How is the Bay Area housing market in 2023?
The Bay Area housing market is going through a transitional phase as home prices adjust to changing economic and housing trends. Tight home inventory available for sale is driven by homeowners locked into 3% average mortgage rates, leaving homebuyers with limited options. This dynamic, while partially impacted by higher interest rates, continues to keep prices high in the San Francisco Bay Area.
How Long Does It Take To Sell A Home In The Bay Area?
The time it takes to sell a home in the Bay Area depends on various factors, such as the location, condition, price, and demand of the home. Days on market in the Greater East Bay for homes that are priced correctly, is improving over what we saw at the end of 2022 with homes going into contract in 3 weeks or less.
How Much Does It Cost To Sell A Home In The Bay Area?
The cost of selling a home in the Bay Area includes charges, such as agent commissions, closing costs, transfer taxes, staging costs, and moving expenses. The exact amount will depend on the sale price and terms of the deal, but a general rule of thumb is to budget around 6-7% of the sale price for all your home selling costs. Each home is different, so why should you pay for effort that may not be needed on the sale of your home? When working with Mareijke Weidemann, you decide the commission structure with our flexible commissions program. Call us to find out your options
How Can I Sell My Home #FAST In The Bay Area?
To sell your home fast in the Bay Area, you need to make your home appealing to potential buyers, price it competitively, have a modern, and smart marketing strategy, and we can help you do this #FAST
How Can I Sell My Home For More Money In The Bay Area?
To sell your home for more money in the Bay Area, you need to showcase its best features, create a bidding war among buyers, and negotiate for the best terms. When working with Mareijke, we work to maximize your net profits by:
- Using professional photography to capture high-quality images and videos of your home
- Leveraging hundreds of online platforms and social media to promote your home to a large and targeted audience
- Staging your home to highlight its space, functionality, and style
- Pricing your home strategically to generate a complete market response generating maximum interest and offers
- Creating a deadline for offers to encourage buyers to submit their highest and best bids at the same time to allow you the ability to have your pick
- Vetting all offers and financing carefully and choose the one that meets your goals and criteria
What Are Some Tax Implications Of Selling A Home In The Bay Area?
Selling a home in the Bay Area may have some tax implications depending on your situation. Some of these include:
- Capital gains tax: If you sell your home for more than what you paid for it (including any improvements), you may have to pay capital gains tax on the profit. However, if you have lived in your home for at least two out of the last five years before selling it, you may qualify for an exclusion of up to $250,000 (or $500,000 if married filing jointly) of capital gains.
- Transfer tax: When you sell your home in California, you may have to pay a transfer tax to the county or city where the property is located. The transfer tax rate varies by location but is usually around 0.1% to 0.3% of the sale price. Some cities in the Bay also has a city-specific transfer tax, which is typically shared 50/50 with the buyer of your home
- Property tax: When you sell your home in California, you may have to pay property taxes for the portion of the year that you owned the property. Don’t forget that with Prop 19, you can take your historic property tax basis with you anywhere in California now! This is good news!
What Are Some Common Mistakes To Avoid When Selling A Home In The Bay Area?
- Overpricing or underpricing your home
- Not preparing your home for sale
- Not hiring a professional real estate agent
- Not marketing your home effectively
- Not disclosing defects or issues with your home
- Not being flexible or cooperative with buyers
NOTE: Get our advice before you start spending money on renovations or make-ready work, because the state of the market will dictate how little of much you need to spend. Don’t OVERDO it. Mareijke can advise you on your best options.
How Can I Find A Good Real Estate Agent To Sell My Home In The Bay Area?
Finding a good real estate agent to sell your home in the Bay Area will make a big difference in your selling experience and outcome. Here are some tips to help you find a good real estate agent and avoid sleepless nights during the process:
- Ask for referrals from friends, family, neighbors, or colleagues who have sold their homes recently
- Check reviews and ratings from past clients
- Interview our team and ask us about our experience, credentials, marketing plan, communication style, fees, etc.
- Choose an agent who has local knowledge of the market conditions and trends
- Choose an agent who has good negotiation skills and problem-solving skills
- Communication is key ! Make sure you feel heard.
How Can I Prepare My Home For Sale In The Bay Area?
Preparing your home for sale in the Bay Area can help you attract more buyers and sell faster and for more money. Here are some steps you can take to prepare your home for sale:
- Clean your home thoroughly inside and out
- Depersonalize your home by removing any family photos or memorabilia
- Repair minor damage or defects that may affect functionality or appearance
- Improve any major issues that may affect safety or value
- Paint your walls with neutral colors that appeal to most buyers
- Update any outdated fixtures or appliances that may detract from value
- Landscape your yard by trimming trees or bushes, mowing the lawn, planting flowers etc.