Will that Remodel “Pay” you Back?

From Moneycrashers.com.

“Remodeling” has released its 2014 “Cost vs Value Report”

The surprising, but not surprising, remodel recouped cost is for a backup generator. This could possibly give you approximately 72% of the original cost of installation back into your pocket when it comes to selling your home.

Other top Costs vs Values in the Pacific area?

More Bang for your Buck

Steel Entry Door Replacement     113%

Garage Door Replacement            98%

Minor Kitchen Remodel               104%

Major Kitchen Remodel               89%

Window Replacement100 to    102%

Not so much

Garage Addition                           71%

Roofing Replacement                 76%

(Note: you STILL have to replace when needed, but don’t expect $$ for $$ return on what you paid to have your roof done)

Bathroom Addition                      75%

Bathroom remodel                      81%

Not sure if you should remodel, refresh or stage your home? Give me a call and together we can go over your options. A little or a lot, I will be able to walk you through the process.

If you’re coming back to the desert soon, why not start refreshing your Desert home now, so it’s all ready for your arrival!!

Call me today and let’s get started!!

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Mandatory Water Measures are now in effect in the Desert!

According to an article on the Desert Sun the DWA’s mandatory measures are:

• Washing hard surfaces like driveways, parking lots and building exteriors is prohibited at all times.

• Golf courses, parks and schools can water only between sunset and sunrise.

• Lawn watering and landscape irrigation is prohibited between 10 a.m. and 5 p.m.

• Running water for car washes is prohibited. Buckets are allowed and nozzles allowed only for rinsing.

• Restaurants can only provide water upon request.

• Commercial nurseries can only water between midnight and 6 a.m.

DWA would fine violators following a written notice for a 1st offense. A 2nd violation would lead to a fine equal to 25 percent of the customer's previous water bill. A 3rd offense would lead to a fine equal to 50 percent of the previous bill. We’re all in this together! One way to help save water is to install water conserving appliances and plumbing. That’s where I can help!   Give me a call to help you make your home more water conserving and energy efficient.

Market Outlook for the Second Half of 2014

The California housing market had a very slow start in sales activity in 2014, as many investors left the market because of the lack of bargain properties. The double-digit increase in home prices and the surge in mortgage rates since mid-2013, meanwhile, curbed sales growth in the market as affordability for primary home buyers declined. Despite being down more than 10 percent for the first half of the year, sales started picking up at the end of the second quarter. While the decline continued on a year-over-year basis in June 2014, sales inched up 1.5 percent on a month-to-month basis from May 2014. The decrease in sales in June was the smallest since September 2013, and the statewide sales number was the highest in the last eight months.

Meanwhile, the statewide median price dipped slightly from the previous month after increasing for three consecutive months. The statewide median price was at $457,160 in June 2014, as compared to $466,320 in May 2014 and $428,700 in June 2013. The statewide median price finally slowed down to only a single-digit increase from the same month of last year, after increasing by double digits for 23 straight months. It appears to be stabilizing and will likely hover around $450,000 in the second half of 2014.

Supply conditions in the housing market also showed signs of improvement when compared to the previous year. The unsold inventory index inched up slightly in June to 3.7 months from 3.6 months in May. Inventory at the state level increased 2.3 percent from May 2014 and jumped 21.9 percent from a year ago. Housing supply improved in all price segments, except the below $200k range, which declined 6.1 percent when compared to the same month of last year. Price segments above $200k experienced double-digit increases in supply on a year-over-year basis.

With inventory improving and home sales slowly moving back up, the market is more balanced, and we could see further market normalization in the upcoming months as interest rates remain at the lowest levels we have seen so far this year.  Sales should improve in the second half of the year as many primary home buyers realize that interest rates are likely going to increase towards the end of the year, and home prices are not going to decline in the short term. As such, sales for the rest of the year are expected to be at about the same level as that of last year. For the year as a whole, California existing home sales are projected to decline 4.4 percent when compared to 2013, but a stronger economy should propel the housing market to bounce back in 2015.

As for home prices, the gain in the statewide median price is predicted to be smaller than that observed in 2013. Home price appreciation will continue to slow down through the latter half of the year and the gradual increase in interest rates in the second half of 2014 will cap the upward movement in home prices. The statewide median price is expected to increase 10 percent from 2013, but will have a more moderate growth rate in 2015.

**All information is from the California Association of REALTORS Market Snapshot.

Do you really know what goes into Listing your Home?

Listing your home comes with some pretty preconceived ideas … how much it’s worth, how fast it’s going to sell, how valuable it is ….Unfortunately, these ideas may not be quite in line with what is really going on in the real estate market in the Desert. I’d rather have you hear this from me than wrong information on the street ….

The market sets the price.

I know your home can hold quite a bit of value to you, but prospective buyers will not see the same value you do – they and their lenders are comparing numbers.  Homes are lined up against each other and compared setting the market price. Your home’s market price may be higher than you thought, but it may be lower than you thought. I’m here to show you the market price BEFORE the buyers come through. When you work with me, you soon realize how completely straight I am with you. You know exactly how your home should be priced to get your home sold.

However, on the other hand, if you envisioned your home to be lower than the Desert’s market price, won’t that make a difference at closing??

Real estate is LOCAL.

National headlines are all over the place to what is really happening in today’s real estate market. What is happening nationally may not be happening right here in the Desert. Home sales may be booming in Florida, but not in La Quinta. Inventory may be plentiful here in La Quinta, but a real shortage even in San Diego or San Francisco. The only way to really know what is happening in the area is to talk to me. I know what is happening in the Desert’s local real estate market. With this information, you can make decisions based on what is happening right here and not what’s going on nationally.

SMALL renovations may actually BOOST the sale price.

Buyers have calculators in their heads of what the costs are to repair in a home they want to put an offer on. Drippy faucet? $500 Slow drain? $750 Dent in the drywall? $1,000

Now we all know things will not cost that much to repair, but Buyers generally presume repair costs will be a lot more than what they actually are. Better to get small things tidied up before listing than to have the buyer start deducting what they want to put an offer on.

Need help with renovations? I can help! I have a list of contractors and handypersons who can help you get your home ready to list now or when season starts.

Staging makes a difference!!!

“Homes that don’t show well don’t close well.” Staging is not just de-personalizing your home.   A staged home difference is dramatic in the number of showings a staged home has, the interest level, positive comments, and offers. Staged homes SELL!

You really only have one shot to list and sell your home in the Desert – it’s best to get it right the first time. That is where I will help. I have the experience and know-how to list your home with today’s market; I have proven marketing strategies to get your home noticed and I have the negotiating skills and moxie to get the best deal for you AND I have the expertise to make sure your closing isn’t interrupted by drama. If you’re thinking about listing your home in the Desert now or in Season, give me a call today!! Also, look me up on Facebook!!

July 2014 Newsletter

July 2014 Newsletter
For more information click HERE.

It takes a lot of paper to sell your home in the Desert!!

Buying / selling a home includes quite a bit of paperwork. From start of a listing to the closing, there are MOUNDS and MOUNDS of paper. As intimidating as it looks (especially if you saw it all at once!), it is for everyone’s disclosure and protection. AND much of it IS the LAW.

Bottom line? When buying or selling a home in California, the seller must disclose certain conditions in their home.

Lead Base Paint Disclosure – Federal law.

Lead paint poses a threat to children and women, especially during the child-bearing years, if lead is ingested.

Lead-based paint was used in most all homes dating before 1960 and some dating from before 1978.

For this reason when purchasing a home built before 1978 most states require a separate Lead-Based Paint Disclosure wherein the seller details any known lead-based paint hazards within the property and the buyer acknowledges that disclosure and either opts to conduct testing for the existence of lead-based paint or not to.

The seller – whether selling a home by themselves or through an agent – has to hand the potential buyers a booklet and fill out a Lead Base Paint disclosure.

Disclosure of a recent Death on the property – State of California.

Yes, if the death has been within the last 3 years and is a material adverse fact according to Cal. Civ. Code §1710.2.

Disclosure of an Earthquake Fault Zone – State of California.

Yes according to Cal. Pub. Res. Code §§ 2621 et seq.; Cal. Civ. Code §§ 1103 et seq

Seller’s Property Disclosures – Real Estate industry endorsed.

It is standard practice throughout the State of Utah to have sellers fill out a property disclosure. These disclosures provide a wide range of information about the home from structural damage to anything clouding the title. It is always important to for sellers to fill these out as accurately as possible. This allows potential buyers to have a clear picture of the home and may save headaches later.

There is many more, too numerous to list, but be assured, I am aware of them all. To read the latest list of what is and is not disclosed in California – click here - http://www.car.org/6447/67397/138399/sales-disclosure-chart

As intimidating as the home selling paperwork looks, that IS the reason you call me. I make all of the paperwork understandable and the home buying / selling process easier.

Let’s get started! Contact me today!!

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Riverside County June 2014 Sales

I’ve got a Crush on You!

Who had crushes on what? According to move.com:

Women are more likely to cultivate crushes on homes that are out of their league financially:

Of the women included in the survey…

• 41 percent revealed that their home crush is out of their price range

• 59 percent reported that their home crush is in their price range

Of the men included in the survey…

• 30 percent indicated their home crush is out of their price range

• 70 percent shared that their home crush is in their price range

How often men and women establish a new crush on a home:

Of the women included in the survey…

• 29 percent indicated they cultivate a new house crush weekly

• 26 percent believe they develop a new house crush monthly

• 17 percent reported that they develop a new crush on a house quarterly

Of the men included in the survey…

• 36 percent indicated they find a new house crush weekly

• 19 percent shared that they establish a new house crush monthly

• 15 percent revealed that they develop a new crush on a house quarterly

Top attributes that make consumers fall in real estate love:

Of the women included in the survey…

• 54 percent reported that outdoor living spaces make them fall in real estate love

• 42 percent shared open floor plans

• 29 percent swoon for curb appeal

• 29 percent revealed updated appliances and fixtures

Of the men included in the survey…

• 46 percent indicated outdoor living spaces make them fall in real estate love

• 40 percentage swoon for garages

• 35 percent reported curb appeal

• 30 percent revealed open floor plans

ABOUT realtor.com®Operated by Move, Inc., (NASDAQ: MOVE), realtor.com® helps connect people with the content, tools and expertise they need to find their perfect home. As the official website of the National Association of REALTORS®, realtor.com® empowers consumers to make the smartest decisions when it comes to finding a home by leveraging direct connections with more than 800 MLSs to deliver the most accurate and up-to-date listing information in neighborhoods across the country, and by making timely and meaningful connections between consumers and REALTORS®. Whether through desktop, mobile, or tablet versions, realtor.com® is where home happens.

It’s All In The Numbers

Based on Current Statistics

California Lifestyle Realty

Ranks 1st In The La Quinta Market*

Agency (# of Agents)	Listed	Sold	Total Transactions	Volume	Average Sales Price	% Total
California Lifestyle Realty (51)	87	87	174	$112,314,400	$645,485	11.91
HK Lane Real Estate (46)	69	48	117	$83,159,200	$710,762	8.82
Windermere Real Estate (108)	68	58	126	$75,869,000	$602,135	8.05
Keller Williams Luxury Homes (36)	54	53	107	$67,550,063	$631,309	7.16
Coldwell Banker Residential Brokerage (41)	54	31	85	$62,717,774	$737,856	6.65

Why Choose Mary Williams & California Lifestyle Realty To List Your Home?

No other La Quinta real estate office has the walk through traffic
that California Lifestyle Realty does:

• 35,000 PGA WEST™ resort golfers pass our on-site Tournament Clubhouse annually

• 155,000 La Quinta Resort & Club® guests pass our on-site Lifestyle Gallery annually

• 45,000 resort golfers pass our Mountain / Dunes on-site office

C.A.R. 2014 Survey of California Home Buyers findings

Released by the California Association of REALTORS® June 26, 2014

More home buyers turning to social media in home-buying process, REALTOR® survey finds

LOS ANGELES (June 26) – Reflecting the proliferating use of social media in today’s society, more home buyers are turning to social media in the home-buying process than ever, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2014 Survey of California Home Buyers.”

More than three-fourths of home buyers used social media in their home search, up from 52 percent who used it in 2011. Buyers said they primarily used social media to obtain buying tips and suggestions from friends (44 percent), neighborhood information (44 percent), and to view their agents’ Facebook pages (42 percent). 

Mobile technology and the Internet continued to be important tools in the home-buying process, with 91 percent saying they used a mobile device to access the Internet during the course of their home purchase.  Buyers used their mobile devices to look for comparable home prices (78 percent), search for homes (45 percent), and take photos of neighborhoods, homes, and amenities (43 percent).   Conversely, with the increased use of social media, fewer buyers “Googled” their agent (50 percent in 2014, down from 68 percent in 2013), turning to agents’ Facebook pages instead.

In another sign of recent market competitiveness, more than nine in 10 buyers (91 percent) made one or more other offer, with an average of 3.6 offers in 2014, up from three offers in 2013.  Additionally, buyers viewed a median of 20 homes in 2014, up from 10 last year.  Given the limited supply of homes available for sale, fewer buyers were satisfied with their home purchase than last year.  Only about half of the buyers were satisfied with their purchase in 2014, down from two-thirds (66 percent) in 2013.  Nearly half (46 percent) of buyers felt they “settled” on their home purchase in 2014, up from 34 percent.

Additional findings from C.A.R.’s “2014 Survey of California Home Buyers” include:

•  Buyers cited price decreases (54 percent), receiving a promotion or raise (34 percent), low interest rates (29 percent), and favorable prices/financing (17 percent) as the top reasons for purchasing a home.

•  Echoing a recovering housing market over recent years, buyer optimism of home prices also continued to improve, with the vast majority of buyers (81 percent) believing that home prices will rise in five years and 60 percent believing that prices will rise in one year.  This is an improvement since 2009, when only 35 percent of buyers believed that prices would rise in five years, and only 8 percent who believed prices would rise in one year.

•  Higher down payments are still the norm in this market, with buyers putting an average of 28 percent down on their purchases.  The average down payment has been higher than the traditional 20 percent since 2009.

•  More than nine in 10 buyers (92 percent) obtained a fixed-rate loan, a 23 percent increase from 2009, when only 69 percent obtained a fixed-rate loan, reflecting low rates and the desire for certainty as the market gets back to basics.

•  Nearly all surveyed buyers (88 percent) used a real estate agent in 2014, down slightly from 91 percent in 2013. Reflecting a growing use of the Internet, nearly two-thirds (65 percent) of those who used an agent found their agent online, compared to only 38 percent who found their agent online in 2003.

The 2014 Survey of California Home Buyers was conducted by telephone to 1,400 people statewide to measure their perceptions of the home-buying process.  All eligible respondents closed escrow on their homes within the six months prior to February 2014.  Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/buyer/ and view the webinar presentation here: http://www.car.org/marketdata/videos.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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This is a GREAT Time to Consider a Jumbo Loan in the Desert!

[social]According to a recent article in the Realtor Magazine, Jumbo Loans have remained stable.

“The luxury housing market has been rebounding at a quicker pace than the lower-end market, and confidence is growing among high-income home buyers,” says Guy Cecala, publisher of Inside Mortgage Finance. “Higher-end borrowers have recovered faster and stronger than lower-income Americans from the recession,” Cecala told The Wall Street Journal.

Currently, rates are more affordable, competition to lend for Jumbo Loans is higher and flexible loan underwriting. This is a GREAT time to shop for Jumbo Loans in La Quinta & the Desert!

Since competition for Jumbo loans is so high, many lenders are relaxing the 20% down payment requirement. Some lenders are considering an 85% LTV in the upcoming months – and some even lower than that.

However, one thing that will never change with Jumbo Loans, are borrowers HAVE to have a great credit score, sufficient reserves and the income to support such a loan.

Whether you are looking for your first Luxury Home, vacation home or 2^nd home in the Desert, enjoy the personal and professional service I provide. I listen carefully to all your needs, allowing me to quickly zero in on your preferences, saving you precious time. Buying will be fun, enjoyable, and easy!

Call me today!!

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June 2014 Newsletter

June 2014 Newsletter
For more information click HERE.

Should you hire a Buyer’s Agent to purchase a home in the Desert?

What IS a buyer’s agent?

In short …. A buyer’s agent is a real estate professional, who may also be a member of the REALTOR® Association, who represents ONLY the buyer and not both the seller and buyer.

According to the REALTOR® Association, “A buyer's agent serves as your representative during the home search and purchase process. The tasks that they perform can include helping you find a home that meets your needs, liaising with building contractors, providing you with an analysis of the prices of similar properties in the area and any property value trends and identifying any problems that might be associated with the property. They can also help you to negotiate the best price for the property as well as furnishing you with information on the seller and the reasons for the sale.”

Listing sellers represent the sellers and their fiduciary duty is to the seller. However, if you also use the listing agent, it creates a dual agency – which HAS to be disclosed – and the agent represents both sides of the transaction. Both agents’ commissions are paid through the selling side of the transaction.

However, can one agent work for both the seller and buyer? They can and it’s done a lot in this area, but it has to be done in such a way it doesn't create a conflict of interest.

To insure you are represented by a Buyer’s Agent, a “Buyer’s Agreement” is signed by the Buyers and their agent. As a homebuyer, this is to your advantage as it confirms the agent's duties to you as their client under statutory law or as common-law fiduciary duties.

These duties include:

• Undivided loyalty - the agent must act in your best interests at all times

• Obedience - the agent must follow all of your lawful instructions

• Reasonable care and diligence - the agent is required to protect you from foreseeable risks of harm

• Confidentiality

• Full disclosure - the agent must disclose all information concerning the property and its purchase that might affect the decisions you make

• Accounting - the agent must safeguard money or property held on your behalf

The agreement should indicate whether the agent will act for you exclusively, the parties to the agreement, the end date, a description and location of the desired home, the agent's duties and buyer's responsibilities and the agent's commission. (It is preferable that the agent receive a commission even if you purchase a property which is "For Sale by Owner".)

**Above provided by the National Association of REALTORS®.

Before you start looking at homes and talking with agents, be sure you find a buyer specialist who will only represent you – and sign a buyer’s agreement.

If you sign an Exclusive Buyer agency with one agent, you will only be able to work with that one agent. Which is ultimately what you want to do in a real estate transaction, you do want to work with an agent exclusively when you are looking to purchase that perfect property.

However, you also want the freedom to choose which agent to work with. If you feel pressured into signing an Exclusive Buyer Agency prematurely, you have every right to step back and evaluate the situation. There is NO law that states you have to sign an exclusive buyer agency agreement before an agent begins working for you.

If your relationship with an agent begins with that agreement being signed, you have every right to turn around and walk the other way. And you should.

You can use my services for FREE!

Buying a home in the Desert, the commission is paid (split) through the sellers’ Brokerage. Sellers here have agreed to pay commission to the listing company and they have agreed to share the split to any real estate company representing the buyer.

Contact me today to start the search for your new home in La Quinta and surrounding area!

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You Could Win a $10,000 Furniture Makeover

As part of the 2014 consumer advertising campaign, C.A.R. is offering a $10,000 furniture makeover sweepstakes.

Courtesy of NBC, one random winner will receive a $10,000 check to purchase new furniture and other home furnishings.

TO ENTER: To enter the Sweepstakes, during each Sweepstakes Period access the California Association of Realtors website at http://championsofhomesweeps.com click on the “The Champions of Home™ $10,000 Furniture Makeover Sweepstakes” icon or text link to be directed to the entry page. Then follow the onscreen instructions to complete and thereafter submit the entry form (the “Entry”). Information required on the entry form consists of your first and last name, complete address (including zip code), daytime telephone number (including area code), date of birth, and email address (collectively, “Entry Information”). All Entries become the property of Sponsors and will not be acknowledged. HURRY! The sweepstakes opened on Friday, April 25, 2014, and closes at 11:59 p.m. on Monday, June 9, 2014. Official rules for the sweepstakes also can be found at http://championsofhomesweeps.com. Whether you win or not, I certainly can help you pick out the best furniture for your home!

Contact me today!

Thinking about a remodel? This would be a perfect time!

Full house redesign or a room - I will handle everything while you’re away and you won’t live through the stress and mess!! 

2014 La Quinta Summer Golf Tour

May 31 through August 23

Enroll Now for only $69

Recently I featured in my May Newsletter information on La Quinta’s Summer golf. This is a chance to experience many of our great courses throughout the Desert Area. La Quinta Summer Golf is a 13 week program with shot gun starts at 7:30 am, before it gets too beastly hot.

“Course favorites such as Escena Golf Club, Eagle Falls, Classic Club, Indian Wells Country Club, and Desert Willow are part of the tour this year. Tour participants may pick and choose which courses they would like to play. Players may choose to play in either single or team divisions; plaques will be awarded to the top finalists in both divisions at the Golf Tour Banquet on August 23. You do not have to be a La Quinta resident to join the tour, so register today.... and invite a friend. *Guests are welcome to participate for a fee of $15 per week.” For more information and to sign up, go to http://www.la-quinta.org/Index.aspx?page=454 .

**all information above is from the City of La Quinta’s website.

May Newsletter

Click Here to read and for printable newsletter.

Sorry to see you go!!

It’s the worst time of the year … packing up and leaving the Desert. It’s been warm, fun and exciting and did I say WARM? But it’s time to head back to your other house (can’t say “home” – this is your real home) until next season.

However, before you leave, there are some things you may want to do to make sure your home is closed up and ready for summer.

• Leave large buckets or tubs in each room to add moisture to the interior air.

• Turn off natural gas off at the main valve.

• Unplug all appliances, media centers and computers …. Everything. It is amazing how much electricity is still used when something is still plugged in. You’re not there, why pay for that electricity?

• Turn your water off at the main valve, flushing all toilets and run the water out of the pipes by just turning them on. Don’t forget the showers, either – those hold quite a bit of water.

• Make sure all the ceiling lights and fans are off.

• Close all blinds and curtains and make sure all doors are open for circulation.

• If you don’t put your phone service on hold or have cell phones in the Desert, forward your Desert phone line to either your cell phone or home phone.

• Enjoy candles? Place them in a plastic tub/tote and place in the refrigerator. You won’t want to come back to melted candles on your tables or shelves.
• Open appliance doors – add several tablespoons of vegetable oil in the dishwasher and the garbage disposal so seals won’t deteriorate in the summer heat.

• Turn off the Water heater.

• Make sure the garage door is unplugged or turned off.

• Whether you have your air condition unit running or off and all your electricity turned off is up to you. Some like to leave it going set at 90 to 95 degrees especially if there is a stock of wine or hanging art. But make sure it’s where you want it before you leave.

• Line up a friend or neighbor who stays in the Desert over the summer to pick up any fliers, phone books or other items circulated in the neighborhood. Any of these left, will alert others you are away. Also, see if they or someone else could check the inside of your home every once in a while to make sure everything is okay.

Leaving the Desert is always hard, but it is worth it coming back in the Fall!!

Thinking about a remodel? This would be a perfect time!

Full house redesign or a room - I will handle everything while you’re awayand you won’t live through the stress and mess!! 

Call me today!!

Hilltop home views outrank water-front views four to one, C.A.R. luxury client survey finds

California Association of REALTORS(R) Press Release - May 2014

Vast majority of luxury home buyers purchased home as primary residence

LOS ANGELES (May, 2014) – Even in a state with hundreds of miles of beautiful, sandy beaches, luxury home buyers in California preferred hilltop homes over ocean-front properties by a margin of four to one, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2013 Luxury Real Estate Consumer Survey.”

Forty-one percent of buyers who bought luxury homes (homes priced above $1 million) last year, purchased a home with a hilltop view, compared to 10 percent who bought an ocean-front home.  Hilltop homes even outranked ocean-front homes and ocean-view homes combined (38 percent). Buyers also purchased luxury homes located near a golf course (16 percent), mountain area (12 percent), resort area (9 percent), lake-front (4 percent), and ski resort (1 percent).

The vast majority (79 percent) of luxury home buyers said they purchased the home as a primary residence.  Ten percent purchased the home as a vacation or second home. Nine percent purchased the home as an investment or rental property, and two percent cited “other” reasons.

Additional findings from C.A.R.’s 2013 Luxury Real Estate Consumer Survey include:

•  One-fourth of luxury home buyers said the main reason they purchased a home was because they wanted a larger home, compared to traditional buyers (23 percent) who said they were tired of renting as the primary reason for purchasing a home.

•  With luxury home buyers usually being higher income earners, more than a third of all luxury buyers (35 percent) were able to pay all cash for their property, compared to 27 percent of traditional buyers, and 11 percent of first-time buyers.

•  Luxury home buyers also made higher down payments (30 percent of the sale price) than traditional buyers (25 percent), and as a result had less difficulty in obtaining financing than traditional buyers. On a scale of 1 to 10, with 1 being “very easy” and 10 being “very difficult,” luxury home buyers rated acquiring financing difficulty at 3.7, compared to 8.6 for traditional buyers.

•  While luxury home buyers spent less time looking for properties (five weeks) compared to traditional buyers (10 weeks), luxury buyers looked at more properties (10 properties) than traditional buyers (eight properties) before purchasing the home.

•  Buyers of luxury properties tend to be more optimistic than traditional buyers, with more than seven in 10 (71 percent) luxury buyers saying they expected home prices to increase in one year, compared to 36 percent of traditional buyers.

•  Luxury home buyers intended to keep the property for a median of 10 years, compared to six years for traditional buyers.

•  Fifty-seven percent of luxury buyers were single, compared to 37 percent of traditional buyers who were single.

Luxury Real Estate Consumer Survey slides (click to open):

 Hilltop homes outrank ocean-front homes
 Intended use of luxury property
 Reasons for purchasing a luxury home
 Luxury home buyers more optimistic
All cash buyers

The Luxury Real Estate Consumer Survey was conducted via email to a random sample of REALTORS® statewide who worked with luxury home buyers. All eligible respondents closed escrow on their homes within the 12 months prior to November 2013.  The survey asked REALTORS® a series of questions regarding their last closed transaction with a luxury client. Access the full report on the survey findings here: http://www.car.org/marketdata/surveys/other/ and view the webinar presentation here: http://www.car.org/marketdata/videos.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 165,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

Survey contact: Selma Hepp (213) 739-8305

All information above is from the California Association of REALTORS®.

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