It's that time of the year: The real estate industry is rolling out the shop-worn playbook of optimistic forecasts for the New Year. In San Diego these canned phrases are:
Solid signs of a firming market,
With interest rates near all-time lows,
Buying now is a no-brainer,
Get in now, before the huge pent-up demand for homes hits,
What a great time to buy with low interest rates and a good supply of homes for sale,
Act fast now, or you may be paying thousands more in a few months.
We have heard these same phrases since 2005. The major difference was that in 2005 and 2006 many of the Gurus were adding phrases:
It's only a normal pull-back,
It's known as a ‘pause to refresh',
This is a once in a lifetime buying opportunity before the market resumes it's double digit yearly appreciation.
Amazingly in San Diego, California, is the local media talking-heads still go back to the same industry spokespeople to get their 60 second optimistic new year outlook for the... [ Continue reading... ]
The Austin Texas area is at the top of many national lists ranging from quality of life to growth to its economy. Here is a snapshot of the overall Austin real estate market as of the end of February 2010:
Compared to last February, the number of single-family homes sold in the Austin area is up 4%. The average sales price for single family homes is up 1% to $244,348 and the median price is unchanged compared to this time last year at $189,500. The total number of single-family listings in the Austin MLS is unchanged from last February at 9335 units.
If you average the number of sales for the last 12 months and divide that figure into the number of current active listings, the result is the number of Months of Inventory (MOI). In a balanced market, the MOI is between 3.5 and 4.5 months. Currently, the MOI in the Austin market is at 6.9 months, which favors buyers. The average days on the market for single-family homes to sell has dropped slightly to 79 days.
The Austin area... [ Continue reading... ]
Selling or letting your home can either go very smoothly and very quickly or it can turn into a nightmare of viewings, no offers and huge amounts of frustration. This is, of course, largely dependent on the state of the housing or lettings market at the time you want to sell or rent, but there are certain things that you, as the home owner, can do to make things go a lot more smoothly.
The Look of the Property
The first thing you should do is take a look at your home. You will have lived there for a quite a while and grown used to the building, including all its faults. Potential buyers, however, will spot these a mile off and it could put them off. Make sure all your interior and exterior paintwork is up to scratch, make sure no wallpaper is peeling, get your garden in order, make sure your bathroom and kitchen are clean, your windows clean, your floors and carpets clean.
First impressions really are important so you definitely want your property to look its best. Just... [ Continue reading... ]