Renting ‘Round the U.S. [INFOGRAPHIC]

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5570 Southwind Lane - Just Listed!! $779,000 - Yorba Linda, CA

Spectacular Model Perfect Four Bedroom Yorba Linda Home! Totally REMODELED With The Finest Materials Available! Rustic Double Door Entry, Custom Ornamental Railings Accompany a Beautiful Spiral Staircase & Cathedral Ceilings With A Custom Marble Foyer In Entry. Custom Wood Floor, Travertine, Designer Carpet, Six Inch Tuscany Baseboard & Two Inch Blinds Throughout. New Stainless Steel Appliances, Granite Counter tops, Custom Slate Back Splash, Ample Cabinet Space, Breakfast Retreat & Bar In Kitchen. Custom Slate Fireplace And Crown Molding In Living Room, Formal Dining Room & Inside Laundry Room. All New Faucet Fixtures, Bathroom Mirrors & Hardware On Cabinets. Downstairs Features a Unique Office/Study. The Backyard Ambiance Is Perfect For Entertaining, Custom Concrete & Grass. This Home Has New Interior & Exterior Paint, Close To Award Winning Schools, Dining, Shopping, Freeways and Toll Roads.

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3 Reasons to Sell Your House Today!

This week, we are going to look at the three reasons to sell your house now instead of waiting: demand is strong, supply is low and new construction will soon be your competition. – The KCM Crew

 

 

 

Part III – New Construction Will Soon Be Your Competition

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. As an example, the National Association of Realtors revealed, relative to last year, year-to-date new home sales are up 19%.

These ‘shiny’ new homes will again become competition as they can be an attractive alternative to many of today’s home purchasers.

Here are the numbers regarding new construction about to come to market from the Census Bureau:

BUILDING PERMITS

• Single-family authorizations in February were at a rate of 600,000.
• This is 25.5% above February 2012.

HOUSING UNDER CONSTRUCTION

• Single-family housing starts in February were at a rate of 618,000.
• This is 18.5% above February 2012.

HOUSING COMPLETIONS

• Single-family housing completions in February were at a rate of 574,000.
• This is 32.9% above February 2012.

As we mentioned, new construction can be strong competition to a seller of an existing home. It may make sense to list your home before this new inventory makes its way to market.

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Should Your Buyers Increase Their Offer?

Limited inventory and a very strong demand for housing has created an environment where bidding wars are commonplace in today’s real estate market. Homes priced properly are getting multiple offers within a short time of coming to market. This brings about a dilemma for the agent: How should they advise their client who is about to make an offer when other offers will also be presented?
Over the last several years, there wasn’t any pressure on the buyer to adjust their offer for three reasons:

1. There were plenty of homes for sale
2. Prices were falling
3. Mortgage interest rates were falling

They buyer could find another home easily for probably less money and a lower mortgage rate. There was no downside to not ‘upping the ante’. However, in today’s market, things have dramatically changed.

HOUSING INVENTORY

A normal real estate market has between 5-6 months worth of inventory. Over the last several years, the inventory of homes for sale had skyrocketed to 10 months. Most buyers in almost any price range had a multitude of houses to choose from. Today, the national month’s supply of inventory has fallen below five months. In many markets, there is not enough housing inventory to satisfy the current demand.
Conclusion: If the buyer loses the house they are bidding on, there is no guarantee they will find a similar home anytime soon.

HOME PRICES

Becausemof the limited inventory, home prices are again appreciating. The Case Shiller Pricing Index revealed that house prices rose by 6.8% in 2012. Experts are projecting home prices to increase by 5% to 8% in 2013.
Conclusion: If the buyer doesn’t get this house, there is a good likelihood that a similar home will cost more in the future.

MORTGAGE RATES

The ‘cost’ of a home to a buyer is determined by the price of the house and the expense associated with the financing. Mortgage rates are projected to inch up in 2013. In a recent forecast, the Mortgage Bankers Association predicted that rates could climb as high as 4.3% by the end of the year.
Conclusion: If interest rates do inch up, the ‘cost’ of the next home could be impacted significantly.

Bottom Line

If a buyer truly loves the house they are bidding on, it probably makes sense to raise their bid now instead of waiting for another dream house to appear.

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