Economists predict that homes will sell even faster than they did last year.
CUPERTINO, CA—Just more than two weeks into the New Year, real estate pro Samuel Spinella is keeping busy. His latest property in San Mateo sold in an incredible five days and for 43% more over asking price.
“The current housing trend is going strong,” stated Spinella, the owner and founder of the Spinella Group. “The market is very hot considering that this is typically the slower part of the season. Jobs are very stable and businesses continue to hire and grow.”
Economists predict that homes will sell faster than ever this year, up to 30% within two weeks. However, Spinella believes that a quick sell won’t always come down to luck or timing but to strategy.
“With the property mentioned, the seller needed to sell fast and needed top dollar. No one wanted to pay more than a million dollars for it, but I saw the potential and the client needed top dollar,” stated Spinella.
To increase the value of the house, Spinella gave it a complete makeover. He also covered the contractor costs up front and coordinated everything for the seller step-by-step. In the end, the 3 bedroom, 1 bathroom house with beautiful yard sold for $1.4 million.
“If you’re working with a real estate agent who simply lists your house and puts up a yard sign, get rid of him or her. A good agent will guide you through the whole process so that you walk away with more money in your pocket,” stated Spinella.
According to a real estate market trends report, prices for both single-family, re-sale homes and condos jumped by double-digits last month in Santa Clara County to set new all-time highs for the third month in a row.
“It’s definitely a seller’s market right now. For anyone looking to buy a home in the New Year, make sure that you are pre-approved by the bank and be ready for the competition,” stressed Spinella. “Keep your head up and make strong offers that you feel comfortable with.”
According to Spinella, seniors are likely to have the hardest time navigating the current real estate market in northern California. He says clients of retirement age can often assume that if they have a lot of equity, they won’t be able to buy anywhere else after selling. Even if they downsize, they may feel that buying a new home is impossible since current real estate prices are very high.
“The biggest mistakes seniors make is that they assume their options are much more limited than they really are and will either pay too much or spend the rest of their life renting and not allowing their money to work for them,” stated Spinella.
The good news is that Spinella says many seniors will typically fall under Proposition 13 which keeps their tax base low. This can be their golden ticket, but Spinella says they need to work with someone who understands this code.
“Whether you’re a senior or first-time home buyer, make sure you work with someone who will put your needs first,” stressed Spinella. “That way all parties walk away happy and you aren’t left with any regrets.”
ABOUT SAMUEL SPINELLA: As a professional in the real estate industry over the past 15 years, Samuel Spinella has built his reputation on providing outstanding service to his clients. In these times of dynamic market movement, he believes the most important thing he can do to help his clients is to communicate how the current market influences their ability to achieve their personal and financial goals. To learn more, visit www.samuelspinella.com.