Real Estate Market

Featured Listing

Featured Listing

For Sale: $430,000

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Market Trends for Ventura County

Spring Market Update

Spring is here and the buyers have returned in force. We saw a steady decline in the pending and closed sales from September to February. However, the month of March we saw an uptick in closed and pending sales. Watch today’s video to find out more.

 

A Guide to Stress-Free Downsizing 

                                             

Downsizing—or the process of moving from a larger home to a smaller one—is a major life transition that many people of all ages undergo. Downsizing may be necessitated by financial concerns, or it may be chosen due to a change in circumstances, such as moving in with a significant other, retiring, relocating from the suburbs to the city, or just being enticed by the simplicity of a smaller home. Regardless of the reason, the process of downsizing may evoke mixed emotions, like stress and sadness alongside excitement and relief.

Are you thinking about taking the momentous step of downsizing your home? Here are a few strategies for minimizing the chaos and ensuring a smooth transition for your family:

  • Start paring down your belongings as early as possible. Since downsizing typically involves moving to a home with less storage space, getting rid of furniture and personal possessions is one of the most important—and most daunting—steps in the process. As your moving date approaches, the pressure may cause you to hastily toss things that you wanted to keep. The key to avoiding this is to begin the long process of sorting through your belongings as soon as you make the decision to downsize.
  • Divide your possessions into clear categories.As you decide which items will make it to your new home, it may help to categorize them by items that you must keep, those that you would like to keep but could live without, and those that you are willing to sell, throw out, or donate to charity. As you make these difficult decisions, ask yourself what you would take with you if your home were threatened by an encroaching fire and you only had 30 minutes to pack your possessions and leave. This will help you quickly discern which items are most important—and which could be replaced once you are settled in your new home.
  • Use technology to preserve memories.Taking a picture of items with sentimental value—such as old photos or letters—will help you preserve them in perpetuity without having to haul the hard copies along on your move. Ensure that the pictures you take of these items are properly saved on a cloud-based storage system in order to minimize the risk of losing anything.
  • Choose furniture and other objects with multiple purposes.Living in a smaller home requires that each item that takes up space should serve as many functions as possible. For example, look for tables with drawers and cabinets underneath, sleeper sofas, or ottomans with removable lids that reveal storage space inside.
  • Measure the dimensions of your furniture.If your new home has smaller rooms, your existing furniture may seem oversized and cause the room to feel crowded. Knowing the exact dimensions of your furniture as you embark on your home search will help you plan the layouts of your new rooms—and get a better idea of how much you really need to get rid of.
  • If you are overwhelmed, consider working with a professional organizer.Downsizing is a big step, and consulting an experienced professional will help you sort through your possessions—and the emotions tied to them—so that you can have an easy transition and happy lifestyle in your new home.

How Much Insurance Should I Carry?

Make Sure Your Home is Covered for All It's Worth

A home is the largest investment most people make in their lifetime. About two out of every three homes in America are underinsured. The average underinsurance amount is about 22%, though some homes are underinsured by 60% or more. This means millions of American homeowners are at risk of major financial loss should a disaster ever affect their home. Homeowners in these unfortunate situations find themselves responsible for tens of thousands of dollars of unexpected out-of-pocket costs to rebuild their house. Many of these homeowners are financially unable to rebuild a house like the one they had prior to their loss.

What is reconstruction cost?

Reconstruction cost is what it would cost to rebuild your house from the foundation up with materials of similar kind and quality.

Is reconstruction cost the same thing as market value?

No. Reconstruction costs for your home may differ considerably from market value, particularly for older homes. Market value is what a willing buyer would pay for your home, including the lot. Location is a major factor in determining market value. Homeowners should also not assume that coverage matching their mortgage balance is sufficient to rebuild their home. The amount of insurance you buy should be based on rebuilding costs, not the selling or purchase price of your house.

What are some factors that affect reconstruction costs?

  • Access to your home site is limited because of trees, lawns, other homes and fences. Sometimes building code changes that occur after the initial build.
  • Inflation is generally greater for building materials than other commodities. Older homes may need unusual materials that may be expensive to locate or duplicate.
  • In a partial reconstruction, there is also extra cost in matching and aligning the undamaged part of the structure with the reconstructed part of the structure.
  • In partial loss situations, removing the undamaged contents to put elsewhere for safekeeping.
  • New home builders schedule their work for a building season and work most efficiently in a factory-line approach, which saves on both labor and material costs. Your reconstruction would be a custom job for them.
  • There are more new build contractors than reconstruction contractors. With an easier task of building a home and a greater supply of those doing it, new build contractors charge significantly less for a job than a reconstruction contractor does.
  • If the damage to the home is as a result of a catastrophe or at the same time as a catastrophe, demand surge pushes the price higher for labor and materials for all construction.
  • Extra costs to tear out damaged materials or demolition and debris removal.
  • Repairing a partially damaged home often means working from the top down, while new construction is usually from the ground up.

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