Home Seller Mistakes To Avoid When Selling Your South Bay Home

What are home sellers’ biggest mistakes?

Below is the graphic showing those mistakes.  The biggest one is overpricing their homes.  Overprices homes sit on the market too long, eventually becoming “stale”.  They do help other, better prices homes to sell faster.  Second and third ranked biggest homeseller mistakes were – not making their homes available for showing and clutter.  These mistakes are so easy to fix.  Usually just explaining them to the seller, or pointing them out, will suffice.  The rewards are definitely worth the effort and correcting them.  Setting the selling price requires a real estate agent that knows the real estate market, takes time to prepare a comprehensive market evaluation, including current market pricing trends, inventory and buyer demand levels.

If you’re thinking about selling, contact your local South Bay Realtor with extensive marketing experience – Krystyna Baty – call 310.918.5027 today for a Free consultation.

 

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5 Home Improvement Projects To Avoid

Recently published report on home improvement projects that will not increase the resale value of your home.  Keep them in mind if you plan on moving in two to three years and try to avoid unnecessary expense.

5Projectstoavoid

 

Please don’t hesitate to contact us anytime if we can be of any assistance.  We also offer Free Home Evaluation to all South Bay and Southern California homeowners.  Fill out the short form below, tell us about your home and we’ll email you the Free report:

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California November 2013 Home Sales

graph-for-market-reportAn estimated 33,429 new and resale houses and condos sold statewide last month. That was down 8.3 percent from 36,468 in October, and down 10.8 percent from 37,481 sales in November 2012, according to San Diego-based DataQuick.

November sales have varied from a low of 25,578 in 2007 to a high of 60,326 in 2004. Last month’s sales were 15.1 percent below the average of 39,357 sales for all the months of November since 1988, when DataQuick’s statistics begin. California sales haven’t been above average for any particular month in more than seven years.

The median price paid for a home in California last month was $360,000, up 0.8 percent from $357,000 in October and up 23.7 percent from $291,000 in November 2012. Last month was the 21st consecutive month in which the state’s median sale price rose year-over-year, and the 12th straight month with a gain exceeding 20 percent.

In March/April/May 2007 the median peaked at $484,000. The post-peak trough was $221,000 in April 2009.

Of the existing homes sold last month, 6.8 percent were properties that had been foreclosed on during the past year. That was up from a revised 6.7 percent in October and down from 16.9 percent a year earlier. Foreclosure resales peaked at 58.8 percent in February 2009.

Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 12.3 percent of the homes that resold last month. That was down from an estimated 12.4 percent the month before and 26.2 percent a year earlier.

The typical monthly mortgage payment that California buyers committed themselves to paying last month was $1,418, up from $1,395 the month before and up from $1,026 a year earlier. Adjusted for inflation, last month’s payment was 38.4 percent below the typical payment in spring 1989, the peak of the prior real estate cycle. It was 50.1 percent below the current cycle’s peak in June 2006. It was 54.5 percent above the February 2012 bottom of the current cycle.

DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Indicators of market distress continue to decline. Foreclosure activity remains well below year-ago and peak levels reached in the last five years. Financing with multiple mortgages is low, while down payment sizes are stable, DataQuick reported.

If you’re considering selling your home in the next few months and would like to know what your South Bay home is worth, whether you live in one of our Beach Cities, Torrance, Redondo Beach or any South Bay area, please contact me anytime at (310)918-5027 or click here to get a Free online home value report, delivered to your e-mail.

Source: DataQuick; DQNews.com

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South Bay Home Values Are Rising

South Bay real estate market is changing.  After a long period of sliding home prices, we finally see prices stabilizing and rising.  This is a welcome news for homeowners and potential home sellers.

Foreclosure numbers are down and overall inventory of homes for sale is extremely low.  A lot of buyers who sat on sidelines, are now getting back in the market, creating more demand.  Prices are not going down anymore and it really seems to be a great time to buy, according to many experts.  Interest rates are very low.  Low home prices and interest rates will not last for long.  A lot of buyers see that, which results in low inventory and multiple offer situations whenever a good listing hits the market.

We’re hoping that this new year 2013 will bring lasting real estate recovery!

If you’d like a Free home evaluation of your home, contact me anytime 310-918-5027 or info@isellsouthbay.com.

 

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Southern California Real Estate Market Recovering

The Southern California real estate market continued its move towards recovery in May, when the median sale price rose year-over-year for the second consecutive month, reaching a 20-month high. Home sales increased across the region but the gains were highest in coastal areas, where move-up markets have picked up steam, a real estate information service dqnews.com reported.

     The median price paid for a home in the six-counties of So Cal rose last month to $295,000, up 1.7 percent from $290,000 in April and up 5.4 percent from $280,000 a year ago.

     Last month’s median was the highest since the median was $295,500 in September 2010. The year-over-year gain in the May median followed a 3.6 percent annual increase in April. Before then, the median had fallen year-over-year for 13 straight months.

     The rise in the median price is the result of higher demand and two other trends. First, there’s been a significant drop in the share of transactions that are foreclosed properties, which tend to sell at a discount and be concentrated in lower-cost areas. Second, a greater portion of sales are occurring in the higher-cost coastal markets. Last month, for example, sales in San Diego, Orange, Los Angeles and Ventura counties represented about 70 percent of all activity, up from 67.6 percent a year ago.

     May’s total  sales in the region increased by almost 21 percent compared with a year ago.  Activity and sales rose as well.But the gains were strongest above $300,000. The volume of transactions in lower-cost markets has been restrained by, among other things, the decreasing

      Last month’s $295,000 median sale price was 41.6 percent below the $505,000 peak in mid 2007. It was 19.4 percent above the Southland’s low point for the current real estate cycle – $247,000 in April 2009.

In May, a total of 22,192 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties. That was up 15.1 percent from 19,284 in April, and up 20.6 percent from 18,394 in May 2011.

Home sales typically rise between April and May, with that increase averaging 6.7 percent since 1988, when DataQuick’s statistics begin.

On a year-over-year basis, Southern California residential real estate sales have increased for five consecutive months, with last month’s 20.6 percent annual gain the largest in the series. Sales have also increased year-over-year in nine out of the last ten months.

The month-to-month and year-over-year increases in sales last month would not have been as great if this May hadn’t had one extra business day on which sales could close. While last month had 22 business days, this April and May 2011 had 21 business days.

Last month 22.4 percent of all Southland sales were for $500,000 or more, up from 21.0 percent in both April and a year earlier. The share ofr luxury home sales (above $500,000) was the highest since July 2010, when they also made up 22.4 percent of the market.

Distressed sales – the combination of foreclosure resales and short sales –accounted for 44.8 percent of last month’s resale market. That was the lowest level since the figure was 44.4 percent in March ’08.

Foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 26.7 percent of the resale market last month, down from 28.8 percent in April and 33.2 percent a year earlier. Last month’s figure was the lowest since foreclosure resales were 24.3 percent of the resale market in December ’07.

Short sales (pre-foreclosures) made up an estimated 18.1 percent of resales last month. That’s unchanged compared with the month before and up from 17.8 percent a year ago.

Credit remained tight last month in an historical context, though the share of purchase loans that were in the “jumbo” category edged higher.

Please contact Krystyna Baty for a complimentary home evaluation report.  Call 310.918.5027 or email info@southbayhousevalues.com

 

 

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Southern California Real Estate Market Update

Home sales in Southern California shot up again in March 2012 when compared with the same period 12 months ago.  Median price dropped by 4.4 percent in Los Angeles county, but went up in other counties – Riverside and Ventura.  Below is the chart illustrating in detail the home sales and median prices in all Southern California counties:

Sales Volume Median Price
All homes 11-Mar 12-Mar %Chng 11-Mar 12-Mar %Chng
Los Angeles 6,590 6,772 2.80% $320,000 $306,000 -4.40%
Orange 2,615 2,856 9.20% $430,000 $400,000 -7.00%
Riverside 3,843 3,756 -2.30% $198,000 $200,000 1.00%
San Bernardino 2,544 2,512 -1.30% $150,000 $150,000 0.00%
San Diego 3,063 3,237 5.70% $325,000 $320,500 -1.40%
Ventura 757 820 8.30% $349,000 $350,000 0.30%
SoCal 19,412 19,953 2.80% $280,500 $280,000 -0.20%

Please contact your local Realtor – Krystyna Baty – at (310)918-5027 or via email at info@isellsouthbay.com for your local market update or Free home evaluation and Seller Consultation.  Ask me about our Century 21 worldwide marketing platform.

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Los Angeles County Real Estate Sales and Prices

South Bay and Los Angeles county real estate market is changing.  The inventory is very low but, despite the constraints of the low levels of homes available for sale, home sales are up.  Multiple offers on well priced homes are common again.

If you’ve been holding off with putting your house for sale, right now might be a good time to do it.  Since every market is different, you’ll need a Realtor to evaluate your local market.

 

 

Here are the latest statistics for Los Angeles county:

Sales Statistics             for LOS ANGELES County CA
Realist’s most recent sale date for LA county is  04/24/2012
Single Family Residence
Time Period Number of Sales Median Sale Price
Mar 2012 4,660 $318,000
Mar 2011 4,532 $325,000
Feb 2012 3,673 $306,000
Feb 2011 3,270 $320,000
2012 YTD 13,887 $311,000
2011 50,590 $320,000
Condominium
Time Period Number of Sales Median Sale Price
Mar 2012 1,529 $272,000
Mar 2011 1,593 $300,000
Feb 2012 1,189 $275,000
Feb 2011 1,109 $300,000
2012 YTD 4,512 $266,000
2011 16,024 $287,500

Call 310.918.5027 or email info@isellsouthbay.com for your local market report or your Free home evaluation.

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So Cal housing market posted the highest number of February home sales in five years

Home sales in Southern California went up by 8.4 percent in February when compared to same period a year ago.  Total sales are the highest in five years.  Prices are still down but the rate of decline is slowing down.  Higher sales and low inventory usually lead to higher home prices

Distressed sales have also declined, although they continued to make up more than half of the resale market in Southern California.

 Foreclosure resales – properties foreclosed on in the prior 12 months – accounted for 32.5 percent of the resale market last month, down from a revised 32.6 percent in January and down from 37.0 percent a year earlier. Foreclosure resales hit a high for the current cycle of 56.7 percent in February 2009 and a low of 31.6 percent last November.

 Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 20.5 percent of Southland resales last month. That compares with 21.1 percent in January and 19.7 percent in February last year.

Sales Volume Median Price
All homes Feb-11 Feb-12 %Chng Feb-11 Feb-12 %Chng
Los Angeles 4,736 5,261 11.1% $315,000 $299,000 -5.1%
Orange 1,903 1,904 0.1% $410,000 $388,500 -5.2%
Riverside 2,842 3,011 5.9% $195,000 $193,000 -1.0%
San Bernardino 1,974 2,082 5.5% $150,000 $148,000 -1.3%
San Diego 2,330 2,709 16.3% $308,000 $305,000 -1.0%
Ventura 584 606 3.8% $345,000 $325,000 -5.8%
SoCal 14,369 15,573 8.4% $275,000 $264,750 -3.7%

Each market is different.  If you’re wondering what your property is worth in today’s market, please contact Krystyna Baty Reeal Estate Century 21 Team at (310)918-5027 or via email, and we’ll provide you with a Free Home Market Evaluation.   Or, you may fill out the Home Evaluation Form.

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Short Sale vs. Foreclosure

Short sales account for over 30 percent of the South Bay real estate market.  Homeowners who face foreclosure,  weigh in the benefits of a short sale versus foreclosure.  Here is the list of advantages of getting a home sold short instead of letting it go into foreclosure:

– You will be selling your home, not losing it to the bank- In a short sale transaction, you will be selling your home and retaining some dignity in the process.

In most cases, you will be clearing your debt– To qualify for a short sale, you need to prove you are selling because of a financial hardship. Very often, the debt owed to the lender is totally wiped away, helping you get back on your feet

– You do not have to pay your mortgage payments- While in the short sale process, it is likely you will not be required to pay any mortgage payments while still being able to live in the home.

– You will not damage your credit as badly – Your credit is drastically affected in a foreclosure . With a short sale, you’ll be able to purchase a new home much faster.

– You might be eligible to receive cash incentives at closing-  the HAFA or Home Affordable Foreclosure Alternatives Program is paying homeowners as much as $3,000 in relocation assistance.

If you’re considering a short sale, please conact me at (310)918-5027 or via email at info@southbayhousevalues.com for a confidential consultation.

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Kitchen Remodeling Trends

Whether you’re planning to sell your South Bay home or just want to remodel your kitchen and just enjoy it, the cost consideration combined with high-tech solutions is the main challenge.

Here are the new kitchen remodeling trends, we’ve observed lately:

Trend #1: Remodeling scales back

Value and cost savings are in.

You’ll repair your existing appliances instead of replacing them, extending their life with good maintenance and care. If you’re replacing cabinets, you’re likely to build around your current appliances rather than choosing new models.
You’re scaling back your cabinetry purchases, with an increased emphasis on kitchen storage and functionality over elaborate decoration. For example, rather than stacked crown moldings throughout the kitchen, you’ll put your money into practical roll-out trays and drawer organizers.
Small-scale kitchen projects are big news. Changing out cabinet hardware, replacing a faucet, and refacing your cabinets upgrades your kitchen without major expense.
Trend #2: Simpler, warmer styles dominate
Fussiness and excess have faded away in favor of pared-back looks that present a more timeless, value-conscious style.
Cabinet decoration continues to streamline. For example, massive corbels, once fashionable as undercounter supports, will give way to sleeker countertop supports and cantelivered countertop edges. Stacked moldings will pare back or disappear entirely.

Kitchen finishes will continue to get warmer and darker, and feature natural and stained woods. Walnut especially is growing in popularity.
Laminate countertops will continue to surge in popularity, especially in contemporary design. The latest European-inspired laminates offer more textured and naturalistic finishes than ever before. While exotic wood kitchen cabinets are out of reach for most home owners, glossy, look-alike laminate versions can be had for about one-third the price.

Trend #3: Technology expands its kitchen presence
Many of the techno products and trends that relate to your smartphones and tablets have just started making their way into your local showrooms and home centers.
Appliances will be equipped with USB ports and digital screens so you can display your family photographs and kids’ artwork.
Smart, induction built-in cooktops ($500-$3,000) remember your temperature settings as you move your pans across their entire surface.
One light finger touch is all it takes to open the electronically controlled sliding doors of your kitchen cabinets — a boon to people with limited mobilities. You’ll pay 40% to 70% more for cabinets with electronically controlled doors than standard models.
You’ll be able to use your smart phones and tablets to control lights and appliance settings from anywhere you have a wi-fi connection, as well as to shop for appliances from major manufacturers.
You’ll be opting for LEDs for your recessed lights, under-cabinet task lighting and color-changing accent lighting. You’ll see more LED-powered pendants and chandeliers from major manufacturers as inefficient incandescent bulbs continue their march toward extinction.
A wide selection of affordable microwave ovens with convection and even steam features gives owners of smaller kitchen spaces more high-end cooking power.

Are you planning kitchen remodel soon?

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