This Month In Real Estate March 2015

This Month In Real Estate March 2015 SCC
This Month In Real Estate March 2015 Santa Clara County Edition

This Month In Real Estate

March 2015 Santa Clara County Edition

Santa Clara County Home Sales Up 7% and Median Price Up 10% in the Past Month.
In the past month, there were 769 home sales in Santa Clara County and the median price of a home in Santa Clara County was $780,000.
Sales of single family houses, townhouses and condos down 8% since one year ago.
Median price of single family houses, townhouses and condos up 13% since a year ago.

For more information about this month in real estate, contact Richard Hebert Jr HERE

This Month In Real Estate For Santa Clara County March 2015 Edition is a post from Life and Real Estate in Campbell CA.




This Month In Real Estate For Santa Clara County January 2015 Edition

This Month In Real Estate For Santa Clara County

This month in real estate news, home sales in Santa Clara County are down 9.7% year-over-year. Home prices in Santa Clara County increased 11.5% year-over-year. This month in real estate, closed sales of single family, condos and townhomes declined 35.9% since December 2014. This month in real estate, the median price of single family, condos and townhomes declined 1.5% since December 2014. Buyer demand remains relatively strong as inventory of homes for sale continue to decline year-over-year in Santa Clara County, even as prices continue to rise. Mortgage interest rates remain at historically  low levels, hovering just under 4%, well below the historic average at 8.9%.

TMIRE January 2015
TMIRE January 2015 Santa Clara  County Edition

This Month In Real Estate For Santa Clara County January 2015 Edition is a post from Life and Real Estate in Campbell CA.




What Home Selling Details Can I Ask Brokers In Advance?

This vignette tells you what any real estate professional would tell you about home selling details. Ask them:

  • How long do homes in my neighborhood currently stay on the market?
  • How would you price my home?
  • What data did you use to arrive at that price?
  • How would you market my home?
  • What activities would you expect of me to market my home?
  • How will you handle representation if one of your buyers is interested in my home?
  • May I speak with sellers you’ve recently represented?
  • How long a period would you want on a listing agreement for my house?

It’s best to ask these questions, and be comfortable with your choices before signing a listing agreement.

What Home Selling Details Can I Ask Brokers In Advance? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




When Is The Best Time To Sell?

As you’ll see in this vignette, real estate marketplaces are generally most active in summer because families with children want to move in before school starts. So more homes are typically available in summer as well.

But buyers and sellers tend to balance out in other seasons too, especially in today’s tight market.

There may be fewer buyers in late December but usually fewer homes, too. So, prices tend to rise or fall on general demand in that market rather than time of year.

The best time to sell is when you and your house are ready to sell. Start working with a real estate professional as early as possible to make the most of your sale in any season.

When Is The Best Time To Sell? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




How Do I Select A Real Estate Broker To Help Me Sell?

Like the vignette shows, it’s a good idea to compare several real estate brokers, then choose your favorite local KW REALTOR® (tic). And ask these questions.

What is your experience in my community and neighborhood?

What type of representation do you offer? Different states have different types. Some real estate brokers represent buyers, some represent sellers, some act as neutral parties between both.

And in some states like California, different people at a single firm can handle each side in a transaction.

And of course, what are your terms and fees?

Get the key facts in writing to help you compare your options. Then make the best choice for your situation.

How Do I Select A Real Estate Broker To Help Me Sell? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




How Do I Set The Best Price On My House?

While this vignette simplifies things to help you remember: your aim is to get the best price AND terms in your market during the period you’re selling.

Market conditions interest rates and competition all matter.

The price you want and the best price a buyer will pay are framed by those complex conditions.

So establishing the best price on your house isn’t completely predictable.

Other factors include:

  • How your home compares to other homes for the same buyers
  • The inventory of homes and the level of buyer demand

Your needs also affect negotiations – for example, if you must sell quickly – but the final price will be determined by the market not by your needs.

Buyers look at the same comparables and market conditions and they want to pay as little as possible while meeting their needs.

Remember that the price isn’t the entire deal – repairs, closing, points, appliances and other factors can all change the value you finally receive. Listen to your KW REALTOR®, stay informed, be patient if you can and make your best reasonable, unemotional decisions.

How Do I Set The Best Price On My House? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




Preparation Pricing and Marketing Activities

As you’ll see in the vignette, every home marketed presents a unique situation. Good marketing plans will include:

Preparation Pricing and Marketing Activities.

Preparation takes time – typically, months. Homes must be in “show” condition all repairs and upgrades complete and all photos and video completed before the home goes on the market.

Pricing, likewise, should be planned in advance. Your real estate professional will advise on both the best price and the best TERMS things like closing costs and seller credits to balance sales speed with sales price. Once the home is on the market it will quickly be entered in the MLS and will show up in Internet searches by agents and buyers.

Your favorite KW REALTOR® will advise other marketing activities including advertising, signage, showing and open house events so make the best of your situation. Richard’s aim is to get negotiable offers, and then take the offer you accept through the closing process.

Preparation Pricing and Marketing Activities is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




How Do I Calculate My Price?

How do I calculate my price? The best answer is “get help from a real estate professional.”

Meanwhile…if you have a few minutes for a short vignette,  here are five points to consider.

1. Start With Measurement

Learn the average per-square-foot price for recent sales in your neighborhood. That won’t set your final price, but it’s a baseline buyers will use.

2. Get Comparisons

Ask for Comparative Market Analysis – “comps” – from several agents. Go through each comp with each agent to understand both competitive homes on the market AND each agent’s potential approach to yours.

3. Market Research.

Do your own! – not just online, but in person. That will help you understand your market conditions and the buyer’s perspective realistically. Markets get hot and cold, up and down, and yours defines the sales envelope for your home.

4. Consider All Terms

Price isn’t all there is to a sale. Can you close faster? Finance or lease-option the sale yourself? Cover some closing costs? Your flexibility can make sales leverage.

5. It’s Not Personal.

The hardest tip of all.

Most people are emotional about their home.

Pricing, in the long run, is going to logical.

They’re buying your house, not your home & memories.

Find a real estate professional you like and trust and let them help you through the process.

How Do I Calculate My Price? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




Six Selling Mistakes

If you’re selling, don’t make these six selling mistakes – take some notes from the vignette!

1. Don’t Sell Before The House Is Ready.

If it doesn’t present well, it won’t sell well.

2. Don’t Over-Improve

People buy houses in neighborhoods.

If yours is so “improved” that it sticks out you’re hurting your chances at selling.

3. Hire Wrong

Make your agent choice for business reasons.

Personal relationships matter, but experience and expertise will determine financial success in your sale.

4. Don’t Hide Anything

Covering up or ‘failing to mention’ real problems doesn’t work.

State disclosure laws are strict and you can be sued after the sale for anything that should have been made clear.

5. Don’t Rush

You should know about your mortgage; including pre-payment penalties; your market conditions and trends; and your options for your next home before jumping on the market.

6. Don’t Get Too Emotional

Your attachment to your house and your own financial needs

don’t really matter in the transaction.

If you can’t set them aside the sale won’t go as you’d like it to.

Remember – it was your home; but to the buyer, it’s as a house.

Six Selling Mistakes is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




What Does The Closing Meeting Involve For The Seller?

Watch this vignette to get a quick idea of the seller’s side of the closing meeting. Also known as “settlement” and “escrow”  the closing meeting is where property, money, title and liens are exchanged between all the parties involved.

The closing agent (escrow officer) typically conducts the closing meeting.  They’ll review the sales agreement to determine payments and credits due from both sides, and ensure that transaction costs like title and taxes are paid.

  • The buyer pays you – usually the remainder of down payment  and prepaid taxes.
  • Adjustments like prepaid OR overdue taxes
  • And, of course, commissions for brokers or agents are included.
  • The buyer signs the mortgage note, promising to repay the loan
  • and then signs their lien on the property.
  • The lender pays you.
  • You sign a deed, giving the buyer title to the house
  • Title is recorded by the State (CA- County Recorder), making the buyers the legal owner.

And you shake hands and hand over the keys to their new home.

What Does The Closing Meeting Involve For The Seller? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




Which Square Footage Figure Should I Use?

Home size- square footage- is one of the key figures used in comparisons.

But you may have different measurements to choose from,  as you’ll learn in this vignette, including builder, appraiser, tax records and possibly owner records.

Which one is right, and which one is best?

The official square footage figure is the one in tax records – typically, the county.

Any other figure must be documented by a builder’s floor plan, an appraisal or an official floor plan, prepared by a company for a fee.

If your house has been remodeled and you’re planning to sell,

you may want to confirm that the official record matches your actual house – and update if required.

Most lenders will require an appraisal which will verify the figures you used. So be accurate and keep records to make the most of your sale.

Which Square Footage Figure Should I Use? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




What Does The Closing Process Involve When I Sell?

As this vignette explains about the closing process, a signed sales contract doesn’t mean your house is sold. In the escrow and title closing process, there are still financial, contractual and legal steps for both sides.

The buyer has to get financing to meet the contract terms – which includes credit checks.

The property is inspected and appraised; title insurance and escrow accounts are set up while you locate new housing, pack and move. And take care of any obligations like painting or repairs. After the contract is signed, it can take a month or more of closing steps to reach the closing meeting.

So plan on that when you plan to sell.

What Does The Closing Process Involve When I Sell? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




How Do I Evaluate Offers?

Well, as this vignette shows, there’s more to an offer than the price tag. Factors you should consider when you evaluate offers:

  • Is this offer at, near or above my asking price?
  • Are there clauses and additions in their offer that change the terms and final price substantially?
  • How long since I had another offer, or expect another offer? Can I wait?

Remember every month you’re probably still paying mortgage, taxes and insurance. If you have several offers… remember that an offer isn’t a completed sale.

Compare the risk and likelihood of a completed sale for each buyer including things like “contingencies”, where your sale depends on their sale. and whether they’re pre-approved for the offer they’re making.

Remember you have three options when you evaluate offers – accept, reject, or prepare a counter-offer(s) that improve(s) the terms for you in some way.

How Do I Evaluate Offers? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.

 




What Is A Counter Offer?

The vignette puts this in more visual terms, but basically, a seller can respond to a buyer’s offer with changes – a counter offer – that improves the terms.

You need to put yourself in their shoes and construct a modified offer that you think they might take that meets more of your needs. Then it’s their turn – accept, reject, or construct yet another counter offer.

It’s an efficient market process, but beware: clauses and costs matter. Your broker should be closely involved in constructing a counter offer. Successful bargaining is best done with a win/win approach where each side is meeting their biggest needs and compromising others to reach an agreement.

Remember that outside conditions like interest rates, and supply and demand, will keep evolving so you’ll need to be patient but decisive to craft a counter offer that works for both sides.

What Is A Counter-Offer? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




How Do I Make A Home Ready To Sell?

As we show you in this vignette, start several months before the property is made available. Look through the eyes of a buyer to see if your home is ready to sell and appeals to as many people as possible.

  • What needs to be cleaned?
  • Repainted?
  • Repaired?
  • Or tossed?

Ask yourself – or a friend If you were buying this house what would you want to see?

The goal is to show a home that looks good and is ready to sell, makes the most of its assets like space and location, attracts as many buyers and generates as much demand as possible.

Allow yourself enough lead time – not just a day or two – to make the most of the sale.

And get help from your KW REALTOR® – early.

How Do I Make A Home Ready To Sell? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




For Sale By Owner?

As the vignette shows, most people don’t know enough to successfully market their home- For Sale By Owner.

Here’s why.

1. They Can’t List It!

Only licensed brokers and agents can create a listing in the MLS

For Sale By Owner houses will be invisible to agents and unavailable on the Web.

2. Agents Won’t Show It.

Typically, a buyer’s agent gets part of the commission paid to the seller’s agent.

For Sale By Owner houses don’t have that commission commitment

so a buyer’s agent might not get paid.

No agents makes the pool of buyers MUCH smaller.

3. It’s Probably Overpriced.

Most For Sale By Owner sellers don’t have enough data and emotional distance to put a market price on their own home.

and overpricing is another deterrent to potential buyers.

4. Buyers Prefer Neutrality

Buyers will spend less time in the For Sale By Owner home

and be less likely to make an offer

because owners aren’t neutral about the transaction.

5. Legalities & Complexities.

Real estate transactions are complicated.

Most homeowners don’t know enough

to avoid potentially expensive liabilities

Overlooking a form or required disclosure exposes the For Sale By Owner seller to lawsuits AFTER the transaction is closed.

There are buyers with enough real estate experience to sell their own home but if you haven’t ever sold someone else’s home…

..you probably shouldn’t try selling your own.

For Sale By Owner? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.

 




How Should I Prepare For Internet Showing?

Today, your first showing will be an Internet Showing– you’re watching this on the Internet, right?

Your price, listing description and photos determine whether someone will visit in person.  Consider professional staging advice or help.

Prep for photos and video for an Internet Showing just as carefully as real visits.

Your favorite KW REALTOR® provides a professional photographer to create a virtual tour and photos.

Photos should make the most of your home’s features and give prospective buyers an emotional connection that invites them to visit in person.

Help them envision their lifestyle in the house not just the counters and walls.

If your realtor recommends video, just as with  photography, stage it carefully and it will pay off.

And look over your listing when it goes live on a computer AND a mobile device to make sure it’s accurate, pleasant and compels people to show up.

Remember – your first showing these days will be an Internet Showing.

How Should I Prepare For Internet Showing? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




Five Staging Tips For Better Curb Appeal

Professional staging may include the exterior, but if you’re doing it all yourself, try the five staging tips outlined in this vignette.

1 – Landscaping And Lawn.

That’s the first impression; make it a good one.

Mow, prune, edge and get rid of junk!

2 – Paint And Clean!

You don’t have to do the whole house, but the front door and lintels should either be painted or cleaned.

3 – Leaks And Repairs

Small visible problems can become large mental objections and change how someone feels about your house.

Fix ‘em beforehand.

4 – Pets

Some people have allergies and concerns.

Time for Fido to visit a friend.

You weren’t including him with the house anyway.

5 – Get Fresh Eyes

Have your REALTOR® or a friend who’s willing to be candid tell you what you missed. Or pay a staging professional for a report.

We don’t really see familiar things well – so let them be your ‘test buyer’ so you can present the best first impression to the real ones.

Five Staging Tips For Better Curb Appeal is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




How Should I Prepare The Inside By Staging For An Open House?

For many homes and markets, professional help from someone in staging for an open house makes good financial sense.  Like this vignette says, check your staging options first.

If you are doing it yourself, here are 5 key tips.

One – Depersonalize.

You want the buyer to envision this house being their home?

Remove the things that make it YOUR home – photos, awards, collections, and STUFF.

Two – MOVE the stuff.

It’s tempting to shove things in closets and attics but your prospective buyer will see a much smaller house if those spaces are full.

Move it to a storage space or a friend’s garage.

Three – Warm it up.

Baking bread or cookies

adding fresh flowers

and colorful pillows and throws

are touches used by professional stagers to make a place warm without your stuff.

Four – Light it up!

 

  • Light sells homes.
  • Clean windows, inside and out.
  • Light bulbs all working and curtains open or even gone.

Five – Go Away.

Don’t hover – leave.

Pack for a day trip and have your realtor tell you when to return

Buyers won’t envision themselves buying if you’re around.

Depersonalize and move stuff out;

Warm it up and light it up.

Then leave and let your REALTOR® do their job.

How Should I Prepare The Inside By Staging For An Open House? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.




Which Home Improvements Enhance My Home’s Value?

Buyers generally seek the least expensive home in the best neighborhood they can handle. Like the guy in the video says, you want to present a home that fits in the neighborhood but doesn’t stand out too much.

For example if neighbors are all 4 bedrooms, 3 baths and 3000 square feet, then any additions that make your home 5, 4, and 4000 will make yours harder to sell.

Home Improvements should make it show well and fit well in the neighborhood. Last-minute capital investments in large structural changes aren’t likely to pay off.

But cosmetic home improvements like paint and landscaping help a home “show” better and often do pay off.

Of course, all systems and appliances should work to get a top price. To make your home competitive and attract buyers and bids, work with your favorite KW REALTOR® and start early.

Which Home Improvements Enhance My Home’s Value? is a post from Life and Real Estate in Campbell CA, which is not to be copied on other sites.