North County San Diego, Home Report, November 2013

NSDCAR November 2013 HomeDex Reports provide October 2013 housing statistics in two separate reports, featuring North San Diego County and full San Diego County statistics. Below is a snapshot of the October housing report. Click on the links below to read the full reports. 

 

  • The median price for all North County home sales – attached and  detached – decreased to $482,500 in October 2013 compared to $499,950 in September 2013. 
  • Detached homes in North County remained constant in October 2013 at $570,000.   
  • Year-over median SFD price in North San Diego County was up 19.37 percent, compared to $477,500 in October 2012 – a 15-month trend of year-over median price increases. 
  • The median SFD price in non-North County ZIP codes decreased 3.22 percent in October 2013 to $435,000 compared to $449,450 reported in September 2013.
  • Year-over non-North County median price increased 18.46 percent compared to $367,200 in October 2012, continuing a 19-month trend of year-over median price increases.
  • The number of North San Diego SFD listings (active and contingent) decreased 6.58 percent in October 2013 compared to September 2013.
  • The number of sold North San Diego County SFD units rose 8.18 percent in October 2013 compared to September 2013. Year-over sold SFD units decreased 6.93 percent compared to October 2012.
  • Median days-on-market for single-family detached homes sold in North County increased to 30 days in October 2013 compared to 25 days in September 2013.
  • The HomeDex affordability percentage for all homes in North San Diego County was 31 percent in October 2013. 

  

Listing Marketing Tips

 

Marketing Tips That Fire Up a San Diego Listing

Creative Writing Sparks Southern California Listings

Listing Language Can Trigger a Quick Sale

 

Your San Diego home is in perfect shape – all set to go on the market. You’ve enlisted an experienced real estate agent with a solid track record. Now all that’s left is…what?

What’s that next step?

In fact, the next step can be all-important: creating a San Diego listing that does more than just describe the number of beds and baths. It has to stand out among all the competing listings that will be seen alongside it. That Southern California listing is the keystone of the marketing campaign that will ultimately fetch a new owner: its job is to get buyers and agents to take a closer look. To get that job done, it has to be special!

 When I sit down to work up an effective listing, I try to pay attention to what creative writers from other forms of advertising advise: first discover what is unique, appealing, attention-getting, then present it with language that captures readers’ imaginations. Formulas are out, since following a set group of mechanical rules can only produce a dull, repetitious result. Even so, there are some useful tips that can help spark an effective listing:

* Keep the context in mind. The job of any San Diego listing is to communicate many essential details in a limited amount of space – but there will be photographic information there, too. Highlight features that can’t be told through either its photos or specifications. For example, if a house offers a spectacular view of the sunset from its veranda, the listing should highlight it. Grandeur can be told nowhere else.

* Listing language should be upbeat and tailored to sell, while at the same time,  filled with accurate and useful information. It’s a balancing act, and going overboard in either direction can be off-putting. Specific details help bring in readers and build believability (high quality brand names like Sub-Zero or Wolf are good examples). Details build credibility that bolsters less concrete descriptions. I leave out unsupportable claims altogether. It can be tempting to fall in love with flowery language that sails off into its own reality — but accurate information builds trust for the lead-up to a sale. 

* Setting the right tone is another important factor. It’s another balancing act.  Listings should be upbeat without exaggeration…accommodating without sounding desperate. The right tone can help bring in prospects, just as the wrong one will drive them off or raise suspicions that something is wrong.

A successful local agent has demonstrated the knowhow and experience to bring these and other elements together to produce powerful, effective home listings.  If you are considering selling your own home in San Diego, I hope you will give me a call so we can create a dynamic marketing plan to sell your property!

Read This BEFORE you write your next offer and WIN the House!

15 Ways to Get Your Offer Rejected

 

1.   Offer Price is Low!

     This is the first thing that a Seller looks at when in an Offer comes in!  If you believe that a Lower Price is justified, have your Agent present some comparables or an appraisal to back up your offer.

 

2.  Fail to understand your Local Market

     Is it a Buyer’s Market, a Seller’s Market, or just a Market?  Look at actual sales data, including time on market, inventory (number of houses for sale), and sales price to list price ratios.

 

3.  Fail to understand the Seller

     Moving out of town, moving up, investor unloading an asset, bank owned, short sale, Court-ordered sale…  does your Agent know the motivation or reason of the Seller?

 

4.  No Pre-Approval Letter or Proof of Funds Letter

      Is the Seller supposed to wait a week or two to see if you can afford it?

 

5.   Ask Seller to Pay All Closing Costs

     Asking the Seller to pay $$$ Thousands of Dollars in Costs is effectively lowering the Price!

 

Offer - Sellers Pays All Closing Costs

 

6.   Low or No Deposit

     In some States (including Florida) there is no monetary deposit required.  Your “promise” is considered valuable consideration.  But how do you think those Goose Eggs on the Deposit Line look to a Seller? 

     Or maybe you presented a whopping $500 or $1000 deposit.  The strength of your Offer is reflected in your Deposit!  Even with a 100% USDA Rural or 100% VA Loan, you should still offer a significant deposit.

 

7.   Contingencies

     Financing and Inspection contingencies are common and expected.  But for how long?  Five days looks better than 14 days or 21 days!

     Other Contingencies can be detrimental to an offer.  For example, “Buyer’s Home Must Sell First”.

 

8.   Asking for Personal Property

     The Seller has volunteered to leave the light fixtures, window treatments, and the appliances.  You decide to ask for the Pool Table, the Flat Screen TV, and the Furniture.

 

Offer Rejected over Personal Property Included

 

8.   Closing Date

     The Seller has already moved out.  Your Offer shows a Closing Date several months from now.

 

9.   Asking for Repairs

     Especially before Inspections have been done!  Or, when the MLS Listing reads, “As Is, Subject to Inspections”.

 

10.  Trying to Get a Deal on a Foreclosure

     Forget it!  The hucksters on those “Get Rich Quick in Real Estate” Infomercials are either in prison or under indictment. 

 

11.  Asking for Early Possession

     There is a lot of risk and potential liability for a Seller who allows Occupancy Prior to Closing.

 

12.  “Creative Financing”

     Asking a Seller (who has not volunteered) to carry Owner Financing, or asking a Seller to do a Lease Option or Lease Purchase, or a Contract for Deed, or other “Creative Financing”.

 

13.  Ignoring Seller Requests

     Seller has made specific requests in the MLS Listing (preferred Title Closer, length of Closing, days for Acceptance, etc.) and your Offer blatantly disregards those requests.

 

14.  Not Understanding “Multiple Offers” if you are in a Hot Market

     If you are in a Market where Multiple Offers are typical, you MUST come in with your Best at the very beginning!  A low-priced, contingency-filled offer will not warrant a second look!

 

15.  Your Offer is Never Presented  (yes, it happens)

     It may be illegal and/or unethical, but sometimes Agents do not present Offers!

  •     Your Agent may be “embarassed” over your Low-Ball Offer, so he pretends it was rejected. 
  •     An unethical Listing Agent has multiple Offers; she only presents the Offers that will net her both sides of the commission!

       It is up to you to verify that your Offer was presented!

House for Sale Tallahassee Florida

 

     Every Real Estate Market is different, every Seller and every Property will be unique.  But the same general principles apply.  A Buyer must present an Offer that is attractive to the Seller. 

     Don’t do any of the 15 Things that will get Your Offer Rejected!

___________________

 

Disclaimer:   The author of this blog article is not an attorney; the author of this blog article is not a certified public accountant. Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Provided by Guest Blogger: Frederick Griffin, Licensed Real Estate Broker       Tallahassee, Florida       850-339-4861

Questions to ask when choosing a Custom Home Builder

When choosing a custom home builder, asking these questions to each builder you interview will provide an apples to apples comparison.

 

  • How many years have you been in business? How many homes have you  built?
  • Are you licensed (where required) and insured?
  • How do you compare yourself to other builders? What are the most important benefits of the homes you build?
  • What type of warranty do you offer?
  • Can you give me references from prior home buyers? Do you build model homes I can tour? If not, can you help me make an appointment to see a home you built for another customer?
  • What are the major energy-saving features of homes you build?
  • Do you build only from home plans you supply? Or can I provide my own  set of plans?
  • What standard features do your homes include? What options and upgrades can I  select?
  • Who will oversee the construction of my home? Who should I contact with any  questions I may have?
  • How and when can I make changes or upgrades before and during  construction?
  • How and when will the final price for my home be determined?
  • How often (and when) will I have access to the home during the building  process?
  • How long will my home take to complete?
  • Does the community have a Home Owners Association and/or an Architectural  Review Committee? If so, may I get a copy of their rules and the amount of any fees?
  • What’s your process for inspection at key points of construction, at final  walk-through, and to address any matters that need to be corrected or  finalized?

Of course, there are many more questions that one could ask, feel free to add any you’d like. Following a framework for the builder selection process will provide confidence down the road when you are frustrated, and wondering, did I make the right choice?

10 GREAT Reasons to Buy a Home in 2013

 

1.        Quality of life – a home provides stability and security for you and your loved ones, and membership within a community of neighbors.

2. Pride of home ownership – a home is a personal haven, a place that you can decorate, shape, and share over time because it’s yours.

3. Excellent affordability – lower home prices combined with low interest rates means there are tremendous opportunities for buyers.

4. Historically low interest rates – around 4 percent in the U.S. gives better purchasing power to those who qualify.

5. Appreciation potential – your home investment can grow in value.

6. Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 vs. $4,000 for renters.

7. Leverage – where else can you buy an investment of this magnitude with 5-10 percent down?

8. Tax deduction advantages – property tax and mortgage interest write-offs (in Canada, home owners gain a tax benefit upon selling).

9. Tax exemption – up to $500,000 per married couple or $250,000 per person on sale of a primary residence in the United States (no tax upon sale in Canada).

 

Fewer Markdowns – Homes Selling ABOVE List Price!

Fewer Markdowns On For-Sale Homes This “Bargain” Season

Jed Kolko, Chief Economist

January 16th, 2013

Now is the bargain real estate season: asking home prices typically hit their seasonal low point from November through January. This winter, however, markdowns are harder to find. Among all non-foreclosure homes for sale on Trulia, in early January, 33.6% of homes were priced lower than their original listing price. (For homes originally listed more than six months ago, we compared the current price to the price six months ago, not the original price.) One year ago, in early January 2012, 36.7% of homes for sale were marked down from their original listing price.

However, the national average of 33.6% hides huge local differences. In January 2013, the share of homes with price reductions ranges from just 15% in Oakland to 48% in Springfield, MA. Among markets with the fewest reductions today, Miami and Fort Lauderdale stand out as the two locales that also had relatively few reductions one year ago, in January 2012. In contrast, Las Vegas and the seven California markets that round out the top-10 list all have far fewer reductions today than a year ago: in these metros, markdowns have become much harder to find.

Where   Real Estate Discounts Are Harder to Find

#

U.S. Metro

% homes with price reductions, Jan   2013

% homes with price reductions, Jan   2012

Change in % with price reductions,   2012-2013

1

Oakland, CA

15%

31%

-16%

2

Las   Vegas, NV

16%

36%

-20%

3

Miami, FL

16%

15%

1%

4

San Jose,   CA

20%

31%

-11%

5

Sacramento,   CA

22%

35%

-14%

6

Los   Angeles, CA

23%

38%

-15%

7

Ventura   County, CA

23%

38%

-15%

8

Fort   Lauderdale, FL

23%

23%

-1%

9

Riverside
  San   Bernardino, CA

23%

35%

-12%

10

Orange   County, CA

23%

41%

-18%

Among 100 largest metros. Based on   all listings on the second Wednesday in January (January 9, 2013, and January   11, 2012). Changes might not equal the difference due to rounding.

Springfield, MA, has the most price reductions in the country, followed by Hartford, CT, and Omaha, NE. Of the 10 metros with the highest share of price reductions, five are in New England. The rest are in the Midwest (Lake County–Kenosha County, Chicago) or nearby (Omaha, Buffalo, Kansas City). Most of the markets with lots of markdowns at the start of 2013 had even more price reductions at the start of 2012. In fact, among the 100 largest metros, 83 have fewer price reductions now than one year ago.

Where   More Home Sellers Are Cutting Prices

#

U.S. Metro

% homes w/ price reductions, Jan   2013

% homes w/ price reductions, Jan   2012

Change in % w/ price reductions,   2012-2013

1

Springfield,   MA

48%

48%

0%

2

Hartford,   CT

45%

45%

-1%

3

Omaha, NE-IA

45%

46%

-1%

4

Worcester,   MA

44%

47%

-3%

5

New   Haven, CT

44%

46%

-1%

6

Buffalo, NY

44%

50%

-6%

7

Peabody, MA

44%

48%

-4%

8

Lake   County-
  Kenosha County, IL-WI

44%

48%

-4%

9

Chicago, IL

43%

47%

-4%

10

Kansas   City, MO-KS

43%

45%

-2%

Among 100 largest metros. Based on   all listings on the second Wednesday in January (January 9, 2013, and January   11, 2012). Changes might not equal the difference due to rounding.

What explains why some metros–like Oakland, Las Vegas, and Miami–have few markdowns, while others–like Springfield, MA, and Chicago–have many? Two factors stand out among markets with fewer reductions: bigger price gains and a lower vacancy rate. In metros where prices are rising, asking prices are less likely to start out too low: Oakland, Las Vegas, and Miami all had big price gains in 2012, according to the December Trulia Price Monitor. In metros with low vacancy rates, buyers are competing with each other for the few available homes on the market, so sellers don’t need to lower prices to attract buyers: Ventura County, CA, for instance, had only a 0.9% year-over-year increase in prices in December 2012, but has among the lowest vacancy rates in the country, which means sellers don’t need to drop prices to attract interest. Overall, a decline in price reductions is yet another sign that the housing market is tightening.