What Features Do Home Buyers Think Are HOT and What Are NOT ?

As a real estate agent, I am often asked by potential home sellers what they can do to increase the value of their home before putting it on the market. Here's what a recent survey about real estate trends by Redfin revealed are some of the most popular home features attracting buyers- and what are repelling them!

Real estate professionals identified the following as the most HOT features for home buyers:

• Open floor plans
• Granite in kitchens or bathrooms
• Large closets
• Move-in ready condition
• Wood floors
• Close proximity to public transportation
• Upgraded windows
• Two-story floor plan with a bedroom on the main floor
• Energy saving appliances

Here are some features that are NOT appealing to buyers are:

• Noisy street and neighborhood
• Wallpaper
• Dated interior features
• Popcorn ceilings
• Limited parking
• Small bathrooms and kitchens
• Dark interior with minimal natural light
• Low ceilings
• Limited storage
• Carpet

Take a look around your home and see if you can increase the features that buyers think are HOT and minimize the features they think are NOT.

Source: "Real Estate Trends: Redfin Agents Tell Us What's Hot and What's Not" Redfin Blog (May 13.2014)

California Realtor Association Survey: Sellers are excited about the market again!

A recent survey by the California Association of Realtors (C.A.R.) shows that home sellers are more optimistic about the real estate market again. Some of their conclusions are:

• More sellers are repurchasing a home after selling compared to 2012. 
• More sellers who did not previously repurchase are planning to purchase another home in the future. 
• More sellers believe home prices are rising compared to 2012. 
• Reasons for selling have changed since 2012 when financial hardships were the major reason. 
• Trading up, low interest rates and cashing out are the main reasons. 
• More sellers are receiving multiple offers than in 2012. 
• Bidding wars are more common averaging overall 2.2 offers over asking price. 
• Social media is playing a bigger role in the selling process.

 All these activities indicate a significant improvement in how sellers perceive the market these days.

Click here for article.

Real Estate Market Update for Donner Lake - 4th Quarter 2013

 

HAPPY NEW YEAR!

Another New Year is upon us and reflecting on the past year I see the Truckee housing market has continued to be strong with prices continuing to increase through 2013.  The median sales price in Truckee for the fourth quarter of 2013 was up 26% over 2012. The number of sales was down 14% over 2012 due to the persistent shortage of homes for sale in our area resulting in higher prices and shorter days on the market. Days on the market decreased in the fourth quarter of 2013 28% from 2012.

Currently there are 24 homes on the market with a price range of $349,000 to $4,900,000. There are 5 homes in escrow listed between $369,000 and $1,449,000. There were 13 sales during the fourth quarter with prices ranging from $249,000 to $1,700,000. There are 6 condos on the market, no condos in escrow and 1 sold in the fourth quarter. One lot is in escrow, 1 lot sold and 23 lots are on the market.

I am here to help you and to serve your real estate needs. You can always expect the highest level of service and attention to detail from me.

If you have been thinking of selling - now is a GREAT time!

The inventory is low and there are buyers looking!

Call me today for a FREE MARKET ANALYSIS of your property!

Donner Lake Real Estate Market Update

Donner Lake Real Estate Market Update

We woke up to a thick blanket of snow this morning. First of the season! Hard to believe winter is just around the corner but it is. The summer was, as usual, too short and it was a smoky one towards the end.

At the end of the third quarter, there were 38 homes on the market with a price range of $339,000 to $4,900,000. There were 7 homes in escrow listed between $299,900 and $1,449,000. There were 10 sales during the third quarter with prices ranging from $275,000 to $1,634,200. There were 8 condos on the market, no condos in escrow and 4 sold in the third quarter. There are no lots in escrow, 4 lots have sold and 26 lots were on the market.

The news about the housing market is continuing to look very positive. The California Association of Realtors’ “2014 California Housing Market Forecast” projects sales to increase by 3.2 percent next year. While the C.A.R.’s forecast also projects 30-year fixed mortgage interest rates to increase, they will remain at historically low levels. The California median home price is forecast to increase 6 percent to $432,800 in 2014, following a projected 28 percent increase in 2013 to $408,600. With economic and employment projections also improving, the California housing market will continue to recover next year.

I am here to help you and to serve your real estate needs. You can always expect the highest level of service and attention to detail from me.

 

If you have been thinking of selling - now is a GREAT time!

Call me today for a FREE MARKET ANALYSIS of your property!

 

 

5 Buyer Tips for Today’s Market - Multiple Offers

If you are a buyer and have been looking to buy a home here in the Truckee/Tahoe area you may have encountered the experience of being ‘skunked’ by multiple offers, maybe even after offering higher than the asking price! We are experiencing much lower than normal inventories in the past year and increased buyer activity- with the end result that multiple buyers are making offers on the same property. How does one get the advantage in a multiple offer situation and get their offer accepted by the seller?

There is no sure way but here are 5 tips to help you win the deal:

1.       KNOW WHAT YOU CAN AFFORD. Talk to a lender and find out what you can afford. You may be surprised with the current low interest rates that buying makes more sense than renting and you may be able to afford more than you thought. There are also various loan programs available now including some with low down payment options, first time homebuyer, renovation loans and FHA/VA loans. Make sure your lender can give you a prequalification letter or preapproval letter to present when you make an offer.

2.       BE PREPARED. Know what you are looking for: price range, neighborhood, style and size. Be ready to go when a listing comes on the market to look at the property and make an offer.

3.       USE A REALTOR. Find a realtor who you can trust, has a good knowledge of the market and who can keep you notified when listings come on the market and one with great negotiating skills.

4.       TAKE IT TO GO. There are several apps for smartphones or pads: Dickson Realty, Realtor.com, Google and Trulia that can keep you up on the new listings. Your realtor can also set you up with instant email notification when new listings come on the market.

5.       MAKE YOUR OFFER COMPETITIVE. The highest price doesn’t always win the deal. Have your agent find out what the sellers want or need from the listing agent. For example, they may want a long escrow rather than a short escrow. Make your offer stand out: write a letter stating why you love the house and a little about yourselves. Be prepared to offer over asking price, ask your agent for advice.

If your offer isn’t accepted, have your agent try and put your offer in first back-up position. If the first offer falls through, you will be in place to purchase the property.

 Good luck!!

New Protections for Homeowners Facing Foreclosure

Starting in January 2014, the Consumer Financial Protection Bureau (CFPB) will issue new mortgage servicing rules to put in place ten strong protections for homeowners facing foreclosure.

Background:

Mortgage servicers collect payments and handle customer service for borrower’s loans. Because borrowers don’t choose these mortgage servicers- the lenders do- customer service has been disastrous in the past for struggling homeowners, especially during the housing crises of the last few years.

Ten New Protections:

1.     Restrict Dual Tracking- Servicers can’t start foreclosure proceedings if a borrower has applied for a loan modification or other alternative to foreclosure.

2.     Early Notice- Servicers must provide information about delinquency after 2 missed payments.

3.     Notification of Foreclosure Alternatives- Servicers must let homeowners know about their options after they have missed 2 consecutive payments.

4.     Access to Servicing Personnel- Servicers must have procedures and policies in place to help borrowers get direct, easy access to help.

5.     One Application- Servicers must provide a single application for all available options and they must be considered for all options at once.

6.     Prompt Review- Timeframes for servicers are: 5 days to notify borrower whether application is complete, 30 days to review and respond to applications.

7.     Fair Review Process- All options to prevent foreclosure (allowed by investor) must be considered and servicers cannot steer borrowers to apply for ones more favorable for the servicer or investor.

8.     No Foreclosure Sale Until All Other Alternatives Considered- Servicers must consider and respond to a borrower’s application if it is received 37 days before a scheduled foreclosure sale.

9.     No Foreclosure Sale With A Loss Mitigation Agreement- If a servicer has come to an agreement with the borrower for loss mitigation they can’t start foreclosure proceedings.

10.                         Borrower Recourse – Servicers must explain if they reject a borrower’s application and provide specifics.

 

In addition, the CFBP will put in place rules so that borrowers will not be surprised buy sudden interest rate changes or fees and use clear monthly mortgage statements. They also have addressed the need to avoid the ‘runarounds’ borrowers experienced in the past- where mortgage servicers made mistakes, processed payments too slowly or didn’t have up-to-date account information.

 

For more information check out this article: CFPB Article