Are you ready to sell?

If you're like most home sellers, your house is worth a lot less than it was five years ago, maybe even less than what you paid for it.

So it isn't worth sinking more money into it before you put it on the market, right?

Sorry, but no, according to real estate agents. Sprucing up a home before you sell is still the best way to attract buyers and get a sale in this slowly recovering housing market.

"Buyers are picky," said Kim Guild, an agent with Keller Williams Realty, Edina. "There's not a lot of great inventory, but buyers still want it to look a certain way. A house needs to show like a model."

Today's buyers have higher expectations, but they aren't as set on a single neighborhood as they used to be, according to Laura Tiffany, an agent with Coldwell Banker Burnet's Minneapolis Lakes office. "They're more value-driven. They're willing to look in a broader area, which gives them more choices. The main thing I'm telling my clients is that homes need to be in pristine condition."

That doesn't mean you need to invest in major remodeling projects. Simple repairs, minor cosmetic enhancements, decluttering and staging are enough, in most cases, to make a home appealing to current buyers.

"Eliminate objections," said John Everett, an agent with Edina Realty. "You're competing with other houses, and the competition is all staged, neutralized and looking good. It doesn't cost a lot to declutter. Fresh paint doesn't cost a fortune."

A move-in-ready house is important to today's buyers because most don't have cash to pay for updates, Guild said. "They can finance the house but not the improvements. Lenders aren't approving those like they used to. You can't get those [home equity] lines of credit."

Plus, many of today's buyers aren't prepared -- or willing -- to tackle even minor home improvements themselves, according to Everett. "If they're both working, they don't have time." And most came of age in an era when home repairs and painting were increasingly outsourced.

"Buyers don't have a clue," Everett said. "They didn't do these things growing up and they didn't see their parents doing them. Today, when you point out a workbench in the basement, usually the wife laughs hysterically and says something like, 'My husband wouldn't know which end of the screwdriver to use.'"

So, if you're a home seller, what's worth spending money on and what's not? We asked agents to weigh in:

Professional photography. "The first showing is now online," Guild said. "You're not making the first impression when the buyer comes in the door, but on the Internet." Amateurish snapshots reduce the likelihood that a prospective buyer will be impressed enough to make an appointment. But high-quality shots by a pro who understands angles and lighting can pique buyers' interest.

Staging. Hiring a professional to present your home in its best light is almost always a worthwhile investment, Guild said. "I'm a huge proponent of staging." A well-staged home evokes positive emotion in potential buyers, often resulting in a faster sale and a higher sale price, she said.

Depending on the size of your home, a full-house staging can cost $2,500 to $3,000 -- even more if furniture, rather than just accessories, are involved. If that's beyond your budget, consider hiring a professional stager for a preliminary consultation and then follow his or her advice to complete the staging yourself.

Repairs. If it's broken, fix it. Today's buyers don't want to inherit your deferred-maintenance chores. "Almost all houses need some love," Everett said. "Spend the money, hire a handyman." Mechanics should be in good working order, Tiffany said. "Furnace certified. Windows and gutters clean -- anything that makes the house present itself as well cared for, and a good value."

Painting. A coat of fresh paint is a must for most homes, at least in rooms that see the most wear and tear. "You want everything to look fresh, new and clean," Tiffany said. Neutral colors are still recommended. While an unusual color scheme might be dramatic, it makes it more difficult for buyers to visualize themselves and their belongings in your home. Tiffany also tells her clients to paint basement floors, as part of cleaning and decluttering. "Basements can be scary, and clean, fresh paint on a cement floor really helps," she said.

Kitchens and baths. Concentrate your home-improvement efforts and dollars in these two spaces, Guild advised. "Kitchens and baths deliver the most bang for the buck." New lighting, faucets and hardware can give a kitchen a fresh, new look without breaking the bank. Bigger-ticket enhancements, such as new countertops, might or might not be smart, depending on the home and other circumstances. Guild has advised some clients with dated kitchens to add granite and new appliances, to appeal to modern buyers. But Everett urges caution. "Granite is very personal, and someone might hate the color you choose," he said. "They may want to pick out their own granite."

Other big projects. Thinking about finishing your unfinished basement so your home boasts more square footage? Don't bother, Guild said. "You're not going to get the money out of it, unless you were going to do it anyway." Tiffany agreed.

"For major improvements, I tell clients they should do it only for themselves, so they can get some enjoyment out of the improvement. The likelihood of a quick return on investment is not strong."

When in doubt about what to improve, ask your agent.

"The biggest thing is listening to the professional you hired," Guild said.

Everett said he's had several recent sales that involved multiple offers, and in every case, "they [sellers] did everything on my checklist." His advice: "Go out with both barrels loaded and get the job done."

Deciding to sell

You've probably already considered your personal reasons for selling. Now you need to take into account the other factors involved, such as market conditions, your property's value and tax implications. 

Unless you're locked into selling your home (e.g., you've already accepted a job offer in another city), it's a good idea to look at the whole picture before deciding to sell.

Assessing Market Conditions

There's a rule of thumb to keep in mind when deciding to sell your home: Your home is only worth what a qualified buyer is willing to pay at the time it's on the market. The current real estate market fluctuates based on supply and demand, interest rates, general economic conditions, and other factors. The same house may sell for more or less under a different economy. Your REALTOR® can inform you of the going price for homes in your area at the current time; this data is included in a comparative market analysis (link to Appraisals and CMAs).

Tax Implications of Selling

There are many dynamics that can affect your tax liability upon selling your home. These issues include whether you purchased the home or inherited it, if you used your home for business or rental purposes, costs associated with selling your home, and any home improvements and additions that you've undertaken.

The Federal Taxpayer Relief Act of 1997 provides capital gains tax exclusions of up to $500,000 for married taxpayers filing jointly and $250,000 for single taxpayers or married taxpayers filing separately. Current capitol gains rates are 20 percent for those in upper tax brackets and 10 percent for those in lower tax brackets. Overall capital gains rates have been lowered even further -- to 18 percent and 8 percent respectively -- for assets acquired after December 31, 2000, and held five years or more.

To qualify for this tax break, you must have used the home as your primary residence for at least two of the prior five years; these two years don't have to be consecutive. If you relocate for your job but don't meet the requirement, you may be allowed to take a capital gains exclusion proportionate to your circumstances. This exclusion is not a one-time benefit; you may take advantage of it once every two years as long as you meet the qualifications.

 The tax rules differ when you sell a home that you've inherited. If you sell the inherited home for a profit, you're required to pay federal and state taxes on the gain. If you keep the house as a second residence and/or eventually move into it after renting it to tenants, you may take the $250,000/$500,000 capital gains tax exclusion if you meet the requirements. When you're deciding what to do with inherited property, you should consider the current estate tax laws and basis practices.

Beyond these general rules, it's wise to discuss your home's sale with a tax professional who can advise you on tax benefits in more detail.

Timing Your Decision to Sell

Because most sellers finance a new home purchase with the sale of their present home, they usually put their homes on the market before they begin their search for a new home. Learning the price you can expect from the sale often sets the pricing parameters for your new home search.

Obviously, it's not wise to wait until the sale on your property closes completely before beginning to look for your new home. Timing your search properly with the buyers' transaction can make the difference between having the available funds to buy a new home and cutting down on the interim period between homes.

Top Seller Mistakes

Selling a home involves more than putting up a “For Sale” and waiting for the offers to roll in. But what, exactly, does it take to make the process as simple and successful as possible? The first step is knowing what NOT to do by avoiding the following most common mistakes home sellers make:

 ---Not choosing the right REALTOR®.

Common mistakes people make in choosing a REALTOR® include: picking someone based on personal relationships instead of professional credentials, choosing the agent that recommends the highest listing price or choosing the agent with the lowest commission.

--Over-improving the house.

Don't improve the house above the general level of other neighborhood homes and make sure remodels don't end up making the house much more pricey than the rest of the neighborhood. Avoid unusual improvements like adding second stories that don't fit in with the neighborhood.

--Making staging mistakes.

Be ruthless in depersonalizing the house. Repaint atypically colored walls, put in neutral flooring, and put away collections, family photos and other mementos. Be equally ruthless in decluttering the whole house, including storage spaces. Clear out unnecessary furniture, pack away nonessentials, and put items in an off-site storage facility. Do a deep cleaning before showing—hire a cleaning service if necessary. And remember to keep up with maintenance cleaning while the house is being shown.

--Neglecting curb appeal.

Most people won't even come inside to look it they get a negative impression from the street. Give as much attention to staging the outside of the house as you do the inside.

--Not removing evidence of a pet.

It's tough, but keep your pet away during showings. Deep clean carpets, upholstery and wall treatments or replace them entirely. Remove all evidence of fur throughout the whole house. Patch up walls, screens and other spots pets have scratched up. Remove stains and marks from a bathroom or kitchen cat litter box. Clean and deodorize wood floors and, if pet smells persist, strip and revarnish, seal or paint. Getting the airducts cleaned can also help with odor issues. Have a non-pet owner stop by to assess your de-petting success.

 

--Limiting showings.

Buyers need to be able to see the house so sellers have to be flexible to get the most potential buyers through the door. Some buyers do a sweep of house tours during a specific time period and if a home isn't available, it won't make the schedule.

--Going to showings

Owners who attend showings tend to hover; inhibiting buyers and making them feel uncomfortable. Owner also may find it difficult to hear people talking their homes without taking comments personally and can reject good buyers for emotional reasons. 

--Trying to hide problems or failure to make required disclosures.

Be clear and honest in disclosing all problems. You can still be sued after the sale if problems are later uncovered. 

--Not making repairs.

A house that needs more work becomes less appealing than its competition. If a home needs a major overhaul, it immediately reduces the pool of people willing to look at it. Offering a credit to buyers upon closing to make repairs tends to be less effective than just making the repair beforehand.

--Making mistakes with offers.

Don't ignore early offers. If the house is priced correctly and gets an offer in line with what you're asking, take it. Be ready to act immediately--a house get the most attention and highest offers in the first weeks after it's listed. Also don't blindly accept the highest offer. When all aspects of a contract are considered, the highest bid might not actually be the most advantageous.

--Not trusting the REALTORS® advice.

You know your home, but a REALTOR® knows how to sell it. Take advantage of their experience and listen to their advice on things like staging, pricing, and repairs.

 --Not paying attention to the legal and financial details.

Even with a REALTOR® onboard, you need to stay involved with the process. Make sure you read contracts, understand offers and know what you are and aren't agreeing to.

--Not getting a house inspection.

Although a buyer will get an inspection too, getting one first ensures you'll be forewarned of any major defects.

--Expecting an unrealistic price.

Pricing mistakes include: pricing too high, not understanding the local market, not heeding a REALTOR®’s advice, setting the price according to money you want or need for another purchase, and not being willing to lower the price when necessary.

--Unwillingness to negotiate.

Like it or not, negotiation will be necessary throughout the entire process on things like what repairs will be made, what fixtures and appliances might stay with the house and the dates when things will happen. Being stubborn will slow the process and can cut into your profits. Failure to negotiate on price, for example, can mean losing a sale during the crucial first weeks when the best offers will come it. 

6 Upgrades That Give You the Best Bang For Your Buck

Selling your home? A few classic — and relatively inexpensive — changes can make a big difference when it comes to how much you’re able to collect from potential buyers.

If you want maximum effect for maximum profit, these six strategic upgrades will give you the biggest return on your investment:

1. Kitchen

Realtors will tell you time and time again: kitchens and baths (see No. 2) are what sell a home. A dated kitchen can be a big turnoff, so make sure yours is updated and inviting.

When it comes to spiffing up your kitchen for resale, you don’t need to splurge to get buyers’ attention. All you need to do is bring the space to the point of “builder-grade luxury” — stainless steel appliances instead of basic white, for example, and granite countertops instead of laminate.

Yes, you could theoretically spend almost any amount on appliances and granite, but remember: You’re going for “builder-grade.” That means you should install an affordable variety of granite countertop (such as Napoli, Baltic Brown or St. Cecilia) with a basic beveled edge. Don’t splurge on higher-end cuts of granite or more ornate beveling; leave that for your own personal custom home.

Want to do a kitchen remodel on the cheap? Simply refinish and repaint the cabinetry and add updated hardware (such as new hinges and handles). That alone can transform the look of the room.

Whatever you do, opt for colors and styles that are likely to appeal to the widest range of homebuyers. You may adore the idea of a bright red retro kitchen, but it could seriously put off some buyers.

2. Bathroom

When it comes to bathrooms, many buyers want the “spa” experience so help them envision themselves relaxing in the tub.

First, let’s start with basic upgrades, like replacing old, pink 3×3 ceramic tile with modern pieces. (For an inexpensive tile, try white subway-style ceramic, or opt for 12×12 porcelain in a neutral tone.) Replacing your plastic tub surround with a tiled shower also makes a big difference, and for about an extra $100 – $150, you can also add a recessed alcove (a built-in wall niche).

As with a kitchen remodel, you want to consider which changes will have maximum impact. You may not need to replace that old pedestal sink. Instead, you can just change out the faucet fixture — upgrade from brass to chrome — and hang some luxurious towels next to it. You may not need to replace the quirky floor tile if you choose a new paint color for the walls that will play it up, rather than clash with it.

Make sure the colors and styles you choose are as universally appealing as possible. Neutral colors never offend. If you want a dash of extra character, light blues, serene greens, and fresh pops of white are your best bet for an inviting bathroom. (A few well-placed candles and fancy soaps don’t hurt, either.)

3. Paint

One of the easiest upgrades to achieve the “wow” factor is to simply repaint your rooms.

Neutral shades like whites, creams, and tans will help buyers envision themselves in your space, since these read as more of a “blank canvas” than bolder shades. Earth tones will help mute any “louder” furniture you may have and can play well with hardwood floors. A surprising pop of bright color, like a cheerful yellow, can help brighten up small, dark spaces like half-baths and alcoves.

4. Flooring

Like paint color, good flooring can drastically change the look and feel of your rooms.

Hardwood is always appealing to a wide range of buyers, as are high-quality laminate options and affordable, eco-friendly choices like bamboo and cork. If you’ve got hardwood under your carpeting, your best bet is to restore it. If you already have exposed hardwood floors but they’re looking a little worse for wear, it’s time to invest in a good sanding and refinishing.

Kitchens and baths do well with tile or laminate flooring, which are both visually appealing and easy to clean. Carpeting is still acceptable in bedrooms, especially if it’s plush, in great condition, and in a neutral color.

But more and more buyers are turning away from carpeting altogether, so if you’re in doubt about whether to replace your carpets or install different flooring, hardwood (or its more-affordable cousin, bamboo) is your best bet.

5. Staging

Staging helps buyers imagine themselves living there. It’s also relatively inexpensive — you can often just rearrange the furniture you already have to make it show better.

First, make sure your home is free of clutter. Remove any overly personal touches (like family photos or children’s artwork on the fridge). Arrange furniture is in a way that flows well — buyers will feel claustrophobic if they need to navigate around big pieces as they move from room to room.

In your living room, arrange seating and tables into inviting “conversation” areas. Designate spaces for particular tasks, like placing an armchair in that empty bedroom nook to frame it as a cozy reading spot. Make sure all areas of a room are well-lit and that your accessories and artwork are the right scale for the space.

6. Curb Appeal

Don’t neglect the outside of your home — if buyers don’t like what they see when they first pull up, they may not even step inside to see all the great work you’ve done.

To make the outside of your home as appealing as possible, make sure all walkways are clear, the landscaping is neat and tidy, and everything is in good repair. This may mean repainting your siding, fixing those loose shutters, and finally sealing those cracks in the driveway. Or it could be as simple as mowing the lawn, blowing the leaves, and planting a few colorful annuals.

Add one or two “homey” final touches, like an festive wreath on the front door, a new welcome mat, and an outdoor seating area. Your home will feel extra-inviting — and just may get a quick offer.

California Foreclosures Lowest Since 2005

The number of California homes entering the formal foreclosure process last quarter dropped to the lowest level since late 2005, the result of a stronger economy and higher home values, a real estate information service reported.

A total of 17,524 Notices of Default (NoDs) were recorded at county recorders offices during the April-through-June period. That was down 8.8 percent from 19,215 in the prior quarter, and down 31.9 percent from 25,747 in second-quarter 2013, according to DataQuick, which is owned by Irvine-based CoreLogic, a leading global property information, analytics and data-enabled services provider.

Last quarter's NoD tally was the lowest since fourth-quarter 2005, when 15,337 NoDs were recorded. NoD filings peaked in first-quarter 2009 at 135,431. DataQuick's NoD statistics go back to 1992.

"It looks like the mortgage servicers doing the foreclosure paperwork are systematically working through a backlog. While their pile is getting smaller, they're working at a steady pace. With one exception, the number of NoDs we've seen filed each quarter over the last year-and-a-half hasn't changed much, and probably just reflects staffing and workload logistics," said John Karevoll, DataQuick analyst.

In first quarter 2013 California saw 18,568 NoDs filed. In last year's second quarter the number was 25,747. In third quarter 2013 it was 20,314. Fourth quarter was 18,120. In first quarter 2014 the tally was 19,215, and last quarter it was 17,524.

"The relatively high NoD tally in second quarter last year reflected a one-time bump because of deferred activity and policy change. Otherwise the quarterly flow of NoDs since early last year has been remarkably flat, and probably doesn't reflect any meaningful changes in trends. The overall trend is that homeowner distress continues to decline because of a stronger economy and rising home prices," Karevoll said.

Most of the loans going into default are still from the 2005-2007 period. The median origination quarter for defaulted loans is still third-quarter 2006. That has been the case for more than five years, indicating that weak underwriting standards peaked then.

On primary mortgages, California homeowners were a median 12.0 months behind on their payments when the lender filed the Notice of Default. The borrowers owed a median $27,601 on a median $309,083 mortgage.

On home equity loans and lines of credit in default, borrowers owed a median $6,992 on a median $66,150 credit line. The amount of the credit line that was actually in use cannot be determined from public records.

The most active "beneficiaries" in the formal foreclosure process last quarter were Wells Fargo (2,195), Bank of America (1,763) and Nationstar (1,047).

The trustees who pursued the highest number of defaults last quarter were Quality Loan Service Corp (for Wells Fargo and others), MTC Financial (Bank of America, Greentree, JP Morgan Chase) and Sage Point Lender Services (Nationstar, Bank of New York, US Bank and OneWest Bank).

San Diego-based DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts. CoreLogic acquired DataQuick in March. Notices of Default are recorded at county recorders offices and mark the first step of the formal foreclosure process.

Although 17,524 default notices were filed last quarter, they involved 17,105 homes because some borrowers were in default on multiple loans (e.g. a primary mortgage and a line of credit).

Among the state's larger counties, loans were least likely to go into default last quarter in San Francisco, Marin and San Mateo counties. The probability was highest in Madera, Tulare and Fresno counties.

Trustees Deeds recorded (TDs), or the final loss of a home to the foreclosure process, totaled 7,392 last quarter - the lowest level for any quarter since 6,078 TDs were filed in fourth-quarter 2006. The all-time peak was 79,511 foreclosures in third-quarter 2008. The state's all-time low was 637 in second-quarter 2005, DataQuick reported.

On average, homes foreclosed on last quarter took 8.7 months to wind their way through the formal foreclosure process, beginning with an NoD. That's down from an average of 9.5 months the prior quarter and down from 9.1 months a year earlier.

At formal foreclosure auctions held statewide last quarter, an estimated 41.0 percent of the foreclosed properties were bought by investors or others that don't appear to be lender or government entities. That was up from an estimated 39.4 percent the previous quarter and down from 54.1 percent a year earlier, DataQuick reported.

Foreclosure resales - properties foreclosed on in the prior 12 months - accounted for 6.1 percent of all California resale activity last quarter. That was down from a revised 7.6 percent the prior quarter and down from 11.5 percent a year ago. Foreclosure resales peaked at 57.8 percent in first-quarter 2009. Among the state's larger counties last quarter, foreclosure resales varied from 0.9 percent in San Francisco County to 16.3 percent in Madera County.

Short sales - transactions where the sale price fell short of what was owed on the property - made up an estimated 5.8 percent of the state's resale market last quarter. That was down from an estimated 7.5 percent the prior quarter and 13.7 percent a year earlier.

Why Use a Realtor When Selling Your Home

Selling a house can be a complex process. A Realtor can help you at every stage, from setting a price to marketing the property to closing the sale.

Setting the Price
The selling process generally begins with a determination of a reasonable asking price. Your real estate agent or Realtor can give you up-to-date information on what is happening in your local marketplace, as well as the price, financing, terms and condition of competing properties. These are key factors in marketing your home and selling it at the best price. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property.

Marketing
The next step is a marketing plan. Marketing exposes your property to the public as well as to other real estate agents through a Multiple Listing Service, other cooperative marketing networks, open houses for agents, and so on. In many markets, a substantial portion of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. The Realtor Code of Ethics requires Realtors to use these cooperative relationships when they benefit clients.

An agent will also know when, where and how to advertise — which medium, format and frequency will work best for your home and your market. Though advertising can be valuable, the notion that advertising sells real estate is a misconception. National Association of Realtors studies show that 82 percent of real estate sales are the result of agent contacts from previous clients, referrals, friends, family and personal contacts.

Providing Security
When a property is marketed with an agent’s help, you do not have to allow strangers into your home. Agents will generally prescreen and accompany qualified prospects through your property.

Negotiating
Your agent can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

Monitoring, Renegotiating and Closing
Between the initial sales agreement and the closing (or settlement), questions may arise. For example, there are unexpected repairs that require the buyer to obtain financing, or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing.

Getting the Realtor Guarantee
All real estate licensees are not the same. Only real estate agents who are members of the National Association of Realtors are called Realtors. They proudly display the Realtor logo on their business card, website, and marketing. Realtors subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. Realtors are committed to treating all parties to a transaction honestly. An independent survey reports that almost 85 percent of home buyers would use the same Realtor again.

Getting Expert Assistance
Finally, consider the scale of your transaction. Selling your home is one of the biggest financial decisions you’ll make. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to solve it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the relatively small cost of hiring a Realtor and the large potential risk of not hiring one, it’s smart to find a professional to sell your home.

4 Tips for Sellers to Seal the Deal

You want to get the best price for your homes as quickly as possible. Who doesn’t? But how do you entice prospective buyers to seal the deal? Impress potential buyers with these four well-researched real estate tips, and you may impress yourselves with the results.

1. Sales price

A correctly priced house is the key to selling a home. Buyers will be looking for a home to meet their price point and includes their top priorities. In most cases a home listing becomes stale due to improper pricing. A house priced too high may miss potential buyers, which costs time and money. And of, course, you don’t want to price yourself so low that you lose money on the house. You want to seal the deal.

2. Location, location, location

A home in an excellent location sells quicker and for more money. Home buyers seek quality of life in a neighborhood: parks, community pools, gyms and supermarkets close to home. Properties close to mass transportation, highways and fewer traffic zones save time, and they can add a lot of lifestyle convenience. This goes for future resale value, too: a home located a block from a noisy train station will have lower resale potential than one two blocks from a school and park.

3. Fix it up

This is the time to spruce up your house to seal the deal. Odd jobs you’ve put off: do them now. Fix the damaged door hinge, the chipped light switch, and the paint on the garage door. You don’t want a picky buyer to pass on your $300,000 home because they were put off by a spot of peeling paint that made them wonder if anything else is less than tip-top shape. You want to seal the deal instead by doing the little things.

4. Make your home welcoming

Sellers need to present a welcoming atmosphere. This is the best opportunity to showcase the qualities of your home for home buyer viewings so you can seal the deal. Clean up the yard as much as possible. Purchase a nice welcome mat and some potted plants to place around the entrance to the house. If your REALTOR® makes suggestions for staging the home interior—decluttering, moving furniture, maybe painting a wall—heed them. They know what’s selling. And they want no less than that for your home, too.

All sellers want to be able to seal the deal quickly, so that they can move on to their next experience. Following these quick sellers tips can help get that done sooner, rather than later.

Condo Sold In Just ONE WEEK - Above Asking price!



We just closed escrow on this Beverly Glen condo today. This property sold in just one week!

 

 

 

 

How often are homes sold above asking price?

OPEN HOUSE SELLERS CHECKLIST

STAGING WORKS! SELL YOUR HOME FASTER!

Many years ago, I heard the saying “The investment in staging your home will always be less than a price reduction on your home!” And that statement is as true today as it was all the way back...
The math is pretty simple. Imagine a $300,000 home that’s been on the market for six months without selling. The seller is becoming more and more frustrated and considers a price decrease of 5 percent. That’s $15,000. Now imagine investing only a fraction of that sum in staging and selling the home much faster.

That’s what staging will do, and the numbers are in to prove it – time and time again.
Recent statistics show that 94 percent of homes staged by an Accredited Staging Professional sold in 29 days or less, compared to an average of 145 days for homes that were not staged. What’s more, homes staged by Accredited Staging Professionals stay on the market 83 percent less than a home that has not been staged.
For home stagers and real estate agents alike, it’s imperative to showcase the positive impact of home staging, both visually by showing examples of past staging projects AND by sharing statistical evidence that home staging works and that the investment is worth it many times over.
So next time a seller brings up the subject of a price reduction, make sure to share the positive impact of home staging. The investment will be less and the impact most likely more.

7 Ways to Make Your Home More Appealing to Buyers

When you're ready to sell your house, it pays to assess your home and make improvements before the for-sale sign goes in the yard. By doing so, you'll help buyers see the beauty of your home -- and that helps put the sold sign up faster. Especially in today's tough market for home sellers, attention to details and a willingness to go the extra mile can make all the difference.
 Here is a list of tips to make your home stand out from the rest.



Be objective
                                            

One of the hardest things for homeowners is to see their house from a buyer's perspective. If you can't be objective about how your home looks, take pictures of it. Take photos from the street, the kitchen, living room and master bedroom. These are the rooms that matter most to buyers.

 

Start at the front

                       

Give the front of your home a makeover. Hire a landscape company to freshen the grounds, trim shrubs and trees, and add mulching. Repaint the mailbox, add new house numbers and hide trashcans. These improvements help hook buyers at the curb, enticing them to view your home.

 

Add Life

 

Invest in good quality real or silk plants. Spindly plants are eyesores. Look in any d¿¿cor magazine and you'll notice how plants are placed attractively in the room. Use these as guides on what plants to buy and where to place.

 

Put Money Into Your Kitchen

 

Investing in the kitchen is one of the best returns on investment for homeowners. The kitchen is the one room that really excites buyers, so make it work for you by adding a new backsplash, fresh coat of paint on the cabinets and trendy pulls. Dated lighting, peeling laminate and crowded countertops will have buyers backing out of the house.

 

 

Set The Table

 

Model homes and homes in design magazines always feature a dining room table that's set, but few homeowners with homes for sale set the formal dining room table. Setting the table makes the room inviting and helps buyers imagine themselves in it.

 

Open The Door To Sales

 

The front door is the first place on your home a prospective buyer sees and touches when they arrive. Repainting or revarnishing the door and polishing up the hardware will create a vision of beauty and buyer anticipation because it says the house is cared for right up front.

 

Create A Focal Point In Every Room

 

Each room should have a feature that defines the space. A focal point helps visually draw buyers into the room -- and where the eyes go, the heart often follows. Using the photos you've taken earlier, plan a focal point for the main rooms of the house, including the kitchen.

 

 

Los Angeles is the Biggest Anti-Sprawl Success Story in the US

Los Angeles is changing its identity. It's moving away from the car and the single-family house and toward transit and denser living. And now it's even getting dramatically less sprawly. According to a study from Smart Growth America that factored in density, land use mix, robustness of "activity centers" like downtowns, and street accessibility (length of blocks, etc.), the LA metro area is now the twenty-first least sprawly place in the US, and the seventh least sprawly among metropolitan areas with more than one million residents. (The study also reminds us that LA is the second densest place in the US overall, after New York.)

Los Angeles's staggering urban density, coupled with denser housing developments and the efforts to improve transit, all helped make LA the "biggest success story," according to one researcher quoted in The Atlantic Cities. "Los Angeles has actually densified very substantially," says that researcher, and the report specifically calls out the area for its anti-sprawl policies, including a push for light rail and transit-oriented development and giving out density bonuses, which let developers build more densely if they include affordable housing.

In the end, says one urban planner, the reduced sprawl is the result of the demands and tastes of the population, especially "young professionals and empty-nesters," as the LA Times puts it, who value walkability and are willing to pay for it. So people like living in less sprawly places, it turs out, and that of course means they're expensive: "the places that fared best on the sprawl index – which is topped by New York and San Francisco – also tend to have high housing costs."

First Look at the Broad Museum's Restaurant and Public Plaza

• New restaurant on the plaza's Hope Street end.

The pretty cool-looking Broad Museum on Grand Avenue was supposed to open this year, but the museum announced today that they've now pushed the date back to 2015. But as consolation, they've revealed all the details on two amenities: a restaurant developed with super-restaurateur Bill Chait of Bestia fame and a 24,000-square-foot public plaza—designed, like the museum itself, by Diller, Scofidio + Renfro (with Hood Design)—between Grand Avenue and Hope Street.

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The plaza, which is scheduled to open at the end of this year, will host outdoor screenings, performances and educational events, as well as lounging under 100-year-old olive trees. According to the release, the plaza will also serve as a pedestrian-friendly connector for all the cultural stops along "downtown's cultural corridor"; there will be a new crosswalk and traffic signal in the middle of the block to encourage (and protect) foot traffic between the Broad and the east side of the street, where the MOCA and Colburn School are located.

There will also be an elevator and stairs that will connect the museum to the future Second Street/Hope Regional Connector station. No word on the pricey grocery store that was rumored to be joining the complex.

February Newsletter