Our local Real Estate market continued to be strong in July 2013. Multiple offers appear to be leveling off to about half of all sales in most communities, the exceptions being Lafayette (a bit of a surprise considering the average sale price of $1.25MM in July), Concord, and San Ramon. The average amount over asking also dipped and are still depressing if you’re trying to buy. There was also a bit of a slump in the number of sales in several communities. This is partly seasonal; fewer homes go pending in June as families prepare and leave for summer vacations. This may also be due to the spike in Mortgage Interest Rates by 1% or more in June.
Sales statistics for the month of July in Central Contra Costa:
Lafayette
Total Number of Sales – 30
Average $$ Over Asking – (20 sales) – $105,695
Average Sale Price for July – $1,250,462
Walnut Creek:
Total Number of Sales – 60
Average $$ Over Asking – (35 sales) – $48,898
Average Sale Price for July – $876,182
Alamo:
Total Number of Sales – 19
Average $$ Over Asking – (8 sales) – $43,313
Average Sale Price for July – $1,441,925
Danville:
Total Number of Sales – 75
Average $$ Over Asking – (35 sales) – $51,896
Average Sale Price for July- $1,087,196
San Ramon:
Total Number of Sales – 85 (last month 86)
Average $$ Over Asking – (58 sales) – $33,678
Average Sale Price for July – $889,686
Pleasant Hill:
Total Number of Sales – 35
Average $$ Over Asking – (18 Sales) – $51,692
Average Sale Price for July – $601,990
Concord:
Total Number of Sales – 109
Average $$ Over Asking – (66 sales) – $27,323
Average Sales Price for July – $452,372
If you’re a prospective Buyer, I wouldn’t expect the slight dip in prices to be a trend. If anything, I believe you’ll see prices start to level off for the remainder of the year.
Is a short Sale the right answer?
Short Sales happen because you're in an unfavoring position and ultimately, if you are wondering whether or not a short sale is the right decision for your situation it comes down to these considerations:
1.) Do you have a legitimate hardship that will make you unable to make your monthly mortgage payment? If you borrowed truthfully, owe more than your house is worth and circumstances outside your control have created an inability to pay back the debt by the agreed upon terms, you should investigate whether or not you qualify for a short sale.
2.) Do you want to save your credit as much as possible so that you may purchase a home again in the near future? If you have any intention of being a home owner in the future, saving your credit is critical. Anything you can do to reduce negative reporting will have an impact on your ability to borrow in the future.
3.) Are the legal and tax implications acceptable on a short sale for your specific situation? There are legal and tax implications to forgiving debt whether it is a short sale, foreclosure, and or bankruptcy. The only way to know how they will impact your specific situation is to consult with an attorney and tax professional.
Short sales require a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer.
Call or email with any questions,
Greg
Greg Pope
925-389-0618
People and Properties Sotheby's Int. Realty
www.gpope.com
1.) Do you have a legitimate hardship that will make you unable to make your monthly mortgage payment? If you borrowed truthfully, owe more than your house is worth and circumstances outside your control have created an inability to pay back the debt by the agreed upon terms, you should investigate whether or not you qualify for a short sale.
2.) Do you want to save your credit as much as possible so that you may purchase a home again in the near future? If you have any intention of being a home owner in the future, saving your credit is critical. Anything you can do to reduce negative reporting will have an impact on your ability to borrow in the future.
3.) Are the legal and tax implications acceptable on a short sale for your specific situation? There are legal and tax implications to forgiving debt whether it is a short sale, foreclosure, and or bankruptcy. The only way to know how they will impact your specific situation is to consult with an attorney and tax professional.
Short sales require a unique set of skills for a real estate agent and the short sale approval can very much depend on how your agent negotiates with the lender and buyer.
Call or email with any questions,
Greg
Greg Pope
925-389-0618
People and Properties Sotheby's Int. Realty
www.gpope.com
The importance of staging your home?
Importance of Staging:
Buying a home is an emotional purchase. How your home shows directly effects how much a buyer is willing to pay for it. My service of going through the home with you to properly prepare it for the market place is very important. If we need further assistance I suggest to my clients we have a professional stager come in. Something to note when having your home professionally staged is this cost is traditionally paid up front. This means the stager will be paid whether your home sells or not. Professionally staging your home often involves using their items and/or renting furniture to enhance the feel of your home. Like any home improvement, assessing your return on investment (ROI) is a must. After all, you've hired me to properly position your home in the market place to achieve you the highest dollar value.
I hope this has been helpful and please feel free to email me with any questions. If you’d like an answer over the phone, I can do that too. 925-389-0618.
Greg Pope
How does a Realtor Price my home for the market?
One of the things I do to help arrive at the appropriate listing price, is to go out and take a look at the current market. This is called a Competitive Market Analysis. Although most realtors can do this, I like to do it a little bit differently. I want to know what your current competition is on the market now. I also want to know what is currently pending in escrow, and what has sold in the last six months. Once your home is in escrow, there will be an appraisal on your property. The appraiser will be looking at what are called the "Sold Comparables." I'm not only looking at the comparables, but I'm also looking at the listing price and contacting the agents to find out if there were any large repairs or seller credits towards non recurring closing costs. I do this because there can be a difference between the publically recorded sales price and what was negotiated during the transaction.
I hope this has been helpful and please feel free to email me with any questions. If you’d like an answer over the phone, I can do that too. 925-389-0618.
Greg Pope
pope5555@hotmail.com
http://www.gpope.com/
I hope this has been helpful and please feel free to email me with any questions. If you’d like an answer over the phone, I can do that too. 925-389-0618.
Greg Pope
pope5555@hotmail.com
http://www.gpope.com/
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