We recently interviewed Sin-Yi Chao Lambertson, Broker Associate, with ERA Yes! Real Estate, in Glendora, CA to get her perspective on where the market is headed this summer. Here are excerpts from that interview:
1. Is the summer time usually a good time to sell a house?
Late spring to the End of July is the best time to enter the market for homeowners. The weather is fabulous as well as all the plants are thriving, looking their best. Prospective buyers with family are also looking to move before the start of the new school year. Something is in the air in Spring & early Summer that just stirs the spirit & ones heart to build a new nest & improve oneself.
2. Is this summer living up to expectations in your area? Why/why not?
One thing I learned in over 30 years of experience & helping literally thousands of families is do not have an expectation. The market is as much like the weather as my mood for what to wear in the morning. Though there is somewhat of a pattern, it is unpredictable. This summer we are seeing the inventory growing a bit & several price reductions in the MLS. That does not mean the value is decreasing but that prices are not appreciating as quickly as some sellers hoped to be. Interest rates are still at historical lows. The rise in interest rates occurred briefly in the beginning of the year but has dropped back down when the expected inflation didn’t happen. Lenders are loosening underwriting guidelines on certain products. More creative loan programs like adjustable rate mortgages, stated income for self-employed & first time buyer assistant programs are back again. Investor buyers are much less prevalent as opportunities for profit no longer exist as before. Distress sales like short sale & REOs are only about 10% of L.A. County’s market. In the last 2 weeks of June, we’ve seen a picking up of sale transactions opening escrow.
3. How will 2014 be different from last year, in terms of home sales volume/activity, in your opinion?
I believe the market has stabilized. The volume may hold steady or see a slight drop in numbers but not value with more traditional transactions & less distressed sales. More move up homeowners vs. investor purchase.
4. What advice do you have for sellers that can help them list/sell a home faster and more successfully during the summer?
Utmost, find yourself a knowledgeable Brokerage with a good honest reputation with proven record. Like having heart surgery, a good doctor is essential. Besides that, curb appeal creates the first impression. Often, I had prospective buyers who upon seeing the front of the home decided not to even go in. Over 90% of people look online first before contacting their agent to see properties are available. Consequently, it is vital, that you stage your home inside & out with a certified staging specialist and put your best foot forward. One thing to consider is depersonalize your home a little. Make it attractive but clutter free so prospective buyers can imagine themselves living there. Another important thing to do is to create an ambience that depicts the lifestyle that people desire in their hearts. Then, make sure, there are lots of photos, taken by an expert to showcase your home in its best light. Often, my clients have commented after seeing the slide show for their home, “that’s a nice home I’d like to buy.”
5. What is one change that you believe needs to be made to the CA real estate industry in 2014?
Help the government officials to understand that as much as they mean well, policy makers need to trust the industry to know how to help consumers reach their American dream.
6. What is unique about the market in your area?
Glendora is a very special place. It is the perfect hometown. When I first saw the oak tree covered Foothill Blvd, it just told my heart I had found my home. People are loyal, and generous to help keeping this town the way it is. We truly have pride in our Foothills. Community spirit, long- time residents with children are dreaming of moving back. Glendora has great schools, low crime with everyone knowing personally about half a dozen realtors. Often, homeowners know years before their move which agent will help them do it. Value holds well despite the economy. This may be the last “Norman Rockwellish” town left in Southern California.
7. What else would you like our readers to know?
My business is guided by the best interest of my clients. My clients are like family to me. The long hours we spend together in helping them move creates a bond that makes all the troubles seem trivial. I love my business because of the friendships that comes from it.
Sin-Yi Chao Lambertson, Broker Associate, ERA Yes! Real Estate
303 W Foothill Blvd, #1
Glendora, CA 91741
626 963-0097 x218