Looking at the market activity in East Bay's Alameda and Contra Costa counties --- you know, we're just east of San Francisco, across the San Francisco Bay ---- it points to very low inventories in nearly all of the cities.

Typically, we say that if months inventory is less than six months, then it's a seller's market. What if they're 2 months? 1 month?

Months of inventory is the number of months it would take to sell all of the homes in the market if no other homes come up for sale. Typically, a seller's market is defined as having less than three months of inventory; while a buyer's market is anything greater than six months. Simply put, it's a market that has more buyers than sellers --- and where high prices result from the excess of demand over supply.

SELLERS: IT'S A GOOD TIME TO SELL! (in Alameda and Contra Costa counties, East Bay of CA)

• Buyers have a deadline to meet and be eligible for the extended first time home buyer  the repeat/move up  home buyer tax credit. They must be in contract by April 30, and close escrow by June 30 2010.
• Inventories are low, so there's less competition for the same pools of buyers
• If you're going to be repeat or move up buyers yourselves, you may be eligible for expanded tax credit, too. And don't forget the interest rates are some of the lowest in forty years!

Here's a report on the market activity between November 2008 - November 2009 pertaining to detached residential homes that sold at all price levels in Alameda and Contra Costa counties.

ALAMEDA COUNTY

CONTRA COSTA COUNTY

It's a Good Time To Remodel
 

Planning now to get in a contractor's pipeline of work orders for the spring can give a homeowner a negotiating edge for home improvements and remodeling work. If there was ever a time to strike a deal on home improvement, remodeling and alteration services for the home, this is it.

See: Remodeling Magazine's Cost vs Value Report for 2008-2009 for a comparison of remodeling costs by region, and payback value of each type of improvement.

A semi-annual survey of 5,000 U.S. homeowners, the "Spring 2009 Remodeling Sentiment Report", from Sunnyvale, CA-based RemodelOrMove.com, reveals four times as many homeowners answered "probably not" when asked if they will remodel this year, as compared to the 2007 survey.

In this most recent survey, 68 percent of participating homeowners reported that they probably would remodel this year, down from 84 percent in the fall 2008 report and 92 percent in 2007.

Previous Remodeling Sentiment Reports indicate three times more homeowners than two years ago say that the economy is affecting their remodeling plans greatly, and 82 percent report that the cost of the remodel is a major concern.

"Now that prices have softened, owners cannot finance home improvement projects as easily. Even those with equity find credit harder to obtain due to tighter standards," Retsinas added.

Good news

The good news is that homeowners who choose to remodel their homes could find this is a good time to get the work done. With new home construction at low levels, more materials and labor are available for remodeling than several years ago, resulting in shorter project schedules and often lower project costs.

Planning now to get in a contractor's pipeline of work orders for the spring could also give a homeowner a negotiating edge. What's more, in a market with declining home values, home improvements are a good way to protect the value of your home and position it as a good value when it's time to sell.

The Sentiment Report also found homeowners are:

• Excited about remodeling – 52 percent
• Dreading remodeling – 12 percent
• Planning to hire a general contractor – 65 percent

Homeowners' remodeling plans include:

• Kitchen remodel – 52 percent
• Bathroom addition – 55 percent
• Bathroom remodel – 45 percent
• Addition of one or more bedrooms or den – 35 percent
• Enlarge or add a garage – 19 percent
• Finish a basement – 13 percent

"Consumer demand for sustainable design is on the rise," Mostafavi added.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling a home is the largest business transaction most of us will ever make. Certainly, there are many questions to ask, and I am here to help you with the answers.

 

Setting the value of your home. Your first question may be:  what is the value for your home? 

Let me make a detailed evaluation and analysis of every part of your home. By knowing the real estate market --- for example, by reviewing current listings and recent sales of properties with features similar to yours  --- I make sure that your property is priced correctly to get you the best possible offer in the quickest possible time period.

Home buying can be an emotional experience. Your home should elicit the most positive impressions among potential buyers.Should you stage your home? Repaint? Remodel? Landscape? I will discuss with you the pros and cons of all possible options, as well as develop a step-by-step marketing plan to show your home in the best light.

All sellers want top dollar for their home. So how do they get it?

A home's desirability is the foremost consideration among buyers. However, knowing that buying a home is many times an emotional decision, it is critically important to elicit the most positive feelings when viewing the home. 

It is not always necessary to make all the improvements in a home because buyers may prefer their own personal touch. Additionally, Sellers may have a limited budget for improvements, remodeling or repair.

Here's check list on what you CAN do:

• Determine your home's value.

Get a Realtor to run comparative market analysis on your home.  Not only will the Realtor take recent sales data and your home's attributes into account, she also will factor your neighborhood into the equation. If you choose to have a Realtor sell your home, select one with a good marketing plan.

• Price your home correctly.

By setting your price 5 percent to 10 percent above market price, you may receive an offer close to your home's true value. Compare your home with similar homes that have sold or are selling in your neighborhood. If your house has more features or other desirable qualities, you may want to set a higher price.

• Don't waste time.

If you're ready to sell, don't wait. Put it on the market. In California, there is a shortage of housing. Qualified Buyers are constantly looking, and they do not wait for a particular time of the year to buy. Be realistic about your pricing. If it sits on the market too long, it loses its appeal to potential Buyers who may think there's something wrong with it.

• Consider getting a home inspection.

A pre-sale evaluation from a qualified home inspector will enable you to decide what repairs you can complete before you sell. The last thing you want is a surprise when a Buyer requests credits or negotiate a lower selling price after their own home inspection identifies several repairs. Worse, if they thought that the repairs are more than they'd like to handle, they may back out of the deal.

• Turn your home into a model home.

After making basic repairs, dress your home to sell --- stage it! Give it a model-home treatment. Thoroughly clean the house, inside out. Give it a fresh coat of paint. Put in new light fixtures if necessary. Take down worn blinds. Plant fresh flowers. These are just some inexpensive ways to make your home shine.

TIP: Are you missing out on a better offer if you accept the first one you receive? If the price is in your range, consider market conditions and how quickly you want or need to sell. In a seller's market with few listings, you may get other offers right away. But in a buyer's market with many listings, you risk offending the buyer who may then withdraw the offer. If local practice and custom is to entertain all offers as they are received, follow convention and counter at a higher price. If custom dictates that no offers will be accepted until after the first open house, you have a reprieve.