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Other • December 13, 2024

Sacramento Area Christmas Lights

by Suzanne Volkman

Selling • December 10, 2024

How To Get Your House Ready To Sell in 2025

by Suzanne Volkman

Home Improvement • December 6, 2024

7 Upgrades to Boost Your Home’s Value in 2025

by Suzanne Volkman
Thinking about upgrading your property in the new year? Since the housing market is expected to remain competitive, it’s more important than ever to consider improvements.
Read on for tips to elevate your quality of living and your home’s desirability.

1. Revamp Your Kitchen

A well-designed kitchen remains a surefire way to add value. Kitchen improvements can yield a 70 to 80% return on investment when it’s time to sell. Consider replacing old countertops with quartz or granite, updating appliances and refacing cabinetry. Even smaller upgrades like a modern backsplash can deliver great visual impact.

2. Renovate Bathrooms

Remodeled bathrooms are another biggie on a buyer’s wish list. If you go the total renovation route, think about incorporating the latest trends, such as luxurious finishes and spa-like walk-in showers. More affordable options include replacing faucet fixtures, retiling the shower or upgrading lighting.

3. Update Flooring

Outdated flooring is an eyesore for potential buyers. Replace older carpeting or tile with hardwood, engineered wood or luxury vinyl planks. Look for durable, low-maintenance options in neutral tones that will hold their value for many years to come.

4. Extend Living Space With Outdoor Amenities

Outdoor living continues to be a popular choice for increasing your property’s appeal. Whether you take on a DIY project or hire a contractor, adding a patio or deck will extend your living space. Other sought-after amenities include built-in grills, fire pits, pergolas – and for the ultimate upgrade, an outdoor kitchen.

5. Get Smart With New Technology

It’s never been easier or more affordable to incorporate smart technology into your home. Choose from a variety of upgrades that include tech-advanced thermostats, lighting, video doorbells and security systems. These devices provide comfort, peace of mind and can be easily controlled remotely through apps.

6. Invest in Energy Efficiency

Make your home more energy efficient, which not only boosts your property’s appeal but also reduces your bills over the long haul. Consider updating appliances like refrigerators, washers and HVAC systems that meet Energy Star® standards. Other ideas include improving insulation, adding solar panels or replacing old drafty windows.

7. Modernize Your Lighting

Well-placed lighting enhances your property’s ambiance and functionality. Replace outdated fixtures like fluorescent box-style lights or those that don’t provide adequate lighting. Other updates include recessed lighting, dimmers on switches, pendant lights and wall sconces. As a statement piece, consider adding a high-quality fixture above your island or in your main living space.

Enhancing your home’s worth doesn’t require dramatic changes. Whether you’re selling soon or simply want to enjoy a more modern and efficient dwelling, these practical tips will ensure your property remains marketable. Connect with a local real estate professional to learn more.

Michel Smith
Selling • December 3, 2024

Should You Sell Your House As-Is or Make Repairs?

by Suzanne Volkman

A recent study from the National Association of Realtors (NAR) shows most sellers (61%) completed at least minor repairs when selling their house. But sometimes life gets in the way and that’s just not possible. Maybe that’s why, 39% of sellers chose to sell as-is instead (see chart below):

a pie chart with text on it

If you’re feeling stressed because you don’t have the time, budget, or resources to tackle any repairs or updates, you may be tempted to sell your house as-is, too. But before you decide to go this route, here’s what you need to know.

What Does Selling As-Is Really Mean?

Selling as-is means you won’t make any repairs before the sale, and you won’t negotiate fixes after a buyer’s inspection. And this sends a signal to potential buyers that what they see is what they get.

If you’re eager to sell but money or time is tight, this can be a relief because it’s that much less you’ll have to worry about. But there are a few trade-offs you’ll have to be willing to make. This visual breaks down some of the pros and cons:

a screenshot of a blue and white screen

Typically, a home that’s updated sells for more because buyers are often willing to pay a premium for something that’s move-in ready. That’s why you may find not as many buyers will look at your house if you sell it in its current condition. And less interest from buyers could mean fewer offers, taking longer to sell, and ultimately, a lower price. Basically, while it’s easier for you, the final sale price might be less than you’d get if you invested in repairs and upgrades.

That doesn’t mean your house won’t sell – it just means it may not sell for as much as it would in top condition.

Here’s the good news though. In today’s market, as many as 56% of buyers surveyed would be willing to buy a home that needs some work. That’s because affordability is still a challenge, and while there are more homes for sale right now, inventory is lower than the norm. So, you might find there are a few more buyers who may be willing to take on the work themselves.

How an Agent Can Help

So, how do you make sure you’re making the right decision for your move? The key is working with a pro.

A good agent will help you weigh your options by showing you what comparable homes in your area have sold for, what updates your neighbors are making, and guide you in setting a fair price no matter what you decide. That helps you anticipate what your house may sell for either way – and that can be a key factor in your final decision.

Once you’ve picked which route you’re going to go and the asking price is set, your agent will market your house to maximize its appeal. And if you decide to sell as-is, they’ll call attention to the best features, like the location, size, and more, so it’s easy for buyers to see the potential, not just projects.

Bottom Line

Selling a home without making any repairs is possible in today’s market, but it does have some trade-offs. To make sure you’re considering all your options and making the best choice possible, have a conversation with a local agent.

Buying • Market Trends • November 21, 2024

I’m a Real Estate Agent: 7 Reasons Why 2025 Is the Year To Buy in California

by Suzanne Volkman

California is a coveted place to live due to its temperate climate and variety of geography, from mountains to deserts and a mix of big cities and suburbs.

The consequence of being a desirable place to live is that housing prices are often higher here than in other parts of the country.

However, things are shifting, and according to Cristal Clarke, a Santa Barbara-based Realtor, 2025 may just be the year to consider buying in the Golden State.

More Single-Family Homes Coming Available

While California’s notoriously high-priced real estate market has faced challenges recently, 2025 is shaping up as a promising year for buyers, especially in high-demand areas, Clarke said.

She pointed to the California Association of Realtors’ (CAR) 2025 California Housing Market Forecast, which suggests that single-family home sales are expected to increase by 10.5% to 304,400 units.

As mortgage rates are anticipated to ease, potential buyers previously priced out could find a more favorable environment, Clarke said.

Improving Interest Rates and Market Access

In 2025, the anticipated decrease in interest rates is expected to enhance the housing market by creating a more favorable borrowing environment, Clarke said. She noted that CAR projects that the average 30-year mortgage rate will decline from 6.6% in 2024 to 5.9% in 2025, which could help increase affordability and allow more buyers to enter the market.

“Lower interest rates are beneficial even for my discerning cash buyers who are generally less affected by financing costs as they tend to energize the overall housing market,” Clarke said.

With more buyers active, property values will strengthen, and appreciation can accelerate, supporting long-term equity growth for all buyers, including those purchasing without financing.

Stable Market Conditions With Modest Price Growth

While home prices will continue to rise, they are expected to do so at a slower pace than in the last few years, Clarke said, so getting in now will be better than waiting a few years. A projected 4.6% increase in median home prices reflects this steady but manageable growth, she shared.

Unlike the rapid price hikes of recent years, this gradual appreciation rate can offer buyers more predictable investment returns, she explained.

“The balance of stable price growth and increased inventory gives buyers an edge, especially in markets that are becoming less overheated,” she said.

Market Resilience in Luxury Segments Is Good for Everyone

While the average buyer is not looking to buy luxury homes, when these markets improve, this can be good for the housing market as a whole, she said.

“Santa Barbara and other coastal and affluent areas like nearby Newport Beach attract a high percentage of cash buyers who are less influenced by interest rate changes. This dynamic helps stabilize the luxury market in these areas, creating a more resilient investment environment,” she said.

Movement in High-Demand California Markets

While Santa Barbara is a strong market for its coastal appeal and high-quality amenities, other California regions also show promising investment potential in 2025, Clarke shared.

  • Bay Area suburbs: Markets like Walnut Creek, Orinda and Mill Valley are seeing an uptick in interest from buyers seeking more space while remaining close to Silicon Valley and San Francisco, Clarke said.
  • Sacramento region: As a more affordable alternative to the Bay Area, Sacramento continues to attract families and professionals who value proximity to Northern California’s job centers. Clarke said increased inventory here may allow for greater flexibility and pricing opportunities.

Southern California inland markets: Inland Empire cities such as Riverside and Rancho Cucamonga have become popular among buyers priced out of Los Angeles, offering a suburban lifestyle at a lower price point. This region is forecast to benefit from moderate price appreciation and increasing demand.

A Buyer-Friendly Inventory Landscape

Clarke feels confident that 2025 will see a healthier inventory, as lower rates will likely push more homeowners to list their properties, easing the lock-in effect.

“With CAR predicting an increase of active listings by over 10%, prospective buyers will encounter a more balanced market where they can negotiate more freely and potentially avoid the intense bidding wars of recent years,” Clarke said.

Long-Term Investment Potential and Equity Growth

For buyers looking at the long game, investing in California real estate remains a sound strategy, Clarke said. Even modest appreciation in high-demand areas can translate into significant equity gains over time.

“By purchasing in 2025, buyers have the potential to lock in properties at competitive prices and enjoy appreciation as demand remains strong, driven by limited inventory and continued desirability,” Clarke said.

While affordability challenges persist, particularly in regions with limited supply, inventory increases and stabilized interest rates make this a promising year for buyers ready to make their moves, Clarke said.

 

Originally Posted Here

Market Trends • November 7, 2024

A Letter to the Nation’s New Leaders: Right Now, the American Dream of Homeownership Is in Crisis

by Suzanne Volkman

By Damian Eales

Nov 5, 2024

The average single-family home in America costs $420,000. If home prices had simply kept pace with inflation since 1963, that home would cost just $185,000.

Regulations and other costs buyers bear add more than $90,000 to the price of a new home.

And supply is not meeting nationwide demand. America must build as many as 7.2 million new homes just to meet that demand, and the vast majority of them must be priced below $400,000.

The question of housing affordability has recently centered on real estate commissions. This is not the foremost factor affecting affordability. As a community, we need to address the issue head-on, in a way that does not compromise consumer protections like the ability for buyers to have their own agents.

If policymakers want to improve housing affordability, they must start by focusing on solutions that increase the housing supply. Doing that means taking steps to ease restrictions on buildable land, cutting red tape, and providing incentives such as tax credits to help builders build more homes faster than ever.

America must build as many as 7.2 million new homes just to meet that demand, and the vast majority of them must be priced below $400,000.

(Realtor.com)

Realtor.com® will work with our communities, economists, business leaders, leaders of housing and building associations, and, of course, leaders of government, to highlight the housing supply shortages we have in every state, as well as pragmatic solutions to solve this problem.

On behalf of those buyers who are price-locked out of the market, the real estate professionals who support them, and the homebuilders building more affordable homes, help us restore homeownership for all.

At Realtor.com, we’re for real solutions.

We hope that you’ll be part of them.

Market Trends • October 29, 2024

Why Home Sales Bounce Back After Presidential Elections

by Suzanne Volkman

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.

Election Years Bring a Temporary Slowdown

In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below):

Why? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it’s particularly apparent for buyers and sellers in the housing market.

This year is no different. A recent survey from Redfin found that 23% of potential first-time homebuyers said they’re waiting until after the election to buy. That’s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty.

Home Sales Bounce Back After the Election

The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. In fact, home sales have actually increased 82% of the time in the year after the election (see chart below):

That’s because once the election dust settles, buyers and sellers have a sense of what’s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales.

What To Expect in 2025

If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below):

And that aligns with the typical pattern of post-election rebounds.

So, while it might feel like the market is slowing down right now, it’s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.

Bottom Line

It’s important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.

 

Keeping Current Matters

Market Trends • October 16, 2024

Two Reasons Why the Housing Market Won’t Crash

by Suzanne Volkman

You may have heard chatter recently about the economy and talk about a possible recession. It’s no surprise that kind of noise gets some people worried about a housing market crash. Maybe you’re one of them. But here’s the good news – there’s no need to panic. The housing market is not set up for a crash right now.

Real estate journalist Michele Lerner says:

“A housing market crash happens when home values plummet due to a lack of demand for homes or an oversupply.”

With that definition in mind, here are two reasons why this just isn’t on the horizon.

1. Demand for Homes Is Higher than Supply

One of the biggest reasons the housing market crashed back in 2008 was an oversupply of homes. Today, though, it’s a very different story.

It’s a general rule of thumb that a market where supply and demand are balanced has a six-month supply of homes. A higher number means supply outpaces demand, and a lower number means demand outpaces supply. The graph below uses data from NAR to put today’s situation into context:

a graph of a company's supply

The graph compares housing supply during three different periods of time. The red bar shows there were 13 months of supply before the 2008 crisis, which was far too much. The gray bar shows a balanced market with six months of supply, for context. And the blue bar shows there are only 4.2 months of supply today.

Put simply, there are more people who want to buy homes than there are homes available to buy right now. So, demand is greater than supply. When that happens, home prices stay steady or rise – the opposite of a housing market crash.

It’s important to note that inventory levels differ from market to market. Some areas may be more balanced, while a few could have a slight oversupply, which can impact prices locally. However, most markets continue to experience a shortage of homes.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“We simply don’t have enough inventory. Will some markets see a price decline? Yes. [But] with the supply not being there, the repeat of a 30 percent price decline is highly, highly unlikely.”

2. Unemployment Is Still Low

When people are unemployed, they’re more likely to have trouble making their mortgage payments and may be forced to sell or face foreclosure. That was a big problem during the 2008 financial crisis. Today, the employment situation is much more stable (see graph below):

a graph of employment

Again, this graph shows three different periods of time, but this one is the unemployment rate. The red bar represents the 2008 financial crisis when unemployment was very high at 8.3%. The gray bar shows the 75-year average of 5.7%. And the blue bar shows the unemployment rate today, and it’s much lower at just 4.1%.

Right now, people are working, earning an income, and making their mortgage payments. That’s one reason why the wave of foreclosures that happened in 2008 isn’t going to happen again this time. Plus, since so many people are employed right now, many are actually in a position to buy a home, and this demand keeps upward pressure on prices.

Today’s Housing Market Is Stronger than in 2008

While it’s understandable to be concerned when you hear talk of a recession and economic uncertainty, but know this: the housing market is in a much better place than it was in 2008. According to Rick Sharga, Founder and CEO at CJ Patrick Company:

“Literally everything is different about today’s housing market dynamics than the conditions that led to the housing crisis.”

Demand for homes still outpaces supply, and unemployment remains low. And these are two key factors that will help prevent the housing market from crashing any time soon.

Bottom Line

The housing market is in a much better place than it was in 2008, but it’s important to remember that real estate is very local.

So, it’s always a good idea to stay informed about your specific market. If you have any questions or want to discuss how these factors are playing out in your area, reach out to a local real estate agent.

 

Original Post

Other • October 16, 2024

Discarding Unwanted Household Items

by Suzanne Volkman

The saying “One person’s treasure is another person’s trash” is no truer than in the case of selling, donating or removing household furnishings that no longer serve you. What you are likely to find out is that your beloved Aunt Ann’s Hummel collection or your father’s prized recliner has little to no value in today’s market. Interior design trends are constantly evolving and so are consumer preferences for style and color.

Once you have gathered everything you want to get rid of, there are a few things to do before selling or discarding. If you are selling, make sure to clean and repair anything you are considering putting up for sale. Make the effort to dust and polish glass and wood items. Spot treat fabric on furniture as needed for best results. You want to make the furniture look as close as possible to how it looked the day you bought it.

Online marketplaces

Once your articles are camera ready, take photos to accompany each description. Try to take pictures on bright days when the light is best. Pay attention to the background and tidy up as needed. When selling furniture, it is understood that it is used, so be honest about the condition. If possible, include any flaws, the approximate date of purchase, the brand name and the place of purchase for each piece. Now you are ready to list your items, and there is no shortage of places to list. Among the top places are Bonanza, Bookoo, Craigslist, 1stDibs, Facebook Marketplace and OfferUp. Do some research to see what similar items are going for and price accordingly.

Alternative markets

While secondhand furniture dealers do exist, they are hard to find. Most dealers are interested in buying only trendy furniture styles such as mid-century modern with an impressive pedigree.

Estate sales are run by experienced professionals. They take on the hard work of advertising, pricing, setting up and running the sale. For their work, you can expect to pay these pros somewhere between 30% and 50% of your total profits. Estate sales usually run over the course of a weekend.

Garage sales are run entirely by you and, because of that, all the profits belong to you. But you will be responsible for all the work, which can be very time consuming. Depending on how much you have to sell, you will need several people to help you set up and run the sale. You will want to spread the word on social media to get folks to come out and buy your items. Keep in mind that it is very hard to sell large pieces of furniture or machinery, as your buyers would need to have a large-enough vehicle to tow it away.

After the sale, you may want to donate unsold items to a worthy charity. Keep in mind, however, that not all charities will take furniture. For example, the Vietnam Vets will only take items that can be carried by one person. They will not enter your home. All items must be left outside on the driveway for pickup. Scheduling a pickup is conveniently done online. Other national charities include Goodwill, the Salvation Army and Habitat for Humanity.

Donations to your local animal shelter are gratefully accepted. Crates, beds, blankets, towels, toys and unopened bags or cans of food are always welcome.

Some communities have a domestic violence shelter located within them. Gently used women’s and children’s clothing, books, toys, games, baby formula and diapers are much-sought-after items.

Trash: Multiple options

Find out where your local solid waste management and recycling facility is located. Check your local regulations and what household items it will accept. Generally speaking, you can bring smaller electronics, used paint, computers, monitors, TVs, small freon appliances and batteries to your local household hazardous waste facility. For larger items, find the transfer station in your area. For this, you will need a large vehicle to transport heavy items. The vehicle is weighed at the facility and fees are paid depending on the weight.

Scrap metal recycling centers take household items made of copper, brass, aluminum, all grades of electrical wire and stainless steel, and batteries. Your compensation will be small, but you will have the satisfaction of doing something to help the environment.

There are also local and national full-service junk haulers that can take away your unwanted stuff. They charge based on the amount of space your items take up in their trucks. To give you an idea, each truck holds about eight standard-sized refrigerators. There is a minimum charge for this service. Bear in mind, some house cleanings may require more than one truck. Junk haulers can also place a dumpster at your home for those who want to clean out the house themselves. The charge will be much less but will require a great deal of work on your part.

It is an understatement to say that decluttering and discarding household items are a lot of work. It can take several months to accomplish what you need to do. Plan ahead and take it one step at a time. Contact us for more support during this important process.

 

Original Post

Selling • October 2, 2024

2 Reasons Sellers Should (Still) Offer to Pay a Commission to Buyers Agents

by Suzanne Volkman

If you’ve been planning on selling your house, or are currently in the middle of doing so, you’ve probably heard that there will be some changes in how your home can be listed and marketed, with regard to a commission being offered (or not) to buyers’ agents.

While some listing agents may already be implementing the changes ahead of time, as of August 17, 2024, your agent cannot include an offer to compensate buyers’ agents on a Multiple Listing Service (MLS), which is a local marketplace used by both buyer brokers and listing brokers to share information about properties for sale.

Some sellers may misinterpret this as saying that they’re no longer allowed to offer compensation to buyers’ agents at all, but a recent article from the National Association of REALTORS® clarifies that you certainly can offer compensation to buyer brokers, “as a way of marketing your home or making your listing more attractive to buyers,” as long as the following is done:

  • Your agent needs to conspicuously disclose any offer of compensation that will be made to a buyers’ agent, and get your approval to do so.
  • The disclosure needs to specify the amount or rate of the payment being offered, and do so before it is offered.
  • As stated above, the offer of compensation can’t be included in your listing on the Multiple Listing Service, however, your listing can be advertised on platforms such as social media, flyers and websites.

That said, sellers aren’t obligated to offer any compensation to buyers’ agents, and some sellers may decide against offering to pay a commission to a buyers’ agent.

While that may sound appealing, and like a way to save or make more money on the sale of your home, there are some things you might want to keep in mind before taking that approach.

It Could Cost You More Time and Money Than It Saves You

On the other side of the equation, buyers will now be required to sign an agreement with any agent who is showing them even a single house. Their agreements will include an amount of compensation the buyer agrees their agent is entitled to earn, and, technically, the buyer is agreeing to pay that amount if the seller of the house they want to buy isn’t willing to pay it.

But before you opt to let the buyer be responsible for paying their agents commission out of their own pocket, here are 2 reasons you should consider offering to pay a commission to buyers’ agents:

  • It could impact how many buyers make offers on your house. One of the best ways to ensure you get the highest price for your house, and sell it as quickly as possible, is to make sure every buyer in the market for a home like yours comes to see it and wants to make an offer. If you’re not offering to pay a commission to a buyers’ agent, that may eliminate some of your potential buyers who are only focused on listings that will cover the commission of their buyers agent.

    If you’re competing with other houses for sale in your area, buyers could choose to buy a house that the seller is offering to pay the commission because it makes more financial sense for them, rather than paying their agent directly out of pocket.

 

  • It could lead to a longer time on the market, which often impacts the final sales price. Sellers have become used to houses selling extremely quickly over the past few years, due to a lack of inventory, but that’s not always the case. And whether it’s right, wrong, or somewhere in between, the amount of time a house sits on the market impacts how buyers think and feel about the value of a property. The longer a house sits on the market, the more buyers think something must be wrong with it, and the less they think it’s worth.

    In the past, the usual reasons a house sat on the market for a long time were due to a seller pricing it way too high, or not making it easy for buyers to come see. But if a seller isn’t offering a commission to buyers’ agents, it could increase the days on market if it eliminates the number of interested buyers, which could lead to a lower sales price. So, any attempt at saving money by avoiding a commission could end up costing more than it saved.

The Takeaway:

Starting August 17, 2024, your listing agent can’t include an offer to compensate buyers’ agents on the Multiple Listing Service (MLS), but you can still offer compensation as long as it’s disclosed and approved by you. While not offering to pay buyers’ agents might seem like an appealing way to save money, it could actually cost you in the long run by reducing the number of offers and potentially lowering your final sales price. Offering compensation can make your listing more attractive and help sell your house faster, and for the highest price possible.

 

Original Post Here

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