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

A Tale of Two Markets

By Micah Stovall | Published: April 30, 2018

If your house no longer fits your needs and you are planning on buying a luxury home ($2M+) now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market in Orange County buyers are in control. This means that homes are often staying on the market longer or can be found at a discount. Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home. The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on two million-dollar home is $100,000. The best time to sell anything is when demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true. Call us today 714.343.9294 and visit stovallteam.com

Sources: Institute for Luxury Home Marketing, Micah Stovall, Stovall Team

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Home Buyer Blunders

By Micah Stovall | Published: April 27, 2018

We understand that buying or selling a home is more than just a transaction: it’s a life-changing experience. I take great pride in the relationships I build and always work relentlessly on the client’s behalf to help them achieve their real estate goals. At Stovall Team our team of experts represents the best and brightest in the industry, and we’re always striving to lead the field in research, innovation, and consumer education. Today’s buyers and sellers need a trusted resource that can guide them through the complex world of real estate. With our extensive knowledge and commitment to providing only the best and most timely information to our clients, we are your go-to source for real estate industry insight and advice.

My clients come first. I am in constant communication with our clients, keeping them fully informed throughout the entire buying and selling process. I measure my success through through the satisfaction of my clients. Call us today 714.343.9294 and visit stovallteam.com

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Ready to Downsize in 2018?

By Micah Stovall | Published: April 25, 2018

As home values continue to appreciate, more and more homeowners have the freedom to move. I recently sold my client’s two-story five bedroom and four bathroom home and sold them a single-story two bedroom and two bathroom home that better fits their current lifestyle and needs. We sold their home after only 7 days on the market for over asking price. We executed their plan. Prior to listing their home for sale, I sat down and listened to my clients and learned about their needs and wants and then I advised. They set a goal. We made a plan. We executed the plan. Wondering if it might be time for you to downsize your home? Here are four signs it might be time:

The maintenance is too much. Keeping your home well-maintained can be a lot of work! Between yard work and perpetual maintained, the upkeep can leave you exhausted. By downsizing your home when the time is right, you’ll leave more time for yourself and save money.
You’ve retired or you’re retiring soon. When you downsize, you’re cutting basic expenses and creating more retirement income. In downsizing your home for retirement, you’ll move into a smaller property that will likely reduce your property taxes, insurance and mortgage payments. Even if you plan to have your mortgage paid off by the time you retire, your current home could be a major source of retirement capital.
You have a lot of unused space If you’ve already raised your children, you might be paying for space that you’re likely not using. Maybe you no longer need your two-story five bedrooms and three bathrooms! Even if you’ve paid off your mortgage, you could still be paying a lot in property taxes, homeowners insurance, utilities and maintenance, all of which are higher on a larger home.
You’re filled with wanderlust. Maybe you’re mesmerized by those cruise ship commercials or you find yourself dreaming of faraway places. Downsizing your home and the expenses you’re spending on your home can free you up to travel.

The Stovall Team places a premium on customer service, drawing on more than 60 years of combined experience and out-of-the box thinking to ensure that their Team provides the best customer experience in the business. CALL US TODAY 714.343.9294 VISIT StovallTeam.com!!

Sources: National Association of Realtors, Micah Stovall

BUY AND SELL A HOUSE AT THE SAME TIME!?!

By Micah Stovall | Published: April 23, 2018

Making the move from one property to another is a necessary step in most homeowner’s lives – if upsizing isn’t inevitable, downsizing surely will be – but it’s not one people are born prepared for. Educated homeowners armed with our expertise and a Stovall Team strategy should be able to find their homes happy new owners while once again filling that role themselves.

In my experience, most people have three main goals when buying and selling a home at the same time:

To get the highest price possible for their current house
To buy a new house as cheaply as possible
To get through the process with as little pain as possible

Our primary goal is to deliver the highest level of service available to each and every one of our clients. We strive to make each of our listings the best they can be. Is now the time for you to make your move? Buying a home while selling a home and trying to close at the same time is difficult in just about any market. It’s not just a matter of logistics and coordination, although that is part of the difficulty. It’s also difficult because to close concurrently, somebody is taking a risk, and often that somebody is the seller of your new home.

The price of any item is determined by the supply of that item, as well as market demand. The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. Experience matters and the Stovall Team is here to help you. Call me today at 714.343.9294 Visit stovallteam.com

Sources: Micah Stovall, Bloomberg Business Journal, National Association of Realtors

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How Much Do You Need To Make To Buy a Home?

By Micah Stovall | Published: April 20, 2018

It’s no mystery that cost of living varies drastically depending on where you live, so a new study by GOBankingRates set out to find out what minimum salary you would need to make in order to buy a median-priced home in each of the 50 states, and Washington, D.C.

States in the Midwest came out on top as most affordable, requiring the smallest salaries in order to buy a median-priced home. States with large metropolitan areas saw a bump in the average salary needed to buy with California, Washington, D.C., and Hawaii edging out all others with the highest salaries required.

Below is a map with the full results of the study:

GoBankingRates gave this advice to anyone considering a home purchase,

“Before you buy a home, it’s important to find out if you can afford the monthly mortgage payment. To do this, some financial experts recommend your housing costs — primarily your mortgage payments — shouldn’t consume more than 30 percent of your monthly income.”

As we recently reported, research from Zillow shows that historically, Americans had spent 21% of their income on owning a median-priced home. The latest data from the fourth quarter of 2017 shows that the percentage of income needed today is only 15.7%!

If you are considering buying a home, whether it’s your first time or your fifth time, call the Stovall Team today at 714.343.9294! We can help evaluate your ability to do so in today’s market!

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