selling a home Archives

Home Not Selling in San Diego? It Could Be Overpriced

Is your house lingering on the market longer than expected? In the current real estate climate, this situation is quite out of the ordinary. In San Diego, the real estate market is experiencing a significant imbalance – the number of homes available or technically the inventory of houses in the market is much lower than what we typically see in a regular year. This scarcity creates a unique environment and scenario where buyers have fewer choices, making your property a potentially sought-after gem in a sparse landscape of options. However, if your home is not selling amidst this limited inventory we are currently facing, maybe it’s about time to delve into the potential causes and do a little bit of root cause analysis. One critical factor that might be deterring potential buyers could be the price tag attached to your home.

In today’s market, where mortgage rates are noticeably higher, buyers are more budget-conscious than ever. This heightened sensitivity to price means that your asking price could be a major hurdle. According to a recent piece in the Wall Street Journal (WSJ), the current financial pressures are leading buyers to think twice before stretching their budgets. This trend underlines the importance of setting a realistic and attractive price for your home – it’s not just about the value you perceive, but also about meeting the market where it stands.

“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”

Girl Scrolling through Laptop while drinking Coffee

Understanding the Importance of Accurate Pricing in Real Estate

The key to a successful home sale in San Diego hinges on setting the right price from the start. It’s a delicate balance between maximizing your investment returns and aligning with the realities of the current market. The truth is, the value of your house ultimately comes down to what buyers are willing to pay at this moment.

Coming to terms with this can be challenging, particularly when emotions are intertwined with the selling process. It’s understandable, considering the years of memories and personal attachment you have with your home. This emotional connection can sometimes cloud your judgment, making it difficult to view the situation from an objective standpoint and like a double-edged sword make you overprice the value of your home.

However, it’s crucial to recognize that an inflated asking price often acts as a deterrent for potential buyers. They might overlook your property without even considering a visit if the price seems unreasonably high compared to the average houses in the market depending on your area. Without buyer interest, selling your home becomes an uphill battle.

To reignite interest and move towards a successful sale, reevaluating your home’s market value is essential. This is where the expertise of a local real estate professional becomes invaluable. With their in-depth understanding of San Diego’s real estate market, they analyze various factors. These include the prevailing market trends, the demand among buyers, the condition of your property, and the prices of similar homes in your neighborhood. By considering all these aspects, they can help you find that sweet spot — a price that reflects your home’s true value and appeals to potential buyers. This approach not only helps in selling your home promptly but also paves the way for you to embark on your next adventure with confidence.

Final Thoughts

Indeed, we can all agree that the current market has fewer homes available right now, but the price of your home still remains a crucial factor to consider at the end of the day. If your home is still lingering on the market longer than you might have been expecting, it might be an indicator that it’s priced above what buyers are willing to pay or even above market value. Setting the right price is essential in capturing the interest of potential buyers and ensuring a timely sale. Remember, a well-priced home is more likely to attract attention and offers, even in a market with limited inventory.

Turning Homeownership Profitable in San Diego

Why Selling Your Home Solo in San Diego Could Cost You

Are you thinking about selling your house as a For Sale by Owner (FSBO) or technically selling your home solo? If so, know there’s a whole lot more time and expertise needed in that process than you might think. While the idea of doing it all by yourself might seem tempting, it’s important to recognize the challenges you may face if you take it on all by yourself. As a recent article from Bankrate explains:

“Choosing the right price, crafting a compelling listing, marketing to potential buyers, coordinating showings, preparing paperwork: All of these are tasks that, in the absence of a real estate agent, you will have to do yourself.”

Let’s dive into some of the overlooked aspects you might miss if you give it a go alone without the expert guidance of a real estate agent.

Selling Your Home Yourself Means Nailing the Right Price Tag

It’s Not as Easy as You Think! Nailing the perfect price for your home is like hitting a moving target. It’s not just about what you think it’s worth; it’s also about what the market will bear. Trust us when we say this: in a market as dynamic as San Diego’s, this is where experienced realtors really earn their stripes. They’ve got the know-how to set that golden price that’ll get your home off the market pronto.

But let’s say you go do it alone and try to sell your home solo—no agent, no advice. Well, chances are, you’re either going to aim too high or too low. Overpricing can leave your house lingering on the market, making buyers wonder what’s wrong with it. On the flip side, undervaluing could mean leaving a chunk of change on the table that rightfully belongs in your pocket.

Don’t just take it from us; Nerd Wallet chimes in with their two cents:

“If your home is overpriced, you run the risk of buyers not seeing the listing. . . . But price your house too low and you could end up leaving some serious money on the table. A bargain-basement price could also turn some buyers away, as they may wonder if there are any underlying problems with the house.”

Don’t gamble with your home’s first impression. Team up with a real estate pro who knows the San Diego market inside and out. They’ll make sure your place is priced just right, grabbing the attention of buyers who are ready to make a move. That way, your home won’t just be another listing—it’ll be the one people can’t stop talking about.

Let’s Be Real: You’re Probably Not a Pro at Marketing Homes

Look, we get it. We’re living in a world where everyone’s glued to their screens, scrolling through listings and imagining their dream homes. Even the National Association of Realtors is hopping on the digital bandwagon, showing just how big a role online marketing plays in today’s home sales.

“Among all generations of home buyers, the first step taken in the home search process was to look online for properties.”

Team up with a savvy Realtor who’s a whiz at online marketing, and you’ll have a front-row seat in the digital arena where modern homebuyers are shopping. You’ll not only get more eyeballs on your listing but also stand a better chance at closing a deal. On the flip side, if you’re flying solo trying to sell your home, you could be leaving some serious digital firepower on the table—missing out on social media buzz and the full spectrum of online marketing mojo.

You Might Find the Endless Negotiations Overwhelming

So, you’re thinking about selling your home yourself—exciting, right? But let’s keep it real. Selling a house isn’t just about sticking a “For Sale” sign in the yard and waiting for the offers to roll in. Oh no, my friend, you’re about to enter the intricate dance of real estate negotiations.

Imagine juggling conversations with potential buyers, their agents, home inspectors, and appraisers—all while trying to get the best price for your place. It’s a bit like hosting a dinner party where you’re not only the chef but also the waiter, the bartender, and the dishwasher. Miss a step, and the whole evening could go south.

That’s where a seasoned real estate pro comes into play. We’ve got the experience to keep this complex jig running smoothly so you can get to closing without breaking a sweat. Trust me, it makes a world of difference when you have someone in your corner who knows the ropes.

“Your listing agent will also, of course, be on your side throughout negotiations. They’ll double-check paperwork that comes through, communicate with the buyer’s agent and other parties to the sale, and generally stay on top of things through to closing day.”

The Final Word of Selling Your Home Solo

So, you’re toying with the idea of selling your home by yourself, huh? We get it; you might want to save on commission fees or think you’ve got it all figured out. But trust us when we say this: there’s a whole lot more to it than sticking a ‘For Sale’ sign in your yard. Don’t underestimate the value of having a seasoned pro handle the nitty-gritty for you. Why not give the McT Real Estate Group a shot? We’re all about making this process as painless as possible, letting you focus on your next big move.

Debunking Crash Myths in 2023: The Current Housing Inventory

Essential Skills Every San Diego Listing Agent Must Possess

Deciding to sell your home is no small feat—it’s a thrilling feeling, but let’s be totally real for a second: it can also have your stomach doing back flips over and over again. The golden ticket and magic pill, you might ask? Well, partnering with the right listing agent who’s got your back from start to finish and possesses the proper set of skills for the job. When we talk about a listing agent (sometimes you’ll also hear folks call them a seller’s agent), we mean the superhero who markets and champions the sale of your home, standing by your side throughout the entire real estate journey.

So, you might be wondering, how can you be so sure you’ve teamed up with the right person for the job? Here are our three non-negotiable skills your listing agent should absolutely rock and what you should look for.

Your Listing Agent Should be Utilizing the most current market data; together, with their guidance you’ll determine the optimal price for your home.

While it may be tempting to pick the agent who suggests the highest asking price for your house, that kind of strategy may honestly cost you. It’s easy to get caught up in the excitement when you see a bigger number and those dollar signs beside it, but overpricing your house can have consequences you might not have even anticipated. It could mean it’ll sit on the market longer or, worst comes to worst, it might not even sell just because the higher price is actually deterring potential buyers as per comparison with other properties around.

Listing Agent Qualities - Your Listing Agent Should be Utilizing the most current market data, they determine the optimal price for your home — Listing Agent Qualities – Your Listing Agent Should be Utilizing the most current market data so you all can determine the optimal price for your home.

Instead, you would want to pick an agent who’s going to have an open conversation with you about how they think you should price your house and why. A great listing agent will base their pricing strategy on research solid real estate data. They won’t throw out a random number just to win your listing. Instead, usually, they’ll show you the facts, explain the reasoning for their pricing strategy, and make sure you’re on the same page. As NerdWallet explains:

“An agent who recommends the highest price isn’t always the best choice. Choose an agent who backs up the recommendation with market knowledge.”

Having superior negotiation skills is paramount.

Selling your house can stir up a whirlwind of emotions, especially when it’s a place you’ve once called your cherished home and made countless memories in. It’s totally understandable. This emotional connection can sometimes cloud our judgment during the negotiation phase. This is exactly why having a reliable expert by your side is invaluable.

A seasoned and tenured listing agent remains unflappable even in the most intense negotiations. They serve as your advocate, navigating those tough conversations for you. With them at the helm, you can rest assured, knowing that someone passionately represents your best interests every step of the way.

A proficient problem solver is what they are

At the core of the real estate journey, the primary mission of a listing agent is to ensure your home finds its next owner with ease. A top-notch agent remains steadfastly focused on this objective, always putting your needs front and center. Should they spot any crucial actions you should undertake, they won’t hesitate to let you know and share their insights. Their unwavering dedication to your triumph ensures they stand by your side, navigating challenges and brainstorming inventive solutions to any surprises that might emerge.

As described by BankRate, the concept is laid out as follows:

“Just as important as the knowledge and experience agents bring is their ability to guide you smoothly through the process. Above all, go with an agent you trust and will feel comfortable with. . .”

In Conclusion

Whether it’s your debut sale or you’re revisiting the familiar journey of selling a home, the right listing agent makes all the difference. Reach out to the McT Real Estate Group Team, and let’s team up so you have a seasoned San Diego pro with all the right characteristics guiding you at each turn.

Is the Housing Market Seeing an Increase in Listings?

Housing Market Insights: Why Today’s Inventory is Cut in Half

Have you found yourself pondering the age-old question: ‘Is now the right moment to sell my home?‘ You’re not alone in this thought! The straightforward response? It’s a resounding ‘Yes!’ With the current shortage in home listings, the market is hot and ready. Not only is it a prime time to consider selling, but doing so might also give you an edge and potentially get you a better deal than you’d expect.

You’ve probably overheard or picked up on the chatter about the slim pickings in property listings lately, especially when compared to the real estate landscape of the past few years. And while that might sound a touch concerning at first, there’s a silver lining for folks like you eyeing the seller’s market. Not fully getting the buzz? Don’t sweat it. To truly grasp the magnitude of this shift and see why this could be your golden ticket in selling, take a gander at this insightful graph from Calculated Risk right below.

Inventory is Still Historically Low

Spot that slight rise in the blue bar? Yep, that’s our housing listings nudging up by a modest 0.7% from a couple of weeks ago. Not a huge jump, but something! However, those bold red bars? They’re sounding the alarm. They make it clear that we’re working with a thin spread in our housing supply. To put things in perspective, we’re trailing by roughly 10% compared to this same week the previous year. And let me paint a picture for you: the shelves were already looking pretty bare in the housing market inventory even then. It’s like going to your favorite bakery and realizing the shelves are running out of your go-to treats. Fingers crossed we see some more blue upticks soon!

Want an absolute blast from the past and a quick throwback? Let’s rewind to 2019, shall we? Last year, things felt… well, normal in the housing market. Compare this week to the same one in 2019, and guess what? We’ve got about half the number of houses up for grabs now or currently for sale.

Bottom line, and what we’re trying to say? Our housing market’s still tipped in the sellers’ favor at the end of the day. Houses or real estate are hot commodities because there just aren’t enough to meet the demand. Like what we learned back then in our economics classes, always remember the rule of supply and demand.

And don’t just take it from us. Lawrence Yun, the head honcho economist at the National Association of Realtors (NAR), would tell you the same.

“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”

So, have you been mulling over the idea of selling your home? Let us give you the inside track: the current market is nothing short of unusual. Inventory is squeezed to about half of what we’re used to seeing in a regular year. What does this mean for you? With fewer houses available, yours has the chance to be the star of the show if you decide to list it. And with a savvy real estate agent guiding you—like someone from our dedicated San Diego team—your property is bound to get more attention. This buzz could translate to multiple interested buyers, potentially leading to a competitive bidding scenario and a quicker sale. Pair that with the right staging and presentation, and you’ve got yourself a winning combo for a successful sale in this unique market

In Conclusion

In a nutshell, the current housing inventory is startlingly slim— we’re talking about half of what we’d usually expect in a more typical year. What this translates to is a surge of eager buyers, many of whom are on the hunt for gems like yours. It’s a whirlwind out there, and the buyer’s market is overflowing with demand. So, if you’ve been on the fence about selling, there couldn’t be a more opportune time!

Thinking of selling or making the first move? Feel free to reach out to the McT Real Estate Group so we can assist you with your real estate needs. Just think of how your home could stand out in this current market with limited options and inventory!

Is the Housing Market Seeing an Increase in Listings?

The number of homes that are up for grabs is gradually increasing, so If you’re mulling over whether to put that ‘For Sale‘ sign up, now might be the sign that you were looking for. With so few houses on the market right now and while the competition is still manageable, yours can truly shine—especially with the right price tag.

And hey, a little birdie told us that we might be seeing more homes listed soon. The latest buzz shows an uptick in new listings. We know we all heard the news and rumors before that the home inventory in the market is quite scarce right now, but will we see a sudden increase? Let’s dive into why this is a big deal and what it could mean for folks like you.

Increase in the Housing Market

We all know spring is the bustling season for real estate. Every year, it’s like clockwork time and time again: come early in the year, sellers list their homes, hoping to catch buyers during their most active phase. And by the time back-to-school rolls around and the holiday vibes start to brew, the market usually chills out a bit. That’s just the ebb and flow we’re all used to.

But here’s where the plot thickens: this year seems to be breaking the mold, according to fresh stats from Realtor.com. Interestingly, more homeowners are choosing to list their properties much later in the calendar year than we’re used to seeing. A surge in listings this late? That’s practically unheard of! If you take a look at the graph below, you’ll see the typical ebb and flow of seasonal listings. But then, boom—there’s August, sticking out like a total anomaly!

New Listings Tick Up Graph — New Listings Tick-Up Graph

Realtor.com sheds some light, mentioning:

“While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . .”

Now, we’re only looking at a month’s worth of data here, so let’s not get ahead of ourselves. However, it’s certainly piquing our curiosity, isn’t it? Trends have to start somewhere, and this could be an early indicator of what’s to come. So, let’s not take our eyes off the ball—let’s stay vigilant and keep tracking how things evolve, shall we?

What Does an Increase in the Housing Market Mean For You

Are you thinking of selling your home but have been on the fence? Right now might just be the golden moment you’ve been waiting for. Why? As more homes pop up for sale, waiting could mean more and more competition for you. Imagine your next-door neighbor lists their house – suddenly, you’re competing for the same buyers! Jump in now, and you’ve got the home-court advantage.

New Listing Count in August Each Year Graph

And here’s a tidbit to ponder over your morning coffee: While you might spot a few more ‘For Sale’ signs popping up in your neighborhood and sense a slight increase in the housing market activity, we’re not exactly in what you’d call a ‘balanced’ market just yet. It’s important to remember that there’s still a shortage of available homes, and this isn’t something that’s going to change overnight. Even with new construction in the works and sellers gradually re-entering the market, we’re still in a situation where demand outpaces supply, causing a ripple effect that impacts everything from home prices to how quickly properties are snatched off the market.

In Conclusion

While the neighborhood may seem pretty stable at the moment with only a few ‘For Sale’ signs dotting the lawns, sitting on the fence could soon change that landscape. You might find yourself in a sea of sellers as more neighbors decide it’s time to move and see an increase in your competition. So, why not strike while the iron’s hot? Listing your home in today’s market could turn out to be a game-changing decision, offering you a distinct advantage. Isn’t it worth taking that calculated risk for a potentially big payoff?

Feel free to contact the McT Real Estate Group so we can dive deep into the perks of making your move before everyone else does.

Inflation and San Diego’s Housing Market

Home Equity: A Strategic Move for Your Retirement Plans

Reaching the age of retirement is a big deal for anyone. You know the usual saying: when one door closes, another one opens? Well, that quote fits well here, as opportunities often knock. You might be thinking about selling your home during this phase. Finding a place that better fits your new lifestyle and needs is usually the end-term goal. The great news? Making that first step might be easier than you might think, especially with your current Home Equity.

Think About the Length of Time You’ve Owned Your Home

In the past, between 1985 and 2009, homeowners typically held onto their properties for about six years on average. Fast forward to the present, and you’ll find that the game has changed. Let’s refer to the data below from the National Association of Realtors (NAR). It indicates that since 2010, the average length of homeownership has stretched to just a little over nine years.

How Long Homeowners are Staying in their Houses Graph — How Long Homeowners are Staying in Their Houses Graph

In recent years, many homeowners have found themselves staying in their properties for a longer period of time. During such a lengthy residency and the tenure of staying in your home, life just doesn’t stand still.
It gradually evolves, bringing with it new milestones, challenges, and some shifts in your needs. If you discover that your current residence isn’t aligning with your changing lifestyle, don’t worry. There could be a home out there that’s a better fit for your new set of requirements. Usually, there are options for upsizing or downsizing, depending on what you’re looking for.

A Deep Dive into Equity and Discovering Untapped Wealth

If you’ve been residing in your home for an extended period of time, chances are you’ve amassed a considerable amount of equity already that can serve as a financial springboard for your next property venture. This equity accumulates in two key ways: first, through the gradual reduction of your current mortgage balance, and second, appreciation in your home’s value over time. Usually through home renovations and improvements throughout the years. The longer you’ve lived in your residence, the more financial gains you stand to reap. It’s more like you reap what you sow kind of saying.

To underscore this point, statistics from the Federal Housing Finance Agency (FHFA) offer illuminating insights, as depicted in the graph below:

How Home Price Have Grown Over Time Graph — How Home Prices Have Grown Over Time Graph

In various local markets, home prices can certainly differ depending on which state you currently live in. Yet, nationally speaking, the data is compelling: homeowners who’ve settled into their residences for about five years have witnessed a remarkable 60% uptick in their home value. If you’ve been a long-term investor in your own home, say for around three decades, your property’s value has likely close to tripled during that period.

Whether you’re contemplating downsizing, considering relocating to your dream neighborhood or just yearning to be nearer to your social circle, that built-up equity can serve as a financial lever in your next move.

Your housing aspirations are totally achievable at the end of the day, and finding the right real estate agent can be a key instrument in that journey. The real estate agent you’re looking for doesn’t just help you list your existing home; they’re also your partner in getting the next property that aligns with your ideal lifestyle and future ambitions.

In Summary

As you navigate the path towards retirement, truly grasping the value of your home equity is like unlocking a treasure chest. It’s not just numbers on paper; it’s the culmination of years of hard work, memories, and dreams. Let’s take a moment to appreciate the equity you’ve amassed over these years. By partnering together, we’ll align this value with your evolving housing desires. Think of it as piecing together a puzzle; with meticulous planning and the guidance of a trusted real estate professional, your home equity becomes a pivotal piece, paving the way to your dream home in the next chapter of your life.

Please don’t hesitate to touch base with us at the McT Real Estate Group. Whether you’re just mulling over some ideas or ready to make decisive moves, we’re here to offer a one-on-one personalized consultation. Let’s dive deep into maximizing your real estate assets and strategize for that comfortable retirement you’ve been dreaming of. Remember, it’s never too early or too late to plan for the future, and we’d be honored to be a part of that journey with you.

Owning a Home Beyond Finances, Its Advantages

2023 Home Price Forecasts: What the Experts Are Now Saying

As 2022 drew to a close and was about to end its chapter, there were a lot of rumors buzzing around with a lot of predictions that the housing market would tank in the year 2023. The majority of the masses started to get anxious, whether it was first-time home sellers or tenured home investors; They were all asking the same question if we were heading towards another disastrous crash like the one that we had experienced in the year 2008. Surprise though, as it turns out those gloomy headlines missed the mark on their home price forecast predictions.

Instead of plummeting and the crashing downfall most experts were expecting this year, home prices showed surprising resilience amidst all of those rumors going around. After the home pricing rise during what some call the ‘unicorn years,’ or what most people refer to as unsustainable record highs, we did see a minor price adjustment compared to that data. But guess what? It was far from a market collapse.

Now, let’s do a quick reality check by comparing the doom-and-gloom predictions from last year with the latest projections. Even the experts are admitting they were a bit too negative with their home price forecast last year as well.

From Past to Present: How Expert Home Price Predictions Have Evolved

The chart below presents 2023 home price prediction data from seven different organizations. It shows you a side-by-side comparison of their initial projections made in late 2022 highlighted in red, with their most recent updates for where they expect prices to land by year’s end.

As you can see by the glaring scarlet red in the center column, the initial forecasts had predicted a sharp decline in home prices across the board.
However, fast-forward to the rightmost column, and you’ll see a different light in the story. Every expert has since revised their year-end predictions, now expecting home prices to either hold their ground steady or even have a bump or increase. That’s a major turning point from the doom-and-gloom they were all projecting just a year ago.

Stay Ahead of the Curve with Our Cutting-Edge Predictions

You can definitely expect some head-scratching media stories about home prices forecast in the coming months. Why? They often get thrown off by the usual fluctuating ups and downs that come with different seasons. Here’s your sign and turning point to stay one step ahead of the game of any doom-and-gloom headlines.

As the year winds down and the season changes, which is completely normal in any kind of market, you can definitely expect the pace of home price growth will slow down a tad bit. But don’t mistake this for plummeting prices or a downward spiral—it’s more like gradually tapping the brakes, not slamming them.

In simpler terms or just in summary, a slower increase in home prices doesn’t mean they’re actually falling as you can base it on past predictions.

Final Thoughts

The headlines from a lot of articles and news stories can really shape how most people think, even when they’re off the mark increasing your anxiety in buying or selling a home. Despite last year’s media buzz claiming home prices would plummet and all the home price forecasts, the reality has been quite different, as you might have understood and learned from this article.

Feel free to reach out to the McT Real Estate Group; we’re your go-to source for cutting through the noise with trustworthy info.

Decisions Seniors Make When Downsizing Their Home in San Diego

The decision to downsize is the ultimate decision. As you go through the process you’ll realize that decisions await you at every corner. Will you move into a house or an independent living community? What items come with you and what must go? Another important decision is what you’ll do with your current home. Below you’ll find helpful tips to help you navigate these decisions.

Deciding Where to Move

San Diego is home to a variety of unique home styles including one-story ranch properties, Spanish styles, townhomes, split levels, and post-modern homes. However, if you’re looking to live close to other seniors, independent living communities are a good option. They come with a variety of services like housekeeping and meal plans, so there’s no need to constantly manage household duties on your own. You’ll also maintain an independent lifestyle and will have access to in-home care on an as-needed basis. It’s worth taking a tour of nearby facilities to see what you think, but pay attention to the price tag. Costs of independent living facilities in San Diego range widely from $1,655 to $16,500 per month.

Deciding Whether to Sell Your House

One of the most common choices regarding your current home is to sell it and use that money to purchase your new home. To make things easy, hire a real estate agent. Agents have access to loads of information, including market trends, competing listings, and comps. Plus, if you’re wanting to sell your home quickly, you’ll need them to help you be aggressive about marketing. While your agent works their magic, get a head start on packing and decluttering. Your new home will have less square footage and storage space, so downsizing your items is a must. Start with the stuff that’s easy to get rid of first such as duplicate, broken, forgotten, and expired items, then go room by room. Decluttering is one of the important steps in staging your home as well so that buyers can focus on the home’s potential rather than your stuff.

Deciding Whether to Rent

If it looks like your home might be on the market for a while, you won’t be able to get the price you want, or you want to keep your home, renting is an option. However, this requires some investment on your end, including a renter’s insurance policy, permits, and repairs/updates. You must also decide if you want to be your own landlord or hire a property management company to help you find/screen tenants, collect rent, handle repairs, and communicate with tenants. You’ll be happy to learn that renting does have some tax benefits, including the ability to deduct rental-related expenses like mortgage interest, taxes, repairs/maintenance, cleaning, insurance, and even depreciation.

Deciding Whether to Keep the Home

For many seniors, the thought of selling the family home is difficult. Perhaps you want to pass the home on to children, or at least keep it in the family a little while longer. You may have this stipulated in your will, but how can you pass your home to children while you are still living? You may have heard about homes being sold for $1, which is a large gift. Nothing is stopping you from doing it, but if the home is worth $250,000, then you just gave a gift of $249,000. You get a $15,000 gift tax exclusion per person per year. You must then decide whether to pay the gift tax now or apply it to your lifetime exemption of $11.4 million. There are other ways to transfer the property including re-titling or deeding.

Downsizing is a decision that requires much thought, and the same can be said as to what you’ll do with your current home. You can go the traditional route and sell your house, or choose a completely different path and rent or keep it altogether. Other decisions like where to move and what to do with your belongings will also have to be made. Think them through and talk them over with family and friends (and professionals) to arrive at the decisions you’re happiest with.

If you do decide to sell your home in San Diego, The McT Real Estate Group can help you with the process of selling your house. Contact us at 619-736-7003 so we can set up a time to have a conversation.

4 Home Renovations That Will Max Your ROI

Home renovations do not have to break the bank. Here are some ideas that will help whether you are planning on staying in your house for a while or whether you are planning to sell your home in the near future. Knowing what type of home projects will net you the highest dollar amount and max your ROI is always a good thing. Potential homebuyers will deduct a lot of money for a bathroom that needs updating. Doing small bathroom remodels counts a lot when potential buyers see it. It will also make you feel great while you live in the home. Enjoy a nice bathroom!

Freshening up the landscape will get more buyers to walk into the house. It is the first thing that potential buyers see before they step inside. As part of your home renovations, you should consider adding new sod or, better yet, in San Diego, drought-tolerant is much better for conserving our water. Don’t forget about the front door. If it looks dingy, freshen it up with a new stain or painting it a beautiful bright color. If the exterior of the house looks drab, give it a lovely fresh coat. You will receive a good return on your investment by doing a few of these items. You will also enjoy living in a renovated home.

If you have any questions regarding your best return on investment when selling your home, contact the McT Real Estate Group at 619-736-7003. We are happy to go over things you should consider if you are planning on selling in the near future.

Selling a Home in North Park

Expect that selling a home in North Park these days can happen quickly if properly executed. We keep hearing about how low the inventory is and what a great seller’s market we are in. Yes, we are in a seller’s market. However, because of this, we sometimes run across homeowners that believe they can get much more than what their home is worth, even though there are no comps that would support that amount.

For a homeowner that is thinking of selling their home, there are lots of things to consider. Choosing which Realtor to work with to help you with this process is one of those things. Although, there is the occasional home seller that may even think that in today’s market it doesn’t matter who you pick.

Which Realtor Should I Choose?

When selling a home, a homeowner may choose a Realtor because they charge a lower commission or work in what is called a discount brokerage. They may even pick a Realtor because the Realtor said they can get that seller a $50,000- $100,000 more than what the current comps say; even though there are not any comps to support that price. Some Realtors will say anything to get a homeowner to sign a listing agreement. Unfortunately, the home will sit on the market for months with no offers in-sight. In the meantime, the Realtor will try to get the seller to reduce the price and continue to do so until they get to a price where they eventually get an offer. The lack of upfront expectations has created an aggravated and unhappy seller.

With so much online information at our disposal, I can see where a homeowner may even think they can try to sell their home themselves or pick any Realtor whatsoever. You may think that this will save you lots of money. In reality, what it will end up doing is costing the seller thousands of dollars more in the long run.

Falling Out Of Escrow

What you are not able to find online is the track record of fallouts from many of these discount brokerages or individuals that will discount their commission for almost zero. What I mean by this is the number of times a buyer falls out of contract and the listing has to go on the market again. However, now you have a ton of scary inspections left behind from the previous buyer. You will now have to disclose all of this to the new potential buyer. If a possible seller knew how many times this Realtor/Real Estate company has fallen out of a contract because they were not able to negotiate through and complete a SOLD transaction, they may put more thought into who they hire to represent them with the sale of their home.

More Than Just a Sign

There is more to selling a home than just putting a sign in front of the house, taking photos and uploading your home into the MLS.(multiple listing services). Besides pricing the home right, picking the right buyers that are financially qualified to get a fully approved loan; there is also what happens after an offer is accepted and the buyer does their home inspection. This is where real negotiating skills come into play.

The Unique Challenges of Older Homes

In North Park, South Park and the metro area in San Diego, our homes are over 100 years old. If a Realtor is not experienced with selling older homes things could get a little hectic, to say the least. An experienced Realtor working with their homebuyer is able to walk them through the process of what to expect to see when a home inspection is done on these types of older homes. Even the prettiest homes that have been remodeled will scare the faint of heart when the inspector takes pictures under the house and completes his/her inspection. Foundations are old, roofs are old, windows are old. These are not cookie-cutter tract homes. Knowing this upfront will save all parties front lots of headaches. New home construction is not the type of house that you are going to find in San Diego’s Metro communities.

The Risks of Inexperienced Representation

If you live in North Park, chances are your home is one of these charming older properties. Accepting an offer from a seemingly motivated buyer with a Realtor inexperienced in older homes can lead to a challenging transaction.

Here’s a real-world example: A colleague of mine recently accepted an offer on a 1930s Craftsman Bungalow in South Park. The buyer’s inspection revealed old foundation, plumbing, and electrical components—typical findings for a home of this age—which left them shocked. The buyers then demanded a $100,000 price reduction, claiming the house needed a new roof, foundation, electrical system, and more. It seemed they expected a brand-new house with the charm of an older one, without understanding what owning an older home entails.

A Cautionary Tale in South Park

The listing agent received the buyer’s $100,000 reduction request and promptly brought in her trusted vendors to evaluate the high-ticket items flagged in the inspection. The vendors estimated the necessary repairs at $35,000. The seller, showing a willingness to negotiate, offered to credit the buyer with that amount as a price reduction. However, without any further communication or attempt at negotiation, the buyer’s agent abruptly submitted a cancellation.

This breakdown occurred because the buyer’s agent lacked experience with older homes in neighborhoods like South Park, North Park, and other metro areas. They were used to newer tract homes in North County, which differ significantly in structure and condition. This situation highlights the importance of working with a Realtor who understands the unique characteristics of your home and has the skills to negotiate effectively on your behalf.

When To Negotiate

Buying and Selling Real Estate is about negotiations and properly executing contingency periods. When I hear that someone just sends in cancellation papers without a conversation it makes me shake my head in disbelief. The buyer’s agent had no clue about older homes or negotiating through a transaction. Nor were they able to speak on the phone. This is simply a disservice, in my humble opinion to everyone involved in that transaction.

When a home falls out of escrow, the buyer’s agent typically sends all inspection reports completed by the buyer’s inspector. These reports must be disclosed to new potential buyers as “material facts,” which can unfortunately tarnish the property’s perception. Once the MLS shows the home fell out of escrow, new buyers might review the reports and assume the property is in poor condition, regardless of the inspector’s competence. In reality, it’s often just a reflection of the home’s age, not its overall integrity.

Pricing this home correctly from the start and completing key inspections upfront would likely have attracted multiple offers in today’s market. The buyer would not have been able to say that they did not know the condition of the home. Also, with multiple offers, the sellers would have then had other choices and would have a “JUST SOLD” sign in front of their house today.

Thinking of Selling A House in North Park?

If you are thinking of selling a home in North Park, South Park, or any area of San Diego and would like to speak to a local Real Estate Expert in the neighborhood, please call the McT Real Estate Group at 619-736-7003 right now. We would be happy to speak with you about the process of selling and how we go about preparing your home to enter the marketplace. Feel free to search our online reviews and see what people are saying.

Understanding the Importance of Accurate Pricing in Real Estate

Final Thoughts

Selling Your Home Yourself Means Nailing the Right Price Tag

Let’s Be Real: You’re Probably Not a Pro at Marketing Homes

You Might Find the Endless Negotiations Overwhelming

The Final Word of Selling Your Home Solo

Your Listing Agent Should be Utilizing the most current market data; together, with their guidance you’ll determine the optimal price for your home.

Having superior negotiation skills is paramount.

A proficient problem solver is what they are

In Conclusion

Inventory is Still Historically Low

In Conclusion

Increase in the Housing Market

What Does an Increase in the Housing Market Mean For You

In Conclusion

Think About the Length of Time You’ve Owned Your Home

A Deep Dive into Equity and Discovering Untapped Wealth

In Summary

From Past to Present: How Expert Home Price Predictions Have Evolved

Stay Ahead of the Curve with Our Cutting-Edge Predictions

Final Thoughts

Deciding Where to Move

Deciding Whether to Sell Your House

Deciding Whether to Rent

Deciding Whether to Keep the Home

Which Realtor Should I Choose?

Falling Out Of Escrow

More Than Just a Sign

The Unique Challenges of Older Homes

The Risks of Inexperienced Representation

A Cautionary Tale in South Park

When To Negotiate

Thinking of Selling A House in North Park?

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