It’s exciting to put a house on the market and to think about making new memories in new spaces. However, despite the anticipation of what’s to come, we can still have deep sentimental attachments to the home we’re leaving behind. Growing emotions can help or hinder a sale depending on how we manage them.
When it comes to the bottom line, homeowners need to know what it takes to avoid costly mistakes when it’s time to move. Being mindful and prepared for the process can help you stay on the right track when selling your house this year.
1. Price Your Home Right
When inventory is low, like it is in the current market, it’s common to think buyers will pay whatever we ask when setting a listing price. Believe it or not, that’s not always true. Don’t forget that the buyer’s bank will send an appraiser to determine the fair value for your house. The bank will not lend more than what the house is worth, so be aware that you might need to renegotiate the price after the appraisal. A real estate professional will help you set the true value of your home.
2. Keep Your Emotions in Check
Today, homeowners are living in their houses for a longer period of time. Since 1985, the average tenure, or the time a homeowner has owned their home, has increased from 5 to 10 years (as shown in the graph below):
This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your children grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.
For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from the fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.
3. Stage Your Home Properly
We’re generally quite proud of our décor and how we’ve customized our houses to make them our own unique homes, but not all buyers will feel the same way about your design. That’s why it’s so important to make sure you stage your house with the buyer in mind.
Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. Stage and declutter so they can visualize their own dreams as they walk down the hall. A real estate professional can help you with tips to get your home ready to stage and sell.
Today’s sellers’ market might be your best chance to make a move. If you’re considering selling your house, let’s connect so you have the help need to navigate through the process while prioritizing these must-do’s.
Curious about what your home is worth? We can assist you (click here).
Here are 5 reasons why having a digital savvy realtor using virtual real estate technologies benefits buyers and sellers in today’s demanding market: https://bit.ly/YourREadvisor
Would you like to learn what your property is worth in this current market?
Give me a call, whether it be selling, relocating, downsizing or right sizing,
I’m here to assist you with your goals.
Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
PFAC Silicon Valley affiliate
Intero | A Berkshire Hathaway Affiliate
Lmacfarlane @ Intero.com
Oct 2020 market report for national and SF Bay Area. Hello Sellers! If you were waiting for that time that you wished. you had taken advantage of last time and WISHED you had got the most out of your money before it went down – well, maybe this is your time. Here’s Oct housing trend and we take a look at what the economy has done nationally and what’s happening now locally in the SF Bay Area. We learn how the economist forecasters change their home price appreciation predictions. We discuss why the average U.S. citizen (not home buyers) have improved their FICO scores and proof that the American entrepreneurial spirit is alive and well during times of economic distress. And lastly, we learn why being a seller in this market is a fantastic opportunity (with existing home sales up 34% YTY and listings down -32% in the Bay Area).
Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
Intero Real Estate Services 831-246-2743 text anytime
What’s My Home Worth? https://sfbay.areahomevalues.net/
I like to educate my clients and friends about what’s going on in the real estate market and depending on whether you’re a seller or buyer (or investor) I’ll give you the facts so you can make informed decisions. Give me a call, let’s have a cup of coffee to discuss your real estate goals, I want to help you achieve them. 831-346-2743 Lynne Please LIKE and Subscribe I’m happy to help and educate. If you know of someone who needs assistance, I’m also a PFAC affiliate (Professional Fiduciary Assoc. California- Silicon Valley) I have a great network of specialist who can assist with special needs, disabilities and seniors. I also have an advance certificate in SRES (Senior Real Estate Specialist) I partner with Intero | Berkshire Hathaway affiliate, the top brokerage network in the SF Bay Area, offering off-MLS listings, Pinnacle concierge services, lending and title to bring my clients a smooth and seamless transaction experience.
I don’t endorse any of the following propositions below, but I do hope everyone is aware and encourage folks to vote and learn how each may effect, benefit or negatively impact your private residence, or investment property. Please ask your tax or financial advisor on how these proposition can impact you.
Congratulations to my seller who lives out-of-country as we successfully prepared this 2BD/2BA single family home for the sale & scheduled 57 safe & private tours (and countless virtual video open house tours!) during a pandemic & nearby CZU fires!
Curious how I did it?
For my Sellers I combine Digital and Direct Marketing Campaigns Outbound campaign including the following:
-Cold Calling (around the property/to buyer agents)
– Search Ads
– Social Media Ads
– Social blogs and inbound marketing posts
Digital Marketing Stats for this property:
73,371 Google Views, 734 clicks 1,440 Facebook Views, 420 Clicks 978 Instagram Views, 154 Clicks 30,646 Waze Views, 117 Clicks Marketing Campaign Overview: 106,435 Total Views 1,425 Total Clicks 20 Total
Agents who are digitally savvy are thriving in today’s market; I have a background in digital media/marketing with a Masters Degree from Univ of Washington, Seattle (COMM LEADERSHIP/ MCDM program) – Congratulations to my seller, I’m very happy that she’s able to join her daughters and grandchildren in Colorado, and we welcome our buyers to beautiful Los Gatos mountains!
If you or someone you know is interested in learning how to sell in these challenging times, give me a call! I’m here to help you with anything you need. Here’s a little about me as your real estate advisor & how I communicate with buyers in these tough times: https://lnkd.in/g_MaSYV
Cheers and happy weekend, I’m happy to assist with anything! Lynne
Lynne Watanabe MacFarlane, MCDM, SRES | Realtor
PFAC Silicon Valley affiliate
Intero | A Berkshire Hathaway Affiliate
www.Intero.com | facebook | linkedin | blog | videos| luxury home collection | committed to our community
Seller’s ‘Love Letter’ to a buyer is a good idea – The seller can elaborate about their favorite best features of the property and the memories attached to the home. Also sometimes included in a letter to prospective buyers are neighborhood shops, restaurants, and parks. This love letter from the seller describes the pros and perceived cons and how much they think their home is worth and why. If you’re a seller would you consider writing a buyer love letter to your prospective buyers? Do you think this would benefit the sale of your home?
Leave your comments below and. your questions!
Curious to see the home which seller was referring to?
Check out the post here
Lynne Watanabe MacFarlane, MCDM, SRES, SRS | Realtor PFAC Silicon Valley affiliate Intero | A Berkshire Hathaway Affiliate
It may only be the middle of March but for Silicon Valley real estate, spring has sprung.
Overall, the housing market is on the rise. Available homes for sale or inventory continue to be very low, which has fueled housing price appreciation for the past several years. Historically, inventory rises as the weather warms and we enter the spring selling season. One benchmark comparison that can provide a deeper understanding of the housing market is the overall health of the stock market.
At Intero, we chart the S&P 500 as it relates to home prices in Santa Clara County and San Mateo County. Historically, we find that the two indices are closely correlated. If you examined the chart a few weeks ago, you’d observe a widening gap between the S&P 500 and the average price in our local real estate markets. The unending stock market rally seemed to be marching continuously upward while the real estate market took a breather in 2019, causing a gap between home prices and S&P 500. Then as news of the Coronavirus dominated headlines, the gap narrowed as the current stock market correction began to take hold.
It makes sense local housing prices should chart the S&P 500; many of our buyers in Silicon Valley are employed at companies like Apple, Google or Facebook and use their stock options as down payment capital to purchase homes.
So, when prospective buyers or sellers ask the perennial question:
Presuming the stock market decline did not wipe out your down payment, now is the best mortgage interest rate environment in 50 years!
We suggest that now is a good opportunity to get involved with the housing market no matter what side of the fence you’re on, buyer or seller. Why? Presuming the stock market decline did not wipe out your down payment, now is the best mortgage interest rate environment in 50 years! The uncertainty in the stock market has pushed yields on treasury bills as well as mortgage bonds to all-time lows. Your money buys you more house than it did just a few weeks ago.
Is now a good time for prospective home sellers? The continued low inventory of homes for sale has caused prices to firm over the past six months and in many cases, we’re seeing multiple offers on attractive, well-priced properties. When supply is low and demand is strong, prices tend to rise. Stay calm and sell!
Savvy buyers and sellers will stay calm and proceed with plans to buy and sell. – Brian Crane, CEO Intero
Our hearts go out to those affected by the Coronavirus and we should all take necessary precautions to stay healthy, but this is not the time to retreat from the real estate market. Savvy buyers and sellers will stay calm and proceed with plans to buy and sell. Please let me know if you or someone you know is interested in selling, buying or investing, I’m never too busy for your referrals.
Lynne MacFarlane, Realtor, PFAC Affiliate
(831) 346-2743 text/voice anytime
The number of building permits issued for single-family homes is the best indicator of how many newly built homes will begin to come to market over the next few months. According to the latestU.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Construction Report, the number of building permits issued in January was 1,551,000. This is a 9.2% increase from December.
How will this impact buyers?
New inventory means more options. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explained how this is good news for the housing market – especially for those looking to buy:
More construction will mean more housing inventory for consumers in the later months of this year…Spring months could still be quite tough for buyers since it takes time to convert housing starts into actual housing completions.
How will this impact sellers?
More inventory means more competition. Yun continues to say:
As trade-up buyers move into these newly completed homes in the near future, their existing homes will be released onto the market.
Today, because of the tremendous lack of inventory, a seller can potentially anticipate:
- A great sale price on their house as buyers engage in potential bidding wars.
- A quick sale as buyers have little inventory to choose from.
- Fewer hassles as buyers want to smoothly secure a contract.
If you’re considering selling your house, you’ll want to list sooner rather than later. This way, you’ll get ahead of this new competition coming to market and ensure the most attention toward your listing and the best price for your house.
Have you seen what’s happening in the stock market last week?
The Dow and S&P 500 each dropped 12% and 11% for the week marking their worst weekly performance since the financial crisis.😳
Maybe it’s time to consider diversifying your portfolio – While the stock market is a common investment option (its true that stocks are more liquid, easier to diversify), real estate investments offer an alternative. Under the right circumstances a real estate investment may be low risk, may yield better returns and in California we do have great appreciation. As an investor or landlord you can provide housing, and get a tax break, passive income before you retire; awesome right?
Give me a call when you’re ready to move up, downsize or buy your first, second…rental property. As always, I appreciate you and let me know if I can help you in any way!
Lynne MacFarlane, MCDM
Intero Real Estate Services
(831) 346-2743 text/voice
Understanding Prop 60 & 90
Proposition 60 & 90essentially have the same provisions and qualifications, however Prop 60 applies intra-county, which means the transfer is within the same county, whereas, Prop 90 is inter-county and applies to transfers from one county to another county in California, if the county where the replacement property is located has enacted Proposition 90 to authorize such transfer. According to the Board of Equalization, as of Nov. 7, 2018, ten California counties that have adopted Proposition 90.
- Age – The claimant or a spouse residing with claimant, must be at least 55 years old when the original property is sold.
- One-time benefit – The is a one-time benefit. If Prop 60 or Prop 90 relief was filed and received, neither claimant nor spouse are eligible for filing again.
- Primary Residence or Disabled Veterans’ Exemption – The original property must have been eligible for the Homeowners’ Exemption (i.e. was the primary residence) or the Disabled Veterans’ Exemption at them time it was sold or within 2 years of the purchase or construction of replacement property.
- Reappraisal of Original Property – The original property must be subject to reappraisal at its current fair market value as the result of its transfer.
- Principal Resident of Replacement Property – The replacement property must be the claimants’ principal residence and must be eligible for Homeowners’ Exemption or the Disabled Veterans’ Exemption.
- Value – The replacement dwelling must be of equal or lesser value than the original property.
- Time – the replacement dwelling must be purchased or newly constructed within two years (before or after) of the sale of the original property.
- Filing Claim – A claim for retroactive relief in must be filed within three years of the purchase date of the replacement property or the new construction completion date of the replacement property.
**Ask me if you’d like a list of real estate CPA specialist and financial advisors. Tax season is around the corner, don’t wait!
Lynne Watanabe – MacFarlane, MCDM, Realtor
INTERO REAL ESTATE SERVICES | a Berkshire Hathaway affiliate
(831) 346-2743 text/call
So, you’ve decided to sell your house. You’ve hired a real estate professional to help you through the entire process, and they have asked you what level of access you want to provide to your potential buyers.
There are four elements to a quality listing. At the top of the list is access, followed by condition, financing, and price. There are many levels of access that you can provide to your agent so that he or she can show your home.
Here are five levels of access that you can give to buyers, along with a brief description:
1. Lockbox on the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
2. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
3. Open Access with a Phone Call – the seller allows showings with just a phone call’s notice.
4. By Appointment Only (example: 48-Hour Notice) – Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
5. Limited Access (example: the home is only available on Mondays or Tuesdays at 2 pm or for only a couple of hours a day) – This is the most difficult way to be able to show your house to potential buyers.
With more competition coming to the market, access can make or break your ability to get the price you are looking for, or even sell your house at all.