11 Reasons to Sell Your Property During the Holidays

Oh, the holidays! Are you already making a list and checking it twice? Is selling your property something that’s on that checklist?
If so, consider the condition of the local real estate market. How many 3-bedroom, 2-bath homes do you think came up for sale in Walnut Creek, CA, this month (since the beginning of October 2009)? JUST NINE!! Of those, three are already in contract, and three have been on the market less than a week. Inventory is flying!
Or look at the big picture. In 2009, there have been 128 of these homes for sale in Walnut Creek. 78 have sold (with an average of just 22 days on market); 30 are in contract; and 20 are left to choose from. That’s it!
If you are thinking about selling in the near future, call me to talk about activity in your market segment. And… consider these 11 reasons to do it now… during the holiday season.

1. People who look for a home during the holidays are more serious buyers because they’re using their “celebration time” to do the work of finding a home.
2. Fewer sellers are willing to put their home on the market during the holidays, thus creating less competition and more opportunity for you to sell.
3. You can count on the supply of homes to increase in January 2010, so doing it now gives you the inventory advantage.
4. Houses seem more cheerful and show better when decorated for the holidays.
5. Buyers are more emotionally connected to the idea of “home” during the holidays, so they are more likely to be influenced by an attractively staged home.
6. Buyers can make more time in their schedules to look for a home during the holidays than they can during a regular working week.
7. Buyers who must purchase before the end of the year for tax reasons are shopping.
8. January is traditionally the month for employees to begin new jobs. Since transferees are shopping now, being on the market during the holidays increases your qualified buyer pool.
9. You can have your home on the market and still exercise the option to restrict showings during the days you are entertaining family during the holidays.
10. You can sell now and we will negotiate for a delayed closing or extended occupancy if that helps you with your goals.
11. By selling now, you can create the opportunity to be a non-contingent buyer yourself during the spring, when many more houses are expected to hit the market.

Why Buy a House Now? Follow the Money!

Need some strong financial reasons to make the investment now? In addition to exceptional home affordability and near historic interest rates, here are numbers to get you motivated now. Act while rates are still low and you can move into neighborhoods with the best schools, climate, lifestyle, and access to all of the amenities of the Bay Area!

The Company You Keep. If you’re thinking about putting down roots for yourself or raising a family, who do you want to be neighbors with? According to the the Federal Reserve Board of Consumer Finance, the average net worth of homeowners is $184,400 compared to $4,000 for renters.

A Big Tax Deduction. One of the largest tax deductions is the amount of interest paid on a mortgage. For a $700,000 home (assuming a $560,000 mortgage at 5.5% interest rate), that interest can add up to more than $30,000 in the first year. This tax deduction amounts to a significant savings - effectively reducing the amount of a homeowner’s monthly loan payment.

Long-Term Appreciation. Maybe you’ve heard that the price of homes has dropped in our area over the past few years. For those who’ve had to sell recently, that’s been a tough adjustment in value. However, looking at longer market trends, real estate historically appreciates around 6% per year. Even if you calculate a modest appreciation of 3%, allowing for some ups and downs, a home purchased today for $700K would grow in value to $940K over 10 years or $1.26M over 20 years.

$8,000 Tax Credit. Don't forget, the government is offering an $8,000 tax credit for first-time homebuyers - or for buyers who haven't owned a home during the past three years. However, the program is scheduled to end soon. The IRS recently reminded potential buyers that they must close by November 30, 2009. If you’re ready to go today, call me and let’s see if we can get you in under the deadline!

Successful Short Sales in Walnut Creek – I Can Help You Negotiate and Win.

Here’s a scenario to consider.  You NEED to sell your home.  Maybe you’ve lost income, had a divorce, or have an option-ARM that’s resetting.  Whatever the reason, you need to get out from under your mortgage.  If you do the math and see that the proceeds from the sale will not be sufficient to pay off your debts, you still have an option before going to foreclosure.

You can choose to do a short sale.  A short sale is defined as “the sale of a home when sales proceeds are not sufficient to pay off the existing loan(s) but the lender(s) accepts a discounted payoff. The lender pays for all sales fees including sales costs, commissions, escrow, and title. The loan shows as Settled for Less or Paid.”

Short sales have been part of our local market since 2006/2007.  In fact, here are some statistics that may surprise you.  There have been 575 single-family homes for sale in Walnut Creek since January 1, 2009.  Of those, 73 are labeled as short sales, representing 13% of the market.  Of those, 11 have closed (sold) and another 25 are in contract with an offer accepted by the seller/the seller’s bank. 

What makes these short sales success stories?  Usually, the seller made good choices, like these I will suggest for you:
1.     Work with a real estate agent who is educated in short sale processes – me!
2.    Be  prepared to submit  all of the documents required
3.    Be motivated and willing to have buyers come into your home during marketing period
4.    Be in communication with all parties and provide additional information as requested

A short sale can be exactly the right answer for you.  However, it’s not a miracle solution.  Not all transactions are viable short sales.  Let’s review your unique situation.  A successful short sale requires complete cooperation and honesty from you.  It will also require patience.  There will be periods of waiting for others to make decisions.  Even though I will be communicating with you several times per week, every bank is running its own program.  The fastest banks to work with are able to turn around an approval in less than 2 weeks (Wachovia, EMC Mortgage, and more*).  Others are taking 3-4 months to give approvals on sales (Countrywide, BofA, and more*). 

If you could be out from under this burden and on to the next step in your life in just a few months, wouldn’t you want to start now?  Call me today to find out if this is right for you.  Sherry 925-212-7617

Click here to see REO & Short Sales statistics in the local market area... updated monthly!

*source: Short Sale Pro.  Not a guarantee.  Results vary based on lender volume.

October Community Events

Check out all the fun events coming up in October! Click on the image below to enlarge it. 

Selling Your Home

Selling in one month or in six months? Thinking about how to sell your home for the highest price without investing a ton of cash up front?

There are a few smart things you can do before putting your house on the market that will greatly improve your results. I can help you make the most of your time. Invite me over now, and I will walk you through the easy steps.

Most buyers are focused on three major things when choosing their new home – (1) curb appeal, (2) shared family living space, and (3) private areas such as the master bedroom and bathrooms.

CURB APPEAL
Buyers think, “What will it be like to drive up to my home?” They judge how it will feel to live there and how their friends and families will perceive the home. To sell your home’s curb appeal, we will discuss:

• Fresh bark or mulch and flowers at the main entry doors
• New or cleaned light fixtures
• Cleaning the driveway, windows, doors, roofs, gutters
• Alternate parking arrangements for cars that don’t fit in your garage
• Moving all toys, trashcans, hoses, and small equipment from front yard
• Yard and grass patching, tree or hedge trimming
• Creating vignettes or settings that help a buyer envision entertaining in a home

We can make this a do-it-yourself checklist or I can recommend handypeople I know and trust who can do the work for you.

INTERIOR – FAMILY AND LIVING SPACE

Inside, I will make suggestions at various levels of effort and expense, from showing as is, to small remodeling jobs, to painting and renting furnishings, and you’ll have the opportunity to choose the options that work best for your goals. We will want to discuss whether bringing in a stager would be beneficial for your particular property.

Today’s buyer is looking for an expansive shared living space where the family can interact together while doing individual tasks. One part of the family may be cooking and another working or doing homework, and another playing, yet they all want to be connected together in the living environment. I can show you how to present your home as a place where buyers want to live.

Buyers are also looking at how the sleeping quarters work for their needs, with a lot of emphasis on modern bathing and storage facilities. Have you been thinking about making upgrades to your bathrooms or closets before selling? Let me help you make the most cost-effective choices.

My value to you is in marketing and negotiation. Preparing your home for sale is part of marketing. Bring me in while you’re planning, and I will make the entire selling process easier for you.

Call me today. 925-212-7617

The Village People of Bancroft Village

Q: Where is Bancroft Village? 

A:  Bancroft Village is in the heart of residential Walnut Creek, CA, a few moments from downtown via Ygnacio Valley Road.  It’s bright, clean, well-kept, and close to everything!  It’s bordered by a park and a canal trail, so it’s also a great place for people who want active lifestyles close to nature.  

Q:  What kind of homes are there?
A:  Bancroft Village is a PUD (planned unit development) built in several phases during the 1970s and 1980s. It is made up of 400 townhouses, ranging from 2 bedroom/2 bath up to 3 bedroom/3 bath.  Each townhouse has a small courtyard in front, an attached 2-car garage, and a backyard.

Q:  How would you describe this neighborhood?
A:  Bancroft Village used to be known as a Rossmoor alternative. If you wanted a nice home in a good location, but didn’t want to deal with the care of a house and the yard, and you weren’t quite ready for Rossmoor, then Bancroft Village was an excellent place to call home. 

These days, you’ll find a wide range of homeowners – everything from senior citizens enjoying retirement, to families who want their children to attend the excellent Walnut Creek schools, to singles and newly married couples who are pleasantly surprised by Bancroft Village’s affordable homes.  

Q:  Why is it called Bancroft Village?
A:  Bancroft Village was built on what used to be the Bancroft family farm, founded in 1880 by Hubert Howe Bancroft and made up of approximately 400 acres of walnut and fruit trees. Mr. Bancroft, an avid collector of books about the American West, also gave his name to the Bancroft Library at UC Berkeley.

The family farm was passed down through the family and as the city of Walnut Creek grew and farming moved east to the San Joaquin Valley, the land was gradually sold off the the developer who built Bancroft Village.

The Ruth Bancroft Garden on Bancroft Road  is the last remaining piece of undeveloped land from the original farm. In 1989, it became the first garden in the United States to be preserved by the Garden Conservancy and has been open to the public since 1992. If you’ve never visited, you’re in for a real treat!  Don’t be surprised if you catch a peek of Ruth Bancroft – she’s still active in the garden at 100+ years old.

Q:  What makes Bancroft Village so popular?
A:  Many reasons, including the fact that it is a clean, well-kept and affordable complex where the exterior of the homes, front lawns, common areas and streets are all maintained by the financially healthy HOA.  There are two sparkling pools and several tennis courts on the premises. Feel like a walk? The Contra Costa Trail is just steps away. How about a visit to Heather Farm Park? Bancroft Village homeowners have special access via a locked gate at the back of the complex.  And downtown Walnut Creek, with its world-class shopping, dining and entertainment, is only a short, five-minute drive away. 

Interested in becoming one of the Village people? Call or email me today. I’ll give you the grand tour and show you some homes that you will love.

8,000 Reasons to Buy a House NOW!

First-Time Homebuyer Tax Credit –
What an Incentive!
Expires November 30, 2009

Have you ever had someone say to you, “Here’s $8,000 and you don’t have to pay me back”? Well, that’s what the US government has been saying to first-time homebuyers all year.*

However, the program expires on November 30, 2009, so time is of the essence! That means you have a very short time to find a home, get into contract, do the inspections and loan processing, and close escrow. A typical time from selecting a property to close of escrow used to be 30 days. Now we’re seeing slightly longer escrow times as banks proceed with great caution in lending. I recommend that you be in contract on your first home by October 15, just to be safe. It is possible, and I can help you make it happen.

I helped several clients buy their first home this year, and this tax credit was one of the main reasons it made sense for them to buy NOW. I even had one client who filed an amended 2008 tax return (yes, it’s allowed) so he didn’t have to wait until next year to get the $8,000 credit.

If you answer “yes” to these three questions, you probably qualify for the $8,000 tax credit.

1. Are you a first time homebuyer - someone who hasn’t had an ownership interest in a home in the last 3 years?
2. Do you as an individual earn $75,000 or less, or as a couple $150,000 or less?
3. Do you plan to live in this house as your principle residence?

Call me or email today so we can get you into your dream home in time to save $8,000!
SHutchens@EmpireRA.com
925-212-7617

*There are some qualifications and restrictions, so be sure to read more information about the $8,000 First Time Homebuyer Tax Credit here: http://www.federalhousingtaxcredit.com/2009/faq.php