Orange County Real Estate and Community News

Oct. 3, 2012

8 Ways To Never Sell Your Home: Real Estate Turn-Offs

1. Dirty, worn-out rooms. It's assumed you've put in some serious time into preparing your house for sale, which means it should look its best. If there's grimy fixtures, marks on the walls or worn-out curtains, people will instantly be turned off. At worst, they'll assume it can't be cleaned any further. At best, they won't want to spend another second looking at the room. Either way, you aren't doing yourself any favors. If new paint isn't in the budget, invest in quality cleaning supplies and take the time to scrub every last inch of the house.

2. Keep your shrines on display. Whether it's a collection of birthday cards and magazine or your hallway of family portraits, collections of personal items make it hard for buyers to picture themselves in a living space. They're also distracting and can draw your buyers' attention away from your home's great features. As a general rule, you only want furniture and generic artwork in a room.

3. Hide your shrines in the house. You're kidding yourself if you think people won't open every closet door and drawer they find. People open fridge doors, medicine cabinets, closets and anything else that has a handle because they want to get a feel for the space. For many people, it's an absent-minded habit, but they will quickly snap back to reality when they find your hidden collection of romance novels in the oven.

4. Neglect repairs and maintenance. From gutters overflowing with leaves to holes in the wall, signs of disrepair are a huge turn-off to buyers. People want to think that you loved your home and took pristine care of it. Failing to make repairs or stay on top of seasonal work makes it instantly obvious that you didn't.

5. Show off your pets. Not everyone loves pets, which is why cat food dishes in the kitchen or a dog waiting in the yard is a great way to prevent some buyers from liking your house. They'll be too distracted by your beloved pet to even notice the walls surrounding it. Clean the litter, put away the food dishes, remove the photos from the fridge and take your pet with you when you leave the house (see 7). Pets are also notorious for damage and prospective buyers will instantly wonder what your fluffy friend has gotten into that hasn't been noticed.

6. Ignore that strange smell. Perfume, cat litter and musky odors are among the top turn-offs for all buyers. Overwhelming smells are distracting and, with an increasing number of people sensitive to scents, may cause potential buyers to leave entirely.

7. Neglect your scary basement. Clear out your basement, clean out the cobwebs and throw in a bright new light bulb. You don't want home buyers to wonder what monsters are hiding in the hidden cracks of the room, so open up the space as much as possible. Also pay attention to those odors we talked about in #6.

8. Hang out at the house. Nothing makes buyers more uncomfortable than having the seller loitering at the house. Staying close is a great way for buyers to rush through your home and leave with a bad feeling, so make some plans out on the town. A showing is a great excuse to browse a bookstore, go to the theatre or grab a cup of coffee with an old friend.

While these guidelines will definitely help you out, each house has its own unique set of "selling don'ts", which is why all serious sellers should have an experienced real estate agent on their side. A dedicated agent will visit your home with you, evaluate its condition and make important recommendations for improving your home for sale. This crucial step will help prevent you from becoming a victim of real estate faux pas and get your property sold!

Posted in Selling Your Home
Sept. 27, 2012

Orange County's Sellers Market: Why You Should Sell Your Home Now

The past few months have been tough on buyers here in Orange County, as the overall inventory of homes has suffered from a dramatic drop, while the demand remains steady. This makes the competition fierce and it's a great time to sell your home.

Compared to last summer, there are now half as many homes available on the market, yet the same number of homes are being purchased at the same average cost. That means it's twice as easy to sell now as it was a year ago!

There's been a strange misconception that the current real estate market is bad because of a increase in the sale of bank-owned homes. The major thought is that these are driving the prices down, and that would be the case if there was a lot of competition. Because of this fear, potential sellers aren't listing their properties and the lack of inventory is actually causing real estate values to slowly rise.

The other main factor driving this market is extremely low interest rates. A lot of buyers are looking to invest at the moment because it’s a great time to secure good mortgage rates. With the increase of buyer interest but the decrease of homes, it hasn't been this easy to sell a home in several years. In fact, the last time the market was this favorable to sellers was in 2005.

While it's predicted that this sellers market will remain for the next few months, it won't last forever. The distressed properties that caused this market shift are being sold off and there are fewer foreclosures and short sales available every single week. This means that we're going to see a shift back towards a more balanced market, with stiffer competition for sellers.

A competitively-priced home is likely to be sold quite quickly in the current market, whereas the same home at the same price will probably have a much harder time of being sold in a few months. If you were thinking about selling your home within the next few years, this is a good time to consider your options and take advantage of a unique opportunity.

Sept. 20, 2012

Say Farewell To Foreclosures: An Orange County Market Update

The reign of foreclosures is over, as the number of closed foreclosure sales fell to only 8% of the market in August 2012. Simply put: foreclosures are becoming a rarity. That's great news for your neighbors, as it's an indicator that the housing market and economy are returning to its former glory. But if you're looking to take advantage of a foreclosure opportunity, you may have missed the last boat.

Right now, foreclosed homes are staying on the market for an average of only 20 days. To put that into perspective, foreclosures were listed for an average of 54 days last September, and distressed homes were competitive even then. In order to be successful with foreclosures in the current market, you're going to have to be fiercly competitive and you will need an experienced agent on your side.

It also means the banks won't be undersold. In August, foreclosures sold for an average 3% higher than their asking price. That's the equivalent of a home listed at $500,000 being sold for $515,000. This phenomena occurs when homes are perfectly priced within a market, as competitive offers will actually drive up the final closing costs. (We try to implement the same strategy when pricing the houses we sell but it's hard to predict.)

As the current Orange County sellers' market continues to take its toll, foreclosures aren't the only sales to benefit. The amount of available inventory has dipped to a record low, making it harder than ever to find a great deal on a home. This is great news if you're a seller but not so much for buyers, who are having trouble in all aspects of real estate. If you must buy now, it's best to shift your focus back to non-distressed properties, as the number of equity sale closures has hit a record high.

The silver lining is for sellers! This is a great time to sell a home you've been sitting on. Orange County has always been a popular place to live and that has changed, which means there is an ongoing influx of new residents who need to buy now. It truly is the perfect time to sell a property and make a profit.

To find out more, contact us today and request the full version of the Orange County Housing Report! We would be happy to send you the report, along with other valuable information about real estate in the O.C.

Posted in Real Estate News
Sept. 17, 2012

Top 5 Mistakes Home Buyers Make Purchasing Real Estate in Orange County

We have a lot of experience with real estate in Orange County, and we've seen a lot of mistakes made. While we do everything we can to prevent them and ensure that these don't happen to you, knowing about these top 5 home buyer mistakes in advance will help you make smart decisions in the heat of the moment.

Skipping Mortgage Pre-Approval

This should be the first step all buyers make before they start their home hunt. Mortgage pre-approval is a fast, easy process that will let you know what your budget is and ensure you're looking for your dream home in the right places.

Buying the Wrong Home

Purchasing real estate is an exciting, emotional experience and people don't always think clearly in the moment. A good real estate agent will help keep you grounded and focused on your priorities, but buyers can still end up with property that doesn't suit their needs. Make a list of all the qualities you must have in your home and don't compromise too much. Consider home features, commuting distance, future renovations and any other aspects that are important to you. If the home isn't going to meet your needs for at least five years, move on.

Bidding Without Research

Bidding blind is one of the biggest mistakes buyers make. It's important to know what comparable homes have recently sold for, to ensure that your bid is competitive, but not too high. Some smart sellers will price their homes to drive up the final sale with competitive offers, while other sellers will simply ask for far too much. Knowing more information about the local market will ensure you don't get ripped off.

Not Hiring an Inspector

This happens less often today than it used to, yet buyers still skip this crucial step. Buyers should always hire an independent home inspector to come through the home, early in the negotiations. An inspector will commonly look for structural damage as well as environmental damage, can point out existing problems and even anticipate some future ones, like costly roof repairs. Keep in mind that new houses especially need an inspection, as they've never been put to the test by home owners. Inspectors may seem costly but they can save you thousands of dollars or prevent a huge purchasing mistake.

Rushing Contracts & Escrow

One of the last things buyers want to do is sit down and read all the paperwork, but it's important to know exactly what is being agreed upon. Take the time to fully understand every line of each document and don't be afraid to ask questions if you don't understand something.

Overall, purchasing a home in Orange County is a highly exciting, enjoyable experience. By planning ahead and making smart decisions, you can ensure that you will be happy with your home for years to come.

Posted in Buying a Home
Sept. 11, 2012

Welcome to The Brand New Hakolas.com Website!

If this isn't your first time on our website, you may notice that things look different. We decided that it was time to upgrade our site and provide users with the best online real estate experience possible. We teamed up with an experienced website company and have put together this fantastic resource for you to use.

We recommend you take a look at our new listings search. You can use this feature to find homes in any south Orange county city, and you can filter the results by a whole bunch of factors like zip code, neighborhood, property type, price range and more. It's easy to find exactly what you're looking for with these options and we know it will help you find the home you're looking for.

Registering for free with our site will allow you to do even more with this search tool. You can save your favorite listings, ask for additional information or even request a home showing. We've made it possible for you to find real estate from the comfort of your own home, 24/7. Our website even has a mobile version so you can keep on top of your search on the go!

If you're new to South Orange County, you can take a look at our Communities page. This page highlights some of the best neighborhoods in the region, providing you with insight to what you can expect if you choose to call one of them home. We talk about safety ratings, amenities, community services and locations, so you can find the community that is perfect for you.

We have also put together some handy guides for both buying and selling Orange County real estate. These resources give you a great place to start with your next real estate adventure and we're always a click or call away if you have any questions.

Finally, you can expect regular updates from us on this blog. We'll share real estate news and fun Orange County information, helping you get a better feel for the current market, our company and the OC lifestyle. Feel free to let us know how we're doing or contact us at any time for expert advice.

We look forward to working with you to find your next dream home!