Steven Lockhart - Realty One Group West OC Newport Beach Realtor

Most loan programs require a FICO score of 620 or better. The limit on FHA loans is $700,000. We work with lenders who often can find resources to help the borrower. With an FHA loan you will be required to put at least 3.5% down, for a stated income loan you may be required to put down as much as 20%.

Real Estate Agents are paid to represent you during the buying or selling of a property. They can certainly bring a lot more buyers to the table then selling a home by yourself. More buyers means it can drive the price up (making the seller more money). Conversely, a good Real Estate Agent can sometimes find you a home to buy for a little less, because they can be your advocate and tell the story the buyer wants to hear. In general, it is almost always better to use a Real Estate Agent, especially in a market like Newport Beach. What we find is we often save the client more than the percentage we charge and give them piece of mind.

Orange County, in general, experiences a stratified market. At times buying may be faster in lower or middle tier properties then in luxury properties. However, the converse may also be true - where more expensive homes may move faster than lower priced ones. At each level there is a different amount of supply and demand.

When the average home takes more than 6 months to sell we are in a buyer's market. 3-6 months to sell a home then we are in a neutral market. And, less than 3 months to sell a home then we are in a seller's market.

Buying a home takes about 2 to 3 months. Once a home is offered (and accepted), the average time to complete escrow is about 30 to 45 days. Paying cash for a home can speed things up. However, we always recommend doing inspections and walking through the process to not miss any thing.

#1 Step - Get preapproved for a loan. We work with many lenders who can help borrowers with W2 Income loans, stated income loans, and bank statement loans. FHA limits are to $700,000 and with W2 loans you will be required to put 3.5% down...loans which are unconventional may require a larger down payment.

Currently, inventory is 1.5 months (November 2020). This means we are in a seller's market (it takes 1.5 months to sell through inventory).

The average home value in Newport Beach (2020) is $2,400,000.

Anything that’s attached to the house is something you’ll need to leave behind for the buyer. This includes light fixtures, built-in shelving units, blinds, door hardware, and more. If there’s something specific you don’t want to be included in the sale, make sure you bring it up during negotiations. You’ll need to note it in your sales contract.

There’s a chance your home won’t sell as quickly as you’d like. If this happens, your home might be overpriced for the market it’s in. You should compare your listing price to recent sales of comparable parties and adjust the number accordingly. You may also want to stage your home or make any repairs that could be holding buyers back from purchasing it. If it’s been a long time, you may be able to switch real estate agents or sell a different way. Be sure you choose an agent with plenty of marketing know-how and local connections. This will help increase your home’s visibility and its chance of a profitable sale. You could also take the home off the market until local conditions change.

As previously mentioned, you can certainly get a seller’s inspection before listing your house. Though not all sellers do this, it can help you better prep your property to sell. Even if you do, you can usually expect a home inspection to come into play once you’ve accepted an offer on your house. The buyer will hire a local inspector to evaluate their property, and they may request that you credit them for a few repairs based on the inspector’s findings once they’re done (that amount would come out of your proceeds at closing). questions to ask when selling your home - when does home inspection happen From a logistical standpoint, you usually don’t have to do much before an inspector arrives. You or your agent will need to give them access to the home, and you’ll need to make sure they are able to navigate your entire property — including any attics, crawlspaces, or basements.

There are pros and cons to using a real estate agent. First and foremost, an agent can guide you in your home sale. They can list the home, coordinate photography and showings, market the property, and walk you through to closing. They’ll also have access to local market data that can help you price and market your home appropriately.

Many times, homebuyers want a “move-in ready” property — one that doesn’t require much work and elbow grease before moving in. This is especially true of younger buyers, 76% of whom say a move-in ready home is a must. For this reason, you may want to consider making some repairs before putting your home on the market. Smaller, cosmetic repairs can be a good idea to make your home more marketable (and more valuable). On bigger, known issues, like a damaged roof or a broken AC unit, you have two options: make the repairs and foot the bill yourself, or adjust your price accordingly. Most buyers won’t pay top dollar if they know there are big, expensive projects waiting in the wings.

There are many costs involved in selling a house. Fortunately, most of them don’t require an out-of-pocket payment, per se. Instead, many come out of your sales proceeds at closing. calculate home selling cost Generally, you can expect to pay about 10% of your home’s sale price in fees and expenses. These include things like: Your real estate agent’s commission (5 to 6%) Staging and prepping your home (1%) Seller concessions (1 to 2%) Repair costs (vary) Homeownership and overlap costs (1%) Closing costs (1 to 3%) Keep in mind, though, that homes that require lots of repairs will probably take longer to sell (and sell for less cash).

There are two main factors that determine how much your home is worth: its condition and the level of demand for homes like it. To gauge what your home might command on the open market, your best bet is to look at comparable sales. Make sure they’re of similar size and condition to yours. Also called “comps,” these are what a real estate agent would use to determine appropriate pricing for your house.

The time to sell really depends on where you’re located and the conditions of your local housing market. Your listing price, the condition of your home, and your (or your agent’s) marketing and staging prowess can also play a role. In general, though, data from the National Association of Realtors shows that the average home is on the market for 62 days. Again, it’s important to understand how quickly your home might sell in your specific market.

You can sell your home at any time of the year, but there are definitely some months (and even specific days) when selling is easier, faster, and more profitable. In general, spring and summer are the hottest homebuying seasons of the year, while sales slow down as we get into fall and winter. If you want to maximize the money you make on your house, a study from ATTOM Data shows that selling in June, May, or July is your best bet. Homes sold in June make about 9.2% more than average, while those in May sell for 7.4% more. There’s also data that shows what day you list your home matters, too. According to Redfin, homes listed on Thursdays sell for more money and at a faster pace than those listed on other days of the week. Still, real estate is a very localized industry, and the best time to sell really depends on your market, as well as your unique situation as a homeowner.

Price adjustments should be viewed as another key feature of a property. And, the price should be set at a level that attracts offers, not necessarily at a level where you think the property will eventually sell. Additionally, the manner in which the price is adjusted makes a big difference. If you want to reduce the price of a $1.0 million property to $950,000, it is sometimes best to stick to a strategy that signals to the market that the price will be adjusted until an offer is submitted. So, it may be best to reduce the price by $5,000 every other day over 20 days, versus making a $50,000 adjustment on day one.

Historically, the first price adjustment ranges from 4% - 8% lower. On a $1,500,000 property that can be significant at $60,000 to $120,000 off the original list price. But, that is what it takes to reenergize the market and get its attention.

An overpriced property becomes stagnant past about four weeks (depending on price point), and the market will begin to doubt the value of the property and wonder if there is an issue with the condition or location. When this happens, with almost certainty the property will eventually sell for less than fair market value. Only with competitive offers can you demonstrate that the property's maximum value was achieved.

Most sellers believe they are obligated to accept a full price offer, but they are not. This is critical to understanding that it is impossible to underprice a property. In a vibrant market, such as the real estate market, a property that is underpriced will attract multiple offers and find equilibrium when it hits fair market value. An experienced agent can adeptly use the counter offer process to buoy the best offers to the highest market value.

Supply and demand. Carefully analyze how many comparable homes are on the market, and how many have sold or gone under contract within the past 30 days. Understanding the demand for your property is key to adjusting the price accordingly.

Some people focus on a timeframe within which to adjust a price, however, the best practice is to consider how much activity has occurred with, or without an offer being made. If there have been 20 or more showings and there is no offer, the property is overpriced. It could take one weekend, or five weeks, in either case, if there is no offer, then reduce the price.

The best time to price a property correctly is at the beginning of the listing period. Within the first three weeks, is when there is the most buyer activity and interest in a property.

When the average home takes more than 6 months to sell we are in a buyer's market. 3-6 months to sell a home then we are in a neutral market. And, less than 3 months to sell a home then we are in a seller's market.