How To Prepare Your Home For The Photo Shoot

You’ve heard it before, you only have one chance to make a first impression. A prospective buyers 1st, 2nd and sometimes 3rd impression of your home is online, so the photos taken of your home really set the tone for your sale. The photos need to rock and should always showcase your home in the best light possible. No matter how picture perfect your house might look to you, you should consider the following tips before having your home photographed:



Home Exterior – walk across the street to your neighbor’s house and take a look at your home. Do you like what you see?

1. Remove cars from the driveway, front of house and garage.
2. Hide recycling and trash receptacles, garden tools and hoses.
3. Have lawn cut, mulched and add flowers if weather permits; remove dead anything.
4. Have windows washed and remove screens if possible.
5. Power wash walkways, patios, siding if necessary.
6. Neatly arrange patio furniture, uncover barbecue so scene is set.

Home Interior – take your time and go room to room to enhance the look and feel of each room.

1. Replace all burned out light bulbs.
2. Clean and neaten all closets including removal of all items from the floor.
3. Set the scene in each room by arranging furniture and accessories; remove excess (you may need a stager) to make rooms look open and large. Remember less is more!
4. Have carpets cleaned and/or stretched if needed. Replace capret if needed.
5. Touch up paint.
6. Remove excess art and photos, but not all. You are living in the house after all!
7. Clean off counters in kitchen and baths; add fresh looking towel sets to bathrooms.
8. Make sure all beds are made, clothing and personal items are put away neatly.

What have you noticed at open houses you have visited? What did you notice that left you with a negative feeling? Be sure to take care of that in your own home.

Home Improvements – Some Pay Off, Some Don’t

Before you find yourself saying, “What was I thinking?” see what five home upgrades topped last year’s list of loss leaders.

Then take a look at an infographic just published by CAR – California Association of Realtors, with home improvements that do pay off.

 

5 Reasons Selling A Home Now Makes Sense

Many California homeowners are currently waiting to put their home on the market. The thought process usually involves traditional thinking that everything always looks best when the grass is green and flowers are in bloom. A home will surely be easier to sell if that is the case.

This is true, but your competition will also be using the same logic. Every year people wait until Spring to put their homes on the market. All at once there will be an influx hitting the MLS. In Gilroy there are compelling reasons why now is the time to get your home ready sooner rather than later. Here are five reasons why you should list your Gilroy home for sale now:

1. Home Inventory at Record Lows - The inventory of homes for sale in the area have dropped substantially over the last six months. The number of homes for sale in most communities has fallen to lows we have not seen for many years. When home inventory levels drop home prices tend to rise, and that has certainly been the case in Gilroy. This becomes even more prevalent in a popular neighborhood where buyer competition is high. Many times there are bidding wars. We have already started to see this trend on homes hitting the market now.
2. Demand is Up - Contrary to what some people may think there are lots of buyers out in the market place right now looking for a home to buy, and having their financing all lined up and ready to place. Some are first time buyers who are looking for a place to build some equity. There are others who see an opportunity to move up in the market as home prices have dropped substantially since the market peak in 2005.
3. Renting vs. Buying - The cost of renting versus buying a home has become the same and in some cases it is actually less expensive to buy a home. Rents in many areas have steadily increased over the last five years while home prices have dropped. If you factor in the potential benefits of building equity and some tax breaks with home ownership, you can see why it makes sense.
4. Interest Rates Going Up - Interest rates are at record lows at the moment and most economists predict they won’t stay that way for too much longer. While interest rates are not predicted to move up dramatically, every time they inch up a half a point they can knock out a percentage of first time home buyers out of the market. The first time buyers fuel the rest of the market like dominoes.
5. New Construction Coming Back - Builders are starting to get back into the fray. When builders are actively building homes it becomes harder for some who are selling their used homes to compete. There are many that will jump at the chance to have a shiny new home with all the bells and whistles customized to their specific needs.

Bonus Reason to List Now - If you’re one of the many homeowners who are hanging on with a negative ownership position, where you owe more than your property is currently worth, and don’t know where to turn, this is your best opportunity to move on. Short sales are being negotiated with lenders in far shorter timeframes than in the past, and lenders are recognizing that action needs to be taken. If you have exhausted all your options and your finances are drained, it’s time to move on.
In summary, if there are no time constraints on your part you should consider moving up your timeframe for putting your home up for sale. Our Gilroy market is extremely hot. Morgan Hill is the same, and Hollister is very close behind. Get ahead of the Summer competition and list your home for sale today. Contact Team Patereau to talk about the right price and the right time to sell your home. 

Pending Home Sales Give a Peek at Spring

This week’s Intero Insider has Gino bringing us a Spring forecast.

 

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Pending home sales – an indicator of how the market will fare in a few months – tell us today that there’s plenty of momentum going into spring this year.

In a widely distributed report from the National Association of Realtors, pending home sales rose in January, and have improved on an annual basis for 21 months.

NAR’s Pending Home Sales Index tracks contract signings, not closings – making it a fair indicator of number of sales coming down the pike. The index increased 4.5% to 105.9 in January from 101.3 in December and 9.5% from the same month a year ago when it was 96.7.

The index was the highest in January since April 2010, just before the deadline for the federal home buyer tax credit when it hit 110.9.

Also, California released a pending sales index last week, showing pending sales climbed 23% to 101.4 in January from the previous month, according to the California Association of Realtors.
It’s safe to say that the spring buying season will be hot in many markets this year.

In another bit of news, along with sales, asking prices seem to be following. This past week, asking prices of homes for sale that appear on Trulia were up in 90 of the 100 largest U.S. metros in February.

Roughly 4.5 million for-sale and for-rent properties were listed on Trulia through February 28. Asking prices for those homes were up 7% from a year ago, and grew at a seasonally adjusted rate of 1.4% from January to February – the biggest month-over-month gain since the housing downturn began.

Spring historically is one of the hottest periods of the year for home sales. In 2013, we’re gearing up to see one of the most active spring seasons since the recession hit.

This is great news for sellers. For buyers, it could mean a lot more competition in the market – especially for those markets that still struggle with low inventory. My advice is to be prepared with financing so you can move fast when the right home comes along, and be persistent.

Happy spring!

Home Values, Sales and Housing Starts on Track for Big Growth Year

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

The housing market kicked off 2013 with an energetic bang, with January marking the 15th consecutive month of home value gains and a positive report from Fannie Mae last week that noted housing is “on a sustained growth path,” despite a potential damper on overall economic growth at the federal level.

Home values were up 0.7% in January from the previous month, and up 6.2% year-over-year, according to the latest report from Zillow. It was the largest annual gain since July 2006, when home values rose 7.5% year-over-year.

Zillow’s home value index averaged $158,100 in January. The last time home values were this high at the national level was June 2004.

The rise in values is spreading out as well. Major markets that saw the biggest annual increase in home values were Phoenix (21.9%), San Francisco (17.2%), San Jose (16.8%), Las Vegas (16.2%), and Sacramento (13.7%).

And thanks to rising home values, Zillow estimates that 2 million homeowners are no longer underwater.

In a separate report released last week, Fannie Mae made some predictions for housing this year and gave an overall conclusion that this growth will keep up.

Fannie Mae economists predict the median price of an existing home will rise 2.3% in 2013, to $181,000. They expect the median price of a new home to increase 1.6% to $248,000. And they predict a further increase of 2.8% for both types of housing in 2014.

Growth, not recovery.

Of course, not every market will be enjoying this growth – many are still in recovery mode. But Fannie Mae expects existing home sales, new home sales and single-family housing starts to see substantial increases from 2012. The mortgage financier predicts existing home sales will rise 11.5%, new home sales will climb 12.5%, and single-family housing starts will shoot up 23.7% this year from 2012.

The substantial increase in housing starts is telling of the activity expected in the market for new homes this year and in coming years. We’ve talked here before about how investors are betting bigger on home builders this year, with the first builder IPOs debuting this year in nearly 10 years. We know the demand is there in many markets that suffer from lack of supply – so this is great news to see housing starts increasing.

As anticipated, 2013 is showing signs of breaking out of a recovery pattern and growing faster and with more force. Hold on tight – the ride is getting intense!

The Science of Which Day to Debut Your Home for Sale

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Any good real estate agent knows that listing and selling your home can be a science. From finding just the right price point to attract offers to staging and curb appeal, there are many details that when strung together meticulously can add up to a smooth transaction in which your house sells at the best price point in the shortest period of time.

With all of that in mind, a good question on sellers’ minds often is, “What is the right day of the week to list?”

It’s a valid question because many years of experience shows us time and again that a listing tends to grab the majority of attention on the day it debuts. The Wall Street Journal recently ran a story citing Redfin research that found that Friday apparently is the best day to list your home. How did they come up with that? They found that listing a home on a Friday versus a Sunday, which they found was the worst day to debut, could mean a difference of nearly $5,000 on a $500,000 house.

They also found that homes listed on Fridays sold in an average 81 days – the fastest of any other day of the week in their sample.

Why is that?

It almost seems counter-intuitive to say that debuting on a Sunday is the worst day. After all, Sunday is the day when most buyers are out viewing homes and visiting open houses.

But in reality, Sunday listings tend to sit around a few days before buyers start setting up their home tours for the following weekend. (Because by the time Sunday comes around, they’ve already put their viewing schedules together.)

Fridays are better because anyone planning Sunday tours is likely either starting or finishing up their list of homes late Friday or Saturday. And any new listings are going to pop up on their radar right away.

What’s the key take away from this info?

Well, first off always remember that every market is different and fluid.

For buyers in competitive markets, it’s a good reminder to not overlook those Sunday listings. Have your agent run through the MLS before you start your tour to see if something new came on the market. It may be worth tacking on a tour on Monday if you can squeeze it in.

For sellers, while the notion of the best day to list is interesting, it’s important to remember that there are many other factors that affect your sale price and time it takes to close. It’s more important to price right and have your home in the best shape possible when you hit the MLS. No theory on which day works better is going to help you if you don’t have these two things right.

Once you have those down, it doesn’t hurt to ask your agent for insight on which day has worked the best in your current market.

Contact Team Patereau for their insight. Rick and Susan will help you with which day to list, as well as every step of your real estate transaction.

Things To Do with the 1-Hour Notice You Request Before Showing Your Home

We have a listing where the homeowner requires at least a 1-hour notice before showing the home. Here’s what we suggested she do with that hour, and we think it might be helpful for you when you are showing your home, or if company is coming with short notice, etc.

 

 

 

 

 

1. Store out of sight any kids toys and/or pet toys and beds.
2. Vacuum/sweep the main living areas and bedrooms.
3. Dust lampshades and surfaces that are eye level and below.
4. Turn on ALL lights (make sure all light bulbs are working).
5. Open ALL curtains and blinds to let in as much natural light as possible.
6. Open windows (if it’s warm enough).
7. Depending on the time of year, either turn the heat up 2 degrees or turn up the air conditioning by 2 degrees. You want buyers to be comfortable inside the home while they are there for the showing.
8. Make sure there aren’t any lingering cooking odors. If you did have them, try simmering cinnamon on the stove in the hour before the showing to give your home a pleasant smell.
9. Take anything valuable with you when you leave, including your pets, i.e., jewelry, prescription drugs, cash, and irreplaceable items.

If you found these tips helpful, please let us know in the comment box!

New Listing: 1223 Pappani Drive, Gilroy

 

Wonderful, well-kept single family home in Gilroy. Come and see it this week-end with Open House both Saturday and Sunday from 1:00-4:00.

Home Prices to Continue Rise in 2013 as Inventory Remains Tight

All housing and real estate indicators point to the fact that there just aren’t enough houses on the market for sale. We’ve included below Intero’s CEO, Gino Blefari’s comments about this condition. Now is certainly the time to list your property if you’re considering the possibility. Prices are as high as they’ve been since the recession began, and every correctly priced property gets sold quickly. Don’t put it off! Contact us to discuss your property, your price, and the possibilities. We’d love to hear from you.

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Now that many of us agree that 2012 was the bottom for most markets, things are already heating up. This week, we received news on home prices and a few predictions about where things are going this year.

CoreLogic released its latest Home Price Index this week, showing home prices increased 7.4% in November 2012 (on a year-over-year basis), the largest increase and highest level since 2006 when the market began to slide.

The rise in prices is due to steady demand from buyers, fewer bank-owned (REO) sales and a restricted inventory of homes for sale. Lack of inventory is expected to be the major market driver in 2013. Many owners in 2012 struggled with loan balances greater than the value of their homes, which made it impossible for them to sell and move up as they traditionally would do. While inventory will still be an obstacle in 2013, the rise in values will help more owners out of the underwater situation.
The best part of this news is that the increases are not completely contained within a few states. In fact, the index shows that all but six states are experiencing year-over-year price gains. The five states with the highest home price appreciation (including distressed sales) were Arizona (20.9%), Nevada (14.2%), Idaho (13.8%), North Dakota (11.3%), and California (11.1%).

In terms of price depreciation, the five states with the lowest home price depreciation were Delaware (-4.9%), Illinois (-2.2%), Connecticut (-0.5%), New Jersey (-0.5%) and Rhode Island (-0.3%). And excluding distressed sales, only two states experienced home price depreciation in November: Delaware (-3.5%) and Alabama (-2.2%).

Also, of the top 100 statistical areas measured by population, only 13 show year-over-year declines in November, which is seven fewer than seen in October, CoreLogic reported. That’s a marked improvement for sure.

The research firm expects bank-owned sales to decline this year, which it says will also help with overall home values as these properties tend to sell at a discount compared to comparable homes.
All the pieces are in place for housing to break out of “recovery” mode this year and move into growth. The inventory hurdle may turn out to be a good thing if it can help to push up prices a bit more this year. Then maybe in 2014, we’ll see even more homeowners pull out of their underwater loans.

It’s time to get your property on the market