It's a New Year and a new real estate market

Summer real estate sales sizzle

What's on your real estate wish list for 2017?

The holidays are a great time of year to spend time with family and friends and reflect on the many things that we can be thankful for.  I wish you and your family the best.

The new year always bring new hope and resolutions.  What is on your list for 2017?

The stock market certainly has been strong since the election. Many are wondering how high it can go. Real estate continues to perform well with price appreciation and strong buyer demand.  Here are a couple of things you may be considering:

1.Buying a new home or downsizing.  Interest rates are often the biggest factor for mortgage payments. With mortgage rates still at historically low levels you can still get a good deal on your next home.

2.Investing.  Renting is still popular among many adults. Our market offers many good buys for rental properties with positive cash flows.

3.Buying a second home for vacation.  Many people are looking for bargains in the local mountains or beach cities.

What is on our wish list?

First Time Home Buyers: the importance of being qualified

Sometimes its important to give advice that isn't what your client wants to hear.  Recently I was contacted by newlyweds that declared they were ready to make an offer on a home and they wanted my help.

It was a nice home, fully updated. Large with 5 bedrooms and 2 baths.  I asked why the large home?  They wanted the extra bedrooms for the time when they started their family.  They offered that was probably a few years away.

Are you working with a lender?  Do you know how much home you can buy?  Yes, they had spoken on the phone with a friend who is a lender and she said they could buy a home for up to $450,000.  The home they wanted was listed for $350,000 and they wanted to make a full price offer.  Given that market conditions in the city where they live strongly favor sellers I told them their offer was a good one.  "There's just one thing," I added. "Being completely pre-approved with desktop underwriting will make your offer even stronger."

I was happy they took my advice and worked with their lender to supply pay stubs, tax returns and other documentation that gave their lender everything she needed.  It turns out that with hefty student loans, car payments and other expenses they were approved for up to $375,000.   Soon they were touring homes again.   I am confident that it won't be long before they find their first home.

Lake Arrowhead cabin

Own your own mountain cabin in beautiful Lake Arrowhead.  Rare find in this price range.  At $299,900 you'll have room for upgrades.  Great weekend getaway for your family and friends plus buyer may want to consider supplemental income as vacation rental.  See financing options below.   Call for showing.

This market's on fire

Home sales in Southern California continue to be strong but buyers are shopping for 20% fewer homes than were available this time last year.  In many ways its easier to sell your home in a seller's market like this one. Here are few reasons why:

• Low inventory means fewer choices for buyers. As they compete with other buyers they are quick to make full price and even over asking price offers.
• Buyers aren't demanding help with closing costs.
• Major updating isn't necessary. In many cases homes are selling quickly in "as is" condition.

But it is important to price your home accurately.  Buyers these days are knowledgeable. Over priced homes are ignored as they fight for those that priced to fair market value.

Find out what your home is worth in today's market..  Follow this link to my Cloud CMA.  It takes less than a minute and you will be sent a personalized comparable market analysis for your home.

http://cloudcma.com/api_widget/d6c2263b81f6e4c237a29e01eed64691/show?post_url=cloudcma.com&source_url=ua

Time to sell?

Our office recently listed 18 homes for an investor group that bought the homes during the depth of the recession at bargain prices with a strategy to hold the properties until prices rose to a profitable level.  Now that home price appreciation is beginning to slow the investor decided to sell.  More of this investor's properties will hit the market in the next few months.

Maybe there's a lesson here for homeowners who are thinking of downsizing, simplifying, or moving closer to family. Timing is the key if you want to get the most for your home.

What's your home's current market value?  Call us so we can give you our professional opinion.