California Real Estate, Home Sellers, Real estate Market, Real Estate Values, Sellers

Ready to List Your Home for Sale? Start with the Right Price

If your home is underpriced, it will sell quickly, but that’s not something to brag about if you leave money on the table. If your home is priced too high, it will sit on the market for too long and buyers will lose interest. So what’s the right price for your home? The key to correct pricing is through a Comparative Market Analysis (CMA).

First, a professional real estate agent will gather information about your home. Then, they’ll select comparable recently sold properties (comps) for comparison. The major concerns when selecting comps are:

  • The comparable homes have sold recently, so prices are up-to-date in a rapidly moving market.
  • The properties are similar to the home being valued—the same number of bedrooms and baths, similar square footage, and around the same age.
  • The comps are in the same neighborhood, nearby, or in a very similar neighborhood, preferably within a 1-mile radius of your home.

After selecting three to five comps, the adjustment process begins. It is very rare that there will be three to five homes exactly like yours, so some adjustments to their sold prices need to be made. This means adjusting the sold price to reflect differences between the comps and your home so that the comparison is more equal.

  • If the comp has fewer bedrooms or baths, the value of a bedroom or bath must be added to the comps’ sold price, as the home would have sold for more with the extra rooms.
  • If the comp has more bedrooms or baths, the value is subtracted from the sold price, as the home would have sold for less if it was just like your home.

This step is more of an art than an exact science, as agents must decide how much a bedroom or bath is worth. Often, they’ll get estimates from appraisers to help. Once the sold prices are adjusted, each home’s sold price is divided by the square footage and an average of those is taken, resulting in the average price per square foot for the comps. 

Then there’s one more simple step. Take that price per square foot and multiply it by the square footage of your home to get your estimated list price. This is definitely not a hard and exact number since there are a number of variables involved.

If you want to know your home’s value in today’s market, contact me for a FREE Comparative Market Analysis. 

Buying and Selling, California Real Estate, For Buyers, Helpful Info, Home Sellers, How's the Market Snapshot, Market Snapshot, Real estate Market, Real Estate Values

How’s the Market Snapshot- November 2018

I want to share with you what has been happening in your local real estate market. These are aggregated values based on collected MLS data.

Are you wondering how much your home is worth? Let me know! I will gladly send you a home valuation estimate completely free of charge. Send me a text or email with your property address and I’ll have the estimated value over to you in less than 24 hours!

Text: (626) 252-0839

Email: Yesenia@NewCenturyBroker.com

Regards,

Yesenia Ruvalcaba-Garcia
Broker, BRE 01293970
626-252-0839
http://www.NewCenturyBroker.com
http://www.CovinaRealEstate.com

Buying and Selling, California Real Estate, For Buyers, How's the Market Snapshot, Real estate Market

Sales are Down, but First-Time Buyers are Seeing Opportunity

Are you curious to know how much you qualify for? I always stress to buyers that the first step to buying a home is knowing what your purchasing power is even before we start looking at homes, there are few things more disappointing than finding a home you are totally in love with and then realizing that you can’t qualify for it.

Let’s chat for a few minutes to see what your buying power is, reach out to me via Email/phone/text, here is my contact info: yesenia@newcenturybroker.com / 626-252-0839.

September marked the 79th month in a row of year-over-year home price increases. The median existing-home price climbed 4.2 percent to $258,100. This price increase is partly because of a supply decrease; inventory levels—especially levels for affordable homes—continue to hover near record lows. While price gains are beneficial to homeowners looking to sell, they also affect housing affordability for buyers. Buyers are also seeing their purchasing power decrease due to rising mortgage rates. The impact on the housing market has seen a slump in sales activity in all regions of the country. After a stagnant August, existing-home sales declined again in September to levels not seen since November 2015.

More First-Timers in the Market
Of all the homes sold in September, 32 percent were purchased by first-time buyers, up from 31 percent from a month ago and 29 percent from a year ago. According to the National Association of Realtors’ (NAR) 2017 Profile of Home Buyers and Sellers, first-time buyers made up 34 percent of the home-purchasing public last year. “Rising interest rates coupled with increasing home prices are keeping first-time buyers out of the market, but consistent job gains could allow more Americans to enter the market with a steady and measurable rise in inventory,” said Lawrence Yun, chief economist for the NAR.

Seasonal Factors Depress Inventory
The latest housing inventory figures do not suggest a steady rise in the supply of homes on the market. Inventory levels fell from 1.91 million available homes in August to 1.88 million. However, year-over-year listings are up, as there were only 1.86 million homes listed on the market in September 2017. At this sales pace, the current housing stock would sell in 4.4 months, up from 4.3 months in August and 4.2 months in September 2017. According to Yun, “There is a clear shift in the market with another month of rising inventory on a year-over-year basis, though seasonal factors are leading to a third straight month of declining inventory.” The average home took 32 days to sell in September; in comparison, properties stayed on the market for an average of 29 days in August and 34 days a year ago. Of all homes sold in September, 47 percent of them were on the market for less than a month. Realtors expect this fast pace to settle down a bit as winter approaches.

Regional Breakdown

Northeast – Existing-home sales annual rate of 680,000; a decrease of 2.9 percent from August and 5.6 percent from September 2017.

Midwest – Existing-home sales annual rate of 1.28 million; unchanged from August but a decrease of 1.5 percent from September 2017.

South – Existing-home sales annual rate of 2.11 million; a decrease of 5.4 percent from August and a slight decrease from the 2.12 million sales posted September 2017.

West – Existing-home sales annual rate of 1.08 million; a decrease of 3.6 percent from August and 12.2 percent from September 2017.

 

 

Photography Credits: © Wipada Wipawin - iStockphoto 

Available Listings, Buying and Selling, California Real Estate, Community Info, For Buyers, Helpful Info, How's the Market Snapshot, Market Snapshot

How’s the Market? July 2018 Snapshot

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

If you are keeping up with my monthly reports you’ll notice that we are seeing a slight softening of the market in the past 30 days. What does that mean? Well, in the simplest of interpretation it means that we have more homes available for sale than last month and the homes that are being sold are staying on the market longer and selling at slightly lower prices. Again, I’d like to emphasize that this is a SLIGHT softening! No need to run for the hills yet. If you have had thoughts of selling and are just curious to see what your home would sell for today give me a call. I would be more than happy to prepare a quick, easy to understand, analysis of your home. Don’t be caught off guard, make sure you know what is going on with what is likely the biggest investment you’ll ever make!

Housing Inventory Snapshot July 28, 2018
Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active/sold 30 Days Trend Number of Listings
San Bernardino County, CA
Single Family $330,142 -0.90% $328,000 -0.30% 65 / 45 1 / 5 3,812
Luxury Single Family $950,353 -1.66% $739,900 -1.33% 99 / 52 0 / -2 1,264
Condo/Townhome $316,034 1.62% $339,900 1.49% 48 / 31 3 / 1 219
Luxury Condo/Townhome $549,744 4.57% $515,000 5.10% 54 / 54 3 / 22 71
Riverside County, CA
Single Family $412,938 -1.31% $410,000 -1.20% 68 / 52 1 / 2 5,500
Luxury Single Family $1,380,812 -7.61% $949,900 -4.82% 128 / 138 -1 / -22 1,787
Condo/Townhome $273,226 0.83% $279,000 0.00% 101 / 75 9 / 2 758
Luxury Condo/Townhome $562,053 0.33% $505,000 1.02% 129 / 94 6 / 0 250
Orange County, CA
Single Family $1,000,165 -1.75% $899,000 -1.75% 57 / 36 2 / 0 3,416
Luxury Single Family $4,807,038 -2.86% $3,200,000 -3.03% 110 / 121 2 / 22 1,132
Condo/Townhome $520,386 -1.02% $514,500 -0.87% 43 / 29 0 / 2 1,443
Luxury Condo/Townhome $1,388,313 -4.74% $1,095,000 -4.78% 80 / 45 4 / -13 452
Los Angeles County, CA
Single Family $795,427 -3.18% $689,900 -1.44% 54 / 36 1 / 0 7,897
Luxury Single Family $5,574,955 -0.39% $3,295,000 0.00% 87 / 82 1 / -17 2,504
Condo/Townhome $548,776 0.66% $529,000 0.76% 46 / 31 1 / 0 2,071
Luxury Condo/Townhome $2,021,007 2.06% $1,499,000 3.74% 68 / 51 -6 / -4 667

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance throughout the process.

Regards,

Yesenia Ruvalcaba-Garcia
Broker, BRE 01293970
626-252-0839

Yesenia@NewCenturyBroker.com
www.NewCenturyBroker.com
www.CovinaRealEstate.com 

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California Real Estate, Community Info, For Buyers, Helpful Info, How's the Market Snapshot, Market Snapshot, Real estate Market, Real Estate Values, Sellers

How’s the Market? June 2018 Snapshot

 

I hope you will find the following snapshot of local Real Estate inventory interesting. The table represents aggregated values based on MLS data for the specified date.

Housing Inventory Snapshot June 30, 2018
Average List Price 30 Days Trend Median List Price 30 Days Trend Average DOM: active/sold 30 Days Trend Number of Listings
San Bernardino County, CA
Single Family $333,143 1.37% $329,000 1.54% 64 / 41 -4 / N/A 3,601
Luxury Single Family $966,437 -5.14% $749,900 -1.33% 98 / 54 -9 / N/A 1,188
Condo/Townhome $310,996 1.46% $334,900 1.79% 45 / 29 -3 / N/A 205
Luxury Condo/Townhome $525,705 -2.79% $490,000 -2.97% 52 / 32 -26 / N/A 64
Riverside County, CA
Single Family $418,440 -1.80% $415,000 -1.17% 67 / 50 -5 / N/A 5,259
Luxury Single Family $1,494,590 -10.27% $998,000 -13.14% 129 / 161 -6 / N/A 1,741
Condo/Townhome $270,979 1.61% $279,000 0.36% 92 / 73 -8 / N/A 812
Luxury Condo/Townhome $560,182 1.60% $499,900 0.58% 123 / 94 -1 / N/A 263
Orange County, CA
Single Family $1,017,981 -2.99% $915,000 -3.58% 54 / 36 -2 / N/A 3,245
Luxury Single Family $4,948,704 -5.66% $3,300,000 -5.58% 108 / 99 -3 / N/A 1,083
Condo/Townhome $525,739 -1.47% $519,000 -1.14% 43 / 28 0 / N/A 1,279
Luxury Condo/Townhome $1,457,378 -4.57% $1,150,000 -5.12% 76 / 58 0 / N/A 427
Los Angeles County, CA
Single Family $821,521 -1.30% $700,000 -1.40% 53 / 35 -3 / N/A 7,337
Luxury Single Family $5,596,506 -3.43% $3,295,000 -5.72% 86 / 99 -5 / N/A 2,425
Condo/Townhome $545,162 -1.64% $525,000 -2.60% 46 / 30 -2 / N/A 1,902
Luxury Condo/Townhome $1,980,242 -4.23% $1,445,000 -6.71% 73 / 55 -2 / N/A 618

If you know someone who is considering buying or selling a home, please give me a call. I will provide professional & courteous service along with knowledgeable guidance throughout the process.

Regards,

Yesenia Ruvalcaba-Garcia
Broker, BRE 01293970
626-252-0839
www.NewCenturyBroker.com
www.CovinaRealEstate.com 

Available Listings, Buying and Selling, California Real Estate, For Buyers, HUD, HUD Homes, Real estate Market, Real Estate Values

HUD Home Photo List for the Week of 6/27/18

We have seen an awesome upswing of available HUD homes for sale in Southern California! Take a look at what’s available and give me a call if you would like to schedule an appointment to take a look at one of these or would like to bid on one.

Call/Text: (626) 252-0839

Email: Yesenia@NewCenturyBroker.com

Buying and Selling, California Real Estate, For Buyers, Helpful Info, Home Sellers, Real estate Market, Real Estate Values, Sellers

2018 Real Estate Trends: What You Need to Know

Real estate season is here, and experts are predicting the hot market conditions will continue throughout the summer in many states. Thinking of buying or selling? Here are the 2018 real estate trends you need to know, and what the hot market means for your house.

Real Estate Trend #1: Homes Are Selling Faster Than Last Year

In February 2018, Realtor.com data showed that properties were selling 8% quicker than the same time last year—staying on the market for a median of only 83 days!(1) In March 2018, the data found that homes sold (at least!) a whole week faster than last year in 36% of the largest housing markets in the country—averaging 63 days on the market.(2)

What Faster Sales Mean for Sellers

Clearly, this is great news for home sellers! Not only does it mean your home could sell at a higher price (more on that later), but it also removes a lot of pressure you might be under to sell your home quickly. With plenty of buyers to choose from, you have a lot of negotiating power to sell on a timeline that works best for you. Woohoo!

What Faster Sales Mean for Buyers

This news isn’t as great for buyers. Your biggest challenge will be competition for homes. In their latest report on the 2018 market, Realtor.com said we’ve never experienced a market where so many buyers have to choose from so few houses.(3) To beat the competition and snatch a home this year, you may have to reprioritize what you want in a dream home. So strap in, buckle down, and follow these tips:

    • Prepare finances. If you haven’t saved 100% in cash for the home you want, at least get preapproved for a 30-year fixed-rate mortgage and save up a 3.5 to 20% down payment. (A 20% down payment is better—you’ll avoid having to pay private mortgage insurance.) This will show sellers that you’re a serious buyer because you’ve already started the mortgage process—which isn’t common among all buyers placing offers.

 

    • Know what you want. You’ll be able to beat competitors to the punch and make an offer faster if you already know exactly what you want in a home. If you’re married and house hunting, you and your spouse need to agree on must-haves! So first create separate lists of what you want most. Then compare and combine those lists for your real estate agent to use as the foundation of your home search.

 

    • Write a letter. Sending a personal story to your seller might be just the thing that makes you stand out over similar offers. Covina couple Abby and John B. included a personal letter when they made an offer on their home. They believe it’s the reason their offer beat the heavy competition. “We sent the sellers a personal letter with our offer,” Abby said. “The best thing you can do is to include in the letter things you love about their house. If they have a deck or screened-in porch, tell them how you envision using the space. We did that, and the sellers accepted our offer—out of multiple offers—within 24 hours.”

 

  • Hire an experienced pro. If you don’t operate in the real estate business every day, working through the complex details that go into a home purchase in a hot market could cause costly delays. In such a competitive market, why shouldn’t a seller choose to work with a buyer who’s more prepared? That’s why you want to partner with a seasoned real estate agent who has a great reputation in the community. A good agent is an expert at negotiations and can manage detailed paperwork and closing so you don’t miss your chance on a great home.

Real Estate Trend #2: Home Prices Are Higher Than Last Year

Over the past 30 years, home prices have continued to rise at an average rate of 3–4% per year.(4) But the increase in listing prices from February 2017 to 2018 is a startling 10% jump!(5)

What does this look like in dollars? As of March 2018, the median list price hit $280,000. Most new listings tend to be over $350,000, while the rest remain between $200,000–350,000. Only 1 in 3 homes on the market are priced below $200,000, and half of all buyers are competing for homes in that price range!(6)

What Higher Prices Mean for Sellers

You’ll likely make a nice profit as a seller! Will you use the profits to purchase your next home? Maybe you’re downsizing and using the money to beef up your retirement. Whatever you do, lay out your plan before you sell so your profit doesn’t go to waste.

What Higher Prices Mean for Buyers

If you’re going to buy a home in this expensive market, you absolutely must find out how much house you can really afford. Crunch the numbers yourself with our free mortgage calculator or meet with one of our trusted lenders and figure out how much of a monthly payment your budget can handle.

Commit to staying within that budget amount. Don’t rush into a home purchase that doesn’t make financial sense for you—no matter how much pressure you feel watching competitors pluck good homes off the market. If you get impatient, you’ll screw up your finances!

  • Expand your search. What if the location you’re planning to buy in is what’s really busting your budget? Get connected with Yesenia to learn more about home prices in your area that will fit your budget and lifestyle.

Real Estate Trend #3: CA Holds the Hottest Market

While the hot market is likely to affect the sale or purchase of your home no matter where you live in the country, you can expect the above trends to be at their peak on the West Coast. As of February 2018, California accounted for 13 of the top 20 locations where homes were receiving the most listing views and staying on the market for the shortest amount of days. For a glance at what some of those Californian areas are, below is a list of the top 10 hottest markets:

  1. San Francisco, CA
  2. Midland, TX
  3. Vallejo, CA
  4. San Jose, CA
  5. Sacramento, CA
  6. Denver, CO
  7. Santa Rosa, CA
  8. Colorado Springs, CO
  9. San Diego, CA
  10. Stockton, CA(7)

What If I’m Not Buying or Selling a Home This Year?

Now you know the challenges and benefits of buying or selling a home this year. But what if you decide to hold off and wait longer to buy or sell? Could your home continue to rise in value—and sell for even more? Will the hot market cool down for better buying conditions? Or are we in another housing bubble that’s about to burst?

1. Equity Will Likely Keep Increasing by 2–6% (Until 2020)

With most housing markets at a low risk for a downturn, the 2018 edition of The Housing and Mortgage Market Review estimates that home prices will continue to rise for the next couple of years, with annual increases of 2–6%.(8) So if you sell your house before 2020, you’ll likely still make a great profit. But don’t rely solely on market trends. Continue to monitor how much your home is worth to make sure your equity (how much your home is worth minus how much you owe on it) is going up.

2. Is the Real Estate Market Going to Crash Again?

With such rapid upward trends, some are wondering if the housing market could collapse again. While it’s impossible to know for sure, most experts expect the rising prices to settle down over the next 24 months. For most cities, risk of a crash in the market is low.(9)

3. Despite Your Neighborhood, Buyers Are Interested

Because of the hot market and low inventory, buyers may be willing to consider neighborhoods that don’t have easy-access to highways or close proximity to the city. In other words, if your neighborhood hasn’t been swarmed by home shoppers in a while, this market will likely make it more attractive. Determined buyers are willing to compromise for an unconventional area if it means they can snatch a house. So, even if you think you live in an unpopular neighborhood or that your home isn’t what buyers are looking for, think again. Maybe now is your perfect time to sell.

Take Control of the Trends With a Real Estate Agent

Whether you’re itching to enjoy the benefits of the hot market by selling your home or feeling the challenges of a buyer, you can take advantage of current real estate trends by partnering with the right professional. Find a professional who has earned Dave Ramsey’s seal of trust for practicing what he teaches, giving excellent advice, and providing outstanding customer service. Contact Yesenia today!