May and June are the Best Months to Sell Your Home!
According to a newly released study, by ATTOM Data Solutions, selling your home in the month of May will net you an average of 5.9% above estimated market value for your home.
For the study, ATTOM performed an “analysis of 14.7 million home sales from 2011 to 2017” and found the average seller premium achieved for each month of the year. Below is a breakdown by month:
ATTOM even went a step further and broke their results down by day.
Top 5 Days to Sell:
June 28th – 9.1% above market
February 15th – 9.0% above market
May 31st – 8.3% above market
May 29th – 8.2% above market
June 21st – 8.1% above market
It should come as no surprise that May and June dominate as the top months to sell and that 4 of the top 5 days to sell fall in those two months. The second quarter of the year (April, May, June) is referred to as the Spring Buyers Season, when competition is fierce to find a dream home, which often leads to bidding wars.
One caveat to mention though, is that when broken down by metro, ATTOM noticed that while warmer climates share in the overall trend, it turns out that they have different top months for sales. The best month to get the highest price in Miami, FL, for instance, was January, and Phoenix, AZ came in with November leading the charge. However, Southern California being the months on May and June!
If you’re thinking of selling your home this year, the time to list is NOW! According to the National Association of Realtors, homes sold in an average of just 30 days last month! If you list now, you’ll have a really good chance to sell in May or June, setting yourself up for getting the best price!
Contact a local real estate professional who can show you the market conditions in your area and get the most exposure to the buyers who are ready and willing to buy!
Information Source: Keeping Current Matters
West Coast Thunder 2018
We are honored to participate and invite our community to celebrate our fallen heroes, as we support Riverside National Cemetery. Each year upwards of 7,500 motorcyclists pack the streets of Riverside on a determined route past our flagship location on Indiana Avenue in Riverside to observe and participate in the tradition of honoring the fallen warriors of our country.
The annual West Coast Thunder motorcycle ride to Riverside National Cemetery starts with a pancake breakfast at 6 a.m. Riders will leave the Riverside Harley-Davidson about 9 a.m., stop at the cemetery’s ceremony and head to the Lake Perris Fairgrounds. Riverside National Cemetery is a resting place dedicated to United States Military personnel. When the Cemetery first opened, it was in a continuous building and expansion process. Eventually, with the influence of Riverside County becoming involved, the Department of Veteran Services created the support committee, thus further evolving to become their own organization – the Riverside National Cemetery Support Committee our affiliation is with Bill Chamberlain and Jamil Dada, both staunch supporters of Veteran Affairs in our region.
Family and Friends joined us in saluting our fallen heroes and supporting this great tradition. While providing coffee, breakfast treats and flags!
A special thank you to Heidi Carter and Patti Triplett who chaired this gathering and our affiliate’s participation.
The agents and staff at our three Riverside locations, wish to thank all the volunteers who work hard and dedicate their time and energy giving back.
Windermere Cares.
Family Day - Art Float Riverside
This year the Riverside Art Museum (in collaboration with the City of Riverside’s Parks, Recreation, and Community Services Department and the Riverside Unified School District (RUSD) hosted a signature community art event that involved hundreds of huge, floating, hand-painted spheres in Lake Evans at Fairmount Park. Called Art Float – Riverside, the project patterned after one staged a few years ago by Portraits of Hope in Los Angeles.
Windermere Tower Properties had the honor of sponsoring the Art Float Family Day in the Park which consisted of
- outdoor game of croquet, giant bowling, or hula hooping;
- Battle of the Drawings with artist and Division 9 Gallery owner Cosme Cordova;
- reflect and writing using nature-inspired prompts with Inlandia Institute;
- unique sculpture made out of found objects by Tios Tacos owner Martin Sanchez;
- musical performances coordinated by RUSD;
- learning about water conservation from the City of Riverside;
- saying hello to the City's Parks & Recreation Department;
- spinning the Windermere Tower Properties wheel at the sponsor table; and
- sitting in a Riverside Fire Truck and honk the horn and hear the siren
We were very excited to have been part of the largest community art exhibit in the history of Riverside and connect with hundreds of people in our community!
Thank you to those that came to our Family Day in the Park!
Art Float Riverside
This Friday, May 11, 2018, 5 p.m. - 7:30 p.m., at Redwood Street Bridge, is the Launch Party of Art Float - Riverside!
Come for the 5:30 p.m. "ribbon-cutting" with Mayor Bailey and other dignitaries, and then take your complimentary wine glass on a wine-tasting, food-nibbling, music-filled walk while the sun sets on the Art Float spheres and creates a magical display.
$25/person (Sponsors of $1000 or greater to receive complimentary tickets.) Casual attire. Outside, in the evening, so please dress accordingly.
The Riverside Art Museum (RAM), in collaboration with the City of Riverside’s Parks, Recreation, and Community Services Department and the Riverside Unified School District (RUSD), will host a signature community art event that will involve hundreds of huge, floating, hand-painted spheres in Lake Evans at Fairmount Park. Called Art Float – Riverside, the project is patterned after one staged a few years ago by Portraits of Hope in Los Angeles. The Art Alliance of the Riverside Art Museum, the volunteer fundraising group of RAM, is spearheading the event that will take place May 11 - June 1, 2018. When complete, the floating artwork will feature over 350 hand-painted spheres that will float in Lake Evans for a three-week festival.
Each plastic sphere is six feet in diameter and will be brightly painted by schoolchildren at 48 RUSD schools. After being painted, the spheres will be launched in Lake Evans at Fairmount Park and will float as a huge piece of community art. During the time the spheres will be in the lake, there will be multiple events for the public to enjoy.
“This will be a signature event in Riverside,” says Lucile Arntzen, incoming RAM Board President. “It will allow everyone free access to a unique kind of community art.”
Art Float – Riverside chairwoman, Kathy Allavie, says that one of the unique aspects of the project is the involvement of thousands of schoolchildren throughout the city. Allavie, who also sits on the RUSD Board of Trustees, is excited to bring the art experience into the schools. “Our painting teams will be visiting each school and letting the children participate in the process,” says Allavie. “I know that when they see the spheres floating colorfully in the lake they will be thrilled to have had a hand in its creation.”
Art Float – Riverside is also a fundraiser for the museum. Allavie is hoping to have 350 spheres sponsored by community members for $350 each. After the event, the sponsors can keep the painted spheres or have them donated to a school, library, or community center. The money raised by the project will return to RAM’s mission-driven programs, including their award-winning art education program called Art-to-Go. Art-to-Go delivers art education directly to each classroom with age-appropriate projects and lessons given by qualified art instructors. RUSD has engaged the museum to deliver around 3,700 art classes in all their elementary schools, K-6th, this coming year.
How Long Do Most Families Live In A House?
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of their data points, which has changed dramatically, is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving.
As the graph below shows, over the last twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2014, that average is almost ten years – an increase of almost 50%.
Why the dramatic increase?
The reasons for this change are plentiful!
The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.
With home prices rising dramatically over the last several years, 95.3% of homes with a mortgage are now in a positive equity situation, according to CoreLogic.
With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago.
One other reason for the increase was brought to light by NAR in their 2018 Home Buyer and Seller Generational Trends Report
. According to the report,
“Sellers 37 years and younger stayed in their home for six years…”
These homeowners, who are either looking for more space to accommodate their growing families or for better school districts to do the same, are likely to move more often (compared to typical sellers who stayed in their homes for 10 years). The homeownership rate among young families, however, has still not caught up to previous generations, resulting in the jump we have seen in median tenure!
What does this mean for housing?
Many believe that a large portion of homeowners are not in a house that is best for their current family circumstance; they could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple living in a one-bedroom condo planning to start a family.
These homeowners are ready to make a move, and since a lack of housing inventory is still a major challenge in the current housing market, this could be great news.
Source: Keeping Current Matters
Spring Home Selling Tips
It is that time of year when flowers begin to bud, birds sing and the sun shines a little brighter. As spring starts to blossom it is also a time when lots of people consider buying a home. If you are in the market to sell your home we have lots of information designed to help you prepare your home for spring selling season. The following spring home selling tips are grouped by topic in order to help you apply this to your own situation.
It may seem obvious, but the best practices used for selling a home during the bustling winter months or the color explosion of the fall months are drastically different from selling a home in the Spring.
Spring Cleaning is Top of the List
Many people take advantage of the better weather and longer days in order to tackle their list of cleaning chores. Listed below are some of the most important parts of your home that need special attention when preparing to sell the property.
Main Entry
- Give a thorough dusting to the lights as well as the actual switches that control the light
- Clean the entire door along with the trim around the door. Then clean the floor, ceiling and the walls.
- Shine up the door knob, on both sides, with appropriate cleaning solution
Living Room
- With a cleaning cloth or duster, wipe the walls, ceiling, electrical outlets and switches for the lights
- Thoroughly clean each window as well as the surrounding sill
- If the room has carpet, vacuum the entire carpet and then have the carpet steam cleaned
- If the room has hardwood floors, check with the instructions from the manufacturer and clean accordingly
- If the windows have blinds, use a gentle cleaning solution to clean away dust or other dirt from the blinds
- Vacuum and clean any dirty spots on couches, chairs, recliners and ottomans
Bathroom
- Deep clean any and all vanities along with the supporting cabinets
- Organize all objects on and near the sink. Clear out as much clutter as possible
- Deep clean both the outside and inside of the commode. If you are handy with tools, remove the actual commode seat in order to clean around the bolt areas.
- Clean the liner for the shower/tub. It may be necessary to replace the liner
- Deep clean the tub and/or shower.
- Use cleaning solution to clean the mirrors, light switches and the light fixtures
Kitchen
- Deep clean the sink and counter tops. Remove as much clutter from counters as possible
- Go through the refrigerator and clean out any old items. Thoroughly clean the inside of the fridge. Don’t forget to clean the tip top of the fridge too!
- Do the same cleaning for the freezer
- Deep clean the stovetop and the oven. Pay particular attention to the glass section on the oven door
- Wipe down the walls, floors, and ceilings
- Pull out all of the appliances away from the wall and clean
- Clean up any dust or grime along the coils of the refrigerator
- Clean every light
- Clean out the dishwasher and then run a complete cycle without any dishes to ensure cleanliness
Lawn Care and Other Outdoor Ideas
Many people will look at pictures of your home online or drive by the property and take a quick peek. Since the lawn, walkway, front door and shrubs are available for all to see, it is important to make these areas look as good as you can. Developing a good impression with the yard will improve your chances of getting that important showing of the house. Here are just a few ideas to help improve your property’s curb appeal.
Gutters – Clean out all of the gutters. Also, go over each section of the gutter to see if there are any types of leaks. Clear out any debris that may be blocking the downspouts.
Clear away dead leaves – With the end of a long winter, there are bound to be some leaves in the yard. Remove the leaves in order to give the grass time to grow and shine. It will also give any fertilizer a better chance to work.
Trim the lawn, shrubs and low branches – It goes without saying, but now is the time to give the grass a fresh mowing and trim any shrubs. It is also a good idea to cut back any low hanging branches that may obscure a vision of the home from the road.
Clean up the walkway and driveway – If you have a pressure washer, or do not mind renting one, clean the driveway as well as the walkway leading to the front door. Making these areas look fresh and clean will really improve the appeal of the home.
Pay attention to colors – If you wish to plant flowers, use a pattern of colors that complements the exterior of your home. Make the scheme of colors uniform throughout the garden.
Inspect the roof – Make sure there are no missing shingles from the roof. While inspecting the roof, look for signs of potential leaks and have those addressed by a professional contractor. Be sure to know your roofing options as well.
Choosing a Real Estate Agent
Readying yourself and your home for a sale includes choosing a real estate agent. The agent will be responsible for various things throughout the selling process so it is important that you choose wisely. Here are some guidelines for picking an agent.
Listing a Home at the Correct Time
In order to get your home sold during the spring, your agent will need to list it at the correct time. If the home is listed too soon in the spring, there may not be enough interest in your property. Conversely, if the home is listed too late in the season then you may miss your potential buyer.
Picking the Right Price
Choosing the correct sales price takes a bit of work. The real estate agent will need to factor in things like
- Recent home sales in your neighborhood/area
- The similarity of your home with the homes recently sold
- Distinguishing characteristics of your property that make your home more valuable
- Outside variables that affect price (school district, proximity to shopping, condition of roads, crime rate)
It may seem that the best bet would be to price the home a bit high and simply wait for the right buyer to come along and negotiate. However, not all buyers are willing to haggle. It is wiser to consult with your agent and get their input before settling on a price.
What Happens Next?
After you have sold your current home, what happens next? Do you plan to buy another home in the same general area or do you plan to move out of state? Are you depending on the proceeds from the first sale to facilitate the purchase of your next property? If you are in need of a contingency, then you will definitely want to explain this to your agent. Your agent can present a sales contract in such a way that protects your best interests while also moving the sale along.
As you can see, there are a lot of items that need your attention when it comes time for selling your property.
Keep in mind that this is a process, almost like a marathon, that will take dedication. It is a good idea to write out a plan of all the things you wish to complete and tackle them one at a time.
Our goal with this article is to provide you with not only a big picture view of selling your property but also some practical actionable items that can be put to use right away.
We hope this information will be of use as you prepare to sell your home in the upcoming spring home selling season.
St. Patrick's Day Fun
Happy St. Patrick's Day from Windermere Tower Properties!
Here at Windermere Tower Properties we are all for a good mix of work, having fun & success! This year we threw a St. Patrick's Day Irish Party here at the office which included Irish themed trivia, Gold toss, corned beef sandwiches and green libations & more!
We had a blast!
Thinking of Making an Offer?
So you've been searching for that perfect house to call a "home," and you finally found one! The price is right, and in such a competitive market that you want to make sure you make a good offer so that you can guarantee your dream of making this dream house of yours come true!
Here are 4 tips that will help your offer be highly desirable:
- Understand How Much You Can Afford
"While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer."
As we've mentioned before, getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and will allow you to make your offer with the confidence of knowing that you have already been approved for a mortgage for that amount. You will also need to know if you are prepared to make any repairs that may need to be made to the house. (For Example: new roof, new furnace).
- Act Fast
"Even though there are fewer investors, the inventory of homes for sale is also low and competition for housing continues to heat up in many parts of the country."
According to the latest Existing Home Sales Report, the inventory of homes for sale is currently at a 3.6-month supply; This is well below the 6-month supply that is needed for a 'normal' market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.
Make sure that as soon as you decide that you want to make an offer, you work with your agent to present is as soon as possible.
- Make a Solid Offer
"Your strongest offer will be comparable with other sales and listings in the neighborhood. A licensed real estate agent active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer based on their experience and other key considerations such as recent sales of similar homes, the condition of the house and what you can afford."
Consider ways of making your offer stand out! Many buyers write a personal letter to the seller letting them know how much they would love to be the new homeowners. Your agent will be able to help you determine if there any other ways your offer could stand out above the rest.
- Be Prepared to Negotiate
"It's likely that you'll get at least one counteroffer from the sellers so be prepared. The two things most likely to be negotiated are the selling price and closing date. Given that, you'll be glad you did your homework first to understand how much you can afford. Your agent will also be key in the negotiation process, giving you guidance on the counteroffer and making sure that the agreed-to contact terms are met."
If your offer is approved, Freddie Mac urges you to "always get an independent home inspection, so you know the true condition of the home." If the inspection uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made, with the seller.
Whether buying your first home or your fifth, having a local professional on your side who is an expert in their market is your best bet to make sure the process goes smoothly. Windermere Tower Properties can help!
Happy House Hunting!
Housing Market Expected To “Spring Forward” This Year
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
If you are planning on selling your home in 2018, meet with a local real estate professional to evaluate the opportunities in your market.
Getting Pre-Approved Should Always Be Your First Step
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”
Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:
- Capacity: Your current and future ability to make your payments
- Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
- Collateral: The home, or type of home, that you would like to purchase
- Credit: Your history of paying bills and other debts on time
Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.