Happy 2012 Holidays and Warm Season’s Greetings!

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To all our cherished friends, neighbors, family and clients – we are so proud to have been able to work with you and be a part of your lives! As we end this year and turn to the exciting time and events that 2013 holds, we just wanted to take a moment to thank you for all that you bring to our lives.

We have some really great plans in the coming year to bring more success to all your real estate endeavors. And with each transaction that makes it to the closing table in the coming months and years ahead – we know that there will continue to be new and exciting things to follow for all of us.

On behalf of the entire group – Happy Holidays, Season’s Greetings, Peace and Joy!

Housing Market Rebound on the Horizon in Southern California – Great Time to Buy AND Sell!

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Now you won’t hear this too often but these days, it’s very much a reality; buyers and sellers both have a great market environment right now in the real estate industry. Not only do we have the fantastic news of a 3-year high in sales but also our homes values are on the rise to a significant level.

This October marked the highest number of sales that we have had in three years! At a time when our housing market has gone through a lot of ups and downs, the fact that we are seeing a rebound is very promising, particularly in Southern California.

But why is this happening?

The answer is simple.

With interest rates at their all time, historic lows – buyers are eager to lock them in and have been shopping to avail the opportunity. This comes despite the holiday season. Furthermore, we have more buyers on hand than we typically see during this season. Combine these two factors with our existing low inventory of homes and you have a win-win combination for all those involved.

Sellers can expect to earn top dollar on the sale of their home given current market conditions and buyers have much to look forward to with the amazing financing programs out there plus phenomenal interest rates.

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If you would like to explore buying or selling a home – contact me today! I am happy to help and look forward to making your real estate goals become a reality. 

8 Secrets to Getting Your Offer Accepted in a Multiple Offer Situation

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With our shifting real estate market comes new (and in many cases) welcome problems to have to deal with. Take the relatively new occurrence of multiple offer situations in our area lately. After months (and years) of a buyer-controlled market, we are finally seeing fewer homes available and more buyers interested in the choice properties that are out there.

So what do you do if you are a buyer faced with multiple offer competition?  You BEAT that competition!  Here are eight ways to get around those other offers, make yours stand out and GET the home of your dreams!

Avoid a Bidding War in the First Place

One of the easiest ways to avoid a bidding war is to act fast on your interest in a home. If you see it, like it and want it – make an offer on it! There is no reason to delay things because eventually you will have a chance to look back on the purchase while it is under contract and iron out any details. But if you don’t want other buyers fighting for the same house, beat them to it.

Keep The Emotions Out of It

Some overzealous buyers that don’t have their offers accepted lash out and retaliate against the sellers. Expressing anger and disappointment through a letter or via their agent is not a smart way to handle the situation. Often the first offer on a home is not even realized, where the seller revisits other bids received, going to their next choice. If you handle rejection gracefully, maybe with a thank you letter expressing regret but that you’re interested in the home should they change their mind, you may walk away with your dream home after all.

Bring Some Personality to Your Offer

While some agents prefer to make offers on behalf of their clients in writing and other impersonal ways, the best way to do it is by bringing an element of personality into your offer. Write a handwritten letter expressing what you love about the house and that you’ll take care of it just like they have for so many years (if applicable). This will show your sincerity in wanting the house and it will also stick in their minds when they go back to review all offers received on the property.

Choose a Communicative Agent

As mentioned in the previous point, some agents choose lackluster means of communication. When hiring your agent, be sure to select someone that is warm but also on the ball and quick.

Accessibility is key for the buyers’ agent as much as it is for the sellers’. If the seller is to gauge the level of your enthusiasm then they must be getting those signals from your agent.

Know Your Numbers

Sometimes the final sales price doesn’t matter. There will be an appraisal before the home is financed, which is the value that you will end up paying on the home. Knowing in advance gives you a head start over other buyers since you will be armed with knowledge ahead of time and can anticipate a reasonable offer accordingly. You should be aware of price per square foot as well as other comparable sales in the area. Keep in mind, there may not even be a need for a bidding war because the price might be capped by the appraisal anyway.

Don’t Stray From the Straight and Narrow

Offers that are simple, cleanly written and to the point are the ones sellers respond to the most. Especially in a multi-offer situation, sellers do not want to have to rifle through endless pages of contingencies, conditions, minor detail mongering and other unnecessary things. The easier you make it for the seller, the better your chance to get the home of your dreams. Remember that at the end of the day you can go back and identify any specific wants you may have but just wait until you have an accepted offer.

Choose Your Priorities Carefully

A common request these days is for FHA buyers to request assistance from the seller with closing costs. If you are a buyer that is faced with a multi-offer situation and you have the choice to not ask for closing costs – you may just be able to win your bid after all. Most sellers today are selling their homes after 10, 20 years and they have no idea of the recent trend of closing cost sharing. To avoid this and the potential of losing your bid on the home overall, don’t ask the seller – make alternate arrangements for closing costs. Borrow from someone. Accept a gift from a family member. Tap into your savings.

Do Better Than the Rest

An excellent tool used by buyers in these situations is to offer more than everyone else. Everyone wants more money and in today’s market sellers are already getting less than what they had expected to get. If you have found the home of your dreams pay extra money to make sure your offer is the one that is accepted and it will offset any costs you may have needed to put into a less-than-perfect property otherwise.

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Remember, this is a time when more buyers are vying for fewer available homes. So nothing is foolproof and there is always the potential of not winning your bid. The best defense you can have against that happening is to be prepared in advance. Get ready to be disappointed. If the home you are looking at is perfect, chances are there are others looking at it with the same eyes too. Aside from putting into our secrets into play, the best thing you can do is to stay realistic. When the right house comes along – things will fall into place. Good luck!

Enticing Buyers to Want Your Home

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Pick a market – any market and chances are you will find there is far more inventory on hand than there are buyers.  The hardest hit in our current real estate industry are homeowners trying to sell their homes in the midst of all the competition.  But there are a few things you can do to stand out in the crowd, making buyers instantly want your house over other homes.  By following our four tips below, you will find that your home will generate more interest, you’ll likely receive more offers than others and when it comes time to sell, you will get a better price. 

Repair, Renovate and Remodel

Spend some time, energy and money fixing up the areas in your home that you have tended to in years.  So often homeowners neglect to repair small nuances or take on the expense to manage larger issues but if you do not take care of these things prior to listing your home the consequences can be severe.  If buyers come across faulty structure, inadequate insulation, malfunctioning systems or even smaller issues – it will result in an instant turnoff and cost you the potential sale. 

Take time to survey all that may need to be done in the home. We recommend hiring a general contractor or an inspector to learn of potential issues that would also come up during the buyers’ inspection later on.  Based on the outcome, decide what you can afford to have repaired or redone.  You may want to consult with your Realtor for some advice on what areas would be more valuable to buyers.

De-clutter, Remove Personalization, Clean Up

Given that there are so many choices out there for buyers, unless the space is clean and clear of extra clutter and until they can see the home for its offerings, there is a good chance buyers would pass up the home and move on to the next.  Keep in mind that buyers are imagining living in the space and would like to be able to visualize their own belongings in the home.  Rather than allow your personal items to distract them, take measures to provide clean lines, open spaces and simple décor. 

Maintain a Neutral Color Palette

Most prospective buyers (and sellers) know from watching reruns of House Hunters on HGTV, that redoing most cosmetic changes in a home is the least expensive of renovations needed in setting up a new home. However, it remains to be one of the most distracting aspects while searching for the perfect home.  Though wallpaper can be changed buyers do not want to have to contend with it.  Similarly, the last thing they want to have to do is repaint bold colors with a color more suited to their own tastes.  The easiest way to deal with this and something that can be done in one weekend is to paint your walls in neutral tones like a light beige. This will allow buyers to visualize their own customization while appealing to almost anyone.

Present Your Home With Modern, Updated Décor

Almost all buyers these days expect to be “wowed” and that usually comes from walking through homes with wide-open spaces, clean floors or carpet, modern neutral color palettes and fresh, inviting décor. Whether you revamp the décor with a trip to the local import store or hire a professional home stager to help get you set up to sell, it is essential that your home be appealing and attractive by today’s standards.  Mismatched appliances or countertops that went out of style two decades ago are details that can jeopardize your sale and even end up in getting no offers at all.  Browse the Internet to get ideas and incorporate small but impactful changes that will make buyers wish they were already living in the space.

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As professionals in the real estate industry, we come across homes on a daily basis and equally interact with buyers very frequently.  One of the best things you can do is to consult with your agent, maybe ask him or her to walk through your home and offer a critique on some of the areas that could use some updating.  It doesn’t take much but by following these tips you will be able to take down that  “For Sale” sign and have the pleasure of putting up a “SOLD” sign!

What Determines the Value of Your Home?

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Basically, a home's worth is determined by its market value. How is "market value" determined? Most often, it's figured by a comparison ("comp") with homes similar to yours in the surrounding area. So, if the homes in your neighborhood average, say, $250,000, then it's likely that the value of your property will fall in the same range. But market value is also determined by a number of factors including the following: 

External Factors 

There can be several external factors influencing the value of your home. One is "curb appeal", or the first impression your property makes upon prospective buyers. A home that's in excellent condition on the outside will make a great first impression; a home in poor repair instantly loses its appeal to buyers. Other factors can include lot size, popularity of an architectural style of property, water/sewage systems, paved roads, sidewalks, etc. 

Internal Factors  

The condition of a home's interior also has a huge influence on prospective buyers. When you've demonstrated "pride of ownership" and kept up the maintenance (quality paint, trim, molding, etc.), a buyer's interest will immediately perk up for the simple reason that they know your care and concern will result in less cost and maintenance for them. Other internal factors include construction quality, condition of appliances, size and number of rooms, heating/cooling type, energy efficiency, etc. 

Supply and Demand 

"Supply and demand" simply refers to the number of homes for sale versus the number of buyers. When there are more homes than there are buyers, prices tend to be lower. When there are a lot of buyers chasing few homes, then prices tend to rise. In effect, supply and demand affects how quickly your home will sell. Location More than likely, you already know the old saying, "There are three main factors in real estate - location, location, location." While that's not the whole story, desirability is a big factor for home buyers. They may want to live in particular school district known for its education excellence…a great and safe neighborhood with rising property values…etc. 

But I Know My Home Is More Valuable Than a Lot of Comparable Homes in My Neighborhood  

Aren't Allowances Made for This? Definitely! Sometimes, it can be difficult to find homes exactly comparable to your own. So, dollar adjustments are made for the differences between your home and comparable properties. 

Where Do I Find Sales Comparison Information? 

The easiest source to access is your Realtor. After all, it's his or her business to know such information! But, there are also other sources you can tap into in order to get a complete picture of your home's value in comparison to others in your neighborhood. Here's an overview of them:

1. ) The Local Assessor's Office  

It's very likely that your local assessor will be able to provide the sales history of a particular house, neighborhood, or style of architecture. Many assessors also provide lists of recent sales which you can browse and compare to the assessment roll. Today, many municipalities provide local sales and assessment information online making it very easy to access. Check with your local government agency to find out if they provide this service. 

2.) Online Private Companies  

You can search for these companies using the Google search engine and the keywords "comparable home sales" or "comparable sales." Some companies offer free information; others charge a nominal fee. If you wish to get more specific, you can Google "real estate database" and type in the name of your particular state to get additional property information. 

3.) Your Local Newspaper  

It's likely that your local newspaper is a great source of specific real estate information. Look for quarterly sales reports in the real estate or business sections.

The Key to Getting the Price You Want (or Close To It) for Your Home 

The key to getting the best value is finding and matching the right buyer to your home. And that's the job of the Realtor! He or she should work hard to qualify those buyers upfront so the right people are viewing your property! In other words, the Realtor should weed out "lookers" and other unsuitable buyers as a first step in working with you. See how I do that for you by calling me today!

5 Things to Do When Moving Into a New Home

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Moving into a new home can be an extremely exciting time in a person’s life.  However, it can also be incredibly hectic.  There are some things that can be placed on the back burner during the move in process.  With these five easy tips on moving into a new home, you can be sure to back your house as safe and cost efficient as possible. 

Change the Locks

At closing time, the seller of a house turns over the keys to the new owners.  Many times, though, the previous owner will have given a spare key to a friend or neighbor in case of emergency.  Enlist a locksmith to come to the house and change all of the locks and get new keys made.  This final transition from one owner to the next will give the new homeowner peace of mind. 

Reprogram Your Garage Door Remote

Along with changing the locks of your home, reprograming your garage door remote will ensure the safety of your house.  Depending on the brand of remote, steps in reprograming it may differ, but the process is simple for nearly all brands.  Most remotes have a “Learn” button, which you must hold until the indicator light blinks.  While the indicator light blinks, press the button on your remote.  This should reprogram your garage door opener remote.  If this does not work, contact your remote manufacturer or local hardware store for assistance. 

Change Your Home’s Air Filters

Most air filter manufacturers recommend that you change the HVAC air filters once every month. Due to the increased amount of activity of moving furniture in and out of the house, a larger concentration of dust will collect in the ventilation system.   In order to improve the air quality in your home and increase heating and cooling efficiency, make sure you change your air filters right when you move in.

Install New Batteries in Smoke Alarms

When a person is selling their home, there are many different procedures they must do to ensure that it is ready for sale.  Often times, during the stress of the home selling process, the smoke alarms are forgot about.  Ensure the safety of your home and family by changing the batteries in the smoke detectors when you move into a new house.  This cheap and quick home improvement has the potential to save your family’s life.

Change your toilet seat covers

We probably don't need to go into specific details, but most people insist on swapping out toilet seats.

By following these five easy steps,  a person who has just moved into a new home can make their house as safe and cost efficient as possible. 

Real Estate Market Update

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When you consider all that we have been through as an industry the past few years, it is no wonder that many people in the real estate world are breathing a collective sigh of relief. The source of that relief in a lot of markets across the country has been in the form of a more balanced market. What that means is that inventory levels have come back down to a point where buyers are facing more competition and sellers are in a stronger position. It also means that buyers are enjoying more buying power.

Sellers Finally Enjoying Multiple Offers and Top Dollar

For the first time in quite a while, sellers are seeing more interest in their properties. This starts off multiple offer situations and even leads to bidding wars for the right properties that are priced appropriately. In fact, sellers that take the time to prepare their home for sale and give buyers what they are looking for are getting top dollar for their home – something we have not seen since prior to the 2007 housing market crash.

One of the things driving out market today is that we are currently experiencing a shortage of inventory. That’s why it is critical to present your home in its best light prior to listing it on the market. The right agent will help guide you through the process and help you do everything possible to get you the most you can from the sale.

Buyers Still Getting More for Their Money

By now, most of us are used to hearing the news of all time low interest rates. But did you know that not only do the low interest rates impact the cost to borrow but it also allows buyers to purchase more house for the same money. That means that a home you might not have been able to afford just six or seven years ago could very well be in the cards for you today.

With the growing number of multiple offer situations and even bidding wars, there is of course the challenge of negotiating so that buyers get the home they want. That is where having a strong agent is pivotal for the buyer.

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If you or anyone you know has been on the fence about selling your home or if buying is something that seems the right thing to do with the incredibly low interest rates still out there, contact me today on my cell phone 626.890.7187! I can help determine what you can expect the value of your home will be so you can sell it well, I will help find the perfect dream home for you and I pledge to make the process as enjoyable as possible for you!

Ten Questions Every Homeowner Should Ask an Agent

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As you embark upon what will be one of the most important transactions of your life – whether buying or selling a home – you should be absolutely certain that you are happy with the real estate agent you have hired to help you manage it. 

To help you with this all-important hiring process, here are ten important questions to ask an agent before you decide on whether or not to hire them:

Question #1

How Close Do You Get in Sale Price Related to Asking Price?

It is important to ask for this information as it relates to the past 60 days.  Given that many agents are not that active in the market, you would be best served to obtain the most recent information possible.  As a seller, your agent’s ability to come close to the asking price is a strong attribute and can mean a difference of thousands of dollars in your transaction.

Question #2

How Many Days on Average Does It Take You To Sell a Home?

What’s the average number of days on the market for properties listed by your prospective agent? Since this statistic can reach as high as six to nine months and in some cases and as much as a year, it is important to ask how your prospective agent ranks on the scale.

Question #3

What is the Rate of Homes Sold on a Monthly Basis?

Knowing the absorption rate of homes similar to yours that are on the market allows valuable insight as to how the market is performing for your particular needs.  Not only does it give sellers a glimpse into the system and how it would translate to their own sale but it also presents a broader view of the entire market in general.

Question #4

What Do You Do Differently To Get Homes Sold?

Especially with the current trying economic times, many agents have been faced with adversities trying to sell the homes on their list.  One of the best ways to learn whether your agent is a self-starter is to find out what they have done in the past when they were unable to successfully sell homes.  Ask why the agent feels the home(s) did not sell and then find out what they are doing differently to get them sold.

Question #5

What Percentage of Deals Do You Represent the Buyer Versus Seller? 

Some agents work primarily with sellers while others work mostly with buyers and still others are experienced with dual-agency deals.  Depending on your needs, you will benefit from an agent that specializes in one of the two.  It is important to ask which side of the fence your prospective agent tends to represent. 

Questions #6

How Many Homes Did You Sell Last Year?

Nothing speaks louder than numbers.  A very important statistic, ask what the total number of homes sold last year was and if possible try to get a more long-term picture of the agent’s performance in this regard. You can also ask for a month-to-month breakdown to see if there are certain stronger months.

Questions #7

Can You Provide a List of the Ten Most Current Clients You Have Worked With?

Rather than rely on the given list of referrals that many agents have handpicked, it’s a good idea to obtain a list of clients that are currently working with this Realtor.  It will provide a much-needed glimpse into the agent’s performance on various stages of real estate transactions.

Question #8

How Much of Your Work Day Do You Dedicate to the Real Estate Industry?

You want an agent that is 100% committed to their  job and if they are focusing more on a day job with real estate being a secondary thing, you run the risk of inaccessibility, lack of knowledge and experience plus lackluster motivation.  Find out how they feel about the real estate industry and whether they are passionate about their work.

Question #9

What is Your Style of Marketing – Proactive or Reactive?

What is your potential agent’s style of working?  Does he or she speak to a large number of people each day? Are they proactive or reactive in nature when it comes to marketing? See how this lines up with your real estate needs.  Are you in a hurry to buy or sell?  Does a laid back agent hinder your efforts? Or does slow and steady work better for you?

Question #10

What Does Your Daily Schedule Look Like?

The typical schedule of a real estate professional can be very telling.  By asking for a copy or general idea of how they conduct their day in terms of their work, you can get a good idea of how much time is devoted to the profession and what kind of business they are running.