I'm helping to promote this lease listing, as I know the owner. This is a detached home in the Talavera gated community in Aliso Viejo. It functions like a SFR but is technically considered a condo. 12-month lease preferred. Contact me for more info!
Monday, October 11, 2010
Saturday, October 9, 2010
5 Things to Consider If You Decide to Lease Your Home
Just in the past month alone, I've spoken with several Orange County homeowners who are faced with this question:
Should I sell my home now or rent it out until the market gets better?
Given that we're in the fall and soon-to-be winter months, traditionally the real estate market slows down (though my experience in past years has been the opposite!). So if you're thinking about renting your home out for the time being, here are 5 things to consider:
1) Make sure you have all the proper paperwork ready to go. Craigslist and other free online ad services make it easy to advertise your home for lease. It's sifting through the applicants that is much more difficult. In order to gather the right information about a particular applicant, you'll need the appropriate forms to have filled out. Once you find a tenant, you'll need to have a solid lease agreement that protects you as the landlord. If you plan to lease your home out on your own, make sure you cover all your bases on that lease agreement, otherwise you may be in for a VERY bumpy ride in the coming months.
2) Be ready to respond to repair requests ASAP. As a landlord, you can't just take weekends off. If the toilet floods over at your property, you'll need to address it as soon as possible to prevent any further damage or potential lawsuits from your tenant for negligence. You may have to deal with it during dinnertime with your family, or while you're away on vacation. So just be prepared to be "on-call" for your tenant.
3) Prepare for late payments and possible eviction. Not all tenants feel the urgency to pay their rent on time. Some don't even bother paying rent after a while. Some may have their check bounce. It's up to you to either give them a break and accept their sob story about how their grandmother passed away last week and therefore didn't have enough money to pay their rent, or you have to take action and start the eviction process. How do you go about an eviction? That's a separate animal altogether. As a landlord myself, I've personally gone through the process. Not fun for anyone involved. In the meantime, you'll need to make sure your property isn't vandalized or neglected during the process, plus you'll need to have some money in reserve to pay for the eviction, maintenance, your mortgage, etc.
4) Watch out for HOA violations. If your home is part of a homeowners association (HOA), your tenants need to be aware of the HOA rules that apply to them, such as parking rules, BBQ rules, association pool and spa rules, satellite dish rules, etc. If they violate these rules, you may end up having to pay the violation fees up front and then try to recoup it from your tenant. And since you're not living there, you may not even know about the violation if your HOA doesn't deliver the notice to you via mail.
5) Protect yourself. When you sign a lease agreement as a landlord with a tenant and accept their deposit and allow them to take possession, you are under a binding legal contract. Any breach of contract can result in a legal dispute that may expose your personal assets and drain you and your family financially if you're not careful and protected. Many landlords look to LLC's or umbrella insurance policies to provide some protection. You'll need to find out what works best for you and have that all set up before entering into a contract with a tenant.
If you're ready to move forward as a landlord, as long as you keep these 5 things in mind and prepare yourself for what's to come, then renting your home out may be a good option for you. If this doesn't appeal to you whatsoever, perhaps selling your home may be the better option after all. Whichever way you go, it has to make sense to you financially, emotionally, and based on the timing that you have in mind.
For more information on leasing, selling, or buying a home in or around Orange County, feel free to contact me. (I also have my own personal stories to share about being both a landlord and homeowner if that would be helpful to you too).
Should I sell my home now or rent it out until the market gets better?
Given that we're in the fall and soon-to-be winter months, traditionally the real estate market slows down (though my experience in past years has been the opposite!). So if you're thinking about renting your home out for the time being, here are 5 things to consider:
1) Make sure you have all the proper paperwork ready to go. Craigslist and other free online ad services make it easy to advertise your home for lease. It's sifting through the applicants that is much more difficult. In order to gather the right information about a particular applicant, you'll need the appropriate forms to have filled out. Once you find a tenant, you'll need to have a solid lease agreement that protects you as the landlord. If you plan to lease your home out on your own, make sure you cover all your bases on that lease agreement, otherwise you may be in for a VERY bumpy ride in the coming months.
2) Be ready to respond to repair requests ASAP. As a landlord, you can't just take weekends off. If the toilet floods over at your property, you'll need to address it as soon as possible to prevent any further damage or potential lawsuits from your tenant for negligence. You may have to deal with it during dinnertime with your family, or while you're away on vacation. So just be prepared to be "on-call" for your tenant.
3) Prepare for late payments and possible eviction. Not all tenants feel the urgency to pay their rent on time. Some don't even bother paying rent after a while. Some may have their check bounce. It's up to you to either give them a break and accept their sob story about how their grandmother passed away last week and therefore didn't have enough money to pay their rent, or you have to take action and start the eviction process. How do you go about an eviction? That's a separate animal altogether. As a landlord myself, I've personally gone through the process. Not fun for anyone involved. In the meantime, you'll need to make sure your property isn't vandalized or neglected during the process, plus you'll need to have some money in reserve to pay for the eviction, maintenance, your mortgage, etc.
4) Watch out for HOA violations. If your home is part of a homeowners association (HOA), your tenants need to be aware of the HOA rules that apply to them, such as parking rules, BBQ rules, association pool and spa rules, satellite dish rules, etc. If they violate these rules, you may end up having to pay the violation fees up front and then try to recoup it from your tenant. And since you're not living there, you may not even know about the violation if your HOA doesn't deliver the notice to you via mail.
5) Protect yourself. When you sign a lease agreement as a landlord with a tenant and accept their deposit and allow them to take possession, you are under a binding legal contract. Any breach of contract can result in a legal dispute that may expose your personal assets and drain you and your family financially if you're not careful and protected. Many landlords look to LLC's or umbrella insurance policies to provide some protection. You'll need to find out what works best for you and have that all set up before entering into a contract with a tenant.
If you're ready to move forward as a landlord, as long as you keep these 5 things in mind and prepare yourself for what's to come, then renting your home out may be a good option for you. If this doesn't appeal to you whatsoever, perhaps selling your home may be the better option after all. Whichever way you go, it has to make sense to you financially, emotionally, and based on the timing that you have in mind.
For more information on leasing, selling, or buying a home in or around Orange County, feel free to contact me. (I also have my own personal stories to share about being both a landlord and homeowner if that would be helpful to you too).
Wednesday, October 6, 2010
New Law in 2011 for Short Sales
Effective January 1, 2011, the 1st trust deed lender for a seller who completes a short sale in California will not be able to obtain a deficiency judgment against the seller.
In other words, if you have two loans on your property and complete a short sale, the written consent to a short sale from the 1st trust deed lender will obligate it to accept the proceeds from the sale as full payment. Any remaining amount on the loan will be discharged.
Note that this does not apply to 2nd trust deed lenders.
This is according to Senate Bill 931. Governor Schwarzenegger vetoed Senate Bill 1178, which would have extended California's anti-deficiency protection to refinance loans.
The actual text for Senate Bill 931 can be found HERE.
While this has already been happening on short sales that I've completed for my past clients, this bill now makes it a law to do so.
Will this apply to 2nd trust deed lenders in the future? Chime in and let me know what you think.
For more info, feel free to contact me or to leave a comment. Thank you!
In other words, if you have two loans on your property and complete a short sale, the written consent to a short sale from the 1st trust deed lender will obligate it to accept the proceeds from the sale as full payment. Any remaining amount on the loan will be discharged.
Note that this does not apply to 2nd trust deed lenders.
This is according to Senate Bill 931. Governor Schwarzenegger vetoed Senate Bill 1178, which would have extended California's anti-deficiency protection to refinance loans.
The actual text for Senate Bill 931 can be found HERE.
While this has already been happening on short sales that I've completed for my past clients, this bill now makes it a law to do so.
Will this apply to 2nd trust deed lenders in the future? Chime in and let me know what you think.
For more info, feel free to contact me or to leave a comment. Thank you!
Tuesday, October 5, 2010
Ribbon Cutting Ceremony for Realty ONE Group's New Irvine Branch
I recently joined Realty ONE Group, which now has a branch office in Irvine. Besides the excellent support, training, and paperless protocol, Realty ONE Group's Irvine Branch includes a group of dynamic, energetic, professional, and quality real estate agents that I'm so proud to be a part of now. It even turns out that one of the agents that I really admired and enjoyed working with earlier this year on a short sale listing of mine is now a part of Realty ONE Group, too!
Just to share with you the magnitude of how big an impact Realty ONE Group is making these days, there was a ribbon cutting ceremony back on Friday, September 17, 2010, that officially welcomed the company into the Irvine business community. There were dozens of people there that morning, including representatives from the Irvine Chamber of Commerce, and the atmosphere was truly a positive, exciting one.
Here are some videos that I took of the ceremony and office that morning. Enjoy!
For more info, feel free to contact me or to comment below. Thank you!
Just to share with you the magnitude of how big an impact Realty ONE Group is making these days, there was a ribbon cutting ceremony back on Friday, September 17, 2010, that officially welcomed the company into the Irvine business community. There were dozens of people there that morning, including representatives from the Irvine Chamber of Commerce, and the atmosphere was truly a positive, exciting one.
Here are some videos that I took of the ceremony and office that morning. Enjoy!
For more info, feel free to contact me or to comment below. Thank you!
Thursday, September 23, 2010
New Short Sale Listing in Placentia
Just got this new listing. It's a short sale at a great price. Property is in great condition. Current owners care about the property but must sell now. Let me know if you or someone you know is interested!
Friday, September 10, 2010
OPEN HOUSE THIS SUNDAY 9/12, 12pm-4pm!
Come check out my new listing! We're having an open house this Sunday, 9/12/10, from 12pm-4pm.
See the video below for a special invitation to it.
You can also check out the open house info HERE, as included on Realtor.com.
For more info, feel free to contact me. See you there!
See the video below for a special invitation to it.
You can also check out the open house info HERE, as included on Realtor.com.
For more info, feel free to contact me. See you there!
Tuesday, August 31, 2010
How to Protect Your Real Estate Property and Family
Check out this video if you're wondering how to protect your home and family in case you're no longer around. Every homeowner and person who has others relying upon him or her financially needs to consider this:
For more info, please contact:
Tony Murcia, Jr.
Agent
CA Ins. Lic. #0G70269
New York Life Insurance Company
(949) 293-7511
mamurcia@ft.newyorklife.com
For any real estate info, you can contact me here.
For more info, please contact:
Tony Murcia, Jr.
Agent
CA Ins. Lic. #0G70269
New York Life Insurance Company
(949) 293-7511
mamurcia@ft.newyorklife.com
For any real estate info, you can contact me here.
Monday, August 30, 2010
Ainsley Park Floor Plans
I checked out the Ainsley Park sales gallery opening this past weekend over at Columbus Grove in Tustin. It was a really nice event. There was even a tent set up in the parking lot with California Quivers serving complimentary fresh fruit ice frozen treats! Lots of people, lots of interest, lots to look forward to!
Prices for won't be released for another couple of weeks, maybe less. For now, prices are supposed to "start in the high $400,000's."
Some other key info:
* There will be a total of 84 paired homes.
* There will be 4 models open to the public hopefully before December 2010.
* There will be a total of 4 distinct floor plan designs ranging from 1,659 to 2,364 sq. ft., including a "first-level master bedroom" floor plan.
* Estimated HOA dues at Phase 1 are expected to be $175/month for the sub-association and then reduced to $150/month at build-out. The master association dues per month is currently $160/month, however the sales office is saying $148/month. There will be two association dues.
* Phase 1 will consist of 12 homes being built up along Larkspur Street, backing up to Warner.
For more info about what's REALLY going on with Ainsley Park, Columbus Grove, or other areas of Orange County, please contact me or comment below. Thank you!
Prices for won't be released for another couple of weeks, maybe less. For now, prices are supposed to "start in the high $400,000's."
Some other key info:
* There will be a total of 84 paired homes.
* There will be 4 models open to the public hopefully before December 2010.
* There will be a total of 4 distinct floor plan designs ranging from 1,659 to 2,364 sq. ft., including a "first-level master bedroom" floor plan.
* Estimated HOA dues at Phase 1 are expected to be $175/month for the sub-association and then reduced to $150/month at build-out. The master association dues per month is currently $160/month, however the sales office is saying $148/month. There will be two association dues.
* Phase 1 will consist of 12 homes being built up along Larkspur Street, backing up to Warner.
For more info about what's REALLY going on with Ainsley Park, Columbus Grove, or other areas of Orange County, please contact me or comment below. Thank you!
Sunday, August 29, 2010
Has Your Home Been Sitting on the Market for Too Long?
Just about all of the sellers I work with want to sell their homes right away. Once they put their homes on the market, the last thing they want is to have it sit on the market for several months and continue to keep the home clean and ready to show on a daily basis. It's exhausting.
If your home has been sitting on the market for more than 30 days, and you have received NO offers by now, or if you've received offers but they've been way too low for you, some adjustments probably need to be made.
I wouldn't automatically assume that you need to lower your price. While it may be a factor, it may not be the ONLY factor.
You have to put yourself in the buyers' shoes. What would a great deal look like to them? Of course every buyer is different, but you can try to appeal to a larger pool of buyers. How do you do this? It's actually a very simple formula: your price, condition, timing, and exposure have to all align.
I think most sellers are savvy enough now to know what each of these items mean individually. But the right combination of all four is crucial in attracting the right buyer and having a successful sale. Yes, the formula is simple. But finding the winning combination is not always easy (or apparent) for some.
Every seller wants as much money as possible for their home. In order to get that, you need to have exposure to your home. That means being able to show your home as much as possible, including on weekends. Sellers expecting top dollar for a home that is only allowed to be shown between 5pm-6pm on weekday evenings may find that offers will be slow to roll in. Even if your home is in top condition, shows beautifully, and is priced correctly, buyers usually want to see the interior of the home before making an offer. Sometimes exposure can be difficult when you have a tenant living there. If that's the case, you need to work it out with your tenant about showings and monitor how well the home is showing to prospective buyers. Also, online exposure is HUGE now. Buyers these days are starting their home searches on the internet, so make sure that your home can be found there and is listed and described accurately.
Timing makes a difference too. I'm not talking about deciding whether to sell now or wait another year or two when you think the market MAY go up. I'm talking about timing as it relates to your immediate competition. If your next door neighbor with the exact same floor plan and more upgrades decides to sell his/her home at the same time for a much lower asking price, you'll have to determine whether putting your home on the market at that very time is best for your overall situation. This requires doing some very good market research, and maybe even have your agent check out some of the competition too. Of course you never know if another similar home will hit the market right when you list yours, but it's always good to at least know who you're up against and operate accordingly rather than put your home on the market blindly.
The condition of your home needs to be as flawless as possible. As much as buyers say that they can look past a stained carpet and dirty walls, you likely won't get top dollar if your home is just not clean. Clutter kills. Excessive personal items everywhere is distracting. Outdated furniture, window coverings, cabinets, etc. will be processed in buyers' minds as a deduction off the list price, even if you price your home below comparable homes on the market. You can have all the upgrades in the world inside your home, but if they are presented in poor condition, you lose brownie points (i.e. thousands of dollars off a potential offer price!). If you're really serious and have the money to invest, you may want to consider hiring a professional home stager to help configure your home to show like a model.
As for price, you can have the most beautiful home on the block with every upgrade imaginable and showings galore. But if you price your home too high, buyers are either going to "lowball" you, and/or they'll start thinking that you're a difficult seller and therefore don't even want to deal with you. Yes, you may have put $100,000 of upgrades into your home. But if your neighbor down the street with the exact same floor plan but no upgrades sold their home for $500,000 last week, and you want $675,000 ($100,000 more for the upgrades, plus another $75,000 since your home is a corner lot and just better all-around), just make sure that it'll make sense to buyers out there. Certainly, there's always the possibility of some buyer wanting to pay all cash and/or waive the appraisal contingency, but just about every buyer out there does not want to overpay for a home. Unless you live in a custom-built home previously owned by Kim Kardashian with a miraculous view and amenities that no other property can ever rival, chances are that buyers won't fall THAT far in love with a highly upgraded tract home enough to pay well above the market value.
So before you decide to drop the price of your home (or better yet, before you end up listing your home on the market), you may want to ensure that your home is getting enough exposure (online and ultimately in person) and shows nicely in comparison to other homes on the market in your area. Also check out your competition and determine how that will affect the sale of your home. You may be able to preserve the price of your home after all by investing some time, energy, and maybe a little money to get your home in a better position to sell at the price you want.
For more info on selling a home, buying a home, or if you have other questions regarding Orange county real estate, feel free to contact me or comment below. Thanks!
If your home has been sitting on the market for more than 30 days, and you have received NO offers by now, or if you've received offers but they've been way too low for you, some adjustments probably need to be made.
I wouldn't automatically assume that you need to lower your price. While it may be a factor, it may not be the ONLY factor.
You have to put yourself in the buyers' shoes. What would a great deal look like to them? Of course every buyer is different, but you can try to appeal to a larger pool of buyers. How do you do this? It's actually a very simple formula: your price, condition, timing, and exposure have to all align.
I think most sellers are savvy enough now to know what each of these items mean individually. But the right combination of all four is crucial in attracting the right buyer and having a successful sale. Yes, the formula is simple. But finding the winning combination is not always easy (or apparent) for some.
Every seller wants as much money as possible for their home. In order to get that, you need to have exposure to your home. That means being able to show your home as much as possible, including on weekends. Sellers expecting top dollar for a home that is only allowed to be shown between 5pm-6pm on weekday evenings may find that offers will be slow to roll in. Even if your home is in top condition, shows beautifully, and is priced correctly, buyers usually want to see the interior of the home before making an offer. Sometimes exposure can be difficult when you have a tenant living there. If that's the case, you need to work it out with your tenant about showings and monitor how well the home is showing to prospective buyers. Also, online exposure is HUGE now. Buyers these days are starting their home searches on the internet, so make sure that your home can be found there and is listed and described accurately.
Timing makes a difference too. I'm not talking about deciding whether to sell now or wait another year or two when you think the market MAY go up. I'm talking about timing as it relates to your immediate competition. If your next door neighbor with the exact same floor plan and more upgrades decides to sell his/her home at the same time for a much lower asking price, you'll have to determine whether putting your home on the market at that very time is best for your overall situation. This requires doing some very good market research, and maybe even have your agent check out some of the competition too. Of course you never know if another similar home will hit the market right when you list yours, but it's always good to at least know who you're up against and operate accordingly rather than put your home on the market blindly.
The condition of your home needs to be as flawless as possible. As much as buyers say that they can look past a stained carpet and dirty walls, you likely won't get top dollar if your home is just not clean. Clutter kills. Excessive personal items everywhere is distracting. Outdated furniture, window coverings, cabinets, etc. will be processed in buyers' minds as a deduction off the list price, even if you price your home below comparable homes on the market. You can have all the upgrades in the world inside your home, but if they are presented in poor condition, you lose brownie points (i.e. thousands of dollars off a potential offer price!). If you're really serious and have the money to invest, you may want to consider hiring a professional home stager to help configure your home to show like a model.
As for price, you can have the most beautiful home on the block with every upgrade imaginable and showings galore. But if you price your home too high, buyers are either going to "lowball" you, and/or they'll start thinking that you're a difficult seller and therefore don't even want to deal with you. Yes, you may have put $100,000 of upgrades into your home. But if your neighbor down the street with the exact same floor plan but no upgrades sold their home for $500,000 last week, and you want $675,000 ($100,000 more for the upgrades, plus another $75,000 since your home is a corner lot and just better all-around), just make sure that it'll make sense to buyers out there. Certainly, there's always the possibility of some buyer wanting to pay all cash and/or waive the appraisal contingency, but just about every buyer out there does not want to overpay for a home. Unless you live in a custom-built home previously owned by Kim Kardashian with a miraculous view and amenities that no other property can ever rival, chances are that buyers won't fall THAT far in love with a highly upgraded tract home enough to pay well above the market value.
So before you decide to drop the price of your home (or better yet, before you end up listing your home on the market), you may want to ensure that your home is getting enough exposure (online and ultimately in person) and shows nicely in comparison to other homes on the market in your area. Also check out your competition and determine how that will affect the sale of your home. You may be able to preserve the price of your home after all by investing some time, energy, and maybe a little money to get your home in a better position to sell at the price you want.
For more info on selling a home, buying a home, or if you have other questions regarding Orange county real estate, feel free to contact me or comment below. Thanks!
Friday, August 27, 2010
Getting Ready For Ainsley Park at Columbus Grove
Ainsley Park is set to unveil its new Sales Gallery tomorrow (Saturday 8/28) at 10:00am. Here are some photos from this morning showing the sales office getting prepared, as well as some other snapshots of the construction site.
(FYI: The "Coming Soon" sign for Ainsley Park has been up for years. I'm not sure if they still intend to start selling in the high $400K's. More info to come after tomorrow!)
For more info on Ainsley Park, Columbus Grove, or other areas of Orange County, feel free to contact me or comment below.
(FYI: The "Coming Soon" sign for Ainsley Park has been up for years. I'm not sure if they still intend to start selling in the high $400K's. More info to come after tomorrow!)
For more info on Ainsley Park, Columbus Grove, or other areas of Orange County, feel free to contact me or comment below.
A Happy Client in the Vantage Town Homes at South Coast Metro Area
Here's a snap shot of an email that I recently received from a past client for whom I had helped purchase a nice townhome in the Vantage Town Home community in the South Coast Metro area (city of Santa Ana).
For this past client of mine, I was helping him find a home for about 3-4 months. We were looking all over Irvine, Costa Mesa, and Tustin Ranch. There were plenty of homes in his price range, but nothing that fit the size requirements, condition, and floorplan style that he was looking for.
Once we saw homes in the Vantage Town Home community, my client quickly realized that this neighborhood was a hidden gem. These homes are larger than most other similar type of townhomes in Irvine, Costa Mesa, and Tustin Ranch, yet the prices were much more reasonable and affordable. And the location couldn't be beat for someone who likes to have easy access to freeways, shopping, restaurants, and more (like my client).
The Vantage Town Homes are located near the corner of Main and MacArthur, close to the Dyer exit off the 55 freeway. The community is comprised of just less than 100 attached townhomes that all have their own garages. Some units have their own 2-car driveways too. It is a guard-gated community with beautiful amenities, including an association pool and spa, plus BBQ areas. There are 5 different floorplans, 4 of which are 2br/2.5ba units, and 1 floorplan is for a 3br/2.5ba unit. The 2br units range from 1,206 sq ft to 1,493 sq ft; the 3br unit is about 1,778 sq ft.
If you're looking for a community in the South Coast Metro area or close by to the city of Irvine, the Vantage Town Home community may be what you're looking for. It sure turned out to be that way for Nick!
For more info, feel free to contact me or comment below.
**Here's the text of the testimonial above:
"Hi, Alicia! I just wanted to thank you again for helping me find my new home. Although it was at times a stressful experience, you did so much to make everything run smoothly from beginning to end. I especially appreciate how readily available you have been to answer all my questions and how patient you remained despite all my crazy anxiety regarding the short sale process. Vantage Townhomes definitely fits my needs perfectly. From the second you drive through the security gates and pass by the beautiful pool area, you can tell how well maintained the property is. I really like the attached two-car garage, as well as the carports that are reserved for residents, since I have multiple cars. My townhome is the perfect size and seems even more spacious than the square footage would indicate because of the high ceilings. I'm extremely satisfied with my purchase. I hear many new homebuyers suffer from a case of buyer's remorse shortly after getting into a new home. I'm happy to say that I am not a member of that group. Your hard work is very much appreciated!"
-Nick
 |
| ** |
Once we saw homes in the Vantage Town Home community, my client quickly realized that this neighborhood was a hidden gem. These homes are larger than most other similar type of townhomes in Irvine, Costa Mesa, and Tustin Ranch, yet the prices were much more reasonable and affordable. And the location couldn't be beat for someone who likes to have easy access to freeways, shopping, restaurants, and more (like my client).
The Vantage Town Homes are located near the corner of Main and MacArthur, close to the Dyer exit off the 55 freeway. The community is comprised of just less than 100 attached townhomes that all have their own garages. Some units have their own 2-car driveways too. It is a guard-gated community with beautiful amenities, including an association pool and spa, plus BBQ areas. There are 5 different floorplans, 4 of which are 2br/2.5ba units, and 1 floorplan is for a 3br/2.5ba unit. The 2br units range from 1,206 sq ft to 1,493 sq ft; the 3br unit is about 1,778 sq ft.
If you're looking for a community in the South Coast Metro area or close by to the city of Irvine, the Vantage Town Home community may be what you're looking for. It sure turned out to be that way for Nick!
For more info, feel free to contact me or comment below.
**Here's the text of the testimonial above:
"Hi, Alicia! I just wanted to thank you again for helping me find my new home. Although it was at times a stressful experience, you did so much to make everything run smoothly from beginning to end. I especially appreciate how readily available you have been to answer all my questions and how patient you remained despite all my crazy anxiety regarding the short sale process. Vantage Townhomes definitely fits my needs perfectly. From the second you drive through the security gates and pass by the beautiful pool area, you can tell how well maintained the property is. I really like the attached two-car garage, as well as the carports that are reserved for residents, since I have multiple cars. My townhome is the perfect size and seems even more spacious than the square footage would indicate because of the high ceilings. I'm extremely satisfied with my purchase. I hear many new homebuyers suffer from a case of buyer's remorse shortly after getting into a new home. I'm happy to say that I am not a member of that group. Your hard work is very much appreciated!"
-Nick
Thursday, August 26, 2010
Ainsleys Park Sales Office Built at Columbus Grove
Ainsley Park at Columbus Grove in Tustin is quickly being built. The sales office is now in place, constructed just within the past 2 weeks or so. The parking lot for the sales office was recently paved. It looks like they are really getting ready for the pre-sales launch at the end of August!
For more info on Ainsley Park, Columbus Grove, and other parts of Orange County, feel free to contact me or comment below.
For more info on Ainsley Park, Columbus Grove, and other parts of Orange County, feel free to contact me or comment below.
Wednesday, August 25, 2010
A Short Sale Testimonial
I wanted to share a testimonial letter received from one of my past clients for whom I helped list and close a short sale of her home in Irvine earlier this year. While the short sale was a result of financial hardship and divorce, it allowed for my clients to move on and start anew with their lives.
Short sales are never easy for those involved from an emotional standpoint. I've found that it's never really a happy situation, but rather a huge relief once it's all done and over.
Keep in mind that a short sale may not be for everyone. If you're wondering if a short sale is the best solution for you regarding your home, talk to someone who not only can explain your options, but who can also meet your needs and do so with respect of you and your situation.
For more info, contact me here or comment below.
Short sales are never easy for those involved from an emotional standpoint. I've found that it's never really a happy situation, but rather a huge relief once it's all done and over.
Keep in mind that a short sale may not be for everyone. If you're wondering if a short sale is the best solution for you regarding your home, talk to someone who not only can explain your options, but who can also meet your needs and do so with respect of you and your situation.
For more info, contact me here or comment below.
The Cost of Living at Columbus Grove
Columbus Grove in Irvine and Tustin are made up of several "neighborhoods": Savannah, Lantana, Alexandria, and Kensington Court on the Irvine side; Westbourne, Ciara, Madison, Cantara, Clarendon, and soon-to-be Ainsley Park on the Tustin side.
The overall community at Columbus Grove is great. For an area that was just built up just less than 5 years ago, it has really developed into a nice community that has that comfortable feeling that you often get with more established neighborhoods. While there are some newer communities in the area that may feel a bit isolated, you really feel like a part of a community when you live at Columbus Grove.
But living in this community doesn't come without a price. The home values have indeed dropped in the past few years, but not to the point where it makes the community undesirable to live in. There are HOA dues to pay each month, even if you own a single family residence. The master association dues are currently $160 per month.
For the condos and townhomes, there are additional monthly association dues to pay:
Savannah: $177/month
Kensington Court: $244.50/month
Clarendon - Plan 1: $212.82/month
Clarendon - Plan 2: $236.89/month
Clarendon - Plan 3: $248.46/month
Yes, it can get pretty darn expensive to live at Columbus Grove. For property tax info, you can look it up for a particular home in the community by following the instructions from one of my earlier blog posts here. But for those who are looking for a newer home amidst so many amenities both within the community and outside of it, Columbus Grove may be just the right place for you to call home!
For more info on Columbus Grove and other areas of Orange County, feel free to contact me or post a comment.
The overall community at Columbus Grove is great. For an area that was just built up just less than 5 years ago, it has really developed into a nice community that has that comfortable feeling that you often get with more established neighborhoods. While there are some newer communities in the area that may feel a bit isolated, you really feel like a part of a community when you live at Columbus Grove.
But living in this community doesn't come without a price. The home values have indeed dropped in the past few years, but not to the point where it makes the community undesirable to live in. There are HOA dues to pay each month, even if you own a single family residence. The master association dues are currently $160 per month.
For the condos and townhomes, there are additional monthly association dues to pay:
Savannah: $177/month
Kensington Court: $244.50/month
Clarendon - Plan 1: $212.82/month
Clarendon - Plan 2: $236.89/month
Clarendon - Plan 3: $248.46/month
Yes, it can get pretty darn expensive to live at Columbus Grove. For property tax info, you can look it up for a particular home in the community by following the instructions from one of my earlier blog posts here. But for those who are looking for a newer home amidst so many amenities both within the community and outside of it, Columbus Grove may be just the right place for you to call home!
For more info on Columbus Grove and other areas of Orange County, feel free to contact me or post a comment.
Tuesday, August 24, 2010
Ainsley Park Update at Columbus Grove
William Lyon Homes has announced their collection of homes at Columbus Grove called Ainsley Park. These will be 2-story paired homes from 1,659 to 2,364 square feet, 3 to 4 bedrooms, up to 3 baths, and 2-car garages. You can view the construction site from my earlier blog post here from earlier in August, and an updated post here from a couple of weeks after.
So when will these homes be available? Here's what William Lyon Homes told the current homeowners in the area in a letter dated August 19, 2010:
"...Ainsley Park sales gallery is slated to open late August 2010 and model homes are anticipated to open to the public before the end of the year."
Prices haven't been publicly announced just yet. My guess is that they will begin selling somewhere in the high $500,000's...again, just a guess based on other homes available in the immediate area, so don't quote me on that! I wouldn't be surprised though if they started selling at a higher price point. I'm also guessing that there would be 2 HOA dues to pay each month: one for the master association, and the other for the association handling just Ainsley Park.
For more info on Ainsley Park, Columbus Grove, and other areas of Orange County, feel free to contact me or leave a comment below.
So when will these homes be available? Here's what William Lyon Homes told the current homeowners in the area in a letter dated August 19, 2010:
"...Ainsley Park sales gallery is slated to open late August 2010 and model homes are anticipated to open to the public before the end of the year."
Prices haven't been publicly announced just yet. My guess is that they will begin selling somewhere in the high $500,000's...again, just a guess based on other homes available in the immediate area, so don't quote me on that! I wouldn't be surprised though if they started selling at a higher price point. I'm also guessing that there would be 2 HOA dues to pay each month: one for the master association, and the other for the association handling just Ainsley Park.
For more info on Ainsley Park, Columbus Grove, and other areas of Orange County, feel free to contact me or leave a comment below.
Monday, August 23, 2010
5 Reasons To Buy Real Estate Now
Buying a home is a BIG deal. Whether you're a first-time homebuyer or a seasoned homebuying veteran, every purchase requires careful planning and a relatively large investment of cash.
Just this past week I was asked again whether it's a good time to buy right now. My answer? It's ALWAYS a good time to buy...if it makes sense for YOU to do so right now.
I know, that answer didn't really get you anywhere. But the reality is that it's different for everyone. And it depends on what you're comparing today's market to, and what your ultimate goals are in buying a home.
For some people it really did make sense to buy real estate in 2006 when prices peaked here in Southern California. Although home prices were much higher, loans were also a lot easier to get and didn't necessarily require a huge down payment. And if you still love your home right now, plus you plan to be there for many more years to come and are still able to afford your monthly payments despite the value of your home being much less today, then perhaps it was a good purchase for you after all back in 2006. Perhaps now you wouldn't be able to qualify to purchase your same home right now, even if the value today is a lot lower.
For other people, buying a home in 2006 might not have been the smartest financial move you've ever made. The type of financing obtained might not have been the best to get, and perhaps the purchase was made based more on speculation than on satisfying current needs at the time.
So how do you know if buying real estate now is worth it? Here are 5 reasons why buying now might make sense for you:
1) You plan to live in the property for 5 or more years. In other words, you're not planning to flip the property and banking on short-term appreciation. It's hard to know where you'll be in 5 years, but if it doesn't freak you out to stay put for that long in the same home, then buying now might make sense. Why 5 years? Because some economists are saying that it'll take at least that long to ride out the rest of this downturn. Keep in mind that it could be longer, so select your home accordingly.
2) You can truly afford the monthly payments. This also means that in addition to your housing costs, you have enough monthly income to cover other necessary costs like for food, child care, clothing, etc. Plus having some spare change for fun and entertainment is good too. This also means that you can handle the monthly payments for planned changes in the foreseeable future (e.g., starting a family and raising kids, plans to go back to school, college tuition for your children, etc.).
3) There are homes available in your price range in the neighborhood you want to live in. When the "stars align" and you find the right home in the right neighborhood that you really want, that same opportunity may not be available for you again in the future. Of course prices will fluctuate over time and may even go down some more, but that may also mean more competition for you, and perhaps higher interest rates at that time may make your monthly payments higher anyhow. How do you know if it's the right home? That one's hard to describe...for many people, you just know. It's a gut feeling. Plus it fits all your home search criteria (desired number of bedrooms, bathrooms, garage space, size, and so forth). You'll know when you find it. It may not hit you like a freight train, but you'll have a good vibe about a home that will eventually grow stronger as you pursue it further.
4) Your job situation is quite stable. If there is some indication that you may lose your job, receive a reduction in income, get relocated for your work, or you plan to change careers in the near future, it may be better to hold off on buying a home until you are very comfortable your income situation.
5) You have plenty of reserves in the bank. These are monies that you have after making your down payment and paying all your closing costs. You never know when you might be laid off. You never know when an emergency medical procedure may have to be done immediately. You never know when your car may break down. There are tons of what-if scenarios out there that require some quick cash on hand so that you can pay your monthly expenses. How much do you really need? I would say to have enough money stashed away to cover your current lifestyle very comfortably for about six months at least. And if you do find yourself in that situation after buying your home, start living more frugally to help prolong those reserves until you resolve your financial situation.
Many potential buyers worry that it may be the wrong time to buy because they believe that the market hasn't bottomed out yet. Here's the thing: once we realize that the bottom was hit, we'd already be on the upswing. Then it's a scramble to find the house of your dreams under the pressure that home prices are steadily climbing again. And once there are signs of recovery in the housing market, it's likely that interest rates are not going to be at rock bottom at that time either.
So if you meet the 5 reasons listed above and have a strong desire to move, why not start the search and see where it takes you? And if you work with an agent who really cares about you, he/she should be able to guide you along the way.
For more info, please feel free to contact me.
Just this past week I was asked again whether it's a good time to buy right now. My answer? It's ALWAYS a good time to buy...if it makes sense for YOU to do so right now.
I know, that answer didn't really get you anywhere. But the reality is that it's different for everyone. And it depends on what you're comparing today's market to, and what your ultimate goals are in buying a home.
For some people it really did make sense to buy real estate in 2006 when prices peaked here in Southern California. Although home prices were much higher, loans were also a lot easier to get and didn't necessarily require a huge down payment. And if you still love your home right now, plus you plan to be there for many more years to come and are still able to afford your monthly payments despite the value of your home being much less today, then perhaps it was a good purchase for you after all back in 2006. Perhaps now you wouldn't be able to qualify to purchase your same home right now, even if the value today is a lot lower.
For other people, buying a home in 2006 might not have been the smartest financial move you've ever made. The type of financing obtained might not have been the best to get, and perhaps the purchase was made based more on speculation than on satisfying current needs at the time.
So how do you know if buying real estate now is worth it? Here are 5 reasons why buying now might make sense for you:
1) You plan to live in the property for 5 or more years. In other words, you're not planning to flip the property and banking on short-term appreciation. It's hard to know where you'll be in 5 years, but if it doesn't freak you out to stay put for that long in the same home, then buying now might make sense. Why 5 years? Because some economists are saying that it'll take at least that long to ride out the rest of this downturn. Keep in mind that it could be longer, so select your home accordingly.
2) You can truly afford the monthly payments. This also means that in addition to your housing costs, you have enough monthly income to cover other necessary costs like for food, child care, clothing, etc. Plus having some spare change for fun and entertainment is good too. This also means that you can handle the monthly payments for planned changes in the foreseeable future (e.g., starting a family and raising kids, plans to go back to school, college tuition for your children, etc.).
3) There are homes available in your price range in the neighborhood you want to live in. When the "stars align" and you find the right home in the right neighborhood that you really want, that same opportunity may not be available for you again in the future. Of course prices will fluctuate over time and may even go down some more, but that may also mean more competition for you, and perhaps higher interest rates at that time may make your monthly payments higher anyhow. How do you know if it's the right home? That one's hard to describe...for many people, you just know. It's a gut feeling. Plus it fits all your home search criteria (desired number of bedrooms, bathrooms, garage space, size, and so forth). You'll know when you find it. It may not hit you like a freight train, but you'll have a good vibe about a home that will eventually grow stronger as you pursue it further.
4) Your job situation is quite stable. If there is some indication that you may lose your job, receive a reduction in income, get relocated for your work, or you plan to change careers in the near future, it may be better to hold off on buying a home until you are very comfortable your income situation.
5) You have plenty of reserves in the bank. These are monies that you have after making your down payment and paying all your closing costs. You never know when you might be laid off. You never know when an emergency medical procedure may have to be done immediately. You never know when your car may break down. There are tons of what-if scenarios out there that require some quick cash on hand so that you can pay your monthly expenses. How much do you really need? I would say to have enough money stashed away to cover your current lifestyle very comfortably for about six months at least. And if you do find yourself in that situation after buying your home, start living more frugally to help prolong those reserves until you resolve your financial situation.
Many potential buyers worry that it may be the wrong time to buy because they believe that the market hasn't bottomed out yet. Here's the thing: once we realize that the bottom was hit, we'd already be on the upswing. Then it's a scramble to find the house of your dreams under the pressure that home prices are steadily climbing again. And once there are signs of recovery in the housing market, it's likely that interest rates are not going to be at rock bottom at that time either.
So if you meet the 5 reasons listed above and have a strong desire to move, why not start the search and see where it takes you? And if you work with an agent who really cares about you, he/she should be able to guide you along the way.
For more info, please feel free to contact me.
Saturday, August 21, 2010
Real Estate For Busy Parents
I get it. As a new parent, I now understand why moms and dads alike often say that they don't have time to do things. It's because it's true for the most part, especially if you have a child with special needs (or just a needy child!). In between diaper changes, crying, working, cooking, eating, bathing, napping, and spending quality time with your kids, there's not much time left for yourself these days.
So how does a busy parent find time to sell or buy a home? The answer is in the palm of your hand.
These days, people on the go have become one with their smartphones. They have have laptops, netbooks, iPads, and other devices that give them real-time info right at their fingertips. Admit it - texting is as much of a disease for you as it is for your teenagers.
Buying a home largely starts on the internet these days. Most buyers have probably already viewed at least 10-20 properties online by the time they reach out to a real estate agent. The info is there - all you need to do is look for it. And for those buyers who are truly serious about looking for a home, they may become obsessed with looking at homes online from their phones or computers. I know, I was that way too.
Selling a home on the other hand usually starts from referrals made by a trusted friend, neighbor, or someone perceived as your "neighborhood expert." But when do busy parents have the time to have these conversations? And even once you get an offer, who has time to stay on top of everything? Probably every seller at one time or another has thought, "Would it really be so bad if I tried to sell my home on my own, without an agent?" The answer depends on how much time you're willing to put into learning the process and avoiding the legal pitfalls that come with selling a home. That's time that you'd otherwise use to spend with your family and do things for yourself.
So how does a busy parent find time to sell or buy a home? The answer is in the palm of your hand.
These days, people on the go have become one with their smartphones. They have have laptops, netbooks, iPads, and other devices that give them real-time info right at their fingertips. Admit it - texting is as much of a disease for you as it is for your teenagers.
Buying a home largely starts on the internet these days. Most buyers have probably already viewed at least 10-20 properties online by the time they reach out to a real estate agent. The info is there - all you need to do is look for it. And for those buyers who are truly serious about looking for a home, they may become obsessed with looking at homes online from their phones or computers. I know, I was that way too.
Selling a home on the other hand usually starts from referrals made by a trusted friend, neighbor, or someone perceived as your "neighborhood expert." But when do busy parents have the time to have these conversations? And even once you get an offer, who has time to stay on top of everything? Probably every seller at one time or another has thought, "Would it really be so bad if I tried to sell my home on my own, without an agent?" The answer depends on how much time you're willing to put into learning the process and avoiding the legal pitfalls that come with selling a home. That's time that you'd otherwise use to spend with your family and do things for yourself.
Remember how I said the answer to selling or buying a home is in the palm of your hand? Well, it is. Or perhaps it's on your lap, or somewhere on your desk. The fact that you're looking at this right now shows that you're starting your search on selling or buying a home on the internet. If you're selling a home, then buyers should be able to find your home on the internet. If you're buying a home, then the resources to find the home that fits your search criteria should be available at your fingertips. Exposure is key, and the internet is HUGE when it comes to that in real estate right now.
So make sure the agent that you decide to work with not only knows the real estate process, but also is online and accessible from the palm of your hand too.
For more info on what you need regarding buying or selling, feel free to contact me.
Friday, August 20, 2010
Protecting Your Family And Your Home
Once I became a mom, I found myself reflecting back on my childhood and upbringing. I was one of the fortunate ones to be raised by both parents and grow up in a loving home.
I remember having sleepovers with my cousins. I remember our weekend trips to Fedco in Cerritos and then having a Western Bacon Cheeseburger afterwards with my family at Carl's Jr. across the street. I remember closing my bedroom door the moment I came home from high school so that I could talk on the phone to my friends that I just saw at school an hour before.
I also remember when my grandmother passed away. I remember when my aunt had a stroke and (to this day) has very little control of her left side. I remember crying when I saw my dad writhing in pain from kidney stones on new year's eve.
As a parent now, time seems to be going by much faster as I watch my own child grow right before my eyes. My husband swears that he can tell that our son grew overnight at times. And when I look at my little boy, I want nothing more than the absolute best for him.
I also see how important my parents are in my son's life too. And I also see how much more fragile my parents are becoming.
Age is something we can't fight. I can feel it in my own achy bones now. While I'm not necessarily afraid of getting older at the moment, I do worry that, if something were to happen to me, what would become of the rest of my family? Who's going to care for my child, pay the bills, and deal with any debt that I may have at that time?
Fortunately my parents are very well-prepared about things like that. They have their affairs taken care of. I knew early on in my adult life about how to protect myself.
But I've also met a lot of families where that's not the case. Nowadays I hear a lot about how many of our own parents are not prepared for 'the worst.' I know it's a morbid discussion, but I know of people who had to deal with the death of a parent and end up losing the family home or business because the legal paperwork wasn't set up. And on top of that, you get taxed by Uncle Sam.
When it comes to real estate, things can get pretty complicated if one or more of the owners passes away. There are legal issues to deal with. There are property tax issues to deal with. Whether you decide to keep or sell the family home, the discussion is much different from that of a young couple wanting to upgrade to a bigger home.
There's also a very emotional component to it too. It's not easy for you to clean out the home of a loved one who has passed on. Rehabbing the home to make it more appealing to buyers can be tough too, since it means changing the home that you were so used to seeing. Those dark, lacy drapes that your mom made herself may have to go. The purple flowered wallpaper may have to come down. That outdated chandelier may need to be replaced.
So what should you do to protect yourself and your family?
Speaking from my own experience only, I would consider talking with an attorney who can help you create a living trust and pour-over will. I would consider talking with a financial planner and/or a life insurance agent who can help preserve your assets. And if real property is involved, the collaboration of an attorney, Realtor, and financial advisor would help bring you greater peace of mind.
For more information on this topic, feel free to contact me.
(Please note that I am NOT an attorney or actively practicing in giving tax advice. Such info noted above is based on my own personal experience and opinions and NOT to be considered legal or tax advice.)
I remember having sleepovers with my cousins. I remember our weekend trips to Fedco in Cerritos and then having a Western Bacon Cheeseburger afterwards with my family at Carl's Jr. across the street. I remember closing my bedroom door the moment I came home from high school so that I could talk on the phone to my friends that I just saw at school an hour before.
I also remember when my grandmother passed away. I remember when my aunt had a stroke and (to this day) has very little control of her left side. I remember crying when I saw my dad writhing in pain from kidney stones on new year's eve.
As a parent now, time seems to be going by much faster as I watch my own child grow right before my eyes. My husband swears that he can tell that our son grew overnight at times. And when I look at my little boy, I want nothing more than the absolute best for him.
I also see how important my parents are in my son's life too. And I also see how much more fragile my parents are becoming.
Age is something we can't fight. I can feel it in my own achy bones now. While I'm not necessarily afraid of getting older at the moment, I do worry that, if something were to happen to me, what would become of the rest of my family? Who's going to care for my child, pay the bills, and deal with any debt that I may have at that time?
Fortunately my parents are very well-prepared about things like that. They have their affairs taken care of. I knew early on in my adult life about how to protect myself.
But I've also met a lot of families where that's not the case. Nowadays I hear a lot about how many of our own parents are not prepared for 'the worst.' I know it's a morbid discussion, but I know of people who had to deal with the death of a parent and end up losing the family home or business because the legal paperwork wasn't set up. And on top of that, you get taxed by Uncle Sam.
When it comes to real estate, things can get pretty complicated if one or more of the owners passes away. There are legal issues to deal with. There are property tax issues to deal with. Whether you decide to keep or sell the family home, the discussion is much different from that of a young couple wanting to upgrade to a bigger home.
There's also a very emotional component to it too. It's not easy for you to clean out the home of a loved one who has passed on. Rehabbing the home to make it more appealing to buyers can be tough too, since it means changing the home that you were so used to seeing. Those dark, lacy drapes that your mom made herself may have to go. The purple flowered wallpaper may have to come down. That outdated chandelier may need to be replaced.
So what should you do to protect yourself and your family?
Speaking from my own experience only, I would consider talking with an attorney who can help you create a living trust and pour-over will. I would consider talking with a financial planner and/or a life insurance agent who can help preserve your assets. And if real property is involved, the collaboration of an attorney, Realtor, and financial advisor would help bring you greater peace of mind.
For more information on this topic, feel free to contact me.
(Please note that I am NOT an attorney or actively practicing in giving tax advice. Such info noted above is based on my own personal experience and opinions and NOT to be considered legal or tax advice.)
Thursday, August 19, 2010
Orange County Highlight: The Irvine Spectrum
As a mom living in Orange County, I like to keep my eyes and ears open for places to go with my son that allow me to also enjoy this beautiful Southern California weather.
One place I'd like to highlight: The Irvine Spectrum.
I remember back in the '90's when it consisted only of a row of stores and a few restaurants. I think the movie theater was there too at the time. Then it kept growing. And growing. And then they added the ferris wheel. And then they added department stores. And then they added (my favorite) Target. And one of the best parts about it: they added a parking structure!
If you've never been to the Irvine Spectrum, I highly suggest you make your way out to Irvine to check it out, daytime or nighttime. It's a beautiful, posh outdoor mall with plenty restaurants, clothing stores, specialty stores, rides (even a little train that kids can ride in), water fountains, a food court, and live music. It's especially nice during the summer. I like going there to push my son around in his stroller while window shopping and listening to a young guitarist playing in the courtyard. Top it off with a funnel cake or, one of my faves, a crepe from the Crepemaker shop (which they specially make to hold in your hand to eat), and I'm golden.
Here's the official website: http://www.shopirvinespectrumcenter.com/
And coming from a Realtor perspective, you can bet that the Irvine Spectrum is one strong factor that attracts a lot of people to live in Irvine and surrounding areas. It allows people to live near a fun place for the whole family while getting a top-notch education in the Irvine Unified School District, among other great amenities.
For more info on Irvine and other surrounding areas of Orange County, feel free to contact me.
One place I'd like to highlight: The Irvine Spectrum.
I remember back in the '90's when it consisted only of a row of stores and a few restaurants. I think the movie theater was there too at the time. Then it kept growing. And growing. And then they added the ferris wheel. And then they added department stores. And then they added (my favorite) Target. And one of the best parts about it: they added a parking structure!
If you've never been to the Irvine Spectrum, I highly suggest you make your way out to Irvine to check it out, daytime or nighttime. It's a beautiful, posh outdoor mall with plenty restaurants, clothing stores, specialty stores, rides (even a little train that kids can ride in), water fountains, a food court, and live music. It's especially nice during the summer. I like going there to push my son around in his stroller while window shopping and listening to a young guitarist playing in the courtyard. Top it off with a funnel cake or, one of my faves, a crepe from the Crepemaker shop (which they specially make to hold in your hand to eat), and I'm golden.
Here's the official website: http://www.shopirvinespectrumcenter.com/
And coming from a Realtor perspective, you can bet that the Irvine Spectrum is one strong factor that attracts a lot of people to live in Irvine and surrounding areas. It allows people to live near a fun place for the whole family while getting a top-notch education in the Irvine Unified School District, among other great amenities.
For more info on Irvine and other surrounding areas of Orange County, feel free to contact me.
Wednesday, August 18, 2010
Update on Ainsley Park at Columbus Grove in Tustin
On one of my regular walks around Columbus Grove earlier this week (before this heat wave came about!), I took some more video of the progress being made on new construction for Ainsley Park happening in Columbus Grove on the Tustin side.
Here are a series of 6 short videos taken on Monday, 8/16/10 around 10:00am of the construction site where the Ainsley Park homes are being built within the neighborhood.
Ainsley Park will include 4 different floorplans for two-story paired homes ranging from 1,659 sq ft up to 2,364 sq ft. Prices are still TBD.
Columbus Grove is part of the Tustin Legacy project on the former Marine base in the city of Tustin. Columbus Grove straddles both Tustin and Irvine but are part of the same HOA.
For more info on Ainsley Park, Columbus Grove, the Villages of Columbus (which include Columbus Grove and Columbus Square), Tustin Field, or OC real estate in general, feel free to contact me.
Here are a series of 6 short videos taken on Monday, 8/16/10 around 10:00am of the construction site where the Ainsley Park homes are being built within the neighborhood.
Ainsley Park will include 4 different floorplans for two-story paired homes ranging from 1,659 sq ft up to 2,364 sq ft. Prices are still TBD.
Columbus Grove is part of the Tustin Legacy project on the former Marine base in the city of Tustin. Columbus Grove straddles both Tustin and Irvine but are part of the same HOA.
For more info on Ainsley Park, Columbus Grove, the Villages of Columbus (which include Columbus Grove and Columbus Square), Tustin Field, or OC real estate in general, feel free to contact me.
Friday, August 13, 2010
More Options For Homeowners
In continuation of our video series, here are two more videos regarding options for homeowners who have or may have to miss their mortgage payments.
You've probably heard of this one: loan modification. But do you know of anyone who's actually been successful and happy with their loan mod? This video talks more about the process and things to look out for.
And there is good news: I do know of a person who just got a loan modification after working on it for over a year. He did it directly with his lender after he and I talked about it and found a way to route his request to the right person at his lender (it's good to know people on the "inside"!). While he is happy with the current outcome, his expectation was to lower his monthly payments. Now if you're looking to reduce your principal, make sure you check out this video for more discussion on that:
And here's another option that most people seem to know about already: short sale. But is a short sale right for you? Watch this video and see if this resonates with you:
There are still more options that you may have beyond a loan modification or a short sale. Look out for our next videos for more info.
If you'd like to confidentially discuss your current situation and find out what your options may be, feel free to contact me.
You've probably heard of this one: loan modification. But do you know of anyone who's actually been successful and happy with their loan mod? This video talks more about the process and things to look out for.
And there is good news: I do know of a person who just got a loan modification after working on it for over a year. He did it directly with his lender after he and I talked about it and found a way to route his request to the right person at his lender (it's good to know people on the "inside"!). While he is happy with the current outcome, his expectation was to lower his monthly payments. Now if you're looking to reduce your principal, make sure you check out this video for more discussion on that:
And here's another option that most people seem to know about already: short sale. But is a short sale right for you? Watch this video and see if this resonates with you:
There are still more options that you may have beyond a loan modification or a short sale. Look out for our next videos for more info.
If you'd like to confidentially discuss your current situation and find out what your options may be, feel free to contact me.
Thursday, August 12, 2010
What To Do If You've Fallen Behind On Your Mortgage Payments
Over the past couple of years, I've encountered several homeowners who have asked me what to do about their homes when mortgage payments became too overwhelming. The more popular "solutions" out there include loan modifications, short sales, or foreclosure. However, there are actually more options out there for you. In addition, the "right one" will vary depending on your specific situation.
To address some of these questions about what to do with your property when you start falling behind on mortgage payments, I've teamed up with another broker in my office, Michelle Risser, to bring to you a series of videos that will shed some light on the the different options out there for you.
So sit back, relax, and enjoy! (FYI: the sound quality is a bit low, so please turn up your speakers, get into a quiet setting, and soak it all in.)
Here's the introductory video:
Ever heard of forebearance? Check this one out:
Stay tuned for more videos that discuss some more options that you may have.
For more info, feel free to contact me. No pressure, no hassle, no obligation -- just a good conversation to see how best we can help.
To address some of these questions about what to do with your property when you start falling behind on mortgage payments, I've teamed up with another broker in my office, Michelle Risser, to bring to you a series of videos that will shed some light on the the different options out there for you.
So sit back, relax, and enjoy! (FYI: the sound quality is a bit low, so please turn up your speakers, get into a quiet setting, and soak it all in.)
Here's the introductory video:
Ever heard of forebearance? Check this one out:
Stay tuned for more videos that discuss some more options that you may have.
For more info, feel free to contact me. No pressure, no hassle, no obligation -- just a good conversation to see how best we can help.
Wednesday, August 4, 2010
Creating A Real Estate Vision
I come across a lot of potential homebuyers who often tell me, "I'd like to buy a home maybe some time next year." I often hear the same sentiment come from sellers who are thinking about selling, "Hopefully when the market gets better next year perhaps. Let's just wait and see."
Sure, there are some really valid reasons for waiting. People have to save up money to buy a home. Kids would be better off to finish the school year in the same school. Moving right now may logistically be too difficult.
But there are some people who are waiting out of fear. They fear the unknown, which paralyzes them from moving forward. They are worried that the real estate market either hasn't bottomed out yet (for buyers) or is set to move higher soon (for sellers). They don't know what the process entails and are scared to commit to anything or any one agent right now.
I get it, because I personally go through this as well with other things...like when trying to figure out whether I should buy the iPhone4. Are there any bugs in it that still need to be fixed? Will a better phone come along in the meantime? Do I REALLY need this phone? And don't get me started on the internal discussion I have about the iPad...
Anyway, the point is that fear can hold us back from taking action. Sometimes the result may be that no action should be taken at all right now, and that's fine. But until we get clear on that, we still will be wishing to buy or sell a home and get frustrated as more time passes by.
So here's one way to combat all that: create a real estate vision.
This exercise is simple but powerful. Just set aside 10-15 minutes to write a letter to someone that you know and care about, sharing with them all the wonderful things that have happened to you in the past 18 months. But instead of writing it as of today, write it as of it was18 months into the future. Refer to events in the past tense for things that you envision to happen to you.
Here's an example:
"Dear Kobe,
I absolutely can't believe how wonderful life is for me right now! I was able to improve my credit score by 100 points and buy a beautiful house in Irvine. This house has everything I love: high ceilings, granite countertops, spacious bedrooms, a nice and private backyard, an open floorplan, and a huge garage. We were able to decorate it just in time for the holidays this year, and we all had such a fantastic time together. My commute to work is minimal now, which allows me to get home sooner after work to spend some quality time with my kids."
Try it yourself now. It doesn't have to be grammatically correct. Just write it all down and see what happens. How do you feel now?
Cover your real estate dreams in there. Talk about what you envision for your family. Describe the things you would own, the experiences that you'd have, the people who you'd impact, the charity work that you may have done. Be open to the possibilities of what your life can be like...then put it in writing.
Once you complete this exercise, print out a copy for you to read right after you wake up every morning and right before you go to bed at night. Read it out loud if you can. Then watch how your "story" unfolds over time. Of course you'll have to take steps to achieve whatever you wrote down -- if you write down that you win the lottery but never buy a lottery ticket, your vision may not happen for you, at least not the way you've written it. But once you read your vision in the morning, you'll be more likely to buy that lottery ticket. Or perhaps something else will show up in your life that will be equally as good or better.
So if you're just thinking about buying or selling a home right now, why not add it to your vision letter and see what happens.
For more info on buying or selling a home in the Orange County area, please feel free to contact me.
Sure, there are some really valid reasons for waiting. People have to save up money to buy a home. Kids would be better off to finish the school year in the same school. Moving right now may logistically be too difficult.
But there are some people who are waiting out of fear. They fear the unknown, which paralyzes them from moving forward. They are worried that the real estate market either hasn't bottomed out yet (for buyers) or is set to move higher soon (for sellers). They don't know what the process entails and are scared to commit to anything or any one agent right now.
I get it, because I personally go through this as well with other things...like when trying to figure out whether I should buy the iPhone4. Are there any bugs in it that still need to be fixed? Will a better phone come along in the meantime? Do I REALLY need this phone? And don't get me started on the internal discussion I have about the iPad...
Anyway, the point is that fear can hold us back from taking action. Sometimes the result may be that no action should be taken at all right now, and that's fine. But until we get clear on that, we still will be wishing to buy or sell a home and get frustrated as more time passes by.
So here's one way to combat all that: create a real estate vision.
This exercise is simple but powerful. Just set aside 10-15 minutes to write a letter to someone that you know and care about, sharing with them all the wonderful things that have happened to you in the past 18 months. But instead of writing it as of today, write it as of it was18 months into the future. Refer to events in the past tense for things that you envision to happen to you.
Here's an example:
"Dear Kobe,
I absolutely can't believe how wonderful life is for me right now! I was able to improve my credit score by 100 points and buy a beautiful house in Irvine. This house has everything I love: high ceilings, granite countertops, spacious bedrooms, a nice and private backyard, an open floorplan, and a huge garage. We were able to decorate it just in time for the holidays this year, and we all had such a fantastic time together. My commute to work is minimal now, which allows me to get home sooner after work to spend some quality time with my kids."
Try it yourself now. It doesn't have to be grammatically correct. Just write it all down and see what happens. How do you feel now?
Cover your real estate dreams in there. Talk about what you envision for your family. Describe the things you would own, the experiences that you'd have, the people who you'd impact, the charity work that you may have done. Be open to the possibilities of what your life can be like...then put it in writing.
Once you complete this exercise, print out a copy for you to read right after you wake up every morning and right before you go to bed at night. Read it out loud if you can. Then watch how your "story" unfolds over time. Of course you'll have to take steps to achieve whatever you wrote down -- if you write down that you win the lottery but never buy a lottery ticket, your vision may not happen for you, at least not the way you've written it. But once you read your vision in the morning, you'll be more likely to buy that lottery ticket. Or perhaps something else will show up in your life that will be equally as good or better.
So if you're just thinking about buying or selling a home right now, why not add it to your vision letter and see what happens.
For more info on buying or selling a home in the Orange County area, please feel free to contact me.
Tuesday, August 3, 2010
Welcome to Ainsley Park in Columbus Grove in Tustin
Here are a series of videos of the early construction stages of Ainsley Park in Columbus Grove in Tustin.
Part 1 of 8:
Part 2 of 8:
Part 3 of 8:
Part 4 of 8:
Part 5 of 8:
Part 6 of 8:
Part 7 of 8:
Part 8 of 8:
For more info on Ainsley Park, Columbus Grove, and other properties in Tustin or Orange County in general, feel free to contact me.
Part 1 of 8:
Part 2 of 8:
Part 3 of 8:
Part 4 of 8:
Part 5 of 8:
Part 6 of 8:
Part 7 of 8:
Part 8 of 8:
For more info on Ainsley Park, Columbus Grove, and other properties in Tustin or Orange County in general, feel free to contact me.
Friday, July 30, 2010
Columbus Grove Is "Going Green"
Columbus Grove in Irvine and Tustin is doing its part to help homeowners save the environment in small ways.
Homeowners can take their used batteries and old light bulbs to the Grove House (main clubhouse area near the pool on Sonora Street) during business hours (including weekends) and have it collected for appropriate disposal. Such items should NOT be thrown away in regular trash cans and dumpsters.
For other hazardous waste materials, you can take it to a hazardous waste dumping site off Valley Oak and Irvine Center Drive in the city of Irvine, adjacent to the dog park there. You just drive up, tell them what you're dropping off for disposal, get it out of your vehicle (the workers there will likely help you), sign a form documenting it, and then drive off. This is where you can dispose of paint cans, motor oil, etc.
For more tips and info about Irvine, Tustin, and other parts of Orange County, feel free to contact me.
Homeowners can take their used batteries and old light bulbs to the Grove House (main clubhouse area near the pool on Sonora Street) during business hours (including weekends) and have it collected for appropriate disposal. Such items should NOT be thrown away in regular trash cans and dumpsters.
For other hazardous waste materials, you can take it to a hazardous waste dumping site off Valley Oak and Irvine Center Drive in the city of Irvine, adjacent to the dog park there. You just drive up, tell them what you're dropping off for disposal, get it out of your vehicle (the workers there will likely help you), sign a form documenting it, and then drive off. This is where you can dispose of paint cans, motor oil, etc.
For more tips and info about Irvine, Tustin, and other parts of Orange County, feel free to contact me.
Wednesday, July 28, 2010
A Positive Message For Buyers And Sellers
Just a quick, inspirational message for buyers and sellers.
For all the homebuyers and sellers out there who are starting to feel discouraged, have faith! The process doesn't have to be so difficult. If you believe you won't find a home or sell your current one, then that will manifest itself. Keep an open mind, utilize these remaining summer weeks to get more showings in before it starts to get dark earlier in the evenings come fall and winter. There are still plenty of homes out there to purchase for the buyers. And for the sellers, there is indeed a buyer out there for you. Work with your agent to make sure you're taking the right steps to make things happen for you in the timeframe that you want. Good luck!
For more info or guidance on what to do if you feel like you're in a "real estate rut", feel free to contact me.
For all the homebuyers and sellers out there who are starting to feel discouraged, have faith! The process doesn't have to be so difficult. If you believe you won't find a home or sell your current one, then that will manifest itself. Keep an open mind, utilize these remaining summer weeks to get more showings in before it starts to get dark earlier in the evenings come fall and winter. There are still plenty of homes out there to purchase for the buyers. And for the sellers, there is indeed a buyer out there for you. Work with your agent to make sure you're taking the right steps to make things happen for you in the timeframe that you want. Good luck!
For more info or guidance on what to do if you feel like you're in a "real estate rut", feel free to contact me.
Tuesday, July 27, 2010
Buyers Need To Act Fast
While statistics in Orange County, CA have shown that there have been more active listings on the market now than compared to this time last year, it doesn't necessarily mean that there's more great buys out there. Some of these listings are by homeowners who are "testing" the market and hoping to get their price, even if it's 10% above recently sold comparables in the area.
Whether we're in a slow market, hot market, or unstable market, the real estate "deals" out there do not sit on the market for very long. Of course whether something is a "deal" is really all relative. Nevertheless, good agents and savvy buyers KNOW when they encounter a deal.
The only problem is that, in most cases, you're probably not the only buyer thinking that.
With that said, buyers need to position themselves in the most positive light possible, not just in having a very competitive offer price, but having their financing figured out and documented, and a story that is compelling.
A story??!! Yep, a story.
For an especially hot property on the market, you have to stand out. You can stand out by having the highest price. If that's your strategy, then do it. But if you have a hunch that you won't be the highest offer of the bunch, you need something else. Solid financing is one way to go -- a hefty down payment goes a long way. But not every buyer has that going on for them. That's where the story comes into play. Whenever I'm on the listing side, my sellers always seem to pay more attention to a buyer whose reason for buying, moving, and offering on THIS particular property makes them perfect for it, even if the offer price is slightly less than another one. Part of this has to do with knowing how committed a buyer is -- the last thing a seller wants is to fall out of escrow once they select an offer.
This is where having the right real estate agent makes all the difference. As a buyer, your agent should be able to present you in a way that will not just get your foot in the door, but get you to the front of the line somehow, even if you have to cut someone. That doesn't mean you're guaranteed to get fully through the front door since there are forces outside of your agent's control that dictate that, but you'll never get even remotely close if your agent doesn't fight for you.
Now as a seller, your listing agent should be able to help you sort through all the offers and weed out the weaker offers. And by weak, that can even translate to having a good buyer but with a lousy agent. Your listing agent should be able to provide the scenarios that may occur with each buyer based on the information that is presented at the time of offering.
So what can buyers do to make themselves stand out? Well, it's having the basics covered...flawlessly. That means having a competitive offer price presented on a Residential Purchase Agreement (RPA) that is error-free and signed/initialed completely -- nothing missing. That means having your financing documented clearly, along with proof of funds that is up-to-date and easy to read (submitting 20 pages of bank statements is not efficient and will be a burden for the seller to review). That means having your agent present you in the most positive light possible, or in whichever way that is suitable for the circumstances.
And all this should be done...FAST. Which is why I love using DocuSign -- a special service that your agent can subscribe to that allows for electronic signatures online. It's paperless, it's "green", and it's super efficient. I've been able to crank out fully-loaded, compelling offers within an hour or so after showing a property. Listing agents and sellers are often impressed with the urgency...and that's one way to make my buyers stand out.
So for all the buyers out there who are scratching their heads and wondering why they aren't getting any offers accepted, make sure to work with your agent to devise a good strategy for making you stand out. And then act fast, because even if you have the best offer to provide, if it's not completed quickly enough by you as the buyer, then you may have already lost the property.
If you have any questions or would like to discuss further about how to make your offer stand out, feel free to contact me.
Whether we're in a slow market, hot market, or unstable market, the real estate "deals" out there do not sit on the market for very long. Of course whether something is a "deal" is really all relative. Nevertheless, good agents and savvy buyers KNOW when they encounter a deal.
The only problem is that, in most cases, you're probably not the only buyer thinking that.
With that said, buyers need to position themselves in the most positive light possible, not just in having a very competitive offer price, but having their financing figured out and documented, and a story that is compelling.
A story??!! Yep, a story.
For an especially hot property on the market, you have to stand out. You can stand out by having the highest price. If that's your strategy, then do it. But if you have a hunch that you won't be the highest offer of the bunch, you need something else. Solid financing is one way to go -- a hefty down payment goes a long way. But not every buyer has that going on for them. That's where the story comes into play. Whenever I'm on the listing side, my sellers always seem to pay more attention to a buyer whose reason for buying, moving, and offering on THIS particular property makes them perfect for it, even if the offer price is slightly less than another one. Part of this has to do with knowing how committed a buyer is -- the last thing a seller wants is to fall out of escrow once they select an offer.
This is where having the right real estate agent makes all the difference. As a buyer, your agent should be able to present you in a way that will not just get your foot in the door, but get you to the front of the line somehow, even if you have to cut someone. That doesn't mean you're guaranteed to get fully through the front door since there are forces outside of your agent's control that dictate that, but you'll never get even remotely close if your agent doesn't fight for you.
Now as a seller, your listing agent should be able to help you sort through all the offers and weed out the weaker offers. And by weak, that can even translate to having a good buyer but with a lousy agent. Your listing agent should be able to provide the scenarios that may occur with each buyer based on the information that is presented at the time of offering.
So what can buyers do to make themselves stand out? Well, it's having the basics covered...flawlessly. That means having a competitive offer price presented on a Residential Purchase Agreement (RPA) that is error-free and signed/initialed completely -- nothing missing. That means having your financing documented clearly, along with proof of funds that is up-to-date and easy to read (submitting 20 pages of bank statements is not efficient and will be a burden for the seller to review). That means having your agent present you in the most positive light possible, or in whichever way that is suitable for the circumstances.
And all this should be done...FAST. Which is why I love using DocuSign -- a special service that your agent can subscribe to that allows for electronic signatures online. It's paperless, it's "green", and it's super efficient. I've been able to crank out fully-loaded, compelling offers within an hour or so after showing a property. Listing agents and sellers are often impressed with the urgency...and that's one way to make my buyers stand out.
So for all the buyers out there who are scratching their heads and wondering why they aren't getting any offers accepted, make sure to work with your agent to devise a good strategy for making you stand out. And then act fast, because even if you have the best offer to provide, if it's not completed quickly enough by you as the buyer, then you may have already lost the property.
If you have any questions or would like to discuss further about how to make your offer stand out, feel free to contact me.
Monday, July 26, 2010
Should I Sell Or Rent Out My Home?
I come across many homeowners who ask themselves this question every so often - myself included. While each person has a different situation to deal with, here are some things to consider when making this decision:
1) If I sell my home now, will it be a short sale?
2) Do I already have a place to move to?
3) How much time do I need before moving to my next home?
4) Why do I have to move now?
5) Do I need the proceeds from the sale of my home in order to move to my next home?
6) If I decide to rent out my place, do I know what I need to do as a landlord?
7) Can I afford being a landlord?
It all boils down to whether you can financially handle either scenario, make the time to deal with either one, and emotionally endure the pressure and stress that may accompany following through with your decision.
Find someone who's been in your shoes before and get the story behind why he/she decided to sell or rent out his/her home. Talk to someone who can walk you through the details of either scenario so that you can make a more informed decision. And don't forget to consider the income tax consequences that go along with either situation.
Feel free to contact me if you want to discuss your situation. I've been faced with this same decision with my own properties and can provide my own story and real estate expertise. I'm here to help! All you need to do is just ask.
1) If I sell my home now, will it be a short sale?
2) Do I already have a place to move to?
3) How much time do I need before moving to my next home?
4) Why do I have to move now?
5) Do I need the proceeds from the sale of my home in order to move to my next home?
6) If I decide to rent out my place, do I know what I need to do as a landlord?
7) Can I afford being a landlord?
It all boils down to whether you can financially handle either scenario, make the time to deal with either one, and emotionally endure the pressure and stress that may accompany following through with your decision.
Find someone who's been in your shoes before and get the story behind why he/she decided to sell or rent out his/her home. Talk to someone who can walk you through the details of either scenario so that you can make a more informed decision. And don't forget to consider the income tax consequences that go along with either situation.
Feel free to contact me if you want to discuss your situation. I've been faced with this same decision with my own properties and can provide my own story and real estate expertise. I'm here to help! All you need to do is just ask.
Wednesday, July 21, 2010
Irvine Is More Than A Master-Planned Town
For those who grew up in the L.A. area (like myself) or other well-established cities, Irvine may come across to some as being a "cookie cutter" type of town. Irvine was indeed built as a master-planned city with its establishment occurring almost 40 years ago, but there's much more to Irvine than homes that all look alike and perfectly placed palm trees everywhere.
One example of its diversity is in one of its busiest shopping centers, Heritage Plaza. It is located on Culver between Walnut and the 5 freeway. It includes a good mix of "chain" stores like CVS Pharmacy, Ralph's, Togo's, The Elephant Bar, and Wendy's, just to name a few. It also has a Bank of America and Chase bank. But in addition to these more commercialized places, there are several stores and restaurants that are not big franchises like those that you can find at every other street corner like Starbucks, McDonald's, etc.
Here's a quick video highlighting some of these stores/restaurants:
Of course, there's always the argument that Irvine is also made up of a bunch of strip malls -- I'm sure many of you have heard that before. But to have a strip mall with a bunch of really unique stores and restaurants mixed in with more familiar ones makes the shopping experience at Heritage Plaza much more interesting. Don't you want to check out Mochilato now (there's one in Fullerton too)?
For more information on Irvine and other Orange County cities, feel free to contact me.
One example of its diversity is in one of its busiest shopping centers, Heritage Plaza. It is located on Culver between Walnut and the 5 freeway. It includes a good mix of "chain" stores like CVS Pharmacy, Ralph's, Togo's, The Elephant Bar, and Wendy's, just to name a few. It also has a Bank of America and Chase bank. But in addition to these more commercialized places, there are several stores and restaurants that are not big franchises like those that you can find at every other street corner like Starbucks, McDonald's, etc.
Here's a quick video highlighting some of these stores/restaurants:
Of course, there's always the argument that Irvine is also made up of a bunch of strip malls -- I'm sure many of you have heard that before. But to have a strip mall with a bunch of really unique stores and restaurants mixed in with more familiar ones makes the shopping experience at Heritage Plaza much more interesting. Don't you want to check out Mochilato now (there's one in Fullerton too)?
For more information on Irvine and other Orange County cities, feel free to contact me.
Tuesday, July 20, 2010
5 Key Ways To Get Your Home Sold
Selling your home doesn't have to be difficult. A good understanding of your market, a strong motivation to sell, and a careful marketing strategy should ultimately attract several buyers and offers.
However, there are some homes on the market that end up sitting there for months and months, never having the MLS status change from "Active" to "Pending." What's wrong with these properties?
Whether you attempt to sell your home yourself or hire a real estate broker to help you, it's important to do some basic things to help make your home more desirable and get more foot traffic from qualified, ready buyers. Here are 5 things to make sure to apply to the sale of your home:
1) Price your home correctly. This is a tough one for sellers to swallow. There's no magic number or special formula to stick with on this. I've noticed with many sellers (and for me as a seller of my own property before) that they'd like to list the home slightly above the market value determined. The decision is ultimately up to you (the seller) to set the price, but try your best to be realistic about the list price. One thing that you probably don't want is your home to sit on the market for too long; an overpriced home may do just that and create the perception to buyers that there's something "wrong" with the property, or even something wrong with the seller.
2) Make your home presentable. This doesn't mean that you have to make your home model-perfect for every showing. But keep your home neat, tidy, and take away any clutter as best as possible. Rent a storage unit offsite if you need to. If you're unsure about what to do, go check out a couple of open houses nearby and see how they do it. What attracted you within the home? What didn't? Then organize your own home accordingly, if possible. Now if you can't get your home into a better showing condition, keep in mind that it may deter some buyers and could affect the offer prices that may be presented to you.
3) Make your home accessible. You can have the most beautiful home on the block, but if it's difficult to get people to see the inside of your home, it's unlikely that the offers will be rolling in. Try to take the time to arrange your schedule so that your home can be shown very easily during at least the first 2 weeks that it's listed. That's usually when most of the foot traffic comes through anyway. If that's not possible, do several open houses (particularly on the weekends) and make sure that it's clear to buyers that these are the only opportunities to see the inside of the property. Try to allow showings during the weekdays as well, especially now during the summer when the sun stays up until almost 9:00pm. Buyers are searching for homes pretty late in the day right now.
4) Make sure your MLS info is accurate and complete. If you are listing the home without an agent, the same applies to your own ads. Make sure that your agent inputs the listing information accurately in the MLS so that people aren't showing up to your doorstep at the wrong times, or they don't get lost, etc. Again, the key is to get them inside your neat, tidy, uncluttered home!
5) Make sure your agent is responsive. If you hire a broker to list your home, make sure that the agent you select is responsive to not just you but to the buyers' agents as well. The better rapport that your listing agent has with the agent representing your selected buyer, the smoother the transaction will likely go. Now rapport doesn't mean that the agents should become best buddies, but both agents should be able to have a civil, productive conversation to negotiate terms without creating any animosity. You should be able to sense this with your listing agent based on how he/she is with you and the buyers' feedback that he/she communicates to you.
If you have any questions about this post or any other real estate related items, please feel free to contact me.
However, there are some homes on the market that end up sitting there for months and months, never having the MLS status change from "Active" to "Pending." What's wrong with these properties?
Whether you attempt to sell your home yourself or hire a real estate broker to help you, it's important to do some basic things to help make your home more desirable and get more foot traffic from qualified, ready buyers. Here are 5 things to make sure to apply to the sale of your home:
1) Price your home correctly. This is a tough one for sellers to swallow. There's no magic number or special formula to stick with on this. I've noticed with many sellers (and for me as a seller of my own property before) that they'd like to list the home slightly above the market value determined. The decision is ultimately up to you (the seller) to set the price, but try your best to be realistic about the list price. One thing that you probably don't want is your home to sit on the market for too long; an overpriced home may do just that and create the perception to buyers that there's something "wrong" with the property, or even something wrong with the seller.
2) Make your home presentable. This doesn't mean that you have to make your home model-perfect for every showing. But keep your home neat, tidy, and take away any clutter as best as possible. Rent a storage unit offsite if you need to. If you're unsure about what to do, go check out a couple of open houses nearby and see how they do it. What attracted you within the home? What didn't? Then organize your own home accordingly, if possible. Now if you can't get your home into a better showing condition, keep in mind that it may deter some buyers and could affect the offer prices that may be presented to you.
3) Make your home accessible. You can have the most beautiful home on the block, but if it's difficult to get people to see the inside of your home, it's unlikely that the offers will be rolling in. Try to take the time to arrange your schedule so that your home can be shown very easily during at least the first 2 weeks that it's listed. That's usually when most of the foot traffic comes through anyway. If that's not possible, do several open houses (particularly on the weekends) and make sure that it's clear to buyers that these are the only opportunities to see the inside of the property. Try to allow showings during the weekdays as well, especially now during the summer when the sun stays up until almost 9:00pm. Buyers are searching for homes pretty late in the day right now.
4) Make sure your MLS info is accurate and complete. If you are listing the home without an agent, the same applies to your own ads. Make sure that your agent inputs the listing information accurately in the MLS so that people aren't showing up to your doorstep at the wrong times, or they don't get lost, etc. Again, the key is to get them inside your neat, tidy, uncluttered home!
5) Make sure your agent is responsive. If you hire a broker to list your home, make sure that the agent you select is responsive to not just you but to the buyers' agents as well. The better rapport that your listing agent has with the agent representing your selected buyer, the smoother the transaction will likely go. Now rapport doesn't mean that the agents should become best buddies, but both agents should be able to have a civil, productive conversation to negotiate terms without creating any animosity. You should be able to sense this with your listing agent based on how he/she is with you and the buyers' feedback that he/she communicates to you.
If you have any questions about this post or any other real estate related items, please feel free to contact me.
Saturday, July 17, 2010
What To Do With Your Home As A Result Of Separation, Divorce, Or Death
There is no question that divorce or separations are extremely difficult for the individuals going through it. Death of a family member or friend can be very painful as well. I've seen it first-hand with my clients and among friends and family members.
So when real estate is involved, what do you do?
First of all, I must disclose that I'm NOT an attorney, so what I'm sharing is strictly my opinion only and from my own experience in my real estate business.
When it comes to divorce or separation, and the two people involved both own one or more properties together, they both need to have the discussion about whether to keep or sell the properties. That discussion needs to happen first before a real estate agent gets involved -- a real estate transaction can become really messy if the sellers are not on the same page.
Once the two people have agreed to sell, here are 5 things to be clear on:
1) Determine exactly who is on title and how title is held. This can be found on the most recent grant deed. You can get a copy of it at the county recorder's office for a small fee usually. It can also be found through a title company or a real estate agent who has access to such information
2) Determine all relevant loan information, if any. Find out whose name is on the loan, the number of loans on the property, the name of the lender(s), the loan account number(s), the loan balance(s), the monthly payment amount to each lender involved, the type of loan(s) involved, and any other pertinent information. Having the latest loan statement from each lender involved is ideal.
3) Determine if and how to continue the monthly mortgage payments. If you're going to sell your home, it's important to determine whether a short sale will need to be done.
4) Determine the new living arrangements at the present time. Whoever will be living at the property will need to deal with showings of the home alongside the real estate agent. In addition, utility and maintenance payments need to be figured out since it may be necessary for the property to be in as good of showing condition as possible.
5) Determine who you need to help sell the property. If you decide to sell the property on your own (i.e. without a real estate agent), make sure you have the other 4 steps figured out at least. Otherwise, you may find yourselves in a contract with a buyer who may seek monetary damages from you if you're not careful. If you decide to get a qualified real estate agent to assist you, make sure you deal with one who you both can get along with and is respectful of how you want to communicate, particularly since it's not unusual for the two people to sign paperwork and discuss matters separately.
We can probably add several more "to-do's" onto this list, but just these 5 steps alone may take some time to figure out.
As for a death of a family member or a friend, the steps are same to begin with. The difference though is that the decisions will need to be made by the family members or beneficiaries left behind. When there is more than one decision maker involved, the same applies regarding being on the same page when it comes to selling a property.
There are several other items to discuss and consider when it comes to selling a home as a result of separation, divorce, or death. There may be tax consequences to consider. If a short sale is necessary, the legal, financial, and credit implications need to be discussed with you as well. Probate, trust administration, or other legal action may need to be taken regarding the death of a property owner.
If you are going through such difficult times right now, feel free to contact me if you'd like to discuss your situation and get some additional guidance regarding your property. Since everyone's situation is unique, the approach after determining the 4 items above will differ for everyone.
So when real estate is involved, what do you do?
First of all, I must disclose that I'm NOT an attorney, so what I'm sharing is strictly my opinion only and from my own experience in my real estate business.
When it comes to divorce or separation, and the two people involved both own one or more properties together, they both need to have the discussion about whether to keep or sell the properties. That discussion needs to happen first before a real estate agent gets involved -- a real estate transaction can become really messy if the sellers are not on the same page.
Once the two people have agreed to sell, here are 5 things to be clear on:
1) Determine exactly who is on title and how title is held. This can be found on the most recent grant deed. You can get a copy of it at the county recorder's office for a small fee usually. It can also be found through a title company or a real estate agent who has access to such information
2) Determine all relevant loan information, if any. Find out whose name is on the loan, the number of loans on the property, the name of the lender(s), the loan account number(s), the loan balance(s), the monthly payment amount to each lender involved, the type of loan(s) involved, and any other pertinent information. Having the latest loan statement from each lender involved is ideal.
3) Determine if and how to continue the monthly mortgage payments. If you're going to sell your home, it's important to determine whether a short sale will need to be done.
4) Determine the new living arrangements at the present time. Whoever will be living at the property will need to deal with showings of the home alongside the real estate agent. In addition, utility and maintenance payments need to be figured out since it may be necessary for the property to be in as good of showing condition as possible.
5) Determine who you need to help sell the property. If you decide to sell the property on your own (i.e. without a real estate agent), make sure you have the other 4 steps figured out at least. Otherwise, you may find yourselves in a contract with a buyer who may seek monetary damages from you if you're not careful. If you decide to get a qualified real estate agent to assist you, make sure you deal with one who you both can get along with and is respectful of how you want to communicate, particularly since it's not unusual for the two people to sign paperwork and discuss matters separately.
We can probably add several more "to-do's" onto this list, but just these 5 steps alone may take some time to figure out.
As for a death of a family member or a friend, the steps are same to begin with. The difference though is that the decisions will need to be made by the family members or beneficiaries left behind. When there is more than one decision maker involved, the same applies regarding being on the same page when it comes to selling a property.
There are several other items to discuss and consider when it comes to selling a home as a result of separation, divorce, or death. There may be tax consequences to consider. If a short sale is necessary, the legal, financial, and credit implications need to be discussed with you as well. Probate, trust administration, or other legal action may need to be taken regarding the death of a property owner.
If you are going through such difficult times right now, feel free to contact me if you'd like to discuss your situation and get some additional guidance regarding your property. Since everyone's situation is unique, the approach after determining the 4 items above will differ for everyone.
Wednesday, July 14, 2010
Is Now Really the Right Time to Buy or Sell a Home?
You've heard Realtors, investors, family, friends, neighbors, co-workers, and your distant cousin tell you that now is the right time to buy real estate. On the flip side, homeowners who want to sell their homes feel that they have to continue holding on longer and "wait it out."
So, is it REALLY the right time to buy or sell a home? Well, it depends.
It depends on what your family goals are. It depends on what your career goals are. It depends on what your financial situation is currently as well as what you may project out in the coming years. It depends on your social relationship status. It depends on many, many factors that play into the decision to buy or sell.
Gosh, with all of that to think about, why bother talking about it anymore? Some people may just put off the conversation right at this point.
But the discussion doesn't have to be difficult. In fact, it actually is quite liberating. Rather than it being more of a Q&A session, I believe it's best to talk through your thoughts with someone who has "been there and done that" in real estate, both as a consumer as well as a professional in the industry. Perhaps talk to more than one qualified person to get different perspectives on it, too.
I often get asked this question A LOT about whether it's the right time to buy or sell. Unlike a lot of agents out there, my first answer is never simply, "Yes, it is!" It doesn't and shouldn't work that way. Just because prices are lower than what they were 5 years ago doesn't mean that it's the right time to buy for YOU; likewise, it doesn't mean that you HAVE to wait to sell your home either.
I've been approached by several people over the past couple of years who have been struggling to make ends meet, or who have gone back to school to switch careers after being laid off from their jobs, or who live a very care-free lifestyle and are now thinking about buying because everyone around them is saying to do so. After talking with these people, some of them had decided to hold off on buying or selling, while others realized that they'd have plenty to gain by buying or selling a home now. Either way, it's the dialogue that occurs with a qualified person that ultimately allows you to decide what is best for you.
One thing to keep in mind: No one has a crystal ball that can tell you whether prices will go up or down in the coming weeks, months, or years. No one can predict whether mortgage interest rates will increase or decrease by the time you find a home to purchase or are ready to sell. Yes, there are several different market indicators that you can rely upon. But if there's anything that I learned from my Macroeconomics class up at Berkeley many, many moons ago, it's that several things can and will trigger the direction of the economy.
One thing is for certain: the real estate market is indeed impacted by the overall economy, so I believe it is important to consider economic factors in your decision to buy or sell.
So if you're wondering about whether buying or selling a home now is right for you, make sure that you have that intelligent conversation with the right person who will listen and provide valuable feedback to you.
So, is it REALLY the right time to buy or sell a home? Well, it depends.
It depends on what your family goals are. It depends on what your career goals are. It depends on what your financial situation is currently as well as what you may project out in the coming years. It depends on your social relationship status. It depends on many, many factors that play into the decision to buy or sell.
Gosh, with all of that to think about, why bother talking about it anymore? Some people may just put off the conversation right at this point.
But the discussion doesn't have to be difficult. In fact, it actually is quite liberating. Rather than it being more of a Q&A session, I believe it's best to talk through your thoughts with someone who has "been there and done that" in real estate, both as a consumer as well as a professional in the industry. Perhaps talk to more than one qualified person to get different perspectives on it, too.
I often get asked this question A LOT about whether it's the right time to buy or sell. Unlike a lot of agents out there, my first answer is never simply, "Yes, it is!" It doesn't and shouldn't work that way. Just because prices are lower than what they were 5 years ago doesn't mean that it's the right time to buy for YOU; likewise, it doesn't mean that you HAVE to wait to sell your home either.
I've been approached by several people over the past couple of years who have been struggling to make ends meet, or who have gone back to school to switch careers after being laid off from their jobs, or who live a very care-free lifestyle and are now thinking about buying because everyone around them is saying to do so. After talking with these people, some of them had decided to hold off on buying or selling, while others realized that they'd have plenty to gain by buying or selling a home now. Either way, it's the dialogue that occurs with a qualified person that ultimately allows you to decide what is best for you.
One thing to keep in mind: No one has a crystal ball that can tell you whether prices will go up or down in the coming weeks, months, or years. No one can predict whether mortgage interest rates will increase or decrease by the time you find a home to purchase or are ready to sell. Yes, there are several different market indicators that you can rely upon. But if there's anything that I learned from my Macroeconomics class up at Berkeley many, many moons ago, it's that several things can and will trigger the direction of the economy.
One thing is for certain: the real estate market is indeed impacted by the overall economy, so I believe it is important to consider economic factors in your decision to buy or sell.
So if you're wondering about whether buying or selling a home now is right for you, make sure that you have that intelligent conversation with the right person who will listen and provide valuable feedback to you.
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