Offers Above Asking Price

Another cool chart from the California Association of REALTORS® shows that in 2013, there were more “above asking price” offers on homes for sale than at any other time!  In a “seller’s market”, multiple offers generally occur when a home appears to be a good value and there are more buyers than inventory available.  Bidding wars result.  Sellers generally will get more than the price the home was marketed at.  Sometime, it is even a marketing strategy for sellers.  Price the home slightly below market value and get people fighting for it!

 Sellers love it, buyers hate it, but sometimes it is just a fact of life.

For local real estate information, please give me a call at (805)937-5777 or complete the Contact form below.  Thank you!

 

Santa Maria – Orcutt Monday Market Update (Part 2)

Thank you for being patient!  Here is the most recent sales activity report for the Santa Maria Valley real estate market, followed by the report from 2013 during the same time frame.  Always nice to see a positive comparison, isn’t it?

 

2014

 

 

 

 

 

 

 

 2013

 

 

 

 

 

 

 

 

List prices didn’t increase too much, but look at the sold prices!  Yes, it’s only one week, but things are on the rise, no doubt about it! Looking especially good in the lack of distress properties…

For more real estate information, or to buy or sell a home, please give me a call at (805)937-5777 or complete the Contact form below.  I would appreciate the opportunity to earn your business!

 

Santa Maria -Orcutt Monday Market Update

Today’s update will be delayed until tomorrow, due to technical difficulties out of my control.  Please check back in the morning for the sales statistics for last week, along with a comparison to this same time frame last year, showing the progress made.  Our real estate market is in better shape!

See you tomorrow!

Santa Maria – Orcutt Monday Market Update

It was a relatively quiet week in the Santa Maria Valley real estate market this past week.  My theory is that this time of year is miserable because of income taxes coming due, so in fact, I’m more surprised if the market is “hot”!  Tuesday is the deadline to submit everything, and I suppose people have their minds on that, and their hands on what is left in their wallets!

Here are the statistics for 2014:

And now the stats for the same time frame one year ago, 2013:

Bottom line is the final sale prices.  Up almost $100 grand from last year!  But the number of people who went into escrow is nearly the same:  35 in 2013, 32 in 2014.  Maybe next week there will be more people interested in signing contracts, since income tax time will be over!

If you are looking to buy or sell in 2014, please give me a call at (805)937-5777 or complete the Contact form below.  I would love to help you realize your dreams of home ownership!

Santa Maria – Orcutt Monday Market Update

Inventory up again, and just in time for our Spring Market!  A few “distress” listings have come from out of nowhere to show up as pending or contingent and that’s good, let’s get rid of that type of inventory so our market will be totally healthy at last!  Here are the stats from last week, followed by those of a year ago.

 

2014

 

 

 

 

 

 

 

 

2013

 

 

 

 

 

 

 

 

If nothing else, we can count our lucky stars for the increased inventory — more than double from last year!  Interesting that the average list price was so high during this time frame last year, because over all it has risen, not fallen.  Guess it was just an oddity.

If you’re interested in buying or selling, please give me a call at (805)937-5777 or complete the Contact form below. You are also welcome to leave a comment!

 

California Market Snapshot

According to a recent study by the California Association of REALTORS®, California should enjoy a strong “Spring Market”.  Our area, the Central Coast’s Santa Maria Valley, seems to be running on a fairly even keel right now, certainly with regard to our level of inventory compared to last year.  True, we don’t enjoy an abundance of available listings, but we’re at close to 50% higher than before.  Here’s the scoop for the state as a whole:
Ready to jump into the market? Whether buying or selling, my 28 years of experience will be on your side! Give me a call at (805)937-5777 or complete the Contact form below, and let’s get started!

Santa Maria – Orcutt Monday Market Update

Inventory dropped a bit this past week, from 156 total to 148.  Judging from the 32 sales vs. only 18 new listings, it looks like there are more interested buyers than sellers!  It’s April tomorrow, folks, so if you plan to sell during the Spring Market, it’s time to get going before it’s over!

 

 

 

 

 

 

 

 

Need tips for prepping your home for sale?  Perhaps you need a professional opinion?  Just give me a call, I would be happy to help: (805)937-5777 or complete the Contact form below.  Remember, the first impression is the one that counts — don’t let it be the last impression — be sure your house in order, so to speak!

 

Santa Maria Valley’s Distressed Real Estate Market

Every week on Mondays I report on sales for the prior week.  Today I am sharing information about the “distress market” in our area.  In the world of real estate, “distressed” properties refers to bank-owned properties and short sale properties; both types played a major role in recent years, creating what is generally known as the “housing crisis” in the United States.  Lenders used very broad strokes when approving loans some ten years or so ago, leading me to wonder sometimes if only a pulse was required to get a loan approved.  And as a result, as everyone knows, the market crashed in 2006.  It’s now improving, and our local market area of Santa Maria and Orcutt is pretty balanced at the moment.

Here is a look at our current distressed properties.

REO – bank owned foreclosures listings

Active: 9

Pending: 4

Sold: 12, since January 1, average sale price: $226,000, average original list price: $217,000, average days on market: 33

Short Sale listings

Active: 16

Contingent (waiting for lender approval of the short sale): 22

Pending (lender approved, going through escrow): 11

Sold: 14 since January 1, average sale price: $256,000, average original list price: $261,000, average days on market: 133

Total, REO & Short Sale, 2014

Active: 25 or 13% of a total 192 properties (all property types inc. mobile homes)

Contingent: 22 or 67%  of 33 contingent sales (there are very types of contingencies allowed; the remaining 11 are based on the sale of the buyer’s home)

Pending: 15 or 11% of 138 pending sales

Sold: 26 or 13% of a total 205 sold listings since January 1, 2014

Total: 88 properties

There will be more REOs and Short Sales, to be sure, but knowing that just a few years ago this category was over 70% of our market, we can all be grateful it has vastly improved, and there really is light at the end of the tunnel!

If you are in the market to buy or sell, please give me a call — I’d love to help you!  (805)937-5777 or complete the Contact form below.  Thanks!

 

 

Santa Maria – Orcutt Monday Market Update

Things are looking up a bit this past week, with more new listings and more sales than the prior week!  Buyers are out there, trying to take advantage of the good prices and interest rates before they rise any further.  Seems like a beneficial time for both buyers and sellers, with about equal emphasis on both, which means a balanced market! Here are the stats for last week:

 

 

 

 

 

 

 

 

Note the lack of activity in the REO and Short Sale columns.  This is good news for our area, and lends further credibility to the idea of a healing market, and diminishing “distress” properties!

For more information about our local market, or to list or buy a home, please give me a call at (805)937-5777 or complete the Contact form below.  I look forward to speaking to you soon!

 

Santa Maria – Orcutt Monday Market Update

Things picked up a little last week, and our level of inventory remained the same — but no complaints about that, considering it has nearly doubled from the same time period last year!  It is wonderful for buyers to have more choices, and having more competition in the market is healthy and helps to keep prices from skyrocketing.  Here are the stats for last week, followed by those of 2013 for comparison!

2014

 

 

 

 

 

 

 

2013

 

 

 

 

 

 

 

Sure helps to see how our “distressed” sales have diminished, from 11 to 2.  Newly listed properties were about the same, but closed sales are currently way up with regard to prices!  If you’re on the fence, you may want to consider getting off quickly — get prequalified with a good lender, and start looking for a home now.

Buying or selling, please give me a call at (805)937-5777 or complete the Contact form below — I’m happy to offer you a consultation, and when you are ready, great service!