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2018 Tax Revisions

by Harold Powell

Are you ready for the Selling Season

by Harold Powell

Are you ready for the Selling Season

Since it’s that time of year when sellers are getting their home ready for the Spring market, a lot of clients ask me about what they need to do to get their home ready. To best answer this question it’s important to understand what things affect a  buyer’s decision on whether they want the home and how much to pay.  As a seller it can be money and time well spent that nets you a better price.

Also worth mentioning that over 90%+ of today’s buyers look online which means how your home looks online will have an affect of whether buyers will consider viewing your property.  Watch today’s video for preparing your home for  showings and online exposure.

NAR Generational study

The 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study offers some interesting insights. Despite the economic and financial head winds young adults have faced since the recession, the millennial generation represented the largest share of recent buyers, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends study.

Interestingly, the survey discovered that a strong majority of buyers search for homes online and then buy their home through a real estate agent, with millennials using agents the most. For the second year in a row, NAR’s study found that the most sizable group of recent buyers were millennials, those 34 and younger, who comprised 32 percent of all buyers (31 percent in 2013).

Generation X, those age 35-49, were next with a 27 percent share. Millennial buyers represented more than twice the amount of younger boomers (ages 50-59) and older boomer (60-68) homebuyers at 31 percent. The Silent Generation (ages 69-89) made up 10 percent of buyers in the past year.

Here are a few takeaways from NAR's Generational Trends study:

  • Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all Baby Boomers combined.
  • Gen Y also has the largest share of first-time buyers at 68 percent.
  • At least 80 percent of buyers who are aged 59 and younger bought a detached single- family home; it is increasingly common for buyers over 59 to purchase townhouses and condos.
  • Among all generations of home buyers, the first step in the home buying process is looking online for properties for sale. Younger generations of buyers typically find the home they purchase through the internet, while older generations of buyers first found the home they purchased through their real estate agent.

THE BEST SELLING STRATEGY

Sellers, you have an excellent opportunity to sell your home this season, if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:
· Minimizes offers
· Decreases agents response
· Limits qualified buyers
· Decreases showings
· Decreases prospects
· Limits financing
· Nets less for the seller

When you are ready, contact us today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!

Harold Powell - On Location What can we expect for 2015

by Harold Powell

Now the 2015 is well under way, many buyers and sellers are wondering what 2015 has in store.   With rates holding steady at this point we can take a look at some current trends such as the supply of homes coming on the market since the beginning of the year compared to last year.  In the meantime the demand for housing continues to remain strong.  Todays’ video update will look at a couple of today’s trends for the market.

Tax Free Sale

by Harold Powell

The homeowner’s principal residence tax exemption is one of the few places in the IRS code that an owner can qualify for tax free sale. Understanding who and when you can qualify for the $250,000 or the $500,000 homeowners exemption is always a part of the selling process.  
Today I interview Don Pyne , CPA from Pyne, Waltrip, Decker & McCoy, to tackle some of todays most common questions from homeowners.  Questions such as who qualifies for the exemption? How does the surviving spouse rule work? How long you can rent your property for before you would lose your exemption?  These are just some of the questions we discuss in today’s video.


 

Zillow vs. the Realtor

by Harold Powell

One of the common questions I receive is how accurate or reliable is Zillow, Trulia or Redfin in estimating the value of my home?

Typically, the online estimates of value are usually between 5-15% plus or minus the actual market value for most tract homes. That is a pretty significant swing when you consider that the properties we sell have a list price within 2-3% of their sold properties.

This deviation becomes more pronounced as we evaluate more unique properties, custom home, homes ocean views or homes near the beach. We can see a swing of 30-40% from actual market value! Watch today's video to hear about the type of limitations of Zillow.

The Andrew Project

by Harold Powell

A few years ago my partners and I agreed to open a transitional living center at a motel that we own in downtown Ventura.  With the help of local churches, pastors, community leaders and city officials a non-profit entity was formed called The City Center.   The goal was to create hope and a hand-up, rather than a handout, out of homelessness. One of the latest success stories is from Emma. Emma lived in a tent for 94 days in the hillsides of Ventura before eventually living at the City Center.  With the help and support of The City Center staff and volunteers, she is get back on her feet and has an apartment of her own.  Emma’s testimony sums up what is possible for those that come to The City Center.  Listen to her testimony and journey.

 

Currently, there are 14 families living onsite with the ability to expand to 30.

In order to house and support the homeless families that live at The City Center – Transitional Living Community,  The Andrew Project was created.   Simply put, the goal of the Andrew Project is to have 1000+ people giving $19/month.  The former Mayor of the City of Ventura, Mike Tracy, has already pledged his personal financial support to give and is committed to enlisting others that will donate $19/month.

If you are interested in supporting this cause to help others like Emma for $19/month go to http://www.thecitycenter.org/donate-2/

 

Our summer Real Estate Market

by Harold Powell

Now that we are midway through 2014 you can see some subtle changes that have taken place in the real estate market. The median appreciation in Ventura County over the past 2 years has reach 29%.  This past year we have experienced a slow down in the pace of appreciation from the previous year.   It also means that sellers have to be more attentive in their pricing and in some cases require a price improvement to get their home sold.  Watch this month’s video for more information on today’s real estate market.

 

 

 

Changes in the supply and demand

by Harold Powell

Supply and demand changes are always a great indicator of how the real estate market is performing.  The number of homes for sale in the county is similar, but the demand has begun to change  from what it was a year ago.  Where we see significant differences is in the supply of homes.  When we looking back 2 years ago the supply of inventory was 33% higher than it is today. While the overall inventory of homes has dropped, the number of million dollar plus homes on the market has increased from 2 years ago. Today’s video update takes a look at some of the changes in today’s real estate market.

What can we expect in 2014?

by Harold Powell

Everyone is aware by now that we’ve experienced rapid appreciation over the past 2 years.  The question remains as to what 2014 will bring?  The other variable is just how much interest rate changes could impact 2014. Watch the video and find out just how much interest rates and the appreciation has already effected market conditions.

Will Rising Interest Rates Affect the Market?

by Harold Powell

Lately, I have been hearing the same question: how will rising interest rates affect the market? Interest rates have crept up in the past 30 days from a little below 4% to about 4.5% now. Generally, in the short term, rising interest rates creates a sense of urgency for buyers.  They want to avoid the possibility of paying a higher interest rate. To begin to answer that question we should look at the months supply of inventory chart.

The months supply of inventory chart tells us how fast we would deplete the current inventory if nothing new came on the market. You can see here on the far right June 2013, we have just about  1 month supply of inventory.  2 years ago we had close to 6-7 months of inventory.  A normal market for Ventura County is between 4-6 months inventory.  So the question here is what is causing the imbalance? Is it the reduction in the number of homes coming on the market or is it the number of people buying ?  Watch the video to find out.

Displaying blog entries 1-10 of 22

Contact Information

Photo of Harold Powell Real Estate
Harold Powell
RE/MAX Gold Coast Realtors
5720 Ralston St. Ste. 100
Ventura CA 93003
(805) 339-3516