PURVA's Blog

Sellers: Choose the Right Paint!

PURVA BROWN (ELITE PROPERTIES) — Fri, 30 May 2008 21:50:42 -0500

If you are a seller in today's market, the market is hard enough with you having to compete with all the bank-owned properties! So be sure you can play up the good things about your house as opposed to the REOs. One of those good things is undoubtedly the fact that your home is move-in ready as opposed to the REOs which are more likely to be fixers.

How do you play it up? By choosing the right paint color.

Some tips: go for neutrals, but not whites. There are a lot of neutrals you can get in greens and yellows even blues. These are toned down shades which might appeal to a larger audience so you don't limit your buyers. Good luck!

Call 1st Lockbox

PURVA BROWN (ELITE PROPERTIES) — Fri, 09 May 2008 23:21:31 -0500

I've noticed a curious phenomenon lately. On a recent short sale listing, I've noticed buyer's agents calling my cell phone wanting to make an appointment to see the house. Which made me wonder. It made me wonder so much in fact that I decided to check online what "Call First Lockbox" means.

Here it is: "Usually the phone listed is the seller's. The buyer's agent calls and establishes a mutually agreeable arrival time. If no one answers the phone, the agent leaves a message and goes directly to the home without further communication attempts, unless the seller calls the agent to reschedule." This is a direct quote from About.com. Read the entire column here.

Why am I getting the calls? Is it the MLS update which makes it hard to find the seller's phone number? Or are agents just not bothering to check the MLS and just calling the number on the sign?

Rental Available!

PURVA BROWN (ELITE PROPERTIES) — Fri, 25 Apr 2008 11:12:47 -0500

Dollhouse for Rent!

Location: Sacramento, CA

Rent this cute cheery dollhouse with a big backyard for just $1050 a month with $1200 deposit. Quiet neighborhood with elementary school nearby. Close to Highway 99. Minutes from downtown. Freshly painted home with hardwood floors, 2 bedrooms and 1 large bathroom. Storage shed.

Information

Contact Information

purvabrown@msn.com

Purva Brown

916-712-4255

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Pricing

Rent: $1,050.00 per month

Available Date: Thu May 01, 2008

Deposit: 1200

Included Utilities: Water, Garbage

Property Location

4431 45th Street
Sacramento, CA 95820
View Map

Features

Bedrooms: 2

Bathrooms: 1

Parking: 1

Year Built: 1940

Lot Size: .17 acres

Garage Size: no garage

School District: SUSD

Square Footage: 1050

Agent Name: James & Purva Brown

Attributes

Appliances

Range/Oven

Washer/Dryer

Satellite

Interior Amenities

Fireplace

Hardwood Floors

Security System

Exterior Amenities

Patio

Fenced Yard

Grass Lawn

Tool Shed

EQUAL HOUSING OPPORTUNITY

VFLYER ID: 1303647

A Better Breed of Investors?

PURVA BROWN (ELITE PROPERTIES) — Mon, 14 Apr 2008 12:54:29 -0500

Judging by the phone calls I am receiving and the clients I work with, this new real estate market definitely has its upside: better real estate investors. The buyers I am working with now seem to be patient, cautious, and know more about buying real estate than.... well, me. And no, that does not bother me. I am an expert in getting them the house they want, knowing the red flags, warning them of potential concerns that can get bigger later, but I have not spent twenty years investing in real estate and frankly when I meet someone like that, I am learning as much as I am sharing my knowledge.

It's a deadly combination and I'm beginning to see more of it lately in this Sacramento market.

The best part? I don't get phone calls from people that have watched a show of Property Ladder and decided to flip. I don't have messages from neighbors of REOs who want to mow the lawn and put a lien on the house (yes, it actually happened!) and I don't wonder or worry about liability issues from people who want to invest risk-free. In other words, I'm not the only expert out there when I'm out with a client.

How refreshing!

REOs: No Room for Emotions

PURVA BROWN (ELITE PROPERTIES) — Wed, 09 Apr 2008 17:39:58 -0500

Here's one thing I've been noticing in this crazy REO Sacramento market. The Sacramento Bee just reported that bank-owned homes are the new gold rush of California and I agree. Unfortunately, in this gold rush, there is no room for emotions.

This is what typically happens: a house built in the last few years (after 2000) goes on the market. There is a lot of activity on it if it shows well, and in a matter of days, it has six - ten offers on it. Did anyone say this is a buyer's market.

Eventually it sells for well over asking and probably to a cash buyer. So, either you have to be a buyer who is so love with the home that you pay way over asking, or you have to be an investor who writes offers without perhaps even going in to view the home. Problem with being the first kind of buyer is you lose your enthusiasm.

This is not a buyer's market - it's an investor's market. Leave your emotions at home.

Real Estate Investors Pick Older Agents

PURVA BROWN (ELITE PROPERTIES) — Tue, 08 Apr 2008 14:40:38 -0500

I had an interesting experience the other day with a client. I received a call from our company website and the client - who is a pretty big investor - said he picked me to show him homes because of all the agents listed, I looked the oldest.

No, I'm not upset.

It does remind of the time when I was five, wanting to be ten, though. I guess buyers associate greying hair with experience and that matters. I mean, to think like an out of town buyer for a minute, I guess I would trust someone who seemed to know the area (and had grown old there) as opposed to someone who only looked like a Realtor.

I'm just turning thirty. I guess I have a while to wait.

Are Lead Companies Outsourcing Now?

PURVA BROWN (ELITE PROPERTIES) — Thu, 20 Mar 2008 16:29:44 -0500

There's only one thing more irritating to me than telemarketers - it's telemarketers from halfway around the world. Oh wait, there's one more thing even more annoying - it's when they harrass me by calling two or three more times after I have said, "Not interested, thanks," basically the least amount of talking I can do to avoid eating up my minutes, which would essentially mean paying for telemarketers to tear into my day and irritate me.

And when did it become okay to flagrantly dismiss the Do not Call Registry? Suddenly, every lead generation company with leads to sell has found me on Active Rain and wants to call me - without any idea of how to read a script to make it seem like he's actually talking - and sell me something!

Puh-leeze. Leave me alone. We don't have "a business relationship."

And I will report you to the registry. In fact, I just did. I don't care if you live halfway around the world. If you're calling a US number and selling to a US person, you better obey the rules.

You're a Realtor, so Show me a Home!

PURVA BROWN (ELITE PROPERTIES) — Tue, 26 Feb 2008 19:41:49 -0600

Lately, I seem to be wading through quite a few clients who come in wanting to see homes and who - unfortunately - I have to turn away. Equally unfortunate is that sometimes they don't understand why and end up getting upset. So this is a post trying to explain my position.

There are two sides to a real estate transaction - the listing (seller's) agent and the selling/co-operating (buyer's) agent. When most people call to see a home, unless they call the listing agent directly, the Realtor who receives the call hopes to become their agent, that is, the buyer's agent. This does not mean that he hopes to sell them just that particular home, but simply wishes to work with them until the right home is found. Hopefully, the client likes him enough to stick with him throughout the search.

Also, as Realtors, we are ethically required to ask if you are currently working with another agent. If you are not happy with your agent and are looking for a new one, feel free to tell us. But I seem to run into quite a few clients who have an agent and are still asking other agents to show them homes.

Why is this? Even in this competitive market, are there really Realtors who will turn their backs on buyers? Or have we turned so pessimistic that we don't believe our clients will ever buy homes?

Either way, please remember: I for one will never show you a home if you are currently committed to and working with another agent. It really is your agent's job. I would hate to take time away from clients who are committed to me - after all, I wouldn't want them to be shopping by themselves.

Communication is Paramount in this Market

PURVA BROWN (ELITE PROPERTIES) — Tue, 19 Feb 2008 21:59:31 -0600

In this slow Sacramento real estate market with more short sales and foreclosures than ever, it surprises me how much resistance I seem to run into with just communicating with so many of my fellow Sacramento Realtors. I have heard the same frustration from some other Realtors as well and I wish it wasn't true.

The biggest issue we seem to face is that we love to talk to clients, but are not as good as talking to the co-operating Realtor who brings in the offer on our listings. I think I know where the frustration stems from - it comes from the fact that we have an offer, but can't do anything about it because it's not as simple as calling the seller and saying, "We have an offer. I'll come over tomorrow and decide if we can open escrow." It's the fact that then you have to submit the offer to a bank and deal with a long line of phone calls with unfriendly machines, bored loss mitigation officers, and - gasp! - other co-operating Realtors.

But it is precisely this market in which Realtors prove how professional they are. I haven't spoken to a single Realtor who survived the 1990s real estate crash who thought it was a waste of time talking to other Realtors and Brokers, who didn't think that good real estate customer service extends beyond just clients. Good Realtors on both sides of a transaction are the best assets clients can have. They can also be each others best business alliances in a market gone crazy.

And chances are, if they're both around, they might just work together again in better times!

Does Median Income have anything to do with Median Home Values?

PURVA BROWN (ELITE PROPERTIES) — Sat, 16 Feb 2008 12:06:04 -0600

Okay, I'm really sick and tired of this argument. You know how it goes: "Median income has not kept up with median home values in Sacramento, this home prices must fall until everyone in Sacramento can afford to pay a third of their monthly budget toward their mortgage." It's a seemingly innocent calculation and very easy to remember; so simple in fact that it gets quoted again and again and unfortunately believed.

Here is a list of areas where median incomes do not - by a long shot - keep pace with median home values. Interesting, huh?

Here are a few reasons that calculation, pat and easy as it is to parrot, does not work: 1. Not everyone can afford a home. Some people rent. Sometimes all their lives. 2. Some people buy more than one house and rent it to others. They are called real estate investors and landlords.

On an individual level (and for budgeting and loan purposes) it helps to use the 30% rule. But as a large group and especially when relating to medians, that formula falls apart. To push every individual and situation into a formula is ridiculous.

The next time you come across pat formulas like these, question their basis and their source.

Why the Foreclosure Numbers need to be Taken with a Grain of Salt

PURVA BROWN (ELITE PROPERTIES) — Fri, 08 Feb 2008 13:57:58 -0600

The California Association of Realtors' Market Matter Advisory just hit my mailbox and I think this is important information in the light of all the bad news of foreclosures out there.

If you're reading numbers from Realty Trac, you should remember that the company reports defaults on loans and not properties - an important distinction that could artificially inflate foreclosure statistics since a first mortgage and a home equity line could count as two foreclosures, although they are both on one piece of property.

Another piece of information that I don't think most consumers are aware of is that a foreclosure filing includes default notices, auction sale notices and bank reposessions. One property can fall into each of these categories as it goes through the foreclosure process. RealtyTrac counts each of these as separate incidents and can skew the statistics.

Now be aware that I am not denying that there are a record number of foreclosures out there. In fact, that is how prices have fallen and many people that have not been able to buy in years are now first-time buyers. But I think it's important to remember to take the doom and gloom news with a grain of salt and remember that in the long term real estate is a great investment.

Market Stats for single family houses in Sacramento

PURVA BROWN (ELITE PROPERTIES) — Tue, 05 Feb 2008 13:13:52 -0600

Depressing as the numbers are, here you go!

Here are the latest numbers on single family residences from the Metrolist MLS:

January was a slow month in terms of sales and disappointing as the median price dropped another 9.4% over December's median sale price to $255,000.

2523 units came on the market as new listings in January in Sacramento county now bringing single home inventory to 9042, about 11.9 months of unsold homes.

The silver lining? 1209 homes went pending in January 2008, 16.8% higher than December's numbers. Perhaps this fall in homes has inspired many to head out - first time buyers and investors alike.

Real Estate Book Review for Realtors?

PURVA BROWN (ELITE PROPERTIES) — Mon, 04 Feb 2008 17:11:25 -0600

I've been toying with the idea of writing book reviews of real estate books for realtors. As you probably know, I already review real estate investment books and memoirs on my blog Sacramento Real Estate Gal for general interest consumers and clients, but I'm wondering if this would work for Realtors as well.

Any thoughts?

Short Sales Drive me Crazy....

PURVA BROWN (ELITE PROPERTIES) — Fri, 01 Feb 2008 15:18:57 -0600

However, there is something that protects buyers. CAR introduced a new form in November last year (tells you how many offers I've written on short sales!) that my broker just made me aware of. The form I think goes a long way in protecting buyers from waiting and waiting to get their offers accepted.

Details are at my blog Sacramento Real Estate Gal. Come visit!

Advice for Homeowners in Trouble

PURVA BROWN (ELITE PROPERTIES) — Sat, 12 Jan 2008 14:40:47 -0600

If you are a Sacramento homeowner looking for options regarding your home and are unable to make your payments, I just updated my main blog at Sacramento Real Estate Gal which you might want to consider reading.

Unfortunately, I have met a lot of people lately that are in trouble, upside down in their homes and don't know what to do. Here are some options you might want to consider as alternatives to foreclosure. My heart goes out to you. Good luck.

Sacramento Real Estate Gal has answers...

PURVA BROWN (ELITE PROPERTIES) — Thu, 27 Sep 2007 16:50:18 -0500

This week's questions focused on flippers and sellers. If you are a seller who wanted to sell his house and didn't and now are considering if you should put it on the market or not, you should consider reading this week's Answers.

If you are considering flipping property for a profit and are wondering if this is the right time, visit www.sacramentorealestategal.com!

Answers to your Real Estate Questions!

PURVA BROWN (ELITE PROPERTIES) — Wed, 19 Sep 2007 14:42:25 -0500

In an effort to be more interactive, I've recently added a new feature to my blog focused on answering your questions. This week, I wrote responses to two questions regarding REOs and also what I consider a good and workable investment strategy for real estate investors in Sacramento. Be sure to check it out and please submit your own questions to be featured and answered by either emailing me or hitting the comment button!

Focus on Rent - a Landlord's Market?

PURVA BROWN (ELITE PROPERTIES) — Tue, 18 Sep 2007 15:12:17 -0500

Recent analysis seems to suggest that a bad sales market in real estate might mean good news for the rental market.

Since more homes are being foreclosed and the majority of these foreclosed homes are investment properties, tenants are having to pay higher rents to live in the few remaining homes.

Some tenants are finding out too late that the house they are living in has been foreclosed and sold on the courthouse steps.

Rents were driven down towards the beginning of 2006 when the sales market was slowing. Some sellers, instead of seeing this as a reason to lower their asking prices, decided to rent out their homes. With no previous landlording experience, and only expecting to have the mortgage paid, they drove rents down.

Now we are beginning to see this change.

There has been an increasing demand on rental homes, which we can expect to continue in the next few months for the reasons mentioned above as well as the fact that it is harder for borrowers with shaky credit to buy a house.

Real Estate Orple of the Week

PURVA BROWN (ELITE PROPERTIES) — Mon, 17 Sep 2007 09:31:24 -0500

Yes, we have a new contributor at my other blog Sacramento Real Estate Gal and we also have a new feature called Real Estate Orple of the Week.

Simply put, "Orples" are nuts, created when people put oranges and apples together.

This week, I deal with the issue of affordability of real estate in Sacramento and how certain groups believe that prices have to fall until they come in line with affordability. My new contributor NutHound Quincy explodes this myth by citing various cities.

Read all about it!

Sacramento County Market Updates - Citrus Heights, CA

PURVA BROWN (ELITE PROPERTIES) — Fri, 14 Sep 2007 17:56:21 -0500

For first-time buyers, Citrus Heights might not be a bad place to start their home search. Quite a few of my clients have chosen the city as their home because of its proximity to Business 80 and its relatively inexpensive condos and single family residences.

Today's market update covers Citrus Heights, CA in greater detail.

Tips for Adding Value to your House!

PURVA BROWN (ELITE PROPERTIES) — Fri, 14 Sep 2007 17:16:04 -0500

If you're tired of seeing flipping shows on TV and want your home sold - or refinanced - at a good price, be sure to check out the section on my blog about adding value to your home regardless of the Sacramento real estate market. I post a new tip every two weeks or so.

These are proven tips, used by me (and some by my clients) to increase the value of our properties. So feel free to borrow them!

Sacramento County Market Update - Carmichael, CA

PURVA BROWN (ELITE PROPERTIES) — Thu, 13 Sep 2007 20:00:47 -0500

This is part of a new series of statistical reports I'm introducing. Every day I will be focusing on a specific area of Sacramento county. Consider it a broad perspective of the market.

Today, the focus is on Carmichael - the zip code of 95608. With about 50,000 residents in the year of 2000, and an estimated median household income of $55,600, this city has grown in importance. Now one of the major hubs of Sacramento county, a median priced home sells for $381,000, down from $415,000 in 2006.

Considering buying in Carmichael, CA? Be sure to check out www.SacramentoRealEstateGal.com first!

Sacramento County Investment Market

PURVA BROWN (ELITE PROPERTIES) — Wed, 12 Sep 2007 18:23:02 -0500

If the Sacramento county market is making you think about buying an investment property, you would do well to take a look at this report on Sacramento duplexes. In fact, not long ago I came across a very good tip for first-time buyers that are excited about jumping into real estate. Instead of buying a fixer and waiting for it to build equity, a better option - if you want to do it - is to buy a duplex or income property and live in one unit while renting the others. One of the advantage of doing so is that the renters pay the mortgage of the house you live in. The disadvantage is that the renters become not just a financial part of your life, but your social life as well. But the rewards for the brave are well worth it.

What's Your Home Worth? And How Do I Know?

PURVA BROWN (ELITE PROPERTIES) — Tue, 11 Sep 2007 09:47:01 -0500

Appraisal is not an exact science. In fact, appraisals are considered "opinions" of a property's value. I've been getting asked exactly how Realtors determine the value of a property before we put it on the market. Unfortunately, it DOES have a lot to do with your neighbors, and especially if they have sold their home in the last six months. Here, you can read all about the CMA - the competitive market analysis and how important it is in the valuation of any real estate.

Focus on condos

PURVA BROWN (ELITE PROPERTIES) — Sat, 08 Sep 2007 20:09:52 -0500

Lately, we at Elite Properties have been receiving more calls on people looking for condos that single family residences. And why not? Prices for condos have fallen to levels that allow first-time buyers to actually be able to think about home ownership.

However, even within this market, are there areas that hold their value better than others? I sure think so. I think Crosswoods is one such area worth looking into. It backs into a greenbelt and is a world in itself.

And it's clearly holding its value compared to the overall Sacramento county condo market.