It’s that time of year… yes! The end of January, the beginning of February, when snowstorms may still be happening elsewhere, but in California, February is the new spring. The days get lighter, the weather is perfect. It may be the time you are getting ready to list your home on the market, and get it sold.
When homeowners have me over to see their house, their most frequent question is: What do I need to do to get the house ready for sale?
Here are my top 5 answers to this very important question:
(1) Declutter – the most important thing to do with your house when you want it to look show ready is to remove all items off of all surfaces – countertops, mantles, coffee tables, dining room tables, side tables, desktops – every horizontal surface in your house. Once you have removed all items, do a thorough cleaning, then stage the surface with (a) nothing if it is a countertop like your kitchen counters which you want to show off as they are, or (b) just 3 decorative items, for example, a plant and 2 figurines.
(2) If you have a lot of furniture, removed 25% of it – a furnished room is better than an empty room, so do not remove all your furniture. Keep most of it, but remove 25% of the furniture. This will make your room look much bigger and neater and tidier. For example, if you have a lot of chairs or end tables, consider removing some, and store them in your garage.
(3) Remove personal items, such as photos, degrees, greeting cards, fridge magnets, flags, souvenirs, decorations for holidays or anything that potential buyers can get nosy about. These detract from the purpose, which for buyers to imagine themselves living in their new home. If you have a lot of personal items and decorations, it makes them feel like they are in your home, so that emotion tends to take away the feeling of making a great offer on your house.
(4) Go for and visualize the Ikea Showroom. I always try to visualize the Ikea Showroom. What does the Ikea Showroom look like? Neat and clean, sparse, cozy but impersonal. Anyone could like Ikea furniture in an Ikea Showroom. That’s what we want, that almost anyone walking in to your home would love it and love to live there. We’re looking for broad appeal to get the most offers for your house.
(5) Light, bright, clean. For showings, buyers want to see that the house is light and bright. Have windows washed and screens clean and draperies light to showcase how much natural light comes into the house. And before we go on the market, have your cleaning person or my cleaning specialist come and do a thorough cleaning and getting it to look sharp and beautiful.
If you do all the above items, it is likely that you won’t have to spend much money, if any, to get the house show ready!
For more suggestions, or if you have questions on any of the above, or our process for getting your home sold for top dollar, send me an email or give me a call.
Capital Gain Tax Ideas & Options for Investment Property Owners – a Free Seminar with Guest Speaker – Saturday Feb 5, 2022 -10 am!
One of my most often heard comments from those who own rental property is that they would love to sell the property, but they don’t want to pay the capital gains taxes.
And because I’ve heard that concern so many times, I decided to invite someone to speak who works in the business of providing alternative options for deferring capital gains tax for investment property.
If capital gains tax concerns have been on your mind, and you own income property, also known as investment property, or rental property, this seminar is for you! Save the date – Saturday February 5, 2022, at 10 am which is coming very soon, and we will have a 1 hour Zoom class with our guest speaker, Karen Templeton, Real Estate Strategist with Forrest Wealth Strategies LLC. Karen works for a company that brokers DSTs and other financial instruments, and if you don’t know what DSTs are, this is one reason to log on and find out on February 5!
This hour will be a deep dive into tax strategies for Real Estate Investors using both the 1031 Exchange and Opportunity Zone Funds to tackle capital gains issues when selling real estate. Karen will cover basics as well as introduce us to Investing in the Delaware Statutory Trust (DST) for 1031 Exchanges and how Opportunity Zone Investing can be used instead of or in addition to a 1031 exchange or failed exchange.
When: Saturday Feb 5, 10 am to 11 am
Where: Comfort of your own home on Zoom – Zoom link will be sent those who RSVP
Please RSVP to NancyD@century21masters.com
Or call 562-472-1435 to register.
Thank you for your interest! It will be extremely informative!
Hello everyone and happy new year!
I hope your year is off to a strong start. What have you decided you would like to accomplish in 2022?
I’d like to make a new year’s resolution to provide you with monthly, timely market stats for Long Beach, California. So without further delay, let’s go right into summarizing the month of December 2021 and letting you know what we are looking at in the month of January 2022:
December 2021 real estate stats for our area, Long Beach, California, compared to 1 year ago December 2020:
Number of Active Listings: 268 – down 40.6%
Pending Sales: 155 – down 36.2%
Median Sales Price of Homes Sold: $785,000, up 21.7%
Average Sales Price of Homes Sold: $885,550, up 28.8%
Average Price per Square Foot Sold: $618, up 15.1%
Average Days on Market for a Listing: 21 days, down 25%
(1) Prices are high but activity has decreased.
(2) Activity may increase again as weather warms up, but it will depend on prices that likely need to level off before buyers will be ready to re-enter the market.
(3) We are still at painfully low inventory levels, so sellers are in the driver’s seat.
(4) Sellers are still managing to obtain excellent prices for their homes.
Sellers were happy in the year of 2021, when prices went up significantly on their assets. Both median and average home prices went up significantly, over 20% increases compared to the previous year. This was a result of strong buyer demand from low interest rates and other factors, as well as historic low inventory, as can be observed from the numbers, the active listings dropping 40% compared to last year, when last year’s inventory was already well below average levels.
Buyers were less thrilled with the high prices they had to face, but given low interest rates for most of the year last year, they were still buying. But in December, buying slowed, as can be seen with the decrease in pending sales, which has been a trend in the past months since August (pending sales August 2021 were 360, September 330, October 309, November 261, and then December 155).
Though there is normally seasonal decline, the decline was stronger this year than last year, when in Dec 2020, the number of pending sales was 243.
While mortgage rates have increased, they are still attractive, and buyers are still looking. Do you have a property you are looking to sell? If so, now is a good time to take advantage of the mismatch in supply and demand. Send me an email to discuss or give me a call and we’ll talk about a game plan that works best for your unique situation.