According to the April Zillow Real Estate Market Reports, national home values rose 0.7 percent in April to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, and it makes April the second month in a row in which home values climbed up.
Great news for the national market. But what is happening here in Mammoth Lakes? Interestingly the data from the first quarter of this year is pretty consistent with what the numbers look like today. The numbers fluctuate daily but have remained fairly constant:
- Total active listings: 179 (exact number reported in March)
- Median price: $329,000 (exactly what was reported in March)
- Median days on market: 121 (down from 152 days in March)
Residential (single family homes):
- Total active listings: 73 (up from 58 in March)
- Median price: $700,000 (down from $775k in March)
- Median days on market: 110 (down from 147 days in March)
While the number of listings and median prices seem to be flat, the median days on market has decreased significantly overall. Is this a seasonal trend or have we hit bottom? Time will tell. The take away from the data for buyers, if you find something you love….have your finances in order and be prepared to make an offer. If you are thinking of selling, you might be able to sell a little quicker.
For past articles, visit www.SonjaBush.com
After 16 months of year-over-year declines, median home prices in California posted a gain, according to the California Association of Realtors.
The median price of a single-family home in California for March 2012 was a 1.6 percent increase compared to March 2011, and a 9.2 percent increase compared to February. The month-over-month increase was the largest since March 2004. As I mentioned in previous articles, the resort situation of Mammoth Lakes is unique but data does support sellers receiving a higher price for their property than this same time last year but it taking more time to get there (longer days on the market).
If you decide now is the time to sell, the first important action step is to bring in a qualified expert to help. Finding a good agent to guide you through the real estate transaction can make a huge difference.
Make your home stand out. You must highlight and promote what makes your home stand out. Make a list of the “Top 10 Things You Love About Your Home” and share these with your agent.
I have said it before but is bears repeating – be realistic about pricing. Let your agent guide you to the right pricing. Your home will sit on the market and, in many cases, not get any traffic if it’s not properly priced. A qualified agent researches the market and understands realistic pricing. The agent isn’t emotionally vested in the price and can help you compare your home to others that have sold or are currently on the market so that you can see how your home should be properly priced.
If the home is priced right, you will see offers come in and you must be ready to take action.
On average, serious buyers look at 15 homes before making an offer. This gives them an idea of the market and competitive pricing. If you overprice your property you will usually lose those serious buyers—even buyers who love the home—because those buyers often assume that a reasonable offer on an overpriced home will not be accepted.
When pricing your home, consider this:
- A high price on your property makes other comparable properties more attractive—and helps sell the competition
- Overpricing means fewer buyers, showings and offers
- Inflated prices often lead to mortgage rejections and critical time loss waiting for financing approvals
- Homes that sit on the market for long periods of time lose interest and are shown less
Know what comparable homes are selling for….actual SOLD prices are much more helpful than listing prices.