February 2017 Market Report

A seller’s market is defined as an economic situation in which goods are scarce and sellers can keep prices high. So, if you are planning to sell a house, the market is great! If you are buying, it’s a jungle out there.

Here’s a conversation that real estate professionals have on a regular basis:


“How’s the market?”

“Great question, my friend! I hear it all the time. All I can say is that it depends.

“Way to skirt the subject. Seriously, you call yourself an expert? Come on…give me something real. What does it depend on?”

“It depends on whether you are buying or selling! Tell me a little more about your current needs?”


And the chat progresses from there into rhetoric about how it’s a crazy seller’s market. Homes are getting multiple offers the minute they hit the market and selling for over asking price! Buyers have little to nothing from which to choose and a settling for far less home and paying a whole lot more for it to boot.

Sounds awful, right? It depends. Are you buying or selling? 

A seller’s market is defined as an economic situation in which goods are scarce and sellers can keep prices high. So, if you are planning to sell a house, the market is great! If you are buying, it’s a jungle out there.

In my experience, buyers are literally stacking up and having a really tough go at finding homes that meet their needs at an affordable price. There is only one way to remedy this situation and that is to inundate the market with more homes for sale! This can be accomplished in two basic ways. Sell more existing homes and build more new homes.

If you or anyone you know has had even the slightest thought of selling, now is a fantastic time to invite me over to help you find out what your home may be worth. With inventory at historic lows across the state, homes are getting top dollar in next to no time on the market. I would be so happy to help you cash out of an investment property or even sell your starter home to trade up before prices get even higher!

If you are planning to buy, now more than ever you need the advice of a seasoned real estate professional to help you put forth your best offer. Now is not the time to lowball a seller. Most offers under asking price are being flat out rejected because sellers know that multiple more offers will not be far behind. Now is the time to show all your cards and make your strongest offers up front. Your agent can help you with that strategy and negotiate on your behalf to increase the chances you’ll come out a winner.

Take a look at my most recent market report and contact me right away of you have any questions about buying or would simply like an estimate of how much you can profit from the sale of your house.

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Cheers!

Erica

Day 79: Rall with the Punches

If you are even considering selling your home, now is the time to list. So many people think it’s better to wait until spring, but what happens is that EVERYONE lists in the spring! Single family home inventory is at historic lows right now which means any reasonable listing will sell with little to no effort. If you wait even another 2 months, you will have considerably more competition as the spring sellers start to move and shake. Wouldn’t it be great to be the only house for sale within a 1/2 mile radius?? Everyone wanting to move into your neighborhood will be fighting over your house.

The client who I wrote about yesterday is still eagerly waiting on an offer to be accepted. In the meantime, let’s look at one of the other houses he looked at and, on which, he was unfortunately outbid.

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“Three bedroom home in Clovis – This home features: a living room, dining area off of the kitchen, two car attached garage, dual pane windows, air conditioning and heating, newly installed carpet, laminate, & aggregate flooring, gas stove, covered patio and nice size back yard. The home is in close proximity to Tarpey Elementary School, shopping (Walmart Supercenter, D&D discounts, Walgreens, Costco and Sierra Vista Mall), public transportation, and Freeway 168 (Sierra Freeway). Call today to schedule your private showing.”

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This charming Clovis house was listed for $175,000 and sold significantly over asking price within 7 days on the market! Houses in this price range are moving insanely fast and for impressive offer prices.

If you are even considering selling your home, now is the time to list. So many people think it’s better to wait until spring, but what happens is that EVERYONE lists in the spring! Single family home inventory is at historic lows right now which means any reasonable listing will sell with little to no effort. If you wait even another 2 months, you will have considerably more competition as the spring sellers start to move and shake. Wouldn’t it be great to be the only house for sale within a 1/2 mile radius?? Everyone wanting to move into your neighborhood will be fighting over your house.

The time is now my friends. Call me now to find out how much your home is worth and let’s get it done!

Cheers!

Erica

Day 78: Ahhhh…A Fresh New Year!

 

I’m starting out this new year…2017…with a renewed dedication to my life, my family, my work, and my blog. My personal storyboard has been centered around a set of “facts” about myself that I intend to challenge. This narrative that has become the story of me must defend itself much the same way a PhD candidate must defend her dissertation before a group of experts and critics. If arguments in favor of continuing on the same road are weak, out they go! A central piece of me that has already come under fire is the notion that I am not a morning person. Ever since I can remember, I have been the type to stay up late and grudgingly get out of bed at the last possible second in the morning. So what did I go and do? I signed up for a daily 5am motivational conference call, lol. I’m either turning a new leaf or insane. Time will tell.

I have been a busy little bee working with future buyers. So many wonderful people have come into my life since I ventured into the real estate business! I recently started working with a young man who is planning to buy his first home. His goal is to buy a property now for him to live in for a year or two and then turn it into a rental property and start building a real estate investment portfolio. I love seeing young people so motivated to take control of their finances this way! Very refreshing indeed.

Here is a sneak peek of one of the houses we have looked at to get him started in the world of real estate investing!

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“Great Opportunity to own a home in Clovis! Enjoy this clean, well cared for home on a spacious corner lot. 3 bedrooms and 2 bathrooms, and a good sized living area. French slider out to the generous backyard with concrete patio, large grassy area, 7 fruit trees and a fenced area for pets or a garden. Call today to see for yourself.”

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This is an adorable house in Clovis that is so perfect for a first time buyer. I have all my fingers and toes crossed that my lovely client gets to call this house his home in a few weeks!

Cheers!

Erica

November 2016 Market Report

November was a doozy of a month! From an election that’ll go down in history, to the stock market getting a little boost, to the fed finally pulling the trigger on rate increases, the state of home buying and selling has become a bit unpredictable…unless you have expert info at your fingertips!

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November was a doozy of a month! From an election that’ll go down in history, to the stock market getting a little boost, to the fed finally pulling the trigger on rate increases, the state of home buying and selling has become a bit unpredictable…unless you have expert info at your fingertips!

Take, for example, increases to interest rates. This is scary, no? Sure, no one wants to buy when rates are high and rate increases mean rates are now high, right? NOPE! Here’s a little history lesson to put things in perspective.

Rates started being tracked by the government in 1971 and the average mortgage interest rate for that year was 7.5%. Rates hovered around there for a decade or so, but thanks to the mid-70’s oil crisis and other economic factors, inflation went NUTS in the early 80’s. In a mad dash to minimize the damage, the fed went crazy and jacked rates up higher than we have ever seen in history. This led to mortgage rates as high as 18% (and higher in Canada) during the entire decade of the 8o’s!

When the decade turned, rates were much more manageable at around 10%, so people got pretty comfortable again. The market bounced back, credit was getting cheap, and those baby boomers who survived the financial misery of the previous few years, found themselves ready to buy buy buy again. And buy they did. The next 15 years BOOMED! I mean really boomed. Thanks to rising wages, falling unemployment, and cheap rates everyone and their uncle could suddenly afford to buy houses, cars, fancy toys, vacations, etc. The 90’s saw interest rates of around 7.5%-9%. Darn cheap, comparatively speaking.

Then the bankers went and got too greedy. Remember that fuzzy term “mortgage back securities”? Well, I’m not going into that here, but just know that it stood for greedy investment bankers ruining it for everybody. The next thing we know…wham bam, thank you ma’am…another recession. THE GREAT RECESSION! Housing values plummeted, huge corporate entities failed, got bailed out, failed, got bailed out, failed again. People who refinanced their homes to pay off all those cars, vacations, and toys that were so easy to buy due to cheap credit suddenly found themselves underwater on their mortgages and totally insolvent. Foreclosures happened. Bankruptcies happened. Jobs started disappearing as business folded. Unemployment was sky high with no view of the ground floor.

The fed had NO CHOICE! No choice, I tell you. They dropped rates so low, so fast, lenders may as well have been paying dividends on credit instead of receiving interest. The exact opposite of the action taken in the 80’s. This was imperative in order to stimulate the economy and get things back on track for healing the nation. And there you have it. Credit was basically free as the millennials came of age. An entire generation has never even seen mortgage rates over 3.5%, but that is not normal, people. NOT NORMAL!

So, you tell me? Is 4.175% really too high for a 30 year fixed mortgage??? I think not.

It’s still a great time to buy and an even better time to sell. Don’t even think twice about it. No one is being gouged by rates at the moment, I promise.

Cheers, my friends.

Erica

 

Day 41, 42, 43,…70! (part 2)

So, here’s a thing…I have three houses in escrow right now. Whaaaaat?!

Yeah, baby! It’s going to be a crazy few weeks getting everything to close, but I’m totally up to the challenge and man will it be worth it! If all goes well, I will be able to breathe and enjoy the holidays before the insanity of the new year hits.

So, here’s a thing…I have three houses in escrow right now. Whaaaaat?!

Yeah, baby! It’s going to be a crazy few weeks getting everything to close, but I’m totally up to the challenge and man will it be worth it! If all goes well, I will be able to breathe and enjoy the holidays before the insanity of the new year hits.

I’m learning so much. I’ve flubbed a few things, but nothing major or irreversible. I’m gaining critical experience with each and every conversation and soaking up as much knowledge as possible from all the amazing people around me. And most importantly, I’m building relationships and nurturing prospects with so many amazing people! This is a wild ride, my friends. A wild ride, indeed.

Now, back to our regularly scheduled programming. Catch up time!!! Here are a few more houses that I’ve seen in the last couple of weeks.

 

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Day 56: Bremer Ave
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Day 57: Ellery Way
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Day 58: Patterson Ave

 

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Day 59: Grant Ave
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Day 60: W. Herndon #129
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Day 61: Vartikian Ave

 

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Day 62: Nees #164
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Day 63: Nees #162
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Day 64: Villa #9

 

 

 

 

Day 41, 42, 43,…70! (part 1)

The downside to being nose to the grindstone IN the business is that it’s difficult to remain focused working ON the business. Getting back to basics means I will renew my commitment to posting daily. There won’t necessarily be witty content to accompany each house, but I think we will all survive 😉 To get back on track, I’m going to summarize the last 30 (!) houses I’ve seen here. It’ll be fast and furious, so try to keep up!

Holy moly did I get behind on posting content! I have seen dozens of houses over the last few weeks, but a really crazy thing happened. I got busy doing real work! I guess this is a good thing because I’m staying insanely productive. I have one in escrow, another one in counter offer negotiations, and expect to submit another offer early this week. That’s good stuff!

The downside to being nose to the grindstone IN the business is that it’s difficult to remain focused working ON the business. Getting back to basics means I will renew my commitment to posting daily.  There won’t necessarily be witty content to accompany each house, but I think we will all survive 😉 To get back on track, I’m going to summarize the last 30 (!) houses I’ve seen here.  It’ll be fast and furious, so try to keep up!

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Day 41: Chennault Ave
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Day 42: Meadowood
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Day 43: Camarillo Dr
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Day 44: 10th St
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Day 45: Bonadelle Sequoia Model at The Grove Loma Vista
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Day 46: Wilson Residence 4 Model at Elev8tions Loma Vista
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Day 47: Wilson Residence 1 Model at Elev8tions Loma Vista
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Day 48: Pennsylvania Ave
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Day 49: Encoure Way
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Day 50: Serena

 

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Day 51: Richmond Ave

 

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Day 52: Everglade Ave

 

 

 

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Day 53: Prescott Ave

 

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Day 54: Backer Ave #152
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Day 55: Backer Ave #165

 

 

Day 40: I’ll Take the Master

It turns out that this family planned to combine three generations under the same roof, which is why they needed to upgrade their home. When all is said and done, living in the home will be three adults and three children, comprised of a mother, her son and his two children, and her daughter with her baby girl. They wanted a house that would not only have enough bedrooms to accommodate all three generations but also enough separation in living areas to allow for some privacy within each family unit.

 

I met a lovely family while showing a home in Northeast Fresno. Having outgrown their current home, they wanted to see this super cute house on Muncie, thinking it would perfectly fit their needs. I did not know these folks prior to showing them this house, so my plan was to build rapport to the best of my ability in hopes that they would choose me to represent them as their Realtor.

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“Come see this Mediterranean designed home. The open floor plan is great for entertaining and will wow your guests. We have completely updated this home with granite counters, distressed brass, marble, travertine, engineered wood floors, a new spa tub with fireplace, and much more. The backyard is a tropical oasis, with relaxing waterfall and an in-ground pool. This property has it all for the buyer looking for the Northeast Fresno experience.”

Luckily for me, I discovered that they are an Armenian family! Instant connection in most cases. I, too am Armenian, if you didn’t already know. I stuck the Hye card in my back pocket ready to play it at the right moment. When we arrived at the house and my clients exited their car, I saw that they had with them the most adorable baby girl! I think she was around 5-6 months old. I LOVE BABIES! Double score for me.

It turns out that this family planned to combine three generations under the same roof, which is why they needed to upgrade their home. When all is said and done, living in the home will be three adults and three children, comprised of a mother, her son and his two children, and her daughter with her baby girl. They wanted a house that would not only have enough bedrooms to accommodate all three generations but also enough separation in living areas to allow for some privacy within each family unit.

I hung back taking pictures for my blog while the family looked around. I didn’t hear everything they discussed, but the major theme of their conversation revolved around bedroom size. Since each family unit would essentially be contained in a bedroom, with the living room and kitchen as common space, the daughter was very concerned that the bedrooms were too small. My favorite comment from her was “Well, I really think I will want the master.” Oh, the look on mom’s face… It was loud and clear without a word uttered that there was no way on Earth anyone other than the grand matriarch of the family would be getting the master! Sorry, dear daughter, not gonna happen. Good try, though!!

I chatted with mom a bit while son and daughter wandered around and measured rooms. We talked about being Armenian (I’m telling you, it comes in handy!), about babies, about how lovely this house would be to host their extended family at Christmas. She is a delightful woman! Time will tell if mom and daughter can figure out who gets the master, or if we go back to the drawing board on house hunting. There are certainly houses out there with dual master suites!

Genatzt!

Erica