Chief economists have recently reported that 175,000 fewer jobs were created this year than what was projected. In other words, the economy is not in as good a position as you might think. This development does bring some good news, though. Namely, interest rates are expected to soon reach figures never before seen in real estate history. And low rates mean a high level of opportunity for homebuyers. Even a small change in interest rates can greatly impact affordability.
Low interest rates mean great things for sellers, as well. Although there still isn’t a lot of inventory, throngs of buyers have been incentivized to make a move as a result of these low rates. In other words, demand has shot up despite the current lack of supply. However, this might not continue to be the case if supply grows significantly over the next few months. We will see a shift in the market eventually, whether it comes in six, 12, or 18 months. And when this shift occurs, prices will likely flatten out.
When rates are low, it’s a great time to buy or sell.
So could you potentially buy a home for less money if you waited a year to make a move? Maybe. But keep in mind that rates might be higher at that point. If interest rates rise even by 1%, your buying power will drop 10%. So even if you buy a home for less, your monthly payment will be more.
With all of this in mind, the first step you should take when you’re considering buying is to speak with a lender. If you can qualify to buy now, I believe you’ll get a better rate today than you would 12 months from now.
The bottom line of today’s message is this: When rates are low, it’s a great time to buy or sell.
If you have any other questions, would like more information, or would like to discuss your real estate goals, feel free to give me and my team a call or send us an email. We look forward to hearing from you soon.
If you’ve tried to sell your home in the past and the sale was unsuccessful, this message is for you. It’s not for homeowners who canceled their listing because of personal reasons.
If you follow my blog, you know that I’ve said that pricing plus preparation plus exposure equals a record-price sale. If you've tried to sell in the past and failed, here’s what I want you to do: I want you to audit your experience. First, think about the price that you set for your property. Was it fair? Was it based on your current competition and what they were selling for?
If your price was fine and you still didn’t sell, maybe you didn’t prepare your home well enough to sell. When we take a listing, our goal is to put out the highest quality product. In a perfect world, we’d stage every home to attract buyers and make them fall in love, but we can’t always do that. You have to do what you can within your resources to put out the highest quality product.
I want you to audit your experience.
When you previously listed your home, was it clean? Was it decluttered? That’s another missing link that can turn buyers off even if the price is right.
The final missing link is the exposure that your property had. Maybe you hired an inexperienced agent who didn’t have a strategy in place to sell your property. If your home came off the market, but you still want to sell it, you have to ask yourself what was the missing link: pricing, condition, or your agent? If the agent was your problem, it’s time to find a new agent who can help you achieve your goals of selling for a record price. Our team specializes in selling homes like these so if you or someone you know is thinking about relisting any time in the near future, don't hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.
Our real estate market is in a unique position right now. This is great news for home sellers who are looking to upgrade or downsize from their current situation.
Today I’m talking to the homeowners out there who either need more or less space than what they currently have in their home. Right now, it’s a fantastic time to consider upgrading or downsizing for a few reasons.
First, interest rates are now below 4%. While it’s obvious why this is good for buyers, it’s also good news for sellers. The more buyers that qualify for a home in your price range, the better the chances are of you selling for a great price. More and more buyers are entering the current market, qualifying for more, and having a lower monthly payment. They're actively and aggressively looking for homes.
Second, inventory for great properties is still really low. As supply goes up, demand falls. Our supply is still extremely low, so demand is still high. When you combine that with the low interest rates, it’s the perfect time for you to get your home sold for top dollar.
Right now, you can sell high and buy low.
Here’s the kicker and why it makes sense to downsize or upgrade right now: Inventory is going to significantly rise in the next few months. Right now, you can sell your home for a record price, then when you’re ready to buy after that, you’re going to be in a position where you have a lot more options and a lot more control in the transaction. You’re probably going to find a great deal.
Everyone likes to sell high and buy low and our real estate market is set up perfectly for doing so right now. If you or someone you know is in a position to make a move, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.
Interest rates are actually sub-4% right now. The last few clients we have worked with have been able to lock in rates in the 3% range.
Is it a good time to buy right now? Here’s what I tell everyone that I come across: First of all, you can never time the market perfectly. Second of all, if you’re not an investor, don’t think like one. You’re buying a home to live in and there are so many benefits to doing so. If you want to buy a house and you can afford to buy a house, then you should buy a house.
The great thing about low interest rates is that when you’re buying a property, it’s never about the purchase price. It’s about the monthly payment. Whether you pay $5,000 more or $5,000 less than you wanted to, at the end of the day, what matters is your monthly payment. The lower the interest rate you have, the lower your payment will be. If that number is within your comfort zone with these low rates, then now is the time to buy.
There are plenty of options for buyers in all price ranges.
Inventory is growing right now in the summer months and buyers have opportunities to look at multiple homes before making a decision. It doesn’t matter whether you’re in the $200,000 or $5 million price point—there are plenty of options for you. If you haven’t spoken to a lender yet and are not sure if you qualify, we’d be glad to help you get connected with one.
If you have any other questions for me about buying a home in this market or real estate in general, don’t hesitate to give me a call or send me an email today. I look forward to hearing from you soon.
Here’s the million-dollar question I’ve been hearing lately: “How is the market doing?”
Honestly, I’m not a huge fan of this question because every homebuyer and seller has a different need and a different goal, and chances are they’re not all looking in the same market. So today I’m bringing you a very general update on the state of the Orange County market as a whole:
1. We’ve seen a year-over-year rise in inventory. Currently, we have 29% more homes available than we did at this time last year. This means more options for buyers and more competition for sellers. When buyers have more options, they have more time to think about want they want to buy. More competition for sellers generally means that demand for any unique or specific property drops a little bit. If you're a seller in the market, make sure that your home is priced appropriately because if it’s not, then the market will probably react in a way that won’t benefit you.
2. The average days on market has increased. Last year at this time, it took an average of 63 days to sell a property in Orange County; today we’re looking at 84 days. In addition, 14% fewer homes are selling now compared to last year.
3. Expired listings have increased by 64%. An expired listing is a home that was listed on the market that failed to sell for one reason or another. Around 64% more homes are expiring now than they were last year. In our market, we’ve noticed that about 40% of listed homes are failing to sell. However, it’s important to understand that the market is going through a bit of a shift at the moment. Don’t be fooled by media reports of our being in a buyer’s market—we’re still in a very strong seller’s market.
The statistics may seem to spell doom and gloom for sellers, but they need to understand that with the right strategy and the right agent, you can still sell your home for a record price.
4. Sellers need to showcase a high-quality product in order to sell for top dollar. This means that you’ll need to put forth the time, energy, and money to prepare your house to show like a model home—do some minor repairs, make sure the house is clean, and have it staged to get top dollar.
In addition to preparing the home to show in its best light, you also need to price your home to attract the highest number of buyers and work with an agent who can maximize your listing’s exposure to make sure that every buyer in the market for a home knows about your listing.
Overall, the statistics may seem to spell doom and gloom for sellers, but they need to understand that with the right strategy and the right agent, you can still sell your home for a record price.
For buyers, there are many overpriced properties and there’s a lot of stale inventory. With interest rates being as low as they are, you can definitely find a great deal in Orange County.
If you’re interested in buying or selling a home and would like to learn more about how the market relates to your unique situation, don’t hesitate to reach out to me and my team. We’d love to help you.
Having a well-prepared listing is essential to your success as a seller. With this message, I’ll delve deeper into what it means to get your property ready for the market.
I regularly speak to homeowners who’ve left the market after an unsuccessful attempt to sell their home.
Too often, they inform me that all the feedback they received related to price. After seeing it for myself, I discover that the home was actually priced fairly, and the real problem was with how the home was presented in its pictures.
Along with price and exposure, preparation is an all-important component for selling your home for a record price. A surefire way to sabotage your own sale is to present the home as is in its listing photos—especially if it’s in a cluttered and untidy state. Nevertheless, I see so many would-be sellers commit this major misstep, which results in their home going unsold.
With hundreds of thousands of dollars on the line, it’s important to make buyers feel as though your home will be a worthwhile investment. Once it’s on the market, you can’t think of it as your home anymore. At that point, it becomes a product that must be shown its best light.
With hundreds of thousands of dollars on the line, it’s important to make buyers feel as though your home will be a worthwhile investment.
I hope you found value in today’s message. If you know anyone who’s been trying to sell their home and they’ve experienced some setbacks, send today’s message their way.
If your home was previously on the market and you’ve been led to believe that it didn’t sell due to price, please let me know. I’d love to do some independent research and make a determination as to whether or not that’s the case. Not only that, I can fill you in on what my team and I will do to get your home re-branded, relisted, and sold.
If you have any suggestions for future video topics I can cover, please reach out to me as well. In the meantime, happy selling!
The perfect recipe for making a handsome profit on your home sale is made up of three key ingredients: price, prep, and exposure. We’ll talk about that more today.
Price + prep + exposure = record price. This equation is the focus of today’s topic.
Before we unpack each element, let’s consider some alarming market statistics that illustrate the dilemma a lot of sellers are finding themselves in:
Two out of five homes sold in our market sell below their true potential.
Another two out of five homes fail to even sell.
Only one in five homes sells at or above market value.
For our part, the last seven homes my team and I have sold have gone for a record price—even in the face of the current market slowdown. How did we get this done? For one thing, we recognize that the buyer will always have the last word when it comes to your home’s value—not you or me. As your listing agent, it’s my job to demonstrate to the buyer that your home is worth more than its market value.
For most homebuyers, the decision of whether or not to make a purchase is rooted in emotion. It only makes sense that the more emotional a buyer becomes, the higher their offer will be.
That leads me right into the first element of the previously mentioned equation: price. At the outset, you have to do your homework and work closely with your agent to set a fair asking price for your home. That includes looking at past sale prices and present competition, market trends, and interest rates. Then, you’ll need to compare those findings to your home’s location and condition.
Price + prep + exposure = record price.
Taking all of that into account, arrive at a price that’s fair not through your own lens, but through a buyer’s. Pricing high in hopes that there’ll be room for negotiation might seem like a strong strategy, but in reality, it won’t attract buyers to your home. The best way to entice buyers and increase your property’s exposure is to stay within the bounds of what buyers think your home is worth.
Next, let’s talk about prep. I can’t tell you how many listing pictures I’ve seen online that didn’t light a fire under me at all, nor would they with prospective buyers. As a seller, understand that how your home is displayed online carries a lot of weight. That’s where 92% of buyers start their search nowadays, so if your home’s photos are unattractive, buyers won’t take notice or want to view it in person.
No matter what price range you fall into, you have to make buyers feel like your home is an investment that’s well worth it for them. For as significant as this stage is, as many as 85% of sellers neglect it almost entirely.
The final element in our equation is exposure. The exposure your home receives is only going to be as good as the agent you hire and their marketing. A great agent is going to maximize your home’s exposure, both on and offline, and, as a result, widen your buyer pool.
I hope you found value in today’s message. If you know anyone who’s thinking about selling their home, send it their way. If you’re thinking about doing the same and you’d like to talk about the selling process, I’d love to have a conversation with you on the phone or in person. I hope to hear from you soon. In the meantime, happy selling!
Recently, a Harvard researcher studied consumers who were in the market to buy a drill bit. Ultimately, the study led to a curious discovery: In large part, it wasn’t the drill bit that drew these people to the market; it was the drill bit’s utility.
They simply needed something to make a hole in the wall, and the purpose of that hole was to hang a shelf. The study went on to say that it was about much more than the shelf for these consumers.
This researcher concluded that the installation of a shelf brought about a greater sense of accomplishment, pride, and general tidiness in their living space.
In the same way, we as real estate professionals have to probe a little deeper sometimes when our buyers give us a laundry list of amenities and details that are must-haves in their future home purchase. Perhaps they want the home to come with three bedrooms, a garage, and a lot of a certain size.
On a deeper level, a buyer wants the home’s features to collectively generate a feeling of accomplishment and pride.
For us, though, it begs the question: Why do you want all of that? And more importantly, why do you want a home?
After some digging, we learn that, much like the consumer in search of a drill bit, it’s about much more than the reasons that particular buyer gives. We discover that it’s less about the individual features themselves and more about what those features will provide for them.
On a deeper level, a buyer wants the home’s features to collectively generate a feeling of accomplishment and pride. All in all, a major part of the home search process is to enter it with the "bigger picture" in mind.
If you’re thinking about buying a home and you want to get the process in motion, please reach out to me and my team. I’d also love to hear your suggestions for future video topics I should cover. In the meantime, happy selling!
For those thinking about purchasing a property in the near future, let’s take a moment to look at what’s happening in our local real estate market.
Right now, inventory is growing, which is good for buyers, because having more choices means two things:
You’ll have 20% to 30% more properties to choose from than you did just six months to a year ago.
The increase in available home options equals increased competition between sellers, which means the overall demand for properties falls.
As a buyer, you’ll also need to be aware of the fact that interest rates are at a 15-month low, meaning that you’re sitting pretty at the moment. If you speak with a lender and you feel comfortable with the monthly payment, my recommendation is to pull the trigger. Make it happen; based on prices and interest rates, there’s no better time to get into the marketplace than right now.
If the monthly payment doesn’t make sense, then buying that home doesn’t make sense.
But the main point of my post today is to reframe the discussion around homebuying: You’re not actually buying a home, but rather a monthly payment. Very early in my career, one of my mentors told me that the price of a home is a one-time thing, but your monthly payment is an every-month thing. Many buyers become fixated on the price of a home, but what if you could get the same property with a better loan and save money each month you make a house payment?
Even though buying a home right now presents a great opportunity, you still need to speak with a lender first so that you understand what type of loan you’ll be getting, how much you’ll need to put down on a home, what your closing costs will be, and most importantly, what your total monthly payment will be. Knowing these things ahead of time will allow you assess how comfortable you are proceeding with that transaction. As a buyer, don’t become fixated on price. Price is a guideline for us to show you homes that fall in the range of your ideal monthly payment. At the end of the day, if the monthly payment doesn’t make sense, then buying that home doesn’t make sense.
If you’re thinking about buying a property and would like us to help you find the best one money can buy, feel free to give me a call or send an email. I love to educate people on how to find the exact kind of home they’re looking for.
Today I want to address something about our real estate market: The spring market is here in full force, and sellers need to act accordingly.
We have seen inventory increase dramatically over the last three to four weeks. Looking at historical trends, I expect that we’ll continue to see a rise in inventory through May, June, July, and August. That means the deeper we get into the summertime, the more competition you’ll have as a seller.
The great news is that homes are selling pretty quickly and for great prices. However, the ones that are selling the quickest and for the best prices are the ones that come onto the market strong. By ‘strong,’ I mean that sellers are working alongside great agents with effective marketing campaigns, and the home itself is a high-quality product with a fair price.
Buyers in the market are excited to purchase because interest rates are historically low. Right now, they’re at a 14- or 15-month low, hovering in the low 4s. If you’re getting a jumbo loan, those rates are even lower.
If you’re a home seller, you only have one chance to truly make an impact in the market.
However, even though buyers are excited, that doesn’t mean that they’re going to overpay for a property. That means if you’re a home seller, you only have one chance to truly make an impact in the market.
Those who have been following my blog know that there are three key aspects to selling a home:
Preparing the home to show like a model
Pricing the home aggressively to maximize exposure
Working with an agent who has both a strong offline and online marketing campaign to make sure that the most buyers possible see your home
If one of those three components is missing, you run the risk of either having your home sit idly on the market for longer than you want, selling for less than you want, or worse—not selling at all. Keep these three key components at the forefront of your mind and be sure to hire an agent who’ll get the job done.
If you’re interested in learning more about how my team and I maximize exposure for the properties we list, don’t hesitate to reach out to me. I’m an open book, and I’d love to learn more about your situation so we can find a way to help you accomplish your goals.
Is the market giving us a head fake? Before I can answer this question, I should first explain what I mean by ‘head fake.’
If you had talked to me in the late summer/early fall of 2018, I would have said that home prices are falling. In fact, we hit such a lull in the fourth quarter that I was very curious about how the 2019 market would play out. We had seen such a massive shift in not only the number of home sales, but also how long they were taking to sell. At the time, it didn’t look so hot.
But the good news is that in February, we started to see a little bit of a pickup. The inventory for great homes was very limited—yes, there were a lot of homes on the market, but many were overpriced and/or didn’t show well. Homes that were fairly priced and showed well were just flying off the market.
We see prices continuing to rise, and my team and I believe that homes will continue to appreciate through 2019 and maybe even through 2020.
Now, with interest rates being at a 14-month low and employment as strong as it is, we’re actually starting to see the market pick up steam. In fact, the last three homes that my team and I have sold, some of which had been listed with another agent, sold with multiple offers within a week. On top of that, those homes sold for more than what each of the prior homes sold for. This just wasn’t happening in the fourth quarter of last year.
So is our market going through a head fake? I think so. We see prices continuing to rise, and my team and I believe that homes will continue to appreciate through 2019 and maybe even through 2020.
If you’re a seller who tried to sell in the last quarter of 2018 but didn’t have a great experience, my team and I are experts at relisting, rebranding, and selling homes that were previously listed on the market and failed to sell. Reach out to us—we’d love the opportunity to help you succeed in the market this time around. Until then: Happy selling!
Homebuyers: Is now the time to buy, or are you better off waiting? This is a tough question, and the answer to it depends on the client.
In fact, every time we get in touch with a new buyer that we’ll potentially work with, we have a 30- to 40-minute face-to-face meeting in our office. This gives the buyer the opportunity to see if we’re the right fit for them as their agent, and gives us the opportunity to learn more about them: What are they looking for? What gets them excited about a house? What’s their price range? How will their life change if we find for them what they want?
During that time, we can really come to understand whether or not it’s the right time for that client to buy. If you’ve never been in contact with us, we can’t really give you the best advice to help answer this question. That said, I’ll do my best in a general sense.
The market is currently giving us a little bit of a head fake. Had you asked me what was going on in the market in August of last year, I would have said that prices are flattening out or falling in many areas, and that we’re starting to see signs of a shift toward a more normalized market where homes will still sell for fair prices, but we won’t see these massive 10% to 15% appreciation rates year over year.
If you know that you want to buy in the next one or two years, buying now will likely result in you getting the lowest monthly payment.
About a month ago, however, we noticed yet another shift. Buyers are starting to feel comfortable with the new market norms, and with interest rates being at a 14-month low and employment as strong as it is, we’re actually starting to see home prices rise. In fact, the last three homes that my team and I have sold actually sold for not just above asking price, but also more than the last home sold.
So, if you’re a buyer who is waiting for prices to fall or are concerned that the market is going to crash (causing you to hesitate on the market), you may find yourself waiting longer than you expected. It is my personal opinion that we’ll see the market consistently appreciate year over year in the Orange County/Los Angeles area for the next one to three years.
Ultimately, the questions for those who are considering waiting are: Do you want to buy a home? And, more importantly, can you afford to buy? How long can you wait before buying?
If you know that you want to buy in the next one or two years, buying now will likely result in you getting the lowest monthly payment. But again, every situation is examined on a case-by-case basis. Generally speaking, though, if you’re thinking about buying, it may be a good idea to do so sooner than later, or you risk paying more over time.
For those who are thinking of buying a home and would profit from a face-to-face conversation with my team and me, feel free to reach out to us. We can learn more about each other and better illuminate whether or not now is the right time for you to get out in the market.
In the past, I’ve always discounted Redfin, thinking that they’re devaluing our industry and undercutting other agents. However, as I’ve learned more about their models and approaches, I’ve realized that they actually do fill a gap in the industry for a particular type of clientele. The difference between Redfin and Realtors like me is the type of clients we serve.
To illustrate, let’s look at a Redfin review that I found online. The person gave Redfin five stars, the highest rating they could possibly give them. But when you read the person’s review, you start to learn a little more about how the company operates:
“I think that Redfin is a great option for millennials and not such a great option for other generations. First of all, the millennial generation uses the internet heavily and we like to do things by ourselves. Redfin has a no hand-holding approach and mostly does all the paperwork for you. You can go on practically unlimited home searches and tour all these properties without feeling pressured. Why? Because Redfin has separate touring agents that handle the touring for you. Then you have your assigned agent who does the negotiations and paperwork. Your assigned agent, however, does not do any hand-holding, so be prepared to do a lot of research on buying a home—meaning you should be hyper-aware of what to look for when buying a home because no one will tell you.”
This review really shed some light on how Redfin operates; it’s a little like hiring a financial planner instead of using eTrade, or hiring a travel agent instead of going to Expedia, Travelocity, or Kayak.
If my clients can’t manage their extracurriculars on top of doing all the research necessary to buy or sell a home, then I would say that no, Redfin is probably not the right option for them.
Nowadays, these sites allow people to do things on their own, and if you’re savvy and do your research, you may be able to get a great deal out of it.
However, if you do that, you’ll be spending a lot of your own time trying to figure it all out. Many people who aren’t savvy with the internet may actually end up spending more or having it cost them more than if they would have hired a professional.
Whether you’re a buyer or seller, you need to ask yourself, “What am I looking for?” When I talk to my clients about Redfin, I often tell them that if they hire Redfin or a similar limited-service brokerage, they’ll have to be very hands-on, doing much of the work on their own. Alternatively, they can hire me and my team, paying us slightly more, but they can still live their lives without having to do all this extra work.
If my clients can’t manage their extracurriculars on top of doing all the research necessary to buy or sell a home (including taking care of the pre-listing preparations in the event they’re selling), then I would say that no, Redfin is probably not the right option for them.
If you have any questions about the buying or selling process or if you want to learn more about how we operate in comparison to a limited service brokerage, please don’t hesitate to reach out to me. Until that point: Happy selling!
When it comes to predicting the future of our market, I think everyone’s crystal ball is a bit foggy right now.
Last November, I would have told you that home prices would be flattening or falling. Though I’m seeing the same signs right now, top economists predict we’ll see a 3.6% year-over-year appreciation. There are a lot of factors that come into play, however, so it’s tough to tell. In some Orange County areas, home prices are going up and inventory is low. In other places, the opposite is true.
Economist Steve Harney actually believes we’ll be seeing appreciation rates of 4.6%, which is more than what was originally thought. So, what’s going on, exactly?
There’s no one-size-fits-all answer. Every homeowner, property, and market is unique. The only way you’ll truly know what your home is worth in our market is to connect with a local Realtor. They’ll have an in-depth knowledge of your area, and they’ll know exactly how to market and price your home correctly.
Every homeowner, property, and market is unique.
We’ve recently seen an 11% increase in home sales month over month. Now that we’re in spring, I think we’re going to see this trend continue. If you’re a buyer waiting for prices to fall, you could be waiting for something that will never happen. Interest rates are at a 14-month low, so your best bet is to make a purchase and secure a great rate now.
Is right now a good time to sell? Again, it depends on your situation. You may want to cash out now while the market’s hot, or you may want to wait and see what happens. Either way, it’s best to speak with a local real estate professional to find out what works for you.
If you’re looking to buy or sell or you have any questions, feel free to reach out to me. I look forward to hearing from you soon.
If you’ve ever tried and failed to sell your home, I probably don’t need to tell you that you need a new agent if you hope to succeed the next time around.
Unfortunately, it can be overwhelming to try to find someone for the job. You’ve probably been bombarded with phone calls from more agents than you can count claiming that they’re the best fit for you, so who should you choose? Before I explain how to handle this scenario, let me tell you what not to do. As I mentioned earlier, you should never relist with the same agent who failed you before.
I recently spoke with a woman who said she planned to do this, exactly, and my question to her was this: “What do you think your agent will do differently this time?”
The last thing you want to do when relisting is to fail again.
She, of course, didn’t have an answer for this. Her only reasoning was that she was simply too busy to find and interview new agents.
Don’t get me wrong: I understand what it’s like to be busy. But if it meant getting your home sold, wouldn’t it be worth finding just 30 to 45 minutes out of your day to interview new agents?
The bottom line is that if you’ve tried to sell in the past, interviewing two to four new agents will be essential to your future success. The last thing you want to do when relisting is to fail again.
If you are thinking of putting your home back on the market, don’t hesitate to reach out to my team and me. We’re experts in rebranding and relisting properties. We know what it takes to get sellers the best possible results.
As always, if you have any other questions or would like more information, feel free to give my team or me a call or send us an email. We look forward to hearing from you soon.
In February of 2018, I met with a client who was so ready to sell her home that she would’ve done so the same day we spoke if possible.
The only thing that had been holding her back until that point was the fact that her friends and family had been saying to wait until summer. They told her that by doing so, she’d earn a better deal for her home.
When she relayed this to me, though, I explained something her friends and family probably didn’t consider. Summer may be a more active season for real estate, but this can actually work against those seeking to take advantage of the hot market conditions. Summer is actually the peak buying season—not the peak selling season.
Why? Well, if everyone thinks they should wait until summer to list, those who do list at that time will be facing a lot of competition. And the more homes there are on the market, the lower demand will be for your specific property.
To avoid regret, you must take action.
With this in mind, I told this client that by listing sooner, she’d almost certainly receive multiple offers and sell her home for far more than her asking price. Unfortunately, she chose to listen to the advice of her friends and family over mine.
We put her property on the market in June (per her request) and though we did everything we could to make it look like a model home, her shot at success was hindered by the high level of competition. The same week she listed her home, three other properties went up for sale in her neighborhood.
Our client’s home sat on the market for about 45 days and ultimately sold for $860,000. If she would have followed my advice, I’m confident we could have sold for close to $900,000.
When it comes to buying and selling a home, timing is everything. It’s important to take the advice of the agent you’ve hired, or plan on hiring, as you work toward your real estate goals. Doing so will help you maximize your success.
The bottom line is this: To avoid regret, you must take action.
If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.
Before you start your home search, you need to connect with a lender. This will be a critical step, as understanding your financial health is key to finding the perfect property.
Over 85% of all buyers start looking at homes before speaking with a lender. Unfortunately, this is the worst way you can go about a purchase.
Whether you’re actively preparing to buy a home or the desire to buy has just occurred to you, it’s never too soon to meet with a lender and talk about your goals.
Some buyers assume that by getting pre-approved, they’ll be put under pressure to buy right away. This isn’t the case at all. Talking with a lender and getting pre-approved will simply help guide your search and ensure that when you do find the perfect home, you’ll be ready to act. An opportunity to talk with a lender is an opportunity for you to educate yourself about your position as a buyer. And by having this conversation early, you’ll have additional time to improve your financial health if you don’t qualify right away.
An opportunity to talk with a lender is an opportunity for you to educate yourself about your position as a buyer.
By speaking with a lender, you’ll gain:
1. An understanding of what loan you should get.
2. An understanding of what you can afford.
3. An understanding of your current credit score.
4. An understanding of what your monthly payment will be.
There’s no cost or obligation associated with this meeting. Talking with a lender will simply help you strategize your upcoming home purchase.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
Buyers and sellers alike have a lot to gain at this moment in our real estate market—but waiting could come at a cost. Find out how in today’s message.
Let’s first take a look at what we’re seeing from the market with respect to buyers.
The paralysis that has gripped buyers for a while now is still present, but, fortunately, the market is beginning to pick up again. This is to say that if you’ve already spoken to a lender, you’re in prime position to buy, and you see a house that ticks off all the boxes, we suggest you jump at the opportunity to buy.
As we’re sure you’re aware, rates have recently been characterized by volatility, so passing on an opportunity now might just hurt your affordability at a later date. Homes that are priced congruently with market conditions and show well are all but guaranteed to sell.
Now, let’s turn our attention to the seller-oriented side of the market.
Firstly, inventory is growing. Late April and early May is always the most active selling season and, as such, you can expect to see a major surge come onto the market. Sellers that wish to stay in front of this market frenzy and receive top dollar with relatively low competition would be well advised to list their home in this two-month window.
We’ve found that, at the same time last year, average days on market was at 52 days. Contrast that to our current average: 102 days.
In a few words, now presents a wonderful opportunity, whatever your real estate goals may be for 2019.
At 2:44 in the video, you can view a slide that shows the average days on market according to price range at this time for Orange County.
As previously mentioned, mortgage rates have been many things of late, but predictable isn’t one of them. As a seller, you’ll want your home to get snatched up off the market now—while rates are still at historical lows. Sure, you might not time it perfectly, but serious buyers who know what they qualify for will submit an offer on your property if it’s to their liking.
Only homes that are competitively priced, show like a model, and have the highest market exposure will sell for top dollar. Every seller wants top dollar, but very few put forth the time and effort to put out a high-quality product.
In a few words, now presents a wonderful opportunity, whatever your real estate goals may be for 2019.
If you’re thinking about buying or selling a home and you have any specific questions about how to get started, please shoot us an email. We’d be happy to help!
