Comparing Year to Year Reveals Positive Changes

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The market nationwide is improving and Bishop is no exception. To be able to tell if the market is improving, we look not just at what happened month to month but year over year. Comparing the first quarter of 2013 with the first quarter last year shows some similarities and differences.  

Both quarters were the same with 26 homes, town-homes and condos sold within 20 miles of Bishop. So how come the market is improving but the sales are the same? In 2012 the sales of distressed properties—short sales or bank-owned—made up 38.5% of the sales, but it dropped in 2013 to 23%, so that was a big improvement. Decreased sales of distressed properties are a great sign the market is turning around. In addition, the days on market—number of days it took to sell a home—was 4.5 months. This year it took about 2.5 months to sell a home, which is a definite improvement. Another good sign is the average price of homes. Last year, the average sales price was $248,000 and the average price this year was $288,000, which is a big increase. While it’s tempting to think it’s due to prices increasing, it’s partly due to fewer distressed property sales.

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Another green shoot in the market is interest rates which are hovering at record-low rates. Buyers certainly have more buying power thanks to the rates.     

If you’d like to know where to be positioned in this market, please call us at (760) 873-4161 or email us at randi@mysierrahomes.com or dawong1@tellis.org so we can build a strategy to get you results.  We’d be happy to assist you. 

Free Services from Your Real Estate Pro

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What do you think of when you think “real estate agent”? You probably imagine a professional that is there to assist you with buying, selling or investing in property. For the most part that is exactly what real estate professionals do. However, in our work within the industry a number of additional services come into play that are often overlooked by most consumers. Here is a list of just a few of the additional services we provide to our clients, colleagues, friends and neighbors.

Home Value Analysis

Regardless of whether you are ready to sell a home, it is a good idea to know where your property falls in terms of fair market value. Property values fluctuate based on market activity and for homeowners that may not have had much exposure to the market for some time, getting a home value analysis done could be eye-opening.

If you are on the fence about buying or selling, a Comparative Market Analysis (or CMA) is a tool used by real estate professionals to gauge what other similar properties in the local marketplace have been selling for in the recent months. This is a carefully considered report that involves researching more than just recently sold homes but also looking at listings that may have expired as well as properties recently under contract.

A CMA will assist in the process of estate planning, property tax appeals, deciding whether to upgrade or downsize a home and determining if an investment is worth it. It’s also just a good idea to remain on top of where your property value is.

Industry Recommendations

Another very valuable service we provide our clients and friends is a complex network of referrals that come from years of working with vendors, suppliers, contractors, and other service providers. Whether looking for a roofer, someone to manage your lawn and garden or a lender – we have a long list of proven successes that stem from quality service providers.

Insight Into Alternatives

Many consumers are faced with situations where they may be limited in their options. When it comes to housing, we pride ourselves in being able to share useful alternatives  to help those that need it. This could be anything from assistance with moving to another state and finding an excellent agent to provide the same level of service as we do, to helping you find a rental home while you work out your long-term plans. Our goal is to help you – and we are in the business of building relationships not just selling homes.

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If you would like to engage us in any of these or other services – we invite you to contact us today. We look forward to helping you!