As a home seller, one of your Realtor’s jobs is to get as many eyes on your house as possible.
What strategy does your real estate professional use to market outside the U.S.? What International organizations do they belong to? How will that make a difference when getting you the highest possible price in the least amount of time? Give me a call at 650 483-4932, and ask me those same questions.
More homeowners have gained equity if you own a home on the San Francisco Peninsula, according to a new report released today.
CoreLogic® (NYSE: CLGX), a global property information, analytics and data-enabled solutions provider, just released an analysis showing that U.S. homeowners with mortgages (roughly 63 percent of all homeowners) saw their equity increase by a total of $227 billion in Q3 2016 compared with the previous quarter, an increase of 3.1 percent.
According to Frank Nothaft, the chief economist for Corelogic: “Home equity rose by $12,500 for the average homeowner over the last four quarters. There was wide geographic variation with homeowners in California, Oregon and Washington gaining an average of at least $25,000 in home equity wealth.”
The main cause of equity increase? Anand Nallathambi, president and CEO of CoreLogic: “Price appreciation is the main ingredient for home equity wealth creation, and home prices rose 5.8 percent in the year ending September 2016 according to the CoreLogic Home Price Index. Paydown of principal is the second key component of equity building. Many homeowners have refinanced into shorter-term loans, such as a 15-year loan, and by doing so, they have significantly fewer mortgage payments and are able to build equity wealth faster.”
The metro level, with the cities that have the highest percentage of mortgaged properties with positive equity are:
San Francisco-Redwood City-South San Francisco, Calif.: 99.4%
Houston-The Woodlands-Sugar Land, Texas: 98.5%
Denver-Aurora-Lakewood, Colo.: 98.4%
Los Angeles-Long Beach-Glendale, Calif.: 96.9%
If you would like a copy of CoreLogic’s 3rd Quarter 2016 Equity Report, and/or what this means for you if you are thinking of Selling, send me an email to email@example.com or give me a call at 650 483-4932.
Why are Californians moving out of the state? CoreLogic, the analytic and financial services company, says that for every home buyer coming into California, another three are selling their homes, and moving out of the state. Separate reports released earlier this year by Beacon Economics, also noted that 625,000 more U.S. residents left California between 2007 and 2014 than moved into the state.
California’s housing market is one of the most expensive in the nation, with a median home price of $428,000 across the state. Selling prices have gone up 71% since 2011. Of the five priciest housing markets in the United States, four are in California, according to the latest data from NAR, the National Association of Realtors. Topping the list is in our own backyard, San Jose, with a median home price of $1 million.
Where are Californians moving to? Many are moving to Texas, Oregon, Nevada, Arizona and Washington. Favorite Baby Boomer choices are Nevada, Arizona, Idaho, Georgia, Texas or North Carolina where home prices are considerably lower. The homes being bought are generally bigger with larger land lots. Other attractions are lower commute times to work, lower utility bills in gas, electricity and garbage collection.
Have you thought of moving out of California? Call me at 650 483-4932 to find out what your choices are: What is my home is worth and can sell for? What can I get in another area? As a Certified International Property Specialist (CIPS), I can help you find the perfect home and get the most money on the sale of your home.