Making Your Home “Market Ready” For Sale

You’ve no doubt heard the term “staging” a home but there’s a lot more to getting your home ready for sale than just bringing in plants and re-arranging furniture.

The terms “staging” typically implies a professional designer has been retained to make a house look like a model home, yet there’s a lot more that goes in to staging a home. Often times, a home will need a complete facelift, as is often the case with trustee sales. Vacant homes always show better professionally staged, and even homes with modern amenities can use some detailing.

We break down staging into two categories. 1) Vacant homes for whole house staging and 2) Occupied homes for staging augmentation. Professional designers are akin to artists and often prefer a vacant home to an occupied one since they are beginning with a blank canvas, or palate if you will.

But getting a home ready for the final touches of furniture, plants and pictures often requires weeks of renovation. We coordinate with our design consultant to first identify our market segment–the buyer who will likely purchase the home. Then we take instructions as to what color scheme to employ and begin the process of renovation or upgrades. Some of the typical enhancements include:

·         Fresh Paint

·         Refinished hardwood flooring

·         New carpeting

·         New bathroom or kitchen tile, granite or other contemporary materials

·         Kitchen cabinet re-facing or replacement

·         Bathroom fixture replacement

·         Hall and entry lighting enhancement

·         Landscaping and fresh lawns

There’s no need to be anxious about the renovation process. As your “project manager”, we coordinate all enhancements with our professional team of property enhancement experts; from tile people to painters, handyman, hardwood floor experts and carpet installers.

The video you are about to see highlights several homes we’ve staged for sale and shows before and after images. If ever the saying “A picture is worth a thousand words” rings true it’s in this short video, enjoy.

 

Belmont Housing Review–August 2008

August, 2008

The data for the summer months suggests Belmont’s housing sector may be near or at the bottom for any market corrections though the picture outside the mid-peninsula remains uncertain. Belmont is a micro-market and we take this position not because all of the data points to positive market indicators, but rather the data points are all in flux. Arrow_ride_2

Taken as a whole, the sumer wasn’t bad to Belmont sellers at all. But like we’ve said before, it’s extremely hard to telll how bad a storm will be when you are in the middle of one; but all storms do pass and we’re getting a glimpse of daylight in our numbers. Whichever is the case– whether we are near the bottom or passed it–we’re all along for the ride, for better or for worse.

Instability in these critical numbers such as the amount a seller receives of their asking price, the median price compared to the size homes actually sold month-over-month is indicative of a market in change. In other words there is no real direction in which all the numbers point—whether it’s a buyer or seller’s market.

Belmont_aug_2008 ←Click on the spreadsheet for a larger size.

↓The number of sales in August fell to only 17 after posting a year high of 25 in July (there were 22 last year at this time). Though sales were down 32%, there were also 22% fewer homes to sell.

↑The median price however rose to $947,000 from $890,000 in July. In August last year the median price was $988,500. See our post on the median price correlation and the size of homes selling to put these wild fluctuations in perspective.

↓The time it took to sell a home went from 14 days in July to 41 in August. That’s a strong indicator that the slow summer months liquidated some old inventory; remember most of July’s sales were consummated in May and June.

↓The amount the seller received of their asking price dropped a whopping 7% from 98.37% in July to 91% in August and dropped 11% over last year when it stood at 102%. This statistic is understandable when homes are selling in 41 days instead of 14 as they did last month. Homes which are overpriced and languish on the market tend to sell way under what they should, but we’ll save that for our next post. Still, you can’t help but compare this to last year’s performance and give it a big red arrow.

This fall we expect sales will pick up a bit from August but still remain under last year’s numbers. This winter could be relatively quiet but we expect next spring to determine the fate of the local market into 2009.

Data extracted from the Multiple Listing Serice for San Mateo County.

The information contained in this postis educational and intended for informational purposes only. It does not constitute real estate, tax or legal advice, nor does it substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.

Belmont Housing Activity-Week ending August 23, 2008

Belmont’s housing inventory once again is right at 44 single family homes for sale. A stable inventory is a key element to holding prices stable. We’re only a week away from the month’s end report and we’ll look at the absorption rate—the rate at which homes are selling compared to new listings—the days it takes to sell a home, and what percentage the seller is receiving of their asking price. These are three important indicators in predicating the direction of a market.

Belmont’s week in review:

NEW LISTINGS:

Belmont had four new listings this week.

Forest 2002 Forest 3 bed 2 bath 1,243 Sq Ft for $898,000. There’s an interesting back story on this home. It sold in June of 2007 in multiple offers for $945,000 and now it’s back on the market at $898,000. That’s a good indication of how the exuberance of the market forced buyers to pay top dollar. As for the home, it’s very cute (as in small). It’s tastefully remodeled but the garage has been converted (the seller says legally) to an office—so there’s no garage. How in the heck the seller ever got the city to permit the conversion of a garage in the Belmont hills is beyond me. In an effort to quash parking issues on narrow streets, the city now makes you ADD a garage space if you plan on a significant remodel.

Forest is up in the hills on the border of San Mateo and it has a great country feel, though at 4,000 the lots are small.

3215 Upper Lock 3 Bed 2 baths 1,500 sq. ft. for $849,988

Once again this home didn’t make the Tuesday tour so we haven’t seen it but we’re familiar with the homes on that street. These usually have a shared driveway and this home appears to be in rather original condition. OPEN SUNDAY 8/24 1:00-4:00

2947 San Juan 3 Bed 1 Bath 1,010 sq. ft. for $775,000

Anytime you can get a home in the Belmont hills for under $800,000 you’re probably getting a good deal. This home is located down in the San Juan Canyon and a more-or-less level section of the street. Someone may bulldoze this home but it could be salvageable too. Certainly the structure that’s there is not the highest and best use of the land. OPEN SUNDAY 8/24 1:00-4:00

318 Treasure Island 2 Bed 2.5 Bath 2,207 Sq. Ft. for $735,000

Treasure Island Homes are located out near Oracle and are technically in Belmont. This one has yet to be on agent tour and as you might recall another home came up last week at 320 Treasure Island Drive which was a 3 Bedroom for $775,000. If you’re planning a Sunday open house day, 318 is open SUNDAY 8/24 from 2:00-4:00 and 320 Treasure Island is open from 1:00-4:00 so you can kill two birds with one stone.

OK. There’s one more persistent listing that came back on the market. Reposo is back once again. This 3 bed 2 bath 1,600 sq. ft. home is now listed for $1,100,000. It started out at $950,000 back in August of 2007, was RAISED to $1,000,000 in October of that year when it didn’t sell and is now at $1,100,000. If you like this home you’d better hurry or it might be $1,200,000 by Fall…

PENDING SALES

Belmont saw two of its homes go pending this week. The home at 1134 North Court which sold for $951,000 in April of ’05 was listed for $745,000 and sold immediately.

2117 Cipriani from our Carlmont Associates office went pending too once it was lowered from $1,398,000 to $1,358,000. That’s a nice home.

Last week we talked about the new listing at 1514 pine Knoll. A 2 bed 1 bath 1,200 former cottage on a level knoll with views of Mt. Diablo and the San Francisco Bay. Listed for $799,000 I know it’s a two bedroom but what a great location.

SOLD HOMES

Three homes closed escrow this week:

South 515 South Road 4 Bed 3.5 Bath 2,870 Sq. Ft. home for $1,499,000. Listed originally at $1,579,000 and lowered to $1,499,000 where it sold in just a week and a half after it was lowered.

1756 Terrace 4 Beds 2.5 bath 3,209 sq. ft. listed for $1,275,000 closed for $1,235,000. It was on the market for 66 days.

5 Ridgewood Court 4 Bed 2.5 Bath 2,280 sq. ft. ATTACHED home off of Hastings Dr. Listed for $1,028,000 and closed for $1,000,000. It was only on the market for 14 days.

Contest Winner-$50.00 Gas Card August 2008

Congrats_2

The winner of this month’s drawing for a $50.00 gas card is Kathy Schwarzbeck!

Chevron_gift_card

Congratulations Kathy, we’ll be sending you your $50.00 Chevron®   gas card right away.

And just for fun, we drew two other names for a $5.00 Starbucks® card.Starbucks

Natasha Flaherty & Jeanette Weisinger your Starbuck’s card is in the mail.

Thanks for joining us for this contest and responding to The Morgan Report Newsletter. Remember you can always register for our on-line version of the Newsletter here and help save a tree!

Belmont’s Greek Festival!

What’s going on in Belmont over the Labor Day weekend?

Header

Be sure and stop by the Greek Festival held every year on the grounds of the Greek Orthodox Church at the corner of Ralston Ave. and Alameda de las Pulgas. Over 15,000 people are expected to attend over the three days of festivities.

There is great food and fun for everyone with music, dancing arts & crafts. Admission is only $5.00 for adults and children under 12 are free. This year they’ll have a special “fun zone” for the kids too.Greek_2

If you are a foodie like us you’ll enjoy BBQ lamb, Dolmades, Spanakopita and of course desserts like Baklava layered with honey and nuts. Baklava_2

Here’s their schedule of activities if you can’t decide when to go.This is one of Belmont’s best get-togethers for the community and if you see us be sure and say hi!

We complimentary tickets since we contribute to the festival's directory so if you’re planning on going let us know and we’ll send some out to you.

FREE Gas Giveaway!

GasWe’re just two days away from our drawing for a FREE $50.00 gas giveaway card. If you receive our print newsletter you’ve probably already sent in your form, but if you’re a blog reader you can still enter by sending in this on-line version of the form.

And don’t forget you can help us go green by subscribing to the on-line version and you’ll be emailed once a month with market updates and our quarterly newsletter. Don’t worry, your email address will remain annonymous and we’ll never share it with anyone for any reason.

With gas prices recently dropping, this $50.00 gas card will go a lot farther than it did just a few weeks ago.

Good Luck! The winner will be announced on this blog August 20th so hurry and register!

Belmont’s Housing Activity–Week ending 8.08.08

Belmont Housing Activity                             Δ from prior week

New listings                                        3              ↓

Homes that went pending                   2              ↓

Homes that closed escrow                  1              ↓

Total Inventory                                  45             ↑

Only two homes received an offer last week and went pending, three new listings hit the market, and with only one sale the inventory rose slightly. Most closings are scheduled for the end of the month and there are currently have 15 set to close by then.

NEW LISTINGS

2503 Read Ave., Belmont 2 Bed/ 2 Bath 950 Sq. Ft. for $799,000.

2818 San Ardo Way, Belmont 3 Bed/ 2 Bath 1420 Sq. Ft. home for $725,000 * Our Belmont’s Best Deal pick of the week! OPEN SAT & SUN 8/9th & 10th from 2:00-4:00

San_ardo

807 Ruth Ave., Belmont 2 Beds/ 1 Bath 1,40 Sq. Ft. home for $719,000

SOLD HOMES

3614 Hillcrest 5 beds/3 baths 2840 Sq. Ft. sold for $850,000.

This home was simply entered for a comp. I’m not sure why because it’s a bad one at that. It never hit the market and apparently was a real contractor’s special.

MorganHomes.com

Information deemed reliable but not guaranteed.

The week ending August 8th of 2008 may have been the luckiest date in this decade but seller’s who wanted to move weren’t quite so fortunate. The Belmont housing activity was rather slow this past week.

Belmont Neighborhood Associations

We’ve updated the list of various Belmont neighborhood associations Download belmont_neighborhood_associations.pdf with an interactive map. Open the PDF file and click on the neighborhood association name in your neighborhood to jump to their web page. The Neighborhood associations below are non-profit organizations which to not mandate membership, but rather request a donation to continue their mission. If you aren’t familiar with your neighborhood association in Belmont, open the attached map and see if they have information on their meetings. We belong to the Belmont Heights Civic Improvement Association and it’s a cause well worth supporting. It’s nice to have a group watching out for your neighborhood.

Real Estate Fees REVEALED!

Be sure and get our Podcast where we discuss how to negotiate the best listing fee with your agent and how our variable rate fee structure works. Download Fees.mp3


This chart illustrates the correlation between the price a seller receives of their asking price and the days their home is on the market. Note that the optimum time to sell a home is in the first 14 days. Listen to our complete Podcast for a detailed explanation on how pricing your home right can net you more for your home and reduce the fees we charge!



Belmont’s Weekly Housing Update-8.01.2008

Altura 

The Belmont Housing inventory is down to only 40 active single family residences for sale. That’s low for this time of year.

There are currently 24 homes pending sale which has helped drive the number of available homes down—last week added another seven to the list.

These are the six new listings that hit the market last week.

â–º2105 CIPRIANI BL
Detached Single Family (Class

4 bed(s) /3 1/2 bath(s)

5,580 sq ft 

Belmont (Belmont) 

$1,199,000

MLS: 80824979

Nice home. Busy street.

â–º2602 CARLMONT DR
Attached Single Family

Carlmont

These are nice (technically attached) homes in one of Belmont’s premiere canyons. Large lots but sometimes small usable yards.

4 bed(s) /2 1/2 bath(s)

17,380 sq ft 

Belmont (Belmont) 

$1,049,000

MLS: 80824689

â–º905 AVON ST
Detached Single Family

Sorry, there appears to be no uploaded pictures for this home. Hmm.

4 bed(s) /2 1/2 bath(s)

8,580 sq ft 

Belmont (Belmont) 

$999,000

MLS: 80825395

â–º80 EDGEWOOD PL
Attached Single Family

This townhome appears fairly priced for the complex.

3 bed(s) /2 1/2 bath(s)

1,932 sq ft 

Belmont (Belmont) 

$998,000

MLS: 80825408

â–º1907 OAK KNOLL DR
Detached Single Family

Oak_knoll

This was our “Best Deal for Belmont” this week. It’s got a nice feel, nice backyard, and it’s located atop one of Belmont’s best locations with a micro-climate protected southern exposure.

3 bed(s) /2 bath(s)

8,250 sq ft 

Belmont (Belmont) 

$988,000

MLS: 80824402

â–º101 FARALLON DR
Townhouse (Class 2)

3 bed(s) /2 1/2 bath(s)

2,389 sq ft 

Belmont (Belmont) 

$839,000

MLS: 80825321

Last week only five homes closed escrow. That’s very strange in that typically buyers try and close escrow at the end of the month to save on pre-paid mortgage interest. These are the five homes which closed escrow this week:

 

â–º140 VIRGINIA AV
Detached Single Family (Class

3 bed(s) /3 bath(s)

5,850 sq ft 

Belmont (Belmont) 

$1,089,000

MLS: 80810712

It’s nice to have this home off of the books. It was listed for $1,089,000 and finally sold 105 days later for $1,025,000–$64K less.

â–º1505 ALTURA WY
Detached Single Family

Someone got a good deal on this home we believe—even though they had to pay $53,000 OVER asking to do so. It sold for $849,000 in 9 days.

3 bed(s) /2 bath(s)

7,800 sq ft 

Belmont (Belmont) 

$799,000

MLS: 80810640

â–º2424 CORONET BL
Detached Single Family

This home had nice southern peninsula views but was TINY. Still, a good buy for the nice neighborhood. This home closed $30K under the seller’s asking price at $769,000.

2 bed(s) /2 bath(s)

5,700 sq ft 

Belmont (Belmont) 

$769,000

MLS: 80817167

â–º1121 GRANADA ST
Detached Single Family

This starter home on the east side sold for $715,000–$10K under the seller’s asking price and in only 14 days.

3 bed(s) /1 bath(s)

4,968 sq ft 

Belmont (Belmont) 

$725,000

MLS: 80812144

â–º817 COVINGTON RD
Detached Single Family

Talk about good value. To be in the Belmont Hills for under $600,000! That’s a nice price point.

2 bed(s) /2 bath(s)

5,150 sq ft 

Belmont (Belmont) 

$589,900

MLS: 80816502