5 Ways to Pick the Perfect Time to Sell

Smart sellers spend a whole lot of time and energy strategizing about how to sell their homes for top dollar. They factor in buyer demand, the competition, the job market, the mortgage market and their agent’s track record. And that doesn’t even account for all the time spent understand recent home sales in the area as an indicator of how local buyers will react to this listing. Many a smart seller will also try to time their listing just right, too. And most often this looks like waiting until they feel buyers are sufficiently ready, willing, and able to pay a good price for the property. One timing consideration that sometimes gets short shrift is this: the calendar. There’s a season for everything, as you might have heard. And recent Trulia data revealed some powerful geographically-specific seasonal trends in search activity for homes, adding proof to what agents have long known – the calendar portends various shifts in buyer activity, which sellers need to note. If you’re gearing up to list your home for sale, you should definitely take advantage of this interactive tool we’ve created to help you understand how these shifts play out in your area, and connect with your agent to discuss whether and how you might want to factor that into your home sale action plan. But there are also a number of calendar-based factors you should just be thoughtful about as you put your plan for selling together. Here are a handful of calendars that should be – and stay – on every home seller’s radar screen: 1. The Academic Calendar. Families with school-aged children often find it less disruptive to house hunt in the late Spring/early Summer with the aim of moving in before school starts. Of course, we all know what they say about the best laid plans, so by no means should you let this stop you from listing your home at another time of year. Just know that demand for homes with convenient proximity to strong schools can uptick during the summer school break and around other times of year when kids are not in school. 2. The Tax Calendar. I cannot count the number of relatively unmotivated, looky-loo type buyers I’ve worked with over the years who got sudden, intense motivation from a massive, looming tax bill. For instance, many new professionals will seek to close escrow on homes between the time they graduate and the end of that same year, in an effort to deduct their closing costs and mortgage interest from their newly large incomes and avoid a big tax bill the following April. Similarly, just after tax time in April, a flood of newly motivated buyers come into the market, advised by their CPAs that the mortgage interest deduction is their best bet for not having to write as big a check to the IRS next year. Fortunately for sellers, more buyers and more motivation means more demand and – all other things being equal – can translate into a faster sale at a higher price than at other times of the year. 3. The Weather Calendar. Many sellers who live in cold-weather climates are aware that wintry weather conditions can dramatically cut down on the numbers of buyers who are out viewing properties. This is why buyer searches for homes on Trulia peak earliest, in January, in warm-weather states like Hawaii and Florida – and not until after the Spring thaws in the Midwest, the South, the northeast and most of the West and here in the Desert searches peak in January with the start of the season running from January through April. But what’s not as obvious is that the combination of what’s happening on the weather calendar and the specific features of your home can interact to impact your home’s prospects for sale – and its ultimate sale price. Behavioral economics researchers have found that homes with swimming pools sell for more in the summertime than they do in the winter. “When it is sweltering outside, a swimming pool just looks attractive. There’s an emotional connection because it reminds us of fun times we have in the summer,” said Jaren Pope, one of the study’s authors and an assistant professor of economics at Brigham Young University. So, if you’re selling a home with ski slope access in the summer, you might want to paint the picture of a cozy, fun-filled winter by staging the place with ski gear and other items that help prospective buyers visualize how much fun they’ll have when winter comes. And vice versa -if you’re selling a pool house in the winter, consider making sure it is steamy and heated, if it has those features. Stage it with lounges, towels, lights – anything that showcases the pool to offset cold-weather buyer’s psychological tendency to discount the appeal of a pool in the winter. 4. The Holiday Calendar. During the holidays, many buyers simply prefer to spend their downtime celebrating with family and friends vs. house hunting, especially in locales where the winters are wet or cold. Our listing search data backs this up: nationwide, December is the slowest month of the year for home searches, and November is the second-slowest. Does this mean the holidays are a bad time to have your house on the market? Not necessarily: some homes just show beautifully when all lit up and tastefully dressed up for the holidays. And the truth is that there is a hardy contingent of buyers motivated to close by year’s end for tax purposes, every year in every market. While buyers might be fewer in number, those who will brave rain, sleet and snow and forego holiday parties to house hunt can be some of the most motivated buyers of all. 5. The Gregorian Calendar (the regular old January through December calendar, that is). A survey just released by Fidelity Investments revealed that 54% of Americans said they typically consider setting New Year’s Resolutions related to their personal finances. This year, 26 percent of respondents said they are in a better financial situation today than last year (only 19 percent said so in 2012) and 28 percent say they are less in debt (vs. 25 percent in 2012). Home buying tends to be a popular resolution among those with money on their minds at this time of year – and also among people looking forward to career promotions, developing their love and family relationships or relocating to a new home town. Make sure your home is well-represented on sites like Trulia at the beginning of the year (i.e., now!), when these life and financial change visionaries start searching the web for their next nest.

Open Houses TODAY !!!

Thinking about upgrading? How about downsizing? What about getting away from HOA dues, into the IID lower rate area or even into a better school district? I am fortunate to have three Open Houses available for viewing today - all from Noon to 3:00 pm - 48705 Classic in Legacy Villas, a fantastic opportunity for a primary residence, a vacation/second home or even an Investment; and then 41620 Alligator Road in Bermuda Dunes, a truly clean, clean, clean 3 bedroom home in a quiet area; followed by 44630 Monticello in La Quinta, a wonderful Pride of Ownership home which I will be holding open - Stop by one or all that may interest you. Hope to see you … I always look forward to exceeding your expectations in fulfilling your Real Estate needs. Regards, Roger A. Sullivan, Realtor DRE # 01236680 Certified Distressed Property Expert direct: 1(760) 610-3245 Windermere Real Estate office: 1(760) 564-9685 47250 Washington St #B efax: 1(760) 459-2038 La Quinta, CA 92253 website: http://RogerASullivan.com Legal Disclaimer: The information transmitted may contain confidential material and is intended only for the person or entity in which it is addressed. Any review, retransmission, dissemination or other use of, or taking of any action by persons or entities other than the intended recipient is prohibited. If you are not the intended recipient, please delete the information from your system and contact the sender.

Down payments for First Time HomeBuyers

This is difficult to answer because more information is needed i.e. your background, cash available, your thoughts about terms of ownership, etc ... etc ... because a VA loan can required -0- zero down and up, FHA loan can require 3.5% down and up, Conventional loan can require 5% and up ...... The best thing you can do for yourself as a Buyer or prospective Buyer is to get Pre-Approved (not pre-qualified but PRE-APPROVED) there is a huge difference, some agents know it and some don't but it can make a huge difference in your offer being not only reviewed but also accepted. You should immediately contact a Lender / Mortgage Banker / Mortgage Broker with a solid reputation or from a solid referral source ( I generally provide 3 different sources) and have a good conversation with this person. Obviously, you'll be providing all your financial records for the Pre-Approval however you should tell them what your plans/goals are for ownership not just that you want to buy a house so that they can advise you properly to set you on the road to achieve those goals. You should also ensure that you know the maximum loan/program you qualify for - WHY??? - If you find that dream house that has everything on your list and a few others ... you need to know if it's attainable without fooling yourself, the Seller or the Agents involved. If you do - WOW - Fantastic; and if not ... the search continues. This would apply to existing homes, which I assume you are looking at in Campbell; however, many times new home builders have incentive plans to close with them if you use their Lender including -0- down options (which can preclude the relationship you developed with the above-referenced Lender) Why is the Pre-Approval so important ??? In today's market, no sooner than you find a home that you really, really like, another 1-3 prospective buyers have seen the property and it's also on their list. If you have had the right conversation with you Lender, they can immediately issue you a new or amended letter to identify the address of the subject property and include the Approved loan amount of the offer you are making. This is not the time to make a call to the Lender, search for all your financial records, make an appointment and then try and catch up with everyone else. Hit fast and hard for success !!! Best of luck in your endeavor !!!

Finally, the Federal and State governments come to their senses on Short Sales

Here's the link to the story from the California Association of Realtors: and here's the story: The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) announced that it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never received in a short sale. Last month, in a letter to California Sen. Barbara Boxer, the Internal Revenue Service (IRS) recognized that the debt written off in a short sale does not constitute recourse debt under California law, and thus does not create so-called “cancellation of debt” income to the underwater home seller for federal income tax purposes. Following the IRS’s clarification, C.A.R. sought a similar ruling by the California FTB. Now with the FTB’s clarification, underwater home sellers also are assured that they are not subject to state income tax liability, rescuing tens of thousands of distressed home sellers from California tax liability for debt written off by lenders in short sales. “We are pleased with the recent clarifications issued by the IRS and the California Franchise Tax Board, which protect distressed homeowners from debt relief income tax associated with a short sale in California,” said C.A.R. President Kevin Brown. “We would like to thank Sen. Boxer and BOE member Runner for their leadership in obtaining this guidance from the IRS and FTB. Distressed California homeowners can now avoid foreclosure or bankruptcy and can opt for a short sale instead, without incurring federal and state tax liability, even after the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of this year.” Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

The Season of Giving starts early ...

Manny the Movie Guy and the gang at KMIR6 held a great fundraiser for the victims of Typhoon Haiyan on Wednesday, November 13, 2013 ... unfortunately, I didn't know of it until Gloria and Thalia's great reporting of the event in the next morning's telecast. Inspired ... the Season of Giving started early. I was able to put together some donations: canned and dehydrated food, water, clothes, blankets, flashlights, batteries, can openers ... Has your "Season of Giving" started yet? Contact me with questions about how to help

Are there more foreigners closing in on Coachella Valley Real Estate or ...

Are there new foreigners closing in on Coachella Valley to take advantage of our Real Estate or ... would you believe the story as told below? If you want to take advantage of property pricing and Purchase before the new foreigners arrive and before the forthcoming season, give me a call as I can locate that special property for you ... If you want to take advantage of property appreciation and Sell at the Highest and Best your property can achieve pricing and Purchase before the new foreigners arrive and before the forthcoming season, give me a call to take advantage of professional marketing of your property ... Here's the story: http://www.theregister.co.uk/2013/11/08/hubble_spots_lawnsprinkler_asteroid_that_has_boffins_baffled/

Business Licenses for Valley Landlords

In a process that's becoming popular for raising City revenues throughout America, local Cities have established some new laws surrounding Landlords and the rental of their property both Long Term and Short Term (re: TOT Tax): Check with the Business License Department and/or Finance Department of your local municipality to determine what your responsibilities are for application of the appropriate license. The fee will not be large however it will require an annual renewal as long as you rent/lease the property. All jurisdictions are handling the scenario differently preventing the writer from giving you detailed information ... At least you are on notice ... Keep the faith !!!