
• Clear out gutters and downspouts.

May – Bedroom and Closets
• Thoroughly clean all bedding (bedspread, blankets, sheets, mattress
protector). If you have a duvet insert, have it professionally cleaned.
• Change bedding for summer months, if desired.
• Go through your drawers and closets and donate old items that you
haven’t worn for a while.
• Rotate and flip mattress, if needed.

June – Windows
• Wash the inside and outside of your windows (once the rainy season
has stopped).
• Inspect and wash window and door screens and repair any with holes.
• Make sure all doors and locks are working properly and are in good
condition.
• Clean tracks and lubricate hinges.
• Clean drapes, dust blinds and shutters.

July – Paint
• Inspect the exterior of your home. Scrape, caulk and paint any wood
surfaces that have peeled or weathered.
• Inspect interior walls and ceilings for cracks or bulges, and patch
and paint as necessary.
• Clean and seal decks.

August – Vents and Filters
• Check and clean dryer vent, air conditioner, stove hood and room
fans.
• Keep heating and cooling vents clean and free from furniture and
draperies.

September – Seals
• Check the weather stripping around your windows and doors and
make any necessary repairs in preparation for the winter months.
• Make sure your refrigerator door seal is tight.
• Caulk any drafts in your basement, such as around your dryer vent.
• Make sure your roof is good condition and not missing any shingles,
tiles or slates.

October – Fireplace and Chimney
• If you have a fireplace, make sure you have the chimney checked
out by a professional chimney cleaner before starting the first fire.
• Be sure your fireplace tools are in good working order.
• Pull out your nonflammable rug and place it in front of the
fireplace.
• Once you start building fires, clean ashes out regularly but ensure
ashes have completely cooled before discarding.

November – Upholstery and Carpeting
• Vacuum all sofas and pillows.
• Spot clean all upholstery and carpeting.
• For extra cleaning, consider hiring a professional service to clean
your upholstery and carpeting.
• Don’t forget to move your household clocks back on November 4
when Daylight Saving Time ends and test your smoke detector and
carbon monoxide batteries.

December – Miscellaneous
• Clean your garage and get rid of anything you don’t use.
• Neatly organize all of your tools, garden equipment and appliances.
• Wander the house with a screwdriver and tighten screws on
drawers, doors and furniture.
• Make a list of any small repairs that need to be made. If needed,
go to your local hardware store and purchase the necessary items
to make your repairs.

©2012 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 And Operated by NRT LLC.

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 home owners!
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.com.

Requests For Property Tax Reductions In Sacramento County

You may have missed this post last month, so I am publishing it again.

Its November now and you should have recently received your property tax bill.  Do you believe that your house has dropped in value and is worth less than what shows on the tax bill?  If so, it is time to request a reduction in your property taxes.  The Sacramento County Tax Assessor accepts  requests until November 30th.

Proposition 8, which passed in 1978, amended Proposition 13 to recognize declines in value for property tax purposes. As a result, the Assessor is required to annually update the assessed value either a property’s Proposition 13 base year value factored for inflation, or its market value as of January 1st, whichever is less.  The Proposition 8 decline in market value assessments are temporary reductions that recognize the fact that the market value has fallen below its current Prop 13 factored value. Here is more info on Prop 8.

After the property value has been decreased and the assessment adjusted by the tax assessor, that property’s value must be reviewed each year as of the January 1st lien date, to determine whether its market value is less than its Prop 13 factored value. Prop 8 values can change from year to year as the market fluctuates. When the market value of the Prop 8 property increases above its Prop 13 factored value, the Assessor will once again update the assessment to the property’s Prop 13 factored value. In no case may a value higher than a property’s Prop 13 factored value be enrolled.

So, what to you need to do?  You need to contact us at www.ElkGroveRealEstate.com and request comps for your home so that you can complete the Assessor’s form. Here is a link to the Sacramento County Assessor’s Office.

Remember these important tips:

1.  You will need comparable sales(comps) from the time period of January 1st to March 31st.

2.  You should start the appeal process (information is on the application) if you have not heard back from the Assessor within a week to 10 days after sending in your application.  Don’t wait until the end of the month to send it in.  Do it now.

The process can be fairly simple and there are companies out there who can do it for you buy why would you want to spend a hundred dollars or so to have someone fill out a simple form for you.  You are trying to save money here.

Just email us at Jack.Edwards@cbnorcal.com with your address and contact info and we’ll pull the comps for you for you to complete the process on your own.

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 home owners!
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.

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