BUY, SELL, RENT. WHAT SHOULD YOU DO?

BUY. SELL. RENT. Choices, choices, choices.

Let’s take a look at who has the wind at their back in this market.

Landlords/Investors After the recession homeowners who were forced to sell are still unable to get back into the housing market, either because of credit issues or because they are being priced out of the market by the competition. There is a shortage of inventory, and there are many cash buyers with deep pockets swooping in, especially in the single family housing market. Investors make up a large portion of these cash buyers, and they turning the homes into rental properties, taking advantage of the current shortage. Rental rates are rising and occupancy is high.

Sellers If ever there was a time to sell, this is it. With the shortage of inventory, if a home is well-priced, it is going to go into multiple offers and selling quickly, most probably over the asking price. However, the downside here is that if a seller is thinking of selling and buying another home in Los Angeles, then they will put themselves in the pool with all the other buyers competing for the same homes. A seller cannot make their offer contingent on the sale of their own property as it will not be accepted, so unless they don’t have to rely on the sale of their own property to buy then they should think carefully. However, don’t worry about buying at the top of market because you are also selling at the top of the market.

Buyers If you are sick of paying someone else’s mortgage and have decided that it makes more sense to buy than rent, just be strong and stick with the market. Keep making offers until yours is the successful one. Yes it could be near the top of the market right now, but real estate will always be a good investment, and whenever you buy you will look back and be glad you did. Your alternative is to remain in the ranks below.

Renters Sometimes it just does not make sense to buy. Your rent is so cheap. You love the area in which you live and would not be able to afford to buy there. You don’t have the down payment or your credit is not good. You are nervous about committing yourself to a mortgage. These are all valid reasons not to buy. But, the rental market is a fickle one. Right now rents are on the rise, vacancies are down , and competition is high, making buying a home look more and more attractive. Do the math and see what makes more sense long term.

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Keep it light! Do Not Underestimate the Power of Light!

This blog post from The St.Paul Real Estate Blog written by Teresa Boardman puts it in simple terms. Light helps to sell your home.

Keep it light

I write this same article or one similar to it every year. If your home is on the market or if you are planning on putting it on the market soon make sure it is well lit.

When buyers come to see your home their eyes will be taking in a lot of information. If there is more light they will have a more favorable impression of your home and who knows they may even make an offer.

During the day if at all possible leave the blinds and curtains open. Consider removing heavy drapes and window coverings that can not be put aside to let more light in. If your home is being shown in the evening or on a dark cloudy day leave as many lights on as you can.

You will notice that most builders will ignore some of this years hottest color trends in favor of lighter brighter colors and it is very rare to see a model with blinds or drapes covering the window.

Lighting can help sell a home.

Curb Appeal – Does your home look its best from the outside?

After a long winter, yards can look bedraggled, but if your house is for sale, you can’t let it stay that way. Before the first buyer arrives, you need to create a “Wow” impression from your curb all the way to your front door.

It really is important.

That first view of a home sets the expectation and the tone for the entire viewing. It will make the difference in what they see when they walk inside.

As humans we tend to see what we expect to see. A first impression sets up that expectation, and our minds will subconsciously seek to find evidence that our expectation is correct.

A neglected or run-down exterior tells buyers that the entire house has not been well-maintained, while an inviting exterior tells buyers that what they see inside will be equally inviting.

And generally, that’s what those buyers will see. They’ll subconsciously seek evidence that their expectation is correct, and may even overlook subtle signs that they might be incorrect. That is, if they even get inside to have a look. I’ve been on showings when the buyers refused to get out of the car because they didn’t like the looks of the exterior. They knew that what they saw inside would be a waste of time.

And that’s a shame, because sometimes the interior and exterior don’t match.

While all sellers should definitely make an effort to create a “wow” impression with curb appeal, some simply cannot.

It may be that the homeowners are ill or elderly and have assistance with interior maintenance, but not with exterior maintenance.

It may be that they don’t have the physical or financial capability to keep the lawn neat, shrubs trimmed, fences straight, and trim freshly painted – but they have been able to keep up inside.

So – if you’re a seller, do all in your power to make that first impression set an expectation for good things to come.

And if you’re seeking a home here in (city), try to keep an open mind.

Work to over-ride your mind’s expectations and really look at what you see inside – regardless of what you’ve seen outside.

When you’re ready to buy or sell, call me. If you’re a seller, I’ll help you decide what needs to be done to give your home the greatest appeal to the largest number of buyers. If you’re a buyer, I’ll help you “see through” the insignificant to see the possibilities of the home within.

John Martelotti – (917)202-8309

Licensed Real Estate Salesperson @ Robert DeFalco Realty

John@JohnMartelotti.com 

http://www.JohnMartelotti.com