Huntington Beach, Stovall Team, Westminster, Huntington Beach, Real Estate, Coastal Orange County, Costa Mesa, Costa Mesa Real Estate, Cypress, Cypress Real Estate, Fountain Valley, fountain valley real estate, Garden Grove, Garden Grove Real, Long Beach Real Estate, Micah Stovall, Real Estate, Steve Stovall, Stovall Team, What Gen X Wants
Social Media is full of links asking you to click for your home’s value but that isn’t the best way to approach this important information. The latest edition of CoreLogic’s Home Price Index shows that nationally, home prices have appreciated 6.7% over the last year and 0.9% month-over-month. The release of the report included this headline, “National Home Prices Now 50% Above March 2011 Bottom”
The real estate market has come a long way since 2011, which is great news for homeowners! Nearly 79% of homeowners with a mortgage in the US now have significant equity in their homes (defined as over 20%), according to the latest Equity Report. The challenge is that not every homeowner knows how much their home’s value has appreciated. Homeowners in Denver, CO lead the way with 8.7% appreciation over the last year, while owners in Washington and Utah have experienced a 3% increase in values since the start of this year! Nationally, CoreLogic forecasts that home values will increase another 5.0% by this time next year. Bill Banfield, VP of Capital Markets at Quicken Loans, recently explained the importance of knowing the conditions in your area,
“With home values constantly changing, and the rates of change varying across the country, this is one more way to show how important it is for homeowners to stay aware of their local housing market.”
Do you know what your house is worth? Have you stayed put because you are nervous you won’t have enough equity to buy your dream home? Meet with the Stovall Team and we will perform an equity analysis and give you the freedom to achieve your dreams.
Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!
As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth. The latest National Housing Pulse Survey from NAR reveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments: “Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home.”
If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, call the Stovall Team today and we can guide you through the process. At the Stovall Team we believe every family should feel confident when buying & selling a home. We place 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.
Sources: Federal Reserve, National Association of Realtors, Stovall Team
Chances are you have noticed For Sale signs popping up all over town. The real estate market is currently experiencing a classic seller’s market, meaning there is more demand than inventory. According to Trendgraphix, there is only 1.8 months of inventory across Southern California (LA, Orange, Riverside, and San Bernardino Counties). With little inventory and mortgage rates at historic lows, sellers are sitting pretty, right? Well that’s half of the story. Inventory is a major factor in creating hot markets: Where there are fewer homes on the market, the demand rises, and homes typically stay on the market for a shorter amount of time. Yes, it’s great to own a home in a seller’s market, but don’t jump for joy just yet. There are also some potential downsides you’ll need to consider before listing your home for sale. Here are five scenarios in which a seller’s market can actually be problematic for sellers: Heed the following tips to help ease the burden.
1. From “For Sale” to “Sold” In a hot market, it’s possible for your house to sell super fast — even while you’re still hunting for your new house. Unless you plan to become an RV enthusiast and roam the country, you’ll probably need to buy another house. It will be smart to put contingencies in place for your protection. The Stovall Team can help leverage your opportunities and navigate buying in a seller’s market.
2. The appraisal falls short Your hot market is so blazing hot that people are offering more than asking price. Low appraisals happen more often than you might think, especially in rising markets. Sometimes there are insufficient comparable sales applicable to the home you want, or maybe distressed sales in the area have skewed the appraisal. We have seen appraisals come in below the agreed upon price and can cost you thousands. How you negotiate the offers you receive is more important than ever. We have helped many of our Sellers sell their homes for well over the appraised value. Let us help
you maximize your equity, we have the know how and expertise.
3. Bad offers all around During a buying frenzy, some buyers make promises they can’t keep. The Stovall Team works hard to vet offers. We won’t let you accept an offer that never had a chance in the first place. Let our business discernment work for you.
4. Trying to beat the 1031 clock, For our Investment Clients Section 1031 of the U.S. tax code lets you sell one investment property and buy another investment property without paying tax on the sale. The catch? The clock is ticking. You need to identify a property to buy within 45 days. In a seller’s market, “Sellers can find themselves in tough competition to buy a replacement property in the time needed to qualify the exchange to defer taxes,” says Crystal Stranger, author of The Small Business Tax Guide. But you can relax a little — you just have to identify the property in 45 days; you have 180 days to close.
5. Setting Your Expectations Too High Selling your home in a competitive market doesn’t mean you’ll automatically get offers for more than your asking price. When a reasonable offer from a strong buyer comes in, some sellers who expect extravagant offers often turn it down. What happens then? The property remains on the market, becomes stale, and may ultimately sell for less than the first strong offer. Whether or not you’re selling your home in a hot real estate market, it’s important to recall the basic tips of selling — and not get carried away with how many buyers should be interested in your home.
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 OR 714.393.5377 VISIT StovallTeam.com!! Here are a few very simple, quick, ways to make sure you get the most for your home when you decide to sell.
Sources: Micah Stovall, Steve Stovall, Forbes, Realty Times
Barns full of animals? Check! Zany and delish food? Check! Concerts under the stars? Check! Midway games and rides? Check! Blue ribbon winners? Check! Acres of shopping? Check! Something called Brew Hee Haw? Check! Check! Check!
Come on out and watch your mama pet a llama, soar up high on La Grande Wheel and dare your friends to try the newest bacon-wrapped, deep-fried, sugar-coated concoction. Don’t forget to check out the best in visual art, woodworking, jam-making and more. It’s all here at your OC Fair!
2017 OC Fair media information
Bookworms ages 5-11 can read 2 books to earn 3 free carnival rides. Click here to download the book report form. Completed book report forms can be redeemed for ride tickets at the Centennial Farm Information Booth during Fair hours. Tickets are valid July 14-August 13, 2017 only. Official OC Fair Read & Ride Form must be used in order to participate in program.
Empty Nesters: Best To Remodel Or Time To Sell?
Your children have finally moved out and you and your spouse now live alone in a four-bedroom ranch (or a similar type of house).
You have two choices to make:
Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?
If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).
Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.
And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.
Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.
In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.
Bottom Line
If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house. 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 OR 714.393.5377 VISIT StovallTeam.com!!
sources: Micah Stovall, Stovall Team; Keeping Current Matters