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Posts Tagged ‘davis ca real estate agent’

home buyerIt’s more than just bad luck when a buyer misses out to a more attractive offer. Normally it’s a bad strategy that causes the continued anguish of losing out to better offers. Those that fail to learn from history are doomed to repeat it, that phrase actually works well when attempting to purchase a home in Davis, California. How can a buyer put themselves in a more favorable position?

I have personally worked on both sides of the spectrum. First with sellers that have been fortunate enough to receive multiple offers, but also with buyers that were competing with other buyers for the same property. The process of preparing an offer for a buyer on a home with multiple offers can be agonizing for each party involved. It always boils down to who wants the property the most.

Some buyers will not get involved in a competing war, so that shrinks a percentage of the competition. Here’s an itinerary for those that want to stay in the fray. In most cases, the highest price wins out, but understand it’s not always the price that wins. Buyers have to be willing to bite the bullet and give up some of their contingencies, depending on how many buyers you are competing with. An example, let’s say you make an offer $20,000 above asking price, to make this proposal even more appealing, you might consider removing your appraisal contingency. This only makes sense if the property can justify the higher price. Buyer beware with this tactic.

There are many cash buyers on the market that are purchasing homes and making strong aggressive offers. There are ways to combat those buyers that can at least put you on a more level playing field. Removing your loan and appraisal contingency will do the trick. This strategy only works if you are completely pre approved for a loan and there’s no chance the property won’t appraise at value.

Your realtor should try to get as much information as possible about the sellers needs and requirements. They can do this through conversation with the listing agent. For instance, a seller doesn’t mind a quick close, but wants a 30 day rent back or they desire to sell their home “as is”. Trying to adapt to the sellers needs puts you in a better position.

I also use a tried and true philosophy that seems to work if you have a motivated buyer. This one takes guts and not for the weak at heart. A buyer offers $5000 increments depending on the amount of competition. For instance, a home has two offers, that third offer might consider going $15,000 above the listed price. There are many strategies that can put a family in a stronger position and these are just a few. Please visit my website JohnnyBrooksHomes.com for helpful tips on selling or buying a home or to view all homes for sale in Davis, California and the surrounding communities.

 

 

 

 

 

 

 

 

 

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creekside-place-homeTiming is important in every aspect of someones life, never more so than the optimum time to sell their home. There’s probably fewer landmines when selling a home in Davis than other areas and timing is not as important here than maybe some other communities. Even now as the inventory increases, well priced homes are selling rapidly and in some cases, above asking price.

Even as the year started, home buyers were out in mass visiting open houses and making offers. As home values continue to increase, up 20% since 2012, there are a few concerns that might reverse the current trend. Mortgage rates are expected to rise between now and the Fall season. This will affect how much home a buyer can purchase and possibly put a dent in the surplus of buyers that are currently on the market.

The other obstacle is the new Cannery Subdivision that is now laying the ground work for a Summer grand opening. The expected price of these new homes will be in the neighborhood of $600,000 and up. They will also have some of the highest taxes in Davis, but families looking for a new home will certainly wait for this opportunity. Beware of the first phase of any new subdivision, they always offer the least desired location.

Enough of the negative. We currently have 85 properties for sale in Davis at an average listed price of $694,685 and a price per square foot of $346. There are 77 homes in pending status that average $593,195 and a price per sq ft of $334. As of May 11th this year, there have been 158 properties sold at an average sales price $556,608 and a price per sq ft of $330.

Through the same period in 2014, there wer 139 Davis homes sold at an average sales price $551,372 and a price per sq ft of $306. In 2013 we had 163 sold properties at an avg. sales price of $483,344 and a price per sq ft of $273. The early signs are obvious that property values are up, but those numbers would also suggest that home values in Davis will continue to rise for the immediate future.

The pending home sales will increase the overall sales price over the next few months. Timing is vital when selling a home in Davis, California and the time is perfect for home sellers in the current housing environment. Please visit my website JohnnyBrooksHomes.com for helpful tips on buying and selling a home or to view any property on the market in Davis or our surrounding communities.

 

 

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imagesWhat does the housing market and weather have in common? They are both cyclical. Almost overnight there seems to be a major shift in the housing market. Some of the shift can be attributed to the time of year, but as we go through the numbers, the change will certainly catch your attention. If we use increments of 60 days, the last 3 cycles are startling.

The most recent cycle would be August 21st through October 21st. There were 90 properties sold during that period at an average sales price of $535,412. The average price per square foot was $308 and those properties averaged 35 days on the market. The second cycle would be June 21st through August 20th. This is considered the heart of the selling season for Davis and every other community in this country. There were 123 homes sold with an average price of $569,297 and a price per square foot of $313.

The last cycle from April 21st through June 20th will only reinforce the drastic changes the Davis housing market has experienced. There were 125 sold properties with an average sales price of $581,317. The price per square foot was $322 and these properties averaged 23 days on the market. That’s a 10.8% drop in home values since the April through June cycle.

The price per square foot also dropped slightly to 4% over that same period.  The average days on the market rose by 35% from the 1st to the 3rd cycle. These numbers are just small windows and not meant to alarm homeowners.  As a matter of fact, home prices are up 10.7% year to date from 2013. The average price per square foot increased from $283 in 2013 to $308 this year. That’s an 8.8% jump.

As the year’s peak selling season comes to a close, the inventory of available homes for sale will continue to decrease and buyers will be able to find good valued properties throughout the last two months of 2014. If you are contemplating buying or selling a home, please contact Johnny Brooks at Coldwell Banker in Davis. We out sell competing agents by a 3 to 1 ratio. Not only does Coldwell Banker in Davis sell more of our own listings than our competition does, we also sell more of Lyon’s and Re/Max’s listings than they do, by a wide margin. Please visit my website http://www.JohnnyBrooksHomes.com for helpful tips on selling and buying a home, scan my informative blogs and easy access to view all local area homes for sale in Davis, California and the surrounding communities.

 

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BusWe are nearly a third of the way through 2014 and Davis home prices continue to accelerate. Home values are up 16% over 2013 numbers and have jumped 22% since 2011. It’s significant when appreciation steadily increases over a three or four-year period and the market does a complete reversal from a strong buyers market to a controlled sellers market. The current inventory would suggest prices would likely continue the upward trend through the rest of this year.

There are many variables that have caused the jump in home prices. We should remember this has not been an instantaneous appreciation leap. In 2013, home values increased by approximately 10% over the prior year. So this has been a gradual rise. Home values have gained back most of the lost appreciation from the downturn. Davis home sellers are now more in control than at anytime since the housing boom in the early 2000’s.

If we just focus on some of the pertinent numbers this year compared to 2013, we can see why this is the most optimum time to sell. The inventory is down year-to-date. The average sales price has jumped by 16% this year. The average days on the market dropped from 60 days to 36 days. That’s a 40% improvement. The translation, homes are selling at a much quicker pace this year. The price per square foot increased by 10% from $263 in 2013 to $290 this year.

This improved housing market might suggest any agent or company can get the job done. Nothing could be further from the truth. it still takes a tenacious agent with the very best marketing plans to create a buyer frenzy that might generate multiple offers that exceed the initial asking price. It takes more than just placing a sign in the front yard to create the excitement and passion among home buyers as well as other realtors. The attention to detail is still of the utmost importance.

The local Coldwell Banker office represents more sellers and buyers than all of the other local companies combined. More sellers have put their trust in Coldwell Banker over the years and have been rewarded with great service and a financial rewarding experience. I want to personally thank all of my clients for helping me achieve the status of Top Listing Agent at Coldwell Banker through the first quarter this year. Please visit my website http://www.JohnnyBrooksHomes for helpful tips on selling or buying a home and easy access to view local area homes for sale in Davis, California and the surrounding communities.

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Selling-HomeWith each passing day comes another news blurb exhorting the validity that the housing market has  progressively moved into a full-scale sellers market. Even though signs are pointing in that direction, sellers should still be cognizant of a few facts.

Buyers Are Observant: Back in the early 2000’s, prospective home buyers were in some cases literally purchasing homes sight unseen. They were occasionally buying homes with no appraisals to justify the value and obviously over paying for their home. Today’s buyer is much more observant. Even though multiple offers are in vogue, buyers still want to know what they are getting themselves into. Buyers want to view a home and see any flaws or defects that home might have before making an offer. They want their realtor to show a price justification by pulling up recent comparable sales. Buyers are in tune with the market and seek as much knowledge about the property and community they buy in than anytime in the recent past.

Price Is Vital: Not every property is moving from active to pending status overnight. The main reason is price. The old saying “there’s a buyer for every home, if it’s priced right” holds true even today. Sellers still need to keep their enthusiasm in check and understand that buyers will not pursue a home that is drastically overpriced. The market will dictate value and it’s up to the seller to listen.

Definition of “As Is” Varies: When the seller makes the decision to sell their home “as is” doesn’t always ring true for the buyer of your home. The purchase contract might suggest the buyer is willing to accept the home in its current state, but the attitude with some home buyers are, it’s safe to negotiate after they’ve secured the home. Very few homes in Davis will sell completely “as is”, even though they are being advertised that way. It’s probably easier as a seller to put limits on cost of repairs than to attempt an undefined “as is” sale.

Getting Inspections Upfront: It’s highly recommended that sellers get all inspections they are responsible for in the contract before marketing gets started. This can save a lot of uneasy angst than waiting for an offer and then negotiating with so many unknown factors. In Davis, sellers are normally responsible for a pest inspection and always the City of Davis Resale inspection. That’s a mandatory inspection looking for code, safety and permit issues. It’s much simpler to negotiate with all the facts, than to negotiate with unidentified issues. Please visit my website http://www.JohnnyBrooksHomes.com for helpful tips on selling or buying a home and easy access to view local area homes for sale in Davis, California and the surrounding communities.

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Living-KitchenThe question “Should I add to my existing home or buy a replacement home”. comes up often in conversations with home owners. The answer is different for each family and their current situation. With property values sky rocketing, many owners have decided it’s more cost-effective to add the square footage needed than to spend the money on a down payment and higher mortgage.Often, you can decide between upgrading your home or buying a new house simply by considering what you want to change. For example, putting in a new floor in the living room is quite a small project, but adding a new wing to the house would take considerable cash. If you need more space, it might make more sense to buy rather than to take out a home improvement loan, but small changes shouldn’t warrant a move.

How do you feel about the area in which you live?

You can add a second story or retile the kitchen or build an outdoor shed, but you can’t change the community surrounding your home. Whether you should upgrade your home or buy a new house might depend on your feelings about the surrounding area. If crime is up and the school systems are poor, you might want to move and start over in a better community. If you’re comfortable and happy, however, it might pay to stay.

Will zoning ordinances prevent you from building

Extensive renovations to an existing home can be more trouble than they’re worth. You’ll have to get approval from your homeowners’ association, and you’ll have to acquire building permits for any new structures, as well as plumbing and electrical service. You can upgrade your home on the inside without having to worry about this, but if you’re worried about going through the proper channels to build, you might want to just buy a new house.

What does the housing market look like?

Unfortunately, it isn’t always possible to sell a house right away. If you need to sell your current home in order to buy a new house, it might be better to simply upgrade and stay where you are. The real estate market can change overnight, however, so you could be ready to move in just a couple of months. It all depends on your financial situation and how long you’re willing to wait for the house of your dreams.

Do you have the cash to upgrade?

When you buy a new house, you use the proceeds from the sale of your current home to make the down payment, but this isn’t the case when you decide to upgrade. If you don’t have the cash necessary on hand, you can take out a home improvement loan or line of credit, which will act as a second mortgage on your house. This can be financially draining if you’re concerned about job security or other expenses, so make sure to consider your budget before making a decision. Please visit my website http://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 neighborhoods.

 

 

 

 

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home buyerWhen it comes to selling a home, almost everyone understands the value of working with a knowledgeable real estate agent. But buyers can often benefit even more than they might expect. We know the benefits a seller has working with a realtor, but home buyers also need the invaluable assistance that a professional can offer.

Find out the top reasons more buyers than ever choose to work with an agent when searching for their next home or investment property.

Saves Time

Undoubtedly one of the most commonly cited benefits of working with an agent when buying a property is the ability to save time. Real estate agents do the hard work for you by obtaining all the details and then showing you only those properties that meet your preestablished criteria.

Saves Money

Not only does working with an agent allow you to focus efforts on properties that meet your needs, but research also shows that it actually saves money in the long run. Sellers view agents as more objective during the negotiation process, and buyers that work with agents have access to the best deals. Remember, even in a buyer’s market, the best deals go fast. Many properties are already under contract by the time they make it into the magazines or online MLS listings, whereas many agents send out weekly or even daily updates of newly listed properties.

Reduces Stress

Real estate agents are able to work with lending officers, appraisers and others to streamline the entire transaction and keep things moving along by providing a single, reliable point of contact. Should anything go wrong, agents are able to access their network of contacts and expertise to assist every step of the way.

Access

Some of the best buying opportunities never even make it to the MLS listings; instead, hip-pocket sellers, foreclosures, bank-owned properties and even government repossessions are often handled by specific agents. Likewise, agents are often aware of creative finance options or specialized programs that may benefit veterans, first-time buyers, investors or even small-business owners. These are just a few advantages why smart homebuyers should work with a real estate agent. Please visit my website http://www.JohnnyBrooksHomes.com for helpful tips in 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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