Good Homes Really Do Sell – Even If It’s Not Bank Owned
March 7th, 2008 Categories: Foreclosures & Short Sales, Real Estate News, San Marcos
With all the listings that are either a short sale or bank owned, some property owners who either want or who have to sell have been frustrated.
Alot of it depends on the community…some areas have an over loaded listing inventory of homes owned by seller’s who can’t make their payments after their loans adjusted, and are now in default. Some areas now have dozens of bank owned or “REO” listings.
The issue for the average non-short sale listing is the asking price; non troubled sellers obviously want a little more than the typical distressed seller, and maybe a lot more than a bank owned property.
The good news is that homes for sale that are presented well, priced right, and marketed properly are still selling! A good example is a listing of ours in Vallecito Ridge, a new home community built by K Hovenian. This home, at 586 Dundee Lane, was lovingly cared for and meticulously maintained by our sellers.
The house had many thousand dollars worth of upgrades in wood floors, beautiful custom paint, upgraded countertops and the like, but mostly our sellers educated themselves and made it as clean and “generic” as they could to help us and potential buyers visualize themselves living in this house.
The result, the home is now in escrow with a great buyer and our seller is happy! By the way, our price was listed higher than any other comparable home in the development, and much higher than “new” homes (model matches) still being offered by the builder.
So seller’s, don’t lose hope…do the things you need to do to get your home sold in a market like this. First price it right; owners who go fishing for an unrealistic price will not get showings at this time. Find the right agent who knows how to market your home properly and extensively, and is willing to make the investment in your home. Finally, make it “show ready”. Your listing will stand out against most of the short sale or bank owned properties as many have deferred maintenance, damage, or are being offered in “as is” condition.
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4 Big Reasons To Be Optimistic About 2008 San Diego Real Estate Trends
January 8th, 2008 Categories: Mortgage News, Real Estate News
I was reviewing some headlines recently and I wanted to share these facts with you. Do the headlines I’ve listed below sound familiar to you as we head into the 2008 Real Estate Market?
1. “Historically Real Estate downturns in the United States last 27 months”.
2. ”The goal of owning a home seems to be getting out of reach for most Americans”.
3. ”The golden age of risk free run ups in home prices is gone”.
4. ” A home is where the bad investment is”.
Ok, so now let’s take a little look at the History behind these quotes. You just might be surprised that they aren’t as recent as you think!
1. “Historically, Real Estate downturns last 27 months”. (We are currently in month 25!)
2. ”The goal of owning a home seems to be getting out of reach for most Americans” – 1969 Business Week article. The average price of a home was 28,000 and it was over 24 years before interest rates went down to 7 % again!
3. “The golden age of risk free run ups in home prices is gone” – 1985 Money Magazine Article. As we know now, prices continued to rise!
4. “ A home is where the bad investment is” - 1996 Quote from the San Francisco Examiner. Prices rose 19.7% in California over the next 3 years!
Foreclosure news is all over the media and we hear about it every day. News outlets cry that we’re these Foreclosures are at record levels. This may be true but what’s also true is that last year 98.83% of all Mortgages performed!
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