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Posts Tagged ‘selling a home in Davis ca’

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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multiple-offersThe housing market has gotten quiet predictable. One word to describe our current status would be chaotic. At least that’s the viewpoint of almost every home buyer that has been fortunate enough to buy a home and those many prospects that have lost out to higher bids in the bidding wars that has caused anxiety for the buyer and euphoria for the home seller.

The big jump in home prices this year can be attributed to one big factor, a lack of inventory. The increase in prices are starting to bring more sellers to the forefront, but inventory remains lean. When adjusted for seasonal factors, inventory has risen for five months in a row, suggesting the supply bottom came in January. The new sellers are making moves they’ve put off for years as home prices tanked. And many are pricing homes at levels the market would suggest might be overpriced and getting their prices anyway.

The increased inventory hardly constitutes a flood, more like a trickle would be a better definition. There are still far too few for the balance of power to shift from seller, back to buyer. With home prices up by double digits from a year ago, more are expected as home prices continue to rise. Earlier this month, the number of homes listed for sale was down 12% year-over-year. That’s still better than January, when listings were down a robust 18% year-over-year.

Nationwide, the median time on the market for all homes that sold in May was only 41 days. That’s down from 72 days a year ago. Some sellers are getting prices that not only surprise themselves, but also their realtors, given the tight supplies for sale in most markets and the frequency of multiple offer situations that have had a big play in the uptick in home prices. Most properties in Davis are being sold with bidding wars that have taken prices 5% to 10% above the asking price. This is even with the average sales price that has crept to nearly $500,000 this year.

In California, data shows just a 2.6 month supply of single family homes for sale, leaving this state firmly in the sellers camp after years of rampant foreclosure and big price drops. The role reversal from a buyers market to a seller’s market happened so quickly that many homeowners have not realized the about-face has even taken place. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home or to view local area homes for sale in Davis, California and the surrounding communities.

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Now that the local and national elections are over, we can put that in our rear-view mirror and move on. The real estate market is proof in the pudding that our economy is on the uptick throughout the country. Davis, California real estate certainly falls into that recovery category. A high percentage of towns and cities that were hit hardest by the market crash are now experiencing an increase in housing prices and home sales. Davis is unique for a number of reasons when you consider home prices are double that of our neighboring communities. We were somewhat insulated from the huge loss in appreciation that most locales went through.

The Davis housing market had actually started showing signs even before this year of some stability. From 2009-2011, property values and the number of homes sold were steady and stable. For 2012 the number of sold properties were up compared to 2011 by over 20%. During that same window, the property values slightly dropped by 5%. We should not be alarmed by the meager decrease in home prices, they can easily be explained. More investors and first time home buyers filtered back into the market. They make up a large segment of buyers and neither are looking at the more expensive home. This will naturally bring down the average sales prices.

Comparing numbers over the last two years will show why there is so much optimism among everyone involved with real estate. For the month of October this year we had 30 properties that sold, of those homes the average sales price was $527,070 and the average square footage was 2,177. During the same month in 2011, there were 19 homes sold with an average sales price of $419,242 and the square footage was 1,652. The higher sales price can be attributed to a larger amount of repeat buyers ( owners of homes prior) buying up and purchasing more expensive properties.

For the first 10 months of 2012, we have had 426 homes sold with an average sales price $452,274 and the square footage was 1,777. During the same period in 2011, there were 331 homes sold that averaged 1,817 square feet and sold for $477,321. We are teetering on a decent recovery, assuming interest rates stay respectable and home buyers and sellers regain confidence that our elected officials can create a full-blown economic recovery.

The Davis Water Advisory should be making a decision soon on a rate structure that hopefully will be the fairest way to bill its residents for water. The $116 million surface water project will be available for a March 2013 public vote on the project. 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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Every seller wants that magic potion it takes to get their home sold for top dollar with little inconvenience. That can be accomplished by following a sure-fire strategy that has worked since homes have been bought and sold. Selling a home in a down market takes more planning and preparation but with a little know-how it’s still possible to get a great response with these quick tips:

Price Matters

Without a doubt, the most important consideration is to price the house right…especially if you want a quick sale. When the market was red-hot homes sold fast so it is easy to forget that historically homes are on the market an average of six months before selling. Be realistic and work with your agent to price right.

Staging & Updating

Make sure your home looks its best by updating paint, making small repairs and taking the time to properly stage your home for online and in-person viewing.

Pre-Qualify

Window-shopping is a popular past-time even when it comes to real estate. One of the benefits of working with an agent is the ability to preserve your valuable time and only entertain serious offers from qualified potential buyers.

Reach Out

Reaching the best potential buyers isn’t always easy especially in a down market. It takes experience, objectivity and great marketing skills to know how to position your home to reach the right buyer. Does your home have a great view? It might be perfect as a vacation get-away. Is it located near a major International airport or business center? International buyers could be searching for a second home due to the favorable exchange rate.

Offer Incentives

Get noticed by offering buyer incentives. Buyer incentives are a welcome addition to any deal and include things like gift cards, LCD televisions or new appliances. Find out what tops the local “wish list” when it comes to amenities then calculate the cost of offering an incentive. They are an easy and effective way to capture the attention of potential buyers in a crowded market.

With the scales now tipping back in favor of the seller, these valuable tips are still vital in getting your home sold no matter the market condition. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs, join my professional networks on Twitter and LinkedIn and easy access to view local area homes for sale in Davis, California and the surrounding communities.

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Buying a home is similar to fishing, if you don’t have the right bait, fish won’t bite. If your landscaping is inadequate, buyers probably won’t look. Sellers should put as much effort in the front and backyards as they do the home itself. Creating an inviting landscape not only ensures a positive first impression with buyers but may also increase your home’s value and lead to a quicker sale.

You don’t have to spend a lot to make big improvements in your home’s curb appeal. Keeping your lawn manicured – mowed and edged – and trimming bushes and trees is an inexpensive way to make a positive impression on buyers. You’ll also want to remove any dead or diseased plants and ensure beds are weeded and freshly mulched.

Before beginning any landscape project, make a plan. And if you live in a neighborhood with restrictive covenants requiring approval by a landscape committee, be sure to follow proper procedures to avoid spending money on projects that you may be forced to undo later. A project plan will also help ensure that you make wise choices and stay within your budget.

Use color and depth to create visual interest, and select a variety of plants that bloom or change color throughout the year so your yard will be attractive regardless of the season. If your yard is open to neighbors’ yards, a street or public areas, consider screening to create a more private space. This can be accomplished with evergreen trees and bushes or with an attractive fence.

Sometimes what you remove from a yard can be as important as what you put in. If the front of your home is obscured by overgrown trees or bushes, remove them or trim them back to help buyers get a clear view of your home. Remember that the goal is to create a welcoming first impression that says, “Come in!”

Trends in landscaping

  • Low maintenance vegetation: less lawn to mow, helps keep weeds in check.
  • More trees: enhance beauty and provide shade.
  • Decks, patios and terraces: offer outdoor living space for dining, entertaining and relaxation.
  • Outdoor lighting: provides enticing views of your home and landscaping at night.
  • Irrigation system: costs more but simplifies lawn care and is attractive to buyers.

Follow these simple rules of landscaping and enhance your chances of getting peak value for your property. 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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The Davis City Council has similar qualities to the Honey Boo Boo show, little substance or significance. Just a joke, council members. The state of California is basically in financial ruins and there’s only a couple of solutions to fix the problem. Cutting back on the endless drunken sailor spending is not one of the answers. Based on local and state leaders, the correct answers are to raise taxes and rates on local services.

The Davis City Council met this week to discuss the necessity to raise waste removal rates. The 3% increase is not that significant but for those families on fixed incomes, every penny counts. The city clerk has only received 21 protests to the rate increase from property owners. In order to abort the new rates, more than 50% of property owners in Davis would have to file a protest. The council will keep the public hearing open regarding the rate increase until September 25th meeting, when it will make the final decision on the rate increase.

If this were the only increase in local services, that would be acceptable and not worth complaining about. We have the upcoming Water Surface Project and the new parcel tax for increase funding to our local schools. The last school parcel tax that was overwhelmingly approved by voters on the pretense of saving teacher jobs and cutting classroom size was questionable at best. Classroom sizes have not decreased and a number of teachers lost jobs.

The accolades keep pouring in for Davis. From our highly acclaimed Farmers Market to our greenbelts and bike paths and now UC Davis has been chosen by U.S. News as the 8th best public university. UC Davis was previously ranked 9th over the last two years. Harvard and Princeton were tied for first. An education at UCD is reasonably priced for in-state residents at $13,877, which ranks 13th nationally.

The Water Advisory Committee continues to mull over the two water surface projects that will be placed before the voters in 2013. The committee will choose between teaming with Woodland and siphoning water from the Sacramento River and the second option is purchasing water from West Sacramento. The cost for either project is astronomical and will more than likely cost much more than was originally reported. 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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