An uninvolved person drew names out of a hat. Phil Corwin is the lucky winner of two dinners at Mario's. Congratulations Phil.
I am holding another drawing next month for anyone who comments on this or any other of my blogs and leaves name and email address in the appropriate box.
Friday, February 29, 2008
Thursday, February 28, 2008
SCPD Statistics
Active listings: 213 , from $229,000 for a "Short Sale" Hummel (1283') to $1,200,000 for a Marseilles on the golf course
Pending Sales from 2//01/08 to 1/28/08=12 ---from $279,000 for a CA Casual (1128') to $859,000 for a St. Tropez on the golf course (2640')
Closed Escrows from 2/01/08-2/28/08= 12--- from $270,000 for a Cayman (1616') to $794,000 for an expanded Monaco on the golf course(2422')
Interesting: comparing Feb. 07 with Feb. 08;
Sales in 07=20; Sales in 08 =12
Av. price per sq. ' --Average in 07 =240.47; in 08=233.87
Days on Mkt: Average in 07=115; in 08=157
Sales price vs. list price: in 07=96.02, in 08=94.60
Median Sales price in 07=$413,000; in 08=375,0
You may see stats in the Desert Sun that say the Median price is down 10%--SO WHAT?
It only means that 1/2 of the homes sold were above the median and 1/2 were below. So, if the majority of the homes were in the lower price range it would go down. If the majority were in the upper price ranges it would go up.
If you want to know what your home is worth give me a call at 760-285-7676
Pending Sales from 2//01/08 to 1/28/08=12 ---from $279,000 for a CA Casual (1128') to $859,000 for a St. Tropez on the golf course (2640')
Closed Escrows from 2/01/08-2/28/08= 12--- from $270,000 for a Cayman (1616') to $794,000 for an expanded Monaco on the golf course(2422')
Interesting: comparing Feb. 07 with Feb. 08;
Sales in 07=20; Sales in 08 =12
Av. price per sq. ' --Average in 07 =240.47; in 08=233.87
Days on Mkt: Average in 07=115; in 08=157
Sales price vs. list price: in 07=96.02, in 08=94.60
Median Sales price in 07=$413,000; in 08=375,0
You may see stats in the Desert Sun that say the Median price is down 10%--SO WHAT?
It only means that 1/2 of the homes sold were above the median and 1/2 were below. So, if the majority of the homes were in the lower price range it would go down. If the majority were in the upper price ranges it would go up.
If you want to know what your home is worth give me a call at 760-285-7676
Thursday, February 14, 2008
Bottom Line :"How to Sell a home in this Brutal Market
Written by Jim Remley--Realty Times
Real estate values have been falling quickly across much of the U.S. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months and months.
Ther are strategies that can help you sell your home--for a fair price--even in hard hit areas.
Best Moves for the Sellers
You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sale. Here's how...
1. DON'T START WITH A HIGH PRICE . Asking price is the single most important reason that a property does not sell. In this buyer's market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations. Area real estate agents pay the most attention to listings when they first appear on the market. In these days they won't even show your home if they think it is overpriced. If you start too high, by the time you do lower your price, real estate agents will have newer lisings to show buyers. The buyrs who do see your home will view your price cut as a sign of desperation and bid low.
Pricing your home as a slight bargain ensures that as many potential buyers as possible will walk through your door.
2. RECHECK THE ASKING PRICE OF COMPARABLE LISTINGS every two to four weeks. If you do a price reduction make it large enough so the new price is very competitive with comparable homes or is even a "best buy."
3. IMPORTANT: The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking when you set your asking price. It was a very different market then and those prices are irrelevant today.
4. HELPFUL: If your home is not attracting many showings, the price is probably the problem. If it is attracting showings but not offers, the home itself is most likely to blame.
5. FIX IT UP FIRST. "Fixer-uppers" tend to be ignored in slow real estate markets because buyers can find good deals without bringing their paint and tools
6. PAY ATTENTION TO CURB APPEAL
What to do: spend a weekend beautifying the front of your home. Replace damaged window screens, tidy up landscaping, pressure was the sidewalk and the home, add mulch around trees and in flower beds. If necessary upgrade outdoor lighting fixtures, doorknobs and doorbell switch.
Freshen up the interior--a fresh coat of paint (desert colors) and new carpet can make a difference. Hire a professional cleaning service to clean thoroughly.
Smell matters--use scente candles or potpourri If the home smells of smoke or cooking odors, hire a building restoration company to remove odors if scrubbing doesn't do it.
OFFER INCENTIVES TO BUYERS AND BROKERS.--many homes sellers are "bribing" buyers with cash, cars, and flat-screen TVs. Help with closing costs. Pay for buy-downs on buyer's loan. Offer an extra 1% to Realtors on top of regular commission. IMPORTANT: If you offer a sales incentive disclose this in your sales contract with the buyer. If the buyer later defaults on the loan, the lender could claim that you and buyer engaged in fraud by manipulating the sales price to include an asset on which the seller could not foreclose.
DON'T OVER NEGOTIATE--If a potential buyr's first offer is reasonable , consider accepting it, rather than making a higher counter offer. Buyers have so many homes from which to choose that they sometimes move on rathr than make a second counter.
From my own exerience with buyers in Sun City--most want the granite counters, tile floors, desert colors, newer appliances, wood shutters They turn up their noses at homes that are not upgraded.
Real estate values have been falling quickly across much of the U.S. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months and months.
Ther are strategies that can help you sell your home--for a fair price--even in hard hit areas.
Best Moves for the Sellers
You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sale. Here's how...
1. DON'T START WITH A HIGH PRICE . Asking price is the single most important reason that a property does not sell. In this buyer's market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations. Area real estate agents pay the most attention to listings when they first appear on the market. In these days they won't even show your home if they think it is overpriced. If you start too high, by the time you do lower your price, real estate agents will have newer lisings to show buyers. The buyrs who do see your home will view your price cut as a sign of desperation and bid low.
Pricing your home as a slight bargain ensures that as many potential buyers as possible will walk through your door.
2. RECHECK THE ASKING PRICE OF COMPARABLE LISTINGS every two to four weeks. If you do a price reduction make it large enough so the new price is very competitive with comparable homes or is even a "best buy."
3. IMPORTANT: The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking when you set your asking price. It was a very different market then and those prices are irrelevant today.
4. HELPFUL: If your home is not attracting many showings, the price is probably the problem. If it is attracting showings but not offers, the home itself is most likely to blame.
5. FIX IT UP FIRST. "Fixer-uppers" tend to be ignored in slow real estate markets because buyers can find good deals without bringing their paint and tools
6. PAY ATTENTION TO CURB APPEAL
What to do: spend a weekend beautifying the front of your home. Replace damaged window screens, tidy up landscaping, pressure was the sidewalk and the home, add mulch around trees and in flower beds. If necessary upgrade outdoor lighting fixtures, doorknobs and doorbell switch.
Freshen up the interior--a fresh coat of paint (desert colors) and new carpet can make a difference. Hire a professional cleaning service to clean thoroughly.
Smell matters--use scente candles or potpourri If the home smells of smoke or cooking odors, hire a building restoration company to remove odors if scrubbing doesn't do it.
OFFER INCENTIVES TO BUYERS AND BROKERS.--many homes sellers are "bribing" buyers with cash, cars, and flat-screen TVs. Help with closing costs. Pay for buy-downs on buyer's loan. Offer an extra 1% to Realtors on top of regular commission. IMPORTANT: If you offer a sales incentive disclose this in your sales contract with the buyer. If the buyer later defaults on the loan, the lender could claim that you and buyer engaged in fraud by manipulating the sales price to include an asset on which the seller could not foreclose.
DON'T OVER NEGOTIATE--If a potential buyr's first offer is reasonable , consider accepting it, rather than making a higher counter offer. Buyers have so many homes from which to choose that they sometimes move on rathr than make a second counter.
From my own exerience with buyers in Sun City--most want the granite counters, tile floors, desert colors, newer appliances, wood shutters They turn up their noses at homes that are not upgraded.
Thursday, February 7, 2008
Every Home Can be the "Perfect" Listing
First impressions are the most important and you never get a second chance to make that first impression. Even though I have touched on this topic before, it never hurts to remind sellers again.
Staged homes generally sell faster and at a higher price. Here is a short list of ideas that can help you stae your home for a more rapid sale. In this market you need every advantage:
1. Curb appeal
The front of your home, including the courtyard should be free of clutter. It couldn't hurt to power wash and repaint the exposed wood areas, including the door. If the hardware on the door is worn or tarnished, you should consider replacing it. You might need to trim or remove some of the existing landscaping--plants get tired looking after many years. Remember that within the first 30 seconds, buyers for their first impressions.
2. Unclutter and Unstuff
Overcrowded rooms create negative inspiration. If you plan on discarding furniture, do it before you show your home. Closets should be only half-full and the floor of the closet should be visible. If the closet is crammed full of your stuff, potential buyers will feel there is not enough closet space.
3. Light Rules
Clean windows and screens inside and out and open drapes and blinds. Allow as much natural light as possible. The more light, the more "homey" the room feels.
You may find areas that need repainting. Don't scrimp...repaint the entire room. When selecting a paint color light and natural should be the rule of thumb.
4. Textiles
Put out the GOOD towels, both in the kitchen and baths. Make sure throw rugs and runners are in good shape and clean...particularly in the entry way. Make sure your entry is attractive, bright and clean.
5. USE FLOWERS
I can't emphasize this enough!!! In season or purchased from the florist, real flowers--don't use artificial--add charm and warmth to any room. Pots of seasonal flowers on the front porch and hanging baskets on the back porch bring life and energy to the home. A simple market bouquet can brighten any home. I learned this from experience: When we sold our home in Phoenix in 1991, it was a market like this one. I hired a flower expert and spent $500.00 for pots of brightly colored flowers--We sold within a week and buyers told us it was the FLOWERS.
Staged homes generally sell faster and at a higher price. Here is a short list of ideas that can help you stae your home for a more rapid sale. In this market you need every advantage:
1. Curb appeal
The front of your home, including the courtyard should be free of clutter. It couldn't hurt to power wash and repaint the exposed wood areas, including the door. If the hardware on the door is worn or tarnished, you should consider replacing it. You might need to trim or remove some of the existing landscaping--plants get tired looking after many years. Remember that within the first 30 seconds, buyers for their first impressions.
2. Unclutter and Unstuff
Overcrowded rooms create negative inspiration. If you plan on discarding furniture, do it before you show your home. Closets should be only half-full and the floor of the closet should be visible. If the closet is crammed full of your stuff, potential buyers will feel there is not enough closet space.
3. Light Rules
Clean windows and screens inside and out and open drapes and blinds. Allow as much natural light as possible. The more light, the more "homey" the room feels.
You may find areas that need repainting. Don't scrimp...repaint the entire room. When selecting a paint color light and natural should be the rule of thumb.
4. Textiles
Put out the GOOD towels, both in the kitchen and baths. Make sure throw rugs and runners are in good shape and clean...particularly in the entry way. Make sure your entry is attractive, bright and clean.
5. USE FLOWERS
I can't emphasize this enough!!! In season or purchased from the florist, real flowers--don't use artificial--add charm and warmth to any room. Pots of seasonal flowers on the front porch and hanging baskets on the back porch bring life and energy to the home. A simple market bouquet can brighten any home. I learned this from experience: When we sold our home in Phoenix in 1991, it was a market like this one. I hired a flower expert and spent $500.00 for pots of brightly colored flowers--We sold within a week and buyers told us it was the FLOWERS.
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