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North County Real Estate Third Quarter Review 2016

by Courtesy of Pete Dakin

This is a snapshot of the North County Real Estate Market through the first three quarters of 2016.

In town residential single family home sales were even in volume with 2015 and prices rose 5% to an average sale price of $396,000.  Homes on an acre or more were also even in volume with 2015 and the average sale price of $653,000 reflected a similar 5% increase over the comparable 2015 period.  Homes for sale dropped 7% as inventory continues to shrink.

Million dollar home sales increased a bit over 2015 and average sale pricing actually increased 4% year over year.  Million dollar homes for sale increased 24% in 2016 over 2015.  This market has been selective and less robust throughout the recovery.  Demand has been consistent but supply is way ahead of absorption.

Vineyards and homes with vineyards are finally seeing some consistent action.  The water ordinance has stopped all Eastside planting.  Slowly growers and investors are realizing that the only way to be in the Grape Business is to buy existing vineyards.  Most grape varietals are firm in pricing which is an added bonus.  Buyers of Vineyards today are protected from an increase in supply by the ordinance.

Commercial properties are in the best position since 2008.  Vacancies still exist but there is a lot more actual user activity at this time.  Tourism is super strong and growing.   Apartments are in demand by tenants and investors.  Financing is still a challenge across the board.

Home prices may be entering a plateau phase.  There is an inverse relationship between interest rates and asset prices such as homes.  It seems that interest rates have found a bottom and in fact expectations seem to be in minor rate increases.  Residential rates seem to have stabilized.

North County has risen to the challenge of competing in a no growth economy.  Our city government works.  The wine industry has created an industry of scale that attracts high quality consistent tourism dollars.  Every weekend it seems we are Party Fresh.  Perhaps our greatest asset is the community spirit inherent in our citizens.  We have a healthy respect for our past and generous attention to our future.  Who has it better than we do?  Nobody!

How to Get Over an Expired Listing

by

Everyone says selling your home is one of life’s great emotional rollercoasters. From making the leap to moving day, the process is one of surprises, anticipation, and (hopefully) celebration.  But what happens if your home doesn’t sell?

If your home’s been on the market for the length of your contract with your real estate agent and it hasn’t sold, your home is on its way to becoming “an expired listing.” At this point you have to make a choice whether to continue with your agent, find a new agent, or delay your dreams and take your home off the market. Still, the sting of the experience lingers. How do you move on from an expired listing? Here are some tips to learn and even grow from the experience:

1. Admit it happened and acknowledge it’s not uncommon. It can be tough to tell people that your home didn’t sell. But you’re not alone. It happens often and it happens for a variety of reasons. Many factors influence this, but if you’re going to make your next move, you have to be open to learning what you can from the heartbreak.

 2. Look for lessons, but avoid blame. The number one reason homes don’t sell is a failure to price accurately. This isn’t your fault and it isn’t your agent’s fault… it’s a shared responsibility. Did you feel a price was one you “had to get”? Did your agent fail to present a compelling case for an accurate price? Were there other factors besides price you should consider as part of the whole package?

 3. Abandon worrying about what is beyond your control. If you’re selling in a buyer’s market, there’s nothing you can do about it. If the market crashes, or they discover pesticides in your neighborhood’s aquifer and values plummet, you aren’t responsible and shouldn’t feel the burden of guilt or anxiety. It’s not easy, but sort through what’s truly not your fault and try to distance yourself from those factors.

 4. Decide on what you can do next. Review your agent’s approach to selling and your comfort with the relationship. Was there enough communication? Do you feel the home was marketed to the standards of the market? Did you do all you could to make the house welcoming to buyers? Were there curb appeal issues you might want to resolve? Do you want to try again, or should you take a break?

 5. Act on next steps. Decide if you’d like to keep your agent or find a new one. If you move on, take your lessons with you, but don’t demonize the past. Accept, forgive, and get back to the dream!

 Please contact us at 805-238-1555 with any real estate questions!

 

 

Aging Gracefully

by CAR

Granny Pods and Next Gen homes are on the rise as Matures - those born before 1946 - are choosing to live out their Golden Years in their own homes and communities. Check out this infographic for more information!

 

Buyer Beware: 3 Home Buying Misconceptions

by Real Team 360

Iʼm here to save you pain, buyers. There are myths about the home shopping
experience that must be addressed. I like to make the home buying experience as
stress-free as possible, so please hear me out on these three big myths about home
buying:
Myth #1: “That house has been on the market so long I bet we can work the
seller down easily.”
Not necessarily. Exceptionally high days on market could mean almost anything. The
seller could be bullheaded about their price. The seller may not be particularly
motivated to sell for emotional or other personal reasons. Donʼt forget: A sales-weary
seller isnʼt likely to respond to your host of rational reasons why their house should be
a bargain.
Myth #2: “I want to look at foreclosed homes because theyʼre a real bargain and
the banks need to unload them.”
Banks, like entrenched sellers, donʼt always make decisions which seem rational
based on obvious information. You can have a hard time divining the reason a bank
chooses to reject an offer for a foreclosed or distressed property, and their decision
may be based on financials which seem counterintuitive. The truth is, many distressed
sales can be longer and more fraught than regular sales.
Myth #3: “I liked this house a lot, but with this market, I bet it will still be there if I
decide to buy it.”
Itʼs very, very painful to see a client love a home but fail to make a move to purchase
that home. If you fell in love with it, why wouldnʼt someone else? Just because a
property has been on the market a little while doesnʼt mean it will stay on the market.
The bonus myth in this one? Your “perfect” home is probably going to be a home with
some small compromises. If you donʼt make an offer on a home, youʼre effectively
saying, “Iʼm comfortable losing this home.”
My job as an agent is to represent your interests and do my best to protect you along
the way. If youʼre pursuing a home purchase in the near future, please get in touch.
There are many other ways I can lower your stress and help you find a great home:

Iʼm here to save you pain, buyers. There are myths about the home shoppingexperience that must be addressed. I like to make the home buying experience asstress-free as possible, so please hear me out on these three big myths about homebuying:

Myth #1: “That house has been on the market so long I bet we can work theseller down easily.”

Not necessarily. Exceptionally high days on market could mean almost anything. Theseller could be bullheaded about their price. The seller may not be particularlymotivated to sell for emotional or other personal reasons. Donʼt forget: A sales-wearyseller isnʼt likely to respond to your host of rational reasons why their house should bea bargain.

Myth #2: “I want to look at foreclosed homes because theyʼre a real bargain andthe banks need to unload them.”

Banks, like entrenched sellers, donʼt always make decisions which seem rationalbased on obvious information. You can have a hard time divining the reason a bankchooses to reject an offer for a foreclosed or distressed property, and their decisionmay be based on financials which seem counterintuitive. The truth is, many distressedsales can be longer and more fraught than regular sales.

Myth #3: “I liked this house a lot, but with this market, I bet it will still be there if Idecide to buy it.”

Itʼs very, very painful to see a client love a home but fail to make a move to purchasethat home. If you fell in love with it, why wouldnʼt someone else? Just because aproperty has been on the market a little while doesnʼt mean it will stay on the market.The bonus myth in this one? Your “perfect” home is probably going to be a home withsome small compromises. If you donʼt make an offer on a home, youʼre effectivelysaying, “Iʼm comfortable losing this home.”

Childproofing Your Home - Pay Attention to These Key Areas

by LEE WALLENDER


Source: Fix.com Blog

Displaying blog entries 1-5 of 5

Contact Information

Real Team 360
RE/MAX Parkside Real Estate - BRE #01421338
1213 Vine Street
Paso Robles CA 93446
Office: (805) 238-1555