February 2017 Market Report

Here’s a conversation that real estate professionals have on a regular basis:


“How’s the market?”

“Great question, my friend! I hear it all the time. All I can say is that it depends.

“Way to skirt the subject. Seriously, you call yourself an expert? Come on…give me something real. What does it depend on?”

“It depends on whether you are buying or selling! Tell me a little more about your current needs?”


And the chat progresses from there into rhetoric about how it’s a crazy seller’s market. Homes are getting multiple offers the minute they hit the market and selling for over asking price! Buyers have little to nothing from which to choose and a settling for far less home and paying a whole lot more for it to boot.

Sounds awful, right? It depends. Are you buying or selling? 

A seller’s market is defined as an economic situation in which goods are scarce and sellers can keep prices high. So, if you are planning to sell a house, the market is great! If you are buying, it’s a jungle out there.

In my experience, buyers are literally stacking up and having a really tough go at finding homes that meet their needs at an affordable price. There is only one way to remedy this situation and that is to inundate the market with more homes for sale! This can be accomplished in two basic ways. Sell more existing homes and build more new homes.

If you or anyone you know has had even the slightest thought of selling, now is a fantastic time to invite me over to help you find out what your home may be worth. With inventory at historic lows across the state, homes are getting top dollar in next to no time on the market. I would be so happy to help you cash out of an investment property or even sell your starter home to trade up before prices get even higher!

If you are planning to buy, now more than ever you need the advice of a seasoned real estate professional to help you put forth your best offer. Now is not the time to lowball a seller. Most offers under asking price are being flat out rejected because sellers know that multiple more offers will not be far behind. Now is the time to show all your cards and make your strongest offers up front. Your agent can help you with that strategy and negotiate on your behalf to increase the chances you’ll come out a winner.

Take a look at my most recent market report and contact me right away of you have any questions about buying or would simply like an estimate of how much you can profit from the sale of your house.

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Cheers!

Erica

Day 79: Rall with the Punches

The client who I wrote about yesterday is still eagerly waiting on an offer to be accepted. In the meantime, let’s look at one of the other houses he looked at and, on which, he was unfortunately outbid.

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“Three bedroom home in Clovis – This home features: a living room, dining area off of the kitchen, two car attached garage, dual pane windows, air conditioning and heating, newly installed carpet, laminate, & aggregate flooring, gas stove, covered patio and nice size back yard. The home is in close proximity to Tarpey Elementary School, shopping (Walmart Supercenter, D&D discounts, Walgreens, Costco and Sierra Vista Mall), public transportation, and Freeway 168 (Sierra Freeway). Call today to schedule your private showing.”

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This charming Clovis house was listed for $175,000 and sold significantly over asking price within 7 days on the market! Houses in this price range are moving insanely fast and for impressive offer prices.

If you are even considering selling your home, now is the time to list. So many people think it’s better to wait until spring, but what happens is that EVERYONE lists in the spring! Single family home inventory is at historic lows right now which means any reasonable listing will sell with little to no effort. If you wait even another 2 months, you will have considerably more competition as the spring sellers start to move and shake. Wouldn’t it be great to be the only house for sale within a 1/2 mile radius?? Everyone wanting to move into your neighborhood will be fighting over your house.

The time is now my friends. Call me now to find out how much your home is worth and let’s get it done!

Cheers!

Erica

Day 78: Ahhhh…A Fresh New Year!

 

I’m starting out this new year…2017…with a renewed dedication to my life, my family, my work, and my blog. My personal storyboard has been centered around a set of “facts” about myself that I intend to challenge. This narrative that has become the story of me must defend itself much the same way a PhD candidate must defend her dissertation before a group of experts and critics. If arguments in favor of continuing on the same road are weak, out they go! A central piece of me that has already come under fire is the notion that I am not a morning person. Ever since I can remember, I have been the type to stay up late and grudgingly get out of bed at the last possible second in the morning. So what did I go and do? I signed up for a daily 5am motivational conference call, lol. I’m either turning a new leaf or insane. Time will tell.

I have been a busy little bee working with future buyers. So many wonderful people have come into my life since I ventured into the real estate business! I recently started working with a young man who is planning to buy his first home. His goal is to buy a property now for him to live in for a year or two and then turn it into a rental property and start building a real estate investment portfolio. I love seeing young people so motivated to take control of their finances this way! Very refreshing indeed.

Here is a sneak peek of one of the houses we have looked at to get him started in the world of real estate investing!

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“Great Opportunity to own a home in Clovis! Enjoy this clean, well cared for home on a spacious corner lot. 3 bedrooms and 2 bathrooms, and a good sized living area. French slider out to the generous backyard with concrete patio, large grassy area, 7 fruit trees and a fenced area for pets or a garden. Call today to see for yourself.”

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This is an adorable house in Clovis that is so perfect for a first time buyer. I have all my fingers and toes crossed that my lovely client gets to call this house his home in a few weeks!

Cheers!

Erica

November 2016 Market Report

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November was a doozy of a month! From an election that’ll go down in history, to the stock market getting a little boost, to the fed finally pulling the trigger on rate increases, the state of home buying and selling has become a bit unpredictable…unless you have expert info at your fingertips!

Take, for example, increases to interest rates. This is scary, no? Sure, no one wants to buy when rates are high and rate increases mean rates are now high, right? NOPE! Here’s a little history lesson to put things in perspective.

Rates started being tracked by the government in 1971 and the average mortgage interest rate for that year was 7.5%. Rates hovered around there for a decade or so, but thanks to the mid-70’s oil crisis and other economic factors, inflation went NUTS in the early 80’s. In a mad dash to minimize the damage, the fed went crazy and jacked rates up higher than we have ever seen in history. This led to mortgage rates as high as 18% (and higher in Canada) during the entire decade of the 8o’s!

When the decade turned, rates were much more manageable at around 10%, so people got pretty comfortable again. The market bounced back, credit was getting cheap, and those baby boomers who survived the financial misery of the previous few years, found themselves ready to buy buy buy again. And buy they did. The next 15 years BOOMED! I mean really boomed. Thanks to rising wages, falling unemployment, and cheap rates everyone and their uncle could suddenly afford to buy houses, cars, fancy toys, vacations, etc. The 90’s saw interest rates of around 7.5%-9%. Darn cheap, comparatively speaking.

Then the bankers went and got too greedy. Remember that fuzzy term “mortgage back securities”? Well, I’m not going into that here, but just know that it stood for greedy investment bankers ruining it for everybody. The next thing we know…wham bam, thank you ma’am…another recession. THE GREAT RECESSION! Housing values plummeted, huge corporate entities failed, got bailed out, failed, got bailed out, failed again. People who refinanced their homes to pay off all those cars, vacations, and toys that were so easy to buy due to cheap credit suddenly found themselves underwater on their mortgages and totally insolvent. Foreclosures happened. Bankruptcies happened. Jobs started disappearing as business folded. Unemployment was sky high with no view of the ground floor.

The fed had NO CHOICE! No choice, I tell you. They dropped rates so low, so fast, lenders may as well have been paying dividends on credit instead of receiving interest. The exact opposite of the action taken in the 80’s. This was imperative in order to stimulate the economy and get things back on track for healing the nation. And there you have it. Credit was basically free as the millennials came of age. An entire generation has never even seen mortgage rates over 3.5%, but that is not normal, people. NOT NORMAL!

So, you tell me? Is 4.175% really too high for a 30 year fixed mortgage??? I think not.

It’s still a great time to buy and an even better time to sell. Don’t even think twice about it. No one is being gouged by rates at the moment, I promise.

Cheers, my friends.

Erica

 

Day 77: It closed!

I’m so excited! And I just can’t hide it. I’m about to lose control and I think I like it!

I closed my first deal! Woo hoo!! I have to tell you, it feels good. I have a long way to go and my head is still firmly out of the clouds, but I think I may be able to do this job yet.

Honestly, aside from being a huge boost to my ego, the best part of this success is knowing that I was able to help a lovely person get into a new house before the holidays. It seriously warms my heart in a big way.

Here are a few pictures of the house for your viewing pleasure.

 

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Thanks for following me on this journey!

Cheers,

Erica

Day 76: Little pink houses for you and me

A few days ago I shared with you some tips for improving curb appeal in preparation to list your home for sale. It is so important to put careful thought and attention to details before letting your house go on the market! The last thing you want is for the photographer or your agent to show up with a camera and your house is nowhere near picture ready. Remember, the images buyers and agents see on your listing are your home’s first impression and you want it to be a good one or no one will come to see it in person. So, in addition to curb appeal, it is super critical to also get the inside of your house ready to sell!

 

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Day 75: A home for the holidays

I had the good fortune to show a few houses to an awesome couple. They need to buy right away because their current home is in escrow and will close before the end of the year. Yikes! Talk about a crazy time to risk being displaced! I showed them a few homes, including the one you’ll see below. But before I go into that, I wanted to take a minute to highlight a few reasons why now…holiday season…is actually a GREAT time to list your house for sale!

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Think it over and then call me to schedule a time for me to come out to your house and prepare a personalized home valuation. I can show you just how profitable it would be for you to sell now versus waiting until after the holidays.

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2552 E Pryor Dr, Fresno, CA 93720

“Spacious 4 bedroom 3 bath with a loft in the desirable Clovis North School District. Featuring an entertainers kitchen with upgraded recessed lighting. This home has an inviting living room and dining room combo plus a cozy family room with built-ins and fireplace. Upstairs boast an open loft area. Topped off with a large three car garage, nice lawn, and covered patio with an easy-care backyard.”

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This house is a lovely home is NE Fresno near Summerville and Perrin. It has very clean and modern features, fresh paint, a spacious kitchen, and a nicely landscaped backyard. The upstairs loft gives a little extra living space, which my clients needed for a home gym. Perfect!

Features:

  • 4 bedrooms
  • 3 bathrooms
  • 2,720 sq ft
  • 6,480 sq ft lot
  • 2 story with loft
  • $369,000

There was really very little about this house that they did not like. I sure hope it works out for them. We ended the day narrowing their choice down to two out of five and this was one of them. I will know in a few days if they decide to make an offer. If they don’t, I would LOVE to find another family to fill these walls. Schedule a showing with me today and there is still enough time to make this your new home for the holidays.

Cheers!

Erica

 

 

 

Day 74: Eyes wide open

Today’s house is a three bedroom, two bathroom, 1808 sq ft home located in NE Fresno near Alluvial & Millbrook. It is FHA ready and is a remodel-flip by an agent. My first impression of the place was that it’s a pretty decent remodel. The kitchen has new granite counters and wood laminate flooring and there is new carpet throughout. These are things that many buyers get woo’d by because they make the house look pretty and modern. So, kuddos to this flipper on getting that right!

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“FHA Ready! Centrally Located 3/2 home with all new travertine flooring, new laminate wood in kitchen area, and plush new carpet. You will fall in-love with the custom two-tone paint, upgraded fixtures, stainless appliances, and stunning new granite counter-tops”

Features

  • 3 bedrooms
  • 2 bathrooms
  • Granite kitchen counters
  • Wood laminate, tile, and new carpet floors
  • 1,808 sq ft
  • 7,820 sq ft lot
  • $279,000

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Upon further inspection, I got the feeling that maybe a few shortcuts were taken to get the house sale ready. The dining room and living room still had popcorn ceilings, the bathrooms had new floors but all cabinets and fixtures were original, and the backyard was completely neglected. These things probably wouldn’t be deal breakers for many buyers, but if a house is going to be overhauled for a flip, my opinion is that a little more attention to detail would go a long way. These shortcuts on cosmetic items make me wonder if other, more critical, shortcuts were also taken.

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This house did sell right after I saw it. That is great! It’s wonderful to get a family into a new home, especially when it has had such recent updates. My own takeaway is that I will do a lot of digging into details when it comes to flip homes BEFORE showing them to clients. It’s fine if someone wants to buy a home that has only been partially redone, which is what I hope for the buyers of this house. That said, it is very important to go into the largest purchase of your life with eyes wide open and it’s my job to be sure that’s what my clients do at every house we see. Don’t let the pretty new granite counter tops deter you from realizing that the rest of the house is only marginally updated. Smart shoppers make happy homeowners!

I will update if this one goes back on the market for any reason in case anyone wants to check it out in person.

Take care my friends!

Erica

 

Day 73: Houston, we have a winner!

Today’s tour is a house located near Cedar & Nees. It’s an adorable Mansionette in a lovely and quiet neighborhood where pride of ownership is very much alive and thriving! This home has only had ONE owner since it was built in 1987. At just under 2,600 sq ft, this single story home feels amazingly spacious. It is situated on an expansive 10k sq ft lot, which is very impressive given its location in the middle of the city. The love and care that this house has known over the last three decades is abundantly clear. Although it has not been updated from the original design, the bones and layout of this home are just perfect. With a little TLC and DIY (or a good contractor) it can easily rival the aesthetics found in newer homes with all of the quality and charm of older construction.houston-collage1

“Very Nice Mansionette in great neighborhood! This is a 1 owner home has been well maintained and cared for over the years. Incredible storage, extra cabinets built in by owner throughout the house. Very Spacious home with over 2500 sq ft of living space – 4 BR, 3 BA , with living room, dining room, and family room, all very large. Fresh paint throughout the home, large covered patio, well landscaped yard with automatic sprinklers. Extra storage shed and oversized garage. All this and CLOVIS SCHOOLS! This is a very desirable area!”

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Main Features

  • 4 bedrooms
  • 3 bathrooms
  • 2,594 sq ft
  • 10,010 sq ft lot
  • Clovis schools
  • Wathen Mansionette
  • $374,900

This could be your next home! If you want a private tour and more information, call, text, or email me anytime!

Thanks friends!

Erica

Day 41, 42, 43,…70! (part 2)

So, here’s a thing…I have three houses in escrow right now. Whaaaaat?!

Yeah, baby! It’s going to be a crazy few weeks getting everything to close, but I’m totally up to the challenge and man will it be worth it! If all goes well, I will be able to breathe and enjoy the holidays before the insanity of the new year hits.

I’m learning so much. I’ve flubbed a few things, but nothing major or irreversible. I’m gaining critical experience with each and every conversation and soaking up as much knowledge as possible from all the amazing people around me. And most importantly, I’m building relationships and nurturing prospects with so many amazing people! This is a wild ride, my friends. A wild ride, indeed.

Now, back to our regularly scheduled programming. Catch up time!!! Here are a few more houses that I’ve seen in the last couple of weeks.

 

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Day 56: Bremer Ave
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Day 57: Ellery Way
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Day 58: Patterson Ave

 

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Day 59: Grant Ave
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Day 60: W. Herndon #129
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Day 61: Vartikian Ave

 

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Day 62: Nees #164
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Day 63: Nees #162
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Day 64: Villa #9