Wednesday, October 21, 2015
Saturday, October 10, 2015
Ten Ways to Tell If Your
Home is Overpriced
If you're selling your home, you need to
understand that pricing your home correctly from the beginning is absolutely critical. The most common reason a home doesn’t sell is because it is overpriced.
Overpricing a home can create
damaging effects, period. The probability is that
if you price your home too high in the beginning, you will likely end up with
less money in your pocket, which is obviously not the goal when selling a home.
When selling your
home, it’s absolutely critical you do not overprice it. If you happen to make
the mistake of overpricing your home, it’s important that you identify this
mistake right away and make a change immediately.
How does a seller know
if their home is overpriced? There are actually many tell tale signs to know if
what you are asking does not meet market expectations. Below are the
top 10 signs that your home is priced too high. If you’re selling your
home and have experienced any of the tell tale signs below, make sure you make
an adjustment as soon as possible!
Your
Home Is Priced Much Higher Than Your Neighbors
Generally speaking, in
most neighborhoods, home values will be relatively consistent and close. One
tell tale sign to know that your home is overpriced is if your home is listed
$100,000 higher than other homes for sale in your neighborhood.
While it’s not
impossible that there can be homes that have a $100,000 value difference, it is
quite rare. One of the most common methods
that real estate agents will use to determine a home value is by
completing a comparative market analysis. A comparative market analysis, also
known as a CMA, is best described as a detailed
analysis of sold homes in the past 6 month time period in a given neighborhood.
If your home is priced
much higher than your neighbors, it’s very possible your real estate agent
didn’t complete a detailed analysis of value. If a CMA wasn’t completed, this
will not only lead to your home being overpriced, but also can create issues
with bank appraisals.
You’ve Had Very Few Or No
Showings
Excitement is a very
common emotion that is experienced by a seller. Sellers are generally happy
their home is listed for sale and being advertised all over the internet. Weeks
pass by and there have been a couple or even worse, zero showings.
That excitement now turns
to concern and frustration. If this sounds familiar, the likelihood that your
home is overpriced is high. If your home has been listed for sale for a few
weeks and you’ve had only a couple showings, you need adjust the price in the
hopes to generate some activity and showings.
You
Haven’t Received An Offer
In most real estate
markets, if a home is priced correctly a homeowner should receive at least one
offer within the first two to three weeks. If you haven’t received an offer
after a couple of months, this is a great way to know your home is most likely overpriced.
If your local real
estate market is currently in the midst a seller market, you should expect an
offer on your home within the first couple days on the market, if it’s priced
correctly.
Certainly there are
types of properties that may take longer than a couple days or a month to
receive an offer on but it is fairly rare. This exists typically when selling a luxury home or waterfront property.
You
Hired The Agent Who Recommended A Much Higher Price
In any given real
estate market, there can be hundreds to thousands of real estate agents. When
you are interviewing prospective Realtors to sell your home, it’s important
that you know what questions you should ask during
an interview.
One of the most
important questions relates to the pricing. It’s critical you understand how
the prospective real estate agent came up with the listing price of your home.
If you interview 3 real estate agents and one of the real estate agents
suggests a price that is $30,000 higher than the others, you need to know how
they came up with that number.
There are many real
estate agents who will “buy a listing” by suggesting a list price much higher
than the market value. If you made the mistake and hired the real estate agent
who suggested a much higher listing price, it’s very likely your home is priced
higher than it should be.
Neighbors
Homes Are Selling & Yours Is Not
One of the most
frustrating things for a seller is when the neighboring homes are selling and
theirs is not. If you’re selling your home and this is happening, this is a
sign that your home is priced too high.
A common statement
from homeowners who are selling their home is, “My neighbors home just sold for
$200,000 and mine is much nicer than theirs, why isn’t my home selling?”
One thing that many
sellers fail to understand is that there are so many things that can influence
the sale of a home. If this sounds familiar, a couple things to keep in mind
when it comes to comparing your home to your neighbors include;
·
Was your neighbors
home a different style of residence? Ex; ranch vs. two-story colonial
·
Was your neighbors
home larger?
·
Did your neighbors
home have high end upgrades and amenities? Ex; granite counters, building
additions, etc…
·
Is the location of
your home inferior or superior to your neighbors? Ex; corner lots or
private/wooded lot
·
Were the mechanics of
your neighbors home newer than yours? Ex; new roof, windows, furnace, etc…
Bottom line, if your
homes are selling in your neighborhood and yours is not, it’s probably
overpriced.
Open
Houses Are DUDS
One decision that
should be made by homeowners who are selling their home is whether or not they
want open houses. Statistically speaking, less than 2% of homes actually sell
as a direct result from an open house. Open houses do
provide potential buyers the opportunity to look at homes without feeling high
pressure that some real estate agents may place on them.
If you believe that open houses are necessary to sell your home,
what does it mean when the open houses are DUDS? If your real estate agent
markets the open house and not one person walks through the door during the 2
hour open house, then your price could be an issue.
Like most, buyers have
busy schedules, but a buyer will make the time to visit open houses if they are
interested in a home. A buyer will however not waste their time if they feel a
home is overpriced.
Internet
Traffic Is Very Low
The internet has changed real estate industry over the past
10-15 years. The majority of home buyers are
beginning their home search online. When a buyer is interested in a home they
see online, they will reach out to either the listing agent or will contact
their own real estate agent to schedule a private viewing.
One way to know your
home is overpriced is if there has been little to no internet traffic or
property inquiries. An experienced real estate professional who has a strong
understanding of how to market homes for sale online should be able to provide
traffic statistics as well as property inquiries.
Showing
Feedback Indicates Your Home Is Overpriced
One of the biggest
benefits to hiring a top real estate agent is they know the importance of
receiving feedback on their listings. Feedback from other real estate agents as
well as buyers who are viewing a property can be a huge help. If you’re not
receiving feedback from showings, it maybe time to think about firing your real estate agent.
Feedback is important
because it allows a homeowner the chance to correct things a buyer may object
to. For example, if a prospective buyer indicates the paint colors are too
“bright” it maybe time to consider repainting the room.
If the feedback from
showings is that a home is overpriced, this gives a seller the opportunity to
make an adjustment in the price.
You’ve
Received Low Ball Offers
Most overpriced homes
will not receive any offers, however, it is possible. Homeowners who overprice
their homes and still receive a couple of offers should feel somewhat
fortunate.
It’s a good chance
that if a home is overpriced, the offers received are “low ball” offers. If a home is
overpriced and offers are much less than the listing price, is it really fair
to consider them “low ball” offers?
If you’re selling your
home and have received several offers that you would consider “low ball”
offers, you may need to reconsider whether your price is appropriate.
Your
Home Didn’t Sell & Expired
Possibly the most
obvious way to know a home is priced wrong occurs when it doesn’t sell and
expires. If a home doesn’t sell and becomes an expired listing after 6
months, it’s not because there are not ready, willing, and able buyers in your
local market.
Instead of blaming it
on the lack of buyers or the local real estate market, it’s important a seller
looks in the mirror and realizes that their home was overpriced. Every home has
a price tag that is accepted to home buyers. If a home listing price is
relatively close to the number a buyer considers fair, it will sell and not
expire, period.
The
Importance Of Pricing In Real Estate
The number one reason
a home sells is because the price was right! Determining the list price of a home is such a critical
piece of the home selling “puzzle.”
If you put the correct
price on a home, it will sell in a relatively quick time frame. If you choose
to overprice your home, it will either not sell or will take several months to
sell. If you choose to overprice your home, remember that you will likely
receive less money for your home than if you were to correctly price it from
the beginning!
About the Author: The
above Real Estate information on 10 signs your home is priced too high was
provided by Kyle Hiscock.
Friday, March 20, 2015
OCEANSIDE END OF CUL-DE-SAC HOME
4203 Old Grove Road, Oceanside CA 92057
.jpg)
This Could Be Your Home! |
Fabulous end of culdesac home on a GREAT LOCATION. 4 bed ,2 1/2 bath. No Mello Roos, no HOA. House features: custom painting, large kitchen and island with plenty of cabinetry, tile floors downstairs, carpet upstairs, HUGE family room with fireplace, big master w/jet spa, and 2 walk-in closets, laundry room. Great yard for entertaining. One of the largest lots! Walking distance to school, near all. Easy access to 76 and I5. Walking distance to San Luis Rey River Trail..bike to the beach!!!
Bedrooms: 4
Bathrooms: 2.5 2,600 sq. ft. on 8,000+ lot Year Built: 2004
OFFERED AT:
$495,000- $515,000 MLS# 150014467 |
FABULOUS LAKEFRONT HOME AT SUNRISE POINT
1554 Via Brisa Del Lago, Lake San Marcos
1,740 sq. ft. on the lake | Year Built: 1981
$695,000-$715,000
Cecilia Godoy
Realtor
ceciHOMES@gmail.com
760-822-2757
www.CeciliaGodoy.com
Wednesday, January 21, 2015
Pantone toasts Marsala as its 2015 Color of the Year
 |
You might know Marsala as a fortified red wine, an Italian seaport city or a rich, flavorful sauce.
As of Jan. 1, it’s also the Pantone Color of the Year. And that’s good to know if you’re planning to buy, sell or decorate a home, according to Pantone Inc. The New Jersey-based company’s Pantone Matching System has major influence on the color choices of graphic artists, designers and product developers around the world.
Twice a year, Pantone hosts a secret meeting in a European capital, comprised of representatives from many nations’ color-standards groups. After two days of presentations and debate, they select a color for the following year. Marsala emerged as the winner for 2015.
A wine-red color with a brown undertone, Marsala is already a home-staging favorite, appearing in accent pieces and accessories from vases and throw pillows to patterned rugs. Pantone says textured surfaces enhance Marsala, so it will likely be a popular choice for rugs and upholstered living room furniture. The color also is expected to be prominent in stripe and floral patterns, such as in printed placemats, dinnerware, bedding and throws.
“Nurturing and fulfilling, Marsala is a natural fit for the kitchen and dining room because, among other reasons, it is a great appetite stimulant,” said Leatrice Eiseman, executive director of the Pantone Color Institute®. “It is versatile and sophisticated, making it ideal for tabletops, small appliances and linens throughout the home.”
Marsala’s popularity is already growing among men and women, she says. Women take to it very quickly as a lipstick and blush color and, more recently, for eyelids. Men enjoy Marsala in ties, socks and sneakers. And everyone can get close to the color in plush bathrobes and other casualwear.
Because the shade isn’t as overpowering as its predecessor, Radiant Orchard, Marsala can be a unifying color element for interior spaces that can add a pop of color without proving to be a distraction, Eiseman said.
“Marsala enriches our mind, body and soul, exuding confidence and stability,” she said. “It is a subtly seductive shade, one that draws us in to its embracing warmth. Complex and full-bodied, this hearty yet stylish tone is universally appealing; translating easily to fashion, beauty, industrial design, home furnishings and interiors.”
Thursday, November 20, 2014
Statistics
North San Diego County Real Estate Housing Statistics | October 2014
The median price for all North County home sales – attached and detached – decreased to $508,250 in October 2014 compared to September 2014.
Detached homes in North County decreased by 5.83 percent in October 2014 to $565,000 compared to $600,000 in September 2014.
The HomeDex affordability percentage for all homes in North San Diego County – attached and detached remained at 32 percent in October 2014.
The number of North San Diego County SFD listings (active and contingent) decreased 5.25 percent in October 2014 compared to September 2014.
Median days-on-market for single-family detached homes sold in North County increased to 34 days in October 2014 compared to 27 days in September 2014.
According to the California Association of REALTORS®, the Unsold Inventory Index for existing, single-family detached homes in San Diego County was 4.3 months in October 2014, down from 4.4 months in September 2014, and up from 3.7 months reported in October 2013. The index indicates the number of months needed to deplete the supply of homes on the market at current sales rate.
Wednesday, October 22, 2014
California Real Estate Market Stuck in Low Gear
September Sales Limited by High Prices and
Relatively Tough Lending Standards
September 2014 California single-family home and condominium sales fell 5.6 percent to 32,017 units from 33,931 in August. In the past 12 months, sales are down 4.4 percent from 33,484 sales in September 2013. September 2014 sales were the lowest September sales since 2007. On a regional basis, over the past 12 months sales are down 3.7 percent in the Bay Area, 4.9 percent in Southern California, and 8.3 percent in the Central Valley.
“The California real estate market is stuck in low gear,” said Madeline Schnapp, Director of Economic Research for PropertyRadar. “High prices and relatively tough lending standards have pushed many would be homeowners to the sidelines.”
The steady decline of lower priced distressed properties available for sale has been a key factor depressing sales. Whereas in September 2013 23.0 percent of sales were distressed properties, in September 2014 distressed property sales comprised only 16.6 percent of the total. In September 2011, 55.2 percent of sales were distressed property sales.
The median price of a California home in September was 385,000 dollars, down 1.3 percent from 390,000 dollars in August. Median prices have been flat 390,000 dollars since June 2014. On a year-ago basis, median home prices gained 8.5 percent, the slowest monthly gain since June 2012. Month-over-month price variations are impacted heavily by the sales of non-distressed properties, which in September comprised 83.5 percent of total sales. A better measure of median price movement occurs when sales are divided into distressed property sales and non-distressed property sales. The median price of non-distressed homes fell 1.4 percent for the month but increased 5.3 percent over the past 12 months. Meanwhile the median price of distressed homes was unchanged for the month is up 7.8 percent from a year ago. On a county level, median price increases have slowed or peaked in many of California’s largest counties. In September 13 of California’s 26 largest counties experienced monthly price declines compared to only six in March.
“From mid-2012 through June of this year, median prices in most of California’s largest counties were experiencing double digit year-over-year increases,” said Schnapp. “Since then, median prices increases have slowed or reversed in response to a fall-off in demand.”
In other California housing news:
• Improvement in negative equity has stalled due to a slowdown in price appreciation. In September, negative equity positions were nearly unchanged from August. Slightly more than 1.0 million California homeowners, or 11.6 percent remain underwater. Historically elevated levels of negative equity will continue to exert a drag on the California real estate market.
• Cash sales totaled 7,252 in September and were 22.4 percent of total sales. Cash sales have been steadily declining since reaching a peak of 40.0 percent of total sales, or 14,028, in August 2011. Since then, cash sales have fallen 48.3 percent.
• Flip sales fell 10.3 percent for the month and are down 34.2 percent for the year. Flip sales are defined as properties that have been resold within six months. Flip sales comprised 3.5 percent of total sales in September, down from 3.7 percent of in August. Flip sales peaked in October 2012 at 5.1 percent of total sales and have declined 43.8 percent since then.
• Institutional Investor LLC and LP purchases fell 16.8 percent for the month and are down 19.8 percent from August 2013. As the supply of distressed properties dwindle and prices rise, institutional investor demand has retreated due to the lower return on investment. In general, Institutional Purchases have posted consistent monthly declines since peaking in December 2012 and are down 51.9 percent since then. Trustee sale purchases by LLC and LPs are down nearly 90.0 percent from their October 2012 peak.
• Foreclosure starts, Notices of Default (NODs), fell 3.5 percent between August and September and are down 12.0 percent from September 2013. The downward trend extends a longer-term downward trend that began in March 2009. Foreclosure sales increased 11.2 percent for the month and are down 12.8 percent for the year.
Home Sales
Home Sales – Single-family residence and condominium sales by month from 2007 to current divided into distressed and non-distressed sales. Distressed sales are the sum of short sales, where the home is sold for less than the amount owed, and REO sales, where banks resell homes that they took ownership of after foreclosure. All other sales are considered non-distressed.
Year-over-Year Home Sales
Year-over-Year Home Sales – Single-family residences and condominiums sold during the same month for the current year and prior years divided into distressed and non-distressed sales.
Median Sales Prices vs. Sales Volume
Median Sales Price vs. Sales Volume – Median sales price (left axis) of a California single family home versus sales volume (right axis), by month from 2005 to current. Median sales prices are divided into three categories: All single-family homes (blue line), distressed properties (red line), and non-distressed properties (green line). Monthly sales volume (right axis) are illustrated as gray and lavender bars. The gray bars are distressed sales and the lavender bars are non-distressed sales.
California Homeowner Equity
California Home Owner Equity – A model estimate of California homeowners segregated into various categories of levels of homeowner equity for a given month. Homeowner numbers represent a percentage of total California homeowners.
Cash Sales
Cash Sales – The blue bars (right axis) illustrate cash sales of single-family residences and condominiums by month. The red line (left axis) illustrates cash sales as a percentage of total sales by month.
Flipping
Flipping – The number of single-family residences and condominiums resold within six months.
Market Purchases by LLCs and LPs
Market Purchases by LLCs and LPs – The blue bars (right axis) illustrate market purchases of single family residences and condominiums by LLCs and LPs from 2007 to current. The red line graph (left axis) illustrates LLC and LP purchases as a percentage of total sales by month.
Market Sales by LLCs and LPs
Market Sales by LLCs and LPs – The blue bars (right axis) illustrate market sales by LLCs and LPs of single-family residences and condominiums by month. The red line graph (left axis) illustrates sales as a percentage of total sales by month.
Trustee Sale Purchases by LLCs and LPs
Trustee Sale Purchases by LLCs and LPs – The blue bars (right axis) illustrate trustee sale purchases (foreclosure sales) of single-family residences and condominiums by LLCs and LPs from 2007 to current. The red line graph (left axis) illustrates purchases as a percentage of total trustee sales by month.
Foreclosure Notices and Sales
Foreclosure Notices and Sales – Properties that have received foreclosure notices — Notice of Default (green) or Notice of Trustee Sale (blue) — or have been sold at a foreclosure auction (red) by month.
Foreclosure Inventories
Foreclosure Inventory – Preforeclosure inventory estimates the number of properties that have had a Notice of Default filed against them but have not been Scheduled for Sale, by month. Scheduled for Sale inventory represents properties that have had a Notice of Trustee Sale filed but have not yet been sold or had the sale cancelled, by month. Bank-Owned (REO) inventory means properties sold Back to the Bank at the trustee sale and the bank has not resold to another party, by month.
By by Madeline Schnapp
Real Property Report Methodology
California real estate data presented by PropertyRadar, including analysis, charts and graphs, is based upon public county records and daily trustee sale (foreclosure auction) results. Items are reported as of the date the event occurred or was recorded with the California county. If a county has not reported complete data by the publication date, we may estimate the missing data, though only if the missing data is believed to be 10 percent or less of all reported data.
Subscribe to:
Posts (Atom)