East San Diego County Real Estate BlogRecently posted or modified blog posts in the category - Selling Your Homehttps://www.eastsandiegocounty.com/blog/Copyright EastSanDiegoCounty.com2024-03-01T11:02:54-07:00tag:eastsandiegocounty.com,2012-09-20:33213Selling As-Is: Pros and Cons for Sellers in San Diego 2024San Diego's real estate market is known for its competitiveness and diversity. No matter where you are in San Diego, selling a property can be both exciting and challenging. One question sellers often face when selling their home is whether or not they should sell “as-is.” Let's dive into the pros and cons of selling as-is in today’s San Diego housing market.
Understanding As-Is Sales
Selling a property as-is means offering it in its current condition without making any repairs or renovations. In California, including San Diego, sellers are legally required to disclose any known defects or issues with the property. This differs from traditional sales where sellers typically invest time and money into sprucing up their homes before listing.
Pros of Selling As-Is
One of the primary benefits of selling as-is is the flexibility it offers to sellers. By avoiding the need for repairs or upgrades, sellers can save both time and money. In a competitive market like San Diego, where buyers often seek move-in ready homes, selling as-is can attract investors and cash buyers who are willing to overlook cosmetic flaws for the sake of a quicker transaction.
Flexibility: Sellers have the flexibility to sell the property without making any repairs or renovations.
Time Savings: Selling as-is can save time, as there's no need to wait for repairs or updates to be completed before listing the property.
Cost Savings: Avoiding repairs and upgrades can save sellers money on renovation expenses.
Attracting Investors: As-is properties often attract investors and cash buyers who are willing to overlook cosmetic flaws for the sake of a quicker transaction.
Quicker Sale: In competitive markets, selling as-is can lead to a quicker sale due to the appeal to investors and buyers looking for fixer-upper opportunities.
Simplified Process: Selling as-is simplifies the selling process, as there's less negotiation over repairs or credits during the transaction.
Potential for Higher ROI: For sellers who are unable or unwilling to invest in repairs, selling as-is may still yield a higher return on investment compared to the cost of renovations.
Cons of Selling As-Is
However, selling as-is can also have its drawbacks. One significant concern is the potential for a lower sale price compared to properties that have been updated or renovated. Additionally, limiting the buyer pool to those willing to accept the property's current condition may result in longer listing times or difficulty finding the right buyer.
Lower Sale Price: As-is properties typically sell for less than homes that have been updated or renovated.
Limited Buyer Pool: Selling as-is may limit the buyer pool to those willing to accept the property's current condition, potentially prolonging the listing period.
Risk of Inspection Issues: Buyers conducting inspections may uncover issues with the property, leading to renegotiation or even deal termination.
Perception Challenges: Some buyers may perceive as-is properties as neglected or poorly maintained, impacting the property's marketability.
Potential Legal Liability: Sellers are still obligated to disclose known defects or issues with the property, which could lead to legal issues if not properly addressed.
Difficulty Securing Financing: Buyers using conventional financing may face challenges securing loans for as-is properties, as lenders may require certain repairs to be completed before approval.
Emotional Attachment: Sellers may find it difficult to part with their home in its current condition, especially if it holds sentimental value or requires significant repairs.
Selling As-Is in East County San Diego
In recent years, the San Diego real estate market has seen inventory shortages and rising home prices. The demand for as-is properties varies depending on factors such as location, demographics, and economic conditions.
In East County San Diego, selling as-is aligns well with the preferences of certain buyer demographics. Properties with acreage or unique features may appeal to buyers seeking a project or investment opportunity. However, sellers should be mindful of the potential challenges.
Strategies for Maximizing Your Success
To maximize success when selling your property in East County San Diego, sellers should first define their goals. Are you hoping for a preparation process without spending time on repairs? Are you hoping to maximize your profit? Consulting with an experienced real estate agent can be extremely helpful when deciding your goals.
If selling as-is, focus on highlighting the property's potential while being transparent about its current condition. Pricing strategies should be competitive, and reflective of the property's value in its current state. Marketing efforts should target investors, cash buyers, and individuals seeking renovation projects.
Conclusion
Selling as-is in the San Diego market, particularly in East County, can offer both advantages and challenges for sellers. By understanding the market dynamics, implementing effective strategies, and leveraging the property's unique features, sellers can navigate the process successfully and achieve their goals in today's competitive real estate landscape.
Ready to sell your house in San Diego? Contact Steven Rotsart, your local East County San Diego real estate agent. 2024-03-14T09:36:00-07:002024-03-01T11:02:54-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:21576What Sellers Need to Know in Today’s East County Housing MarketIf you’re thinking about <a href="https://www.simplifyingthemarket.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/?a=371365-96f38d4df44d5627725612a3244e4929" target="_blank" title="selling your house">selling your house</a> in La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County, you may have heard about the housing market slowing down in recent months. While it’s still a sellers’ market, the peak frenzy the market saw over the past two years has cooled some. If you’re asking yourself if you’ve missed your chance to sell your house and make a move, the good news is you haven’t – motivated buyers are still out there. But you do need to price your house right for today’s market. Here’s why.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" target="_blank" title="says">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
It’s true buyer demand has slowed over the past few months as higher mortgage rates made it more expensive to buy a home. The result is fewer <a href="https://www.simplifyingthemarket.com/2022/08/10/is-the-shifting-market-a-challenge-or-an-opportunity-for-homebuyers/?a=371365-96f38d4df44d5627725612a3244e4929" target="_blank" title="bidding wars">bidding wars</a> and less competition among buyers (see visual below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1661292634.jpg" width="1000" height="870" />
But don’t forget – that’s compared to the severely overheated market we saw over the past two years. According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-07-realtors-confidence-index-08-18-2022.pdf" target="_blank" title="Confidence Index">Confidence Index</a> from NAR:
“. . . 39% of homes sold above list price, down from 51% a month ago and 50% a year ago.”
While this is a slower pace than even one month ago, serious buyers are still actively in the market, and they’re buying homes that are priced right. In fact, the Confidence Index also notes the average home is selling in just 14 days.
If you’re aiming to sell your house, be sure you’re working with your agent to price it for today’s housing market. As buyer demand softens, it’s important to understand this isn’t the same market as last year. It’s not even the same market as just a few months ago. But it is still a <a href="https://www.simplifyingthemarket.com/2022/08/04/why-its-still-a-sellers-market/?a=371365-96f38d4df44d5627725612a3244e4929" target="_blank" title="sellers’ market">sellers’ market</a>.
If you’re ready to sell your house, seek the advice of a <a href="https://www.simplifyingthemarket.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/?a=371365-96f38d4df44d5627725612a3244e4929" target="_blank" title="real estate professional">real estate professional</a>. In some cases, you’ll need to adjust your expectations accordingly to meet the market where it is today. Selma Hepp, Interim Lead, Deputy Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights-august-2022/" target="_blank" title="explains">explains</a> what’s happening and what it means when you sell:
“Signs of a broader slowdown in the housing market are evident, . . . This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates. . . . Nevertheless, buyers still remain interested, which is keeping the market competitive — particularly for attractive homes that are properly priced.”
Bottom Line
While the housing market has cooled from its overheated frenzy, it’s still a sellers’ market. Let’s connect so you understand what’s happening with buyer demand and home prices in East County as you get ready to enter the market.2022-08-24T06:20:00-07:002023-12-04T10:28:03-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:21311Selling Your East County House? Your Asking Price Matters More Now Than EverThere’s no doubt about the fact that the <a href="https://www.mykcm.com/2022/07/28/a-real-estate-professional-helps-you-separate-fact-from-fiction/" title="housing market">housing market</a> is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling your house in East San Diego County?
While <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home prices">home prices</a> are still appreciating in most markets and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less <a href="https://www.mykcm.com/2022/07/26/a-window-of-opportunity-for-homebuyers/" title="buyer demand">buyer demand</a>. Because of this, there are <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="more homes">more homes</a> on the market. And in a shift like this one, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different
During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too.
Because we’re seeing less buyer demand, sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.
Why Pricing Your House at Market Value Matters
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com <a href="https://www.realtor.com/research/weekly-housing-trends-view-data-week-july-23-2022/" target="_blank" title="explains">explains</a> the impact that’s having:
“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. A <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="real estate advisor">real estate advisor</a> knows how to determine that perfect asking price. To find the right price, they balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly.
Why You Still Have an Opportunity When You Sell Today
Rest assured, it’s still a <a href="https://www.mykcm.com/2022/08/04/why-its-still-a-sellers-market/" title="sellers’ market">sellers’ market</a>, and you’ll still get great benefits if you plan accordingly and work with an agent to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/newsroom/existing-home-sales-slid-5-4-in-june" target="_blank" title="says">says</a>:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Mike Simonsen, the Founder and CEO of Altos Research, also <a href="https://www.housingwire.com/articles/mike-simonsen-inventory-is-climbing-is-the-supply-crisis-over/" target="_blank" title="notes">notes</a>:
“We can see that demand is still there for the homes that are priced properly.”
Bottom Line
Homes priced right are selling quickly in today’s real estate market. Let’s connect to make sure you price your house in La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.2022-08-10T06:19:00-07:002022-08-09T15:20:34-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:21283Why the Forbearance Program Changed the Housing MarketWhen the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of <a href="https://www.wsj.com/articles/many-who-lost-homes-to-foreclosure-in-last-decade-wont-return-nar-1429548640" target="_blank" title="foreclosures">foreclosures</a> similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.
Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and lenders to stay in their homes rather than go into foreclosure. Marina Walsh, Vice President of Industry Analysis at the Mortgage Bankers Association (MBA), <a href="https://www.mba.org/news-and-research/newsroom/news/2022/06/21/share-of-mortgage-loans-in-forbearance-decreases-to-085-in-may" target="_blank" title="notes">notes</a>:
“Most borrowers exiting forbearance are moving into either a loan modification, payment deferral, or a combination of the two workout options.”
As the graph below shows, with modification, deferral, and workout options in place, four out of every five homeowners in forbearance are either paid in full or are exiting with a plan. They’re able to stay in their homes.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1659996798.jpg" width="1000" height="870" />
What does this mean for the housing market?
Since so many people can stay in their homes and work out alternative options, there won’t be a wave of foreclosures coming to the market. And while rising slightly since the foreclosure moratorium was lifted this year, <a href="https://www.mykcm.com/2022/05/12/what-you-actually-need-to-know-about-the-number-of-foreclosures-in-todays-housing-market/" title="foreclosures">foreclosures</a> today are still nowhere near the levels seen in the housing crisis.
Forbearance wasn’t the only game changer, either. Lending <a href="https://www.mykcm.com/2022/06/01/why-home-loans-today-arent-what-they-were-in-the-past/" title="standards">standards</a> have improved significantly since the housing bubble burst, and that’s one more thing keeping foreclosure filings low. Today’s borrowers are much more qualified to pay their home loans.
And while the majority of homeowners are exiting the forbearance program with a plan, for those who still need to make a change due to financial hardship or other challenges, today’s record-level of <a href="https://www.mykcm.com/2022/07/08/why-growing-home-equity-is-great-news-if-you-plan-to-move-infographic/" title="equity">equity</a> is giving them the opportunity to sell their houses and avoid foreclosure altogether. Homeowners have options they just didn’t have in the housing crisis when so many people owed more on their mortgages than their homes were worth. Thanks to their equity and the current <a href="https://www.mykcm.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/" title="undersupply">undersupply</a> of homes on the market, homeowners can sell their houses, make a move, and not have to go through the foreclosure process that led to the housing market crash in 2008.
Thomas LaSalvia, Chief Economist with Moody’s Analytics, <a href="https://www.newsweek.com/housing-market-crash-could-see-values-homes-plummet-these-11-states-1720651" target="_blank" title="states">states</a>:
“There’s some excess savings out there, over 2 trillion worth. . . . There are people that have ownership of those homes right now, that even in a downturn, they’d still likely be able to pay that mortgage and won’t have to hand over keys. And there won’t be a lot of those distressed sales that happened in the 2008 crisis.”
Bottom Line
The forbearance program was a game changer for homeowners in need. It’s one of the big reasons why we won’t see a wave of foreclosures coming to the market. Let’s have a chat to know your options in making a move to La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County.2022-08-09T06:20:00-07:002022-08-08T15:22:22-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:21227Why It’s Still a Sellers’ MarketAs there’s more and more talk about the <a href="https://www.mykcm.com/2022/08/02/3-graphs-to-show-this-isnt-a-housing-bubble/" title="real estate market">real estate market</a> cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to <a href="https://www.mykcm.com/2022/07/18/wondering-where-youll-move-if-you-sell-your-house-today/" title="sell your house">sell your house</a>. If you’re thinking of making a move in East County, you should know the market is still anything but normal.
Even though the supply of <a href="https://www.mykcm.com/2022/06/17/more-listings-are-coming-onto-the-market-infographic/" title="homes for sale">homes for sale</a> has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of <a href="https://www.mykcm.com/2022/07/22/great-news-about-housing-inventory-infographic/" title="inventory">inventory</a> of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this:
A buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their house.
In a sellers’ market, it’s just the opposite. There are too few homes available for the number of buyers in the market and that gives the seller all the leverage. In that situation, buyers will do what they can to compete for the limited number of homes for sale.
A neutral market is when supply is balanced and there are enough homes to meet buyer demand at the current sales pace.
And for the past two years, we’ve been in a red-hot sellers’ market because inventory has been near record lows. The blue section of this graph <a href="https://www.nar.realtor/topics/existing-home-sales" target="_blank" title="highlights">highlights</a> just how far below a neutral market inventory still is today.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1659651575.jpg" width="960" height="840" />
What Does This Mean for You?
Ed Pinto, Director of the American Enterprise Institute’s Housing Center, gives a perfect summary of what’s happening in today’s market, <a href="https://fortune.com/2022/06/26/housing-market-outlook-prices-appreciation/" target="_blank" title="saying">saying</a>:
“Overall, the best summary is that we’ll move from a gangbuster sellers’ market to a modest sellers’ market.”
Conditions are still in your favor even though the market is cooling. If you work with an agent to price your house at market value, you’ll find success when you <a href="https://www.mykcm.com/2022/06/30/if-youre-selling-your-house-this-summer-hiring-a-pro-is-critical/" title="sell your house">sell your house</a> today. While buyer demand is softening due to higher mortgage rates, homes that are <a href="https://www.mykcm.com/2022/06/06/why-you-need-an-expert-to-determine-the-right-price-for-your-house/" title="priced right">priced right</a> are still selling fast. That means your window of opportunity to list your house hasn’t closed.
Bottom Line
Today’s housing market still favors sellers. If you’re ready to sell your house in La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County, let’s connect so you can start making your moves.2022-08-05T06:39:00-07:002022-08-04T15:45:48-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:20607How Your Equity Can Grow over TimeIt’s true that record levels of <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation" title="home price appreciation">home price appreciation</a> have spurred significant <a href="https://www.mykcm.com/2022/06/21/the-average-homeowner-gained-64k-in-equity-over-the-past-year/" title="equity gains">equity gains</a> for homeowners over the past few years. As Diana Olick, Real Estate Correspondent at CNBC, <a href="https://www.cnbc.com/2022/02/03/housing-wealth-is-setting-new-records-for-both-owners-and-sellers.html#:~:text=The%20stunning%20jump%20in%20home,in%202020%2C%20according%20to%20CoreLogic" target="_blank" title="says">says</a>:
“The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth.”
That’s great for your home’s value over the last couple of years, but what if you’ve lived in your home for longer than that? You may be wondering how much equity you truly have.
The National Association of Realtors (NAR) has done <a href="https://www.nar.realtor/blogs/economists-outlook/metro-wealth-reports-as-of-2022-q1" target="_blank" title="a study">a study</a> to calculate the typical equity gains over longer spans of time. The data they compiled could be enough to motivate you to move. Just remember, to find out how much equity you have in your specific home, you’ll want to get a professional equity assessment from a trusted real estate advisor.
How Your Equity Grows
Let’s start by establishing how you build equity in your home. While price appreciation is clearly a factor that can help boost your equity, you also build equity over time as you pay down your <a href="https://www.mykcm.com/2022/06/22/things-to-avoid-after-applying-for-a-home-loan/" title="home loan">home loan</a>. NAR <a href="https://www.nar.realtor/research-and-statistics/research-reports/metro-area-housing-wealth-gains" target="_blank" title="explains">explains</a>:
“Home equity gains are built up through price appreciation and by paying off the mortgage through principal payments.”
Average Equity Growth over Time
The study from NAR breaks down the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-q1-metro-area-housing-wealth-gains-05-24-2022.pdf" target="_blank" title="typical equity gain">typical equity gain</a> over time (see graph below). It calculates the equity a homeowner potentially gained if they purchased the median-priced home 5, 10, or 30 years ago and still own it today.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1657146058.jpg" width="1000" height="870" />
These six-figure numbers are impressive and certainly enough to help you fuel a move into your next home, but they’re not a promised amount. Remember, your own equity gain will be different. It depends on how long you’ve been in the house, your home’s condition, any upgrades you’ve made, your area, and much more.
If you want to find out how much equity you have, partner with a trusted real estate professional for an equity assessment on your home. I can provide you an expert opinion on what your house is worth today and how the equity you’ve gained over time can help you when you purchase your next home. It may be some (if not all) of what you need for your next down payment.
Bottom Line
If you’re thinking about <a href="https://www.mykcm.com/2022/06/15/a-majority-of-consumers-say-its-a-good-time-to-sell-your-house/" title="selling your house">selling your house</a> and making a move in La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County, home equity can be a real game-changer, especially if you’ve been in your current home for a while. If you’re ready to find out how much equity you have, let’s connect.2022-07-07T06:31:00-07:002022-07-06T15:33:15-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:20485If You’re Selling Your East County House This Summer, Hiring a Pro Is CriticalIt can be tempting, especially with how hot the housing market has been over the past two years, to consider <a href="https://www.mykcm.com/2022/06/15/a-majority-of-consumers-say-its-a-good-time-to-sell-your-house/" title="selling your home">selling your home</a> on your own. But today’s market is at a <a href="https://www.mykcm.com/2022/06/14/is-the-housing-market-correcting/" title="turning point">turning point</a>, making it more essential than ever to work with a real estate professional.
Not only will a trusted real estate advisor keep you updated and help you make the best decisions based on current <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="market trends">market trends</a>, but they’re also experts in managing the many aspects of selling your house.
Here are five key reasons why working with a real estate professional makes sense today.
1. A Professional Follows the Latest Market Trends
With higher <a href="https://www.mykcm.com/2022/05/17/why-rising-mortgage-rates-push-buyers-off-the-fence/" title="mortgage rates">mortgage rates</a>, rising <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="home prices">home prices</a>, and a growing number of <a href="https://www.mykcm.com/2022/06/07/why-the-growing-number-of-homes-for-sale-is-good-for-your-move-up/" title="homes for sale">homes for sale</a>, today’s housing market is showing signs of a shift back toward more pre-pandemic levels. When conditions change, following the trends and staying on top of new information is crucial when you sell.
That makes working with an expert real estate advisor critical today. They know your local area and follow national trends too. More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to help you navigate it and make your <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="best decision">best decision</a>.
2. A Professional Helps Maximize Your Pool of Buyers
Your agent’s role in bringing in buyers is important. Real estate professionals have a large variety of tools at their disposal, such as social media followers, agency resources, and the Multiple Listing Service (MLS) to ensure your house is viewed by the most buyers. Investopedia <a href="https://www.investopedia.com/articles/personal-finance/071514/8-reasons-not-sell-your-home-without-agent.asp#toc-4-agents-access-large-networks" target="_blank" title="explains">explains</a> why it’s risky to sell on your own without the network an agent provides:
“You don’t have relationships with clients, other agents, or a real estate agency to bring the largest pool of potential buyers to your home. A smaller pool of potential buyers means less demand for your property, which can translate into waiting longer to sell your home and possibly not getting as much money as your house is worth.”
3. A Professional Understands the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. The National Association of Realtors (NAR) explains it best, <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" target="_blank" title="saying">saying</a>:
“Selling a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. . . . Also, there’s a lot of jargon involved in a real estate transaction; you want to work with a professional who can speak the language.”
A real estate professional knows exactly what needs to happen, what all the paperwork means, and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.
4. A Professional Is a Trained Negotiator
If you sell without a professional, you’ll also be solely responsible for all the negotiations. That means you’ll have to coordinate with:
The buyer, who wants the best deal possible
The buyer’s agent, who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer and will almost always find concerns with the house
The appraiser, who assesses the property’s value to protect the lender
Instead of going toe-to-toe with all these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.
5. A Professional Knows How to Set the Right Price for Your House
If you sell your house on your own, you may over or undershoot your asking price. That could mean you’ll leave money on the table because you priced it too low or your house will sit on the market because you priced it too high. <a href="https://www.mykcm.com/2022/06/06/why-you-need-an-expert-to-determine-the-right-price-for-your-house/" title="Pricing a house">Pricing a house</a> requires expertise. NAR <a href="https://magazine.realtor/sales-and-marketing/handouts-for-customers/for-sellers/8-reasons-to-work-with-a-realtor" target="_blank" title="explains">explains</a> it like this:
“A great real estate agent will look at your home with an unbiased eye, providing you with the information you need to enhance marketability and maximize price.”
Real estate professionals know the ins and outs of how to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your home. These steps are key to making sure it’s set to move quickly while still getting you the highest possible final <a href="https://www.mykcm.com/2022/06/24/why-an-agent-is-essential-when-pricing-your-house-infographic" title="sale price">sale price</a>.
Bottom Line
Whether it’s following local and national trends and guiding you through a shifting market or pricing your house right, a real estate agent has essential insights you’ll want to rely on throughout the transaction. Don’t go at it alone. If you plan to sell your house in La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County, let’s connect so you have an expert on your side.2022-07-01T06:28:00-07:002022-06-30T15:29:46-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:20376Why an Agent Is Essential When Pricing Your East County House<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1656110688.jpg" />
When it comes to <a href="https://www.nar.realtor/determining-asking-price%E2%80%8B" target="_blank" title="pricing your house">pricing your house</a>, there’s a lot to consider. The only way to ensure you price it right is by partnering with a trusted real estate professional.
To find the best price, I will balance current market demand, the values of homes in your neighborhood, where prices are headed, and your home’s condition.
Don’t pick just any price for your house. If you’re ready to sell in La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County, let’s connect to find the perfect price for your house.2022-06-25T06:59:00-07:002022-06-24T16:01:03-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:20299The Average Californian Homeowner Gained $141K in Equity over the Past YearIf you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home <a href="https://www.mykcm.com/2022/06/16/home-price-deceleration-doesnt-mean-home-price-depreciation/" title="price appreciation">price appreciation</a>, you’re building that equity far faster than you may expect – here’s how it works.
Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="today’s market">today’s market</a> because it’s in high demand. As Patrick Dodd, President and CEO of CoreLogic, <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="explains">explains</a>:
“Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”
Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="Homeowner Equity Insights">Homeowner Equity Insights</a> from CoreLogic, the average homeowner’s equity has grown by $64,000 over the last 12 months.
Using the data from CoreLogic, below map shows the state of California’s average year-over-year equity growth.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1655849121.jpg" width="1000" height="870" />
The Opportunity Your Rising Home Equity Provides
In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. When you sell your current house, the equity you built up comes back to you in the sale. In a market where homeowners are gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your <a href="https://www.mykcm.com/2022/06/07/why-the-growing-number-of-homes-for-sale-is-good-for-your-move-up/" title="next home">next home</a>.
So, if you’ve been holding off on <a href="https://www.mykcm.com/2022/05/16/if-youre-a-homeowner-you-have-incredible-leverage-when-you-sell-today/" title="selling">selling</a> or you’re worried about being priced out of your next home because of today’s ongoing home price appreciation, rest assured your equity can help fuel <a href="https://www.mykcm.com/2022/05/27/bright-days-are-ahead-when-you-move-up-this-summer-infographic/" title="your move">your move</a>.
Bottom Line
If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase in La Mesa, El Cajon, Alpine, Descanso, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County, let’s connect so you can get a professional equity assessment report on your house.2022-06-22T06:23:00-07:002022-06-21T15:26:34-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:20187A Majority of Consumers Say It’s a Good Time to Sell Your HouseIf you’re a homeowner thinking about selling your house in East County, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your <a href="https://www.mykcm.com/2022/05/27/bright-days-are-ahead-when-you-move-up-this-summer-infographic/" title="changing needs">changing needs</a>, where you’ll go when you sell, and today’s <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="mortgage rates">mortgage rates</a> in order to time it just right.
According to recent data, that sweet spot could already be here. The latest Home Purchase Sentiment Index (HPSI) by Fannie Mae finds that 76% of consumers believe now is a <a href="https://www.fanniemae.com/research-and-insights/surveys/national-housing-survey" target="_blank" title="good time to sell">good time to sell</a>.
The graph below shows the percentage of survey respondents who say it’s a good time to sell a house. The big dip in March and April of 2020 reflects how consumer sentiment dropped at the beginning of the pandemic as uncertainty about the health crisis grew. Since then, the percentage has grown consistently as more people feel confident it’s a good time to sell.
In fact, survey respondents think it’s an even better time to sell a house today than they did in 2019, which was a strong year for the housing market. The latest survey results indicate one of the strongest peaks in seller sentiment in nearly three years (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1655330878.jpg" />
What Makes Today a Good Time to Sell?
One reason so many people think it’s a good time to sell is because there are still more buyers in today’s market than there are homes for sale. That’s driving <a href="https://www.mykcm.com/2022/05/24/sellers-have-an-opportunity-with-todays-home-prices/" title="home prices">home prices</a> up, making it a good time to sell your house.
And if you’re on the fence about whether or not to sell because you don’t know where you’ll go once you do, know that you might have more options today than in previous months. That’s because the <a href="https://www.mykcm.com/2022/06/07/why-the-growing-number-of-homes-for-sale-is-good-for-your-move-up/" title="number of homes">number of homes</a> coming onto the market has grown each month since the start of the year. When more homes come onto the market, it gives you more opportunities to find one that meets your changing needs.
Bottom Line
While the number of homes available for sale is growing and giving you more options for your move, inventory is still low overall. That could mean it’s a great time for you to sell. If you’re ready to address your changing needs and take advantage of today’s favorable conditions in La Mesa, El Cajon, Alpine, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County, let’s connect.2022-06-16T06:23:00-07:002022-06-15T15:27:25-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:20093Luxury Homes Are in High DemandAs people realize their needs are changing, some are turning to luxury housing to find their dream home. Investopedia helps define what pushes a home into this category. In a <a href="https://www.investopedia.com/articles/personal-finance/092414/investing-luxury-real-estate.asp" target="_blank" title="recent article">recent article</a>, they point out that a luxury home isn’t only defined by its price. Location is also an important factor. It could be a condo at a desirable city address, a spacious home on the water, or one with access to luxury activities like arts and entertainment, high-end shopping and dining, and more. The home itself will also boast some of the finest features available.
According to the <a href="https://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica.pdf" target="_blank" title="Luxury Market Report">Luxury Market Report</a> from the Institute for Luxury Home Marketing, there’s been a substantial increase in how many buyers are purchasing luxury homes over the past two years. It says:
“. . . North America recorded the fastest growth of demand during the first year of the pandemic. Also, demand has . . . consistently increased, and even in April 2022, we saw a higher volume of sales compared to 2021.”
If you own a luxury home in East San Diego County, it could be a great time to <a href="https://www.mykcm.com/2022/05/04/your-house-could-be-closer-to-list-ready-than-you-think/" title="list your house">list your house</a> today while demand is so high. But first, let’s understand where the demand is coming from.
What’s Driving the Heightened Buyer Demand for High-End Homes?
The same report says more people have reached a certain net-worth threshold, and that’s contributing to the increased interest in luxury housing:
“In 2020, we saw a 2.2% growth in the number of individuals with wealth of over $5 million in net value, but in 2021 that number grew by an outstanding 19.8%.
This total increase has resulted in the introduction of over 660,000 new individuals into the high net-worth bracket, which, combined with the existing affluent looking to both diversify and add new properties to their portfolio, provides a true insight into why the demand for luxury properties skyrocketed during 2021 and into 2022.”
So, if you’re looking to make changes to your real estate portfolio or are <a href="https://www.mykcm.com/2022/05/16/if-youre-a-homeowner-you-have-incredible-leverage-when-you-sell-today/" title="looking to sell">looking to sell</a> your current house in in La Mesa, El Cajon, Alpine, Santee, Lakeside, Lemon Grove or Spring Valley, it may be a <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="great time to list">great time to list</a> and benefit from the high demand for luxury homes today.
Bottom Line
If you own a luxury home and want to know how strong demand is in East County, let’s connect so you can capitalize on current market conditions while buyer demand for upscale homes is so high.2022-06-10T06:16:00-07:002022-06-09T15:17:28-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:20008Why the Growing Number of Homes for Sale Is Good for Your Move UpAre you thinking about selling your current home in East County? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The <a href="https://www.mykcm.com/2022/05/11/are-there-more-homes-coming-to-the-market/" title="number of homes">number of homes</a> coming onto the market is increasing and that could make it easier for you to move up this summer.
According to the <a href="https://www.realtor.com/research/data/" target="_blank" title="latest data">latest data</a> from realtor.com, the number of homes being listed for sale, known as new listings, has increased consistently this year (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1654639581.jpg" width="1000" height="870" />
While this news has clear benefits for buyers who are craving more options for their home search, what does that mean for current homeowners like you? It gives you two distinct opportunities in today’s <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="housing market">housing market</a>.
Opportunity #1: Take Advantage of More Options for Your Move Up
If your current house no longer meets your needs or lacks the space and features you want, this gives you even more opportunity to sell and <a href="https://www.mykcm.com/2022/05/27/bright-days-are-ahead-when-you-move-up-this-summer-infographic/" title="move up">move up</a> into the home of your dreams. As more options come to market, you’ll have more to choose from when you search for your next home.
Partnering with a local <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="real estate professional">real estate professional</a> can help make sure you see these listings as soon as they come onto the market. And when you do find the one, that professional can advise you on how to write a <a href="https://www.mykcm.com/2022/05/03/things-that-could-help-you-win-a-bidding-war-on-a-home/" title="winning offer">winning offer</a> to seal the deal.
Opportunity #2: Sell Before You Have More Competition
Just know that, in order to make sure <a href="https://www.mykcm.com/2022/05/16/if-youre-a-homeowner-you-have-incredible-leverage-when-you-sell-today/" title="your house shines">your house shines</a> above the rest, it may make sense to put your home up for sale before your neighbors do the same, creating more competition in your area. The increase in the number of homes being listed for sale is expected to continue, and a recent <a href="https://www.realtor.com/research/2022-spring-home-sellers/#anchor-11" target="_blank" title="study">study</a> from realtor.com says two-thirds of homeowners looking to sell say they’ll do so by August.
A real estate professional can advise you on what you need to tackle to get your house <a href="https://www.mykcm.com/2022/05/04/your-house-could-be-closer-to-list-ready-than-you-think/" title="ready to list">ready to list</a> so they can put that for sale sign up in your yard sooner rather than later. That’s because the process of getting a home <a href="https://www.realtor.com/research/2022-spring-home-sellers/#anchor-2" target="_blank" title="ready to sell">ready to sell</a> isn’t taking as long as you may think. As a result, you can capitalize on today’s <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="sellers’ market">sellers’ market</a> and get ahead of the competition.
Bottom Line
If you’re a current homeowner in La Mesa, El Cajon, Alpine, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego County looking to sell, let’s connect to begin the process. You have a unique opportunity to benefit from the additional homes being listed today and sell before your house has more competition.2022-06-08T06:14:00-07:002022-06-07T15:20:17-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19892Why You Need an Expert to Determine the Right Price for Your East San Diego HouseIf your lifestyle has changed recently and you’re ready to make a move in La Mesa, El Cajon, Jamul, Santee, Lakeside, Lemon Grove, Spring Valley or anywhere in East San Diego, taking advantage of today’s <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="sellers’ market">sellers’ market</a> might be just the answer for your <a href="https://www.mykcm.com/2022/05/27/bright-days-are-ahead-when-you-move-up-this-summer-infographic/" title="summer plans">summer plans</a>. With homes continuing to get <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-04-realtors-confidence-index-05-19-2022.pdf" target="_blank" title="multiple offers">multiple offers</a>, this could be your moment to get the contract you’re looking for on your East San Diego house if you’re ready to sell.
And here’s the thing – you need an expert on your side to ensure you make all the right moves when you do, especially when it comes to pricing your house. Even in this <a href="https://www.mykcm.com/2022/05/31/what-does-the-rest-of-the-year-hold-for-the-housing-market/" title="competitive market">competitive market</a>, you can’t stick just any price tag on your home and get the deal you want. A key piece of the puzzle is setting the right asking price so you can help buyers notice your home (and get excited about it) from the very first time they view the listing. That’s where a real estate professional comes in.
Why Pricing Your House Right Is Important
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, if you undervalue your house, you could leave money on the table which decreases your future buying power.
On the other hand, price it too high, and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see multiple offers, too. And if a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.
To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1654553551.jpg" width="1000" height="870" />
Lean on a Professional’s Expertise
There are several factors that go into pricing your house, and balancing them is the key. That’s why it’s important to lean on an expert <a href="https://www.mykcm.com/2022/05/23/work-with-a-real-estate-professional-if-you-want-the-best-advice/" title="real estate advisor">real estate advisor</a> when you’re ready to move. A local real estate advisor is knowledgeable about:
The value of homes in your neighborhood
The current demand for houses in today’s market
The condition of your house and how it affects the value
I will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.
Bottom Line
If you’re thinking about selling, pricing your house appropriately is key. Let’s connect to make sure your East San Diego house is priced right for the local market, for your home’s condition, and to stand out from the competition.2022-06-07T06:25:00-07:002022-06-06T15:28:33-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19630Sellers Have an Opportunity with Today’s Home PricesAs <a href="https://www.mykcm.com/2022/04/20/how-to-approach-rising-mortgage-rates-as-a-buyer/" title="mortgage rates">mortgage rates</a> started to rise this year, many homeowners began to wonder if the value of their homes would fall. Here’s the good news. Historically, when mortgage rates rise by a percentage point or more, home values continue to <a href="https://www.mykcm.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/" title="appreciate">appreciate</a>. The latest data on home prices seems to confirm that trend.
According to <a href="https://www.corelogic.com/intelligence/u-s-home-price-insights/" target="_blank" title="data">data</a> from CoreLogic, home price appreciation has been re-accelerating since November. The graph below shows this increase in home price appreciation in green:
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1653430334.jpg" width="960" height="840" />
This is largely due to an ongoing imbalance in <a href="https://www.mykcm.com/2022/04/14/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this/" title="supply and demand">supply and demand</a>. Specifically, <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="housing supply">housing supply</a> is still low, and demand is high. As mortgage rates started to rise this year, many homebuyers rushed to make their purchases before those rates could climb higher. The increased competition drove home prices up even more. Selma Hepp, Deputy Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/us-sp-corelogic-case-shiller-index-registers-new-high-up-19-8-in-february/" target="_blank" title="explains">explains</a>:
“Home price growth continued to gain speed in early spring, as eager buyers tried to get in front of the mortgage rate surge.”
And experts say prices are <a href="https://www.mykcm.com/2022/05/10/will-home-prices-fall-this-year-heres-what-experts-say/" title="forecast">forecast</a> to continue appreciating, just at a more moderate pace moving forward. A recent article from Fortune <a href="https://fortune.com/2022/04/27/how-likely-home-prices-decline-in-every-major-housing-market-corelogic/amp/" target="_blank" title="says">says</a>:
“. . . the swift move up in mortgage rates . . . doesn’t mean home prices are about to crash. In fact, every major real estate firm with a publicly released forecast model . . . still predicts home prices will climb further this year.”
What This Means for You
If you’re thinking about <a href="https://www.mykcm.com/2022/05/04/your-house-could-be-closer-to-list-ready-than-you-think/" title="selling your house">selling your house</a>, you should know you have a great opportunity to list your home and capitalize on today’s <a href="https://www.mykcm.com/2022/05/02/todays-home-price-appreciation-is-great-news-for-existing-homeowners/" title="home price appreciation">home price appreciation</a>. As prices rise, so does the value of your home, which gives your <a href="https://www.mykcm.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/" title="equity">equity</a> a big boost.
When you <a href="https://www.mykcm.com/2022/04/29/give-your-curb-appeal-a-boost-before-you-sell-infographic/" title="sell">sell</a>, you can use that <a href="https://www.mykcm.com/2022/03/21/the-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year/" title="equity">equity</a> toward the purchase of your next home. And at today’s record-level of appreciation, that equity may be enough to cover some (if not all) of your <a href="https://www.mykcm.com/2021/12/22/the-perks-of-putting-20-down-on-a-home/" title="down payment">down payment</a>.
Bottom Line
History shows rising mortgage rates have not had a negative impact on home prices. Now is still a great time to sell your East San Diego house thanks to ongoing price appreciation. When you’re ready to find out how much equity you have in your current home and what’s happening with home prices in La Mesa, El Cajon, Jamul, Santee, Lakeside, Lemon Grove or Spring Valley, let’s connect.2022-05-25T06:23:00-07:002022-05-24T15:25:55-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19431If You’re a Homeowner, You Have Incredible Leverage When You Sell TodayIn today’s <a href="https://www.mykcm.com/2022/05/06/2022-housing-market-forecast-infographic/" title="housing market">housing market</a>, homeowners have a great opportunity to sell their East San Diego house and receive the best terms for their personal situation. That’s because there’s a <a href="https://www.mykcm.com/2022/04/14/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this/" title="limited number">limited number</a> of homes for sale, which is creating competition among buyers. Right now, homebuyers want three things:
To be the <a href="https://www.mykcm.com/2022/03/10/how-to-navigate-a-market-where-multiple-offers-is-the-new-normal/" title="winning bid">winning bid</a> on their dream home
To buy before <a href="https://www.mykcm.com/2022/04/20/how-to-approach-rising-mortgage-rates-as-a-buyer/" title="mortgage rates">mortgage rates</a> rise more
To buy before <a href="https://www.mykcm.com/2022/05/02/todays-home-price-appreciation-is-great-news-for-existing-homeowners/" title="home prices">home prices</a> go even higher
These buyer needs give you an amazing advantage – also known as leverage – when you sell.
What Does This Mean for Sellers Today?
You might already realize this enables you to sell at a <a href="https://www.mykcm.com/2022/04/25/is-it-enough-to-offer-asking-price-in-todays-housing-market/" title="good price">good price</a>, but you’re also in a great position to get the best terms to suit your needs.
According to the latest <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-03-realtors-confidence-index-04-20-2022.pdf" target="_blank" title="Realtors Confidence Index">Realtors Confidence Index</a> from the National Association of Realtors (NAR), the average home sold is receiving 4.8 offers. That’s why there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, you should look closely at the terms of each offer to find out which one has the best options for you.
And if you have questions at any point in the process, remember your trusted <a href="https://www.mykcm.com/2022/04/12/why-a-real-estate-professional-is-key-when-selling-your-house/" title="real estate advisor">real estate advisor</a> can help. We’re experts who understand the fine print, know how to compare the terms of various offers, and will help you select the best one for your situation.
Bottom Line
If you’re thinking of selling your home in La Mesa, El Cajon, Jamul, Santee, Lakeside, Lemon Grove or Spring Valley, know buyer demand in today’s market gives you a great opportunity to get the best terms and price when you sell your house. Let’s connect today to discuss how much leverage you have as a seller in today’s market.2022-05-17T06:18:00-07:002022-05-16T15:54:25-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19410Should You Update Your East San Diego House Before Selling? Ask a Real Estate Professional.<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1652479830.jpg" width="1046" height="2250" />
If you’re deciding whether you should make <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-remodeling-impact-04-06-2022.pdf" target="_blank" title="updates">updates</a> before you sell your house, lean on your trusted real estate advisor to be <a href="https://www.mykcm.com/2022/05/04/your-house-could-be-closer-to-list-ready-than-you-think/" title="your guide">your guide</a>.
In today’s <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="sellers’ market">sellers’ market</a>, buyers have <a href="https://www.mykcm.com/2022/04/14/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this/" title="limited options">limited options</a> and may be more willing to take on repairs <a href="https://myhome.freddiemac.com/blog/homeownership/breathing-new-life-old-buying-fixer-upper-and-distressed-homes" target="_blank" title="themselves">themselves</a>.
If you’re thinking about selling your East San Diego house, let’s connect so you have <a href="https://www.mykcm.com/2022/04/29/give-your-curb-appeal-a-boost-before-you-sell-infographic/" title="expert advice">expert advice</a> that’s customized to your home and our local area.2022-05-14T06:18:00-07:002022-05-13T15:28:10-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19181Your East San Diego House Could Be Closer to List-Ready Than You ThinkOne of the biggest concerns for a homeowner looking to sell is the time they’ll have to put in before listing their house. If that’s the case for you, you should know – your home might be closer to list-ready than you think in today’s housing market. A <a href="https://www.realtor.com/research/2022-spring-home-sellers/" target="_blank" title="survey">survey</a> of recent sellers from realtor.com finds that many were able to get their house ready in less than a month. It says:
“With many homeowners expecting a quick sale, and in many cases a lack of contingencies, the preparation process took less than a month for over 50% of home sellers this past year, with 20% completing it in less than two weeks.”
Those sellers expecting to sell quickly are following recent <a href="https://www.mykcm.com/2022/04/28/what-you-need-to-know-about-selling-in-a-sellers-market/" title="buyer trends">buyer trends</a>. With <a href="https://www.mykcm.com/2022/04/13/where-are-mortgage-rates-headed/" title="mortgage rates">mortgage rates</a> and <a href="https://www.mykcm.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/" title="home prices">home prices</a> rising, buyers in today’s market are serious about finding a home quickly. But with the limited number of homes for sale, there are very few <a href="https://www.mykcm.com/2022/04/01/its-still-a-sellers-market-infographic/" title="options">options</a> for those buyers to choose from. That means many may be willing to take on projects after they purchase.
Because of this, you may be able to focus on less time-consuming tasks before putting your house on the market. According to the survey mentioned above, some of the top things recent sellers completed before listing over the past year include <a href="https://www.mykcm.com/2022/04/29/give-your-curb-appeal-a-boost-before-you-sell-infographic/" title="landscaping">landscaping</a>, making minor cosmetic updates, and touching-up paint (see image below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1651702169.jpg" width="1000" height="870" />
A Real Estate Advisor Will Help Streamline the Process and Keep You Focused
Of course, each situation is different, and knowing what repairs or updates your house needs to stand out in your local area is critical. That’s where a trusted <a href="https://www.mykcm.com/2022/04/12/why-a-real-estate-professional-is-key-when-selling-your-house/" title="real estate professional">real estate professional</a> comes in. In a recent article, <a href="https://time.com/nextadvisor/mortgages/mortgage-news/sping-2022-housing-market-predictions/" target="_blank" title="NextAdvisor">NextAdvisor</a> explains:
“. . . Real estate can be hyper-local, and demand can vary from one neighborhood to the next. It’s a good idea to work with a local real estate professional to determine an ideal listing price and if any improvements or repairs need to be completed before putting your home on the market.”
I, as your trusted real estate advisor know the ins and outs of the market in La Mesa, El Cajon, Jamul, Santee, Lakeside, Lemon Grove or Spring Valley. I’ll help you identify the places where you should and shouldn’t spend your time and money – and that can enable you to list quickly.
Bottom Line
If you’re ready to take advantage of the incredible conditions for sellers in today’s real estate market but are worried about the time it’ll take to get your home ready, you might be closer than you think. Let’s connect so you can see what you need to do before listing your East San Diego house today.2022-05-05T06:25:00-07:002022-05-04T15:27:34-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19131Today’s Home Price Appreciation Is Great News for Existing HomeownersIf you’re planning to <a href="https://www.mykcm.com/2022/03/14/this-spring-presents-sellers-with-a-golden-opportunity/" title="sell your home">sell your home</a> this season, rising prices are great news for you. But it’s important to understand why <a href="https://www.mykcm.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/" title="prices">prices</a> are rising to begin with. One major factor is <a href="https://www.mykcm.com/2022/03/04/supply-and-demand-in-todays-market-infographic/" title="supply and demand">supply and demand</a>.
In any industry, when there are <a href="https://www.mykcm.com/2022/02/23/how-supply-and-demand-can-impact-your-buying-and-selling-goals/" title="more buyers">more buyers</a> for an item than there are of that <a href="https://www.mykcm.com/2022/04/14/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this/" title="item available">item available</a>, prices naturally rise. In those situations, buyers are willing to pay more to get the product or service they’re looking for when options are scarce. And that’s exactly what’s happening in the current real estate market.
Selma Hepp, Executive, Research & Insights and Deputy Chief Economist at CoreLogic, puts it like <a href="https://www.corelogic.com/intelligence/us-sp-corelogic-case-shiller-index-picks-up-pace-once-again-up-19-2-in-january/" target="_blank" title="this">this</a>:
“With so few homes, buyers are once again left with fierce competition that’s driving the share of homes that sold over the listing price up to 66% . . . With the continued imbalance between supply and demand, home prices are likely to have another year of strong gains and are expected to average about 10% growth for the year.”
Because it will take some time for housing supply to increase, experts believe prices will continue rising. The latest <a href="https://pulsenomics.com/surveys/#home-price-expectations" target="_blank" title="Home Price Expectations Survey">Home Price Expectations Survey</a> forecasts what will happen with home prices over the next 5 years. As the graph below shows, while the rate of appreciation will moderate over the next few years, prices will continue rising through 2026:
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1651529929.jpg" width="960" height="840" />
What This Means When You Sell Your House
If you’re a homeowner, the projection for continued price appreciation this year opens up an opportunity to move. That’s because it may give your <a href="https://www.mykcm.com/2022/04/08/do-you-know-how-much-equity-you-have-in-your-home-infographic/" title="equity">equity</a> a major boost. Equity is the difference between what you owe on your house and its market value. The amount of equity you have increases as you make your monthly payments and as rising home prices drive up the market value for your home.
Growing <a href="https://www.mykcm.com/2022/03/21/the-average-homeowner-gained-more-than-55k-in-equity-over-the-past-year/" title="equity">equity</a> is a powerful tool for homeowners. When you sell your house, the equity you’ve built comes back to you in the sale. That money could be enough to cover some (if not all) of your down payment on your next home.
Of course, if you want to know how much equity you have in your current house, it’s crucial to work with a real estate professional. We follow current market trends and can help you understand your home’s value when you’re ready to sell.
What This Means for Your Next Purchase
But today’s rising home values aren’t just good news if you’re ready to sell. Because price appreciation is forecast to continue in the years ahead, you can rest assured your next home will be an investment that should grow in value with time. That’s one of <a href="https://www.mykcm.com/2022/01/11/why-inflation-shouldnt-stop-you-from-buying-a-home-in-2022/" title="several reasons">several reasons</a> why real estate has been rated the best investment in a recent <a href="https://www.mykcm.com/2022/02/21/real-estate-voted-the-best-investment-eight-years-in-a-row/" title="Gallup poll">Gallup poll</a>.
Bottom Line
If you’re weighing whether or not you should sell your East San Diego house this season, know rising home values may be opening up an opportunity to use equity to fuel your move. Let’s connect so you can find out how much your home in La Mesa, El Cajon, Jamul, Santee, Lakeside, Lemon Grove or Spring Valley is worth and to learn more about all the benefits you have in today’s market.2022-05-03T06:26:00-07:002022-05-02T15:30:06-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19094Give Your Curb Appeal a Boost Before You Sell<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1651270259-min-min_1.jpg" width="1046" height="2290" />
If you’re thinking about selling your East San Diego house this season, focusing on a few quick and easy updates outside can help your home look its best.
78% of real estate agents polled say poor landscaping affects property values. As a seller, that means your yard could impact your bottom line.
When getting your house ready to sell in La Mesa, El Cajon, Jamul, Santee, Lakeside, Lemon Grove or Spring Valley, let’s connect to discuss what you should do to make sure your house shows well and catches the eyes of more potential buyers.2022-04-30T06:19:00-07:002022-04-29T15:26:39-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:19069What You Need to Know About Selling in a Sellers’ MarketEven if you haven’t been following real estate news, you’ve likely heard about the current <a href="https://www.mykcm.com/2022/04/01/its-still-a-sellers-market-infographic/" title="sellers’ market">sellers’ market</a>. That’s because there’s a lot of talk about how strong market <a href="https://www.mykcm.com/2022/03/14/this-spring-presents-sellers-with-a-golden-opportunity/" title="conditions">conditions</a> are for people who want to <a href="https://www.mykcm.com/2022/04/14/on-the-fence-of-whether-or-not-to-move-this-spring-consider-this/" title="sell their houses">sell their houses</a>. But if you’re thinking about listing your East San Diego house, you probably want to know: what does being in a sellers’ market really mean?
What Is a Sellers’ Market?
The latest <a href="https://cdn.nar.realtor/sites/default/files/documents/ehs-03-2022-overview-2022-04-20.pdf" target="_blank" title="Existing Home Sales Report">Existing Home Sales Report</a> from the National Association of Realtors (NAR) shows housing supply is still very low. There’s a 2-month supply of homes at the current sales pace.
Historically, a 6-month supply is necessary for a normal or neutral market where there are enough homes available for active buyers. That puts today deep in sellers’ market territory (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1651185947.jpg" width="1000" height="870" />
What Does This Mean for You When You Sell?
When the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. That creates increased competition among purchasers which can lead to more <a href="https://www.mykcm.com/2022/03/10/how-to-navigate-a-market-where-multiple-offers-is-the-new-normal/" title="bidding wars">bidding wars</a>. And if buyers know they may be entering a bidding war, they’re going to do their best to submit a very attractive offer upfront. This could drive the final price of your house up.
And because <a href="https://www.mykcm.com/2022/04/20/how-to-approach-rising-mortgage-rates-as-a-buyer/" title="mortgage rates">mortgage rates</a> and <a href="https://www.mykcm.com/2022/04/07/the-future-of-home-price-appreciation-and-what-it-means-for-you/" title="home prices">home prices</a> are climbing, serious buyers are motivated to make their purchase soon, before those two things rise further. That means, if you put your house <a href="https://www.mykcm.com/2022/03/18/spring-cleaning-checklist-for-sellers-infographic/" title="on the market">on the market</a> while supply is still low, it will likely get a lot of attention from competitive buyers.
Bottom Line
The current real estate market has incredible opportunities for homeowners looking to make a move. Listing your house this season means you’ll be in front of serious buyers who are ready to buy in La Mesa, El Cajon, Jamul, Santee, Lakeside, Lemon Grove or Spring Valley. Let’s connect so you can jumpstart the selling process.2022-04-29T06:55:00-07:002022-04-28T15:57:20-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18797Why a Real Estate Professional Is Key When Selling Your HouseWith today’s real estate market moving as fast as it is, working with a <a href="https://www.mykcm.com/2022/03/01/an-expert-advisor-will-give-you-the-best-advice-in-todays-market/" title="real estate professional">real estate professional</a> is more essential than ever. They have the skills, experience, and expertise it takes to navigate the highly detailed and involved process of selling a home. That may be why the percentage of people who list their houses on their own, known as a FSBO or For Sale By Owner, has reached its <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers" target="_blank" title="lowest point">lowest point</a> since 1985 (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1649802104.jpg" width="1000" height="870" />
Here are five reasons why selling with a real estate professional makes more sense, even in today’s <a href="https://www.mykcm.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/" title="hot market">hot market</a>:
1. They Know What Buyers Want to See
Before you decide which projects and repairs to take on, connect with a real estate professional. They have first-hand experience with today’s buyers, what they expect, and what you need to do to make sure your house <a href="https://www.mykcm.com/2022/03/18/spring-cleaning-checklist-for-sellers-infographic/" title="shows well">shows well</a>.
If you don’t lean on their expertise, you may spend your time and money on something that isn’t essential. That’s because, in today’s low-inventory market, buyers are willing to take on more of the renovation work themselves. A <a href="https://myhome.freddiemac.com/blog/homeownership/breathing-new-life-old-buying-fixer-upper-and-distressed-homes" target="_blank" title="survey">survey</a> from Freddie Mac finds that:
“. . . nearly two-in-five potential homebuyers would consider purchasing a home requiring renovations.” 
A professional can help you decide what you need to tackle. It’s not canned advice you could find online – it’s recommendations specific to your house and your area.
2. They Help Maximize Your Buyer Pool
Today, the average home is getting 4.8 offers per sale according to <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-02-realtors-confidence-index-03-18-2022.pdf" target="_blank" title="recent data">recent data</a> from the National Association of Realtors (NAR), and that competition is pushing prices up. While that’s promising for you as a seller, it’s important to understand your agent’s role in bringing buyers in.
Real estate professionals have an assortment of tools at their disposal, such as social media followers, agency resources, and the MLS to ensure your house is viewed by the most buyers. According to <a href="https://www.realtor.com/advice/buy/what-is-fsbo-for-sale-by-owner/" target="_blank" title="realtor.com">realtor.com</a>:
“Only licensed real estate agents can list homes on the MLS, which is a one-stop online shop of sorts for getting a house seen by thousands of agents and home buyers. . . . This is certainly one of many good reasons why the majority of home sellers decide to employ the services of a listing agent rather than going it alone.”
Without access to these tools, your buyer pool is limited. And you want more buyers to view your house since buyer competition can drive your final sales price higher.
3. They Understand the Fine Print
Today, more disclosures and regulations are mandatory when selling a house. That means the number of legal documents you’ll need to juggle is growing. That’s why Investopedia <a href="https://www.investopedia.com/articles/personal-finance/071514/8-reasons-not-sell-your-home-without-agent.asp" target="_blank" title="says">says</a>:
“One of the biggest risks of FSBO is not having the experience or expertise to navigate all of the legal and regulatory requirements that come with selling a home.”
A real estate professional knows exactly what needs to happen, what all the paperwork means, and how to work through it efficiently. They’ll help you review the documents and avoid any costly missteps that could occur if you try to handle them on your own.
4. They’re Trained Negotiators
If you sell without a professional, you’ll also be solely responsible for all the negotiations. That means you’ll have to coordinate with:
The buyer, who wants the best deal possible
The buyer’s agent, who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer and will almost always find concerns with the house
The appraiser, who assesses the property’s value to protect the lender
Instead of going toe-to-toe with all these parties alone, lean on an expert. They’ll know what levers to pull, how to address everyone’s concerns, and when you may want to get a second opinion.
5. They Know How to Set the Right Price for Your House
If you sell your house on your own, you may over or undershoot your asking price. That could mean you’ll leave money on the table because you priced it too low or your house will sit on the market because you priced it too high. <a href="https://www.mykcm.com/2022/03/07/why-its-critical-to-price-your-house-right/" title="Pricing a house">Pricing a house</a> requires expertise. Investopedia <a href="https://www.investopedia.com/ask/answers/072915/how-market-value-determined-real-estate-market.asp#:~:text=Unfortunately%2C%20there%20is%20no%20easy,appraisals%20and%20recent%20comparable%20sales." target="_blank" title="explains">explains</a> it like this:
“. . . There is no easy or universal way to determine market value for real estate.”
Real estate professionals know the ins and outs of how to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your house. These factors are key to making sure it’s priced to move quickly while still getting you the highest possible final sale price.
Bottom Line
There’s a lot that goes into selling your East San Diego house. Instead of tackling it alone, let’s connect so you have an expert on your side throughout the entire process.2022-04-13T06:53:00-07:002022-04-12T16:04:13-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18733Do You Know How Much Equity You Have in Your East San Diego Home?<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1649457132-min.jpg" />
If you’re a homeowner, your net worth has gotten a big boost. That’s because recent home price appreciation has increased your equity.
Your equity grows as you pay down your loan and as your home increases in value. In California alone, over the past year, the average homeowner’s equity grew by $117,000.
Ready to sell? Let’s connect to talk about how you can use that equity to fuel your next move in East San Diego.2022-04-09T06:33:00-07:002022-04-08T15:45:10-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18625It’s Still a Sellers’ Market in East San Diego<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1648850727.jpg" width="1046" height="2302" />
Due to low supply and high demand, today is one of the strongest sellers’ markets we’ve seen.
Sellers can benefit from more offers to pick from, higher home values, and a faster sales process. There’s a reason why 72% of people believe it’s a good time to sell.
Don’t miss out on this unique opportunity. Let’s connect so you can take advantage of this hot sellers’ market in East San Diego.2022-04-02T06:24:00-07:002022-04-01T15:28:06-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18553The Best Week to List Your East San Diego House Is Just Around the CornerAre you thinking about <a href="https://www.mykcm.com/2022/02/24/the-1-reason-to-sell-your-house-today/" title="selling">selling</a> your East San Diego house? If so, you may want to make it a priority to start the process soon. According to <a href="https://www.realtor.com/research/best-time-to-sell-2022/" target="_blank" title="realtor.com">realtor.com</a>, the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says:
“Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2022 is approaching quickly. The week of April 10-16 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.”
If you’ve been putting your move on the back burner waiting for the ideal time to sell, you should know your golden window of opportunity is coming up. If you’re able to get your house ready quickly, here’s what you can expect from that week.
You Should See More Buyer Activity
The article expects higher buyer demand based on what’s happened in previous years. This could result in increased competition among buyers and ultimately a bidding war over your house. And since mortgage rates recently ticked up <a href="https://www.freddiemac.com/pmms/archive" target="_blank" title="over 4%">over 4%</a>, chances are good that analysis is right. When rates rise, experts say buyers often hurry to make their purchase before rates climb higher. As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), <a href="https://www.nar.realtor/blogs/economists-outlook/instant-reaction-mortgage-rates-february-17-2022" target="_blank" title="says">says</a>:
“. . . Buyers are rushing to lock in lower rates as the outlook is for even higher mortgage rates in the following months.”
Your House Is Expected to Sell Quickly
Additionally, the realtor.com analysis shows houses sell even faster during this week of the year, likely due to the heightened buyer demand. If you work with a trusted real estate professional to <a href="https://www.mykcm.com/2022/03/07/why-its-critical-to-price-your-house-right/" title="price your house">price your house</a> right, it should sell quickly. And when homes are already selling in just 18 days according to <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-02-realtors-confidence-index-03-18-2022.pdf" target="_blank" title="NAR">NAR</a>, that could set you up for a big win.
Your House Will Be in the Spotlight
Since the beginning of the year, the <a href="https://www.mykcm.com/2022/01/20/buyers-want-to-know-why-is-housing-supply-still-so-low/" title="number of homes">number of homes</a> available for sale has been at or near record lows. According to the realtor.com study, the typical trend for this week of the year is that there will be even fewer sellers on the market. If you list when inventory is low, your house will be the center of attention for eager buyers craving options.
If you’re ready to move fast, you may want to shoot for April 10th-16th as your target goal. Just remember, even if you’re not ready to list within the next couple of weeks, rest assured this is still a hot <a href="https://www.mykcm.com/2022/03/14/this-spring-presents-sellers-with-a-golden-opportunity/" title="sellers’ market">sellers’ market</a>. If you list later in April, you’ll still be in the driver’s seat.
Bottom Line
Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps. In the meantime, make a <a href="https://www.mykcm.com/2022/03/18/spring-cleaning-checklist-for-sellers-infographic/" title="checklist">checklist</a> of things you need to tackle to get your house ready. When we talk, we can prioritize your to-do list and get you on the road to selling your East San Diego house.2022-03-30T06:18:00-07:002022-03-29T15:20:04-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18406The Average Californian Homeowner Gained More Than $100K in Equity over the Past YearIf you’re a current East San Diego homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you.
Here’s how it happened. <a href="https://www.mykcm.com/2022/02/10/want-top-dollar-for-your-house-nows-the-time-to-list-it/" title="Home values">Home values</a> are on the rise thanks to <a href="https://www.mykcm.com/2022/02/24/the-1-reason-to-sell-your-house-today/" title="low housing supply">low housing supply</a> and <a href="https://www.mykcm.com/2022/02/23/how-supply-and-demand-can-impact-your-buying-and-selling-goals/" title="high buyer demand">high buyer demand</a>. Basically, there aren’t enough homes available to meet this <a href="https://www.mykcm.com/2022/02/18/whats-driving-todays-high-buyer-demand-infographic/" title="high buyer interest">high buyer interest</a>, so bidding wars are driving <a href="https://www.mykcm.com/2022/03/03/are-home-prices-continuing-to-rise/" title="home prices">home prices</a> up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at CoreLogic, <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="explains">explains</a>:
“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth.”
The latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="Homeowner Equity Insights">Homeowner Equity Insights</a> from CoreLogic shed light on just how much rising home values have boosted homeowner equity. According to that report, the average homeowner’s equity in California has grown by $117,000 over the last 12 months.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1647901738.jpg" width="1000" height="870" />
How Rising Equity Impacts You
In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this: when you sell your house, the equity you built up comes back to you in the sale.
In a market where you’re gaining so much equity, it may be just what you need to cover a large portion – if not all – of the <a href="https://www.mykcm.com/2022/01/03/how-much-do-you-need-for-your-down-payment/" title="down payment">down payment</a> on your next home. So, if you’ve been holding off on <a href="https://www.mykcm.com/2022/01/27/why-right-now-is-a-once-in-a-lifetime-opportunity-for-sellers/" title="selling">selling</a> and worried about being priced out of your next home because of today’s home price appreciation, rest assured your equity can help fuel your move.
Bottom Line
Equity can be a real game-changer if you’re planning to make a move. To find out just how much equity you have in your home and how you can use it to fuel your next purchase, let’s connect so you can get a professional equity assessment report on your East San Diego house.2022-03-22T06:36:00-07:002022-03-21T15:46:47-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18372Spring Cleaning Checklist for Sellers<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1647641366.jpg" width="1046" height="1695" />
If you’re thinking about selling your East San Diego house this spring, here are some things you’ll want to tackle before you list.
Spend your time on tasks that make it feel inviting, show it’s cared for, and boost your curb appeal.
To determine the full list of things you’ll want to tackle for your East San Diego home, you need the opinion of a trusted expert. Let’s connect to help make sure your house shows well this season.2022-03-19T06:11:00-07:002022-03-18T15:19:34-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18275This Spring Presents Sellers with a Golden OpportunityIf you’re thinking of <a href="https://www.mykcm.com/2022/01/27/why-right-now-is-a-once-in-a-lifetime-opportunity-for-sellers/" title="selling your house">selling your house</a> this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current East San Diego home and making the <a href="https://www.mykcm.com/2022/01/21/americans-choose-real-estate-as-the-best-investment-infographic/" title="best investment">best investment</a> when you buy your next one.
If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity.
1. The Number of Homes on the Market Is Still Low
Today’s <a href="https://www.mykcm.com/2022/01/20/buyers-want-to-know-why-is-housing-supply-still-so-low/" title="limited supply">limited supply</a> of houses for sale is putting sellers in the driver’s seat. There are far <a href="https://www.mykcm.com/2022/02/18/whats-driving-todays-high-buyer-demand-infographic/" title="more buyers">more buyers</a> in the market today than there are <a href="https://www.mykcm.com/2022/02/24/the-1-reason-to-sell-your-house-today/" title="homes available">homes available</a>. That means purchasers are eagerly waiting for your house.
Listing your house now makes it the center of attention. And if you work with a real estate professional to price your house correctly, you can expect it to sell quickly and likely get multiple strong offers this season.
2. Your Equity Is Growing in Record Amounts
According to the most recent <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="Homeowner Equity Insight">Homeowner Equity Insight</a> report from CoreLogic, homeowners are sitting on record amounts of equity thanks to recent home price appreciation. The report finds that the average homeowner has gained $55,300 in equity over the past year.
That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your next home search, rest assured your equity can help fuel your move. It may be just what you need to cover a large portion – if not all – of the down payment on your next home.
3. Mortgage Rates Are Increasing
While it’s true mortgage rates have already been climbing this year, current mortgage rates are still below what they’ve been in <a href="https://www.freddiemac.com/pmms/archive" target="_blank" title="recent decades">recent decades</a>. In the 2000s, the average mortgage rate was 6.27%. In the 1990s, the average rate was 8.12%.
For context, the current average 30-year fixed mortgage rate, according to Freddie Mac, is 3.85%. And while recent <a href="https://www.mykcm.com/2022/03/08/how-global-uncertainty-is-impacting-mortgage-rates/" title="global uncertainty">global uncertainty</a> caused rates to dip slightly in the near-term, experts project rates will rise in the months ahead. Doug Duncan, Senior Vice President and Chief Economist at Fannie Mae, <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/economic-growth-expected-slow-fed-wrangles-inflation" target="_blank" title="says">says</a>:
“For homebuyers, we believe that borrowing costs will likely rise with the increase in mortgage rates….”
When that happens, it’ll cost you more to purchase your next home. That’s why it’s important to act now if you’re ready to sell. Work with a trusted advisor to kickstart the process so you can take key steps to making your next purchase before rates climb further.
4. Home Prices Are Climbing Too
<a href="https://www.mykcm.com/2022/03/03/are-home-prices-continuing-to-rise/" title="Home prices">Home prices</a> have been skyrocketing in recent years because of the imbalance of supply and demand. And as long as that imbalance continues, so will the rise in home values.
What does that mean for you? If you’re selling so you can move into the home of your dreams or downsize into something that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices climb higher.
And, once you make your purchase, you can find <a href="https://www.mykcm.com/2022/01/11/why-inflation-shouldnt-stop-you-from-buying-a-home-in-2022/" title="peace of mind">peace of mind</a> in knowing ongoing home price appreciation is growing the value of your new investment.
Bottom Line
If you want to win when you sell and when you buy, this spring could be your golden opportunity. Let’s connect so you have the insights you need to take advantage of today’s incredible sellers’ market here in East San Diego.2022-03-15T06:50:00-07:002022-03-14T15:52:03-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:18169Why It’s Critical to Price Your East San Diego House RightWhen you make a move, you want to sell your house for the <a href="https://www.mykcm.com/2022/02/10/want-top-dollar-for-your-house-nows-the-time-to-list-it/" title="highest price">highest price</a> possible. That might be why many East San Diego homeowners are eager to list in today’s <a href="https://www.mykcm.com/2022/02/24/the-1-reason-to-sell-your-house-today/" title="sellers’ market">sellers’ market</a>. After all, with record-low <a href="https://www.mykcm.com/2022/02/23/how-supply-and-demand-can-impact-your-buying-and-selling-goals/" title="inventory">inventory</a> and high <a href="https://www.mykcm.com/2022/02/18/whats-driving-todays-high-buyer-demand-infographic/" title="buyer demand">buyer demand</a>, many homes are selling for more than asking price. Data from the <a href="https://cdn.nar.realtor/sites/default/files/documents/2022-01-realtors-confidence-index-02-18-2022.pdf" target="_blank" title="National Association of Realtors">National Association of Realtors</a> (NAR) shows 46% of homes are selling above list price today.
But even in a market like we have now, working with an agent to set the right asking price is critical, as pricing it too high or too low could have a negative impact on your final sale. Here’s why.
Pricing Your House Right Is Crucial Even in a Sellers’ Market
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your home’s condition or lead buyers to assume something is wrong with the property. Not to mention, you could leave money on the table, which decreases your future buying power if you undervalue your house.
On the other hand, price it too high and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
In other words, think of pricing your home as a target. Your goal is to aim directly for the center – not too high, not too low, but right at market value. Pricing your house fairly based on market conditions increases the chance you’ll have more buyers who are interested in purchasing it. That makes it more likely you’ll see a bidding war, too. And when a bidding war happens, you’ll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.
To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:
<img src="https://assets.site-static.com/userfiles/1763/image/20220307-MEM-Eng.jpg" width="960" height="720" />
Lean on a Professional’s Expertise to Price Your House Right
There are <a href="https://www.nar.realtor/determining-asking-price" target="_blank" title="several factors">several factors</a> that go into pricing your house and balancing them is the key. That’s why it’s important to lean on an expert real estate advisor when you’re ready to move. A local real estate advisor is knowledgeable about:
The value of homes in your neighborhood
The current demand for houses in today’s market
The condition of your house and how it affects the value
A real estate professional will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.
Bottom Line
Even in a sellers’ market, pricing your house right is critical. Don’t rely on guesswork. Let’s connect to make sure your East San Diego house is perfectly priced.2022-03-08T08:36:00-07:002022-03-07T16:39:00-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17978The #1 Reason to Sell Your East San Diego House TodayAlmost every industry is currently struggling with supply chain disruptions. This also applies to the current U.S. housing market, where buyer demand far exceeds housing supply.
Purchaser demand is very strong right now. The National Association of Realtors (NAR) just released their latest <a href="https://www.nar.realtor/newsroom/existing-home-sales-surge-6-7-in-january" target="_blank" title="Existing Home Sales Report">Existing Home Sales Report</a> which reveals that sales surged in January. Existing home sales rose to a seasonally adjusted annual rate of 6.5 million – an increase of 6.7% from the prior month, with sales up in all regions. However, there’s one big challenge.
Inventory Is at an All-Time Low
Because purchaser demand is so high, the market is running out of available homes for sale. The above-mentioned report states that the current months’ supply of inventory of homes for sale has fallen to 1.6 months. This prompts Lawrence Yun, Chief Economist at NAR, to say:
“The inventory of homes on the market remains woefully depleted, and in fact is currently at an all-time low.”
Earlier this month, realtor.com released their <a href="https://www.realtor.com/research/data/" target="_blank" title="inventory data">inventory data</a> for January. It helps confirm this point. Here’s a graph comparing inventory levels for January over the last six years:
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1645744107.jpg" width="1000" height="870" />
As the graph shows, new listings coming on the market have decreased over the last four years (shown in blue in the graph). The graph also reveals that carry-over inventory has plummeted in recent years. This is because listings are now sold so quickly, they don’t stay on the market long enough to carry over month-to-month (shown in green in the graph). In other words, homes are not staying on the market for months as they had prior to the pandemic. In the report mentioned above, NAR reveals that:
“Seventy-nine percent of homes sold in January 2022 were on the market for less than a month.”
Odeta Kushi, Deputy Chief Economist at First American, <a href="https://twitter.com/odetakushi/status/1494695509486936067" target="_blank" title="explains">explains</a> it like this:
“A higher velocity of sales (lower [Days on Market]) helps to explain a housing market characterized by both higher sales & lower inventory. Many resale transactions are happening so quickly that they ‘flow’ in & then out of the ‘stock’ between the fixed monthly measurement of inventory.”
What Does This Mean for Sellers?
Anyone thinking of putting their home on the market shouldn’t wait. A seller will always negotiate the best deal when demand is high and supply is limited. That’s exactly the situation in the real estate market today.
Later this year, inventory (and by extension, your competition) will increase as many homeowners are waiting to put their homes on the market in the spring and early summer.
In addition, Len Kiefer, Deputy Chief Economist at Freddie Mac, <a href="https://twitter.com/lenkiefer/status/1494423003224059914" target="_blank" title="says">says</a>:
“Housing starts start off 2022 strong, just edging out 2021 for most in January since 2006.”
As these newly built homes are completed, they will also become competition for your house. This gives you a tremendous opportunity right now. Don’t wait for that increase in competition in your area. If you want to sell in 2022 and are ready to start the process, today is the day to list your house.
Bottom Line
If you’re ready to sell, let’s connect to get your East San Diego house on the market while today’s inventory situation is in your favor.2022-02-25T08:12:00-07:002022-02-24T16:16:20-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17838More People Are Planning to Buy a Home SoonWhile some East San Diego homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising <a href="https://www.mykcm.com/2022/02/02/the-top-indicator-if-you-want-to-know-where-mortgage-rates-are-heading/" title="mortgage rates">mortgage rates</a>. As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible.
The most recent <a href="https://www.conference-board.org/data/consumerconfidence.cfm" target="_blank" title="Consumer Confidence Survey">Consumer Confidence Survey</a> finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1645055022.jpg" width="1000" height="870" />
As the graph shows, the number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the <a href="https://www.mykcm.com/2022/02/10/want-top-dollar-for-your-house-nows-the-time-to-list-it/" title="time to list">time to list</a>.
While more people are moving their plans up, others are actively putting theirs in motion. Time on the market is a great indication that homebuyers are motivated and moving quickly. According to a recent realtor.com <a href="https://news.move.com/2022-02-08-Realtor-com-R-Housing-Report-Homebuying-Competition-Kicks-Off-2022-with-the-Fastest-Moving-January-Ever" target="_blank" title="report">report</a>, the average home sold faster this January than any January on record.
Danielle Hale, Chief Economist at realtor.com, notes:
“Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year.”
What Does That Mean for You?
Homebuyers are rethinking their strategies and moving their plans forward. Others are making their moves today. That means demand for your house isn’t just increasing – it’s high right now.
And because there are so <a href="https://www.mykcm.com/2022/01/20/buyers-want-to-know-why-is-housing-supply-still-so-low/" title="few homes">few homes</a> available for determined purchasers to choose from, if you’re planning to sell your house this year, doing so <a href="https://www.mykcm.com/2022/01/05/why-waiting-to-sell-your-house-could-cost-you-a-small-fortune/" title="sooner">sooner</a> means you can take advantage of high <a href="https://www.mykcm.com/2022/01/18/sellers-dont-wait-until-spring-to-make-your-move/" title="buyer demand">buyer demand</a> before more houses are listed in your neighborhood. Why is this important? Because as more houses are put up for sale, buyers will have more options. But until then, your house will be in the spotlight.
Bottom Line
With so many buyers eager to make a purchase, you could benefit by listing your house soon. To understand how strong buyer demand is in East San Diego, let’s connect so you can start making your plans today.2022-02-17T08:47:00-07:002022-02-16T16:52:07-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17823What Every East San Diego Seller Needs to Know About Renovating This YearIf you’re planning to sell this year, you’re probably thinking about what you’ll need to do to get your East San Diego house ready to appeal to the most buyers. It’s crucial to work with a trusted real estate professional who knows your local market to get your home ready to sell. But there are a few things you should consider when deciding what to renovate and update before listing this season. Here are three things to keep top of mind as you’re making your list of projects to tackle this year.
1. The Number of Homes for Sale Is Very Low
<a href="https://www.mykcm.com/2022/01/20/buyers-want-to-know-why-is-housing-supply-still-so-low/" title="Housing inventory">Housing inventory</a> sits far below what is normally considered a balanced market. In fact, according to the <a href="https://www.nar.realtor/newsroom/annual-existing-home-sales-hit-highest-mark-since-2006" target="_blank" title="National Association of Realtors">National Association of Realtors</a> (NAR), the latest data indicates inventory is hitting an all-time low. Because there’s such a limited supply of homes available for sale, you’re in a unique position when you sell your house to benefit from multiple offers and a quick process.
But you want to do so while buyers are still scooping homes up as fast as they’re being listed. Spending time and money on renovations before you sell could mean you’ll miss your key window of opportunity. Of course, certain repairs may be important or even necessary. The best way to determine where to spend <a href="https://www.mykcm.com/2022/01/14/when-is-the-right-time-to-sell-infographic/" title="your time">your time</a> – and your money – is to work with a <a href="https://www.mykcm.com/2021/12/30/why-selling-your-house-with-a-real-estate-professional-is-essential/" title="real estate advisor">real estate advisor</a> to confirm which improvements are truly needed and which ones aren’t likely to be deal-breakers for buyers.
2. Buyers May Be Willing To Take on Projects When They Purchase Your House
Today, many buyers are more willing to take on home improvement projects themselves to get the house they’re after, even if it means putting in a little extra work. A <a href="https://myhome.freddiemac.com/blog/homeownership/breathing-new-life-old-buying-fixer-upper-and-distressed-homes" target="_blank" title="recent survey">recent survey</a> from Freddie Mac finds that:
“. . . nearly two-in-five potential homebuyers would consider purchasing a home requiring renovations.”
If more buyers are willing to tackle repairs on their own, it may be wise to let the future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. Depending on the structural condition of your house, your efforts may be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior to make sure the home stands out. Instead of over-investing in upgrades, the buyer may change anyway, work with a real estate professional to determine the key projects to tackle that will give you the greatest return on your investment.
3. Your Agent Will Help You Spotlight the Upgrades You’ve Made
Over the past year, many people made a significant number of updates to their homes. The most recent <a href="https://www.angi.com/research/reports/spending/#ixzz7Ie5OiQjX" target="_blank" title="State of Home Spending">State of Home Spending</a> report finds:
“Home improvement spending rose 25% year-over-year to $10,341. Homeowners who invested in home improvement did an average of 3.7 projects, up from 2.7 in 2020, . . .”
With more homeowners taking on more projects in the past 12 months, there’s a good chance you’ve already made updates to your home that could appeal to buyers. If that’s the case, your real estate advisor will find ways to highlight those upgrades in your listing.
The same is true for any projects you invest in moving forward. No matter what, before you renovate, contact a local real estate professional for expert advice on what work needs to be done and how to make it as appealing as possible to future buyers. Every home is different, so a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.
Bottom Line
In a sellers’ market like today’s, it’s important to spend your time and money wisely when you’re getting ready to move. Let’s connect today so you can find out where to target your efforts before you list your East San Diego home.2022-02-16T08:23:00-07:002022-02-15T16:26:14-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17762Want Top Dollar for Your East San Diego House? Now’s the Time to List ItWhen you’re selling any item, you usually want to sell it for the greatest profit possible. That happens when there’s a strong demand and a limited supply for that item. In the real estate market, that time is right now. If you’re thinking of selling your East San Diego house this year, here are two reasons why now’s the time to list.
1. Demand Is Very Strong This Winter
A <a href="http://www.inman.com/2022/02/02/forget-what-punxsutawney-phil-says-spring-already-here-for-buyers/" target="_blank" title="recent article">recent article</a> in Inman News explains:
“Spring, the hottest time of year for homebuyers and sellers, has started early, according to economists. . . . ‘Home shopping season appears to already be in full swing!’”
And they aren’t the only ones saying buyers are already out in full force. That claim is backed up with data released last week by ShowingTime. The <a href="https://www.showingtime.com/showingtime-showing-index/" target="_blank" title="ShowingTime Showing Index">ShowingTime Showing Index</a> tracks the average number of monthly buyer showings on active residential properties, which is a highly reliable leading indicator of current and future trends for buyer demand. The latest index reveals this December was the most active December in five years (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1644535344.jpg" width="1000" height="870" />
As the data indicates, buyers are very active this winter. Last December saw even more showings than December of 2020, which was already a stronger-than-usual winter. And remember – you want to sell something when there’s a strong demand for that item. That time is now.
2. Housing Supply Is Extremely Low
Each month, realtor.com releases <a href="https://www.realtor.com/research/data/" target="_blank" title="data">data</a> on the number of active residential real estate listings (listings currently for sale). Their most recent report reveals the latest monthly number is the lowest we’ve seen in any January since 2017 (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1644535376.jpg" width="1000" height="870" />
And don’t forget, the best time to sell an item is when there’s a limited supply of it available. This graph clearly shows how extremely low housing supply is today.
Even Though Supply Is at a Historic Low, Home Sales Are at a 15-Year High
According to the latest <a href="https://www.nar.realtor/newsroom/annual-existing-home-sales-hit-highest-mark-since-2006" target="_blank" title="Existing Home Sales Report">Existing Home Sales Report</a> from the National Association of Realtors (NAR), existing-home sales totaled 6.12 million in 2021 – the highest annual level since 2006. This means the market is hot and homeowners are in a great place to sell now while sales are so strong.
NAR also reports available listings by calculating the current months’ supply of inventory. They <a href="http://www.nar.realtor/blogs/economists-outlook/inventory-and-months-supply" target="_blank" title="explain">explain</a>:
“Months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.”
The current 1.8-months’ supply is the lowest ever reported. Here are the December numbers over the last five years (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1644535448.jpg" width="1000" height="870" />
The ratio of buyers to sellers favors homeowners right now to a greater degree than at any other time in history. Buyer demand is high, and supply is low. That gives sellers like you an incredible opportunity.
Bottom Line
If you agree the best time to sell anything is when demand is high and supply is low, let’s connect to begin discussing the process of listing your East San Diego house today.2022-02-11T08:25:00-07:002022-02-10T16:34:46-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17719Consumers Agree: It’s a Good Time to Sell in East San DiegoIn today’s sellers’ market, many East San Diego homeowners are weighing their options and trying to decide if they should sell their house. If you’re in that group, you may be balancing things like the ongoing health crisis, rising mortgage rates, and your own changing needs to determine your best time to make a move.
However, recent data shows that time may already be here. According to the latest <a href="https://www.fanniemae.com/newsroom/fannie-mae-news/softening-hpsi-may-portend-slower-housing-market-2022" target="_blank" title="Home Purchase Sentiment Index">Home Purchase Sentiment Index</a> (HPSI) by Fannie Mae, 76% of consumers believe now is a good <a href="https://www.mykcm.com/2022/01/14/when-is-the-right-time-to-sell-infographic/" title="time to sell">time to sell</a>.
Looking back over the past few years, its clear consumers are incredibly optimistic today. The graph below shows the percent of survey respondents who say it’s a good time to sell a house, and their positive outlook is on the rise. The big dip near the middle of the chart indicates how consumer sentiment about selling dropped at the beginning of the pandemic as uncertainty about the health crisis and its impact grew. The good news is, the trend today shows a continued, drastic improvement, and people are feeling more and more confident with time about selling a home.
In fact, survey respondents think it’s an even better time to sell a house today than they did in the lead-up to the health crisis. The latest survey results indicate we’re at one of the strongest peaks in seller sentiment since March of 2019, hitting highs when 77% of people thought it was a good time to sell only twice before in June and October of 2021.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1644275289.jpg" width="960" height="840" />
Why Are Consumers So Optimistic About Today’s Housing Market?
From record-high <a href="https://www.mykcm.com/2021/12/21/the-average-homeowner-gained-56700-in-equity-over-the-past-year/" title="equity gains">equity gains</a> to record-low <a href="https://www.mykcm.com/2022/01/20/buyers-want-to-know-why-is-housing-supply-still-so-low/" title="housing supply">housing supply</a> and significant <a href="https://www.mykcm.com/2022/01/27/why-right-now-is-a-once-in-a-lifetime-opportunity-for-sellers/" title="buyer demand">buyer demand</a>, homeowners have more motivation than ever to sell. There are more buyers in today’s market than there are homes for sale, and that’s driving home prices up, making it a great time to sell your house.
According to the National Association of Realtors (NAR), the current <a href="https://www.nar.realtor/newsroom/annual-existing-home-sales-hit-highest-mark-since-2006" target="_blank" title="supply of homes">supply of homes</a> for sale today is at a 1.8-month supply, which is an all-time low. When the supply of homes for sale is low, sellers will likely see more offers, which is exactly what’s happening right now. As NAR notes:
“The average home for sale is receiving 3.8 offers today, up from 3.3 offers just one year ago.”
Bottom Line
With the inventory of East San Diego houses for sale so low today pushing home prices in an upward direction, it’s no wonder consumers think it’s a good time to sell. If you’re ready to take advantage of today’s favorable sellers’ market, let’s connect today.2022-02-08T08:15:00-07:002022-02-07T16:19:39-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17326Why Right Now Is a Once-in-a-Lifetime Opportunity for East San Diego SellersIf you’re thinking about selling your house in 2022, you truly have a once-in-a-lifetime opportunity at your fingertips. When selling anything, you always hope for strong demand for the item coupled with a limited supply. That maximizes your leverage when you’re negotiating the sale. East San Diego home sellers are in that exact situation right now. Here’s why.
Demand Is Very Strong
According to the latest <a href="https://www.nar.realtor/newsroom/annual-existing-home-sales-hit-highest-mark-since-2006" target="_blank" title="Existing Home Sales Report">Existing Home Sales Report</a> from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:
“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were intent on avoiding the inevitable rate increases.”
Demand isn’t expected to weaken this year, either. In addition, the <a href="https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary" target="_blank" title="Mortgage Finance Forecast">Mortgage Finance Forecast</a>, published last week by the Mortgage Bankers’ Association (MBA), calls for existing-home sales to reach 6.4 million homes this year.
Supply Is Very Limited
The same sales report from NAR also reveals the months’ supply of inventory just hit the lowest number of the century. It notes:
“Total housing inventory at the end of December amounted to 910,000 units, down 18% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020.”
The reality is, inventory decreases every year in December. That’s just how the typical seasonal trend goes in real estate. However, the following graph emphasizes how this December was lower than any other December going all the way back to 1999.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1643326557.jpg" width="1000" height="870" />
Right Now, Sellers Have Maximum Leverage
As mentioned above, when there’s strong demand for an item and a limited supply of it available, the seller has maximum <a href="https://www.mykcm.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/" title="leverage">leverage</a> in the negotiation. In the case of homeowners who are thinking about selling, there may never be a better time than right now. While demand is this high and <a href="https://www.mykcm.com/2022/01/20/buyers-want-to-know-why-is-housing-supply-still-so-low/" title="inventory">inventory</a> is this low, you’ll have leverage in all aspects of the sale of your house.
Today’s buyers know they need to be <a href="https://www.mykcm.com/2021/12/28/5-tips-for-making-your-best-offer-on-a-home" title="flexible negotiators">flexible negotiators</a> that make very <a href="https://www.mykcm.com/2021/09/27/if-youre-a-buyer-is-offering-asking-price-enough/" title="competitive offers">competitive offers</a>, so here are a few areas that could tip in your favor when your house goes on the market:
Competitive sales price
Flexible closing date
Potential for a leaseback to allow you more time to find a home
Minimal offer contingencies
Bottom Line
If you’re thinking of selling your East San Diego house this year, now is the optimal time to list it. Let’s connect to discuss how you can put your house on the market today.2022-01-27T16:43:00-07:002022-01-27T16:51:18-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17153Sellers: Don’t Wait Until Spring to Make Your MoveAs you plan out your goals for the <a href="https://www.mykcm.com/2021/12/17/2022-housing-market-forecast-infographic/" title="year">year</a>, moving up to your dream East San Diego home may top the list. But, how do you know when to make your move? You want to time it just right so you can get the most out of the sale of your current house. You also want to know you’re making a good investment when you buy your new home. What you may not realize is, that opportunity to get the best of both worlds is already here.
You don’t want to wait until spring to spring into action. The current market conditions make <a href="https://www.mykcm.com/2021/12/13/if-you-think-the-housing-market-will-slow-this-winter-think-again/" title="this winter">this winter</a> an ideal time to move. Here’s why.
1. The Number of Homes on the Market Is Still Low
Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market than there are homes available, and that means buyers are eagerly waiting for your house. Listing your house now makes it the center of attention. As a seller, that means when it’s priced correctly, you can expect it to sell quickly and get multiple <a href="https://www.mykcm.com/2021/11/16/sellers-youll-likely-get-multiple-strong-offers-this-season/" title="strong offers">strong offers</a> this season. Just remember, experts project <a href="https://www.mykcm.com/2021/11/18/home-sales-about-to-surge-we-may-see-a-winter-like-never-before/" title="more inventory">more inventory</a> will come to market as we move through the winter months. The realtor.com <a href="https://www.realtor.com/research/2022-national-housing-forecast/" target="_blank" title="2022 forecast">2022 forecast</a> says this:
“After years of declining, the inventory of homes for sale is finally expected to rebound from all-time lows.”
Selling now may help you maximize the return on your investment before your house has to face more competition from other sellers.
2. Your Equity Is Growing in Record Amounts
Current homeowners are sitting on record amounts of <a href="https://www.mykcm.com/2021/12/21/the-average-homeowner-gained-56700-in-equity-over-the-past-year/" title="equity">equity</a> thanks to today’s home price appreciation. According to the <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="latest report">latest report</a> from CoreLogic, the average homeowner gained $56,700 in equity over the past 12 months.
That much equity can open doors for you to make a move. If you’ve been holding off on selling because you’re worried about how rising prices will impact your own <a href="https://www.mykcm.com/2021/12/08/struggling-to-find-a-home-to-buy-new-construction-may-be-an-option/" title="home search">home search</a>, rest assured your equity can help fuel your next move. It may be just what you need to cover a large portion – if not all – of the <a href="https://www.mykcm.com/2021/12/22/the-perks-of-putting-20-down-on-a-home/" title="down payment">down payment</a> on your next purchase.
3. While Rising, Mortgage Rates Are Still Historically Low
In January of last year, mortgage <a href="http://www.freddiemac.com/pmms/" target="_blank" title="rates">rates</a> hit the lowest point ever recorded. Today, rates are starting to rise, but that doesn’t mean you’ve missed out on locking in a low rate. Current mortgage rates are still far below what they’ve been in <a href="https://www.mykcm.com/2021/11/08/two-graphs-that-show-why-you-shouldnt-be-upset-about-3-mortgage-rates/" title="recent decades">recent decades</a>:
In the 2000s, the average mortgage rate was 6.27%
In the 1990s, the average rate was 8.12%
Even with mortgage rates rising above 3%, they’re still worth taking advantage of. You just want to do so sooner rather than later. Experts are projecting rates will continue to rise throughout this year, and when they do, it’ll <a href="https://www.mykcm.com/2021/11/24/how-smart-buyers-are-approaching-rising-mortgage-rates/" title="cost you more">cost you more</a> to purchase your next home.
4. Home Prices Are Going to Keep Rising with Time
According to industry leaders, <a href="https://www.mykcm.com/2021/12/15/what-everyone-wants-to-know-will-home-prices-decline-in-2022/" title="home prices">home prices</a> will also continue appreciating this year. While experts are forecasting more moderate home price growth than last year, it’s important to note prices will still be moving in an upward direction throughout 2022.
What does that mean for you? If you’re selling so you can move into a bigger home or downsize to the home of your dreams, you want to consider moving now before rates and prices rise further. If you’re ready, you have an opportunity to get ahead of the curve by purchasing your next home before rates and prices climb higher.
Bottom Line
If you’re considering selling to move up or downsize, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect today to get set up for homebuying success this year.2022-01-19T08:37:00-07:002022-01-18T16:39:11-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17120Real Estate Professionals Are Experts at Keeping You Safe When You SellIf you’re on the fence about whether or not you want to sell your East San Diego house this year, there’s good news. For nearly two years, we have worked tirelessly to ensure the safety of buyers and sellers during the pandemic.
Today, we’re seasoned experts, not just in the art of buying and selling homes, but also in how to keep you safe throughout the process. We have learned new technologies plus safety and sanitation measures. As new variants emerge, those lessons continue to be key ways agents add value.
Real Estate Advisors Stay Current on Guidance for In-Person Showings
Agents don’t leave your health up to chance. We follow guidance from the Centers for Disease Control (CDC) and the National Association of Realtors (NAR) to ensure in-person showings are safe. NAR maintains industry-specific resources to ensure agents are informed on the latest recommendations and best practices.
Guidance from the CDC also equips real estate professionals with the know-how to employ sanitization and disinfectant measures during the health crisis, so it’s safe for you and your potential buyers.
Digital Tools Can Enhance Your Home Sale
In addition, we’re also well versed in using technology and digital tools to sell your home efficiently. In our guidance for realtors, NAR says:
“The COVID-19 pandemic is impacting members in unprecedented ways, and raises numerous unique and novel issues for the real estate industry.”
Real estate advisors have responded by reimagining the tech and tools they use. For instance, serving clients at a distance and limiting exposure to others is more important now than ever. That’s because restricting the number of people you need to interact with during the sales process is one of the best ways to keep everyone safe.
To accomplish this, we now use a variety of methods to serve their clients, including:
Virtual Open Houses, Tours, and Listing Appointments
High-Quality Photos for Websites and Social Media
eSignature
Video Conferencing
Bottom Line
The health challenges we face today have fundamentally changed the way real estate professionals conduct business for the better. Let’s connect today so you have the latest tools on your side to feel safe and confident when you sell your East San Diego house this year.2022-01-17T08:12:00-07:002022-01-16T16:14:03-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:17112When Is the Right Time to Sell?<img src="https://assets.site-static.com/userfiles/1763/image/20220114-MEM.jpg" width="1300" height="2424" />
If you’re trying to decide when to list your East San Diego house, the time is now. There are plenty of buyers eagerly waiting for your home to hit the market.
The latest data indicates home showings are rising. There are more buyers than homes for sale right now. That means you’ll likely receive multiple offers, and your home won’t be on the market long.
Today’s market favors sellers. If you’re ready to move, let’s meet to discuss the benefits you can expect when you sell this season.2022-01-15T08:42:00-07:002022-01-14T16:45:42-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16975Why Waiting to Sell Your East San Diego House Could Cost You a Small FortuneMany homeowners who plan to sell in 2022 may think the wise thing to do is to wait for the spring buying market since historically about <a href="https://www.fortunebuilders.com/homebuyers-guide-to-the-busy-spring-selling-season/" target="_blank" title="40 percent">40 percent</a> of home sales occur between April and July. However, this year’s expected to be much different than the norm. Here are five reasons to list your East San Diego house now rather than waiting until the spring.
1. Buyers Are Looking Right Now, and They’re Ready to Purchase
The ShowingTime Showing Index reports data from more than six million property showings scheduled across the country each month. In other words, it’s a gauge of how many buyers are out looking at homes at the current time.
The latest index, which covers <a href="https://www.showingtime.com/blog/november-2021-showing-index-results/" target="_blank" title="November showings">November showings</a>, reveals that buyers are still very active in the market. Comparing this November’s numbers to previous years, this graph shows that the index is higher than last year and much higher than the three years prior to the pandemic. Clearly, there’s an influx of buyers searching for your home.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1641425764.jpg" width="1000" height="870" />
Also, at this time of year, only those purchasers who are serious about buying a home will be in the market. You and your loved ones won’t be inconvenienced by casual searchers. Freddie Mac addresses this in a <a href="https://myhome.freddiemac.com/blog/homeownership/20170129-pros-cons-buying-home-in-winter" target="_blank" title="recent blog">recent blog</a>:
“The buyers who are willing to house hunt in a winter market, when there are fewer options, are typically more serious. Plus, year-end bonuses and overtime payouts give people more purchasing power.”
And that theory is proving to be true right now based on the number of buyers who have put a home under contract to purchase. The National Association of Realtors (NAR) publishes a monthly Pending Home Sales Index which measures housing contract activity. It’s based on signed real estate contracts for existing single-family homes, condos, and co-ops. The <a href="https://www.nar.realtor/newsroom/pending-home-sales-subside-2-2-in-november" target="_blank" title="latest index">latest index</a> shows:
“…housing demand continues to be high. . . . Homes placed on the market for sale go from ‘listed status’ to ‘under contract’ in approximately 18 days.”
Comparing the index to previous Novembers, while it’s slightly below November 2020 (when sales were pushed to later in the year because of the pandemic), it’s well above the previous three years.
<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1641425426.jpg" width="1000" height="870" />
The takeaway for you: There are purchasers in the market, and they’re ready and willing to buy.
2. Other Sellers Plan to List Earlier This Year
The law of supply and demand tells us that if you want the best price possible and to negotiate your ideal contract terms, put your house on the market when there’s strong demand and less competition.
A <a href="https://news.move.com/2021-11-11-Low-Temps,-High-Expectations-Realtor-com-R-Survey-Shows-65-of-Prospective-Sellers-Plan-to-Enter-the-Market-this-Winter" target="_blank" title="recent study">recent study</a> by realtor.com reveals that, unlike in previous years, sellers plan to list their homes this winter instead of waiting until spring or summer. The study shows that 65% of sellers who plan to sell in 2022 have either already listed their home (19%) or are planning to put it on the market this winter.
Again, if you’re looking for the best price and the ability to best negotiate the other terms of the sale of your house, listing before this competition hits the market makes sense.
3. Newly Constructed Homes Will Be Your Competition in the Spring
In 2020, there were over <a href="https://www.census.gov/construction/bps/" target="_blank" title="979,000">979,000</a> new single-family housing units authorized by building permits. Many of those homes have yet to be built because of labor shortages and supply chain bottlenecks brought on by the pandemic. They will, however, be completed in 2022. That will create additional competition when you sell your house. Beating these newly constructed homes to the market is something you should consider to ensure your house gets as much attention from interested buyers as possible.
4. There Will Never Be a Better Time to Move-Up
If you’re moving into a larger, more expensive home, consider doing it now. Prices are projected to appreciate by <a href="https://www.mykcm.com/2021/12/15/what-everyone-wants-to-know-will-home-prices-decline-in-2022/" title="approximately 5%">approximately 5%</a> over the next 12 months. That means it will cost you more (both in down payment and mortgage payment) if you wait. You can also lock in your 30-year housing expense with a mortgage rate in the <a href="http://www.freddiemac.com/pmms/" target="_blank" title="low 3’s">low 3’s</a> right now. If you’re thinking of selling in 2022, you may want to do it now instead of waiting, as mortgage rates are <a href="https://www.mykcm.com/2021/11/03/experts-project-mortgage-rates-will-continue-to-rise-in-2022/" title="forecast to rise">forecast to rise</a> throughout the year.
5. It May Be Time for You to Make a Change
Consider why you’re thinking of selling in the first place and determine whether it’s worth waiting. Is waiting more important than being closer to your loved ones now? Is waiting more important than your health? Is waiting more important than having the space you truly need?
Only you know the answers to those questions. Take time to think about your goals and priorities as we move into 2022 and consider what’s most important to act on now.
Bottom Line
If you’ve been debating whether or not to sell your East San Diego house and are curious about market conditions in your area, let’s connect so you have expert advice on the best time to put your house on the market.2022-01-06T08:38:00-07:002022-01-05T16:44:23-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16914Why Selling Your East San Diego House with a Real Estate Professional Is EssentialSelling your house is no simple task. And when you sell on your own – known as a FSBO (or For Sale by Owner) – you’re responsible for handling some of the more difficult aspects of the process without the expert guidance you need.
The <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-highlights-from-the-profile-of-home-buyers-and-sellers-11-11-2021.pdf" target="_blank" title="2021 Profile of Home Buyers and Sellers">2021 Profile of Home Buyers and Sellers</a> from the National Association of Realtors (NAR) surveys homeowners who recently sold their house on their own and asks what difficulties they faced. Those sellers say some of the biggest headaches are prepping their house for sale, pricing it right, and handling the required paperwork.
Working with an agent is the best way to ensure you have an expert on your side to guide you at every turn. Agents have the skills and knowledge that are essential to navigating each step with ease, efficiency, and accuracy. Here are just a few things a <a href="https://www.mykcm.com/2021/11/26/reasons-to-hire-a-real-estate-professional-infographic/" title="real estate agent">real estate agent</a> will do to make sure you get the most out of your sale.
1. Make the Best First Impression
Selling your house requires a significant amount of time and effort. Doing it right takes expertise and an understanding of today’s buyers. Your agent knows the answers to common questions, such as:
Do I need to take down my personal art?
How much landscaping does my house need?
What colors should I paint my walls?
Your time and money are important, and you don’t want to waste either one focusing on the wrong things. A real estate advisor relies on their experience to answer these questions and more, allowing you to make the right investments to <a href="https://www.mykcm.com/2021/12/03/a-checklist-for-selling-your-house-this-winter-infographic/" title="prep your house">prep your house</a> before you list.
2. Maximize Your Buyer Pool – and Your Sale
Today, the average home is getting <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-11-realtors-confidence-index-12-22-2021.pdf" target="_blank" title="3.6 offers">3.6 offers</a> per sale according to recent data from NAR. That’s great news if you’re planning to sell, since the more offers you receive, the more likely you are to sell your house in a bidding war, and for a <a href="https://www.mykcm.com/2021/11/09/how-sellers-win-when-housing-inventory-is-low/" title="higher price">higher price</a>.
Real estate agents have an assortment of tools at their disposal, like social media followers and agency resources, that will ensure your house is viewed by the most buyers. Without access to these tools and your agent’s marketing expertise, your buyer pool – and your home’s selling potential – is limited.
3. Understand the Documentation, Including the Fine Print
Today, when a house is sold, more disclosures and regulations are mandatory, meaning the number of legal documents to juggle is growing. It’s hard to understand all the requirements and fine print (especially if you’re not an expert). That’s why your advisor is an invaluable guide.
Your agent knows exactly what needs to happen, what all the paperwork means, and can work through it efficiently. They’ll help you review the documentation and avoid any costly missteps that could happen if you tackle it on your own.
4. Act as Your Expert Negotiator
If you sell without an agent, you’ll also be solely responsible for all negotiations. That means you have to coordinate with:
The buyer, who wants the best deal possible
The buyer’s agent, who will use their expertise to advocate for the buyer
The inspection company, which works for the buyer and will almost always find concerns with the house
The appraiser, who assesses the property’s value to protect the lender
Instead of going toe-to-toe with all these parties alone, lean on an expert. Your agent relies on experience and training to make the right moves throughout the <a href="https://www.mykcm.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/" title="negotiation">negotiation</a>. They’ll know what levers to pull, how to address each individual concern, and when you may want to get a second opinion. When you sell your house yourself, you’ll need to be prepared to have these conversations on your own.
5. Price It Right
Real estate professionals have the expertise to price your house accurately and competitively. To do so, they compare your house to recently sold homes in your area and factor in the current condition of your house. These factors are key to making sure your house is priced to move quickly and get you the maximum return on your investment.
When you sell as a FSBO, you’re operating without this advantage. That could cost you in the long run if you <a href="https://www.mykcm.com/2021/07/08/selling-your-house-make-sure-you-price-it-right/" title="price your house">price your house</a> too high or too low.
Bottom Line
There’s a lot that goes into selling your house, and it takes time, effort, and expertise to truly maximize your sale. Instead of tackling it alone, let’s connect to make sure you have an expert on your side.2021-12-31T08:15:00-07:002021-12-30T16:18:14-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16757Homebuyers Are Going on a Shopping Spree This WinterBlack Friday and Cyber Monday are over, which means some shoppers have wrapped up their holiday buying. But there’s still a group of buyers that are very active this holiday season – homebuyers.
Experts anticipate the real estate market will see a flurry of activity this winter, and that’s great news for today’s sellers. If you’re planning on listing your home, there’s no need to wait until the spring for better conditions – today’s real estate market is already heating up.
Buyers Have Warmed Up to the Idea of Purchasing This Winter
The past 18 months brought about significant lifestyle changes for many of us, including the rise in <a href="https://www.mykcm.com/2021/09/21/remote-work-is-here-to-stay-can-your-home-deliver-the-space-you-need/" title="remote">remote</a> work, job changes, and even early <a href="https://www.mykcm.com/2021/11/17/retirement-may-be-changing-what-you-need-in-a-home/" title="retirement">retirement</a> for some. For many people, it’s prompting a search for their next home now rather than waiting for warmer months.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), <a href="https://www.realtor.com/advice/sell/should-you-wait-until-spring-to-sell-your-home-no-way-why-winter-listings-rule-today/" target="_blank" title="points out">points out</a> how this winter may see a significant number of sales:
“Compared to other past winter seasons, this winter season’s sales activity will be stronger. . . . This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.”
You might be wondering: what does strong <a href="https://www.mykcm.com/2021/11/18/home-sales-about-to-surge-we-may-see-a-winter-like-never-before/" title="sales activity">sales activity</a> mean for you? It means there are likely to be more buyers active in the market this winter – far more than more normal, pre-pandemic years.
In the same article, Danielle Hale, Chief Economist for realtor.com, puts it in these simple terms:
“Sellers can expect to see plenty of buyers.”
The more buyers there are in the market, the more likely it is your home will get noticed. That can lead to a <a href="https://www.mykcm.com/2021/11/16/sellers-youll-likely-get-multiple-strong-offers-this-season/" title="multiple-offer">multiple-offer</a> scenario or a potential <a href="https://www.mykcm.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/" title="bidding war">bidding war</a>. Receiving multiple offers on your home means you can select the right offer and terms for your situation – so you can truly win as a seller when you list your house this winter.
Bottom Line
If you’re thinking about selling your East San Diego house, you don’t need to wait until the spring. Buyers are ready now. Let’s connect to discuss why selling this holiday season could be the gift that keeps on giving.2021-12-17T08:09:00-07:002021-12-16T16:11:10-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16554A Checklist for Selling Your East San Diego House This Winter<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1638573914.jpg" width="368" height="600" />
If you’re planning to sell your East San Diego house this winter, you’ll want it to look its best inside and out.
Take the time and focus on tasks that make it inviting, show it’s cared for, and boost your curb appeal.
Let’s connect so you have an expert opinion on what to focus on, so it shows well and catches a buyer’s eye.2021-12-04T08:35:00-07:002021-12-03T16:40:19-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16480Why Now Is a Great Time to Sell Your East San Diego HouseAs we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking <a href="https://www.mykcm.com/2021/11/10/whats-happening-with-home-prices/" title="home price appreciation">home price appreciation</a>, growing <a href="https://www.mykcm.com/2021/10/22/your-home-equity-is-growing-infographic/" title="equity">equity</a>, low <a href="https://www.mykcm.com/2021/11/09/how-sellers-win-when-housing-inventory-is-low/" title="inventory">inventory</a>, and competitive <a href="https://www.mykcm.com/2021/11/03/experts-project-mortgage-rates-will-continue-to-rise-in-2022/" title="mortgage rates">mortgage rates</a> are motivating East San Diego homeowners to make a move that addresses their <a href="https://www.mykcm.com/2021/10/28/does-your-house-have-what-buyers-want/" title="changing lifestyles">changing lifestyles</a>.
In fact, recent <a href="https://www.realtor.com/research/home-sellers-autumn-2021/" target="_blank" title="data">data</a> from realtor.com shows a larger share of homeowners are planning to list their houses this winter. So, that means <a href="https://www.mykcm.com/2021/11/18/home-sales-about-to-surge-we-may-see-a-winter-like-never-before/" title="more homes">more homes</a> are about to hit the market, which will lead to more choices for buyers too.
According to George Ratiu, Manager of Economic Research at <a href="https://news.move.com/2021-11-11-Low-Temps,-High-Expectations-Realtor-com-R-Survey-Shows-65-of-Prospective-Sellers-Plan-to-Enter-the-Market-this-Winter" target="_blank" title="realtor.com">realtor.com</a>:
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter.”
If you’re thinking of waiting until the spring to sell your house, know that your neighbors may be one step ahead of you by selling this winter. If you want to stand out from the crowd, this holiday season is the best time to make sure your house is available for buyers. Here’s why.
Sellers Are Still Firmly in the Driver’s Seat
Historically, a 6-month supply of homes for sale is needed for a normal or neutral market. That level ensures there are enough homes available for active buyers (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/20211129-MEM-Eng-1.jpg" width="800" height="600" />
The latest <a href="https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales" target="_blank" title="Existing Home Sales Report">Existing Home Sales Report</a> from the National Association of Realtors (NAR) shows the inventory of houses for sale sits at a 2.4-month supply. This is well below a neutral market.
What Does That Mean for You?
When the supply of homes for sale is as low as it is today, it’s much harder for buyers to find homes to purchase. This drives up competition among buyers, who then submit increasingly competitive offers to win out against others in the home search process. As this happens, prices rise and <a href="https://www.mykcm.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/" title="your leverage">your leverage</a> as a seller rises too, putting you in the best position to negotiate a contract that meets your ideal terms.
And while the low housing supply we’re facing won’t be solved overnight, sellers this season should move quickly to maximize their potential. As the data shows, with more prospective sellers planning to list their homes this winter, selling sooner rather than later helps your house rise to the top of a holiday buyer’s wish list so you can close the best possible deal.
Bottom Line
Listing your East San Diego home over the next few weeks gives you the best chance to be in front of buyers competing for homes this holiday season. Let’s connect today to discuss how you can benefit from today’s sellers’ market.2021-11-30T08:21:00-07:002021-11-29T16:24:32-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:164064 Ways East San Diego Homeowners Can Use Their EquityYour <a href="https://www.mykcm.com/2021/07/23/pop-quiz-can-you-define-these-key-terms-in-todays-housing-market-infographic/" title="equity">equity</a> is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="Equity Insights Report">Equity Insights Report</a> from CoreLogic, homeowners gained an average of $51,500 in equity over the past year.
If you’re looking for the best ways to use your <a href="https://www.mykcm.com/2021/10/22/your-home-equity-is-growing-infographic/" title="growing equity">growing equity</a>, here are four options:
1. Use Your Equity to Buy a Home That Fits Your Needs
If you’re finding you no longer have the <a href="https://www.mykcm.com/2021/09/21/remote-work-is-here-to-stay-can-your-home-deliver-the-space-you-need/" title="space">space</a> you need, it might be <a href="https://www.mykcm.com/2021/09/20/is-it-time-to-move-on-to-a-new-home/" title="time to move">time to move</a> into a larger home. Or, it’s possible you have too much space and would like something <a href="https://www.mykcm.com/2021/04/13/some-buyers-prefer-smaller-homes/" title="smaller">smaller</a>. No matter the situation, consider using your equity to power a move into a home that fits your changing lifestyle. Moving into a larger home can provide extra space for remote work or loved ones. Downsizing, on the other hand, may mean saving time and money by caring for a smaller home.
2. Move to the Location of Your Dreams
If the size of your home isn’t a challenge but your current location is, it could be time to relocate to a new area. Maybe you enjoy vacationing in the mountains, at the beach, or another area, and you’re dreaming of living there year-round. Or perhaps the distance between you and your loved ones is greater than you’d like, and you want to close the gap. No matter what, your home equity can fuel your move to the location where you really want to live.
3. Start a New Business
If you’re not ready to move into a new home, you can use your equity to invest in a new business venture. As the U.S. Small Business Administration Office of Advocacy <a href="https://cdn.advocacy.sba.gov/wp-content/uploads/2020/06/04144224/2020-Small-Business-Economic-Profile-US.pdf" target="_blank" title="says">says</a>:
“There is an estimate of 31.7 million small business owners in the United States, many of them started their business with the equity they had in their home.”
While it’s not recommended that homeowners use their equity for unnecessary spending, leveraging your equity to start a business that you’re passionate about can potentially grow your nest egg further.
4. Fund an Education
Whether you have a loved one preparing to head off to college or you’re planning to go back to school yourself, the thought of paying for higher education can be daunting. In either situation, using a portion of your growing equity can help with those costs, so you can make an investment in someone’s future.
Bottom Line
Your equity can help you achieve your goals. If you’re unsure how much equity you have in your East San Diego home, let’s connect today so you can start planning your next move.2021-11-23T08:28:00-07:002021-11-22T16:35:34-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16316Sellers: You’ll Likely Get Multiple Strong Offers This SeasonAre you thinking about <a href="https://www.mykcm.com/2021/11/05/numbers-dont-lie-its-still-a-great-time-to-sell-infographic/" title="selling">selling</a> your East San Diego house right now, but you’re not sure you’ll have the time to do so as the holidays draw near? If so, consider this: even as the holiday season approaches, there are plenty of buyers out there, and they really want <a href="https://www.mykcm.com/2021/10/28/does-your-house-have-what-buyers-want/" title="your house">your house</a>. Here’s why selling this winter is a win for you.
Today’s buyers are still dealing with a limited number of homes for sale. Thanks to continued <a href="https://www.mykcm.com/2021/10/27/housing-challenge-or-housing-opportunity-it-depends/" title="low inventory">low inventory</a>, those buyers are competing with one another for their dream home. And when that happens, if your house is one of the few on the market, it will rise to the top of the pool – and it will be worth it.
According to the latest data from the <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-09-realtors-confidence-index-10-21-2021.pdf" target="_blank" title="National Association of Realtors">National Association of Realtors</a> (NAR), the average seller received 3.7 offers on their house in September. For a view into what’s happening at the state level, take a look at the map below:<a href="https://files.mykcm.com/2021/11/15102757/20211115-MEM-Eng-1-1.png" target="_blank"> </a>
<img src="https://assets.site-static.com/userfiles/1763/image/20211115-MEM-Eng-1-1.jpg" width="960" height="720" />
Nationwide, the average seller today is getting nearly four offers. That number is significant because it means you’ll likely have multiple offers to pick from if you sell your house this season. To put things into perspective, no matter where your state falls, remember that you really only need one good offer to close the deal.
Any offer you receive will likely be from a highly motivated buyer who’s doing everything they can to beat the <a href="https://www.mykcm.com/2021/10/08/whats-causing-todays-competitive-real-estate-market-infographic/" title="competition">competition</a>. The stakes for buyers are high. They’ve been looking for a house and they want to lock in their dream home before <a href="https://www.mykcm.com/2021/10/19/what-does-the-future-hold-for-home-prices/" title="prices">prices</a> and <a href="https://www.mykcm.com/2021/11/03/experts-project-mortgage-rates-will-continue-to-rise-in-2022/" title="mortgage rates">mortgage rates</a> rise further next year. Chances are, they’ll get creative with the terms of their offer, which could include waiving contingencies and offering over the asking price – both of which are great news for <a href="https://www.mykcm.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/" title="you">you</a>.
If you’re on the fence about when to sell, remember your house is a hot commodity this season. As other sellers take a break for the holidays with plans to re-list their homes in the new year, you can put your house in front of motivated buyers by making your move today. That means your house will be the <a href="https://www.mykcm.com/2021/10/18/sellers-your-house-could-be-an-oasis-for-buyers-seeking-more-options/" title="center of attention">center of attention</a>, and likely the center of a bidding war too.
Bottom Line
Selling now gives you even more opportunity to win big as buyers compete for your house in today’s market. Let’s connect so that I can guide you through the listing process in East San Diego.2021-11-17T08:01:00-07:002021-11-16T16:41:19-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16271Should I Update My East San Diego House Before I Sell It?<img src="https://assets.site-static.com/userfiles/1763/image/kcm-infographic-1636758712.jpg" width="1046" height="1853" />
If you’re deciding whether you should make updates before you sell your house, lean on your agent to be your guide.
If the market is flooded with houses for sale, updates may be necessary for your house to stand out. In our current sellers’ market, the added expenses might not be worth it.
Let’s connect so you have expert advice on which updates are important in today’s East San Diego market.2021-11-13T08:02:00-07:002021-11-12T16:16:53-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16233How Sellers Win in East San Diego When Housing Inventory Is LowIn today’s East San Diego housing market, the number of homes for sale is <a href="https://www.mykcm.com/2021/10/06/what-do-supply-and-demand-tell-us-about-todays-housing-market/" title="much lower">much lower</a> than the strong buyer demand. As a result, homeowners ready to sell have a significant <a href="https://www.mykcm.com/2021/11/02/sellers-have-incredible-leverage-in-todays-market/" title="advantage">advantage</a>. Here are three ways today’s <a href="https://www.mykcm.com/2021/10/27/housing-challenge-or-housing-opportunity-it-depends/" title="low inventory">low inventory</a> will set you up for a win when you sell this season.
1. Higher Prices
With so many more buyers in the market than homes available for sale, homebuyers are frequently getting into bidding wars for the houses they want to purchase. According to the latest data from the National Association of Realtors (NAR), homes are receiving an average of <a href="https://cdn.nar.realtor/sites/default/files/documents/2021-09-realtors-confidence-index-10-21-2021.pdf" target="_blank" title="3.7 offers">3.7 offers</a> in today’s market. This buyer competition drives <a href="https://www.mykcm.com/2021/10/19/what-does-the-future-hold-for-home-prices/" title="home prices">home prices</a> up. As a seller, this certainly works to your advantage, potentially netting you more for your house when you close the deal.
2. Greater Return on Your Investment
Rising prices mean homes are also gaining value, which increases the equity you have in your home. In the latest <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="Homeowner Equity Insights Report">Homeowner Equity Insights Report</a>, CoreLogic explains:
“In the second quarter of 2021, the average homeowner gained approximately $51,500 in equity during the past year.”
This year-over-year growth in <a href="https://www.mykcm.com/2021/10/22/your-home-equity-is-growing-infographic/" title="equity">equity</a> gives you the ability to sell your house and then put that money toward a down payment on your next home, or to keep it as extra savings.
3. Better Terms
In a <a href="https://www.mykcm.com/2021/08/17/what-does-being-in-a-sellers-market-mean/" title="sellers’ market">sellers’ market</a> like we have today, you’re in the driver’s seat if you make a move. You have the power to sell on your terms, and <a href="https://www.myckm.com/2021/10/18/sellers-your-house-could-be-an-oasis-for-buyers-seeking-more-options/" target="_blank" title="buyers">buyers</a> are more likely to work with you if it means they can finally land their dream home.
So, is low housing inventory a big deal?
Yes, especially if you want to sell on your terms. <a href="https://www.mykcm.com/2021/10/20/looking-to-move-it-could-be-time-to-build-your-dream-home/" title="Moving">Moving</a> now while inventory is so low is key to maximizing your opportunities.
Bottom Line
If you’re interested in taking advantage of the current East San Diego sellers’ market, let’s connect today to determine your best move.2021-11-10T08:04:00-07:002021-11-09T16:21:46-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16196Numbers Don’t Lie – It’s Still a Great Time to Sell in East San Diego<img src="https://assets.site-static.com/userfiles/1763/image/20211105-MEM.jpg" width="1300" height="2536" />
Heading into the end of the year, you might wonder if it’s still a good time to sell your East San Diego house. Here’s what the latest data from the National Association of Realtors (NAR) says.
Housing supply is lower than last year, and home prices are up nationwide. Meanwhile, the average home is selling fast and receiving several offers. Listing now puts your house in the spotlight, meaning it could sell quickly – and for more than you’d expect.
Feeling motivated? If you’re ready to sell and capitalize on today’s East San Diego market, let’s connect.2021-11-06T06:04:00-07:002021-11-05T15:21:11-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16109East San Diego Sellers Have Incredible Leverage in Today’s MarketWith <a href="http://www.freddiemac.com/pmms/" target="_blank" title="mortgage rates">mortgage rates</a> climbing above 3% for the first time in months, serious East San Diego buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), puts it best, <a href="https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september" target="_blank" title="saying">saying</a>:
“Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”
But the sense of urgency they feel is complicated by the <a href="https://www.mykcm.com/2021/10/27/housing-challenge-or-housing-opportunity-it-depends/" title="lack of homes">lack of homes</a> for sale in today’s market. According to the latest <a href="https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september" target="_blank" title="Existing Home Sales Report">Existing Home Sales Report</a> from NAR:
“From one year ago, the inventory of unsold homes decreased 13%. . . .”
What Does This Mean for Sellers Today?
With buyers eager to purchase but so few homes available, sellers who list their houses <a href="https://www.mykcm.com/2021/09/07/reasons-you-should-consider-selling-this-fall/" title="this fall">this fall</a> have a tremendous advantage – also known as leverage – when negotiating with buyers. That’s because, in <a href="https://www.mykcm.com/2021/08/17/what-does-being-in-a-sellers-market-mean/" title="today’s market">today’s market</a>, buyers want three things:
To be the winning bid on their dream home.
To buy before <a href="https://www.mykcm.com/2021/10/05/the-main-key-to-understanding-the-rise-in-mortgage-rates/" title="rates rise">rates rise</a>
To buy before <a href="https://www.mykcm.com/2021/10/19/what-does-the-future-hold-for-home-prices/" title="prices">prices</a> go even higher.
Your Leverage Can Help You Negotiate Your Best Terms
These three buyer needs give homeowners a leg up when selling their house. You might already realize this leverage enables you to sell at a good price, but it also means you can negotiate the best terms to suit your needs.
And since <a href="https://www.mykcm.com/2021/10/06/what-do-supply-and-demand-tell-us-about-todays-housing-market/" title="buyer demand">buyer demand</a> is still high, there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, look closely at the terms of each offer to find out which one has the best perks for you.
If you have questions about what’s best for your situation, your trusted <a href="https://www.mykcm.com/2021/09/29/dont-tackle-selling-your-home-on-your-own-an-agent-can-help/" title="real estate advisor">real estate advisor</a> can help. We have the expertise and are skilled negotiators in all stages of the sales process.
Bottom Line
Today’s buyers are motivated to purchase a home this year, and that’s great news if you’re thinking of selling in East San Diego. Let’s connect today to discuss how much leverage you have as a seller in today’s market.2021-11-03T06:08:00-07:002021-11-02T15:13:17-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16054Does Your East San Diego House Have What Buyers Want?The rise in <a href="https://www.mykcm.com/2021/09/21/remote-work-is-here-to-stay-can-your-home-deliver-the-space-you-need/" title="remote work">remote work</a> is changing what many Americans want in their homes. Many companies are choosing to delay reopening or go remote full-time, and today’s buyers are looking for East San Diego homes with more space to support their work needs.
As a seller, if you no longer need the extra room you have in your home, rest assured there are buyers who do.
Remote Work Is Here To Stay
Remote work remains a reality for many Americans. A recent poll from <a href="https://www.gartner.com/en/newsroom/press-releases/08-31-2021-gartner-hr-poll-finds-two-thirds-of-organizations-are-delaying-workplace-reopening-due-to-new-covid-19-variants" target="_blank" title="Garter, Inc.">Garter, Inc.</a> shows many organizations have not yet returned their offices:
“. . . 66% of organizations are delaying reopening their offices due to new COVID-19 variants.”
And it’s not just companies that are choosing to remain remote for the time being – workers are seeking more flexibility. According to research from <a href="https://www.pwc.com/us/en/library/pulse-survey/future-of-work.html" target="_blank" title="PricewaterhouseCoopers">PricewaterhouseCoopers</a>, nearly one-fifth of employees want to be fully remote in the future. The study also finds that many people are leaving jobs to seek out remote work opportunities:
“Among employees looking for new jobs, almost one in ten say it’s because they moved away from the office while working remotely and don’t want to go back on-site.”
More Remote Work Means a Greater Need for Home Offices
That’s leading today’s buyers to prioritize finding homes with more space so they can comfortably work from home. The <a href="http://info.aia.org/AIArchitect/2021/0910/aia-interactive/index.html" target="_blank" title="2021 Home Design Trends Survey">2021 Home Design Trends Survey</a> from the American Institute of Architects finds that 69% of surveyed individuals still want at least one office at home. However, it also shows that more people are looking for multiple spaces in their home for remote work and virtual meetings (see graph below):
<img src="https://assets.site-static.com/userfiles/1763/image/20211028-MEM-Eng-1.jpg" width="1000" height="750" />
What Does This Mean for You?
If your house has extra space that you no longer need, buyers are interested, and now may be the perfect <a href="https://www.mykcm.com/2021/09/20/is-it-time-to-move-on-to-a-new-home/" title="time to sell">time to sell</a>.
Your trusted real estate advisor can help you highlight many of the most sought-after features in your listing, including home offices. On the other hand, if you have extra room without a purpose, consider staging it as an area where remote work can happen. Your agent can help you with this as well by evaluating and <a href="https://www.mykcm.com/2021/10/04/4-tips-to-prep-for-your-home-sale-this-fall/" title="preparing">preparing</a> your space for potential buyers. They’ll make recommendations for how to stage the room, where to draw the eye, and what other sellers are doing to make their houses stand out.
Bottom Line
With the continued rise in remote work, more buyers are looking for homes that can support multiple home offices. If you have extra room you’re no longer using, consider selling. Let’s connect today to discuss the unique features in your East San Diego house and how you can capitalize on any extra space to appeal to today’s buyers.2021-10-29T05:17:00-07:002021-10-28T14:21:00-07:00Steven Rotsarttag:eastsandiegocounty.com,2012-09-20:16030Housing Challenge or Housing Opportunity? It Depends.The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically.
There are many reasons for the limited number of homes on the East San Diego market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a <a href="https://www.nar.realtor/newsroom/existing-home-sales-ascend-7-0-in-september" target="_blank" title="2.4-month">2.4-month</a> supply of homes available for sale.
<img src="https://assets.site-static.com/userfiles/1763/image/20211027-MEM-Eng-1.jpg" width="1000" height="750" />
The Opportunity
This lack of homes for sale is creating a challenge for many buyers who are growing frustrated in their search. On the other hand, this is a huge opportunity for sellers as low supply is driving up home values. According to <a href="https://www.corelogic.com/intelligence/homeowner-equity-insights/" target="_blank" title="CoreLogic">CoreLogic</a>, the average home has appreciated by more than $50,000 over the <a href="https://www.mykcm.com/2021/10/22/your-home-equity-is-growing-infographic/" title="past year">past year</a>. And for many homeowners, that’s opening new doors as they re-think their needs and use their equity to move up or downsize.
According to <a href="https://twitter.com/DrFrankNothaft/status/1450526459483807749" target="_blank" title="Dr. Frank Nothaft">Dr. Frank Nothaft</a>, Chief Economist at CoreLogic:
“The average homeowner with a mortgage has more than $200,000 in home equity as of mid-2021.”
Today, many sellers are taking advantage of low interest rates and the equity they have in their homes to make a move.
Bottom Line
The biggest challenge in real estate is the lack of homes for sale, but this challenge is also an opportunity for sellers. If you’re thinking about selling your East San Diego house, let’s connect to start the process.2021-10-28T05:16:00-07:002021-10-27T14:27:23-07:00Steven Rotsart