Home Sellers – Page 2

Is the Housing Market About to Peak?

March 10, 2018 by Danielle Negroni

If you’ve been thinking about selling your home and either downsizing or purchasing something else, now is a great time to do it! Market indicators are showing that the San Diego housing market is peaking and we are heading for a downturn or softening. Home values can’t continue to rise indefinitely so if you’ve been waiting for the moment to list your home, this is it!

Just take a look at these numbers:

* Home prices in Carmel Valley have reached a fourteen-year high. The median price for a detached home is now $1,215,000.

* In Del Mar, median home prices go up and down depending on the individual homes that have sold. But prices have been lingering around the pre-recession peak for many months now.

* Home values in Solana Beach are up 6% from last spring.

* In La Jolla, home prices have far surpassed their pre-recession peak and continue to rise month-over-month. In February, the median price for a detached home was $2.2 million dollars.

* And across the county, home prices are up 8.1% from last year at this time. The median home price is now $607,765, the highest it has been in fourteen years!

Curious to know what your home is currently worth? Want to know the best way to capitalize on this seller’s market AND get into a new home? Give me a call, I’d love to set up a time to discuss your unique situation!

[All data sourced from Sandicor MLS on March 10th, 2018]

What to Consider When You Have Multiple Offers For Your Home

March 4, 2018 by Danielle Negroni

The current San Diego real estate market is extremely competitive. With more buyers than homes for sale, listing your home in this market could result in multiple offers for your house. While this is a great position to be in as a seller, make sure you look beyond price when weighing the offers you receive. Here a few other things you should consider:

Length of the Escrow

A 30-day escrow is pretty standard in San Diego, but can go longer or shorter if all parties (including the lender) are willing and able.

If you need a quick close, a cash buyer is going to be your best option. Since there’s no loan involved, all the buyer needs to do is verify and inspect their purchase. A 10-14 day close is not outside the realm of possibility for a cash buyer.

But if you need a quick close, cash buyers aren’t your only option. Buyers need to specify the length of the escrow on their offer so make sure you look at what each buyer has offered you.

If you’re not in a hurry to close or are asking for a rent back anyway, a strong offer at the price you want with a 45 day or more escrow could be just as attractive as a cash buyer.

Funds

How much is the buyer putting down and how much of that are they offering as their Earnest Money Deposit (EMD)? These numbers not only paint a picture of the buyer’s financial stability, it also indicates how serious they are about buying your home. The larger the EMD, the more “skin” the buyer is putting in the game.

Contingencies

If an effort to stand out in a competitive marketplace, a buyer might offer to waive the normal contingencies – like the appraisal contingency. This is a bold move for a buyer to make and shows how serious they are about buying your home. As a seller, you want to work with a committed buyer who is unlikely to back out during escrow – leaving you with a house you still have to sell.

Buyer Extras

You should also consider the allocation of closing costs. What is the buyer offering to pay for? Are they covering all of the items that are typically covered by the buyer or are they asking you to pay for any of those items? Maybe they’re offering to pay for some of the items that are typically covered by the seller – which would save you some money.

Contingent Offers

Sometimes you will get offers that are contingent on the sale of the buyer’s current home. If you have multiple offers on the table, it could be tempting to immediately disqualify the contingent offers. But before you do, make sure you have considered the rest of the offer and how well it aligns (or doesn’t align) with your own goals. If you’re not in a hurry and the offer otherwise looks strong and offers the price you want, you might want to seriously consider that contingent offer.

Your agent should be able to tell you how long they think it might take the buyer to sell their home based on the market conditions. Though your agent can’t tell the future, they should be knowledgeable and experienced enough to give a rough estimate of how quickly that home might get into escrow. Your agent is also responsible for communicating with the buyer’s agent to see if there has been any activity on the home or if they might be close to accepting an offer. These are all important things to know when considering a contingent offer.

If you do decide to go with the contingent offer, your agent will talk to you about countering back with a specific timeframe for the buyer to get their current home into escrow. If you give the buyer two weeks to sell their home and it doesn’t happen, you’ll be free to move on to another offer.

You also might find that the contingent buyer’s home is already in escrow – which means less risk to you if you go with their offer. They’ll be motivated to see the deal through since they’ll need somewhere to live when their current home closes.

The Buyer

Finally, it’s important to consider the buyer behind the offer. You should look at both their financial situation and who they are personally.

On the financial side of things, you should make sure the buyer has been pre-approved for a loan. You should also look at what amount they were pre-approved for. If your home is at the top end of the budget, they probably won’t have any more room to go up in price or cover any additional costs that might come up during the escrow. If your home is comfortably within their budget, they might have more capital to play with to close the deal.

On the personal side, who is the buyer? Are they a family? A young couple? An investor? While it might not make financial sense on paper to let your personal opinion of who should buy your home guide you when deciding between offers, at the end of the day, it’s your home and you can choose any of the offers on the table. If you’d rather go with a family who is offering you a little less than a cash investor offering full price, you can do that.

Your agent is there to help you evaluate and decide between the offers you receive. This is where working with an experienced, knowledgeable agent can really benefit you. I have successfully helped many San Diego sellers sell their homes – with and without multiple offers. If you’ve been thinking of listing your home for sale and would like a free consultation, give me a call!

What Propositions 60 and 90 Mean For You

February 18, 2018 by Danielle Negroni

If you are age 55 or older and live in San Diego County, you need to know about Propositions 60 and 90 and how it can benefit you! If you’ve been thinking of selling your current home and downsizing or moving to a different home, these propositions can make moving easier on your wallet.

What is Proposition 60?

If you’re age 55 or older, Proposition 60 allows you to move within the same county (in this case, San Diego) and transfer your base year value. Your property’s base year value is tied to Proposition 13, which was established to protect buyers from increases in property taxes by setting a base year value on a property. If the property was acquired in 1975 or earlier, the base year value is set for the property’s assessed value in 1975. If the property was purchased after 1975 then the base year value is set by the market value of the property at the time of purchase. Under Proposition 60, when you purchase a new property you can transfer that base year value to the new home!

What Are the Restrictions of Proposition 60?

-You or your spouse must be 55 years of age.

-You must sell your home and purchase a new property within two years.

-The value of the replacement property must be equal to or less than the value of your current home.

-Proposition 60 only applies to primary residences, not investment properties.

-Proposition 60 can only be utilized one time unless you become disabled and need to move again to a property that fits your needs.

What is Proposition 90?

Proposition 90 is similar to Proposition 60, except for that it allows you move from one participating county to another in the state of California and still receive the same benefits of Proposition 60. The participating counties are as follows:

Alameda County
El Dorado County
Los Angeles County
Orange County
Riverside County
San Diego County
San Mateo County
Santa Clara County
Ventura County

Where Can I Find More Information on Propositions 60 and 90?

To learn more about Propositions 60 and 90, you can read the FAQ page on the California State Board of Equalization website here.

I’ve Decided That It’s the Right Time For Me to Make a Move – What Should I Do Next?

If now is the right time for you to sell your current home and purchase another, give me a call to get started!

Home Improvement Projects With the Best ROI in the San Diego Area

February 12, 2018 by Danielle Negroni

Most San Diego homes could use a few updates before going on the market. But you want to make sure you’re investing in the right home improvement projects. In my experience, these are some of the best updates you can make to your home to maximize your ROI:

Necessary Updates: Before getting into more cosmetic and trendy choices, you should make sure your house is in good condition. If the roof needs repairs or the windows need replacing, you should take care of those things before remodeling the kitchen or bathrooms. These updates may not be glamorous, but most buyers want to purchase a home that isn’t going to need immediate maintenance.

Curb Appeal and Landscaping: First impressions are lasting. Paint or replace the front door, get new house numbers, install outdoor lighting, and plant some colorful flowers to help your home make a great first impression on potential buyers!

Interior Paint: Painting the interior of your home is one of the cheapest and easiest updates you can make. Choosing a trendy color like white or grey and applying it to the walls, ceiling, trim, baseboards, railings, and cabinetry can dramatically makeover your home!

Flooring: You might not need to necessarily replace your home’s flooring, but it could probably use some TLC!

-If you have carpets, replacing them is your best bet. Carpet is made to last anywhere from 5-15 years, but most homebuyers will look skeptically at any stains. If replacing carpet is not in your budget, then hire a professional cleaning service.

-If you have hardwood floors, consider having them refinished before putting your home on the market. This will take care of any scratches or gouges in the wood.

-If you have laminate wood floors that appear worn out or scratched, you should replace the flooring. Laminate wood floors cannot be repaired or refinished like hardwood floors.

-If you have tile floors, hire a professional to repair any cracked or broken tiles.

Exterior Paint: If the paint is cracking and peeling, you should definitely consider repainting your home – it will give buyers the impression the home has been well cared for. If the paint is in good condition, you may be able to get away with just power washing the exterior.

Minor Kitchen Remodel: Updating your kitchen doesn’t have to be a big undertaking. In fact, minor kitchen remodels tend to offer better returns that major remodeling jobs! In a minor kitchen remodel, cabinets are usually replaced, repainted, or refinished. Old hardware and appliances are swapped out for new ones. New countertops may be installed. But in contrast to a major remodeling job, no structural changes will be made and the layout of the kitchen will remain the same.

Garage Door Replacement: Replacing your home’s garage door might not seem like a big deal, but it is one update that consistently tends to yield a great return on your investment at the time of resale!

Every home’s remodeling needs are different. If you’re not sure what investments will offer the best ROI, give me a call! I’d be happy to discuss how the House 2 Home program can get your home ready for market!

San Diego Real Estate Market Report-Q4 2017

January 7, 2018 by Danielle Negroni

Home prices in San Diego County were up 7.1% at the end of the 4th quarter, compared to December of last year. The coastal markets of Carmel Valley, Del Mar, La Jolla, and Solana Beach also registered year over year price increases to finish out 2017 on a high note. Interested in seeing a market report for your city or community? I’d be happy to provide you with one. Thinking of selling your home this year? Let’s talk!

San Diego County:

Single Family Homes

Median Sales Price: $605,000

Median Price Per Sq Ft: $335

Market Time (From Listed to Closed): 17 Days

Total Sold Listings (Oct-Dec): 64,827 Properties

Avg Listing Inventory (Active): 3,634 Properties

Year Over Year Change: +7.1%

Condos/Townhomes

Median Sales Price: $398,000

Median Price Per Sq Ft: $396.33

Market Time (From Listed to Closed): 13 Days

Total Sold Listings (Oct-Dec): 11,105 Properties

Avg Listing Inventory (Active): 1,287 Properties

Year Over Year Change: +6.7%

Carmel Valley:

Single Family Homes

Median Sales Price: $1,222,266.67

Median Price Per Sq Ft: $430

Market Time (From Listed to Closed): 32 Days

Total Sold Listings (Oct-Dec): 1,207 Properties

Avg Listing Inventory (Active): 61 Properties

Year Over Year Change: +7.9%

Condos/Townhomes

Median Sales Price: $609,828.33

Median Price Per Sq Ft: $489

Market Time (From Listed to Closed): 9 Days

Total Sold Listings (Oct-Dec): 762 Properties

Avg Listing Inventory (Active): 14 Properties

Year Over Year Change: +9.6%

Del Mar:

Single Family Homes

Median Sales Price: $1,818,333.33

Median Price Per Sq Ft: $705.67

Market Time (From Listed to Closed): 55 Days

Total Sold Listings (Oct-Dec): 419 Properties

Avg Listing Inventory (Active): 70 Properties

Year Over Year Change: +1.8%

Condos/Townhomes

Median Sales Price: $1,008,694

Median Price Per Sq Ft: $680.67

Market Time (From Listed to Closed): 19 Days

Total Sold Listings (Oct-Dec): 178 Properties

Avg Listing Inventory (Active): 17 Properties

Year Over Year Change: +21.8%

La Jolla:

Single Family Homes

Median Sales Price: $2,157,175

Median Price Per Sq Ft: $781.67

Market Time (From Listed to Closed): 67 Days

Total Sold Listings (Oct-Dec): 911 Properties

Avg Listing Inventory (Active): 168 Properties

Year Over Year Change: +13.3%

Condos

Median Sales Price: $809,458.67

Median Price Per Sq Ft: $595.33

Market Time (From Listed to Closed): 18 Days

Total Sold Listings (Oct-Dec): 1,163 Properties

Avg Listing Inventory (Active): 78 Properties

Year Over Year Change: +10.2%

Solana Beach:

Single Family Homes

Median Sales Price: $1,532,500

Median Price Per Sq Ft: $670.67

Market Time (From Listed to Closed): 47 Days

Total Sold Listings (Oct-Dec): 280 Properties

Avg Listing Inventory (Active): 18 Properties

Year Over Year Change: +5.3%

Condos

Median Sales Price: $947,865.67

Median Price Per Sq Ft: $665.33

Market Time (From Listed to Closed): 15 Days

Total Sold Listings (Oct-Dec): 333 Properties

Avg Listing Inventory (Active): 18 Properties

Year Over Year Change: +10.4%

[All data sourced from Sandicor MLS on January 4th, 2018]

What to Do Now to Prepare to Sell Your Home in 2018 (And Why the First Quarter is a Great Time to List!)

December 3, 2017 by Danielle Negroni Leave a Comment

If you’re planning to sell your home in the New Year, there are several things you can do now to prepare even if you don’t intend to list for several months. Selling a home can be a long process, so it’s never too early to get started! Below are 6 things you should do now to sell your home in 2018:

1) Talk to a Realtor

If you’re thinking of selling your home, now is a great time to talk to a Realtor. I can provide you with an analysis of your home’s current market value. I also advise owners about updates and changes your home may need if you want to sell for the highest possible price. Your home may be an excellent candidate for the House 2 Home program. Call me to learn more.

2) Make Any Needed Repairs or Updates

First impressions are important. Every home can benefit from some updates before going to market. Turnkey homes appeal to the broadest group of potential buyers. They routinely sell faster and for a higher price. A home should present as clean, well cared for and move-in ready condition. The prep work will minimize inspection related repairs and facilitate a smooth escrow.

Whether you’re making a small or a substantial investment in your home, repairs and updates always take longer than you anticipate so it’s best to get started early.

3) Declutter Your House

Clearing clutter not only makes it easier for you to clean, your home will show better as well. Buyers imagine living in your home, and most will have a hard time doing that if they can’t see around your clutter and family photos. Do a whole house purge and box up anything you want to keep that isn’t essential to daily life. Rent a storage unit or pod to hold your extra belongings and furniture until you move into your new home.

4) Clean Your Home Inside and Out

With the extra clutter gone from your home, cleaning will be easier and more efficient. You will want to clean your whole house from top to bottom, inside and out. If you have pets, a thorough cleaning is especially important to get out any lingering odors. Take time during the cleaning process to look at your home with a critical eye. What else do you need to do to get your home into model-like condition? Create a list of additional fixes your home requires and make a plan to address them before listing. Touch up any marks on the walls or baseboards. Hire a professional cleaning service for your carpets and windows.

5) Refresh Your Landscaping

Don’t forget to address the outside of your home. Make sure the grass is green and trimmed. Patch any sections where the lawn has died. Banish weeds, trim branches, and pull out dead vegetation. Add new rock, gravel, or bark as needed. Power wash walkways and walls. Right before you put your home on the market, plant some colorful flowers to boost your curb appeal.

6) Decide on Your Timing

Are you waiting to sell until your kids are out of school? Do you need to list because of a job transfer or other life event? Or are you just ready to move on from your current home? Whatever your reason, make sure you have a general idea of when you want to move into your new home, Work backward from this timeline to decide on a list date.

If you can be flexible on the timing, the first quarter of the year may be a better time to list your home than the spring and summer months. Many buyers are either still looking for houses or just getting started after the holidays. With less competition from other sellers, your home may fetch multiple offers and sell more quickly.

Depending on when you want to list your home on the market, you’ll have anywhere from several months to just a few weeks to organize these essential tips . Give me a call, and we can meet to discuss an action plan that fits your budget and schedule. Now is a great time to plan for a 2018 sale!