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Posts Tagged ‘homes sold davis ca’

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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12454836-key-with-tag-saying-sold-on-small-family-houseIt seems as though this is a recurring theme nearly every month. A jump in home prices over the last two months of 22% from last year has certainly caught the attention of both sellers and prospective buyers. Is there a rational explanation for this huge spike in home price gains? Will it continue throughout the remaining months of 2014? After last years appreciation jump, what’s caused the present double-digit bounce?

What’s so different about the present surge in home values compared to last year is the enormous and immediate hike , where as last year there was a much more modest, systematic increase. Heading into this year, most experts predicted some appreciation, with a 3% to 4% prognosis for 2014. These numbers might still hold true for the entire year, but many housing experts are rethinking their original prediction after the huge increases of the first two months. Let’s examine the head-scratcher that has befuddled most of the housing gurus.

Consumer Confidence: This has to be placed at the top because without consumer confidence nothing else matters. Multiple offers have become more commonplace and bidding wars have been cropping up regularly in the most sought-after neighborhoods. Some buyers complain that they are having a hard time securing a purchase, beat out by other bidders, let alone find a bargain. This is strictly consumers feeling confident with their decision to pursue a home.

Lack Of Inventory: Those bidding wars have been created because there’s not enough supply to satisfy the demand. The number of sold properties have decreased year-to-date from 2013 because of the lack of inventory. Those buyers that have lost out to a higher bid are back on the fence, waiting their turn and hoping for another opportunity. This anxiety among buyers, especially those that refuse to lose out a second time have caused many to offer above asking price, which in turn raises home prices.

Interest Rate Increases: The long-term effect with just a slight increase in mortgage rates can add thousands on a 30 year mortgage. Most prognosticators say rates will rise this year and this has created a time is of the essence attitude among home buyers to get it done before that happens. Even if rates rise a bit, there still historically low, comparably speaking. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on selling or buying 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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April Home Sales Rise As Buyers Take Advantage Of Expiring Gov't Tax CreditHow times have changed. It seems like just yesterday that home buyers had multiple choices with the selection of homes to bid on and home sellers were ham-strung because there were so many options for buyers. As the bank owned and short sales have decreased in numbers and traditional sellers put off selling their properties, buyers were left with few opportunities to purchase a home. As the supply diminished and the demand escalated, home prices increased with multiple offers on nearly every home hitting the open market. Potential buyers were stunned with the reversal that has taken place in such a short period of time. What this changing market means for both buyer and seller.

Home Buyers: For those buyers hoping to buy at the bottom, unfortunately that ship has sailed. For the first month and a half of 2013 homes prices saw 10% to 20% increases in most communities. These numbers have been inflated due to the lack of inventory and the frenzy of buyers attempting to take advantage of the heightened mortgage rates and home prices. It’s highly unlikely that prices will stay at the level they are presently for the entire year, but a 5% increase by the end of the 2013 is very possible. Potential buyers can no longer procrastinate if they find a property to their liking. Most properties are receiving multiple offers quickly. Those that hesitate miss out.

Home Sellers: Those owners that have chosen to sell their home now have hit the jackpot. Who would have known for certain six months ago, that the inventory would have been this scarce. Our community in Davis, California has 40 total properties on the market and only 28 of those are single family properties. That number is near an all time low. Many homeowners have decided to hold off selling in hopes time will bring back some of the equity that was lost over the last few years. This strategy could backfire if mortgage rates continue their upward spiral and the economy takes another nose dive. Those owners that bought a home near the end of the peak should delay selling, but those owners that purchased before or at the start of the housing boom should now consider downsizing or moving into a larger home, depending on your family dynamics. No competition from other sellers makes this a prime opportunity for home owners. 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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better-homes-and-gardens-interior-space-plannerEvery homeowner desires top dollar for their home and there are certain requirements that need to be met before that goal can be accomplished. Most requirements are general knowledge and are part of the essentials that can garner peak value. There is one hidden gem that families are turning to that catches the eye of the buyer and that’s staging your home to sell.

Staging has become commonplace when selling a home, but with the recent downturn in the economy and continued sluggishness in the real estate market; staging is more important than ever.

Here are the top reasons why home-staging matters, and how you can make it work for you:

A picture is worth a thousand words: Over 80% of home buyers begin their search online, so the first impression of your home might be the last. Make sure your home looks its best.

Browsers spend more time looking at pretty pictures: Not only are buyers searching online, but they tend to spend more time viewing attractive properties than those without pictures or with “ugly” photos. Use plenty of photos to showcase your home or property.

Visualize their space, not your place: Staging becomes even more important when buyers visit in person. Properly performed home staging is essential to allowing prospective buyers to visualize the home as “their space” rather than trying to see through your clutter and belongings.  A home should be attractive yet neutral enough to allow buyers an opportunity to get a feel for how their own furniture and belonging would fit.

Not just another pretty picture: Professional staging goes beyond mere looks and even combines fragrance, tactile, lighting and other sensory input for a complete experience sure to delight potential buyers of any age and income. Staging does not have to cost a fortune to be effective, but does require experience for best results.

Staged homes get better offers: Data backs up the fact that when homes are staged, they are more likely to receive better offers and higher prices. A staged home gives a prospect a visual that enhances the appeal of a property. There’s not many improvements that will guarantee dollar for dollar return on the investment. Done properly, staging your home gives a family advantages over those properties that chose not to stage. 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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A hidden treasure is not necessarily the lowest price, but the best value based on a number of essential features regarding that particular property. Contrary to what many believe, there are numerous investment opportunities in Davis. When you consider that every surrounding community had a 50% or more drop in property values since the peak and Davis was cushioned from the majority of the doom at approximately 20% depreciation makes Davis a safer option to purchase a home to live in or an investment property. Here are three distinctly different properties that would be excellent long-term investments without leaving the confines of Davis.

It’s not often that an investor has the opportunity to purchase an apartment complex in Davis that will instantly create a huge cash flow. There’s a 13 unit complex at 1805 East 8th Street, walking distance to downtown with 2 bed/1 bath per side. Rents range from $875 to $965 with no vacancies and extended leases through August 2013. With a 30% down payment on the $1,750,000 asking price presents a hidden gem for that shrewd investor.

On a tree-lined quiet cul-de-sac in West Davis, you can find a single story home at 1832 Point Reyes, a 3 bed/ 2 bath detached property that has been updated with fresh paint, new carpet and luscious landscaping. The property was built in 1997 and around the corner from a park, school and greenbelts for walking or biking. One of the many attributes with this subdivision, the builder was wise enough to make it accessible one way in and one way out of the developement. The majority of residents are professionals with a listed price of $455,000 makes this one to consider.

For those buyers that have to be near shopping, downtown and campus there’s a home at 1214 Menlo Drive, a 3 bed/ 2 bath home that’s in the stages of adding new carpet and interior paint. This is a single story in an established Central Davis neighborhood. Ten minute bike ride to UC Davis makes this an excellent owner occupied or investment opportunity for an asking price of $389,000.

These are just three of a number of homes in Davis that would be a bonanza for buyers in this market. With mortgage rates spiking up and home values stabilizing, it’s time for prospects to make a move to homeownership. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling real estate, scan my informative blogs and easy access to view local area homes in Davis, California and the surrounding communities.

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With the decline in home prices over the last few years, sellers are less inclined to be concerned with the danger of pricing their home too high. It’s normal to hear a seller suggest ” Lets start with this price, we can always come down later”. There are numerous problems using this approach. There’s nothing more discouraging for an owner than having buyers treat your home as if it’s contaminated with the overpriced plague and not a property worth viewing. Home buyers are super savvy today and will not waste their time on a home that’s irrationally priced.

Home buyers in general show the most enthusiasm and activity for a home during the first month of it being listed, after that period the excitement diminishes and the activity dwindles. Adjusting a price after that first month is a crap shoot with the original price still fixated in the mind of the buyer. Buyers will always remember the bad in a home and there’s nothing they remember more than a property with an inflated asking price.

Experienced realtors will show your home and use it to boomerang to the more fairly priced property around the block. With so little housing inventory now available, a well priced home becomes the talk amongst serious buyers. On the other hand, those owners that unreasonably price their home are forgotten very quickly. When one of the first questions out of a buyers mouth is “How long has this property been on the market,” a seller should be very cognizant of where they price their home right from the start. When a property has been lingering on the market for months, it conveys a message to the buyer a sense this home can be purchased at a reduced price. An offer a home might garnish six months down the road will probably be less than what the actual value would have been at the beginning.

Let’s assume by magic a seller gets an offer that both buyer and owner can live with but would still be above fair market value. If a buyer is obtaining a loan to purchase the property, the homes appraiser will bring the deal to a crashing halt. Even if a buyer is willing to over pay for a home, there’s little chance the appraisal will justify that decision. The conclusion for sellers are to price it right on day one or face the inevitable task of failure many months later. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home or to view local area homes for sale.

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Home buyers are not the only ones celebrating the uptick in the housing market. Sellers have benefited from the plunging mortgage rates, plus the low supply of competing properties on the market. This is under the assumption, families have equity in their property. Those homeowners with no equity and not able to sell, have created a diminished number of properties available. The limited inventory has had a huge effect on the housing market throughout the United States.

The housing market is no longer characterized by falling prices and weak demand, the market is now handicapped by a restricted supply of homes for sale as demand improves. That has led to multiple offers in most markets and rising prices, due to demand outweighing supply. Nationally, 30% of homeowners have no equity and are underwater. In traditional times, those owners would be selling and moving to other homes. Since they have negative equity, most have decided to sit tight with hopes of retrieving that lost equity.

The other dilemma that has compelled many families with equity to not sell and buy, is they simply can’t find a replacement property. Those sellers turned buyers are less inclined to sell when the chances of finding a substitute home are so limited. It’s not just a coincidence that supply is shortest in markets where more homeowners are underwater. The nation has a 6.6 month supply of homes for sale in May. That is considered a sign of stability. Many of the major markets like Sacramento that have an extremely tight supply of properties are experiencing a buying frenzy. Most of these homes are bank owned and short sales.

As home prices continue to move up, owners and builders will join the fray, which will increase the inventory and have a leveling effect on housing prices. Along with an improved economy comes the inevitable rise in mortgage rates. Just a slight increase in rates can add thousands of dollars over the life of the loan. The quandary for most homeowners now, should they take advantage of mortgage rates and buy now or wait and assume that the higher price for their home will make up for the increase in rates they will pay to purchase another home. 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, including pre foreclosures.

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