Information for Simi Valley Home Sellers

Simi Valley September 2011 Home Sales Volume at 2008 Levels

October 10, 2011 By Ted Mackel Leave a Comment

Do Simi Valley September Homes Sales show another false positive for the real estate market? In 2009 and 2010 September sales volume for single family detached homes tailed off after a 2008 rebound over a record low in 2007. Fast forward to today and low interest rates are enticing investors and home buyers to enter the market, however pricing is still flat. The market for homes below $400,00 is still leading the way with 53% of the sales for the month. 57% of those sales are dominated by Short Sales and Bank Owned homes. 25% of all the Simi Valley SFD homes sold were snapped up by all cash buyers and 40% with conventional financing. This high percentage of Cash and Conventional buyers shows that low interest rates combined with attractive pricing is bringing savvy real estate buyers to the table.

Pricing is in a low trough at this point and has remained in this trend for most of 2011. The mid to high $200k price point has solidified a low for Simi Valley Single Family Detached Housing and only dips below this range if the properties have significant damage. A recent article from CoreLogic^® (NYSE: CLGX) stated:

“Even with low interest rates, demand for houses remains muted. Home sales are down in September and the inventory of homes for sale remains elevated. Home prices are adjusting to correct for the supply-demand imbalance and we expect declines to continue through the winter. Distressed sales remain a significant share of homes that do sell and are driving home prices overall,” said Mark Fleming, chief economist for CoreLogic.“

What does this mean for housing above the $500k price point? Those homes have trended selling at 8%-10% below the original list price showing the the market absorption rate for these houses is still dictated by buyer mood. The homes between $400k to $500k experience on average only a 3%-4% drop in price from List to Sell.

We can take away the following five points

Low interest rates are bringing buyers out.
Buyers refuse to bid up pricing and remain patient.
Homes in well maintained condition are seeing short market times when price matches buyer sentiment.
Investors are out accumulating rental property.
Distressed property still make up over 50% of the inventory.

Filed Under: Market Updates Tagged With: Bank Owned, Buyers, homes, homes sales, investors, real estate, Sellers, Short Sale, Simi Valley

Video Marketing – The most neglected tool in the Real Estate Industry.

October 10, 2011 By Ted Mackel Leave a Comment

A recent report on Mashable.com on how the real estate industry is using social media reported that only 12% of Real Estate Agents have a Youtube Channel.

Going back to 2008 there was big push from the industry for Agents to purchase Flip camera; over that time Kodak has entered the Market with shirt pocket sized cameras and the emergence of the iPhone and it’s influence over video on smart phones has really made many wonder why the Real Estate Industry is so slow to adopting a Video Marketing Plan. I have been consistently been using Video in my Real Estate business since 2007, in 2003 I had a goal to video all my listing and host them online, but prior to Youtube, bandwidth and hosting was a problem, let alone people at home with computers and connections fast enough to deal with online video then.

Fast forward to today and the neglect is astonishing. The iPad and android devices have people looking for more intense visual experiences, The maturation of Youtube over the last few years has made Youtube a viable means to distribute content for a Real Estate Agent if done correctly. So why only 12%?

There is a learning curve – editing and basic equipment usage really can make a difference in the outcome of the final production quality of video. Many simply refuse to learn some new skills.

Low Self-Esteem – Yes the same people who put their name and image on everything they hand out are worried about how they will look and sound on video.

Too much work – It is simple enough to get a couple dozen photos, make a slide show and call it quits.

Most research shows that home buyers respond highly to online property information with multiple pictures. The research also shows that buyers want to see more pictures. This is where real estate Video can dovetail and provide a marketing edge over listing that only provide photos.

Video can highlight and explain special features of a seller property better than photos.
Video can show off the the nieghborhood and surrounding homes where photos cannot.
Video can educate potential buyers on the schools, shopping and parks in the community, where photos cannot.
Video on Youtube and other similar sites is very compatible with mobile playback and provides that extra edge in marketing that a slide show or still photos cannot.

So the question remains … Why would a home seller hire agents that don’t provide video home tours?

To see my Youtube Channel http://www.youtube.com/tedmackel

Filed Under: Sellers Tagged With: home tour, marketing, Sellers, Simi Valley, video

The importance of a lockbox when selling your Simi Valley home

July 15, 2011 By Ted Mackel 3 Comments

(Updated 7/15/11) The internet has changed the way Realtors do business and has changed the way buyers shop for homes. Additionally, technology is changing our daily routines and work habits. Buyers have limited time to look at homes for sale so they spend most of their time conducting online search for Simi Valley Homes sifting through listings before calling a Realtor.

Buyers also have busy lives, so when it comes time to look at homes, they want to go out and look at homes on their time schedule, not the seller’s.

As an active Simi Valley real estate agent showing buyers homes, I generate a showing list based on my clients needs. Usually there are 8-9 homes on the list that closely match (my client’s wants) and that list is sorted starting as follows:

Vacant listings,
Listings to call, leave a message and go direct,
Call and make special arrangements (put away pets etc.)
Appointment needed with the agent, the owner or both.
Homes that are only available at certain times or days.

Nine times out of ten times my clients will sort the list the same way if I give them the stack of paper; they want to know which houses are the easiest to see. The reasoning behind this is that the homes on our list already fit their criteria and second that they can see as many homes possible as their time is valuable.

Clients also prefer to see a home without the seller present. Even though a seller can be helpful in explaining things they have done to the property, home buyers like to comment about features or non features of the house and would like to do so freely.

Usually the homes (listings) that fit the first 3 scenarios above, all have lock computerized boxes. If you have your home listed for sale and fall into the 4^th or 5^th scenario and wonder why you are not getting many showings, wonder no more. I’ve shown thousands of homes in my career and EASE OF SHOWING rules the day. If your house is priced with the competition in mind and you are not getting decent showing traffic; ask yourself which of the 5 choices you have given your prospective buyers and their Realtor.

Last here is an example of a day showing properties to buyers. Last weekend my buyers wanted to see as many homes as possible. There were 39 active Simi Valley homes for sale that met their criteria. 3 homes in particular said we could only come after 3:00 and each home was located far apart. One Simi Valley home was in Wood Ranch, one in Simi Valley’s Big Sky and one in Simi Valley’s Auburn Hills by the Metrolink station. Because we started out showings in Wood Ranch, guess which home got kicked of the list? My buyers wrote and offer on a home on the east end of town. You are the seller, consider if you want to be an obstructionist or want to be inviting?

A blog post will follow soon “Lockboxes Part II” and I will go into depth on the power of the Supra iBox vs the old style combo box.

What’s my Home Worth

**This post was originally written April 27, 2008 and has been updated.

Filed Under: Sellers Tagged With: agent, buuyers, homes for sale, listing, lockbox, real estate, Sellers, showing, Simi Valley

June 2010 Home Sales Report for Simi Valley Detached Homes

July 12, 2010 By Ted Mackel 1 Comment

Looking at the numbers for June 2010, Simi Valley home sales look promising. Once you look past the surface of the reported numbers, some concerns become apparent. The federal tax credit set up to entice first-time home buyers with $8000 and move up buyers with $6500, was conditioned that those buyers needed to have a home under contract by April 30th and close the escrow and no later than June 30, 2010.

These tax deadlines usually are trigger points to stimulate the market. However, if you look at the Simi Valley Home Sales charts that are posted below you can see that the sales volume over the course of the last four years has really not changed much. In fact an increase of only six additional Simi Valley homes sold between June 2009 and June 2010,which shows that the tax incentive really was no incentive at all for Simi Valley Home Buyers. My industry and the newspapers rushed to claim victory that the market is now recovering, but the sobering truth is that 2010 will most likely be named the year of the Short Sale.

So what does this mean if you are a potential home seller in Simi Valley or potential home buyer in Simi Valley?

For home sellers, you fit in one of several categories.

A change in employment, whether this means a move/relocation, layoff or decrease in salary, this could force you in the position to have to sell your home.
A move-up. Things are going okay in your life and you would like to buy a larger home. If this is the case, even though the sale of your home may not fetch the price you believe you deserve, the bigger homes you are looking at purchasing have probably suffered similar or larger decreases in value and will help you to move up.
A move sideways. You’ve really like to have a pool but don’t want to go to the expense of having one installed in the home you already own. If this is the case, the cost to build your own pool could be much more than finding a similar home that already has a pool in it.
Sellers that plan to be in Simi Valley for a long time and don’t have circumstances that really need to prompt a move at this time. Sit tight and enjoy your life, what happens over the course of next couple years will be more important those who have to sell at this time.

For home buyers here are a few concerns to consider.

Making offers on short sale properties. The key to successful short sale purchase involves a few factors. First, as a buyer understanding that the value of the property is critically tied to what the sellers Lender’s a appraisal values come in at. Ultimately in a short sale, the seller’s Lender will approve or disapprove the sale of the home, based on how much money they will receive if they agree to take less than what is owed. The seller’s Lender will rely heavily on the current market value of the house supported by several appraisals and (BPOs) broker price opinions. Finding deep discounts on these properties are very, very difficult. Anyone who gives you the Cal Worthington and his dog Spot routine should be avoided. Second, the listing agent handling the short sale may not have the skill set to handle this complex transaction. Properties are listed far below market value, and/or have a listing agent does not equipped to deal with the complexities of the requests by the seller’s Lender, will only tie you up in a long-drawn-out escrow with little chance of success.
Making offers on bank owned properties. Most of the banks who’ve taken the time to foreclose and then list their properties on the open market through the multiple listing service are looking to get current market value on these properties. Much like short sale lenders they have had several appraisals and several broker price opinions done on these properties they have a very good understanding as to the surrounding values compared to their property.

The bottom line is that interest rates are very favorable for those looking to purchase. and affordability is at it’s highest levels in 40 years. Appraisal value is tied very strongly to the final sales value of most homes and finally we still have a long way to go until the large volume of distressed properties are cycled through the market and lessen the impact on those home sellers who have equity in their homes.

The next time you see a lot of hype and cheer-leading over the Southern California real estate market, make sure to check in here at HomeBuysBlog.com, scroll down the right-hand column and look for the categories and under market updates you’ll be able to look at the charts and tables to see what the average sales volume and average sales prices for Simi Valley.

Search for Homes in Simi Valley California

Thanks for reading Simi Valley’s Premiere Real Estate Blog!

Author – Ted Mackel Simi Valley Real Estate Agent – Keller Williams Realty

Ted Mackel is a top producer at Keller Williams Realty Simi Valley,

specializing in Simi Valley Real Estate

(805) 432-7705

Filed Under: Market Updates Tagged With: appraisals, BPO, Broker Price Opinion, Buyers, Home Sales, real estate, REO, Sellers, Short Sale, Simi Valley, southern california

4 Reasons the Holidays are a good time to Sell your Simi Valley Home

December 9, 2009 By Ted Mackel 2 Comments

Should you sell your Simi Valley home during the holidays?

There are several positions on whether home Sellers should consider selling their homes or if their home is already listed, continue trying to sell their home throughout the holiday season.

The annual real estate agent hibernation generally starts the week after Halloween and carries on until Super Bowl Sunday. Many brokers and office managers can confirm the decrease of real estate agent activity during this time. I believe this to be a defeatist approach by the agents that simply pull back activity during November, December and January.

The 4 reasons why I believe the Holidays are a good time to Sell your Simi Valley Home are:

Many people improve and finish home projects have been they have been procrastinating on now that relatives and friends are coming to visit for Thanksgiving and Christmas.
The festive decorations of the fall and winter can make a home look warm and inviting.
The wonderful aromas of holiday cooking can make your home even more attractive.
Buyers at this time tend to be more serious.

Really thinking about how attractive your home will be as decorated for the holidays and how good it will smell is easy-to-understand. But, consider the buyers who are out of this time looking at homes instead of shopping and partaking in holiday cheer.

This time of year, buyers searching for Simi Valley homes may be taking advantage of the slow work environment to purchase a home or a possible relocation prior to the new year. With all the holiday activities parties and shopping, anyone out looking for a home during the holidays tend to be a more serious buyer.

So if you’re considering putting your Simi Valley home on the market the holiday season, this could be a great opportunity as other homeowners wait till the new year to list their homes and some competing sellers take their home off the market till the new year. This creates lower inventory and less competition for your home among the more serious buyer pool. Go ahead get out your decorations, cooked those great holiday treats and enjoy your festivities because maybe your prospective buyer will too.

Thanks for reading Simi Valley’s Premiere Real Estate Blog!
Author – Ted Mackel Simi Valley Real Estate Agent – Keller Williams Realty
Ted Mackel is a top producer at Keller Williams Realty Simi Valley,
specializing in Simi Valley Real Estate
(805) 432-7705

Filed Under: Sellers Tagged With: Buyers, Holidays, home, Sellers, Simi Valley

Video Blog: Home Improvement Store impacts the Sale of Your Simi Valley Home – Real Estate

August 20, 2008 By Ted Mackel 1 Comment

Video Blog: Home Improvement Store impacts the Sale of Your Simi Valley Home – Real Estate

Home Improvement Store impacts the Sale of Your Home

Buyers are more knowledgeable about replacement costs. Time to think hard about how your home shows before you put it onthe market or set a price.

Trulia TRULIA Snapshot – Great new home research tools for Buyers & Sellers!

August 17, 2008 By Ted Mackel Leave a Comment

I need to Apologize. I wrote this back in the end of May and it got lost in my drafts folder.

Trulia rolled out their new SNAPSHOT web tool for home searches. I am happy to announce that my listings are all loaded on Trulia and they are all showing on Trulia’s new snapshot system. This very clean high quality search system is overlaid on a map and lets consumers research the homes for sale in the area.

Combined with Trulia Voices potential buyers and sellers can ask questions on homes or even the area around homes that interest them.

Not all homes from the Multiple listing service load on Trulia’s system, so if you don’t see your home on Snapshot and your home is for sale, then you didn’t list with me.

Filed Under: Buyers, Sellers Tagged With: Buyers, Sanpshot, Sellers, Trulia

$39 Million Dollar Settlement for Home Sellers who used Property I.D. reports

August 8, 2008 By Ted Mackel Leave a Comment

If you listed your home with me, then do not worry, this will not apply to you. However if you sold your home in Simi Valley with a Real Estate Agent who ordered the Natural Hazards Disclosure report from Property I.D. then you may be entitled to a refund of that fee.

Property I.D was being investigated for kicking back money to Brokers who ordered their reports from Property I.D. for their clients. Property I.D. has decided to settle and avoid a hearing. These reports average $125.00 each, which divided into $39 million dollars would equal over 300,000 reports.

Briefly the Natural Hazards Disclosure Report is given to the Buyer from the Seller to show where Earthquake Faults and potential Liquefaction Zones may be located, Flood Hazard areas and if the home is located near high fire risk zones. There are other issues covered in these reports as well. There are several thrid party companies that provide this data in the form of a report and the reports range from approximately $80.00 and up. I have seen all the reports from the major providers and still cannot see why the Property I.D. Report cost substantially more than other competing companies (hint-hint).

For the full story: http://www.inman.com/news/2008/08/7/brokers-property-id-agree-39-million-settlement

note: The image provided in this blog post is a sample page from a NHD report. This is not from a Property I.D. report and the picture is meant to be a sample only of NHD reports in general.

Filed Under: Buyers, Real Estate News, Sellers Tagged With: NHD, Sellers

Three Make or Break Issues for Simi Valley Home Sellers

May 29, 2008 By Ted Mackel Leave a Comment

[digg-me]The following Video Blog is the guide to get a home in Simi Valley sold quickly for the highest price in the current market conditions. My experience with Buyers (in my car) only reinforces how critical these three issues impact the ability for a home to sell. Simi Valley Homes that don’t fight these make or break issues are selling in 90 days.

Currently 83% of all single family detached homes that have sold in Simi Valley since January 1, 2008, had an average sale price of less than $575,000. The volume moved up in April to a total of 98 single family detached homes sold, however only 72 single family detached homes have closed escrow for May. Both these numbers are below the volume for the same months in 2007.