The latest report for Housing Expections for 2015 has been released by the National Association of Realtors®. All arrows are pointing up! This is great news not only for the housing industry, but for our overall economy. Real Estate is historically on the first wave of recovery from a down economy and other sectors will follow suit.
While this is a National Report we need to keep in mind that Real Estate is "hyper-local" and some areas of the country fare better than others. California is on the higher side in general which means that we lead the pack in recovering our strong and stable Real Estate market.
The info-graphic below will give you a snapshot of what is predicted to come in our Real Estate market.
Are you ready to make your move? Contact me to get your specific neighborhood review and know what your greatest asset is worth. If you've been sitting on the fence, now is the time!
Alison Peterson, Realtor® 760-889-7934 AlisonPeterson@me.com
Certified Military Relocation Professional
Experience, Commitment, Integrity
San Diego Homes for Sale
Often, homeowners try to “test the market” with a higher than fair-market price when first listing their home. That can be a poor marketing strategy. When your agent tries to talk you out of it: Listen!
Setting “too high a price” will be too high a price for you to pay in the end.
Lowering your price after listing causes a chain-reaction in the marketplace that reduces the status of your listing. In the eyes of other agents that might bring buyers your way, a price reduction raises red flags. Here’s the short list:
You miss the critical first 14 days when buyers and agents are most interested in a new listing. Other agents may dismiss you as an unreasonable seller that would be difficult to work with. Your home can no longer compete with other new listings fresh on the market, particularly if they are more fairly priced for your market.
Buyers may think something is wrong with the home. They may press for more concessions, discounts or repairs, and upgrades.
Relisting your home at a new price is not really a new listing, so agents may simply dismiss it.
Price your home right the first time.
Regardless of what you may believe about the value of your house, pricing it commiserate with five years in the past or five years into the future is to doom your home’s sale.
Current fair market value means: The price that an interested but not desperate homebuyer would be willing to pay and an interested but not desperate homeseller would accept on the open market for your area and based on comparisons to homes in location, size, upgrades and amenities.
When priced correctly, your marketing strategy works for you to sell your home as close to your asking price as possible. We are professionals that know the market for your home. Let us help you price your home fairly from the start.
What if prices are going down?
If prices in your area are trending down when you choose to enter the market, you may want to set your price “under” the fair market value so that you’re not forced to lower your initial price and trigger the results listed above.
What if prices are going up?
You cannot anticipate the market, so if prices in your area seem to be going up you can choose the top end of the “fair” range. Do not overprice your home, however, since market trends are volatile and can shift just enough to place your home out of range. Remember that lenders operate slightly behind the market, so if your home is too high too soon, a buyer may not be able to obtain funding to buy it.
Increase the value, not the price.
As professionals, we work with you to set the right price for your house and get the most for your home sale. Some ways to raise the initial fair-market-value of your home are:
1. Make sure your home is in the best condition possible: make repairs, simple upgrades (e.g., light fixtures, faucets), and clean, clean, clean.
2. Neutralize deep paint colors and strong faux finishes. This doesn’t mean to paint everything white, but a modern neutral such as café au lait, warm gray or deep cream sets a canvass for homebuyers to visualize their own furnishing in.
3. Depersonalize your home: buyers want to see themselves in the home, not the former owners. Remove family photos, trophies, school banners, children’s artwork and other giveaways that might hinder a buyer’s vision for his new home. Make sure none of your personal information is visible: hide bills, letters, cards and other items with your name.
4. Clear clutter and simplify furnishings: As we live in our space, we tend to add, but rarely take away. An extra bookshelf or side table fits our needs, so we ignore that it crowds our space a little. When buyers enter a furnished home, crowded spaces can make the house appear too small. Clutter, even decorative clutter, can obscure a home’s assets such as architectural detail, higher ceilings and beautiful wood trim.
Are you ready to sell your home? Call me today for your complimentary consultation. I'm ready to get to work for you today! Contact me at 760-889-7934!
Experience, Commitment, Integrity.
Alison Peterson, MRP
Peterson Fine Properties
Realtor®- CalBRE # 01872325
Windermere Homes & Estates
Certified Military Relocation Professional
"So, what's really going on with the market?"
The burning question that I hear from family, friends, clients and most people I meet. The answer: "Well, that really depends. Are you buying or selling? Are you an investor or is this your personal property? Where do you live? Where do you want to live?"
There are so many factors that come in to play for me to give you the best answer to this question.
Are we talking about Carlsbad 92008, 92009, 92011? San Marcos, Oceanside, Encinitas to Escondido these are all completely different markets. The real estate market is hyper-local. Location! Location! Location!
I am sure that you have heard over the past couple of years that we have a shortage of inventory of homes for sale here in North County San Diego. This means that we've had more buyers in the market than homes to sell to them. While the market was dropping and short sales and foreclosures were in every neigborhood many buyers were holding out to see how far prices would drop and saving their money to make their purchase. At the same time home owners who had lost equity were holding on and hoping for the market to come back up so that they could sell and recoup their losses.
With interest rates still at all time lows, we have seen multiple offers on homes. Buyers have been bidding against investors, overseas buyers, buyers with cash and LLCs. It was a rough market especially for first time home buyers. Homes were selling at or over asking price. It was a great time to buy if you could get your offer accepted! Prices rose steadily for two years from 17 to 22 percent in our North County markets. It's been a firm Seller's Market.
The tide has changed!
This isn't a bad thing. It's actually a really good thing. We are in a healthy and stable market. Interest rates remain low. More sellers are finally listing their homes either to downsize, relocate or move up. Prices have remained steady and in some cases we are seeing price reducions….but not in great amounts. Buyers have more homes to choose from which has brought the market into a neutral state.
Builders are starting to build again. In San Elijo Hills new homes are being built and a new K thru 8 school is being built at the top of San Elijo Road across from the Fire Station.
So, how is the market?
Today I will tell you that the market in North County San Diego is strong and actually it is good for both buyers and sellers. Homes that are priced at correct market value are selling and buyers who are qualified are still getting some of the best interest rates in history.
Since August 2014 the market has calmed down and is quiet. As a Realtor who watches the market every day, I expect for the market to pick up after the holidays and tax season. January through March are usually some of our busiest months! Prices may go up, but I don't expect to see the great leaps and bounds that we have seen these past couple of years.
If you want to know the current market value of your home, or you are looking for a home to buy….Call Me! I would be happy to show you your numbers.