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The Jacobi Team, Century 21 Select Real Estate, Inc.The Jacobi Team, Century 21 Select Real Estate, Inc.

The Jacobi Team, Century 21 Select Real Estate, Inc.

Emmett Jacobi
Contact us by emailEmmettJacobi@gmail.com
Contact Emmett Today At 530-519-6333
Kim Jacobi
Kim@JacobiTeam.com
Contact Kim Today At 530-518-8453

1101 El Monte Ave Chico, CA 95928

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Answers to Top 3 Questions Home Sellers Are Asking Today

If you are a home owner then chances are you have thought about whether or not to sell your home and take advantage of the high home values in this hot real estate market. What’s stopping you? Perhaps it’s the daunting feeling you got when you thought of it. “Where do I begin??”, ran through your head. Perhaps many more questions ran through your mind. Well, there are lots of people asking these same questions! Here are the answers to the top three questions sellers are asking themselves today:

The Top 3 questions home sellers are asking today

1. Should I sell my home first and then buy my replacement home? Or should I buy my replacement home contingent on selling? Or should I sell and then rent and then buy? Help!!! (That’s all part of the same question BTW)

In a hot real estate market many buyers are competing for the same homes. This creates multiple offer situations where prices are pushed up and contract terms are very favorable for the sellers. As a home buyer, if you are writing a contingent offer on a home you want to purchase, chances are low that your offer will be accepted. It’s not an impossible scenario, but you better have a lot of patience and tough skin to endure getting your offer rejected over and over until you luck out and find your perfect home (which is already tough to do when inventory is low!) and a seller willing to wait the week to two weeks for you to sell your house and hope YOUR buyer closes escrow so they can!

Well, if buying a home contingent on selling is not the way to go, then what about putting your home on the market and then trying to find your replacement property while you are in escrow on the sale of your current home? With housing inventory at historic lows then you will most likely end up having to settle for a house that doesn’t meet your wish list items.

The answer? Your best bet, if you have to sell your home in order to buy your next home, is to sell your home and put the proceeds of the sale of your home in the bank (or you can discuss with a financial planner or CPA other liquid options). Move into a rental in the area where you want to buy your home and search for your replacement property then. You will have better buying power then. Renting for potentially three to six months is the “cost” of selling a home in order to buy a home that checks all the boxes for you, in a market such as this one.

2. What should I do to prepare my home for sale in this hot market? It will sell itself right?

Wrong. Although there are many more buyers out there than sellers, buyers are not willing to buy homes that aren’t presentable. Buyers are making concessions like paying more for a house than they would’ve a couple years ago, or buying a home that might need a little updating, or removing their inspection contingencies. But you still need to present a good product to the market from day 1. The homes in my area (Chico, CA) that are selling with multiple offers and/or quick sales are homes in the median price range, that are clean, have great photos on the listing, and are in desirable neighborhoods. We are also seeing some gentrification happening in older, more run down neighborhoods. New buyers are coming in and taking pride in their home and neighborhoods are starting to turn around and home values are rising in those areas too because of it.

If you are thinking about selling your home then the best things you can do to prepare are:
-Deep clean EVERYTHING and declutter
-Hire a great realtor with a proven track record of selling homes in your area and who has good reviews from their clients. Then do
exactly what they tell you to do.
-Do the little repairs you’ve been putting off: fixing that broken handle, replace all the burned out lightbulbs, paint the front door,
put that cover plate on the outlet that never had one, have those carpet wrinkles stretched out by a carpet installer. All those
little things add up and buyers notice when there are a lot of deferred maintenance on a home.

3. I can push the selling price of my home up, right? Buyers will pay, right?

Wrong. The way that prices get pushed up is that a home that is for sale, that is priced at market value, receives multiple offers and those buyers bid up the price. Then, once that home closes escrow, the final sales price is then published and that becomes the new comp for homes like it. So you will want to price your home for what other homes in your area like it have actually sold for in the last 90 days. It’s important to get an objective opinion of which homes are actually comparables to your home. As a home owner, we often over-value our home and we aren’t looking at its value the same way a home buyer is looking at it. So hire a great realtor, with a proven track record of selling homes in your area that also have great reviews from their clients. Wait, I already said that earlier didn’t I?

Written by Kim Jacobi, of the Jacobi Team of Century 21 in Chico, CA. Kim and Emmett Jacobi are a husband-wife real estate team with over a decade of experience in the Chico and surrounding area. If you have more questions about selling your home, reach out and we can answer them for you so you can make the right decision for you and your household.

Posted in: Uncategorized Tagged: Butte County Real Estate, Chico real estate, Hot market, how much is my house worth, sellers market, selling a home, tips on selling my home

Appraisal vs Realtor Market Analysis

https://jacobiteam.com/wp-content/uploads/2021/09/Whats-better-an-appraisal-or-a-market-analysis.mp4

What is an appraisal?


An appraisal is a report that’s performed by a licensed appraiser. They go out to the subject property and look at the size, square footage, lot size, age, and different amenities. Amenities include solar panels, upgraded bathrooms or kitchen. Does it have a pool, or a shop? Is the roof new or old? Then the appraiser puts together a report that includes other properties in the area that have sold that are very similar. They will make comparisons side by side with those comparable homes, or “comps”, and come up with a value based on that information. An appraiser’s most common client is a mortgage banking institution. That appraiser is hired to act as the bank’s “eyes” to see if that property is worth what the bank will be lending on. For lending institutions giving out a government backed loan, such as an FHA or a VA loan, an appraiser must be specially certified with an FHA or VA appraisers license. Appraisals can cost $500-$1000, depending on the appraiser.

What is a market analysis?


A market analysis is essentially the same thing, except it is performed by a real estate professional. But the process is the same. The realtor will go out and takes a look at a property and all of its amenities. Then, looking at the current homes for sale, pending sales and past sales that realtor will come up with a range of what they think the home would sell for if it went on the market that day. Home owners will often get a market analysis if they are thinking about selling their home. They also will often ask more than one realtor to give them a market analysis, and use it as a litmus test to see which realtor they want to hire. A market analysis is a free service performed by nearly every realtor.

Which one is better?


An appraisal and a market analysis are both an opinion. Each appraiser studies the comps and amenities and will come up with a value based on their interpretation. Sometimes two appraisers can come up with different values of the same home. A realtor does the same thing. The main difference between an appraisal and a market analysis is that an appraisal often happens after the home has already been exposed to the market and received an offer from a ready, willing and able buyer. A market analysis is most often created before the market has seen that home and the realtor must use their knowledge of the market to predict what that home would sell for. A good realtor will get it right nearly every time. Set side by side, if an appraiser were to go out and perform an appraisal on a home before it is exposed to the open market, and a realtor were to create a market analysis of that same home at the same time, the two should be similar. This is because both the appraiser and the realtor are going to be looking at the same market activity.

The Final Say


A buyer and a seller, negotiating a contract, are ultimately the ones who will determine fair market value. Worded another way is, what an able buyer wants to pay, and what a motivated seller is willing to take for a sale becomes that property’s fair market value. So how do home prices rise? When more and more buyers are able and willing to pay more than what a home is listed for sale at, then those sales become next month’s comps. And so on. Appraisers and realtors alike try not to go further back than three months when looking at past sales.

If you would like a free market analysis of your home, reach out to us! Click here and fill out this quick form and we will contact you shortly! We service these following California communities: Chico, Hamilton City, Orland, Paradise, Magalia, Forest Ranch, Oroville and Durham.

Posted in: Uncategorized Tagged: Appraisal, Butte County Real Estate, Century 21 Chico, Chico homes for sale, Home value, market analysis

About Us

What does a former Alaskan fisherman and a former music teacher have in common? Real Estate! Emmett and Kim teamed up in 2015 to form The Jacobi Team. Together they bring what one person alone could never do: the best qualities of two people, combined with leveraged time and focus, creating high quality, high success representation for buyers and sellers of real estate. Real Estate is not an easy career, so why do it? “Because we care about people and we love the uniqueness every person, and every property brings. We truly feel joy and satisfaction when we help someone.” -E and K

Our Communities

  • Chico
  • Durham
  • Paradise
  • Magalia
  • Oroville
  • Orland

Featured Blog Post

How to know when this market will shift

February 16, 2022 By KimberlyJacobi

In many parts of the United States, areas are experiencing a seller’s market: low inventory, high prices, lots of buyers= multiple offers. This kind of market is THE best time for a seller to sell. Why? Because home sellers can make the most money from selling, as well as have the most leverage for the […]

Contact Us

Emmett Jacobi, CADRE#01896904
Contact us by emailEmmettJacobi@gmail.com
Contact us by email 530-519-6333

Kim Jacobi, CADRE#01963545
Kim@JacobiTeam.com
Contact us by email 530-518-8453

1101 El Monte Ave Chico, CA 95928

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