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Posts Tagged ‘Rancho Cucamonga’

Price Your Home At Market Value

11 Jan

Market Value – what is that?  Real Estate 101 defines market value as the price, a ready willing and able buyer is prepared to pay for a home.

Another definition:  The sale price at which a property would change hands between a willing buyer and willing seller, both having reasonable knowledge of the relevant facts.

And another definition:  Fair market value is the value of a property, based on what a knowledgeable, willing buyer would probably pay to a knowledgeable, willing seller in the real estate market.

The Realtor you have chosen to represent you in the sale of your Home has given you “the comps” which are the comparable recent sales of similar homes in your neighborhood.  Realtors know what appraisers know about comps – compare homes by similar square footage, age, amenities, bedrooms and neighborhood.   The comps don’t lie.  Review them with your Realtor.  Drive by the houses that you are comparing.  When you are comparing homes that are currently on the market that are similar to yours, ask your Realtor to show them to you.  It will open your eyes and you will begin to see what Buyers see.

When you feel sure that you have all the information you need to price your house, ask your Realtor to give you a price range that they think your home can be priced.  Think about where you want to be positioned in the Market.

Then price your home at Market Value – not above, that doesn’t work any more.  The homes that are selling right now are priced well.  You might be tempted to price high but you don’t need wiggle room, you need Agents to show your house to prospective, well-qualified Buyers.  You need your house to sell in a reasonable amount of time.  In the Inland Empire where the market is very fast and competitive, if a Buyer sees a home that has been on the market for more than 30 days the first thing they ask is, “What’s wrong with it?”

You need to move on with your Life – so price your Home at Market Value!

 

 

 
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Posted in FHA, Homes For Sale, Real Estate Update

 

What Are Your Plans for 2012?

09 Jan

Is this the year you will sell your Home?   What’s the next step?

Its been 5 years into this current economy and you have waited long enough for the market to stabilize.  You are tired of waiting for prices to go up and have heard that they probably won’t in the next couple of years.  So you want to sell and move on with life.

Are you going to take advantage of the great prices and move up?  What you will find is that between the unbelievably great interest rates and low home prices, this is quite possibly the best time ever to move up.  Call a lender to check your financial position.

Will you downsize to a condo or smaller home?  What about renting?  Renting  takes away the responsibilities of homeownership such as painting, fixing, yard work.  Do you want to free up your time to travel, take on a project or pursue a new career?

Whatever you decide, get the wheels turning in the right direction.  Make a list of things to accomplish and give yourself a time limit.  Will it take 30, 60 days or longer to put your house on the market?  Start reading everything you can about selling a house.  Talk to your accountant and tax person.

Looking at Zillow.com and Trulia.com is a good idea too but don’t bank on their numbers.  You will get a good idea what your house is worth but call a local Realtor and make an appointment to get a better idea about what your home can sell for.

If you find yourself selling your parent’s home which many Boomers are doing, then this is an especially important crossroad.  It’s not easy to do.  I have assisted many clients and friends take this journey and all I can say is “take it easy” unless you have to rush due to financial reasons.  On average I find that it can take a year or so to accomplish.  It will all come together but usually there are siblings and other family members that need to weigh in on what the right thing is to do.  Keep the family peace by having a “talk” early on.  Have one or at most two decision makers that live closest to the home in question.  That decision maker can communicate to family members the progress of the sale.  And don’t hesitate to rely on your Real Estate Agent.   They can be a wealth of knowledge and help get you the answers you need.

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update

 

Fix It!

05 Jan

This seems like a no-brainer.  If something needs repair such as a curtain rod, trim around a door or a sprinkler hitting a window – then it is wise to fix it.   Sprucing up your home to show it off can bring you extra $$.

Now there is a fine line here.  I’m the type of Listing Agent that does not recommend installing new carpet, granite counters and any other high dollar improvement.  Most times the Buyer will have their own ideas and style about home improvements and it is too hard to guess what they want.  About 4 years ago I had a Seller who was insistent on updating her deceased parent’s home before putting it on the market.  It took her about 9 months and $50,000 to accomplish this.  We put the house on the market and it sold for much less than I had predicted 9 months earlier due to declining values.  If she had put it on the market without any improvements she would have sold it for a higher amount and not went through all the improvement drama and money.

Now if you are dealing with electrical, heating or roof problems and you know they are in need of repair or upgrading then by all means have these attended to right away.  These can be expensive but a Buyer will automatically put a high dollar amount on fixing them.  Plus you can give the new Buyer the receipt when you close escrow so that they know who to call if they have trouble in the future.

One other thing that I advise Home Sellers is to have a professional home inspection.  For about $350-400 a home inspector will tell you if any of the major systems of the house need attention.  This is especially a good idea if you find yourself selling a parent’s home.  It might have been your childhood home but since you haven’t lived in it for 20 or more years, you might not know if your parents have been keeping up with repairs.

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update, Title

 

Clean Up!

04 Jan

Nobody likes a dirty house.   The kitchen and baths are judged the harshest by Buyers and need to be spotless.  No dirty dishes, clutter, smells.  Take an hour or so and some “elbow grease” to get things in order.  Get carpets cleaned.  Wash windows.  Clean cobwebs out of corners.  Make the entry clean and welcoming.  Make your bed.  Enlist the family in preparing your home for sale!  After all, you are all in it together.

Some Realtors will recommend staging your home.  This is a personal decision and I definitely think it helps to re-arrange your furniture to allow a more open feel.  However, spending money on staging is not something that is necessary.  Ask your Realtor for advice.  If you are in the High End markets such as Hollywood or San Francisco then it is a must otherwise let your good judgement lead the way.

Hold a garage sale if you have too much stuff.   Ask your Realtor to help – most are willing to get involved and who knows the Buyer might show up at your yard sale!

Last but not least,  start packing.  Pack up the collectibles and valuables.  You will feel good about starting the packing process!

 
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Posted in Escrow, Homes For Sale, Real Estate Update, Title

 

Happy New Year 2012! Is This the Year to Sell Your Home?

03 Jan

It is a hopeful time of year – New beginnings are on all of our minds as we start this first week of the new year.

Is this the year to sell your Home?  Have you been “waiting out the market” hoping for better prices?  Five years have come and gone since the “good old days” of high prices.  Reality has set in and we now know that a house is a Home first and foremost.  Everyone needs a place to call Home.

So if you are thinking about selling in 2012, here are 5 things to do to get ready:

1.  Clean up – no one likes a dirty house.

2.  Fix anything that is broken.

3.  Figure out what is your next step – will you down-size, move up, rent?  Get your plans together

4.  Hire a Real Estate Agent that you like and that understands Your needs.

5.  Price your Home at Market Value – don’t be tempted to go higher – it does not work anymore.

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update, Uncategorized

 

Top 5 Blogs Posts of 2011

30 Dec

  2011 was my first full year of blogging.  I kept my resolution and posted sometimes twice a week!

I learned a lot about what my audience is looking for when it comes to real estate information.  You want to know the steps for buying a House!

In January 2012  I will start blogging about Selling a House giving step by step information on what to expect in this ever changing market.   I think 2012 will be the year that Sellers finally “get it”.  Meaning that prices are not what they were 5 years ago and they won’t be for many years to come…..sorry about that!

Here are the top 5 blogs of 2011:

5.  12/5/11 Walk Thru

4.  9/23/11  House Hunting – Short Sales

3.  9/5/11  Find A Realtor

2.  9/2/11  What do I need to know when Buying a House?

1.  7/23/11  Not All Homes listed for sale are for sale?

p.s.  If you haven’t already seen my intro video – here it is!

Thanks for following me this year – see you in 2012!

 

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update

 

Close of Escrow

09 Dec

Step 16

Congratulations!  Escrow has closed!

You’ve been waiting for your Realtor to say this for the last 30 days!  Your lender has “funded the loan” for your new home and escrow has reported to your Realtor that the grant deed has been recorded at the county recorder’s office.  That event signals that Escrow has closed!

It seems that this time period has lasted forever but soon it will be a story that you will be sharing with your friends and family for years to come – you survived buying a Home!  You have accomplished the All American Dream of Home Ownership!

Hope you have been packing because tomorrow is moving day!

 

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update, Title, Uncategorized

 

Final Walk Thru

05 Dec

Step 15

About 5 days before the close of escrow, your Realtor will schedule a walk thru of the home.  The purpose of a walk thru or verification of property condition is to establish that the property is in similar condition to when your offer was accepted.  If it is a standard sale with the Seller still living in the home, the landscaping should have been kept up and the home in good condition considering the owners are in the moving process.  The walk thru is also a time to see that any agreed upon repairs are complete. The part I like best about a walk thru is that the Buyer and Seller are usually more relaxed and can talk about the house and how things work.

If the home is a short sale or REO (bank owned home) then things are quite different.  There have been no repairs or regular maintenance done to the home during escrow so you hold your breath as you enter the home and hope that it has not gone down hill any more than on the day your offer was accepted.

 

 
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Posted in Escrow, FHA, Homes For Sale, Real Estate Update, Title

 

Signing Loan Documents

21 Nov

Step 14

So at this time you are about 3 weeks in to the escrow process. The home inspection has been completed and any repairs needed to the home have been agreed upon by the you and the Seller. The lender has ordered an appraisal and it has come in at the agreed upon price and the conditions of the loan are being taken care of by the lender. You have approved the disclosures and signed all escrow documents. You have scheduled your tentative move date.

Escrow will call you approximately 5 days before the close of escrow date to schedule an appointment to sign the loan documents. It is always nice to have your Buyer’s agent present for this appointment so don’t hesitate to ask. Many agents will try to coincide the “walk thru” on the same day as you sign loan docs. That way you know that you are about 5 days away from closing your escrow.

 
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Posted in Escrow, Homes For Sale, Real Estate Update, Title, Uncategorized

 

Home Appraisal

14 Nov

Step 13

As soon as you have acceptance of your offer, your lender needs to be notified so that he can order an appraisal.

The appraisal process has changed in the last couple of years. Let’s suffice it to say that the appraiser is randomly picked from a pool of appraisers.

The appraiser will meet with the listing agent at the property. They measure the dwelling and inspect the neighborhood and recent sales. The buyer will be given a copy of the appraisal.

Once the appraisal is back at the lender’s, the lender will put in motion the final “conditions” of the loan process.

Should the appraisal not come in at the agreed upon price, then that opens up negotiation again. Both Seller and Buyer will have to agree to go with the appraised value or escrow “falls out”.

 
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Posted in FHA, Homes For Sale, Real Estate Update, Uncategorized

 
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