What You Need to Know about Real Estate in Porter Ranch this March

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (818) 993-1300 for a FREE home buying or selling consultation to answer any of your real estate questions.

What You Need to Know about Real Estate in Porter Ranch this March

The market here in Porter Ranch and the San Fernando Valley has seen tremendous growth in the past few years. However, these gains that we've seen in the past are starting to soften up a bit and lead us into more of a lukewarm market. There are a few different reasons why this is happening and I'm going to share them with you.

Why the Market is Softening Up

• Inventory has nearly doubled: Buyers have a lot more options when it comes to purchasing homes, so now their choices really come down to price and condition.

• Even though inventory has doubled, it is still very low, and even by doubling what was available in December and January, we are still experiencing a shortage in homes.

• Demand is high and interest is very low: Multiple offers are becoming common in this market as it caters heavily to sellers.

• However, homes are very price sensitive right now. This is because of the flood of new inventory. With all the extra homes on the market, these properties have to compete with each other for the best price in comparison to their real value.

• This gives buyers a bit more leverage in a market that otherwise favors sellers, because buyers can gauge a good price relative to other available properties.

Hopefully this explanation has been helpful to you. If you have any questions about this analysis or any concerns relating to buying and selling property in Porter Ranch, please contact me. You can call me at (818) 720-9922 or email me at Scott@ScottWorks4u.com

Making an Offer: Are You a Contingent or Non-Contingent Buyer?

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (818) 993-1300 for a FREE home buying or selling consultation to answer any of your real estate questions.

Making an Offer: Are You a Contingent or Non-Contingent Buyer?

Today I wanted to speak with you about the ways to go about and things to avoid when making an offer on another home before your house has sold. I am starting to see the question come up a lot of a variety of different reasons. For people who are selling their home and are looking to either downsize or move up, it can be very difficult to write an offer for home when theirs has yet to sell unless they are truly non-contingent. If you have to sell a home, put yourself in the shoes of the seller who’s trying the sell their home; if that seller has more than one offer and they don’t have a contingency, which one would you choose?

That being said, there are ways to go about doing this but it really requires placing your home on the market. There contingencies that can be in place so that you’re protected and don’t end up on the streets if you can’t find a home. In the event that you couldn’t find a home in 60-90 days, you would have the ability to back out at no cost to you. Once your house has sold and the buyer has completed the physical inspection and appraisal of your home, you have just completed two of the biggest hurdles sellers face when selling their home.

Finally, now that we’re in a market that has seen 35-40% gains since the beginning of 2012, you’ve seen a lot of buyers that have been “priced out.” As a result, the buyers who are out purchasing homes for whatever reasons have contingencies in place. This means you’re not alone! It is becoming commonplace to see people who are selling homes have contingencies that need to be listed in order to purchase a property. This could cause potential problems for you! However once your home hits the market, you will find the buyer pool.

If you have any real estate questions, we are here to answer them! Give us a call at (818) 720-9922. Thanks and have a great day!

Knowing Your Competition: How to Set Realistic Expectations When Selling Your Home

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (818) 993-1300 for a FREE home buying or selling consultation to answer any of your real estate questions.

Last time we spoke about the importance of pricing your home accurately and one of the steps in doing that, which will be today’s subject, is making sure you the competition that you’re facing. Obviously you will be able to see the comparable homes that have recently sold in your neighborhood in our pre-listing package, but it’s also super important that you know your competition while you’re on the market.

I encourage sellers to go and check out their competition; not only is it important to know your neighbor’s price tag, but also being aware of updates to the kitchen or exterior of the home could be useful knowledge in the sale of your home. If their home has brand new cabinets and granite counter-tops and your home has 25 year old cabinets, you may want to consider upgrading your kitchen or pricing your home accordingly.

Sellers are often advised to view the home through the buyer’s eyes, not their own. There is no better opportunity to do this than going to other houses and critically identifying its drawbacks and assets in comparison to your home. Analyzing the square footage and condition will allow you to accurately price your home. Also, if your roof needs to be replaced or your lawn could use flowers to liven it up, this all adds curb appeal to your home.

Seeing comparable properties allows you to be more realistic as seller about pricing your home. It is critical to understand as a seller that it’s the market that sets the price for a home, not the agent and not the client! If your home is overpriced, it will make the other homes look more attractive causing them to sell faster than yours.

As for deciding what needs to be done to spruce up your house before listing as opposed to major renovations, improvements to bathrooms and kitchens tend to add the most value to your home. Other improvements may help sell your home, but not add any additional value.

If you have any real estate needs don’t hesitate to call us at (818) 720-9922. We are here 24/7 for you!

Thanks and have a great day.