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The Window of Opportunity is Closing

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windowThe Window of Opportunity is Closing

Summer is flying by and so is the second best time of the year to sell a home.

Window of OpportunityThe second best time of the year to sell will come to an end as soon as the kids go back to school and housing transitions into the Autumn Market.

This year, the transition from the Summer Market to the Autumn Market is a bit more significant because the expected market time is moving away from a seller’s market to one that is balanced, favoring neither the seller nor the buyer. It is also important to note that the best time of the year to sell is already behind us, the Spring Market. Summer is mistakenly viewed as the best, but the higher sales numbers are actually a reflection of pending sales that were negotiated during the spring, but did not close until the summer. As a result of a lot of publicity that is circulated about closed sales, many are duped into thinking that right now is the best time to sell; unfortunately, they are wrong.

Back to school means that fewer buyers are yearning to make an immediate move. Buyers with children factor the displacement of their children and the strain on their family in moving during a school year. As a result, many buyers simply opt to wait until the following spring to start the process of isolating their next home.

As housing transitions into the Autumn Market, the window of opportunity in taking advantage of the summer will come to an end. That does not mean that sellers will not be successful; however, it is going to take a bit more patience and accurately pricing will be fundamental in luring a willing and able buyer. Sellers will absolutely NOT get away with overpricing a home. Ironically, most sellers initially list their homes outside of the realm of reality and arbitrarily price based upon what they want rather than what buyers are willing to pay. Today’s buyers are looking to pay very close to a home’s Fair Market Value, a value based upon the most recent comparable sales activity.

Appreciation has already slowed to a crawl, but it is going to slow further, from 1% to 0%, a flat line. Pricing a home in hopes that the market will appreciate enough to come up to an overpriced level is a fruitless strategy only resulting in a decision to make: reduce the asking price or throw in the towel.

The proverbial “window of opportunity” is closing further because the Orange County housing market is marching its way towards a balanced market, leaving behind the seller’s market of the past 2½ years. This may not occur in all price ranges or cities, but, at the very least, will slow across the board, affecting every community and every price across the county. This will require patience and accurate pricing to succeed. The higher price ranges, above $750,000, will be much slower. This range accounts for 43% of the active listing inventory and 29% of total demand. As is always true, there are fewer buyers, as a percentage, in the upper ranges compared to the lower ranges. It is purely an affordability issue. Thus, it makes sense that this range has many more challenges in selling.

Currently, Newport Coast, Laguna Beach, Corona del Mar, Coto De Caza, Ladera Ranch, and all homes above $1.5 million, are experiencing a balanced market with an expected market time of at least five months. Expect the number of cities and price ranges in this select group to increase during the Autumn and Holiday Markets. It is incumbent upon sellers to know their specific market and price range as it continues to evolve.

The lower ranges are slowing too. For homes priced below $750,000, the expected market time is at 2.5 months compared to 1.5 months one year ago. This range will not be an exception, as it too will slow during the Autumn and Holidays, just not as profound as the upper ranges.

The bottom line, the window of opportunity in taking advantage of the second best time of the year, the Summer Market, as well as a more favorable expected market time, is coming to a close. Benefit from proper pricing now before a different, more patient strategy will be required.

Don’t hesitate to contact us with any and all real estate questions. We can be found on the web at www.themoellerteam.com or on Facebook at www.facebook.com/moellerteam

Todd Moeller

Seven Gables Real Estate

Todd@themoellerteam.com

714-404-9540

What Makes a City Gay Friendly?

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San Francisco City HallIn celebration of Pride Month, I’m taking a little excursion around the U.S., breezing through some old and new gay friendly places. This week, a general look-see at the country as a whole and then next, a close-up on our fair state of California. Let’s start with the criteria. What does it mean, exactly, to be gay-friendly?

Good old Wikipedia defines gay-friendly as a term describing places, people or institutions that are open and welcoming to gay people, including all members of the LGBTQ community. Ideally, a gay-friendly place is one that is “supportive of gay people and their relationships, respectful of all, treats all people equally and is non-judgmental.” Who doesn’t love that definition, and the fact it isn’t a universal standard is most perplexing, to say the least.

Anyway, several publications and Web sites have created their own criteria to rate the most gay-friendly places to live in the U.S. and a trip around the Web reveals some interesting measuring tools. Nerd Wallet, for instance, rating the 10 most gay-friendly cities uses three standards: 1) The Human Rights Campaign’s Municipal Equality Index to assess laws affecting LGBT residents vis-a-vis non-discrimination, employment practices, city services etc.; 2) Sheer numbers, i.e. the percentage of same-sex households according to the U.S. Census; 3) Safety criteria evaluated as the number of hate crimes for sexual orientation. Their results utilizing these three criteria are as follows. The most gay-friendly cities in the U.S. are: Palm Springs, San Francisco, Seattle, Long Beach, Cambridge, Mass., Los Angeles, Portland, Ore., Philadelphia, San Diego and finally, New York.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Del Phillips – See the Full Story at LGBT Weekly

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Featured Gay Friendly Realtor: Andrew D. Daily, Plymouth, Michigan

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Andrew D. Daily, Gay Real Estate Agent, Plymouth, MichiganPeriodically we’ll feature one of our real estate professionals here to let our readers know about some great Realtors, Mortgage Brokers, and Other Real Estate Professionals.

Providing sellers technologically advanced property marketing services & advanced buyer tools to gain a competitive advantage in home/property purchases.

See Andrew’s Expanded Listing on Gay Realty Network Here

Gay Friendly Realtors and Real Estate Professionals in Michigan

Is Residential Real Estate Really a ‘Crapshoot’?

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Is Residential Real Estate Really a 'Crapshoot'? | Keeping Current Matters

That is what a headline announced in a CNNMoney post Monday. They were quoting Karl Case “an economist whose name is synonymous with home prices. He is co-creator of the much watched S&P/Case-Shiller home price indexes with Bob Shiller, who won the Nobel Prize in economics last year.”

Case did explain that the commonly held belief that housing prices could ‘never’ depreciate was corrected over the last decade. And it is true that Case referenced a home he bought during that time had lost almost half its value.
However, there were other comments attributed to Case in the article:

  • He bought one home at $54,000 which he later sold for over four times that amount ($240,000)
  • Another home he purchased for $375,000 is now worth a million dollars.

He bet on three houses; one lost 50%, one gained over 400% and the other gained approximately 300%. Sounds like great odds to me.

GIVE ME THE DICE AND GET OUT OF MY WAY.

Last week, John Maxfield, in a The Motley Fool blog post, wrote:
“Over the past year, [home prices] are up by 8.9%. Over the past two years, they’re up by 19.7%. Over the past three years, they’re up by 23%. And there’s little evidence that this trend is coming to an end anytime soon…
[It] should be obvious why now is such an opportunistic time to buy a house. Of course, if you want to wait, that’s up to you. But doing so could very well be a source of regret later on down the road.”

GIVE ME THE DICE AND GET OUT OF MY WAY.

If buying residential real estate is actually a crapshoot (as the headline claimed), it seems the odds are in the shooter’s hand.

PLEASE GIVE ME THE DICE AND GET OUT OF MY WAY. I REALLY WANT TO ROLL.

 

Atlantic City is Getting Gayer

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Atlantic City - Apple Maps

From re-naming an official gay beach to three summertime LGBTI events, Atlantic City officials seem hungry for the pink dollar.

In a beachside resort known more for gambling than for its gay scene (most recently the town’s gay venue Pro Bar closed after three years), politicians are doing a big PR push to court LGBTI travelers.

After the legalization of same-sex marriage in October 2013, the LGBTI segment is just one of the niches Atlantic City officials are trying to reach out to in order to boost tourism, especially after the region suffered severe structural and financial damage from super storm Sandy in October 2012.

In March 2014 Caesars Atlantic City was offering one gay or lesbian couple $50,000 for their dream wedding, and since then 61-year-old Mayor Don Guardian and tourism officials have been beefing up Atlantic City’s gay-friendly image. By winning the 2013 mayoral election, Guardian became the city’s first openly gay mayor and first Republican mayor since 1990.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Jean Paul Zapata – See the Full Story at Gay Star News

Click here for gay realtors, mortgage lenders, and other real estate professionals in New Jersey.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

What’s the Big Deal About Overpricing?

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imagesWhat’s the Big Deal About Overpricing?

 

We’ve been seeing a lot of sellers coming on the market overpriced, ignoring comparable sales and the professional consultation of the experts they are hiring.

 

The Dangers of Overpricing: In order to compete, over 10% of the active inventory reduces their asking price each week. Please ignore reports about the rise in the median sales price!!! Ugh!!! These reports are just confusing sellers and luring them into thinking that values are unstoppable and are galloping upward. However, they are referring to year over year gains and NOT month to month gains. Year over year means that they are comparing today’s values to prices that date back to 365 days ago. It is important to point out that prices were still rising fast in June 2013. That’s just not the case today.

 

Today there are 7,363 homes on the market. Last year there were 4,423, nearly 3,000 fewer. Demand, the number of new pending sales in the prior month, is at 2,753 today compared to 3,154 last year, 13% fewer. Put those numbers together and the market is completely different and so is the approach that seller need to take in order to be successful.

 

It is worth repeating over and over again; sellers can no longer get away with overpricing. In 2012 and the first three quarters of 2013, sellers overpriced their home and miraculously still obtained multiple offers and fetched values over their inflated asking prices. There is a very simple explanation for why this occurred. Even though prices were much higher than the most recent comparable sales, they were still perceived to be great deals. With very few homes on the market, buyers were willing to pay extra to get into a home that was affordable, so appreciation was rampant. Let’s flash forward to today: prices are much higher, there are a lot more homes on the market, and because affordability is becoming a much larger factor, buyers want to pay close to a property’s Fair Market Value. As a result, price appreciation has slowed to a crawl.

 

No marketing genius can overcome the hurdle of unrealistic pricing.

 

Overpriced sellers have to ultimately decide on one of two options: (1) reduce the asking price to a realistic level, or (2) pull the home off the market. In reducing the asking price, don’t just go half way, leaving room to negotiate. This is a silly tactic that results in rationalizing keeping a home overpriced. Remember, an accurately priced home in a seller’s market like today will procure a lot of activity with a high likelihood of multiple offers.

Seasonal Impact on Real Estate Sales

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San Francisco HomesThe weather begins to turn warm, there are flowers in the air and millions of people begin to … yes, think about moving. In most states, the real estate market lies dormant for the most part in the cold winter months from November to February, and then – poof – it awakens.

The count on online real estate searches tracks the path of the sun. The warmer states, Hawaii and Florida peak in January and February when the weather is balmy and not too hot. Then in March and April, 31 states reach their peaks, including our fair California. No peaks in May and then in June and July there’s a surge in another 16.

Weather is not the only determinant of home buying interest and activity. While the nice weather makes shopping for a home a fun activity, it also coincides with the end of the school year. Folks with children find it convenient for their children to move between the end of the school year and beginning of a new one. Many adults, too, remain unconsciously on that school schedule as fall just seems to feel like a good time to commence life in a new place.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

Authored By Del Phillips – See the Full Story at LGBT Weekly

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

NAR Reports Reveal Two Reasons to Sell Now

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NAR Reports Reveal Two Reasons to Sell Now

NAR Reports Reveal Reasons to Sell Now | Keeping Current Matters
We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now may be the best time to sell your house. Let’s look at the data covered by the latest Pending Home Sales Report and Existing Home Sales Report.

THE PENDING HOME SALES REPORT

The report announced that pending home sales (homes going into contract) “surged” by 6.1%. The increase was “the largest month-over-month gain since April 2010, when first-time home buyers rushed to sign purchase contracts before a popular tax credit program ended”. Lawrence Yun, NAR’s chief economist, expects improving home sales throughout the rest of the year: “Sales should exceed an annual pace of five million homes in some of the upcoming months behind favorable mortgage rates, more inventory and improved job creation.” TakeawayDemand is beginning to increase dramatically compared to earlier in the year.

THE EXISTING HOME SALES REPORT

The most important data point revealed in the report was not sales but instead the inventory of homes on the market (supply). The report explained:

  • Total housing inventory climbed 2.2% to 2.28 million homes available for sale
  • That represents a 5.6-month supply at the current sales pace
  • Unsold inventory is 6.0% higher than a year ago

There were two more interesting comments made by Yun in the report:

  1. “Rising inventory bodes well for slower price growth and greater affordability, but the amount of homes for sale is still modestly below a balanced market.” In real estate, there is a guideline that often applies. When there is less than 6 months inventory available, we are in a sellers’ market and we will see appreciation. Between 6-7 months is a neutral market where prices will increase at the rate of inflation. More than 7 months inventory means we are in a buyers’ market and should expect depreciation in home values. As Yun notes, we are currently in a sellers’ market (prices still increasing) but are headed to a neutral market.
  2. New home construction is still needed to keep prices and housing supply healthy in the long run.” As new construction begins to be built, there will be increased downward pressure on the prices of existing homes on the market.

Takeaway: Supply is about to increase significantly. The supply of existing homes is already increasing and the number of newly constructed homes is about to increase.

Bottom Line

If you are going to sell, now may be the time.

 

Don’t hesitate to contact us with any and all real estate questions. We can be found on the web at www.themoellerteam.com or on Facebook at www.facebook.com/moellerteam

Todd Moeller

Seven Gables Real Estate

Todd@themoellerteam.com

714-404-9540

Brown Elephant Closes in Chicago Gayborhood

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Brown ElephantToday is the last day to shop and donate at the Brown Elephant location on North Halsted. The Boystown Brown Elephant will close for its final time at 6 p.m. on Wednesday and reopen July 1 on Lincoln Avenue.

“As Howard Brown commemorates 40 years of service to the community, we are proud to strengthen our commitment to charity care with an improved location for the flagship Brown Elephant store in Lakeview,” said David Munar, Howard Brown Health Center President and CEO. “The new location at Lincoln and Southport will offer our loyal donors and shoppers a better retail experience.”

The Brown Elephant Resale stores help fund the health and wellness services offered by Howard Brown Health Center, 4025 N. Sheridan.

At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.

See the Full Story at GoPride

Click here for gay realtors, mortgage lenders, and other real estate professionals.

If you have a gay real estate story that you’d like to share with us, contact us at info@gayrealtynetwork.com

Is Real Estate your Best Long Term Investment?

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Belief-by-Age-1500

At least 20% of all age groups believe real estate is the best long term investment. Younger generations were found to be more skeptic about the viability of real estate as a long term investment while the older age groups were more agreeable with this fact. Do you agree with your age group?

Don’t hesitate to contact us with any and all real estate questions. We can be found on the web at www.themoellerteam.com or on Facebook at www.facebook.com/moellerteam

Todd Moeller

Seven Gables Real Estate

Todd@themoellerteam.com

714-404-9540