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Displaying blog entries 1-7 of 7

Increase your homes value by 11%

by Harold Powell

Today I wanted to take a couple minutes to show you how we can increase the perceived value of your home by as much as 11%.

It’s been said that a picture is worth a 1000 words and the difference between a good quality photo or poor quality photo can affect your property’s perceived value. As a seller, there are 2 groups that you are trying to persuade or influence in regards to the value of your home.  The other realtors and the home buyers themselves.

 

2 important facts

1. 90% of today's home buyers employ and rely on a professional realtor.

2.  Over 88% of prospective home buyers start their search on the Internet

A study was done with home buyers to see how home professional photography can effect
3 things...

Their perceived value of the home
How likely they were to visit a home
How quickly they thought the property would sell.



Results are very convincing...


1.Those who viewed the listing information accompanied by professional photography valued the property 11.5% more than just a property description.


2.When asked how likely they would visit a home with professional looking photography, 7 times as many respondents indicated that were “very likely” to visit the home vs. a home without photography.

3. Home buyer respondents also felt that the home was 3 times more likely to sell within a standard time frame vs. home with just a description.


Probably the most compelling bit of information is this graph of increase of perceived value. Take a look at this.

As you look at the top bar it you can see  those that who viewed listing information accompanied by professional photography, valued the property at an average price of $460,735, an increase of 11.5 percent or $52,896 over the average perceived price of the description-only property, $407,839.


Here are some photos taken from a 5 meg camera phone compared to the same photos taken by a professional. The question to ask yourself is which picture is more compelling value to you.

 

                                                                  

                

              


Understanding that there are 2 people groups we cater to when we showcase your property online.
1. The agents themselves who tour property online.  As an example this particular property had 237 agents tour this property online within the first day of being on the market.  vs. the 40-50 agents that came through on caravan.
2. The buyers who are looking online to purchase a house.  Its a known fact that 88% of the buyers who purchase a property are looking online.

While perceived value is not the same as what someone ultimately pays for a property, it sets the benchmark as to what this property is worth in a buyer's mind compared to other homes in the same neighborhood. First impressions often have a big impact on a buyers' decision-making process on which homes to visit and how much to offer.



To discuss ways more ways to help you increase the exposure to your property and adding market value at the same time,  please contact me at 339-3516.

People are asking where did all the inventory of homes go? Over the last 2 years we have seen a 61% decline in the number of properties available.

In February 2011 there were 5,100 homes available. In February 2013 there are 1, 989 homes available. That's a net reduction in the supply by 3,111 homes over the last 2 years.

An even more dramatic revelation is the months supply of inventory. The months supply of inventory is the time it would take to sell all the remaining inventory based on how fast homes go into escrow. Months supply inventory is considered a leading indicator of sales activity.

As you look at the graph you can see there is an 85% decline in the months supply of inventory from February 2011 to February 2013. In February 2011 there was 7.8 months of inventory. Fast forward to February 2013 and see that the supply has shrunk to 1.2 months of inventory. What that means to you is that it would only take 1.2 months time to sell all the remaining inventory.

To give you a sense of this number, a normal market should have about 4-6 months supply of inventory. When the inventory number falls to 4 or less we begin to see appreciation in pricing.

The lack of supply is putting a lot of upward pressure on pricing. To show you what I mean, look at the previous blog posting that shows a 32% increase in the median asking price and a 17% increase in the sold price over the past 2 years.

Ventura County median asking price up 32%

by Harold Powell

The median asking price has jumped 32% from 2 years ago. February 2011 the median asking price was 386,500 and now it has jumped up to 509,000. Meanwhile the median sold price is up 17%. With the lack of supply of inventory,  you can see why the asking and sold pricing is trending up for 2013.

Top 10 Remodeling Projects

by Harold Powell

Want to know what gets the best bang for your buck?  This is the latest value report for 2013 put out by the National Association of Realtors.

Homes under contract up 62%

by Harold Powell

Homes under contract or homes in escrow for Ventura County has increased 62% from a year ago. Fueled by historic lows in interest rates, demand for housing has been incredible. This helps to explain the increase in today's home prices.

Tax tips for Homeowners

by Harold Powell

 

 

With the tax season is underway, and homeowners gearing up to meet the April 15 filing deadline can find the tax tips and insights they need at HouseLogic.com, the award-winning comprehensive website for homeowners from the National Association of Realtors®.

HouseLogic’s “Homeowner’s Guide to Taxes” can help filers take advantage of the tax benefits that come with homeownership while avoiding common home-related tax mistakes.

Remodeling Cost vs. Value Report

by Harold Powell

Homeowners looking for the most return on their investment when it comes to remodeling should consider exterior replacement projects. According to NAR’s 2013 Remodeling Cost vs. Value Report, REALTORS® rated exterior projects among the most valuable home improvement projects.

Displaying blog entries 1-7 of 7

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