Does staging a home make a difference? It absolutely can and absolutely does. Staging takes the guess work out for many buyers…..bedrooms look bigger, spaces look brighter, and it all helps buyers see vision of what the house could be. For sellers the cost of staging is usually more than recovered in a higher sales price and often a shorter time on the market. We can help you with the staging process from helping you to select a stager, coming up with the perfect design, and in some cases even helping stage your home at no additional cost.
Many Torrance buyers I meet and work with are interested in waiting to buy until the market goes down or even better….at the bottom of the market. It is certainly natural to want to purchase a home, perhaps the largest and most significant purchase in one’s life, when you are confident that the price will not go down any further and when investment opportunities are at their highest. With the South Bay real estate market slowing down and some area housing markets getting hit on a number of fronts, including an over abundance of inventory, increasing foreclosures, higher interest rates, and more restrictive lending practices, whether to wait, and for how long, is a very important question.
The Economy and Buying a Home
There are times when the economy is humming and everyone feels confident about his or her prospects for the future. As a result, they spend money. They buy cars, they buy TVs, they go out to dinner more often and……
…They buy houses.
Then, for one reason or another, the economy slows down. Companies lay off employees and people become concerned about where they spend their money. As a result, the economy slows even further. When it real slows down we have a recession. Although that’s certainly not the current situation and the economy is on fire, people still often think a dip or recession is just around the corner.
During such a time, fewer people are buying homes. Even so, some homeowners find themselves in a situation where they must sell. Families grow beyond the capacity of the home, employees get relocated, and some may even find themselves unable to make their mortgage payment.
Very Rarely Does One Time the Market Perfectly
Keep in mind that only a lucky few actually buy at the bottom or sell at the peak. For most others they buy a home while the market is either going up or going down. Trying to time it perfectly may mean missing out on a long term opportunity. We know many folks who waited and waited until they were finally priced out of an area and then were kicking themselves for waiting for the perfect deal.
Supply and Demand
In the current market sellers When the supply of available houses is greater than the supply of buyers, appreciation may slow and prices may even fall, as happened in the early eighties and the early to mid-nineties.
If you are lucky enough to purchase a home during a slow period, you can be reasonably certain the economy will begin to show strength again. At times, real estate values may even surge drastically.
While the goal is always to maximize your investment by purchasing when prices are more affordable, trying to time the market is nearly impossible. Keep in mind that there are very few that get “lucky” and time the market…..most either buy on the way down, or when the housing market is on the way back up. One problem with attempting to time your purchase to the bottom of the market is that no one can accurately predict the future.
Why You Should Not Necessarily Wait
The current home buying environment generally works best for first-time buyers. People who already have a home usually need to sell it in order to buy their next one. If a “move-up” buyer wants to buy a home during a depressed market, that means they usually have to sell one during the slow market, too. If a seller wants to sell his home to take advantage of a “hot” market when prices are fairly high, they generally have to buy their next home during that same hot market.
My advice to my clients in this market is twofold. First, it is important to consider your situation carefully. If you are planning on owning a home for a while, price fluctuations are not quite as important and you’ll have the ability to ride out any downturn. In the meantime the money saved on rent over the next few years can be significant, as well as the tax breatk. Secondly, the current market offers buyers the opportunity to search for homes price well below market value and with a built in price proctection.
A Home Isn’t Just and Investment
For those buyers looking for a home and not just looking for an investment property, keep in mind that a home isn’t just an investment. Owning a home can make a huge difference in someones life. It’s where memories are made, friends are made, it’s picking a school system and friends for life. If a home purchase is likely short term you have to look at the investment aspects first, but if it’s a long term purchase you must look beyond the immediacy of the “deal”
It tends to Balance Out
Finally, the business cycle can change over time. Since 1983, we have had two fairly long expansions with only a slight recession in between each. You would not want to wait nine years to buy a home, would you? You could miss out on a substantial amount of appreciation by waiting, and end up paying much higher prices.
Home staging is an important part of the preparation process when selling a house. Whether fully staging the home using a professional stager, or simply de-cluttering and adding something to the owners current furniture, staging can make the difference between a home selling quickly and sitting on the market. Here are a few pointers to help prepare your Torrance home for sale. If you have given any thought to selling your home in Torrance or the South Bay, we can help. Contact us for information on how we sell homes or find the value of your home in Torrance CA.
There has always been some concern and confusion about lead based paint in California and what it means for buyers, sellers, landlords and tenants. Things have recently been clarified and we hope that the information below is helpful.
Choosing a Realtor
Like choosing any service professional it’s important to do your homework before deciding on a real estate agent. Your home purchase or sale likely represents one of the most significant financial transactions of your life, and you definitely want to find the right person for you. Not all sellers are the same and not all realtors are the same….find the right match is important.
Abilities, production and knowledge matter. You want someone with experience, knowledge of your home, neighborhood and market, and a Realtor with a proven track record of successful closings. Keep in mind that you pay most agents the same commission so do your homework and find out which agents do more, sell more, and have a record of success. Also read online reviews and ask around. See our reviews and testimonials on Zillow and Yelp
Pricing Your Home
When you want to sell your home, one of the most important steps is setting a price. To best determine what your home is really worth, you’ll need to put aside your personal feelings about the home and ask yourself what homebuyers may actually be willing to pay. It is usually detrimental to base your asking price on emotion and can actually cost you in the long run. Although the home means a great deal to you, homebuyers aren’t likely to take that into account. Unfortunately what are upgrades to some, may mean some remodeling to others. Let your realtor give you their honest and professional opinion based on homes they’ve seen, market conditions and a realistic understanding of how potential buyers will see the home.
Market conditions are likely to have the most significant impact on the sale price of your home, so take note of whether the homes in your area are priced high or low and if they’re selling quickly. Successful realtors will know how your home compares with other homes on the market and recent sales. This unbiased opinion is critical in coming up with the market value of your home
Feel free to contact me for an opinion of your Torrance home’s proper selling price. I can provide you with a marketing consultation and information about property values in your area. I have been one of the top agents in the Redondo area for over a decade and can use that experience and knowledge to help guide you successfully through the process from start to finish.
Once you decide to sell your home, you want the process to go quickly. But what do buyers want? It varies with the needs of each individual, but typically buyers are looking for a good neighborhood, good schools, a clean home that is priced appropriately.
You can’t control all of these factors, but there are some things you can do to make your home sell faster. Start by realizing that you’re competing with other sellers, so your price must be competitive. If it’s not, potential buyers are likely to take their business elsewhere. Ask your realtor to show you some competing homes and get a sense of why some homes sell quickly and others don’t.
You can also increase the perceived value of your home by adding a few welcoming touches and cleaning it up – both inside and out. Although you can’t do much to change your neighborhood, you can focus on the positive aspects of the area when speaking with potential buyers.
Find out more about Keith Kyle with Vista Sotheby’s International Real Estate or contact me via email, phone or text.
In this incredibly competitive real estate environment many homes are not even making it to the market. So how do you find out about these homes? First it’s important to understand just what we’re talking about.
What does off market or a pocket listing mean?
It can actually mean a few different things but in general, when we refer to homes sold off market or pocket listings these are homes that are never put on the MLS and therefore unknown to most buyers and many realtors. That means that searching the Redfins and Zillows of the world may mean that you’re not aware of these types of opportunities.
Why would a Torrance homeseller want to sell the home off market?
In general it’s not a great idea. Fewer buyers that know about the home usually means less competition and ultimately a lower sales price. That’s certainly not always the case but usually accurate to some extent. Sellers have many reasons for not wanting to put their home on the market. It may be due to privacy reasons such as not wanting the neighbor or even the tenant know that the home is for sale. It may be that they don’t want to deal with some of the hassles that come along with listing a home…..buyer’s and agents that want to show the home at all hours, open houses on the weekends and more people simply curious with few legitimate buyers. Whatever the reason it does limit the exposure and again usually limits the price.
That’s why it can be a good opportunity for buyers….less competition, fewer bidding wars which generally leads to a lower sales price.
How do I find out about these homes?
Unlike the MLS listings, off market, upcoming and pocket listings are much more elusive. The key is to work with an agent that has deep connections in the Torrance real estate market and community. Some of the top realtors in certain areas may share information on these hard to find opportunities and the larger or more numerous the seller and agent networks, the more information the agent can obtain.
We are happy to help you find off market homes in Torrance but this requires a good deal of work, considerable communication with sellers and agents and a readiness to act should the right home come available. If you would like us to help find off market opportunities and are not currently working with a realtor please feel free to text us at 310-251-2344 or email us with the details of your home search.