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Archive for March, 2013

foh-standard_downloadedThere’s no way anyone was expecting the quick turnaround that has taken place within the housing market. Homes sold faster last month than in any February since 2007 as eager buyers dealt with a tight supply of homes for sale. Normally the housing market is still hibernating in February, but times have changed. The Sacramento region had one of the largest turnarounds in the entire country. Properties were coming and going at a rapid pace. Homes averaged 21 days on the market. Eight of the ten fastest moving markets were in California.

With such fast-moving markets, buyers and sellers are less likely to see price reductions on properties and more likely to see multiple offers. It’s not just a coincidence that nearly all of the markets with low median market times are also seeing big declines in home listings. Many regions throughout California are experiencing multiple offers, Oakland for instance had two of three properties that sold with multiple offers during the month of February.

The prices of homes rose over 10% in Davis this year with the lack of housing inventory being the main reason for the increase. The supply of homes for sale is slightly over a two month supply. Historically, Realtors have considered a six month supply to be balanced between buyers and sellers. Nationally, February’s inventory was at an 18 year low.

Some homes in Davis and other inventory deficient communities are selling before they hit the multiple listing service. These off-market sells makes up a small amount of the total sold properties in Davis. In other areas like Menlo Park and Palo Alto, those homes make up nearly 25% of home sales. Many flustered home buyers that have lost a number of homes in multiple offer situations have been willing to waive home inspection or other contingencies that might make their offer more seller friendly.

The other part of the double-edge sword working against the buyer is the recent rise in mortgage rates. Home buyers have a time of the essence attitude with the current dynamics of higher prices and the jump in rates. Homes purchased with a loan and at higher than asking prices are having some difficulties with the all important appraisal. Appraisers are having problems with comparable sales when home prices are rising at such a rapid pace. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home and easy access to view local area homes for sale in Davis, California and the surrounding communities.

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untitledHow quickly fortunes have changed for home buyers and sellers. It seems like just yesterday that we had a boundless number of properties on the market and a shortage of buyers. This year we have had a complete reversal with few homes to choose from and an immense number of home buyers. This has created a hectic situation for prospects looking to purchase a property and ecstasy for those fortunate homeowners that have taken advantage of the circumstances. Local Davis, California home prices have jumped by over 15% through the first couple of months this year compared to last years first couple of months.

Real estate is cyclical and local but the entire state of California has had a revival of home prices. Most states are reporting an upsurge in property values and forecasters are expecting prices to increase in every state by the end of 2013. The bigger questions should be, is this sellers market here to stay? Will the lack of inventory continue through the spring and summer? Might the continuing increase in mortgage rates derail any of these buyers enthusiasm or ability to purchase a home? These are questions that can only be answered over time. Let’s take a look at real estate data for Davis comparing last year and this year.

Through March 15th, we have had 63 sold properties. The average sales price is $497,566 with a price per square foot of $264. These homes averaged 66 days on the market. The same period in 2012 saw 62 sold properties that averaged $432,524 sales price. The price per square foot was $252 and it took those homes 89 days on the market. Those increases from last year to this year are fairly typical of the improvement real estate has experienced regionally and statewide.

We presently have 64 homes on the market with an average listed price $549,681. The average square footage of those homes are 1,898. The price per sq ft is $294 and they averaged 57 days on the market. This is less than a two month supply of homes. A five month supply would define a normal market. There are 58 pending sales with an average listed price of $493,328. The average square footage of these homes are 1,813. The price per sq ft is $271 and they averaged only 33 days on the market. As long as the inventory stays low and buyers continue bidding on homes, the current sellers market might be present for the forseeable future. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communities.

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petsSelling a home with a pet in the residence can be a difficult undertaking. Many home buyers – even those with pets of their own at home – can be put off by yours. Being a homeowner with children doubles the likelihood that a dog or cat is a part of the household. Pets can bring much satisfaction to a home, but can become a minor roadblock when the time comes to sell a home.

Pets Can Make Visitors Nervous

No one thinks of their own pet as scary. But even the mildest mannered cat or dog (not to mention snakes or mice!) can make a visitor nervous.

Perhaps the most common response from a home seller about the “threat” posed by their pet is denial: “Buffy is a sweetheart. She won’t hurt anyone.”

But no owner can be certain of how a pet will respond when strangers enter the home in their absence.

An unexpected reaction could frighten potential buyers away before they’ve even looked at your home.

Ask Friends for Help

The safest course of action is to remove a pet from the home while it is listed for sale.

Ask friends or family members to care for the pet, or board it at a nearby facility.

If this is not possible, put your pet into a carrier during showings and alert visitors not to disturb it.

Remove Stains and Odors

Buyers also frequently take issue with a pet’s impact on the cleanliness and condition of the home.

Pet stains, odors and damage are a big turn-off and can significantly decrease your home’s value in the market.

Use the Professionals

To help your home bring the highest possible price, remove stains and repair any damage your pet may have caused.

Consider having your home professionally cleaned, and have a friend verify that your home doesn’t have an objectionable odor.

Store pet accessories out of sight.

The goal: to create a positive first impression with potential buyers. Homes with pets can be sold with these helpful tips. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communities.

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Sold Home For Sale Sign in front of Beautiful New Home.Our local housing market is as different as night and day when comparing last years numbers to this year. As our economy improves more buyers are entertaining purchasing larger more expensive properties. The lack of inventory certainly has a say in this equation. The entire state has had huge increases in sales prices and limited inventory is the big factor.

This time last year, buyers were cautious and paying over 4% for a 30 year fixed rate mortgage. That was record lows to that point and then rates continued the downward spiral through the rest of 2012. The plummeting mortgage rates and the decreased inventory are the main reasons our housing prices have made huge gains through the first two months of this year. Let’s take a look at both the Davis and Woodland markets in 2013.

Davis Housing: There are presently 47 homes for sale. The average listed price for those homes are $552,074. They average 1,918 square feet a piece. Year-to-date there have been 52 properties sold with an average sales price of $482,183 and those homes averaged 1,846 square feet. Through the same time period in 2012, there were 42 sold properties that averaged $411,720 and 1,616 square feet a piece. That’s a 15% increase in sales price. In 2011 there were 44 properties that sold with an average sales price of $449,390 and 1,717 per square foot. Davis real estate has few bank owned homes or short sales, which makes this increase in property values even more amazing.

Woodland Housing: Currently Woodland has 47 homes for sale. The average listed price is $304,074 and those homes average 2,024 square feet a piece. Year-to-date for 2013, Woodland has had 64 properties sold. They averaged $225,420 sales price and 1,683 square feet. In 2012, Woodland had 84 sold properties with an average sales price of $182,180 and 1,588 square feet a piece. That’s a 20% increase in property values this year compared to last year. In 2011, there were 83 homes that sold. Those properties averaged $197,238 per home and 1,633 square feet each. A high percentage of the present inventory and the homes that have sold over the last three years were either bank-owned or short sales.

We can probably expect more of the same in both Woodland and Davis as we head into the second quarter of 2013. Which means an extremely low number of homes to choose from and many properties receiving multiple bids. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communties.

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Woman Surveying Her Messy ClosetHow many families make the mistake of hiding stuff in the closet instead of renting a storage unit when the time comes to sell their home? One of the things that can make our homes less enjoyable to live in is disorganized closet space. It’s quite depressing to look in your closets every morning and not be able to find what you need. And if you are selling your house, having a cluttered closet will damage your chances of getting the best price, because people will view cluttered closets as a sign your house doesn’t have enough storage. So here are some tips to organize your closets. Invest in a closet organizer.
Imagine how you (and potential buyers) would feel to see your closets tidily organized! A closet organizer is probably the best way to achieve the look you are going for — and it doesn’t have to be expensive either. You can buy ready-made units that fit into most closets. Most use a modular system that allows you to mix and match units and fit them together as you wish.
You can choose between units made of solid panels or wire systems. Alternatively, you can mix and match them both to meet your needs. Closet organizers should include shelves for bulky items such as sweaters, drawers for smaller items, and rods for clothing that needs to be hung up. Consider also storage for shoes, such as a rack that hangs on the back of a door.
Getting it organized.
When designing your system, make sure you consider things such as the length of the clothes that are to be hung, and how much space you need to devote to items such as sweaters. Consider which items you need to access easily on a daily basis and which can be stored out of reach. This is also a good opportunity to go through all the items in your closet and get rid of those you don’t need — perhaps some things you didn’t even know you had!
A closet that isn’t packed with useless stuff is easier to keep organized and will keep your clothes from getting crushed. There’s nothing that spells organized more than those private spaces called closets. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes in Davis, California and the surrounding communities.

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