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More Sellers Jump Into Favorable Market
More sellers are ready to put their homes on the market for the awaiting buyers. They are getting top dollar! If you have been thinking of selling, give me a call for a FREE Comparative Market Analysis and let's begin the process! Laura Key 310.866.8422
Inventories of for-sale homes are increasing as more owners see rising home prices and faster sales as a reason to try to sell now, according to industry reports.
In April, the number of listings was higher than the level of homes that were under contract in that month, according to a study by the real estate brokerage ZipRealty, which measured listings in 24 major metro markets.
“It’s less of an indication of buyer momentum flagging and more of seller momentum picking up, finally,” says Lanny Baker, the company’s chief executive.
The reports find that homes are selling faster—on average, within 32 days of being listed. In April 2012, that average stood at 48 days for homes to sell.
“A market in which the sale prices are happening very close to the list prices, a market in which the list prices seem to be moving sequentially higher, and a market in which any of those houses are selling speedily is one that is bringing sellers back,” Baker says. “That makes it feel to a seller that this isn’t going to be a long passive despair that I tried three years ago.”
Source: “Why More Sellers Could Test the Market,” The Wall Street Journal (June 10, 2013)
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Why Do You Need An Agent When Buying A Home?
My immediate response to that question is "Why wouldn't you?" For one thing, many people don't know that a buyer doesn't pay an agent; the seller does, so the services of a real estate agent are essentially free to the buyer. Also, a buyer's agent has access to historical price data for home sales in the area, which means he can recommend a bidding strategy based on real market data. Even though a lot of this kind of information is now available online, agents are much better able to analyze and interpret the data.
Many buyers will contact the agent listed with the property or walk into an open house thinking the listing agent will be working in their favor. But the seller's agent is contractually obligated to act in the seller's favor and get as close to the asking price as possible. They are not working for you.
Then there is the process of actually making an offer and handling all the details of a purchase contract. Aside from the fact that an agent is probably better at negotiating an offer than you are, there's a lot more involved than just making an offer.
There are many questions that a buyer just wouldn't ordinarily think to ask - things that could affect the outcome of the transaction. What should be included or excluded? How much time should be allocated to inspections, financing and closing? Are there any other conditions that could affect the sale?
Buying a home is a legal transaction for a great deal of money involving a whole host of local and federal laws and regulations. You will be much better off having someone in your corner who deals with these things every day.
I'd be more than happy to discuss this further or answer any questions you may have about real estate. Just give me a call.
Buying a Home is not like buying a pair of shoes or a car! You will have to season your investment for at least 5-7 years in a good market to obtain your reward. You need an expert to help you obtain your Real Estate goals. Call Laura Key today to start your journey and reach your goals! 310.866.8422 or email her at Laura.A.Key@gmail.com
Top 10 Legal Mistakes Homebuyer Make
Top 10 Legal Mistakes Homebuyer Make
- Not realizing that if you don't write a strong offer to purchase, the seller may reject or not respond to your offer.
- Not realizing that if you don't write a strong offer to purchase, you may lose the property to another more highly motivated buyer.
- Not realizing that, without a confidentiality agreement, a seller need not treat your offer as confidential.
- Not understanding when a contract becomes legally binding.
- Entering into an agreemetn before checking title records, liens, and other thigns to ascertain whether the seller will be able to close escrow as scheduled.
- Not understanding the legal implications of loan and inspection contingencies, and other contractual provisions.
- Not obtaining a seller's disclosure.
- Not conducting your own inspections and investigations as the buyer.
- Not fully considering the legal, tax, credit and other ramifications of homeownership, especially co-ownership.
- Not properly handling a claim for property defects discovered after close of escrow.
Source: C.A.R. Legal Department (California Association of Realtors)
A good buyers agent will help guide you through this list and help you understand each and every one of them. Contact Laura Key for more info: 310.866.8422 or Laura.A.Key@gmail.com