100 years ago this wasn’t much of a question. One simply added to the home as the family needs increased. On those rare occasions when a new product was introduce that really made sense in the home, one added it. Resale value wasn’t considered; who would sell their home?
Today the situation is quite different. Our homes are sold as our needs change due to life’s events. Schools for the kids, medical proximity for the elderly, income change, work relocation, etc.; all reasons to sell the current home and buy another.
Now the remodeling question really becomes important. Today we ran across an article that answers many of those questions. It asks questions you might not have thought of. Take a look and let us know what you think.
Below are the numbers for last week’s Real Estate activity in Yuba and Sutter Counties. Once again the sales fell behind new listings (including the “Back on Market” homes) just as they did with the recent weeks.
To view the homes in any of last week’s categories just click on the number.
August
395
132
20
341
369
254
August closes out with real estate sales up, or showing an increase over the last 3 months. Prices have increased significantly from the beginning of the year. Interest rates have remained historically low.
Inventory has been increasing. While there continues to be no sign of the fabled “shadow inventory” some news services were predicting would flood the market driving prices down again, there are bank owned units not coming to market.
Price reductions continue at a high rate. We feel this is not something to be alarmed about. Many homes are coming to market with an unrealistic asking price. Consult your Realtor® (or call us) to verify the market value of any home you are interested in.
Good news? Right now prices are stable, interest rates are low, and good deals are happening daily. Why would you not buy now?
Cautionary news? There have been some changes in the way loans can be made. This has slowed the market sales while everyone figures it out. We are not expecting to see a significant interest increase soon.
2014 is going to be another great year for people who know how to utilize the tools given them. First time buyers; beginning or experienced investor; trading up, downsizing: OPPORTUNITY IS KNOCKING! Will you answer?
Who do YOU know thatmight be thinking about buying or selling real estate in the near future? Now is the best time for action!
This is a common question in the negotiations to list a home for sale. In these times when every dollar needs to be put to good use it is understandable. Unfortunately it is often not answered, or not correctly answered.
A disturbing trend seems to be to discount the commission. While this may work for some, for most it leads to potential disaster! Think about it; how often do you get more than you pay for? The math is relatively simple (for my example anyway).
First, remember, the commission is NOT the agent’s pay! Generally ½ is the amount going to the brokerage, then paying for the marketing, the agent’s office and professional expenses, your home warranty (if provided), and hopefully some pay for the agent’s time. The other ½ goes to the selling side to cover similar expenses on their side. (This split is not set and can vary by transaction).
If an agent agrees to discount the commission very few of those dollars will come from his/her pocket. Most of the money just given away is someone else’s! Is this the best situation for you? Is this getting the best and most positive exposure for your home? What will happen when it comes time to negotiate the price with a qualified buyer? Is your money next?
We realize you might think we’re biased, so here is a link to an outside study showing the disbursement of the commissions:
Inventory is increasing! A quick look at the numbers from last week (and the previous couple weeks) shows that we have been listing more homes than we are selling. Just last week 101 homes were added to that list including the 32 previously listed homes returning to the market we have a pretty impressive number.
Sales numbers were up also, although less than the new offerings this week. With 87 homes sold, that’s a ratio of about 87%. Price reductions seem to be continuing at a high rate also. Apparently many homes recently brought to market were over-priced … according to the buyer.
Here are the stats for you “number folks”. A click on the number in the chart below will get you a list of the homes included in that category.
Looking for a list of foreclosed homes? Have another specific need you don’t see here? Just shoot us a quick email and we will get that to you. Need it faster than that? How about a phone call? 530 315-2808
Do you know what your home is worth in TODAY’S market? To find out just click the button below. Search for homes for sale, questions? Just click …
In fact, according to one source the solutions outnumbered the foreclosures 4 to 1! And HOPE NOW says their main solution has been permanent loan modifications. Short sales have followed closely, with deed in lieu, repayment, retention, liquidation, walkaways, bankruptcy all contributing.
As good as that is, look at this. All (except deed in lieu which rose 2%) have dropped dramatically. To us that means things are on the mend! The economy is in the process of healing its wounds and we should be able to get on with things.
There are a lot of factors contributing to this trend. The problem loans are being absorbed, the economy is healing, government programs have pushed and pulled, the list goes on. I think that list could get quite long.
In an article published this morning by DS News, Bank of America has agreed to pay a record 16.65 Billion Dollars in the largest settlement on record. For those counting, the previous record was 13 Billion paid by Chase Bank for similar settlements.
Of this sum, 9.65 billion will go to various government agencies, including the State of California. That leaves $7,000,000,000 (yes, that’s what 7 billion looks like as a number) going to consumer relief in the form of mortgage modifications, enhanced efforts to lend to marginal income brackets, neighborhood stabilization projects, and more.
Those of you who read this blog regularly know that one of the reasons we promote the use of Realtors® over other agents is that Realtors® are so proactive in supporting home owner’s rights.
This is not something that is bragged about; consequently the general public seldom knows about the issues they are protected from, not to mention the work we do or the expense involved.
To that end I thought I’d give you a glimpse of this week’s agenda for the call to action. This is not a list of everything active (there are thousands!) but just the NEW hot topics THIS WEEK.
Below are the numbers for last week’s Real Estate activity in Yuba and Sutter Counties. Once again the sales fell short of new listings (including the “Back on Market” homes). One surprising number is that the price reductions nearly equal the sales!
To view the homes in any of the above categories just click on the number.
Inventory has been low and there continues to be no sign of the fabled “shadow inventory” some news services were predicting would flood the market driving prices down again. Inventory is increasing; now might be the time to sell!
Good news? Right now prices are still low, interest rates are low, and good deals are happening daily. Why would you not buy now?
Not-so-good news? There have been some changes in the way loans can be made. This slowed market sales while everyone figured it out. We are expecting to see a slight interest increase.
2014 is still a great year for people who know how to utilize the tools given them. We have numerous first time investors entering the market because NOW is the time when all the numbers line up. OPPORTUNITY IS KNOCKING! Will you answer?
If you are thinking about buying or selling real estate in the near future, now is the best time for action.
It’s hardly a secret that the recent financial activities have changed much in the world. Few areas feel this more than in real Estate. People losing their homes, incomes dropping or gone, loans getting hard to get, bail-outs for the banks, etc.
Something that may be a bit surprising is that the way credit scores are figured didn’t change (or very little if at all) throughout this time of trouble. It looks like that is changing. It seems that a completely new algorithm is going to be put into play.
While the new systems are brought into play the BIG QUESTION remains: Is it good for consumers? It is good for FICO, good for the CFPB (Consumer Financial Protection Bureau), but did it help the consumer?
That discussion is too involved to detail here. If you are looking for more info check this out:
If you want to know how it impacts you, check with your lender or give us a call. Check us out on facebook.
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