selling your home
Want to sell your home fast and for top dollar? Stay away from these seller pitfalls.
Prices are up, interest rates are low. It should be easy to sell your home, right? Under the best conditions, yes, it is. However, some sellers make bad choices that can cost them thousands of dollars, or even cost them the ability to get their home sold at all.
Three common mistakes sellers should avoid.
Selling your home yourself.
“Hey. I can do this myself,” you’re thinking. “Why should I pay all that money to a real estate agent?” Okay. So you plunk a “For Sale By Owner” sign in your yard. Maybe you throw something on Craigslist or other public internet media advertising your home. A few questions for you: How do you know the “buyer” approaching your door is qualified to purchase your home? Better yet, what criteria are you using to determine your home price? Finally, what do you know about title, taxes, escrow, insurance, contingencies, and addendums, just to name a few? Continue reading
The Santa Clarita real estate market has had a pretty good summer so far. Condos are up $15K from the previous month, and the median price of single family homes are holding steady at over $500,000.
Interest rates, despite fears of being raised by the Fed, are actually once again below 4 percent. Available homes for sale still falls slightly short of statistical averages (881 homes available for sale in July, according to the Southland Regional Association of Realtors). So why on earth should you still plan a sales strategy for your home if it’s just going to be gobbled up by scores of buyers? Continue reading
Should I accept, reject, or counter the very first offer on my home?
So you’ve made the decision to sell your home. You have it listed, and your agent provided you with comparables and information that, from a professional approach, will sell your home quickly and at Fair Market Value. After all, you have your eye on a home in Westridge that you REALLY hope you can purchase once your home gets into escrow. Everything is going great. Even better, two days after your home hit the Multiple Listing Service, you receive an offer!
Suddenly, you begin to second-guess yourself and your Realtor. “Wait. That was TOO quick,” you say to yourself. “Maybe we should have listed it for more money.”
This thought process unfortunately leads many sellers into the trap of self-doubt, leading to a listing that ends up sitting way too long on the market because they decided to reject their first offer for fear they did not ask for a high enough selling price. So what should a seller do when confronted with a quick offer? When should they accept, reject, or counter? Let’s take a look at some solutions.
“Know when to hold ’em. Know when to fold ’em…”
The popular song performed by Kenny Rogers referred to the game of Poker, but in the case of real estate, there are some definite signs as to when you should accept, reject, or counter the buyer’s offer.
Beware the “low-ball” offer.
This is an almost always unsuccessful tactic from buyers who have not been properly educated by their agent as to how the home selling process works. In this case, they try to “haggle” by making a ridiculously low offer, typically WAY below asking price. This is a situation where you may consider countering their offer at a price you feel is fair, or you can reject it outright.
When to reject vs. counter.
In any situation, a buyer’s offer that does not come without at least a loan pre-qualification letter is usually a red flag. Not only is he/she offering a price way below Fair Market Value, but you don’t even know if they can afford to purchase the home.
Another red flag is in the form of very little, or no, good faith deposit from the buyer. Again, this may be indicative of how serious they actually are about buying your property.
The “Asking Price” offer.
If an offer comes in very quickly from a buyer for your home at asking price, don’t second-guess yourself! You have reached this price through the diligence and professional opinion of your real estate agent who has used (and shown you) recent comparables, title information, and demographics to come up with a price he/she knows will help you reach your real estate goals. Of course, the above rules still apply. You will want to make sure the buyer can actually afford to purchase the home, and that they are willing to put down enough of a good faith deposit to make you feel comfortable that they won’t back out before escrow closes.
We are your Santa Clarita real estate professionals!
Montemayor & Associates is a team of highly trained, experienced, licensed Realtors who are ready to serve all of your home buying and selling needs. Contact us today for a no obligation consultation.Email Contact Form
Yes, Spring is still in the air, but timing is everything when it comes to buyers and sellers realizing their real estate goals.
There’s been a lot of good news in the Santa Clarita real estate market lately. Not only have single family homes topped the $500,000 mark for the first time in 8 years, but interest rates are still holding below 4 percent…establishing what we might call a “win-win” scenario for both buyers and sellers.
While we’re still smack dab in the middle of Spring, many buyers and sellers “on the fence” should take this time to consider the fact that Summer is one of the best times to buy or sell. Why?
First of all, for the most part, kids are out of school. Parents find it much easier to move in between school sessions. Also, it is the time right after tax season that many renters are reminded of the potential tax savings as homeowners. Conversely, those who have received tax refunds have cause to think about investing it in something that will give them a long term return. Continue reading
What does it REALLY take to get an offer on your home within your desired time frame?
Homeowners have many different reasons for selling their home. Whether upsizing, downsizing, or due to unforseen economic issues, it’s important to garner as much attention from buyers in an effort to sell it as quickly as possible.
Of course, pricing your home right is the first step, and we’ve covered that issue at least a few times in the past. However, feedback from potential buyers is critical in making sure that your home is indeed appealing to those who may be interested in purchasing your home. And how do we generate feedback from buyers? First, we get them through your door. And how do we do THAT? Marketing, of course!
Welcome to the future of real estate marketing.
As the escrow process begins, the buyer and seller are responsible for certain costs, but is there any flexibility?
It costs money to buy and sell a home. No, we’re not just talking about the cost of the home itself, but also the costs incurred with insuring the transaction is conducted correctly and in accordance with state and federal real estate laws. While buyers and sellers may view these facts with a bit of disdain, it’s important to understand that a real property purchase comes with liabilities unlike any other type of purchase many of us may encounter during our lifetime.
Before you balk even further, think about this: Without the professional escrow and other affiliated services objectively looking out for buyer and seller interests during the home purchase transaction, what would you know about: Continue reading
Low interest rates and an improving economy does not necessarily mean you can price your home as you choose.
Fair Market Value, or FMV can be quite the moving target, based on continually changing conditions in the real estate marketplace. Like stocks, bonds, and other investment items, real estate falls under that FMV category as well.
So what is “Fair Market Value?” Quite simply, it’s the price that one is willing to pay for an item based on several value conditions. For real estate, it’s location, demographics, size, amenities, and honestly, what other similar properties have sold for.
For example, if you have a 1,500 square foot three bedroom, 2 and a half bath home on a 6,000 square foot lot in Valencia, we’d begin to analyze recent sales of similar homes first in your tract, then perhaps we’d broaden the parameters a bit to see what homes sales were in surrounding neighborhoods for comparison. Continue reading
2014 saw a true recovery and rebound of the real estate market in the SCV.
We’ve seen quite a turnaround in the Santa Clarita real estate community in the last few years. From negative equity and falling prices, to a sizable growth in both, Santa Clarita homeowners are once again seeing returns on their investment.
Single family homes have seen a median increase of just over $50,000 between January and the end of November 2014 (The last month that statistics are currently available from the Southland Regional Association of Realtors). Condominiums have fared well, jumping by $45,000 in the same time period.
Can we expect the same for 2015?
So far, economic indicators look very positive nationally and locally for 2015. 2014 ended with interest rates still holding at below 4 percent, and while sales leveled off between Thanksgiving and Christmas (As they usually do), Montemayor and Associates still closed deals all the way through the holidays. It was a fairly steady market for those looking to start off the New Year in a new home! Continue reading
What happens when you want to buy a home, but you need the proceeds from the sale of your current home to put the deal together?
Let’s say a homeowner who THOUGHT they were perfectly happy in their current home comes across what they feel is their dream home. They want that home, and they feel they need to make an offer as soon as they can. The problem is, they need the proceeds from the sale of their current home to close the deal. The double-whammy to the problem is…they don’t have their current home listed for sale.
This can be an issue if you’ve already found your home of choice. In fact, we would always recommend putting a plan together where you list your home for sale first before you find your “dream home.” Why?
For one thing, many sellers want to be sure that their escrow will close on time…or at least close at all. Their accepting your offer would mean that they have very little control over the time it will take for your home to sell and close escrow. Continue reading
Buyer Beware” does not apply when it comes to real estate!
There’s that little stain on the ceiling in the downstairs bedroom that was caused a few years back when a pipe in the upstairs bathroom leaked. It’s fixed, but still, the stain is there.
The roof looks good, and it only leaks…a little…when it rains really, really hard and for a long time. The last time it leaked was during the big storms we had back in 2005. We sealed the leak, and we don’t think it’s leaked since.
We noticed something weird with some of the rafters in the attic a few months back. A pest control company determined that termites had infested the area. We were able to afford the extermination, but not the repairs for the damage the termites caused. Continue reading