C.A.R. Survey: Home Sellers excited about the market again!

This morning, I came across an interesting article from the latest C.A.R (California Association of Realtors) 2013 California Home Sellers Survey.  Home sellers are more optimistic about repurchasing a home than in previous years.

A little over two-thirds, roughly 69 percent of home sellers purchased a home after selling their previous residence.  Great news and finding for a strong and stable real estate market in the near future.

So why the change? was it the rates? was it the home prices?

yes, yes, yes.

The main reason for sellers to sell their current residence was to trade up  and take advantage of low interest rates to finance their next home.   In the first half of 2013, the surplus of multiple offers in all sales help increase market values for neighborhoods.

With a banging 2013 real estate year for sellers, home owners looking to sell have every right to be excited about this upcoming 2014 real estate year.

Looking to sell your home? Curious about your current real estate home value?  Contact us for a FREE market report with no obligations!

Source: C.A.R Newsstand

5 Home Projects to Avoid

Five home improvement projects that won't increase the resale value of your home.

Home Seller: Why Isn't My Home Selling?

Have you gone thru more than one price reduction?  Don't understand why your neighbor's home is already in escrow while your home is still on the MLS showing "Active"?

The majority of the time, price is the reason why the home isn't selling.  Buyers will think the value of your house is less than the list price you have.

Market Value is the worth of what a buyer is willing to pay and a seller willing to accept.  Arriving to the magic price to enter escrow and close is a difficult negotiation.  By hiring a real estate agent and listen to their professional opinions you can market your home and sell fast.  It's not wise to go with an agent because they say they can get you more than what the other agents think the house will sell for.

Here is a list of most common mistakes sellers make when setting a price:

1) Price Based on Need:
What you want to make from the sell of your home will certainly fail because buyer will not take your needs into a factor.  Base the price on current market value that will sell your home fast and save you money in the long run.

2) Price Based on Ego:
Let say that your neighbor home sold for $200,000 last year and you want to $250,000 because you "know" your house is better regardless that the market increased five percent since your neighbor sold.  Unfortunately for sellers,  buyers enter the market being educated about the fair market value which weights on their decision to consider looking at your home and placing on offer.

3) Price Based on Greed: 
Even if you "test the waters" and price your home higher than a market value because "you never know, someone could come along who just has to have it.  Besides we can always lower the price later."  The issue is that buyers realize the price is unrealistic and discourages them from taking a second look.  If there is a price reduction but not enough to current market value, the home will sit even longer and pretty soon you have a listing that has been on the market so long buyers decide there is something wrong and steer clear from the home.

To price your home right, real estate agents can give your Competitive Market Analysis (CMA) which breaks down the sales price of homes that are similar to yours in location, size, age and condition.

The market is always changing and your agent should be updating your CMA whenever anything comparable to your property sells.  

4) Put on a Good Show:
Second biggest reason a home isn't selling is your home is clutter and is unorganized.  Buyers are looking to feel a "connection" to the home.  They want to be able to imagine their daily routine and future in the home they want to purchase.

5) Can't buy what they can't see:
Allow Appointment-Only showings or a lockbox to allow buyers to view the home before placing an offer.  When you make it difficult for people to see your property, then the chances of a sale at the price you want could drop considerably.

6) Out of Your Hands:
It's not always the seller's fault that a house isn't selling.  The market changes with in time and buyers tend to disappear.  Perhaps new construction homes are opening up nearby and taking all the attention your home could have gotten.

Selling your home takes necessary adjustments to make buyers place an offer on your home in today's market.

For a FREE Competitive Market Analysis in your neighborhood, click here to fill out the your request. A report will be given within minutes. Or give me a call at (818) 384-5928.


Source: Realtor.com

Home Sellers: Overprice or Underprice your Home on the Real Estate Market?

It's a seller's market with buyers overbidding on properties and this trend doesn't seem to be dying down.  When setting an asking price, homeowners are coming across two school of thought:  

1) OVERPRICING 

Homeowners and agents believe that a higher asking price will draw higher offers from potential buyers.  This technique works when inventory is low when there is little "ACTIVE" homes on the market.  

2) PRICE BELOW NEARBY PROPERTIES

Homeowners and agents believe that pricing homes below nearby properties by 5% ot 10% will create a bidding war.   This technique works great in a heated market and for buyers who are looking for a bargain.  The bidding war has seen a potentially of 10% or 15% to the sale price! 

Which technique is best? 

Every house is different and discussing with a Local Realtor like myself will help you determine with strategy works for your home and you.

For a complementary home value report and our marketing strategies, contact us at www.BetancourtRealEstateGroup.com.  We cover Encino, Sherman Oaks and surrounding areas.

Source: WSJ.com

Graphs and Charts: Redfin.com

Learn How a Stage Home can help sell your home faster

Is it time to sell in the market's Buyer Bidding War?

By Yvette Betancourt 

Homebuyers are streaming through open houses and making tens of thousands of dollars above asking price and still coming away empty-handed. 

The high intense demand has sent prices soaring, according to a report released Thursday by DataQuick.  This growing demand meets an exceptionally low supply of homes for sale.  

In desirable areas, open houses are jam packed which has created a frenzy of offers coming in within 24 hours or less and sales pending within a week! 

Homeowners, its has rarely been easier to sell.  

Get to know the process of selling your home in today's market. 

top 10 remodeling projects for your home

Moderation Is Key

It's a seller's market for homes that are priced right and guess what? Not all those properties are updated homes. Yup.... certain updates will help your home re-sell better in your local market.

So before you go all renovation crazy on your property, give me a call to help you determine which upgrades may help your property sell in less time.

Call me today at (818) 384-5928 or (818) 380-5227. 

Home Sellers: Learn how buyers search for homes in today's market

Four Most Common Pricing Mistakes

by Yvette Betancourt

Are you getting ready to place your property on the market? As a Potential home sellers, you've looked at your neighborhoods Open House and searched thru the internet to get an idea of the value of your home.  

However, beware of these four common pricing mistakes that most homeowners make while having their property on the market. 

1. PRICING TOO HIGH FROM THE START
Pride in homeownership is a wonderful accomplishment.  Unfortunately, what may be a high selling point does not often reflect in resell value.   

Solution: Statistics show that homes priced correctly when they first hit the market sell closer to the asking price than homes that start too high, then have to adjust downward.  

2.USING AN ODD LIST PRICE, LIKE $864,257

Solution: Always price in round numbers! REALTORS® search for homes using price categories - make sure your pricing makes sense when agents search a window of $250,000 to $350,000, for example. 

3. NOT BASING YOUR PRICE ON SOLD HOMES
I believe this the most common mistake because we all focus on the active listings that is on the market right now.  In reality, actives listings are a prediction of the market, pending/backup offers are a indication while recently sold (within the last three months) are the best indication of the current market. 

Solution:  Searching actual "SOLDS" is the only true pricing guide.  A home can be listed for any amount - that doesn't mean the home will ever sell for that amount. 

4. REFUSING TO NEGOTIATE

Solution: Your asking price should have some built-in flexibility.  Otherwise, you're bound to turn away and turn off some serious buyers. 

For a FREE current Comparable Report on your property, email us.  Our reports include photos, description, and map of comparable based on your property location.  know the value of the home.

My best advice to Home Sellers: Price It RIGHT!