Buying a house is a significant event that typically happens once every 13 years. This infrequency can leave buyers out of touch with the latest changes in the real estate market. CENTURY 21 Real Estate Alliance Agents provide their expertise to assist buyers in making informed decisions throughout the home purchasing process.
Introduction
Buying a home is a big event in life. It affects your money, how you live, and your plans for the future. California’s housing market changes often and can be very competitive. That’s why it’s important to have help from someone who knows a lot about buying houses. Most people buy a house once every 13 years, which means they might not know about all the new changes when they decide to buy again. CENTURY 21 Real Estate Alliance Agents are there to give their knowledge and help buyers make good choices at every step of buying a home.
Expertise Through Experience
When buying or selling a home in California, it’s important to have someone who knows the area well. The agents at CENTURY 21 Real Estate Alliance have a lot of experience. They really understand the California homes and properties market. They can help both new buyers and people who have bought or sold property before. These agents will guide you to make good choices and keep you from making mistakes.
Market Insight and Analysis
The housing market in California has a lot of variety and can be quite complicated. There’s everything from busy city areas to quiet places in the suburbs. Agents at CENTURY 21 Real Estate Alliance are always learning about the latest market changes and studying the numbers. This means they can give you great advice on how to set prices and how to make deals that fit just what you’re looking for.
Personalized Guidance
Buying a home is different for everyone. That’s why agents from CENTURY 21 Real Estate Alliance really listen to what you want. They help find what you’re looking for, whether it’s a safe area for your family, a home by the water, or a place to invest in. They focus on your needs to make sure you get what’s best for you.
Support Every Step of the Way
Buying a home can sometimes feel like too much to handle, especially in busy places like California. Having an agent from CENTURY 21 Real Estate Alliance with you means you’re not alone. They support and guide you from the first time you talk to them until you close the deal. If you have questions about how to pay for the house or if you need to find someone to check the house for you, they’re ready to assist.
Conclusion
When looking for a home in California, it’s a smart move to work with a CENTURY 21 Real Estate Alliance Agent. They know the housing market very well and offer a service just for you. They’re among the top in their field. So, if you’re buying a home for the first time, or if you’ve bought homes before, it’s important not to take any risks. By choosing a CENTURY 21 Real Estate Alliance Agent, you’ll get the help you need to make your dream home a reality.
You can feel it in the air! Fall 2022 has arrived, bringing lower temperatures and a cooling down of the real estate market. After the blazing housing market during the pandemic, rising interest rates have cooled down the real estate frenzy. But that’s not necessarily bad news for buyers.
As the housing market heated up, many would-be homeowners found themselves unable to purchase due to multiple cash offers pushing winning bids too high. Now with mortgage rates rising since January 2022 to 7.04%, prices are starting to edge down in most housing markets.
Where’s the good news you ask? According to Thersa Ghilarducci’s article “Looking to Buy a House? It’s Not the Worst Time” published in Bloomberg October 15, 2022, “Buying an asset when the price is falling is generally a good thing. Buying a home now when mortgage rates are high and housing prices are falling means as mortgage rates stabilize or even drop, your house value will more likely inflate than if prices were rapidly increasing and mortgage rates were increasing. Rising mortgage interest rates and a potential recession may seem like bad news, but these trends could benefit would-be homebuyers by cooling demand and dropping prices further, especially if the buyers are confident they won’t lose their jobs and income.”
Ghilarducci further explains, “Of course, a would-be home buyer must consider other important criteria besides housing prices before buying a house. Other important decision factors include having at least 20% for a down payment; whether you will live in the property for more than five years; and whether your monthly payment will be lower than 30% of your gross income.”
Although purchasing a house when interest rates and inflation are higher may not be ideal, this may be the perfect opportunity to consider buying if you can afford it. Not only can you avoid the bidding war that forced many buyers out of the market, you can always refinance once the Fed lower interest rates which some experts predict can be as soon as in 2023.
About Century 21 Real Estate Alliance- Century 21 Real Estate Alliance Group is the largestCentury 21 brokerage in California powered by over 1500 real estate agents working from 35 offices throughout California. Now offering Escrow and Lending services specializing insolutions-based lending
The U.S. median rental price grew 9.8% year-over-year to $1,607 – 15.5% higher than monthly starter home payments in 24 of the 50 largest U.S. metros
SANTA CLARA, Calif., – As rents continue to hit new highs and mortgage rates remain low, buying a starter home now costs less per month than renting a similar-sized unit in 24 of the 50 largest U.S. metros, according to the Realtor.com® Monthly Rental Report released today. The top markets where it’s more affordable to buy a starter home versus rent one include: Birmingham, Ala. (33.1% lower), St. Louis, Mo. (29.4% lower), Pittsburgh (27.7% lower), Orlando (25.9% lower) and Cleveland (25.7% lower).
Nationally, rents continued rising at an unusually fast pace in July, up 9.8% over last year and 12.2% since 2019. All unit sizes tracked by Realtor.com® posted rent gains and hit new highs: Two-bedrooms at $1,802 (+10.9%), one-bedrooms at $1,495 (+9.5%) and studios at $1,315 (+5.6%).
“Rents hit new highs in 40 of the 50 largest U.S. metros this July and grew at an almost double-digit pace – the fastest yearly rate we’ve seen in the last 18 months,” said Realtor.com® Chief Economist Danielle Hale. “Sky-high rents and historically low interest rates have made the monthly cost to buy a starter home lower than renting one in nearly half the markets across the U.S. While this is good news for first-time buyers in these metros, there are plenty of other factors to consider when deciding whether to become a homeowner, including making sure it’s the right time for you and your family. But if the monthly costs have been holding you back, data suggests it’s worth exploring in many markets, and although it’s still hard to find entry-level homes, we are seeing more smaller homes coming on the market.”
Hale added, many of July’s highest rent gains were seen in secondary markets where rental demand has exploded during COVID, driven in part by remote work enabling employees to escape crowded, expensive big cities – at least temporarily. With the future of remote work uncertain for many Americans, first-time homebuyers saw less of a frenzy than renters in a number of July’s highest-priced rental markets. This has helped keep monthly starter home costs an average 15.5% ($216) lower than rents in nearly half of the 50 largest U.S. metros. (See methodology below.)
First-time homebuying is relatively more affordable in hot rental markets
In the top 10 metros that favored first-time homebuying over renting in July, monthly starter home payments were an average 24.3% lower than rents, driven in part by lower median listing prices ($192,000) than the national average ($297,000). The types of starter homes for sale also play a key role in monthly payments, with active inventory in these buyer-friendly metros including nearly two times the share of single-family starter homes (56.1%) than in condo-heavy markets that favor renting.
In July, the top 10 markets that favored buying over renting were: Birmingham, Ala. (33.1% lower), St. Louis, Mo. (29.4% lower), Pittsburgh (27.7% lower), Orlando (25.9% lower), Cleveland (25.7% lower), Tampa (22.9% lower), Baltimore (20.5% lower), Indianapolis (20.4% lower), Virginia Beach (19.2% lower) and Riverside, Calif. (18.5% lower).
Many of these metros also posted sizeable rent gains over last year in July, led by Riverside (+29.7%), where the median rental price of $2,230 was 18.5% ($413) higher than starter home payments, at $1,817 per month. Even with the surge in prices, Riverside rents were relatively lower than in nearby Los Angeles ($2,742), making the metro an attractive option to big city renters looking to save during COVID. Compared to Los Angeles, first-time homebuyers in Riverside saw 51.5% lower asking prices and nearly three times the share of single-family starter homes, at 75.1% of entry-level inventory in July.
Renting beats out buying in big tech cities with rents yet to recover from COVID
Typically some of the nation’s most expensive housing markets, big tech hubs largely favored renting over buying a starter home in July, partly attributed to higher condo HOA fees. Among 0-2 bedroom homes in these top 10 cities, over seven-in-ten (71%) were condos, on average, compared to 58% nationwide, while median HOA fees of $334 among homes that had this fee were 27% higher than the U.S. median ($263).
Seven of the top 10 markets where monthly starter home costs were higher than rents are tech-heavy areas, including: Austin, at 79.2% higher; San Jose, at 47.5% higher; San Francisco, at 44.4% higher; Seattle, at 44.2% higher; Boston, at 40.9% higher; Los Angeles at 39.4% higher; and New York, at 32.0% higher.
While rental prices have surpassed pre-COVID levels in the majority of U.S. markets, rents in many of the biggest tech cities have yet to catch up to historical peaks. Among the 50 largest U.S. markets, the only four where rents declined from last year in July were all big tech hubs: New York (-6.1%), Boston (-3.7%), San Francisco (-2.9%) and Chicago (-1.4%).
Leading the list of metros that favor renting by a wide margin, at $1,228 higher monthly starter home costs than rents, Austin is currently one of the nation’s most competitive housing markets. While costs like median HOA fees are relatively lower in Austin compared to other big tech cities, at $104 versus $1,222 in New York, first-time homebuyers are competing for limited affordable options, with 0-2 bedroom home inventory down 59% year-over-year and prices up 17.5% to a median $431,000 in July.
“Emerging tech hubs like Austin have seen a surge in housing demand in recent years as more Silicon Valley companies have opened or expanded offices in these areas. Relocating employees, including many millennials, can see their housing dollars go much further, with rental costs roughly half as high as in San Francisco and San Jose and starter home costs more than a third lower. With growth expected to continue in Austin, there’s a premium on real estate, but California transplants may find that relative affordability creates first-time homebuying opportunities,” Hale said.
Realtor.com®July 2021 Rental Data – Top 10 Markets that Favor Buying Over Renting
Realtor.com®July 2021 Rental Data – Top 10 Markets that Favor Renting Over Buying
Realtor.com®July 2021 Rental Data – 50 Largest Metropolitan Areas
Methodology
Rental data as of July 2021. Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, 1-bedroom, or 2-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas.
The monthly cost of buying a home was calculated by averaging the median listing prices of studio, 1-bed, and 2-bed homes, weighted by the number of listings, in each housing market. Memphis for sale data was excluded while inventory data is under review. Monthly buying costs assume a 5% down payment, with a mortgage rate of 2.87%, and include taxes, insurance and HOA fees. Typical market-level monthly HOA fees were included in the overall monthly cost of buying, and the median was not conditional on the presence of an HOA fee. This means that the typical HOA fee included reflects both the fees themselves as well as the prevalence of HOA fees in the cost of local starter homes. All else equal, areas where more homes have HOA fees will reflect a higher HOA fee inclusion.
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.
CHICAGO – (July 20, 2021) — ShowingTime, the residential real estate industry’s leading showing management and market stats technology provider, found that showing activity slowed during June compared to prior months, but remained hyperactive during the first few days listings go on the market in cities across the country.
According to the ShowingTime Showing Index®, 64 markets still averaged double-digit showings per listing during the month, led again by Seattle and Denver. That was down almost half from May, when 113 markets averaged double-digit showings per listing, and down from a very busy April when 146 markets were in double digits.
“Buyer demand remains healthy,” said ShowingTime President Michael Lane. “Showing traffic is still above last year’s levels – other than in the Northeast, where it is down 3 percent from last year – though we saw a quick month-to-month drop in the number of showings per listing in June, showing an uncharacteristically rapid slowdown in real estate demand coming into the summer. This is likely to cause an increase in inventory levels in the coming months and ease the upward pressure on real estate prices that has pushed them to historic highs over the last 12 months.”
Though the volume of showings declined from prior months, the first five days listings are active remain critical for buyers, when showing calendars tend to fill up quickly. Listings in Riverside and Bakersfield, Calif., Buffalo and Rochester, N.Y., Los Angeles, Raleigh, N.C., and Grand Rapids, Mich., each averaged more than 30 showings just in the first five days.
Buyer demand remained strong enough in June to drive year-over-year jumps in showing traffic in the South (20.5 percent), the West (14.4 percent) and the Midwest (14.1 percent), leading to a 7.8 percent jump year over year in activity throughout the U.S. overall. The Northeast Region, however, saw a drop of 3.2 percent, the first drop in showing activity in any region since April 2020 when real estate continued to grapple with the effects of the pandemic.
The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month.
ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at research@showingtime.com.
More than 70% who bought a home in the last year feel it was a good decision and nearly half wish they had moved sooner
SANTA CLARA, Calif., May 26, 2021 — Despite the frenzied nature of today’s housing market, prompting conversations about buyer’s remorse, more than two-thirds of pandemic homebuyers have found happiness in their new home, according to a new Realtor.com® survey released today. Those surveyed say their new home better fits their family’s needs and wish they moved sooner.
Realtor.com® surveyed 1,000 homeowners who purchased a new home during the last 12 months between March 26 – April 7 via HarrisX. In the face of the last year’s obstacles, including a competitive housing market and limitations on open houses and showings, 71% of those surveyed feel buying was a good decision and 75% say their new home meets their needs.
“Most of us spent more time at home during the pandemic than ever before. So it’s no surprise that it changed what many people want from their homes and neighborhoods, and created a greater sense of urgency to find a home that satisfied those needs,” said George Ratiu, senior economist, Realtor.com®. “With the number of available homes for sale in short supply, buyers didn’t have many choices over the past year, or a lot of time to consider their options in a very competitive market. However, as our survey shows, pandemic buyers generally feel good about the choices they made, and while the homebuying process itself is stressful, new homeowners feel their new homes meet their needs and do not regret the choices they made.”
More than half (55%) of the homeowners surveyed found a new home that is exactly what they need for working or schooling from home.
However, even more are satisfied with elements of their new home that are important to everyday life during and after the pandemic. When asked how they feel about their home, neighborhood and area, more than 70% of new homeowners report feeling “happy.” Based on their reported satisfaction, 45% of new homeowners wish they had moved sooner, while only 19% say they should have waited.
Not rushed, on-budget, and no regrets
Three-quarters of the new homeowners surveyed were planning to buy prior to the onset of COVID, while the remaining quarter decided to purchase because of the pandemic. With pandemic buyers in many regions having to do more of their home search virtually and the need to make quick decisions, buyer’s remorse could have been a common outcome.
Despite the frenzy, buyers have no regrets when it comes to how quickly they made their purchase and how much they paid. Less than one-third said they wished they’d spent more time on their home search before buying and nearly half (48%) did not feel rushed or pressured into making a home-buying decision. They also didn’t feel as if they overpaid, with 61% of those surveyed reporting that the purchase price of their new home was either at or under their original budget.
Prioritization is key in a fast-paced market
With a lack of available inventory and homes selling at record pace and prices, buyers not only need to move quickly, but they have to be prepared to compromise. Trade-offs are an inevitable part of the process, especially for first-time buyers who don’t have equity from a previous home sale to use as a down payment.
“Buying a home is the biggest financial decision most people make and, while there’s pressure to move more quickly, especially today, it’s not a decision you want to make lightly,” said Lexie Holbert, home and living expert at Realtor.com®. “Nothing in life is perfect, and a new home is no exception, so compromises are always part of the buying process. The best place to start is with a budget, and from there you can prioritize what’s important to you. Is it square footage, number of bedrooms, outdoor space or location? Once you have an idea of what’s most important, you’re ready to make confident decisions.”
Home shoppers who use Realtor.com® can find tips on how to compete in today’s market on its News & Insights site and Home Made blog. Users also can download the Realtor.com® Real Estate app to sign up for custom search alerts that notify them about new listings in their desired area and price drops on saved homes so they know as soon as a home that matches their criteria hits the market.
Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers. This survey was conducted online within the United States from March 26 – April 7, 2021. The survey was conducted among 3,998 adults by HarrisX. The sampling margin of error of this poll is plus or minus 1.6 percentage points. The results reflect a nationally representative sample of adults. Results were weighted for age, gender, region, race/ethnicity, and income where necessary to align them with their actual proportions in the population. In addition to the general population, an oversample was collected for new homeowners. The oversample was weighted to align with the original sample. There are 1,000 new owners who bought a home in the last 12 months with a margin of error of plus or minus 3.1 percentage points.
The 2021 spring housing market can be summed up to two extremes better suited for a primetime TV medical drama than an economic snapshot: the sellers market is on steroids, while the buyers markets are on life support.
Why so extreme?
Real estate laws of supply and demand dictate that rising demand reduces the number of homes for sale and increase prices. Higher prices then motivate sellers to sell, opening greater supplies of inventories and reducing the pressure on prices. Moderated prices and more homes for sale encourage buyers to buy, and sales increase until supply and demand start their familiar dance all over again.
That’s how things are supposed to work.
Except, moving into the spring 2021 housing market, they aren’t working that way at all. Soaring prices and starving inventories aren’t motivating enough sellers to sell, nor are they discouraging many buyers from buying. So, we’re left with a pair of extremes, whose forces are stronger than supply and demand, and twisting housing markets out of shape.
Fear Worsened the Inventory Drought
Even before the COVID-19 pandemic and current recession, the housing market was facing a substantial supply shortage. Afraid of missing out on the lowest mortgage interest rates in a generation, extraordinary numbers of millennial first-time buyers jumped into the markets in the first weeks of the pandemic’s arrival in March 2020.
However, millions of sellers delayed listing their homes at the launch of the spring 2020 sales season. By July, high demand and low supplies drove sales prices to an all-time high, and inventory levels plunged 21.1% below 2019 levels, marking 14 straight months of year-over-year declines.
Inventories Are Still Disastrously Low
Fast forward to the end of February 2021, housing inventory was a record 29.5% lower than a year earlier. Buyers quickly consumed the new listings, and time on the market fell to 20 days for a home to go from listing to contract, an all-time low.
At the end of March, total housing inventory amounted to 1.07 million units, up 3.9% from February but still down 28.2% from one year ago. Unsold inventory stayed at a 2.1-month supply, marginally up from February’s 2.0-month supply and down from the 3.3-month supply recorded in March 2020. Inventory numbers continue to represent near-historic lows since NAR first began tracking the single-family home supply in 1982. In fact, according to the National Association of Realtors, the U.S. housing market is short about 3 million available homes.
Looking beyond the spring 2021 housing market itself, a more enduring problem is the chronic underproduction of new homes. For five decades, America’s supply of entry-level homes has declined. Production of entry-level construction fell from 418,000 units per year in the late 1970s to 65,000 in 2020. According to NAR’s Lawrence Yun, new-home underproduction is the chief cause of today’s inventory shortage. Freddie Mac’s chief economist, Sam Khater, agrees.
“Simply put, we must build more single-family entry-level housing to address this shortage, which has strong implications for the wealth, health, and stability of American communities,” Khater says.
Typically in a recessionary time (such as the pandemic), housing demand declines and supply rises, causing inventory to rise above the long-term trend. Khater believes the main driver of the housing shortfall to be the long-term decline in the construction of single-family homes.
When falling rates led to higher demand, supplies could not keep up, and by late 2020, prices soared at a double-digit pace. Shortages of affordable homes brought the pandemic sales boom to a halt. Sales fell 6.6% from January 2021 to February, and supplies did not increase during February, a month when sellers traditionally begin to list their homes for the spring sales season.
Rates and Prices Will Slowly Rise During the Year
So far, the spring 2021 housing market has been a mixed bag. During the first quarter of 2021, rates on a 30-year fixed-rate mortgage stayed below 3% percent until the first week of March. By April 1, however, they reached 3.18%, which lowered the house-buying power of consumers enough to cost 55,600 potential home sales, according to First American’s chief economist Mark Fleming. Freddie Mac’s forecasters expect rates to continue to rise slowly and reach an average of 3.4% in the fourth quarter of 2021, as the economy slowly recovers from the pandemic.
What We Can Expect Moving Forward
As long as the economic outlook post-COVID is optimistic, interest rates should go higher. Despite the nation’s continued economic uncertainty, demand drivers will continue in 2021, and rates, though starting to increase, will still remain very low. A gradual return to normalcy will raise incomes, and lenders will discontinue some of their pandemic-era restrictions. More millennials and Gen Xers will enter the market, especially with those low rates.
Freddie Mac’s forecasters expect the rate on a 30-year fixed mortgage rate to average 3.4% by the fourth quarter of 2021, rising to 3.8% in the fourth quarter of 2022.
Fannie Mae forecasts that housing starts will rise 17% by the end of the second quarter over last year’s poor performance, then 4.7% in the third quarter. The massive shortfall in unsold inventory will continue, especially for affordable starter homes. Supplies are at record low levels this spring, and they will not normalize until new construction can meet the demands of a growing population.
For now, the spring 2021 housing market is just one snapshot of many in a tale that is poised to get worse before it gets better.
RETechnology.com – Steve Cook is the editor of the Down Payment Report and provides public relations consulting services to leading companies and non-profits in residential real estate and housing finance. He has been vice president of public affairs for the National Association of Realtors, senior vice president of Edelman Worldwide and press secretary to two members of Congress.
C21 HOMETOWN’S – 7 DAY PLAN TO A HAPPY, HEALTHIER HOME
We’ve all heard the old adage “a clean home is a happy home.” It’s pretty safe to say a clean home is also a healthier one as well and we call use an extra dose of healthy! In the world of real estate, “Spring Cleaning” a house before selling is always key in making sure the house sell faster and even for more money. Since we all find ourselves home a lot more than expected these days, we’ve come up with a 7-day “Spring Cleaning” to keep us productive, healthier and even prepare your house to hit the real estate market if you’re interested. WIN…WIN…WIN!
Cleaning the entire house can feel overwhelming, but if you take a little at a time, one day at a time, your house can be spotless in no time.
DAY 1 – KITCHEN
We’re going to break down Kitchen cleaning into two days.. Take the time to not only clean but declutter as you go.
• Wipe down all the same surfaces as you did for the bathroom. Use that hot water, soap and start scrubbing those surfaces. Great time to work out all that Corona-virus frustration!
• Wipe down the walls, the outside of the cabinets, the handles on the cabinets and disinfect the inside of the sink basin as well.
• Open cabinets and neatly organize anything that looks out-of-place and purge any-thing that no longer is needed.
• Wipe down the floor and call it a day!
Seller’s Tips –
• Now that your Kitchen is sparkly clean, make sure the room is bright with sunlight.
• Also, be sure to repair any leaky faucets and pipes.
DAY 2 – KITCHEN AGAIN
We’re baaaack! Look around, you have to admit it’s looking good and we’re feeling good, right? Today, we finish the Kitchen by tacking those appliances.
• Let’s start with the fridge. Empty the shelves to wipe them down, double-check the expiration dates on the items that remain in your fridge. If they are no longer any good, it’s time to get rid of them! Scrub your fridge ’all those questionable drips and rings are gone then load back up the condiments and food items.
• Now let’s tackle the oven and cleaning the range. Choose a cleaner that is effective but that won’t damage your skin or unhealthy to breathe. Clean the range, then open the oven. If your oven is self-cleaning, hit the button! If not, start wiping down the inside of the oven to make it shine.
• Wipe out the inside and outside of the microwave
• Turn off the kitchen light, your work is done for the day.
Seller’s Tips –
• Make sure all stove, microwave, and refrigerator lights are working.
• Repair all loose handles and knobs. Your dishwasher must be working.
• Go and buy new stove plates or burner covers.
DAY 3 – BATHROOMS
Let’s face it, if we want to be healthier, bathrooms are the perfect place to start!
• Clean the entire parameter of the room from right to left.
• Wipe down door handles, light switches, walls, sink, countertops even base-boards…anything that has a surface, wipe it down with disinfecting products!
• Scrub the toilet, the shower, the tub, the shower head and don’t forget to wipe down the mirrors.
• Once all the surfaces and items in the bathrooms are cleaned, be sure to empty out the trash and wash the floors. DONE!
Seller’s Tips –
• Replace old toilet seats and make sure that every toilet is flushing perfectly. (People often flush the toilets to see if your plumbing is working.)
• Check your grouting and repair or replace any missing tiles.
• Buy new shower curtains and be sure there is no mildew anywhere.
• Put new caulking around toilets and showers.
• Take off any mineral deposit or soap deposit film on your shower doors and walls.
• Organize under the sinks and medicine cabinets (yes, people will open everything). Put away anything personal or dangerous.
• Check ceilings for cracks, stains, and moisture problems.
DAY 4 – LAUNDRY ROOM
Let’s take one of the smallest but busiest rooms in houses with kids, the Laundry.
• Start one of the never-ending loads of laundry.
• Wipe down the tops of the washer and dryer.
• Clean out the lint traps.
• Clean and pick up anything that’s fallen between or behind either unit.
• Organize your detergents so they are all nice, neat and stocked appropriately.
• Sweep the floor.
Seller’s Tips –
• Dust and clean your appliances like washers, dryers, hot water heaters, and furnace.
• Check for any leaks. If your basement has a musty smell (hopefully your friend who did the house tour will have told you) pour bleach down your drains, do not have damp clothing.
DAY 5 – LIVING ROOM
Even though the Living Room is one of the largest spaces, it’s generally one of the easiest to clean and freshen up.
• Wipe down all surfaces, baseboards and light switches.
• Dust any shelves, and also the backs and legs of furniture. Be sure to declutter any shelves of unnecessary items.
• Open up your windows and let that fresh air in and while you’re at it, clean the in-side and outside of those windows as well.
• Vacuum if you have carpet, or sweep if not.
Seller’s Tips –
• Be sure to fill holes and patch any other problems.
• Straighten the furniture, and be sure that the cushions are plumped and smoothed.
• Clean the fireplace and do not forget to use glass cleaner on both sides, if you have glass doors. Put a bowl of potpourri in the fireplace (nothing too overpowering).
• Anything on the coffee tables or shelves or mantle should be neatly stacked.
DAY 6 and 7 – BEDROOMS
You are in the homestretch! Just like the Kitchen we are going to tackle the Bedrooms in 2 days (maybe even 3 depending on the number of Bedrooms.)
• Follow the same cleaning protocol as you did in the Living Room: wipe, dust, win-dows, floors.
• Change out the sheets, flip and rotate the mattress.
• Here’s the biggie – organize the closets! Make a donate pile for clothing items that no longer fit or are needed.
Seller’s Tips –
• Patch walls and ceilings if during decluttering, you left a trail of nail holes.
• Clean light fixtures (all over the house), replace bulbs, and be sure to put in soft white bulbs not harsh or glaring bulbs.
• Ceiling fans need to be dusted and cleaned.
• Clean smudgy fingerprints off walls, doors, and light switches. (These bedroom doors often are overlooked).
• Nightstands emptied and organized attractively.
Walk through your house, look around and see if there is anything we missed. Looking good? You tackled it and completed the 7-day “Spring Cleaning” Plan. CONGRATULATIONS!
Whether you are looking to buy or sell, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! Visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
Economists say that 2020 will be positive but not stellar for the housing market in California.
Although last year they expected mortgage rates to rise and they fell keeping real estate markets much stronger than anticipated. Lesson…real estate predictions can be tricky business.
CALIFORNIA STILL SHOWING GROWTH
Despite some predictions from expert economists that the west would face a tough 2019 real estate market, California proved to be one of the better housing markets in the country. In fact, the Central Coast median home prices were up 3.3% year over year according to the California Association of Realtors. Southern California had a 7.5% rise, the Central Valley up 6.3%, while the Bay Area had only a 2.2% rise.
PERSISTENT LACK OF SUPPLY
California’s housing market will continue to be fueled by a persistent lack of supply, keeping pressure on rising home purchasing and rental prices. Sales of homes $500k and $1 million rose by 15.5% on average, yet sales under $300k dropped sharply by 14.2% and homes over $2 million dropped slightly by 3.2%, according to California Association of Realtors.
SELLER OPTIMISM RISING
In CAR’s buyer survey, respondents who thought it was a good time to sell increased 4% to 51%. Only 24% of buyers stated they felt it was a good time to buy, down only 1% from last year, despite lower rates. Prices, down payments, and selection are likely the key factors stopping buyers from buying homes. With higher real estate prices, first time buyers will continue to struggle to come up with a down payment thus keeping the rental market strong.
Whether you are looking to buy or sell, market conditions are looking good for 2020. As the #1 broker on the Central Coast, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! Visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
Lower than expected interest rates kept real estate strong in 2019 and many experts predict 2020 will keep rolling in the same direction. According to a recent article in Forbes, Odeta Kushi, deputy chief economist at First American, shared that mortgage rates will remain low next year, between 3.7 and 3.9%, fueling a healthy real estate market.
PRICES TO KEEP RISING
Tight inventory and increased demand will keep pushing prices higher. In fact, with mortgage rates either staying the same or actually dropping, competition will increase for buyers which may result in bidding wars. Redfin predicts one in four homes will result in a bidding war which is great news for homesellers who may have been holding out when most homes prices dropped slightly on the Central Coast over the past year. The Forbes article shared data from CoreLogic, stating home prices should tick up by 5.6% by next September which is more than 3.5% from this year.
ECONOMIC GROWTH, NOT A RECESSION
Although many economists have predicted a mild recession in 2020, a housingwire.- com report states, “Current conditions point to a recipe for continued economic growth, not a recession. Growth itself may be slower than the strong pace we’ve seen at times throughout the recovery, but growth will still occur for at least the next year.” Reasons cited for the economic growth are a healthy consumer confidence and job growth.
Inventory will continue to be tight as Millennials and Generation Z enter the market, but Baby Boomers are not budging from their long-time homes. Zillow predicts that new home sizes will shrink for the fourth time of five years due to younger buyers having less money and can’t afford to purchase larger homes. To make up for square footage, many new homes are offering upgraded amenities to attract buyers.
Whether you are looking to buy or sell in the new year, experts agree you should enter the real estate market early in 2020 to take full advantage of the growing market. As the #1 broker on the Central Coast, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! Visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
Selling your home during the holidays can be seen as an added hassle to the hustle and bustle, but it may provide the best opportunity if your Christmas wish is to sell! The holiday season is a time many sellers consider taking their home off the market due to a lower number of buyers and the inconvenience of showings, but your agent can’t sell your house if it’s not on the market. In fact, for properties such as hard to sell homes and vacation rentals, the holiday reduced inventory may be your best probability of the year to sell.
TO SELL OR NOT TO SELL DURING THE HOLIDAYS?
Reduced inventory during the holidays means your home has a better chance of being “the prettiest girl at the dance” resulting in a lot more dates for showings. Come Spring, newly listed properties will flood the market and buyers will have a lot of choices and may never see your house.
Older homes that have drawbacks such as location or need updating have a much better opportunity to be seen and sold! Visiting friends and family during the holidays are a fresh new set of buyers, but they can’t consider buying your home if they don’t know it’s for sale.
HOLIDAY SEASON IS PEAK FOR VACATION RENTALS
The Vacation Rental Industry is booming and the holidays are one of their busiest times of the year for rentals and purchases. In fact, November and December is prime buying time for Property Investors and the Central Coast mild temperatures are a great location influencer for the purchase of those rentals. According to a 2018 survey, the Central Coast has the top three location criteria for what vacation homebuyers are looking for: 33% of vacation homebuyers purchased in a resort area, 24% purchased in a rural area and 18% in a small town. So even if the home your selling is your primary residence, keep options and availability open for out-of-town investment buyers during the holiday season.
If selling your home is on your Wish List, take advantage of the good fortune that only the holiday season offers. As the #1 broker on the Central Coast, C21 Hometown Realty’s Agents have the most homes listed and the most homes sold! To get your home sold this holiday season, visit one of the ten local offices throughout the Central Coast or click on c21home.com.
About CENTURY 21 Hometown Realty – Hometown Realty is the leading real estate firm on the Central Coast of California with offices spanning Santa Barbara County and San Luis Obispo county offering expert agents and convenient locations.
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