Saturday, October 20, 2007

Fast Facts from the California Association of Realtors

Fast Facts:

Calif. median home price - August 07: $588.970(Source: C.A.R.)

Calif. highest median home price by C.A.R. region August 07: Santa Barbara So. Coast $1,262,500(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region August 07: High Desert $287.39(Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 07: 24 percent (Source: C.A.R.)

Mortgage rates - week ending 10/12: 30-yr. fixed: 6.40%; Fees/points: 0.4% 15-yr. fixed: 6.06%; Fees/points: 0.5% 1-yr. adjustable: 5.73%; Fees/points: 0.6% (Source: Freddie Mac)


Monday, October 01, 2007

Put Money in the Pocket of the Buyer!!

With Competition so keen, how will you attract a buyer for your house? It all boils down to Incentives and Pricing. First, make sure that you have your home priced right to sell and this means where it approaches the "this could be a good deal" mentality for a buyer. Second, think in terms of the big "I".....this means offering Incentives.
Incentives such as:

Down Payment Help: As home prices hold and credit tightens, more buyers are having trouble putting money down on a home. A little help with the down payment can help them get into the home.
Mortgage Buy Down: You can lower both the buyers monthly house payments and/or the interest on their loan. Pay points. Each point you pay equals 1 percent of the loan amount.
Homeowner/Condo Association Fees: Help your buyers adjust to the property by offering to pay the first year of Homeowner Dues for them.
Maintenance Fees: If you currently pay for lawn maintenance, offer to pay for a year of continuing lawn care for them.
Home Warranty: Offering a year of home warranty coverage is a very standard offer from the seller these days.
Closing Costs: Helping with closing costs are a huge bonus to many buyers.
Landscaping: Beef up the landscaping, pay for new sod, new flowers, new bushes.
Personal Property: If the buyer is interested in your washer, dryer, refrigerator or even certain other pieces of furniture....if you can part with them, be open minded and consider them a part of the deal. First time homebuyers are sometimes so strapped these items can mean just enough to the buyer to choose your home over another one on the block.
Repair Requests: As a seller be reasonable about repair requests made by the buyers.
You certainly don't want to lose the sale over a number of small repair issues. For instance,consider the cost of the repairs versus making two or more months of house payments.It could take another 60 -90 days to find another buyer if your current one walks away.

Rising inventories are making it extremely difficult to set and get your dream price. Currently you must catch the downward wave ahead of it, rather than riding it! Buyers, reluctant to ride that downward wave, want to feel they at least are on a good wave having a good ride. So.......
keep that in mind when trying to sell these days.

Let's get surfing and selling!
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