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Planning a Successful Remodeling Project for Your Whittier Home!

by The Domis Team

If you are planning on remodeling your Whittier home, you’re in good company! According to a homeowner survey by remodeling website Houzz, 53% of homeowners believe that now is a good time to remodel. Motivations for remodeling include improving living conditions for personal enjoyment as well as improving home value and marketability.

The most popular renovation projects involve bathrooms and kitchens. 28% said they were planning a bathroom remodel or addition, while 23% of those surveyed said they were planning a kitchen remodel. On average, homeowners have spent about $28,000 to remodel a kitchen.

With this kind of price tag in mind, remodeling projects are not something to be taken lightly! Here are a few tips to help you get the most out of your remodeling project, without breaking the bank:

Decide the essentials first. Are new kitchen cabinets a must? Ok, but what about the floor? Your wish list might turn out to be bigger than your budget, so start by deciding the absolute areas that your remodeling project must address. List everything else to the side.

Decide how soon you need to finish this project. Are you putting your home on the market in a couple months? Are you expecting to host visiting relatives? Have a realistic timeline for completion.

Determine your budget. Do you have the financing available or funds set aside to comfortably tackle your project? What’s the “wiggle room” in your budget?

Interview contractors and obtain several estimates. Beware of bids that are too cheap compared to the running norms. The contractor may be cutting some serious corners to make that bid possible, or he may plan to “surprise” you with extra charges along the way.

Compare the estimates to your budget. Are you still in business? Can you afford the little extras? Do you need to finance more of the project than expected?

Revisit your list of contractors and make an informed choice. Ask for referrals, and check them out against the Better Business Bureau. Also, personality counts! Don’t hire someone that rubs you the wrong way, no matter how good their prices are. It will only add stress to your experience.

If you are a Whittier homeowner who is thinking of selling, you should obtain a comparative market analysis before you begin your remodeling project. Your home might do just fine on the market as-is! We will be happy to show you how your home fits in the market today, and what sort of value potential your upgrades may provide.

When you are selling a home, get the local expertise you can trust.  Let the Domis Team show you how we obtain top dollar for your home! Whether you need information about your current home value, or you just have a few questions, we’ll be here to help you! Contact us today!

The Domis Team
Prudential California Realty
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Lean Home Inventories Expected to Boost Home Values in California

by The Domis Team

According to the Wall Street Journal, the real estate story of 2013 will be about shrinking home supply in the face of increasing buyer demand. Nationally, foreclosure inventories are down 20% from a year ago!

The bulk of the remaining "shadow inventory" is located in states where foreclosures have a lengthy judicial procedure, such as Florida, New York, and New Jersey. In these states, home values are expected to remain depressed because of the backlog in foreclosures.

Meanwhile, states like California, Arizona and Nevada have seen a better-than-expected improvement in home values during 2012 because the statewide foreclosure inventory significantly dropped.

According to the California Association of Realtors, distressed home inventory accounted for 46% of the Los Angeles County real estate market in November 2011.

In November 2012, the distressed home inventory for Los Angeles County was down to 33%. Simply put, Los Angeles County absorbed distressed property sales at a faster rate than they occurred. It's practical to expect this rate of absorption to accelerate in 2013 as home demand remains strong but the supply of homes for sale remains limited. In turn, this will boost home values!

To balance the market, we need to see more homes for sale in Whittier, La Habra and La Mirada! Homeowners in Los Angeles and Orange County who have equity in their homes will have good selling opportunities in the months ahead!

Are you thinking of selling your home? Contact us for the latest sales reports in the Whittier housing market! We will be happy to share the latest home sales data for your neighborhood!

Whenever you are thinking of buying or selling a home, get the local expertise you can trust! Let the Domis Team show you the wonderful real estate opportunities available in our markets today! Whether you need information about your current home value, or you just have a few questions, you can always expect the best in courteous, professional service!

The Domis Team
Prudential California Realty
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Understanding Your Whittier Home Appraisal

by The Domis Team

The Wall Street Journal recently reported that approximately one-third of home sales are affected by low appraisals. Low appraisals cause delays at the least, and cancelled sales at the worst. Often, the culprit of a low appraisal is the presence of distressed properties that are factored in to neighboring home values without regard to property condition. 

As a Whittier home seller, what can you do? First, recognize that a comparative market analysis and a full home appraisal may have differences, based upon the objectives involved in each analysis. 

A comparative market analysis looks at the most recent sales prices of homes most similar to yours, in your neighborhood or as close to it as possible. As your Whittier real estate professionals, we provide a thorough market analysis in order to arrive at a professional opinion of a feasible sales price. While we provide information and counseling, the actual sales price is chosen by you.

In contrast, an appraisal is performed by an independent third party in order to satisfy the mortgage lender of the home buyer. Lenders are concerned with the collateral value of the home, and therefore the appraisal must justify the amount to be financed. Here are some questions posed in valuation principals:

Conforming use: Is the home compatible with the structures around it, and does it meet current zoning requirements?

Change: Is the area in transition, and if so, how may it affect this property?

Substitution: What is the cost of other homes of this type, square footage, and amenities?

Supply and Demand: Is this type of home highly desirable in today's market?

Highest and Best Use: Is this the right purpose for this property, or would it have higher value if used in another manner?

This is a basic introduction only, and you can learn more about appraisals by visiting the California Department of Real Estate.

If you are thinking of selling your Whittier home, we would be happy to help you! Our local market expertise will help you find the right price range for your home. By pricing your home correctly from the start, it will attract serious buyers and spend less time on the market. If you have questions about your home value, or just want to know how the Whittier real estate market is doing, give us a call! Our friendly, professional team is ready to assist you. 

The Domis Team
Prudential California Realty
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Real Estate Update for Whittier Home Sellers!

by The Domis Team

There’s some good news for Whittier home sellers: according to the California Association of Realtors, median home prices statewide increased to $308,050 during April 2012. This is a price increase of 5.7% from the prior month, and an increase of 4.7% from a year ago.

California median home prices have not been above $300,000 since December 2010.

One of the drivers behind price improvement is the reduction in distressed properties.Short sales and bank-owned properties accounted for 42% of total home sales in April 2012. A year ago, distressed properties accounted for 47.7% of the market.

Here in Los Angeles County, total sales activity increased 1.3% from a year ago, though the median home price of $289,700 is a bit softer than the California average. The average time a home spends on market has improved, with homes showing 54.8 days on market for April 2012, down from 55.5 in April 2011.

We are also seeing a reduction in the number of homes on market from a year ago, and shrinking home inventories have contributed to firmer prices. On the average, demand is highest for homes listed under $500,000. Current statewide inventories are running just under a 4 month supply in this price range. Last year, we had about 5 and ½ months of supply. In all price ranges, inventories have declined from a year ago.

The tighter supply, combined with a reduction of distressed properties and an improving economy, have real estate analysis optimistic about the housing market. However, the fact that distressed properties still account for 42% of the market is a reminder that future home prices will have a very gradual rise. Much depends on the volume and handling of distressed properties that remain in lender’s pipelines.

What does this mean for Whittier home sellers? The value of your Whittier home is always affected by the most recent sales of similar homes in your neighborhood. As your Whittier real estate professionals, we can show you the latest market data and evaluate your home value. When you decide to sell, you can trust our local market expertise for a sales strategy that works!

If you are thinking of selling your home, or you just have a few questions, contact us today! Our friendly real estate professionals are ready to help you!

The Domis Team
Prudential California Realty
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Photo of Linda & Ryan Domis - The Domis Team Real Estate
Linda & Ryan Domis - The Domis Team
Keller Williams Realty
16310 E. Whittier Blvd. Suite F
Whittier CA 90603
Cell: 562-884-5373
Cell:562-458-6947
Fax: 562.902.5158
The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale The Domis Team Real Estate, Whittier, La Habra, Orange County Homes for Sale

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