Huntington Beach Real Estate Archives - Huntington Beach Real Estate

July 2017 Huntington Beach Real Estate Market Report

July 20, 2017 by Jeb Leave a Comment

Good afternoon. I’m Jeb Smith, Real Estate Broker with ReMax Terrasol here in Huntington Beach with your Southern California Real Estate Market Report for July 2017. As we head towards the end of the summer selling season, we are continuing to see the supply of available homes for sale get smaller and smaller while buyer demand continues to remain strong. If I have sounded like a broken record over the past year or so it’s because the market hasn’t really changed other than the inventory is actually down nearly 20% making this year the most difficult for Buyers that we have seen in some time.

In a normal real estate market, we start to see inventory building as we near the end of Summer as potential Buyers are distracted with last minute summer activities like vacations and back to school shopping which also means less time for house hunting, causing our market to slow and in turn our inventory to build. As you know, we are definitely not in a normal market, with that being said, I can’t see any reason why our inventory would drastically increase as rates remain low and buyer demand continues to thrive. I’m predicting our current market conditions to remain the same for the foreseeable future.

With home prices continuing to rise and each new home coming on the market going for more than the last one that sold, we are starting to see appraisal issues on homes. In this kind of market, it’s imperative that Sellers use a Professional Realtor and price their home according to fair market value. Also, I would like to add that I would highly recommend that any person interested in selling their home put it on the MLS for all interested buyers to see instead of trying to do an off market sale or working with an agent who has a buyer and never listing it on the MLS. I won’t get into detail on this subject here but I recently wrote an article on my website with the specific tactics and strategies I use to help sellers leverage the currently lack of inventory to safely get top dollar for their homes. Click the link below to see the article.

How Much Money Do You Lose By Not Putting Your Home On the MLS

On the Buyer side, I also use a strategic game plan to maximize the chances of getting your offer approved without overpaying for your dream home. If you’re considering buying, give me a call or shoot me an email and I’d be happy to give you the details.

On the interest rate side, it’s also more of the same. Rates are near the lowest levels of the year and those low rates are supporting the increase in sale prices. For homeowners, the recent appreciation, along with low rates have presented a great opportunity to optimize their home financing. If you need a great lender, let me connect you with my preferred expert to see how you can benefit while terms remain low.

As you know, all Real Estate is local, so if you are a Buyer, Seller or Investor in Today’s market and you have questions, I would love the opportunity to help guide you in the right direction. If you would like more information about me, please go to my website www.jebsmith.net or check out my other videos on YouTube. As always, I appreciate you taking the time to watch and I look forward to seeing you again next month. Make it a great day.

How Much Money Do You Lose By Not Putting Your Home On the MLS

July 12, 2017 by Jeb Leave a Comment

Right now, we are experiencing one of the most difficult Real Estate markets in Huntington Beach history with regards to lack of available homes for sale (or inventory as us Realtors refer to it). This is causing Huntington Beach Buyers to fight over the limited homes for sale pushing prices to near record highs. So, if you are considering selling your home, How Much Money Do You Lose By Not Putting Your Home On the MLS?

You Are Leaving Money On The Table  

With inventory near historic lows and buyer demand at near record highs, why are so many people thinking of trying to sell their Huntington Beach homes without listing them on the market? I believe It’s simply due to bad information and today I’d like to counteract that with some facts.

What is a home worth? In simple terms, it’s exactly what someone is willing to pay for it. Let’s forget about appraisals for a minute as that is just a 3rd party opinion of value. You can have multiple appraisals completed for any property. It’s likely all of them will come in at different values.

On the other hand, a home listed on the active market will draw activity based on many factors beyond just price. This means someone could see more value in a home because it’s next door to their mother or because they are trying to get closer to the beach.

There are hundreds of reasons any one buyer may value your home more than other buyers. It’s likely that person would be willing to pay more for your home. Especially in our current market with limited homes for sale.

The current trend among Realtors seems to be advising clients that they have a Buyer for their Huntington Beach home. They promise that they can sell the home without the “hassle” of listing it on the MLS. In some cases, the Seller may not care about getting top dollar for their home, with convenience being their number one priority.

I think it’s safe to say those people are the exception rather than the rule. II have personally sold over 200 homes and I can only think of 1 case where the Seller didn’t care about the best price. In that situation, it was simply because the house needed so much work to make it livable and the seller was not interested in the effort.

So, How Much Money Do You Lose By Not Putting Your Home On the MLS? It definitely varies in each case but in a market where there is huge buyer demand and sellers have control……..like NOW, you are doing yourself a disservice as a Seller by not listing your home for sale on the active MLS, exposing the home to every possible buyer and letting the market decide how much they are willing to pay.

For example, I just had a home close in Midway City in June 2017. The last comparable sale closed at $535K. We could have sold the home before listing it on the market as I have several buyers shopping in this price range. I advised my client to put the home on the open market at $550K, $15K more than the last closed comparable home.

We received over 5 offers with the Winning Buyer offering $600K in a cash offer. This is $50K over the asking price and $65K over the last closed sale. Taking an offer even $25,0000 over the last closed sale would have left a lot of money on the table.

How Much Is Your Home Worth?  

The bottom line is that Sellers looking to maximize their sales price should be exposing their homes to as many potential buyers as possible. By leveraging market forces and the current supply/demand imbalance, sellers can assure themselves of maximizing their net gain on sale.

If your Realtor is telling you that you don’t need to list your home for sale because they have a buyer willing to pay your price, it’s a clear sign they’re more interested in a quick sale than getting you top dollar. I would suggest finding a new Realtor.

Why FSBO is a Bad Idea

FSBO is short for For Sale By Owner. These are homeowners looking to sell their home themselves without the need of a Realtor.

In a Real Estate market where inventory is low and buyer demand is high, it can be easy to think that you don’t need to hire a Realtor. You can just put a sign in your yard and people will come knocking on your door. While the knocking on your door part is likely true, chances are it will be a Realtor knocking trying to earn your business instead of a Buyer knocking looking to purchase your home.

As we discussed earlier, getting your home out on the MLS is the best way to not only get top dollar for your home exposing it to the greatest number of potential buyers. The more exposure your home receives, the more likely you are to have multiple Buyers bidding on your home. The more bidders, the greater the chances of bidding the price up.

Trying to save money by listing the home yourself is more likely to leave profits on the table. If you hire the right Huntington Beach Realtor to sell your home, they should be able to pay for themselves by exposing your home to as many buyers as possible and leveraging that traffic to get you more money for your home (not to mention taking the majority of risk and liability by insuring you are complying with the endless laws and regulations related to home sales). Selling a home requires a ton of disclosures and paperwork. Not doing this properly can end up costing you more than the small percentage you saved by not hiring a Professional.

Work With The Right Huntington Beach Realtor To List Your Home Today  

The current Huntington Beach real estate market is incredibly competitive with very little inventory and high buyer demand. This means that Sellers need to hire a Realtor with a comprehensive marketing plan which includes listing it on the MLS to insure selling for top dollar in the quickest time possible. If you are considering selling your Huntington Beach home and need a Huntington Beach Realtor who understands your needs as well as a strong understanding of the local Real Estate market, begin your Real Estate journey today by contacting Jeb Smith, your professional Real Estate guide for Huntington Beach, California.

What Every Huntington Beach Senior Must Know Before Downsizing

July 10, 2017 by Jeb Leave a Comment

As many seniors approach their golden years the topic of Downsizing is often the one that is the most difficult to deal with and often a stressful time for all parties involved. As a Huntington Beach Realtor who helps a lot of downsizing seniors with this process, in this post I offer tips and advice for downsizing seniors in Huntington Beach and What Every Huntington Beach Senior Must Know Before Downsizing.

What’s your Why?

Are you considering downsizing for the right reasons? What’s the reason for wanting to downsize? Is it because the house is too much to maintain or is it because the home isn’t outfitted properly or maybe you can just no longer afford it?

The reason I bring up this question is that all too often Seniors are only looking to sell because their house no longer has the functionality that they now require and think that selling is the only option when in fact it could be as simple as having a Senior Specialist come in and help them discuss their options to outfit their current residence.

The other option for Huntington Beach Seniors who may be selling due to affordability is the option to consider a Reverse Mortgage. This option could allow you to keep your home and have the bank pay you on a monthly basis using your equity in the home.

Once you decide that the home that you currently live in will no longer work for your needs or is just too much to maintain then it’s time to consider leasing or selling the home. In my experience, most seniors don’t want to be landlords but that is a question that needs to be addressed depending on the long term goals of each individual involved.

Depending on how long the home has been owned and how much equity has been gained during the time of ownership there could be a potential for significant tax consequences by selling the home so make sure that you are speaking with a professional Huntington Beach Realtor as well as a tax person that has your best interests in mind and isn’t telling you that Selling is your only option.

What do I do with all of my Stuff?

If you’re like most Seniors then you will likely be moving in a smaller space than you have lived the majority of your life so what will you do with all of the stuff you have accumulated over the years? This is often the one of the biggest concerns for those opting for a smaller living space.

In our experience, we have found it helpful to get Family and Friends involved to help during this process. While there can be a sentimental attachment to a lot of what you have accumulated over a lifetime there also has to be a realistic expectation set that with a downsize in home also comes a downsize in stuff.

If you are like a lot of Huntington Beach Seniors, you have a will or trust set up that will dictate who receives certain items. While that is a great way to protect your decisions, the downsizing process can be a good time to start this process by giving items those items those family members now so you can watch them enjoy them instead of waiting for a time where you might not be able to see them enjoyed. If you are coming across items that you will not need in your new home or feel have no value in being passed along then these are likely items that can be donated or sold.

Luckily there are companies out there that specialize in helping Huntington Beach Seniors with Estate Sales to help simplify what can sometimes be a stressful situation. We have found that planning really helps alleviate any potential stress that can come from sudden unexpected changes like downsizing or seniors changing their daily routine.

How will I decide where to go once I sell?

What are your future needs? As Seniors age there are often certain things required or that will be needed as they approach their golden years. This could range from certain doctors to pharmacies to the local Senior center where they will be spending their free time. These are all things to consider along with proximity to family, grand-kids and friends.

While downsizing your Huntington Beach home may alleviate stress in one area of your life you don’t want to replace it with the headache of messing up your daily routine.

Work With The Right Huntington Beach Realtor To Help You Downsize Today

Huntington Beach features a competitive Real Estate market, which means that Seniors need to work with not only someone they can trust but also understands their needs. If are considering downsizing your Huntington Beach home and need a Huntington Beach Realtor who understands the needs of Seniors and has a strong understanding of the local Real Estate market. Begin your Real Estate journey today by contacting Jeb Smith, your professional Real Estate guide for Huntington Beach, California.