3 Pricing Strategies for Your Orange County Home

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

A price is an all-inclusive number. When you're looking at price, you want to work with a professional real estate agent who understands the local market. They need to know what the competition is, how many days it takes to sell properties in your area, what other homes are selling for among a number of other factors.

Furthermore, there are three pricing strategies you could use to sell your home. Let's say your home is in an area where the sales price runs from $950K to $1 million.

• Price your home high and leave room to negotiate. You could list your home at $1.2 million to test out the market. Keep in mind that the first three weeks the home is on the market are the most critical time to sell or get an offer. After those three weeks, activity drops significantly.
• Price your home within market value. In this case, you could price your home at $960K or $975K, anywhere in between the $950K or $1 million that people have paid in the past.
• Consider pricing your home below market value. Doing so creates a buyer frenzy, and buyers will fight each other to get their offer accepted. This helps bids drive up the sales price.

While these three strategies work for most people, talk with your real estate agent to determine the best strategy for you. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

Six Ways to Find the Right Agent in Orange County

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

Finding a good real estate agent is extremely important if you want to have a smooth and successful transaction. Today we will discuss six ways to pinpoint a good real estate agent.

1. Find multiple agents for the job: Ask for referrals and find people on Zillow or other 3^rd party real estate websites. Find at least 2-4 agents that you might want to use and interview them.

 

2. Interview: You are going to be doing a lot of work with the real estate agent you choose, so you need to match their personality type and you have to be comfortable with them. It is okay to use family, as long as you interview them just like the other agents.  Don’t just hire an agent because they are family.

 

 

3. Review online testimonials: If you find an agent through Zillow, their online testimonials should be very prominent on the website. It's important to know what other people are saying about your prospective real estate agent.

4. Check out their social proof: You want to know an agent's track record prior to hiring them. Make sure that they are familiar with the area that you're buying or selling in.

 

5. Check for a detailed marketing plan: If your agent has no marketing plan other than putting a sign in the yard, then look elsewhere. Marketing is very important in today's market. The right marketing plan can ensure your home sells for top dollar and you don’t leave any money on the table.  The wrong agent can cost you up to 10%.

 

6. Work with someone that you can trust: At the end of the day, it's a business transaction and you need to be able to be frank with your agent. If you're not comfortable with this person, it's going to cause problems down the road.

If you have any questions about finding a good agent, please don't hesitate to contact me!

The Benefits of Zillow

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

Today, I explain three reasons why Zillow is a great resource.

1. Zillow allows buyers to search all properties for sale. From the seller’s perspective, it gives you an idea of local listing prices. Zillow can offer homeowners an estimation of their home’s value.

However, this is not an end-all strategy! Zillow uses algorithms. It’s only the beginning before connecting with an agent.

2. Zillow compiles agent testimonials. The average consumer considers online reviews before pursuing a product or service. The same goes for a Realtor!

3. Zillow provides proof of production. The website shows an agent’s productivity in specific areas and neighborhood. You can see where agents conduct their business, especially within certain metropolitan areas.

Ultimately, Zillow offers transparency to the consumer.

If you have any questions or suggestions, please give me a call! I would love to hear from you!

Five Reasons to Sell Your Orange County Home This Holiday Season

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

Many people are hesitant to list their homes during the holidays -- but why? Is there any evidence that this time of year is not a good time to sell? We don't think so; in fact, we have five reasons why selling during the holidays is a pretty good idea:

1. There is less competition. Less competitive home sellers typically take their homes off the market as soon as the holiday season arrives. Motivated sellers who stay on the market benefit from this, as they demand more attention from the pool of buyers because there is less competition.

2. Higher quality buyers. Just like sellers, less motivated buyers typically take a break from their home search during the holidays. The buyers who stay in the market are highly motivated, otherwise, they wouldn't be looking during the holiday season. In short, those looking to buy in the winter are serious about doing so!

3. Buyers have more time. During the holidays, buyers and their kids have time off work and school, giving buyers more time to look at available homes. This means there could be an uptick in activity, both online and in person, during the holiday season.

4. Timing. If the average homeowner believes it's not a good time to sell during the holidays, it is likely that we'll see a huge influx of inventory at the beginning of next year, as those sellers who waited will be listing their homes at that time. Selling now will spare you the hassle of competing with a huge pool of homeowners.

5. Taxes. Many buyers want to buy properties to take advantage of the tax benefits and closing by the end of the year will allow them to take advantage of the benefits for that year.

If you have any questions about selling this winter, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. I would love to hear from you!

You Get What You Pay for With Discount Brokers

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

It’s important to understand that not every agent is created equal. Each one is unique, so it’s important that when you are considering putting your home on the market, you interview two or three different agents to really get a feel for what they are going to do to get the word out about your home. You want to know how they are going to market your home to the most people possible so you can sell for top dollar.

This is important because as the market gets healthier and begins to thrive, we experience something called “commission compression.” This is when sellers expect Realtors to sell homes for less because the market is strong and healthy. However, here’s what happens when you pay your agent less commission.

They aren’t able to fully go through their marketing strategy because they have less money to budget for it. Orange County real estate is global, so when we talk about marketing we aren’t talking about putting a sign up in the yard and a listing on the MLS. You need someone who knows how to expose this home to the highest possible number of potential buyers. The best way to do that is with an agent who knows what they are doing when it comes to marketing. Great marketing is essential, but expensive, so agents need that commission in order to be able to do their job to the best of their ability.

The average agent who will cut their commission is looking for ways to save you money. The best agents, the ones who get the job done, are looking to make you money. To help you make money, they need you to invest a little bit of money into them, so they can put that to work for you and help get your home sold quickly and for top dollar.

If you have any questions for us, or any ideas for future videos, don’t hesitate to give us a call or send us an email. We would love to help out!

How Can You Win in a Multiple Offer Situation in Orange County?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

If you've been paying attention the market here in Orange County, you know that inventory is quite low right now; there just aren't very many homes that are show-ready and priced to sell at the moment. These types of homes have a lot of demand for them - they're the types of properties everybody wants.

When there aren't many desirable homes available, but there are still buyers looking to purchase, multiple offer situations become common. That's exactly what we're seeing now. So, the question becomes, what can you do to make your offer stand out from the rest? There are certain things in the offers that homeowners are going to look for that you need to do:

• Prepare an offer that's clean and straightforward. Most homeowners want to know how much they'll sell their home for, how fast the home will close, how strong of a buyer you are, and how motivated you are to buy their home. When crafting an offer, don't put a lot of credits in there or extend timeframes - make it clean, straight, and to the point!
• Include a pre-approval letter. The homeowner doesn't know who you are; after all, they're just staring at a pile of paper. A pre-approval will give them the assurance that you have the ability to qualify for a loan and buy their property.
• Show proof of funds. Because the homeowners have no idea who you are, they will want to make sure you have the down payment necessary to close the deal. Include a bank statement showing the homeowner how much money you have in the bank ready to go.

These three things are essential if you want your offer to be accepted. However, we've found the a couple other things to be incredibly helpful to buyers who are trying to get their offers accepted. Here are two optional, but effective, things you can do:

• Write a personal letter. Why do you want the house? What do you like about the area so much? What makes this particular house so special to you? Many homeowners have lived in properties for 10-20 years, so there's a lot of sentimental value in that home. Many homeowners like to know that they're selling to someone who will take care of the home just like they did. A letter will create that emotional connection.
• Have your agent write a letter to the other agent. Sure, the homeowner has the final say in which offer is going to be accepted, but a lot of times a great agent will want to work with another great agent. When the buyer's agent and a seller's agent cooperate, the transaction goes a lot smoother. By having your agent write a letter about their past success and general ability to get deals closed, you will make your offer that much more enticing.

In a competitive marketplace like Orange County, we recommend doing all of these things when making an offer on a home. If you want to avoid missing out on that dream home, or if you have any questions about the process, please don't hesitate to reach out to us. We're always available to help you make the most of market conditions!

2 Reasons Why Your OC Home Isn't Selling

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

There are many reasons why homes don't sell, but there are two to think about over the others.

• The home hasn't had enough exposure. Real estate isn't local anymore. It's global. In Orange County, we have prospective buyers from other states and other countries. Is your agent using social media and posting videos? If more eyes are on your property, you increase the likelihood of selling quickly and for top dollar.

• The home is incorrectly priced. Pricing is crucial. Price according to the market. What are buyers willing to pay for homes in your area? Have you made any upgrades that increased the value of the property? You need to take these things into account in order to price your home correctly.

While there are many reasons why a home might not have sold yet, look at exposure and pricing first. If you have any questions, give us a call or send us an email. We look forward to hearing from you!

Preparing for the Top Four Things Buyers Want

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

Today, we'll talk about the top four things buyers want. Let's get to it!

1. Every buyer wants a great deal. It doesn't matter where the buyer is coming from; every buyer wants to brag to their friends and family that they got a steal on the property they bought. As a homeowner, when you price your home, take the buyer's needs into consideration.
2. Buyers want to make little or no repairs on the home. That's because they're spending what they have to buy a property, and usually can't afford to make repairs or upgrades. With interest rates so low right now, buyers are really looking for turnkey properties.
3. Outdoor space. Everyone wants an area to entertain friends and family. Now, in Orange County, most properties don't always come with a lot of land. When you prepare to sell your home, highlight features of the outdoor area. If you are selling a condo, highlight the amenities in the common areas.
4. A place to call home. Most buyers want to make small changes to make the home their own. They want a piece of that American dream: a place to call home, and an investment for the future.

If you have any questions about today's video or about real estate in general, give me a call or send me an email. I look forward to hearing from you!

What Can You Expect from Orange County Real Estate Moving Forward?

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Price Evaluation

Where is the Orange County market heading? Once the summer season comes to an end and we get deeper and deeper into the fall real estate season, people begin to wonder what market conditions are like, so today I want to share a quick update.

Right now, there are just over 7,000 homes for sale in Orange County.The latest numbers we have for September indicate that just over 2,400 homes have sold. This means that if no new properties are listed for sale, we have just under three months of active inventory.

Anytime inventory is under six months, it's a seller's market, when it is over six months, it's a buyer's market. Last year at this time, there were 10,000 properties for sale, and now there are only 7,000 properties this year; this is a 30% decrease in available homes.

Although the number of homes is growing, a big problem we have right now is the number of overpriced homes currently on the market. People get excited when they see the news that says the market is on fire and they turn around and overprice their home. This leads to a lot of overpriced homes on the marketplace at one time.

When I talk about current inventory, I want buyers to focus on the inventory of sellable properties. It's not that high, so demand is very high for homes that are priced right and are ready to sell, and we're seeing multiple offer situations on those properties as a result.

Interest rates are still historically low, making now the time to make your move. Buyers in the area are locking in rates as low as 4%. Although rates vary from person to person depending on credit history and a number of other factors, there is a good chance you'll be able to lock in a super low rate right now. With rates slated to rise in the next year or so, you really don't want to miss this opportunity.

The bottom line is every buyer or seller has a specific set of circumstances that determine whether now is the time to make a move. The first thing to do is get in contact with a great lender or a great agent to help you make informed decisions in the marketplace. If you need real estate or lending assistance, we would love to hear from you. We're always here to help!