Thursday, June 28, 2012
Want a $50 Gas Card?
I really appreciate the home buyers and sellers I have worked with and all the friends who send me referrals. So to show my appreciation to all my friends and clients both old and new, I am holding a drawing for a $50 gas card and $25 Starbucks gift card. All you have to do is complete and send the flyer pictured below back to me. The drawing will be held on July 10th, so do not delay in getting this back to me. Again, thank you all for supporting me and helping me grow my business!
Thursday, June 21, 2012
Is This The Bottom of The Real Estate Market?
The biggest question I am getting from both home buyers and sellers right now is this: "Is this the bottom of the real estate market dip?" Buyers are asking because they do not want to buy a house only to have it depreciate in the short term. Sellers are asking because if this is the "bottom" and house prices are going to go up tomorrow, they want to wait to sell. What both buyers and sellers need to understand is that there are many factors that they should be considering and that the "bottom" is not an event, but rather a process. The timeline of this process will vary from state to state, city to city, and neighborhood to neighborhood. Both buyers and sellers need to consider all of the factors and their personal circumstances to make the decisions that are right for them.
The real estate market recovery is tied to many complex economical factors. It comes down to consumer confidence. If people are confident that the economy is turning around, it spurs the recovery. We all know that the unemployment rate is tied to the real estate market. If people are fearful that they are going to lose their job or have already lost their job they are not going to be thinking about buying a home. However as the unemployment rate drops more buyers will qualify to purchase a home and have the confidence to do so.
Along this same line is that when people start to feel confident in the economy they start to see real estate as a good investment. Buyers tend to look at the short term, rather than the long term. Most buyers do not want to buy a house only to have its value drop in the short term. But they need to look at the long term; what the house will be worth when they are ready to sell. As they gain confidence in the economy they start to see even the short term benefits of buying a home.
So sellers should wait to sell? No, not necessarily it will depend on why you are considering selling. If you are buying another home, why wait for prices and interest rates to go up? The longer you stay in the current house, the more you are investing by paying on the current mortgage, put that money toward the new mortgage and property. Why wait for everyone else to figure out that now is a good time to sell? You might have more competition if you wait.
The recovery is a process not an event. We are not going to wake up one day and have everyone feel confident in the economy. It is a process. We are seeing the unemployment rates drop. Interest rates are unbelievably low. The shadow inventory that had us worried about a double dip recession is shrinking. Builders have started building. We are getting multiple offers on listed properties. These are all sign that the process has begun. More and more people are realizing that the doom and gloom we have been living under for the past few years is lifting. Yes we are in the process of recovering and yes the worst is over.
The real estate market recovery is tied to many complex economical factors. It comes down to consumer confidence. If people are confident that the economy is turning around, it spurs the recovery. We all know that the unemployment rate is tied to the real estate market. If people are fearful that they are going to lose their job or have already lost their job they are not going to be thinking about buying a home. However as the unemployment rate drops more buyers will qualify to purchase a home and have the confidence to do so.
Along this same line is that when people start to feel confident in the economy they start to see real estate as a good investment. Buyers tend to look at the short term, rather than the long term. Most buyers do not want to buy a house only to have its value drop in the short term. But they need to look at the long term; what the house will be worth when they are ready to sell. As they gain confidence in the economy they start to see even the short term benefits of buying a home.
So sellers should wait to sell? No, not necessarily it will depend on why you are considering selling. If you are buying another home, why wait for prices and interest rates to go up? The longer you stay in the current house, the more you are investing by paying on the current mortgage, put that money toward the new mortgage and property. Why wait for everyone else to figure out that now is a good time to sell? You might have more competition if you wait.
The recovery is a process not an event. We are not going to wake up one day and have everyone feel confident in the economy. It is a process. We are seeing the unemployment rates drop. Interest rates are unbelievably low. The shadow inventory that had us worried about a double dip recession is shrinking. Builders have started building. We are getting multiple offers on listed properties. These are all sign that the process has begun. More and more people are realizing that the doom and gloom we have been living under for the past few years is lifting. Yes we are in the process of recovering and yes the worst is over.
Wednesday, June 6, 2012
A Hoarder House?
Yesterday I showed a house in El Cajon to some clients and while it wouldn't be featured on the TV show "Hoarders" it was close! There was stuff everywhere. Every horizontal surface was covered with stacks of items. Only the center of the floor was visible. The furniture was large and I do not think I have seen so many bookshelves in one place outside of the library! Closet doors would not close and I was seriously afraid to open any cabinet for fear of what would tumble out at us. Every room was like this. As you can imagine with all this stuff the place did not smell airy. It smelled of dust, dirty clothes and random old food. This my friends is not the way to get your home sold!
I have heard the rants and justifications from sellers before. "Well, the buyer will just need to look past it". Um how? You can't see any walls, floor or counters! "My home has the lived in feel, I don't like a prim and stuffy feel." The air is so stuffy I can't breathe! "I don't have time to organize." How are you going to move it all when we close escrow? "The carpet is new and will clean up nice". It is thread bare along the only accessible path. "We never use the fireplace so the bookcase in front is better" How will a buyer know the house has a fireplace?
If you are trying to sell your home you have to be realistic! The buyers who come to view a home want to be able to visualize themselves in the space. They cannot do this if there is hardly space for them in the room. The existing items are a distraction and become overwhelming to the buyers. When they see a messy and cluttered home you are NOT creating excitement or something that makes the buyers feel this is a move up to a better life. On the contrary it is depressing and who wants to live in a place that makes you feel like that?
When a buyer sees a dirty and cluttered space it tells them that the seller doesn't take care of their things and doesn't care. The buyer often thinks that this applies to the house as well. If someone can't sort through the years worth of mail or clean the dishes why would they assume that leaks are fixed quickly and regular maintenance done? By having a cluttered, messy home you are putting negative thoughts into the buyer's mind about the property. This is not a good thing.
One of the big things buyers want is space, usually the more the better. By having a cluttered mess the buyers see that the place is too small. Having closets over stuffed they assume there is not enough storage in the home. It is imperative that you get rid of items to open up the home and give a positive impression rather than a negative one. Get rid of the items in front of the windows, open the drapes, let the light shine in and allow the buyers to see that the house has windows and light!
I know it can be hard and overwhelming to pack up a home that you have lived in for a long time. I know, I just did it a couple of years ago. But if you are selling your home you are going to have to move so why not get a jump on the process and get better offers to negotiate? Not to mention if you start clearing out the junk you will have less to move in the end and if you are paying a mover the less you move the less it will cost you! You do not have to do it all in one day, start with one room or even one closet. Decide what you are taking with you, what you will donate and what is trash. Yes, I said it trash! Another hint would be to start using your reserves and not buying more. Really, do you want to move 49 cans of green beans and 14 cases of toilet paper? No more Costco runs!
Start before you put the home on the market and have a neat, organized home for the buyers to view. Continue the process as the home sells. You will be helping your home sell quicker and for more money and when it finally does sell your moving day will be much smoother. Good luck and happy sorting!
I have heard the rants and justifications from sellers before. "Well, the buyer will just need to look past it". Um how? You can't see any walls, floor or counters! "My home has the lived in feel, I don't like a prim and stuffy feel." The air is so stuffy I can't breathe! "I don't have time to organize." How are you going to move it all when we close escrow? "The carpet is new and will clean up nice". It is thread bare along the only accessible path. "We never use the fireplace so the bookcase in front is better" How will a buyer know the house has a fireplace?
If you are trying to sell your home you have to be realistic! The buyers who come to view a home want to be able to visualize themselves in the space. They cannot do this if there is hardly space for them in the room. The existing items are a distraction and become overwhelming to the buyers. When they see a messy and cluttered home you are NOT creating excitement or something that makes the buyers feel this is a move up to a better life. On the contrary it is depressing and who wants to live in a place that makes you feel like that?
When a buyer sees a dirty and cluttered space it tells them that the seller doesn't take care of their things and doesn't care. The buyer often thinks that this applies to the house as well. If someone can't sort through the years worth of mail or clean the dishes why would they assume that leaks are fixed quickly and regular maintenance done? By having a cluttered, messy home you are putting negative thoughts into the buyer's mind about the property. This is not a good thing.
One of the big things buyers want is space, usually the more the better. By having a cluttered mess the buyers see that the place is too small. Having closets over stuffed they assume there is not enough storage in the home. It is imperative that you get rid of items to open up the home and give a positive impression rather than a negative one. Get rid of the items in front of the windows, open the drapes, let the light shine in and allow the buyers to see that the house has windows and light!
I know it can be hard and overwhelming to pack up a home that you have lived in for a long time. I know, I just did it a couple of years ago. But if you are selling your home you are going to have to move so why not get a jump on the process and get better offers to negotiate? Not to mention if you start clearing out the junk you will have less to move in the end and if you are paying a mover the less you move the less it will cost you! You do not have to do it all in one day, start with one room or even one closet. Decide what you are taking with you, what you will donate and what is trash. Yes, I said it trash! Another hint would be to start using your reserves and not buying more. Really, do you want to move 49 cans of green beans and 14 cases of toilet paper? No more Costco runs!
Start before you put the home on the market and have a neat, organized home for the buyers to view. Continue the process as the home sells. You will be helping your home sell quicker and for more money and when it finally does sell your moving day will be much smoother. Good luck and happy sorting!
Friday, June 1, 2012
El Cajon Real Estate Market Report - May 2012
Here is the May Real Estate Market Report for El Cajon. I have included the numbers for single family detached homes. for all 3 zip codes in El Cajon. If you would like the information for a different area or for condos, please feel free to give me a call.
92019
There are currently only 65 active listings in El Cajon (92019)! Ranging from: $255,000 for 2 bedrooms, 2 bathroom, 987 square feet to $1,799,000 for 3 bedrooms, 4 bathrooms, 4702 square feet.
44 properties are pending (currently in escrow)!
35 properties sold (closed escrow) in May. Ranging from: $175,000 for 3 bedrooms, 2 bathroom, 1180 square feet to $850,000 for 5 bedrooms, 4 bathrooms, 3567 square feet. The average time on the market was 61 days.
92020
There are currently only 65 active listings in El Cajon (92020)! Ranging from: $189,900 for 2 bedrooms, 1 bathroom, 950 square feet to $975,000 for 3 bedrooms, 4 bathrooms, 3388 square feet.
40 properties are pending (currently in escrow).
31 properties sold (closed escrow) in May. Ranging from: $172,000 for 2 bedrooms, 1 bathroom, 1108 square feet to $760,000 for 5 bedrooms, 3 bathrooms, 4357 square feet. The average time on the market was 66 days.
92021
There are currently only 60 active listings in El Cajon (92021)! Ranging from: $119,900 for 2 bedrooms, 1 bathroom, 681 square feet to $3,900,000 for 4 bedrooms, 6 bathrooms, 7745 square feet.
64 properties are pending (currently in escrow)!
31 properties sold (closed escrow) in May. Ranging from: $155,000 for 3 bedrooms, 2 bathroom, 1268 square feet to $515,000 for 5 bedrooms, 5 bathrooms, 2819 square feet. The average time on the market was 76 days.
92019
There are currently only 65 active listings in El Cajon (92019)! Ranging from: $255,000 for 2 bedrooms, 2 bathroom, 987 square feet to $1,799,000 for 3 bedrooms, 4 bathrooms, 4702 square feet.
44 properties are pending (currently in escrow)!
35 properties sold (closed escrow) in May. Ranging from: $175,000 for 3 bedrooms, 2 bathroom, 1180 square feet to $850,000 for 5 bedrooms, 4 bathrooms, 3567 square feet. The average time on the market was 61 days.
92020
There are currently only 65 active listings in El Cajon (92020)! Ranging from: $189,900 for 2 bedrooms, 1 bathroom, 950 square feet to $975,000 for 3 bedrooms, 4 bathrooms, 3388 square feet.
40 properties are pending (currently in escrow).
31 properties sold (closed escrow) in May. Ranging from: $172,000 for 2 bedrooms, 1 bathroom, 1108 square feet to $760,000 for 5 bedrooms, 3 bathrooms, 4357 square feet. The average time on the market was 66 days.
92021
There are currently only 60 active listings in El Cajon (92021)! Ranging from: $119,900 for 2 bedrooms, 1 bathroom, 681 square feet to $3,900,000 for 4 bedrooms, 6 bathrooms, 7745 square feet.
64 properties are pending (currently in escrow)!
31 properties sold (closed escrow) in May. Ranging from: $155,000 for 3 bedrooms, 2 bathroom, 1268 square feet to $515,000 for 5 bedrooms, 5 bathrooms, 2819 square feet. The average time on the market was 76 days.
Jamul Real Estate Market Report - May 2012
Here is the May Real Estate Market Report for Jamul. I have included the numbers for single family detached homes. If you would like the information for a different zip code or for condos, please feel free to give me a call.
There are currently only 31 active listings in Jamul! Ranging from: $198,000 for 3 bedrooms, 1 bathroom, 1728 square feet to $1,400,000 for 6 bedrooms, 5 bathrooms, 6264 square feet.
12 properties are pending (currently in escrow).
9 properties sold (closed escrow) in May. Ranging from: $170,000 for 0 bedrooms, 1 bathroom, 588 square feet to $840,000 for 3 bedrooms, 3 bathrooms, 3028 square feet. The average time on the market was 162 days.
There are currently only 31 active listings in Jamul! Ranging from: $198,000 for 3 bedrooms, 1 bathroom, 1728 square feet to $1,400,000 for 6 bedrooms, 5 bathrooms, 6264 square feet.
12 properties are pending (currently in escrow).
9 properties sold (closed escrow) in May. Ranging from: $170,000 for 0 bedrooms, 1 bathroom, 588 square feet to $840,000 for 3 bedrooms, 3 bathrooms, 3028 square feet. The average time on the market was 162 days.
Alpine Real Estate Market Report May 2012
Here is what has happened in the Alpine real estate market for the month of May 2012. I have included statistics for single family detached homes.
There are currently 69 active listings in Alpine: ranging from $195,900 for 2 bedrooms, 1 bathroom, 732 square feet to 2,595,000 for 6 bedrooms, 7 bathrooms, 6444 square feet.
29 properties are pending (currently in escrow).
13 properties sold in May: ranging fro, $52,500 for 2 bedroom, 1 bathroom, 768 square feet to $725,000 for 4 bedrooms, 4 bathrooms 3851 square feet. The average time on the market was 98 days.
There are currently 69 active listings in Alpine: ranging from $195,900 for 2 bedrooms, 1 bathroom, 732 square feet to 2,595,000 for 6 bedrooms, 7 bathrooms, 6444 square feet.
29 properties are pending (currently in escrow).
13 properties sold in May: ranging fro, $52,500 for 2 bedroom, 1 bathroom, 768 square feet to $725,000 for 4 bedrooms, 4 bathrooms 3851 square feet. The average time on the market was 98 days.
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