Friday, February 10, 2017 / by Ruben Vera, Broker Associate
According to RISMedia, "It’s a good time to be a seller." I totally agree!! Here's an overview of their blog titled It's A Good Time To Be A Seller: Sales See Highest Profits Since 2007:
Home sellers averaged a Twenty-One percent (21%) gain, or $38,206, according to ATTOM Data Solutions’ Year-End 2016 U.S. Home Sales Report. Sellers in the Bay Area (San Francisco & San Jose) saw the highest gain at Sixty-Nine (69%), while the Los Angeles market enjoyed a Fifty-Two (52%) gain. Forty-four percent (44%) of all housing markets reached all-time price peaks in 2016. The share of distressed properties (bank owned, foreclosed, short sales, etc.) dropped from 18.8 % to 16.2%; that's a nine-year low, and that's a great thing.
With "For Sale" property inventories as low as they currently are, it certainly appears the 2017 Real Estate market will be a strong Seller's market. Buckle up, it's gonna be an interesting ride. If you, or ...
Wednesday, February 8, 2017 / by Ruben Vera, Broker Associate
KCM just posted that the most recent Pending Homes Sales Index from the National Association of Realtors revealed a slight bump in contracts with an increase of 1.6% in December. This news comes as existing home sales are also forecast to be on pace for 5.54 million in 2017, a 1.7% increase over 2016, which was the best year for sales in a decade. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed. According to NAR’s Chief Economist, Lawrence Yun,
“Pending sales bounded last month as enough buyers fended off rising mortgage rates and alarmingly low inventory levels to sign a contract.”
So, what’s the problem?
Buyers are searching for existing homes, but supply is not keeping up with their demand! Yun went on to explain,
“The main storyline in the early months of 2017 will be if sup ...
Tuesday, January 24, 2017 / by Ruben Vera, Broker Associate
YOU HAVE A DILEMMA! You've either put your house up for sale as a For Sale By Owner (FSBO) or listed it with a brokerage, but it isn't selling... in fact, you're not even getting any showings. You put it on the market at a very competitive $350,000 in October, and now its January and still nothing! You had a couple open houses, lowered the price by $7,000, but still no offers. So what's happening?? You don't want to lower the price further, but the listing is stagnant. Why aren't you getting any traffic? More importantly, why are there no offers? Let me offer 5 reasons why your house may not be selling, and some potential solutions to fix the problem.
1. NEEDING REPAIRS -
Today's buyers, some whom the real estate industry has dubbed "HGTV Buyers," want homes like the see on the cable shows. They "must have" updated bathrooms and upgraded kitchens, stainless steel packages, high tech laundry appliances, and of course they ...
Thursday, January 19, 2017 / by Ruben Vera, Broker Associate
What NOT to Do When Placing Your Home on the Market
Sunday, March 20, 2016 / by Ruben Vera, Broker Associate
Gorgeous 3BD/1.5BA end unit townhouse FOR SALE! Lots of upgrades, new granite kitchen counters, crown molding, wood laminate floors, all in desirable Indian Lakes Community. Property shows pride of ownership with freshly painted designer colors, cozy wood burning brick fireplace, spacious patio area. This wonderful community includes swimming pool, playgrounds, clubhouse, tennis, and more... near schools, shopping, restaurants, theater, and a host of Virginia Beach amenities! Call me for your private showing at 757-581-9058 or call my office at 757-466-1009 and ask about MLS#1611647.