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Writing An Offer That Wins

by The Barringer Team

In Tracy's current market it is completely run by bank owned homes.  When a buyer wants to purchase a home there are numerous factors to consider.  Here is a list of factors based on priority.

The Agent You Choose To Represent You Is Almost Everything.  I know you are thinking, "Why is that so important?!"  The answer is simple, you need an agent with many years of experience and one that is well known in the community of other agents.  Most of all the business done by 20% of the agents in Tracy do 80% of the business.  What this means for you, the buyer, is when you are represented by the Barringer Team; the other agent knows they are going to get to the closing table because they most likely have worked with us before.

Fewest Contingencies Win.  We do all of our homework up front.  The lender you choose also really plays a BIG role.  We want to come in with the strongest offer possible.  This means quick close, quick inspection time frames and high dollar deposits.

Lender.  We primarily use Alex Alvarez with Wells Fargo.  The advantages are great!  First, we have been partners for over 15 years.  This means he is accountable to us and you will get a good deal as well as good service. If the home is a bank owned home by Wells Fargo, then it will be looked at more favorably than other offers not using Wells Fargo as their financing.  That's because you are using Wells as YOUR financing. 

Being Fast.  How fast and professional an offer and pre-approval letter is submitted means everything!  The Barringer Team uses a system called Doc-U-Sign.  The contract is signed and dated over the Internet and it is recognized by most banks as a legal contract even though it has no "wet signatures" on it.

Being First To Know.  In the Tracy area many times we are made aware of listings before they hit the open market.  Our sources are the banks themselves, bank listing agents and investors.  All of whom we have working relationships with.

Clean Homes Show Better

by The Barringer Team

So, here's a question for you.  Would you rather walk into a clean home or a dirty one?  No, it's not a trick question but it is an important one.  You see, when it comes to selling a home, many people forget how important the answer to that question really is.  Sellers get busy looking for their new home, preparing the kids for a move, packing up their belongings, getting organized for their new life and relocation so much that sometimes their home that's for sale doesn't get the TLC that's needed to push it to the top of the buyers' must-have list.

It's not until the home sits on the market for long periods that sellers realize something has to change.  Sometimes it's the marketing, sometimes it's the price, and sometimes it's the fact that the home that's being shown isn't clean enough.  Yes, a clean home shows better and there are five ways to make yours sparkle from roof to baseboards.

Hard to Reach Windows/Skylights.  These often get overlooked either because they're difficult to access to clean or because they aren't at eye level. Whichever the case, cleaning windows in high ceilings or skylights provides a brighter light to shine in your home.  Sometimes just getting out the cloud of dust and dirt that accumulates can make a difference between a murky-looking room and one that is eye-catching.  And here's a tip from Buzzle.com, "Clean the windows on a cloudy day, but not a rainy one.  If you clean the windows in the direct light of the sun, traces can appear on the window, as the cleaning solution gets dry before cleaned."

Baseboards and Walls.  I have written about giving your home a fresh coat of paint prior to putting it on the market.  But maybe you can get away with a good wipe-down instead.  Using a wet, mildly soapy cloth you can scrub the baseboards and walls to make them look like they've had a fresh coat of paint, if the paint isn't chipped or too worn.  However, a product called Mr. Clean's Magic Erasers will save you the mess and ease the elbow grease.  These rectangular-shaped cleaning pads help take the grime off nearly everything.  You don't have to spray anything on the surface you're going to clean; just wet the eraser and wipe off the marks.  I've done whole walls with these pads and made it look as though the wall had been freshly painted.  be sure to get the baseboards and get down to kids' level and wipe off the marks where they place their fingers while walking down the hall or up the stairs.  When buyers see homes that are scoffed and worn like that, they may think it's an indication that the home might not have gotten the care it needed for the bigger things too- such as furnace, disposal, plumbing, electrical wiring, etc.  It gives a general feeling of un-cleanliness and can leave a negative lasting impression.

Toilets.  It may seem like this goes without saying but I'm sure any real estate agent you ask will have a horror story about toilets.  Whether they're leaking, continuously running, stained, or simply stinky, they pose a major deterrent.  If you've got an older toilet, give it a good inspection and be sure to check under the lid.  Buyers sometimes use your toilet when they're looking at your home and nothing is worse than seeing rust stains and other unsightly marks.  A good product is Zep Toilet Bowl Cleaner.

Tile.  When you're showing your house, hopefully, you'll get lots of foot traffic.  This, however, can lead to very dirty flooring and grout.  Yes, you can supply those footies and the sign placed by the door asking buyers to remove their shoes or put the footies on before entering your home, but, the truth is, not all will comply.  Still, the tile and the condition of the grout will matter to buyers should they decide to make an offer.  There are certainly many products to get the dirt out of those tiny grout lines; one that I've had success with is called Heavy Duty Acidic Cleaner for tile.  Use a brush to really scrub those dirty lines; doing so will make the tile standout and not look like it needs-re-grouting.

Closets, Cabinets, Computer areas.  "Buyers love to snoop and will open closet and cabinet doors."  That's according to About.com Guide, Elizabeth Weintraub.  She writes about the need to de-clutter closets, hang shirts all facing the same way, and even alphabetize the spice cabinet. Wow! Love it! I realize you may feel you don't have time for all of that.  Still, the point is, don't have junk stuffed inside closets and cabinets so that when potential buyers open them to have a peek, everything comes crashing down on them- and gives the impression that the closets are too small.  Computer areas are becoming more popular in homes and behind most of those computers is a tangled web of wires collecting tons of dust.

Organize the wires using Velcro zip-ties and dust them off!  Or, better yet, if you don't have to use the computer daily, arrange the area like you were filming a movie or shooting an advertisement- you never see wires. Remove all of the computer and accessory electronic cords.  You can leave the monitor display on the desk but taking away the wires and storing them will give the area a more spacious, clean, and professionally staged look.  A little cleaning and preparation before you market your home will help show buyers that you've cared for the house and that could be just the signal a buyer needs to make an offer. 

Chongchua, Phoebe. "Clean Homes Show Better- Five Areas To Scrub to Make Yours Sparkle." Realty Times. 19 Feb. 2010. Web. 22 Feb. 2010. <http://realtytimes.com/rtpages/20100219_cleanhomes.htm>.

Housing Starts Up, Permits Down, Mixed Economic Signals Continue

by The Barringer Team

The U.S. Commerce Department today reports that housing starts rose 2.8% in January to an annual rate of 591,000 yet permits for new building projects fell 4.9% after an uptick in December.  So, homes broke ground, but is the forecasters' celebratory dance premature, given that permits aren't rising along with starts?

"Despite the mixed performance at the start of the year, the outlook for growth in housing activity remains positive," Commerce Under Secretary Rebecca Blank said.  "Americans continue to recognize that this is a good time to buy a home.  Mortgage rates are low and the Administration's decision to extend the tax credit through April provides attractive oppurtunities for buyers in the coming months."

Yes, mortgage rates are low, but so is demand for loans.  Builder sentiment dropped last month despite the starts and just last month, the NAHB said that "the current financial situation has led to sharply decreased construction of communities that serve the market.  Without a chance in the availability of capital for development and construction, there could well be a shortage of such housing when it is most needed."

Rosales, Lani. "Housing Starts up, Permits Down, Mixed Economic Signals Continue." Agent Genius. Agent Genius, 18 Feb. 2010. Web. 18 Feb. 2010. <http://agentgenius.com/real-estate-news-events/housing-starts-up-permits-down-mixed-economic-signals-continue/>.

February Podcast

by The Barringer Team

Check out our new Podcast. It tells you about the current market here in the San Joaquin Valley. It is updated monthly so be sure to check it out every month it is a very informative tool that all buyers and sellers should take advantage of.

 

http://www.talkrealty.com/billbarringer/audio/player.aspx

Tracy Area Market Report 2/1/10 vs 1/4/10

by The Barringer Team

The following information is from the local MLS database, as of February 1, 2010 and is compared to (January 4, 2010).  If you are interested in a little more market information feel free to give us a call, we are always happy to talk about the market.

 

Tracy, CA 

 

ACTIVE Status

Total # of residential properties for sale in the city of Tracy: 381 (387)

# of REO (foreclosures): 49 (52)

# of Short Sales: 260 (255)

Average # of days on market: 89 (80)

The median price of all homes for sale in Tracy: $255,000 ($250,500)

The average price of all homes for sale in Tracy: $364,219 ($356,954)

Lowest priced home: 1bd/637 sq. ft./$41,900

Highest priced home: 6bd/5,937 sq. ft./$2,650,000

 

Square Feet

# of homes for sale in Tracy 

Median List Price

Average List Price

1,000 to 1,400

26

$149,950

$344,174

1,500 to 2,000

23

$206,800

$246,176

2,000 to 4,000

54

$304,900

$384,619

 

PENDING Status

Number of properties currently under agreement: 276 (234)

# of REO: 77 (90)

# of Short Sales: 147 (129)

Average pending price: $219,614 ($217,287)

 

Average pending home is 4 bedrooms, 1,969 square feet at a price of $219,614 that stays 39 days on the market.

 

Square Feet

# of homes for pending in Tracy

Median Pending Price

Average Pending Price

1,000 to 1,400

40

$149,925

$142,461

1,500 to 2,000

94

$209,950

$208,917

2,000 to 4,000

118

$265,000

$267,860

  

SOLD Status

Residential property sold over previous 30 days: 91 homes or $22,220,740 in sales (127 homes or $31,140,301 in sales)

REO’s sold in the last month: 31 (54)

Short sales sold in the last month: 29 (38)

Average sale price: $244,184 ($245,199)

Median sale price: $245,000 ($245,000)

High: 540K (7bd/4,051 sq. ft. home)

Low: 61K (1bd/800 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Tracy

Median Sale Price

Average Sale Price

1,000 to 1,400

16

$136,500

$137,900

1,500 to 2,000

20

$220,000

$212,367

2,000 to 4,000

48

$297,500

$310,729

 

Mountain House, CA

 

ACTIVE Status

Total # of residential properties for sale in the city of Mountain House: 82 (82)

# of REO (foreclosures): 5 (10)

# of Short Sales: 65 (62)

Average # of days on market: 36 (36)

The median price of all homes for sale in Mountain House: $299,900 ($287,894)

The average price of all homes for sale in Mountain House: $322,941 ($297,567)

Lowest priced home: 3bd/1,671 sq. ft. /$244,900

Highest priced home: 5bd/4,082sq. ft. /$430,000

 

Square Feet

# of homes for sale in Mountain House

Median List Price

Average List Price

1,000 to 1,400

0

$0

$0

1,500 to 2,000

4

$259,450

$265,925

2,000 to 4,000

12

$317,450

$333,025

 

PENDING Status

Number of properties currently under agreement: 91 (86)

# of REO: 20 (26)

# of Short Sales: 54 (48)

Average pending price: $292,281 ($291,893)

 

Average pending home is 4 bedrooms, 2,584 square feet at a price of $292,281 that stays 57 days on the market.

 

Square Feet

# of homes pending in Mountain House

Median Pending Price

Average Pending Price

1,000 to 1,400

2

$200,000

$200,000

1,500 to 2,000

16

$213,900

$225,869

2,000 to 4,000

70

$309,925

$311,586

 

SOLD Status

Residential property sold over previous 30 days: 24 homes or $7,064,900 in sales (29 homes or $8,630,236 in sales)

REO’s sold in the last month: 10 (13)

Short sales sold in the last month: 10 (4)

Average sale price: $294,371 ($297,594)

Median sale price: $307,500 ($300,000)

High: 480K (5bd/4,023 sq. ft. home)

Low: 142K (2bd/1,262 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Mountain House

Median Sale Price

Average Sale Price

1,000 to 1,400

2

$156,000

$156,000

1,500 to 2,000

4

$245,500

$242,000

2,000 to 4,000

15

$330,000

$330,193

 

Lathrop, CA

 

ACTIVE Status

Total # of residential properties for sale in the city of Lathrop: 95 (90)

# of REO (foreclosures): 13 (16)

# of Short Sales: 71 (67)

Average # of days on market: 41 (64)

The median price of all homes for sale in Lathrop: $198,500 ($199,900)

The average price of all homes for sale in Lathrop: $212,921 ($223,102)

Lowest priced home: 2bd/1,120 sq. ft. /$119,900

Highest priced home: 5bd/4,165 sq. ft. /$349,650

 

Square Feet

# of homes for sale in Lathrop

Median List Price

Average List Price

1,000 to 1,400

4

$133,900

$136,925

1,500 to 2,000

5

$192,050

$193,170

2,000 to 4,000

14

$249,975

$242,682

 

PENDING Status

Number of properties currently under agreement: 88 (88)

# of REO: 41 (42)

# of Short Sales: 31 (30)

Average pending price: $186,829 ($185,279)

 

Average pending home is 4 bedrooms, 2,256 square feet at a price of $186,829 that stays 37 days on the market.

 

Square Feet

# of homes pending in Lathrop

Median Pending Price

Average Pending Price

1,000 to 1,400

12

$109,950

$111,806

1,500 to 2,000

22

$150,000

$150,475

2,000 to 4,000

50

$214,900

$222,283

 

 SOLD Status

Residential property sold over previous 30 days: 29 homes or $5,255,700 in sales (33 homes or $5,888,060 in sales)

REO’s sold in the last month: 17 (14)

Short sales sold in the last month: 6 (4)

Average sale price: $181,231 ($178,426)

Median sale price: $190,000 ($169,000)

High: 255K (6bd/2,921 sq. ft. home)

Low: 70K (2bd/913 sq. ft. home)

 

Square Feet

# of homes sold in the last month in Lathrop

Median Sale Price

Average Sale Price

1,000 to 1,400

5

$130,000

$121,900

1,500 to 2,000

5

$152,000

$164,600

2,000 to 4,000

18

$200,000

$207,928

 

Weston Ranch, CA

 

ACTIVE Status

Total # of residential properties for sale in Weston Ranch: 113 (111)

# of REO (foreclosures): 21 (19)

# of Short Sales: 69 (74)

Average # of days on market: 33 (31)

The median price of all homes for sale in Weston Ranch: $169,900 ($175,000)

The average price of all homes for sale in Weston Ranch: $173,217 ($175,662)

Lowest priced home: 3bd/1,348 sq. ft./$110,000

Highest priced home: 6bd/3,000 sq. ft./$229,000

 

Square Feet

# of homes for sale in Weston Ranch

Median List Price

Average List Price

1,000 to 1,400

2

$122,500

$122,500

1,500 to 2,000

13

$154,900

$152,154

2,000 to 4,000

27

$187,950

$189,614

 

PENDING Status

Number of properties currently under agreement: 84 (86)

# of REO: 33 (41)

# of Short Sales: 36 (32)

Average pending price: $145,185 ($147,819)

 

Average pending home is 4 bedrooms, 1,942 square feet at a price of $145,185 that stays 37 days on the market.

 

Square Feet

# of homes pending in Weston Ranch

Median Pending Price

Average Pending Price

1,000 to 1,400

10

$105,900

$110, 435

1,500 to 2,000

37

$135,000

$136,276

2,000 to 4,000

31

$170,000

$174,104

SOLD Status

Residential property sold over previous 30 days: 35 homes or $5,864,800 in sales (44 homes or $6,569,880 in sales)

Short sales sold in the last month: 4 (9)

REO’s sold in the last month: 22 (26)

Average sale price: $167,566 ($149,315)

Median sale price: $159,000 ($147,500)

High: $225,150 (6bd/3,376 sq. ft. home)

(238K (6bd/3,153 sq. ft. home))

Low: $117,500 (3bd/1,547 sq. ft. home)

(82K (2bd/1,070 sq. ft. home))

 

Square Feet

# of homes sold in the last month in Weston Ranch

Median Sale Price

Average Sale Price

1,000 to 1,400

0

$0

$0

1,500 to 2,000

14

$141,300

$143,525

2,000 to 4,000

21

$185,000

$183,593

 

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The Barringer Team
Century 21 M&M and Associates
912 W 11th Street
Tracy CA 95376
209-833-7777
800-984-7282
Fax: 209-229-7426
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