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.

hows-the-market

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.

rall-collage1

“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.”

rall-collage2rall-collage3

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 28: How’s the Market?

Seller’s market or not, there are a ton of awesome houses out there and I know I can find the right one for you.

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Real estate professionals are often asked the question “how’s the market?” In our current economy, the answer is a resounding it depends. As of the date of this post, in the Fresno/Clovis area, there are approximately 1,500 single family homes for sale. On average, a house listed for sale in our county will sell in 40 days.¹ The answer to “how’s the market” is that it depends entirely upon whether you are a buyer or a seller.

What that means in everyday language is that we are currently in a Seller’s Market. Houses are staying on the market fewer days and commanding a higher asking price to boot. This is awesome for anyone selling a house. It is highly likely that a seller would receive multiple offers and possibly even one for higher than the asking price. For buyers, on the other hand, writing an offer that will be accepted can be tricky. As a buyer in a fast moving market, where most sellers will receive competing offers, it is super important to keep in mind a few helpful hints.

If you heed these rules, you can score the house of your dreams…even in a seller’s market!

  • Shop during the week. Open houses are typically held on the weekends. This is also when most offers are made. If you can be flexible with your time and tour houses during the week, you may be able to get an offer in the seller’s hands before anyone else even sees the house.
  • Have a loan pre-approval letter from a local mortgage lender ready to submit with your offer. A seller will usually be more likely to accept an offer if they know you can easily and quickly remove the loan contingency. Working with a local lender means your loan representative can be highly responsive to requests for documentation and will be available in the same time zone.
  • Hand over a higher than normal deposit along with your offer. It shows you have considerable skin in the game and you’ll have to pony up the cash in escrow anyway. Writing a bigger check up front is like dangling a big juicy carrot in the seller’s face.
  • Don’t ask for any extras. It can be tempting to write up an offer that is loaded with wish list items. A portion of the closing costs, repairs-repairs-repairs, that 80″ flat screen tv you saw hanging above the mantle… Forget it. Be prepared to do the repair work on your own and pay for every penny of your closing costs. If a seller has two full price offers to consider, you better believe he will select the one that asks for the least amount of extra items and work.
  • Don’t lowball your offer. Look at houses in your comfortable price range and pay what they are asking. This isn’t the time to shop $30k over your loan pre-approval and submit a lowball offer with fingers crossed. It’s a bad strategy right now. In fact, it could be prudent to shop slightly below your maximum price and offer high!
  • Use a Realtor. Let a professional do the negotiating for you. Things are moving fast right now and your Realtor will be able to submit paperwork in the proper timelines and effectively communicate with the other parties on your behalf. You won’t gain anything but stress by going it alone. We are here to help, so please let us.

Now let’s get down to business and find your dream home! Seller’s market or not, there are tons of awesome houses out there and I know I can find the right one for you.

 

coventry-collage
Coventry Ave

 

“Beautifully maintained 2 story home on a spacious cul de sac lot. One bedroom with a bathroom is isolated downstairs. Loft area as a great bonus room. Spacious kitchen with a breakfast bar and eating area, opens to the family room, with a fireplace. Separate living room, formal dining room. Covered patio, shed, mature landscaping. 3 car garage with storage, shed. Unobstructed mountain views. Too many amenities to mention. Must see to appreciate!”

The house I visited for this post is in Clovis near Barstow and Temperance. It is a larger home with 4 bedrooms, 3 bathrooms, loft, formal dining room, and a nice sized backyard. This was an open house, so even though it is still occupied by the owners, I had the opportunity to look around and take some pictures. You’ll see the occupant’s furniture and personal belongings in here, but try to picture it with your own sofa and bedroom set instead. Then let me know if you want to make this gorgeous house your next home.

Cheers!

Erica

¹Source: http://www.realtor.com/local/Fresno_CA