"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.
Sometimes, even the most well-intentioned and motivated sellers forget that the point of marketing and staging their home is to impress as many potential buyers as possible. One wrong move or word can lower the sale price, or even worse, prevent a sale at all. Make sure you are serious contenders by steering clear of these simple buyer turnoffs.
1. The Hovering Homeowner
Prospective buyers may not feel comfortable talking openly with their co-buyers or agents with the homeowner there, and may not open doors and drawers in front of the seller—potentially missing some of the home’s best features. Put yourself in the buyer's shoes and think about how you prefer to view your potential new home. Keep in mind that any questions you answer to the buyer or to the buyer's agent is potential money lost in the sale. Let your agent handle the questions. This is our job and part of protecting you in the sale of your home.
2. Weird Wacky Wallpaper Woes
Ask any agent what homebuyer's hate the most in homes and they will tell you that nothing—nothing!—is a more hated design choice than weird, wacky wallpaper. Especially when the wallpaper is dated or themed. Wallpaper is a very personal choice and requires quite a bit of muscle to remove. Listen to the advice of your agent in staging your home for potential buyers….make it a blank and neutral canvas.
3. Out-of-Season Listing Photos
If it is June and your photos have Halloween decorations in them it's a sign to buyers that this home has been on the marked for too long. Leading the buyer to ask…"Why hasn't it sold? What's wrong with it?". Home photos should always look fresh and clean and up to date. Professional photography is your best option. Do not have photos taken in October with Fall themed or Halloween decor.
4. Crummy Curb Appeal
A few simple fixes can take the curb appeal from lackluster to irresistible. Weed and mulch the flowerbeds, trim the hedges, clear the walkways, and repaint any flaking siding. Have the exterior power washed to clear away debris, dust and cobwebs. Clean the windows for a sparkling touch. Consider adding some “homey” touches like a wreath on the door or a bench on the porch. There’s no need to spend a ton on landscaping; just making the outside look presentable and welcoming can make all the difference.
5. An Insane Asking Price
Most buyers are short on time and they don't want to waste time looking at homes that are over priced. The only opinion when it comes to price is the market’s opinion. A home should be priced so buyers feel like they’ll get a good value, not so they’ll sit on the sidelines waiting for a price reduction. You never want a buyer to think, “Great place, but way overpriced. They must not be serious about selling, so let’s move on.”
6. Perceived Massive Maintenance
Fall is the perfect time to show off the cozy, homey feel of the property. But it’s also the time when the realities of homeownership are the most apparent. This is the time to keep up with your seasonal maintenance! Sellers should also be aware of keep the home comfortable for the weather. When the weather cools, homes should be warm, but not stuffy.
Ready to sell your home? Call me today to find out how to maximize the value of your home and get the most exposure to potential buyers.
Alison Peterson, Realtor (760) 889-7934
Reference Source: Erin Renzas
We all know it's a Seller's Market here in North County San DIego. In fact, it's a Seller's Market across the country right now. Why? Because so many Seller's have been waiting for home values to go up before listing their homes for sale. Buyers have been waiting for 5 to 7 years for market inventory to improve. That time is now and has been on the rise for the past 9 months.
Multiple Offers and Bidding Wars are back. Good for Sellers and tough for Buyers.
Sellers who want to get the most money out of their homes in the least amount of time are using a Deadline Strategy. This is where the listing agent cites a specific deadline for offers in the listing and on marketing materials. Most deadlines are written in the confidential agent to agent remarks and not in the public listing. A home listed and entered on the Multiple Listing Service on June 1 could have a Deadline of June 7 for incoming offers.
Why does this get results and high returns for the Seller? Setting a Deadline shows confidence in the listing price and the property value. It also moves the Buyers to help them focus and take action to write their offer and usually at their highest and best.
While the Seller could receive an offer they can't resist before the Deadline and accept that offer, they usually wait to see all offers submitted by the deadline. The Seller is not bound by the Deadline and can accept whichever offer most meets their terms of price, escrow closure and the strongest buyer.
Alison Peterson, Realtor