The homeownership rate in the United States last year rose for the first time since 2004, according to a report we read in the Wall Street Journal. This is such exciting news, and we hope the trend continues.
We’ve previously mentioned how real estate is a fabulous tool for building wealth. But the Recession, which didn’t officially start until the end of 2007, ground the market to a standstill and made it incredibly difficult for Americans to harness this tool.
The markets were flooded with foreclosures. Banks all but stopped lending money for some time and then began lending only under very tight restrictions at first.
We’ve seen evidence in other areas of the housing market that the industry wheels may finally be gaining some momentum, which is why seeing the homeownership number rise for the first time in 13 years is such a big deal.
The rising homeownership number also indicates that more homebuyers are ready to make their move. If you’re looking to sell your house, we can help. Contact us to learn more.
Watch our video to learn how we prepare a listing before it goes to market.
First we assemble our team of contractors: the carpet people, the painters, the plumbers, hardwood flooring refinishers, electricians, etc. We then get bids and bring them to the sellers for their approval. And once approved, we get to work.
Roughly 7 to 10 seconds is all we have to make a first impression. That's true of meeting other people, and it's also true for houses.
Builders use model homes to showcase their houses in the best possible light. We bring the same advantage to resale sellers.
We will be hosting two open houses in Orange County this Sunday each from 1 p.m. to 4 p.m. Hope to see you there!
The first house is in Fullerton. Located at 863 N. Ford Ave., it’s a darling 4-bedroom, 3-bathroom house with a pool that sits on a quiet interior street in the Golden Hills neighborhood.
The Fullerton house is being offered at a range of $799,800 to $829,800. (For those who are unfamiliar with the concept of range pricing, we encourage you to check out our blog post on range pricing benefits and disadvantages.)
The second open house will take place at a lovely home in La Habra. Located at 2041 Merced Ave., this home just hit the market, and this will be its first open house.
The La Habra home has 3 bedrooms and 1.75 bathrooms and is being offered at $539,800.
With only a 12-day window in which to complete our latest project, we had our work cut out for us. We had a pretty significant list of items that needed a little TLC.
We refinished the hardwood floors, which date back to the home’s construction in 1956. We also installed new tile in the master bathroom.
A fresh coat of paint is one of the best things you can do to immediately give new life to a room. We repainted the interior including the kitchen cabinets.
We also made several plumbing and electrical repairs throughout the house. A little landscaping was needed in order to give the home curb appeal as that is the first impression perspective buyers get of your home.
When the improvements and repairs were completed, Martina then set about staging the home based on her design concept for this particular property.
She highlighted every good feature of the home, and the result was a warm inviting environment that would encourage potential buyers to see themselves living the good life here.
Our out-of-town seller, who left all the decisions in our hands, was highly impressed when she saw the professional photos and she was so grateful for the work we had done in such a short time.
The renovations went smoothly and we came in under budget. The bottom line is we spent $10,888 on the ‘prepping’ of this home, and in return we sold the home for $65,000 more than the seller had thought she would get if the home was left in its original condition. Talk about a return on investment!!
At Bobbett and Associates, we do all we can to help our clients see the highest return on their investments, and we do so by advising them on key improvements they can make upon listing their home that enable us to ask a higher asking price than we might otherwise be able to.
Our latest renovation project is an exciting one. We were called by an out-of-area property owner who was looking to sell a very special house – a property in the Golden Hills neighborhood that’s been in the same family since it was built in 1956.
The home was in need of some strategic improvements to ensure we would be able to maximize the current market value. With a firm budget of $10,000 or less, and with a 12-day timeframe to complete the upgrades, we certainly have our work cut out for us!
We are in the process of completing the following improvements:
- Refinishing the beautiful original hardwood floors throughout
- Full interior painting, including painting of the original kitchen cabinets (this is a fantastic way to update a kitchen without spending a lot of money, we’ll finish the cabinets off with new hinges and hardware as well)
- New tile floor in master bathroom
- Various handyman fixes from plumbing to electrical as needed
- Light landscape clean-up in the backyard and removal of an old metal patio cover
Once these projects wrap, the final steps will be a full house cleaning and then home staging by Martina (a complimentary service provided by Bobbett & Associates). A professional shoot with a real estate photographer will allow us to show off our beautifully updated home in the best possible light.
Without the improvements, the home would likely sell at $625,000 or less. But with a strategic budget of $10,000, we hope to get well over $720,000 for the home, in other words, a net gain of $85,000 to our home seller!
We can’t wait to show off the huge improvements at this house when we go to market in a few short weeks. Stay tuned for an update on how everything turns out.