Blog - Stovall Team, Fountain Valley, CA, Real Estate

How Long Will It Take To Sell My House?

By Micah Stovall | Published: June 26, 2024

If you want your house to sell fast, you need to work with a professional. Stovall Team understands the current market trends and how to build a strategy around those factors, so your house is set up to sell quickly.

You want your house to sell fast. And you may be wondering how long the whole process is going to take. One way to get your answer? Work with Stovall Team. We have the expertise to tell you how quickly homes are selling in your area and what’s impacting timelines for other sellers. That way you have realistic expectations and we will work together to come up with a plan that’s based on today’s market.

Here’s a high-level overview of just one of the factors a great agent will walk you through – the supply of homes for sale and how that impacts your process. Over the past few months, the number of homes for sale has increased slightly. This is good news when you move because it means you’ll have more options as you search for your next home. But it also means buyers have more to choose from, so if your house doesn’t stand out – it may take a bit longer to sell. Available inventory is made up of new listings (homes that were just put up for sale) and active listings (homes that were already on the market but haven’t sold yet).

How It’s Impacting Listings Today
Think of the homes on the market like loaves of bread for sale in a bakery. When a fresh batch of bread is put out, everyone wants the newest and hottest one. But if a loaf sits there too long, it starts to get stale, and fewer people want to buy it.

The same goes for homes. New listings are the freshest and most sought-after. But if a home isn’t priced correctly, doesn’t show well, or it doesn’t have an effective sales or marketing strategy behind it, it can sit on the market and become less appealing to buyers over time.

Stovall Team Will Help Your House Stand Out and Sell Quickly
Timing is important to you. You want to get this done, fast. By leaning on the experience of Stovall Team we will make sure your listing is fresh and doesn’t stick around long enough to go stale. As the National Association of Realtors (NAR) explains: “Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months; 53% of sellers who used an agent say they accepted an offer within a month of listing their home.”

Stovall Team will factor the recent inventory growth into our plan and create a customized selling strategy for your house. The supply of homes for sale can vary a lot by area. So they’ll do things like share their valuable insights into what’s happening with supply in your market, help you price your home correctly, and create a marketing plan that gets your home noticed.

Don’t let your listing get stale—reach out to Stovall Team today to make sure your listing is fresh and appeals to buyers from the start. It will make all of the difference.

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Overpricing Your House Can Cost You

By Tarah Stovall | Published: April 8, 2024

If you’re trying to sell your house, you may be looking at this spring season as the sweet spot – and you’re not wrong. We’re still in a seller’s market because there are so few homes for sale right now. And historically, this is the time of year when more buyers move, and competition ticks up. That makes this an exciting time to put up that for sale sign.

But while conditions are great for sellers like you, you’ll still want to be strategic when it comes time to set your asking price. That’s because pricing your house too high may actually cost you in the long run.

The Downside of Overpricing Your House

The asking price for your house sends a message to potential buyers. From the moment they see your listing, the price and the photos are what’s going to make the biggest first impression. And, if it’s priced too high, you may turn people away. As an article from U.S. News Real Estate says:

“Even in a hot market where there are more buyers than houses available for sale, buyers aren’t going to pay attention to a home with an inflated asking price.”

That’s because no homebuyer wants to pay more than they have to, especially not today. Many are already feeling the pinch on their budget due to ongoing home price appreciation and today’s mortgage rates. And if they think your house is overpriced, they may write it off without even stepping foot in the front door, or simply won’t make an offer if they think it’s priced too high.

If that happens, it’s going to take longer to sell. And ideally you don’t want to have to think about doing a price drop to try to re-ignite interest in your house. Why? Some buyers will see the price cut as a red flag and wonder why the price was reduced, or they’ll think something is wrong with the house the longer it sits. As an article from Forbes explains:

“It’s not only the price of an overpriced home that turns buyers off. There’s also another negative component that kicks in. . . . if your listing just sits there and accumulates days on the market, it will not be a good look. . . . buyers won’t necessarily ask anyone what’s wrong with the home. They’ll just assume that something is indeed wrong, and will skip over the property and view more recent listings.”

Stovall Team’s Role in Setting the Right Price

Instead, pricing it at or just below current market value from the start is a much better strategy. So how do you find that ideal asking price? You lean on the pros. Only an agent has the expertise needed to research and figure out the current market value for your home.

Stovall Team will factor in the condition of your house, any upgrades you’ve made, and what other houses like yours are selling for in your area. And we’ll use all of that information to find that target number. The right price will bring in more buyers and make it more likely you’ll see multiple offers too. Plus, when homes are priced right, they still tend to sell quickly.

Bottom Line

Even though you want to bring in top dollar when you sell, setting the asking price too high may deter buyers and slow down the sales process.

Connect with Micah Stovall to find the right price for your house, so we can maximize your profit and still draw in eager buyers willing to make competitive offers.

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Spring Housing Market Update

By Tarah Stovall | Published: April 2, 2024

If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season.

Odeta Kushi, Deputy Chief Economist, First American:

“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”

Lisa Sturtevant, Chief Economist, Bright MLS:

“There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”

Danielle Hale, Chief Economist, Realtor.com:

“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”

Skylar Olsen, Chief Economist, Zillow:

“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”

Jiayi Xu, Economist, Realtor.com:

“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”

If you’re looking to sell, this spring might be your sweet spot because there just aren’t many homes on the market. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. That’s why they’re still selling so quickly.

If you’re looking to buy, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But be prepared to move quickly since there’ll be plenty of competition with other buyers.

Bottom Line

No matter what you’re planning, team up with Stovall Team to confidently navigate the busy spring housing market.

Consider Public Education

By Tarah Stovall | Published: February 15, 2024

What type of impact can schools have on property values?

When buying a home, one of the most common questions is, ‘How do good or bad schools affect home values, and what type of impact do they have?’

Schools are so important to buyers in our area. Fortunately, our area has some of the best schools in the state, which is why so many decide to buy homes in the area.

Countless factors influence the decision to buy a home. The neighborhood, size of the home, outdoor space, upgrades, and location play a significant role in impacting one’s decision-making. Among those important factors, school districts have played an increasingly significant role in influencing buyers’ decision-making around purchasing a home.

Although those most interested in strong school districts tend to be families with young children or those planning on having children in the future, purchasing a home in a solid school district is beneficial for those who do not plan on having children as well.

Economists have estimated that a five percent improvement in test scores in suburban neighborhoods can raise home prices by 2.5 percent, according to The New York Times. Of course, test scores are only one way of designating an area as a “good school district,” other factors should also be considered, but test scores are a highly quotable measure.

Many buyers considering buying a home in an affluent school district may be willing to spend more on a home to avoid the monumental cost of a private school, which can be as high as $40,000 or more per year in some areas. Although purchasing a home in a strong school district may mean paying a higher price for that home, it is still sometimes cheaper than investing in the costly expense of a private school.

Every child has unique needs when it comes to securing a fulfilling education. Some may thrive in a competitive environment, whereas others may feel intimidated by their peers. In addition to weighing test scores, classroom size, and student performance, it is also important to consider the school’s environment to ensure it has a strong support system that advocates for student wellness.

If you do not have children and do not plan on starting a family in the future, it is still beneficial to consider homes in strong school districts, as your home’s value will most likely continue to rise after purchasing it as a result of the school district.

The many benefits of working with Stovall Team include consulting on districts, administrations, after-school programs, and other education-related questions. Stovall Team will also be able to advise whether or not you are overpaying for a home in a strong school district and if you have an appropriate list price in mind when considering selling your home.

Call Stovall Team 714.343.9294 today if you are ready to find the home of your dreams in a great school district.

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Homes are Selling Fast

By Tarah Stovall | Published: February 6, 2024

Have your needs changed and you feel ready to make your move? Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

When you look at the most recent data (shown in green), it’s clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal ‘unicorn’ years (shown in pink). According to Realtor.com:

“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”

What Does This Mean for You?

Homes are selling faster than the norm for this time of year – and your house may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Research, says:

“. . . 2024 is starting stronger than last year. And demand is increasing each week.”

Bottom Line

If you’re wondering if it’s a good time to sell your home, the most recent data suggests it is. The housing market data is stronger than it usually is at this time of year. To get the latest updates on what’s happening in your local market, connect with Micah Stovall at Stovall Team today 714.343.9294.

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3 Must-Do’s When Selling Your House in 2024

By Tarah Stovall | Published: January 23, 2024

If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.

A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re ready to sell.

1. Price Your Home Right

The housing market shifted in 2023 as mortgage rates rose and home price appreciation started to normalize once again. As a seller, you still need to recognize how important it is to price your house appropriately based on where the market is today. Hannah Jones, Economic Research Analyst for Realtor.com, explains:

“Sellers need to become familiar with their local market and work closely with a local agent to make sure their listing is attractive to buyers. Buyers feeling the pressure of affordability are likely to be pickier, so a well-priced, well-maintained home is the ticket to drumming up big demand.”

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be, so your house moves quickly and for top dollar.

2. Keep Your Emotions in Check

Today, homeowners are staying in their houses longer than they used to. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 6 to 10 years (see graph below):

This is much more than what used to be the 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 loved ones 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 tougher to separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations and the best pricing strategy along the way. Trust the professionals who have your best interests in mind.

3. Stage Your Home Properly

While you may love your decor and how you’ve customized your house over the years, not all buyers will feel the same way about your vibe. That’s why it’s so important to make sure you focus on your home’s first impression, so it appeals to as many buyers as possible.

Buyers want to be able to picture themselves in the home. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. As Jessica Lautz, Deputy Chief Economist and Vice President of Research at NAR, says: