Stavrosgroup

How Does Smart Home Technology Affect the Sale of My Home?

In the 1950’s, homeowners were wowed by dreams of the future, with flying cars, self-baking ovens and automated vacuums. Many of these concepts have come to life with smart home technology, though not necessarily in the way they were once imagined.

Smart homes today revolve around making life easier, letting you adjust everything from temperature to lighting from anywhere in the world. These types of improvements do a lot to attract millennial buyers who have grown up with technology and look forward to its integration into the home.

A Little Does a Lot

Having access to tech in a home office, kitchen and bathroom will set your home apart from other houses without such modern conveniences. Fortunately, unlike completely remodeling major portions of the building, adding value to your Orange County home with smart tech won’t break the bank.

Spending around $1,000 before putting your Newport Beach house for sale, a paltry sum where renovations are concerned, will result in significant gains on the housing market. Though these aren’t always monetary, it can result in a faster sale since these features are very attractive to buyers that would be interested in installing some of the same units themselves.

Doorbells and Detectors

Many tech tools don’t take much of a time investment when it comes to installation but provide a host of benefits that you and future homeowners will inevitably enjoy. Some of the most common items that will help craft the perfect smart home include:

Video Doorbells – Security is always a major concern, and being able to keep an eye on your front door while at work or even in the shower makes a home feel that much safer.

Smart Locks – Another front-door option, these take a little more effort to install but the added security and keyless entry options make it a worthwhile addition.

Smoke Detectors – Knowing anytime when there’s a fire or batteries need changing is a definite boon, and the cost of multiple detectors can be offset by smart devices that listen for the alarms already present in your house.

Thermostat – The first real integrated smart device, this can ensure your home is always at the correct temperature and can even respond to voice commands when you’re relaxing on your couch!

Light Bulbs – Lamps on timers have been a mainstay of vacationers for decades, but smart bulbs will turn on with your phone, and many can even adjust color and brightness on a whim!

Smart Speaker/Hub – Alexa and Echo, Amazon and Google’s smart-home supermodels, are just two examples of units that respond to your voice and tie all of your tech together into a cohesive unit.

These simple upgrades will transform your home, and even though they seem like superficial additions they let possible buyers see your house as more than building. Safety and security are just as important as comfort and convenience, and when it’s all integrated it becomes one irresistible package!

Room to Improve

While all of this technology does wonders for your home, you also need to consider which rooms will benefit most from electronic additions. Every area can be upgraded, but certain tech fits more easily in specific locations.

Living rooms or gathering spaces are definite spots to create a centralized hub for technology. Having your smart hub where everyone congregates makes it much easier to control and monitor the house while entertaining, and hose-shoppers will take notice when the primary living space is set up to be a control room for all of their toys.

Another space that benefits from these upgrades is the kitchen. While a smart refrigerator is more expensive than other options, adding high-tech appliances to the most complex room in the house makes it that much more alluring. Even something as simple as adding receptacles with USB ports by the nightstand can be a deal-maker!

Selling My Home With Savings

It’s not just a fancy screen on a dryer that makes it a big selling point. Making your home smarter also makes it energy efficient. If lights turn off when you aren’t home and thermostats regulate heat and cooling efficiently, homeowners are going to see a drop in their energy bills. High tech security also looks good to insurance companies, so fire alarms and video doorbells are a definite win for you and potential buyers.

Getting your house ready for the Orange County real estate market is never easy, but make sure you keep smart home technology in mind as you prepare to put your Newport Beach house for sale. The added value comes in a variety of ways, and if spending around a thousand dollars helps you make the sale more quickly, it’s an investment any homeowner can get behind!

If you find it time to buy or sell your home in Orange County, I hope you’ll think of me!

When Is the Best Time to Buy a Home in Newport Beach?

As an Orange County real estate professional, I am often asked when the best time to buy or sell a home in Newport Beach is. It is no secret that the Spring and Summer months are when the real estate market booms — with, statistically, the most homes being purchased and sold in the month of May. There are many reasons for this, including the warmer weather, longer days and kids being out on summer break, that lead to a spike in real estate in these months. While these ‘prime’ months are no doubt a great time to make your big move in the real estate arena, this time of year isn’t the only good time to put your Laguna Beach home on the market and even purchase one of the beautiful Newport Beach oceanfront homes for sale you’ve been dreaming of. There are a variety of considerations that you should factor into your decision that are specific to each family, before determining when is the appropriate time to embark on the next chapter of your lives. We’re breaking down a few of the notable factors you should take into account before making this big life decision.

Finances

Thinking about where you are financially may be one of the biggest driving forces in determining when the right time for you to buy or sell is. When thinking about buying a new home in Newport Beach, some of the questions you may want to ask yourself are:

-Do I have the income and credit score I need to qualify for the loan I want?

-Do I have a down payment saved?

-Can I afford the extra costs that come with homeownership, like property taxes and maintenance?

Another thing to consider are the costs that come along with moving. You may want to take into account whether you’re just moving from one home in Newport Beach to another, or if you’re moving cross-country to a new home in Orange County. According to the American Moving and Storage Association, the average cost of a move within the state is $2,300, while moving across states costs, on average, around $4,300. Buying a home is a major life decision that should carefully be thought out so that you’re not starting out the new chapter of your life on the wrong foot.

Major Life Changes

However hard you try, it’s not always possible to precisely calculate when you plan to buy a home in Newport Beach. Life often gets in the way, and sometimes plans get disjointed. But what is the right homebuying process or timeline for one family might not be the perfect one for you, which is why it’s critical to take all matters into account and think through if your family may be going through any major life changes in the near future. Some such life events include:

-A new baby: do we need more room to accommodate a growing family? (Or on the flip side, do we want to downsize for the retirement phase?)

-A new job: will I be required to move to be closer to my new job and if so, will this be my forever home or just a temporary position?

-Relocating to provide better schooling opportunities for my children

-Relocating to be closer to relatives in need

Seasonality of the Real Estate Market

As mentioned before, the Spring and Summer months are statistically when most people tend to buy and sell homes. The days are longer, the weather is generally warmer, you’ve recently been issued your tax returns, and kids are out on summer break. Due to these reasons, there is typically a flock of buyers on the hunt during these months, making it a slight seller’s market. However, the fact that sellers may have a slight advantage shouldn’t dissuade buyers from coming out during these months, as there are also numerous benefits to buying during this time. Because of the high demand, there, in turn, are also generally more homes on the market, as well. Depending on the market you’re in, buyers could actually have some bargaining power if the saturation of homes is great enough.

Generally speaking, the winter months tend to be a slight buyer’s market, as there is not as much demand during this season, giving the buyer a bit more advantage. If you are extremely flexible about when you are able to sell your home and/or buy a new home in Orange County, then taking these seasonal trends into account might be key for you. However, life typically makes things a bit more complicated, so while it may be beneficial to take note of these trends, it shouldn’t be your driving force.

Local Market Trends

One of the final factors a potential seller or buyer should take into account is what the real estate market looks like in your area. Interest rates are unpredictable and are a factor you should probably not make your decision based solely on, however, can be a beneficial (or unfavorable) factor in your decision, so should be considered in the process. Are interest rates at an all-time low and expected to rise in the next year? If so, it might be the time to buy property in Orange County! Or vice versa. Interest rates may be extremely high and are predicted to improve over the next year or two, so you’ve been holding off on your home purchase dreams.

Whatever considerations you take into account, the best time to begin house hunting will be unique to each potential homebuyer. If you find that now is the best time for you and your family to buy or sell a home in Newport Beach, Laguna Beach or Corona del Mar, then I’d love nothing more than to help you accomplish your real estate goals, obtaining the best profit on your home and placing you in the new home of your dreams. Please contact me today so we can discuss a plan that best fits your family.

How To Increase The Value of Your Orange County Home for Sale

The time has come to put your Orange County home for sale. You most likely know that your home will increase in value due to inflation over time, leaving you with more money in your pocket than what you paid for it. But many homeowners want to put their best foot forward when selling their home, offering their home in peak condition by completing renovations and in turn increasing their resale value. So how can you increase the value of your Newport Beach or Laguna Beach home for sale so that you’re able to walk away with even more of a profit? Read on to find out what home projects are going to be most advantageous in getting you a higher resale value.

A study conducted by Porch surveying 781 homeowners who have sold a home in the past 5 years found that sellers, on average, got around 7% more than their desired asking price when they did some sort of home renovation project before putting their house on the market. The project that was found to lead to the highest resale value? Construction. The data shows that those who chose to do construction on their home got an impressive 21.1% above their desired asking price when sold. Other popular renovation projects that were cited as adding value included updating multiple bedrooms or bathrooms (14% more than desired asking price), purchasing new appliances (11.5% more), kitchen renovation (8.2% more) and painting the exterior (6.2% more).

See the breakdown of the home renovation projects and just how much value they can add on the graph below, generated by Porch.

Image Source: Porch

The study also surveyed 22 real estate experts, gathering their input on things such as pre-listing project recommendations and where to focus your home renovation energy and budget. According to the majority of the experts, the project that agents are most likely to suggest to clients is painting the interior of their home, as this is one of the least costly projects, yet it can still go a long way by transforming the aesthetic of any space.

If you’re willing to tackle more full-on home renovation projects, the experts recommend refreshing the kitchen or bathrooms. These are some of the rooms that buyers are attracted to first and where updates will go the farthest. It is important to keep in mind that renovation projects can get quite costly, though, so if you’re not wanting to overhaul an entire room, remember that there are smaller projects you can do to a space to still spruce it up. Replacing only the cabinets, for one, can still give your kitchen quite the facelift. Or change out some of those dingy appliances you’ve had for years to some shiny new stainless steel ones. Smaller touches like these still go a long way and are sure to add more value to your home. If you’re smart about where and how you budget your home renovation projects, your return on investment could be quite worth it.

Regardless of the magnitude of the renovation you put into your home before putting it on the market, one of the most important pieces of the puzzle is pricing accurately. When it comes time to put your Orange County home for sale, you don’t want to overprice your property for fear of driving potential buyers away. However, if you undervalue it you could be walking away with less money in your pocket than it’s actually worth. It’s a tricky situation knowing how to accurately price your Newport Beach or Laguna Beach home for sale, which is why it’s imperative to have a knowledgeable real estate professional by your side through this process. Here at the Stavros Group, we would be honored to be that guiding hand through the process of selling or buying. If and when the time comes for you to buy or sell, we would love to be of service!

5 Reasons To Sell Your Orange County Home in 2019

32 N La Senda Dr

The world of real estate can be confusing to those on the outside who don’t spend every day studying the latest trends. When it comes to selling something as valuable as a home, however, it’s important to make as informed of a decision as possible, because a mistake can cost you dearly in your final sale price. If you’re considering selling a home in the near future and you want to know what the real Orange County real estate market is saying, it’s very simple — the time to sell is now! We are currently in a slight seller’s market, but there are signs that a change is not too far off. We’ve broken down a few of the top reasons why it may be a good idea to put your Orange County home for sale sooner rather than later.

1) The Room For Profit Remains High

At the end of the day, the goal in real estate is a pretty basic one: You want to sell your home for a healthy profit over what you paid for it and invested in improvements. The good news is, for current homeowners, it is highly likely that there is a great deal of profit waiting for you if you sell your home. Over the past decades, there has been a great deal of growth in Orange County real estate. The market has been strong since recovering from the latest recession, as well, which means your home is likely worth a good deal more than you paid for it, even if you’ve only owned it a few years.

2) Mortgage Rates Are Down

At the end of 2018, interest rates were on the rise, and it looked like the buying market was beginning to cool. Since then, there’s been a surprising turn of events in Orange County real estate: So far in 2019, rates have crawled their way back down. That means that house hunting is more appealing to potential buyers, who can now make a higher offer while getting the same practical cost over the course of their loan. While the year started off as a slight buyer’s market, lower rates pushed the market back into balance by the end of February, and into what the slight seller’s market we have today.

3) The Competition Is Coming

As of now, the inventory of homes on the market in Orange County is not currently keeping up with the demand. While interest rates remain low, new homes on the market are getting scooped up in bidding wars fast, and the competition among sellers is low. In such an appealing selling market, however, this trend will not continue forever. More and more homes will be listed in the months to come, as more sellers realize the time is right. Acting now lets you beat the rush of competition in the Orange County real estate market.

4) Millennials Are Ready to Boost the Buyer Pool

There are few consumer groups more misunderstood than Millennials, and that often leads to missed opportunities by those in sales. While it’s often reported that Millennials are not interested in a lot of the traditional rites of adulthood prior generations have been known to pursue, the reality is that the economic landscape they entered following the recession simply moved them behind schedule. Now, not only are young Millennials ready to own their first homes, but older Millennials who were hit hardest by the recession are also in a position to shop, meaning an influx of new buyers will hit the market in 2019.

5) The Next Recession Is Coming

While there are many reasons that the Orange County real estate market is so appealing to sellers right now, perhaps the strongest reason to think about selling your home in Newport Beach is what the market is shaping to look like in the not-too-distant future. All good things must come to an end, and economic experts believe that the current strong economy is ready for a downturn—sooner rather than later. While there’s no knowing exactly when it will happen, it’s widely believed that another recession will hit within a few years. If you’re not planning to stay in your current home long enough to ride out the next downturn, 2019 may be the last chance you get to sell in a hot Orange County real estate market.

If you’re a local to Newport Beach, Laguna Beach or Corona del Mar and you’ve considered putting your Orange County home for sale in the next few years, then there is simply no time like the present. The current market is a great one for sellers, and it is likely to become less lucrative the longer you wait to sell. As your dedicated Orange County real estate professional, it’s my honor to help navigate you down a pathway to profit. Don’t hesitate to reach out to discuss how I can help you today!