real estate: 4 Common Pricing Mistakes - 10/03/12 03:27 AM
1)  Pricing too high from the start.
Fix: Statistics show that homes priced correctly when they first hit the market sell closer to the asking price than homes that start too high, then have to adjust downward.
2)  Using an odd list price, like $683,257.
Fix: Always price in round numbers.  Agents search for homes using price categories, make sure your pricing makes sense when agent search a window of $250,000 – 350,000, for example.
3)  Not basing your price on sold homes
Fix: Searching actual “Solds” is the only true pricing guide.  A home can be listed for any amount … (1 comments)

real estate: Top 10 Legal Mistakes Home Sellers Make - 09/05/12 02:12 AM
1. Accepting the buyer with the highest offer without regard to the other contractual terms.
2. Not properly handling multiple offer situations with multiple buyers.
3. Not properly handling back-up offers.
4. Entering into an agreement with no earnest money deposit from the buyer, or a very small amount.
5. Entering into an agreement before verifying the buyer’s financial ability to close escrow.
6. Not disclosing known material facts affecting value or desirability of the property.
7. Not providing the buyer with legally required disclosures.
8. Not obtaining the buyer’s written acknowledgment of disclosures.
9. Not considering whether to require the … (0 comments)

real estate: Sellers Happy in West Coast Markets - 08/03/12 02:12 AM
Eight West Coast cities are among the top 10 sellers’ markets in the country, led by San Jose, Calif., San Francisco and Las Vegas, according to Zillow. In sellers’ markets, homes tend to sell close to the asking price and listings spend less time on the market. At the other end of the spectrum, Midwestern cities Chicago, Milwaukee and Cleveland are the top buyers’ markets, with homes taking longer to sell and buyers receiving average discounts of 5 percent off the asking price.
Zillow analyzed data based on sale-to-list price ratio, number of days on market, and percent of homes on … (0 comments)

real estate: The benefits of working with a Real Estate agent - 05/25/12 03:45 AM
If you are considering buying or selling a home, you may think you will “save some money” and do it yourself.  But did you know that by using a knowledgeable real estate professional, you are more likely to save not only money, but also valuable time and energy?  With the many tasks you are currently trying to juggle, do you have the sales skills – not to mention the contacts and resources – to do it on your own?  Instead of trying to take on more work for yourself, think about what a real estate representative can do for you.
As buyers, you … (0 comments)

real estate: Be a "Snoopy" Seller - 12/17/11 09:27 AM
Before you put your home on the market,take the time to do a little “snooping” on your neighbors by comparing your home to others on the market and visiting open houses.  Visiting a few open houses can give you a better idea of what your home is worth and can highlight needed improvements.
If two or three houses that you visit, for example, have recently redone their roofs or windows, you probably should put those repairs toward the top of your to-do list, so your home doesn’t suffer from comparison once you start marketing it.
Visiting open houses also give you … (2 comments)

real estate: "No Regrets" say home buyers - 11/22/11 11:25 AM
Despite the ups and downs of the housing market and the decline in home values, most homeowners, including those who are underwater on their mortgages, don’t regret owning a home.  In a recent survey by the National Assoication of Home Builders, three out of four Americansbelieve that owning a home is the best long-term investment and is worth the risk of a sometimes-volatile housing market.  Approximately 95 percent say they are happy with the decision to own a home.
The sentiment is also strong among homeowners who are underwater on their mortgages.  Nearly two-thirds believe owning a home is worth the … (0 comments)

real estate: Determining the Possession Date - 11/14/11 09:13 AM
When you buy a new home,you’ll eagerly await the day you can move in.  But how is that date determined?  The date of possession is one of several details that must be negotiated between you and the seller.
In most cases, possession will be transferred after you have signed your mortgage loan and a clear title has been transferred.  Then, when you and the seller agree on a date, it will be incorporated into the written contract.  Once this is done, the date cannot be changed without written agreement.
In rare cases, a seller may request to stay in the house … (2 comments)

real estate: App Orchard - 10/21/11 02:14 PM
Buying or selling your house?  There’s an app for that.  Well, not exactly, but there’s plenty of high-tech help available to guide you through the process.
The iZillow app gives you access to date on more than 80 millions homes, including square footage and an estimate of fair market value.  Take a drive around your possible new neighborhood and see home values pop up on your phone with real-time real estate info.
Get real-time mortgage rates from hundreds of lenders nationwide with the Mortgage Marvel app.  Use it to compare the rates and fees –prices reflect transaction-related pricing adjustments, such as … (0 comments)

real estate: U.S. Properties Are Luring More Foreign Investors - 06/10/11 06:21 AM
Residential sales by foreign buyers totaled $82 billion for the year ending March 2011, up from $66 billion a year ago, according to the 2011 Profile of International Home Buying Activity released by the NATIONAL ASSOCIATION OF REALTORS®. The $16 billion increase is one of the largest in recent years.
The average price of a U.S. property purchased by an international buyer was $315,000 compared to the U.S. average of $218,000. But nearly half of international purchases were for properties worth less than $200,000. Nearly two-thirds of international purchases were reported as all-cash transactions.
More than half of all REALTORS® (55 … (1 comments)

real estate: Home Remodeling Activity Expected to Improve by 2011 - 08/16/10 07:24 AM
Remodeling spending is expected to increase by the end of the year and accelerate to double-digit growth in the first quarter of 2011, according to the latest Leading Indicator of Remodeling Activity (LIRA) report by the Joint Center for Housing Studies of Harvard University.Kermit Baker, director at the Joint Center for Housing Studies, says homeowner optimism is driving the trend toward investing in the home again. "The recovery in home improvement activity appears to be moving beyond simple replacement projects and energy retrofits to broader remodels and upgrades," Baker says. "A wider activity base would help generate the expected growth in … (1 comments)

real estate: Locking Your Loan Rate - 04/14/10 05:03 AM
You know that when you are seeking a mortgage you should shop around for the best rate.  But because interest rates fluctuate, it is a good idea to consider locking your rate.  A rate lock, also called a "lock-in", is a lender's guarantee that you will get a specific interest rate and number of points if you purchase a home within a certain period of time.
If you do not complete your home purchase or refinancing agreement before the lock expires and interest rates happen to rise, you will pay the higher rate.  If interest rates happen to drop during the … (0 comments)

real estate: Go GREEN at your office - 04/07/10 04:52 AM
Here are a few tips you can do to help in the quest to ‘go green'.
1. Reduce, recycle, reuse, and buy recycled.  We use a ‘blue' bin and recycle paper and bottles & cans.
2. Turn off your computer & lights when not in use.
3. Recycle ink cartridges.
4. Use you notepad wisely. Use the entire page, then turn it over and use the other side.
5. Watch what you print.
6. Install motion sensor lights.
7. Buy "energy star" office equipment.
8. Open the blinds. Turn down the lights and let the sun shine in.
9. Recycle old … (5 comments)

real estate: Tips for hiring a contractor - 03/30/10 08:44 AM
One of the best ways to select a contractor is to ask friends or relatives for recommendations.  Make sure they have worker's compensation insurance and general liability insurance in case of accidents on the job. 
Building codes set minimum safety standards for construction.  Generally, a building permit is required whenever structural work is involved.   The contractor should obtain all necessary building permits.
Hire only licensed contractors. Contact the Contractors State License Board at www.cslb.com.gov or at 800-321-2752 to verify the contractor's license. Get three references and review past work. Get at least three bids. Get a written contract and don't sign … (3 comments)

real estate: Governor signs Home Tax Credit Bill - 03/25/10 12:43 PM
Governor Schwarzenegger today signed AB 183 providing $200 million for home buyer tax credits.  The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
 Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.
This credit is equal … (0 comments)

real estate: Fed's leave key rate unchanged - 12/17/09 04:24 AM
The Federal Reserve today announced it will maintain its target for the federal funds rate in the 0 percent to 0.25 percent range, and expects economic conditions to warrant exceptionally low levels of the federal funds rate for an extended period of time. "Information suggests that economic activity has continued to pick up and that the deterioration in the labor market is abating," the Fed said in a prepared statement.
"Financial market conditions have become more supportive of economic growth, although economic activity is likely to remain weak for a time.  The Committee anticipates that policy actions to stabilize financial markets … (1 comments)

real estate: Home Improvements - 12/05/09 04:35 AM
Updating Bathrooms
After kitchens, bathrooms are a home buyer's biggest concern. The good news here is that bathroom renovations typically realize a homeowner an 80-90% return on their investment. For a small space, $1,000 can go a long way to helping you boost your home's value.
In addition to tiling the floor, you could upgrade the vanity and sink. Depending on the size of your vanity and the number of sinks you would like to install you can buy a premade, finished piece at most "big box" home improvement stores and sink for several hundred dollars. Or opt for a pedestal … (0 comments)

real estate: Real Estate Investment Buying Tips - 11/17/09 03:05 AM
Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom are just a little clueless.
They see the price and they say, wow! I can buy that house and turn it into a rental.  But they don't understand the local market, they don't understand landlording, and don't even necessarily visit the property.
 What are some of the key rules for freshman class investors?
      Number one: Due diligence is never optional. You've got to understand the local market - and that includes not just where prices are headed, but specific market demand for … (2 comments)

real estate: A Lending Hand, FHA 203K - 08/27/09 08:52 AM
Home renovations can be daunting, but financing them doesn't need to be.  Homebuyers considering a fixer-upper and homeowners thinking about doing a major rehab work might want to consider an FHA 203K loan.
Often called rehab or renovation loans, 203K loans differ from traditional mortgage loans.  Buyers who want to purchase a home in need of repair usually have to secure a loan to buy the property, get additional financing to complete the renovation and then get a permanent mortgage to pay off the interim loans.  203K loans, however, are made based on the after-repair value and include an escrow account, … (0 comments)

real estate: Calif. housing market shows signs of recovery. - 06/25/09 03:01 PM
 A surge in home sales that started in some of California's more affordable inland areas has begun to spread to several more expensive coastal areas, another indicator that the state's real estate market may be in recovery mode.
 •·         Many homes in the lower end of the market are receiving multiple offers, with some prospective buyers bidding well above asking prices. Inventory levels for homes priced under $500,000 stood at 3.2 months in May 2009, compared with 9.4 months in May 2008.
•·         Some buyers, especially those in historically higher-priced markets such as the San Francisco Bay Area, are newly optimistic … (0 comments)

real estate: Should you sell your investment using a 1031-tax deferred exchange? - 06/22/09 03:56 PM
A few years ago, many were seeing their real estate investments appreciate at incredible rates, and in turn, were doing 1031 tax-deferred exchanges to defer their capital gains liabilities into new investment properties. But in today's market, many investors see limited or no appreciation in their investment property. In times like this, does it make sense for an investor to sell their property and do a 1031 exchange? In many cases, the answer is "yes."With almost all real estate sales involving improved property, there is the recapture of depreciation. Section 1250 of the Internal Revenue Code requires that depreciation be recaptured … (0 comments)