Is It Safe to Sell Now?

Is it Safe to Sell Now?

Yes, it is safe to sell now and the market is definitely improving!  Most homes that are listed for sale on the Central Coast are being sold, contrary to what you may be hearing from other sources.

The inventory of homes currently for sale is low and we are frequently experiencing multiple offer situations.  Sellers are no longer having to compete to the same degree with foreclosures as they have had to over the past few years.  One reason is that many buyers are tired of looking at distressed properties that are in disgusting condition, while searching for the best deal.

In addition, more sellers are abandoning the notion that property prices will return to where they were anytime soon and the ones that are pricing their homes at current market value are selling.

You can be sure that we will continue to see foreclosures and short sales over the next year or so, but regular sales are definitely on the rise.  One word of advice is to be sure to get your home priced right the first time.  If you wait too long to price it right, you will probably end up getting less later as buyers will often slash the price of their offers if they feel it has been on the market too long.

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA.  You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: www.SignatureProperties1.com. We always enjoy hearing from you!

Freddie Mac Reports a Market Revival

Spring is finally here!

If we take the time to look, we see signs everywhere that represent a new beginning and hope of things to come. Whether we are experiencing it in our gardens or just driving along our beautiful Coast, we see signs of life appearing everywhere. I think it's timely, that now we are seeing the green sprouts of recovery in our housing market.

A major player in the finance world, Freddie Mac, released a report in March that shows signs the housing market is awakening from its depression-like condition of the past few years and beginning to slowly make a recovery. The report also showed that stronger economic growth this
year should translate into a reduction in the unemployment rate to below 8.3
percent.

This is great news whether you are in the housing market or not. You won't have to look hard,
though, to find someone who will contradict this important information. I call them the "yes, but" people. They are the ones who will always find a reason not to have hope. Spring has sprung! Enjoy the season and it's promise of all things new.

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA. Nancy is endorsed as a trusted Realtor by Dave Ramsey, well known speaker and author. You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: www.SignatureProperties1.com. We always enjoy hearing from you.

Sales Up Foreclosures Down

The past two months of home sales are at the highest levels in 5 years if you don't count the temporary spikes we had when the government was offering tax incentives in 2009 and 2010.
I find it interesting to see that vacation home sales have surged along with investment sales. In close to half of these sales, buyers have paid with all cash. Foreclosure sales are finally down a bit, and all signs are indicating that the housing economy is on the move to recovery. The report from NAR on vacation home sales is good news for homeowners on the Central Coast. I think we all know that many vacation home buyers will seek to buy in our area as it is still one of the most
beautiful areas in the world to live. Savvy investors are snatching up the most competitively priced homes, causing a bit of a buying frenzy in certain price ranges.

How this will affect your particular situation? If you are thinking about buying, you should realize that the deals are disappearing fast. When you find the home you want, don't be surprised if there are several offers on it at the same time. Be prepared to possibly pay over the asking price if it is priced particularly low. This has become a common scenario.

If you are selling your home, be encouraged because if sales remain strong, you will have a much better chance of getting your price this year, than last year. With foreclosure activity finally easing a bit, hopefully, we will see more regular sales, therefore making the playing field a little more even and "fair" for the average seller. My advice is to contact a professional to determine what your property would sell for in today 's market and be sure to ask them what your net
proceeds will be after the costs of sale.

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA. Nancy is endorsed as a trusted Realtor by Dave Ramsey, well known speaker and author. You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: http://www.signatureproperties1.com/. We always enjoy hearing from you!

Remodels That Decrease Value

It is true that your home is your castle and you can do whatever you like to it to make it perfect for you. Don't be surprised, however, when you go to sell, if buyers don't feel the same passion for your home that you do. Some of the most common remodeling that will either deter most buyers are:

Swimming pools - In the beach areas of of the central coast of California, for instance, most buyers are not looking for a pool since the climate is so mild. Most buyers purchasing along the coast from Ventura to SLO consider a pool costly to maintain and unnecessary. Drive 25 miles north, and it is considered an asset because the average air temperature rises significantly. Converted Garages - Yes, your idea of a conversion to a man-cave or pool room is very cool and may provide you with much enjoyment, but when it comes to sell, most buyers, although admiring what you have done of course, will opt out and buy a home that has a regular garage where they canpark their cars and store their items. Designer colors - You deserve to express your lifestyle in anyway you want inside your home. I have seen some beautiful color combinations and then some that would only be considered beautiful to the present homeowner. Keep in mind that when it is time to sell, it is quite possible that the average buyer is going to factor in the cost of repainting. That factoring usually translates into 3-4 times more than it would cost for you to paint with a neutral color scheme before putting your home on the market.

Landscaping - Too little and too much can work against you when it comes time to sell. It really takes very little to make your landscaping appealing. If you are unsure in this area, pay a few extra dollars to have someone come in who has a creative eye and who will respect your budget. It can make a huge impact on how quickly you sell and also your sales price. Having too much landscaping can also deter buyers. I have been in many homes where the seller spends hours each week in the garden in addition to the gardener who does the mowing and trimming. Yes, the home is lovely, but you may be disappointed when buyers visit your home and gasp with delight, but never make an offer. Many buyers are intimidated by the potential upkeep and translate it into a virtual wasteland in their minds. Many buyers don't have the time, know-how or desire to spend the energy necessary to keep it up.

My advice before you spend thousands of dollars on a remodel is to consult with a real estate professional and get some sound advice. Remember, it is your home and you can and should make it as wonderful for you as you want. Just be sure to factor in how your remodel may affect the sales price when selling.

Nancy Puder is the owner and broker of Signature Properties, a distinguished real estate firm on the Central Coast of California. You may contact her at (805)710-2415 or email Nancy@NancyPuder.com

Buy Now...Mortgage Fees Go Up in April

Buyers are purchasing now to beat the April deadline for increased mortgage fees on Fannie Mae and Freddie Mac backed loans. Currently 90% of new home loans are guaranteed by these two government controlled mortgage buyers.

Although interest rates will remain low for some time according to the latest reports, sometimes the fees can make a big difference in the amount of cash required to close an escrow. My recommendation is that if you are on the fence, this is a good time to jump off and do something now.

My observation and comments about the real estate market gradually turning around was confirmed this week as information released by NAR showed that home sales rose 2% in January of this year. This means that the number of signed contracts in January is the highest it has been in 2 years. Although this recovery is and will continue to be slow, I think we can all agree that it is nice to be pointing in the right direction at last.

Activity in our local CA Central Coast market is already showing a shortage of lower priced homes with many properties receiving 5 or 6 offers on the same day. Buyers who thought they were making s good offer are losing out on the deals because someone else is coming along and making a better offer, often at the asking price and sometimes even higher when a bidding war breaks out. Yes, techically, it is still a buyer's market, however, we can't ignore the facts. This type of situation is typical before prices begin to rise upward.

The truth is that If the property is priced right and marketed properly, it is going to sell in today's market. Don't let anyone tell you that nothing is selling because that is simply not true. My advice is to get your information from a good reliable source and don't depend on the opinion of your neighbor, fellow worker and especially the news channels to make your most important financial decisions. I know that sounds elementary, but that is exactly what I find most people do.

I have found that thr biggest enemy of success is fear of risk and ultimately failure. Don't let the fear monster hold you back! Knowledge is power and you may be surprised that when you connect with a true professional and get good sound advice and create a plan, how easy it becomes to fulfill your dreams and accomplish your goals.

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA. You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: http://www.signatureproperties1.com/. We always enjoy hearing from you!

Own a Home Pay Less Taxes

It's that time of year again, and most of us are diligently trying to come up with as many legal deductions as we can so that we owe less to Uncle Sam and can keep more in our own pockets.

The mortgage Interest deduction continues to be the "number one" largest deduction that a homeowner can enjoy and is happily reminded of at this time of year. Still in place, this deduction can be applied against thousands of dollars of income and you get to enjoy the benefit of owning your own home instead of forking over the money to Uncle Sam each year.

If you are still renting, you are paying your landlord's mortgage so why not consider putting this opportunity to work for you instead. This is often easier than you think and yes, the banks are making loans, contrary to what you may have heard!

Amazingly, some are waiting for property prices to fall even further and are so focused on getting the lowest price, that they are missing out on a great opportunity now. Today is the best day to buy, not tomorrow or next year. Home prices have not been this low for over 10 years! Interest rates are unbelievably low. This period is called OPPORTUNITY and is a period that is allowing many to enter the door of homeownership that were shut out before because prices were so far out of their reach. Haven't we always been taught that when opportunity knocks, open the door?

Don't be fooled into thinking that this current housing situation will last forever. If you look at the historical graphs of the increases and decreases of home values, you will see that we are right on course. A lot of what we hear on the news, including the internet, is either incomplete or inaccurate.

Owning your own home is still the American dream and over 80% of Americans still feel that way. My advice to you is to never give up on your dreams and find out today if you are in a position to buy a home. If you aren't quite ready now, a good Realtor or mortgage lender can evaluate your current situation and put you on track to possibly buy a home by this time next year!

Talk to your tax advisor and ask them how homeownership will save you money. Since I am not a tax professional, I cannot give you tax advice, but as a Realtor for over 30 years and a homeowner myself, I can confidently assure you that this is something that you should get proactive on right now!

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA. You may reach her at 805.710.2415 or email Nancy@NancyPuder.com. Website: http://www.signatureproperties1.com/. We always enjoy hearing from you!

Looking out for Landlords

Looking out for Landlords

Whether you are a new landlord or have held this title for a long time, there are some important tips that can help make the management of your properties simple and profitable.

The number one thing that seasoned landlords understand is that time is money. For instance, if the value on your rental unit is $1500 per month, that means that every single day it sits vacant, it is costing you $50 per day.

Now close your eyes and imagine yourself putting $50 cash into an envelope each day there is no occupant in your rental and then when it finally does rent, take all of those $50 bills and put them in the shredder. Sounds radical? Does 3 weeks not sound like a lot of time? Your thinking may change if you were going down to the bank and withdrawing $1000 in cash and then throwing it away!

The point is that if you are going to be a landlord, think smart. Once you know that you are going to have a vacancy, immediately begin your marketing plan to obtain a new tenant. I highly recommend that you visit the property the same week that you get the notice, so that you can determine any work that may need to be done prior to the next tenant moving in. This is also a good opportunity to make your tenant aware of damaged items that they will be charged for if not corrected prior to their move.

Schedule the work in advance beginning the day after the property is vacated. I cannot express this strongly enough. Allow the minimal amount of time possible to complete the work and move your new tenant in as quickly as possible. Don't forget to do a very thorough walkthrough, take pictures and give your tenants copies of the pictures along with the signed inspection. A word of caution..Do not give the keys to the tenant until you have completed this process!

Now, since I know that you have written an excellent rental contract after conducting a thorough background and credit check on your tenant, be sure to enforce timely rental payments and make any necessary repairs that come up immediately. Since you have found a great tenant, treat them well as long as they are holding up their end of the agreement. A great tenant will typically appreciate you and the property and you will often keep them for a long time and enjoy uninterrupted income.

For more information on how to choose a good tenant, tips on how to choose a great property manager, rules regarding security deposits and other matters concerning landlord issues, go to http:http://signatureproperties1.com/ or you can email Nancy@NancyPuder.com or call (805)710-2415. We always enjoy hearing from you!

Nancy Puder is the owner and broker of Signature Properties, a prestigious real estate sales and property management firm in Arroyo Grande, CA