For the First Time in a Year, Fewer Sellers Slash Asking Price

For the first time in a year we are seeing fewer Sellers slash asking prices. In some markets the fewer slashed from home Sellers is resulting in bidding wars. Just under 20 percent of homes that went up for sale in March have been reduced once.

San Francisco Market Update:

List Price to Sell Price is 98.15%

What does this mean for Buyers?

If you find a home that is priced right, in good condition and in a great location it will sell fast. The day of waiting for the Seller to drop the price is becoming less and less. There is less inventory on the market at the moment and more buyers taking advantage. In some cases here in San Francisco we are seeing multiple offers on properties.

What does this mean for Sellers?

Preparing you home is key in this market. Preparation can be painting, updating or staging to allow your home to be the "Gem" property in this market. Pricing correctly in the beginning is imparative. The market will determine the value of your home.

Winter Home Sales - Normally Slower...NOT this Winter!

House shopping usually slows down in the winter, as people put their home searches on hold to trim the tree, buy presents to put under it and avoid the chilly weather. This winter, however, might be different!

What is different for the Real Estate Market this Season?

Reason #1:

We're going to see far more interest in the fourth quarter than we generally do because of the tax credit. Traffic surged on Trulia.com on Nov. 5th due to the extension of the home buying tax credit. The new law extends tha tax credit for First-Time home buyers. This will create a higher volume of interest this Holiday Season.

(To Read more on the tax credit click on link: $8,000 Tax Credit)


Reason #2:

Low interest rates will create a desire for home buyers to take action this Winter Season. The Real Estate makret along with other aspects of the Economy have seen positive improvement creating the "act now" attitude with buyers in Today's market. Rates will not be where they are at Today a year from now. if positive movement continues with the Economy, the cost to borrow money will become higher to balance inflation.

Reason #3:

The Winter Season has always been a great time to get a "deal' in the Real Estate market. If you were Selling your home, would you want buyers coming through while you were getting ready for family and friends? Sellers that stay on the market during this time "need to sell". This allows buyers to negotiate better terms and price on homes still on the market. Also, because there will be less amount of buyers out there looking, in turn this will be less competition for you as a buyer.

If you would like a FREE buyer Consultation contact George today! (415) 336-8191

Happy Holidays!
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Home Improvements under $5,000 and benefit Sellers!

Top 12 do-it-yourself Home Improvements that Cost under $5,000 and benefit Sellers.

*Please not ROI stands for Return On Investment

1) Cleaning and De-cluttering ($200 Cost/ $1,700 price increase / 872% ROI)

2) Home Staging ($300 Cost / $1,780 price increase / 586% ROI)

3) Lightening and Brightening ($230 Cost / $1,300 price increase / 572% ROI)

4) Landscaping ($320 Cost / $1,500 price increase / 473% ROI)

5) Repairing Plumbing ($385 Cost / $1,250 price increase / 327% ROI)

Rounding out the top 12, the list of low cost, do-it-yourself home improvements includes: updating electrical, replacing or shampooing carpets, painting interior walls, repairing damages floors, updating kitchen, painting outside of home, and updating bathroom/s.

The home improvement projects with the highest price increases to a home's resale value are updating the kitchen ($1,200 cost / $2,850 price increase), followed by painting outside of the home ($900 cost / $1,815 price increase) and home staging ($300 cost / $1,780 [price increase).

Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000), recommended by 98% of Realtors, costing less than $200 and returning a value of nearly $1,700 to the home's sale price, or an 5872% return on investment.

Information provided by HomeGains.com

Four Ways to Stage Your Home. Create Well-Rounded First Impression

Feeling good about a home and a neighborhood is part and parcel of making the decision to buy, so staging a home should involve more than just raising the charm factor. Look for ways to also make the house say "safe and secure" to ensure a more well-rounded first impression.

Here are some options for sellers to consider:

1. Hedging your bet-Trimming the bushes at the front entry and near the windows of the home adds curb appeal and opens sight lines around entrances.

2. Security with style- choose attractive storm doors and entry doors with more secure locking options.

3. Light it up- Motion-activated lighting, timer controls and dusk-to-dawn options paired with path lighting and landscape lighting means the curb appeal of the home doesn't go down with the sun.

4. High-tech peace of mind- Easy-to-install, whole-home wireless security systems and monitoring means you can control locks, lights and cameras from a computer or cell phone.

Leverage the opportunity to show a home's strength by marrying curb appeal and charm with few upgrades that deliver on peace of mind.

Call George today for a FREE Consultation on Preparing your Home for Sale!

Buyers paying close to asking price in Today's Market?

A report was just released that home buyers are currently paying closer to listing price in August, but are still negotiating thousands in discounts. This is a look at the market from a national standpoint.

Here are the numbers:
Buyers paid $6,525 or 3% less than the asking price in August. This is down from $7,017 or 3.3% in July.

24.7% of all listed homes have had at least one listing price reduction.

So what about here in San Francisco & California?


In two California Markets buyers paid more than asking price during August. In the El Centro MSA, buyers paid 2.2% or a median $2,479, more than asking price. In the Stockton MSA, buyers paid 1.3%, or $2,515, more.

San Francisco Market:

The homes that have been sold in the past 30 days have gone for 99.47% of the listing price. In some small markets here in the city we are seeing multiple offers on properties in great condition and well priced.

So does this mean the market is in an up swing?

At this time I do not believe so, although we are seeing lower inventory which allows seller's to have the ability to negotiate more on their behalf. Buyers don't have all the options they had 6 months to a year ago. A rise in foreclosure's is projected, so this may allow more negotiating power for buyers as inventory rises again.


Any thoughts?

George

Eureka Valley - Dolores Heights Single Family & Condos/ TIC/ Co-op Housing Report

Below please find the current housing numbers for Eureka Valley - Dolores Heights Area. Please note this information is pulled from the Multiple Listing Service. The validity of this information is based solely on the providers. Zephyr Real Estate , George Langford deem this information to be reliable but take no legal responsibility.

Eureka Valley - Dolores Heights
May 2009- July 2009


Single Family Homes

Active - 18
Pending - 2
Sold - 14
Avg Listing Price - $1,549,000
Avg Sq. Ft - 2,112
Avg Days on Market - 73
Avg. Sale Price - $1,469,643

Condo/Coop/TIC/Loft

Active - 26
Pending - 3
Sold - 15
Avg Listing Price - $824,114
Avg Sq. Ft - 1,356
Avg Days on Market - 72
Avg. Sale Price - $747,167

For information in an area other than the one stated above, contact me and I will provide a detailed Report for an area of your choice.

10 Dos and Don'ts for Selling a Home

This market offers vast opportunities for home owners who have equity and are in need of a larger home to sell and make it a reality. Below is a list of Dos and Don'ts that can help you prepare your home for sale.

5 Dos

Consult a real estate agent (George Lanford) before prepping your home for the market. If you just start making changes, you may be focusing on things that are not as important as others. If you spend $1 you want to get that dollar back or maybe even more.

Make sure an agent (George) will have a strong online presence. The majority of house hunters begin their search on the Internet and then narrow down which ones to actually visit. 80% of home buyers start on the internet and making your home present on the internet is the key to creating exposure.... More Exposure = Greater Selling Price!! $$$$$$

Be certain your agent is knowledgeable about the area. He or she should have a good understanding of the local community, schools, recreation and politics to share with potential buyers.

Feature professional color photos of your home. This is as important for the Internet listing as it is for the printed brochures. The brochure should also include a detailed floor plan. Ask your agent to take local pictures of shops & Parks to highlight the area you live.

Have a clear understanding of the selling process. Familiarize yourself with the typical marketing time in your area, what to expect with a home inspection and any hot-button items that could be of concern. Also, be familiar with the contract process, attorney review, mortgage contingency, deposit escrows and closing time frames. In San Francisco or the Bay Area there are different City requirements that need to be completed when selling a home. For example: San Francisco is completely different than San Bruno or even Oakland.

5 Dont's

Don't just go with the agent who tells you your house is worth the most. Conduct some research to verify the pricing, and consider looking at the competition.

Don't just assume that the agent who sold you your house will be a good fit on the selling side. Interview more than one person to find out what each has to offer. There are agents that work directly with Buyers and directly with Sellers. Know what exact areas the agent you are using specializes in.

Don't ignore offers that don't meet your asking price. By not countering even low offers, you could easily discourage what may ultimately be a good offer.

Don't assume that your agent works full-time. Many do not, so be sure to ask.

Don't just accept everything your agent says. Get it in writing. Make sure he or she offers a written marketing plan with which you agree. Also, understand that once you sign, you are locked in to a legal contract for the term agreed upon.

** Most importantly don't be afraid to get creative. Your agent should not be doing the "norm" in this not so "normal" market. Contact me to hear about my selling techniques that are different for Today's market.***