Posts Tagged ‘Real Estate for sale’

Quick Tips For Pricing Your Home

determining an asking price for my homeWhen it comes time to sell your home, setting a realistic selling price is extremely important. Price it to low, and you may be leaving money on the table, despite getting extra interest from buyers. Price it too high, and your home risks becoming a “stale listing,” as it sits on the market with little interest.

· Consider nearby comparables. What have other similar homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?

· Consider the competition. How many other houses are for sale in your area? Are you competing against new homes?

· Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in a few months instead of a few weeks?

· Get an appraisal. For $400-500, a licensed appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute (www.appraisalinstitute.org) or ask your REALTOR® for some recommendations.

· Be accurate. Studies show that homes priced more than 3% over the correct (market) price take longer to sell.

· Know what you’ll take. It’s critical to know what minimum price you’ll accept before beginning a negotiation with a buyer. Of course, there could be other terms on the offer that may change this number. Your agent can guide you further on this during contract negotiations.

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
Visit my Website: http://ryanyourrealtor.com

 

This is why Housing Sales Matter to our Economy

In a study by the National Association of Realtors (NAR) to determine the impact a single home sale has on the economy. They included data compiled by the Bureau of Economic Analysis, the Census Bureau, Macroeconomic Advisors and the Joint Center for Housing Studies at Harvard. After reviewing the information, they determined the total economic impact of a typical home sale in the United States is an astonishing $56,464!

This figure contributed economically to things such as home construction, real estate brokerages, mortgage lending, title insurance, rental & leasing, home appraisals, and moving truck services.

When a House is Sold in the United States:

$14,958 – Income generated from real estate related industries

Home sales turn into money for the economy

$5,647 – Additional expenditure on consumer items such as on furniture, appliances, and paint service

$3,509 – Expenditure on remodeling within 2 years of purchase

It also generates an economic multiplier impact. There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be:$11,575

Home sales induce additional new homes being built. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimated in the U.S. to be:$20,775

This study was done on a national level, where home prices and the cost of living is less than in southern California. San Diego home prices are also well more than double the national average. While the above figures only cover nationally average numbers to come up with $56,464, the economic impact for a place like San Diego would be far more!

 

For more information on this topic:

619.384.2248
RyanYourRealtor@gmail.com
Visit my Website: http://ryanyourrealtor.com

San Diego Housing Market Update – September 2014 Sales

Below is my monthly analysis of the San Diego housing market. It will show many different metrics to help us get an accurate “feel” for what the local market is like!

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-7.5%

6.3%

-5.4%

Inventory levels (the number of homes on the market “actively” for sale) continues to stay strong. This San Diego housing market update showssan diego housing market update there are currently 8168 active listings in San Diego county, down slightly from 8350 last month.

According to Bankrate.com, interest rates continue to trend lower compared to previous months. They are currently at 4.08% for a 30-year fixed loan. This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment or see what you can afford, go HERE.

Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 6.3% increase in median prices, compared to over 20% a few months earlier. However, these higher prices are now resulting in a slow-down of the number of homes sold over a year ago.

The San Diego Association of Realtors analyses housing market date for San Diego county every month. Below is their monthly report. The figures combine both condos and townhomes, as well as single-family homes.

Housing stats san diego september 2014

Click To Enlarge

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
Visit my Website: http://ryanyourrealtor.com

San Diego Housing Market Update August 2014

The end of summer is here and inventory levels (the number of homes on the market “actively” for sale) continues to climb. This San Diego housing market update shows there are currently 8350 active listings in San Diego county, up slightly from 8295 last month.

Activity Snapshot:

One-year change in closed sales

One-year change in median sales price

One year change in homes for sale

-23.7%

8.3%

-4.8%

How's the market 2According to Bankrate.com, interest rates are currently at 4.20% for a 30-year fixed loan. This is well below the historical average of 6% or so, which is great for home buyers. To calculate your potential mortgage payment, go HERE. Finally, as you will see on the chart below, prices are starting to take on a more normal pattern. There are much more modest changes than the previous year, with a 8.3% increase in median prices, compared to over 20% a few months earlier. However, these higher prices are now resulting in a slow-down of the number of homes sold over a year ago.

The San Diego Association of Realtors analyses housing market date for San Diego county every month. Below is their monthly report. The figures combine both condos and townhomes, as well as single-family homes.

San Diego House Market Stats August 2014

Click for full size

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
Visit my Website: http://ryanyourrealtor.com

Things to Ignore When House Hunting

Looking for a new home isn’t always easy, especially when you walk into someone’s for-sale home and 20 years of their lives are on display. You have to really use your imagination to figure out how you can that particular home ‘yours.’ Many people choose to remodel and stage their homes when selling, but then there are the vast majority of people who choose to sell their home “as-is.”

While a turnkey home is ideal for people who simply want to move right in and make no changes, there are those “time warp” homes that are actually incredible gems that just need a little updating.

As you step into each home in your search, there are 9 things about a for-sale home that you should “ignore” as you search for your dream home:

An “Older” Home

Old doesn’t always mean bad. Some homes built decades ago have stood the test of time because they have great bones and have a classic style. Don’t always assume that newer is nicer, either. Some newer homes are more affordable because they were built cheaply. Remember that there are many simple fixes for dated homes, and the plus side of an older home is charm and character you can’t find in many brand new homes.

Paint Colors

Ignore the existing paint colors and focus on the structure of the room, the placement of the windows, etc. Paint is a very cheap and easy fix in a home and something you can change in just a couple hours.

things to ignore while house huntingUgly Wallpaper

While it may look like you are on a farm, remember that wallpaper is easily replaced or covered over. So no matter how designed challenged the walls seem to look, it’s easy to change.

Kitchen Appliances And Accessories

The kitchen is the heart of the home and often, the appliances aren’t going to be what you want. As long as you have room in your budget, or a timeline to replace the existing appliances, a seller’s older outdated fridge shouldn’t be a deal breaker.

Ugly Carpet

Flooring options are getting more and more diverse and there are now so many cheaper options that look exactly like their higher-priced counterparts. Don’t walk away from a great house just because you don’t like what you’d be walking on.

Funky Smells

Except for a serious mold problem, there’s nothing a deep cleaning can’t solve. Plug your nose and focus on the home’s internal bones and the potential it has when you give it your own touch.

Curb Appeal

If you’re not wowed when you first drive up, that’s ok. Just envision a different colored front door and some new landscaping, and presto – it might just be your dream home!

Popcorn Ceilingsthings to ignore while house hunting

It’s great at the movies, but not in a home.  Don’t worry! A ceiling specialist can come in and have it all that scrapped off.  It’s easier to have done before moving in, however.

No Privacy

If the house feels too exposed and lacks privacy from the house next door – you can fix that.  Remember “hedges make great neighbors.”

 

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com

Central San Diego Market Update-January 2014

The San Diego housing market has stabilized in many ways. We sales, days on market, and price per square foot level out compared to the month of December. However, sales took a large dip in the month of January, which is actually normal. Many potential homebuyers take a “break” from home shopping in the month of December because of the holidays. This means they aren’t closing the sale in January.

With this more “normal” pattern, interest rates have actually been taking a slow dip over the last few weeks. They are currently at 4.24%. Inventory levels (the number of homes on the market “actively” for sale) is continuing bounce around the 6000 level for San Diego county. Finally, prices are starting to take on a more seasonal pattern, with much more modest changes than the previous year.

To get the latest figures, I ran an analysis of home figures from the MLS for the central San Diego region (a 7 mile radius). This includes communities such as Mission Valley, Serra Mesa, University Heights, Normal Heights, Hillcrest, Mission Hills,  Bay Park, and Clairemont. The numbers include both condo/townhomes as well as single-family homes.

 Housing Figures-Central San Diego

Date # of Sales Median Sale Price Med Price/Square Ft. Ave Days on Market    
January 2014 463 $450K $370 30
December 2013 589 $460K $369 32
January 2013 496 $394K $307 29

How's the market 2There are currently 6100 active listings in San Diego county, down from 5700 last month. That number should rise in the coming months as the spring selling season approaches and more people put their homes up for sale.

For more information on this topic:

619.384.2248
Ryan@RyanYourRealtor.com
Visit my Website: http://ryanyourrealtor.com
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