When Will Home Prices Go Up?

When will home prices go up?

This is the main question asked by homeowners who purchased their home several years ago and have sadly watched their equity reduce, or even worse, completely disappear.  Others are now in a negative equity position, owing more than their home is worth.

Most of us are aware by now that interest rates are historically low, swarming buyers  are buying again, and most recently, there is a shortage of homes for sale. The main reason for the shortage is that  homeowners who don't have to sell, are sitting on the sidelines waiting for prices to go up. In addition, banks have dramatically slowed down their foreclosure process due to the robo-signing scandal.

So it seems that with the low rates, shortage of homes and "willing and able" buyers, that prices would begin to rise.  I believe that they will but probably not within the time frame that some homeowners would like

For the next year, we will continue to see foreclosures come on the market as they are gradually released by the banks.  There will not  be a  huge release of foreclosures called "shadow inventory" . That is a term used to frighten people and is simply unfounded.

Some pockets of the market are already beginning to see a slight rise in prices, but it will be a year or so before it will be enough to get excited about.

Remember, if you sell low now and are planning to purchase another home anyway, you get to buy your new home at a bargain price too!  Watch for future articles on how you can actually improve your equity position immediately ifyou are purchasing a higher value home.  If you can't wait, call me to discuss your personal situation.  I always enjoy hearing from you!

Nancy Puder is the broker and owner of SignatureProperties, a prestigious real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415

Buyers Compete in Today's Market

Today's housing market has surpised many buyers who may have been waiting for home prices to hit bottom.  For example, they may have heard that the market is turning around, and so they are becoming more active in their home search.   They finally find a property that suits their needs and then make what they consider a reasonable offer.  Excited to have their offer presented to the seller, they are dismayed to hear that there other offers  on the same property that have all come in within the past 24 hours!

Buyers need to know that an increasingly  popular listing strategy  is to price the house low in order to create a "multiple offer" situation.  The agent presents all of the offers and the seller chooses the "best" one. The  rest of the offers are then rejected.  In a few multiple offer situations, all buyers receive a counter offer, providing an opportunity for the buyer to come in higher or with better terms. Buyers should not expect this will be the case with every home they bid on though because they often find that the seller is not interested in negoitating with them if they have a better offer.

To know more about how to get your offer accepted once you find the right home, watch for future articles or give me a call anytime to discuss your particular situation.  I always enjoy hearing from you!

Nancy Puder is the broker and owner of SignatureProperties, a prestigious real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415

Driveways & Walkways Make First Impression

Once you have decided to sell your home, be sure to create a positive first impression.  Most sellers realize how important it is to make sure their home’s interior is up to par, but it’s just as important to make sure the exterior is in good shape. If you’re in the process of getting ready to list your home, be sure that your driveway and walkway aren’t overlooked. Paying attention to these areas will not only provide prospective buyers with a positive first impression, it will also help reel in interested buyers.

A well-maintained  driveway  and path to the front door adds curb appeal to your house. It’s the first impression of your home that people see and it should look as good as it can.

Once a potential buyer leaves their car to head to the front door, the walkway begins to play an important role. That’s why it’s vital to make sure both the driveway and walkway are looking their best.

I recommend that you do a thorough inspection of both the driveway and walkway and repair any cracks that you see. If you have the time and money, you may want to consider getting the driveway repaved as this will go a long way toward creating a positive first impression. Cracks in the walkway should be repaired with concrete paint. This can usually be done in a few hours and is a relatively inexpensive fix.

In addition to making repairs, make sure there are no toys,  leaves or gardening equipment blocking someone’s path to the front door. Potential buyers shouldn’t have to maneuver through an obstacle course to reach the front door. Driveways should also be free of clutter and debris.

Once the walkway is clear, make sure that no grass or weeds are growing in the cracks. Spend the time necessary to create a perfect walk to the entrance of your home.

Nancy Puder is the broker and owner of SignatureProperties, a prestigious real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415