Archive for the 'Buyers' Category
What Makes For a Winning Offer?
June 3rd, 2010 categories: Buyers
Making an Offer.
1. Get pre-approved. Before writing an offer -and ideally before you even begin your search, meet with your bank or other financial advisor; the one who will be giving you your mortgage, and get pre-qualified or pre-approved. When it’s time to put forth an offer, the seller will know it’s serious.
2. Understand the local context. List prices are often subjective. Look to Kathy Villa for advice on pricing strategy. In the end, it’s important that you know the real estate situation yourself to determine if the property is fairly priced, based on comparable, recently sold properties. There’s no rule of thumb that says going in under asking is expected. Market conditions will dictate the selling price. Keep in mind that homes will also occasionally be under-priced to attract multiple offers. This circumstance may call for a bid over the initial asking price.
3. Understand and adjust to the seller’s interests. Asking the right questions prior to writing an offer can often make the difference between an accepted offer and a stalled negotiation. Some contract terms may be of great significance to the seller, and only a slight inconvenience for you. Should the seller want to rent the place back, for example, for a few days or weeks after escrow, your written flexibility on the move out/in date could close the deal in your favor.
4. Make a strong deposit part of your offer. You’ll want to submit an earnest money deposit when writing an offer, payable to a reputable escrow company, to be delivered by your agent no more than three business days after the acceptance of the offer. Even when delivering an offer below asking price, offer a large deposit if possible, and it will pay dividends in the end. Down payment strategies however may vary. In some areas, a smaller deposit is the norm. Regardless of location, a higher deposit will most likely strengthen your negotiating power.
5. Provide an appropriate time for the seller’s response. Time is of the essence once you decide to take the plunge, especially regarding a newer listing in which the risk is high that other buyers will potentially submit offers. Typically, the seller is given until 5PM on the third day from receipt of the offer to respond, unless you write in a different date and time. If the offer is strong, speed up the response time. Kathy Villa can advise you on what strategy will work best.
If you need help or know someone who needs an experienced Real Estate Agent to help them submit a winning offer, feel free to have them call or email me. Also please let us know if you like Kathy Villa Real Estate by following the link on the left. We look forward to connecting with you!
Courtesy of BHG Real Estate.
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It’s All About Real Estate
May 27th, 2010 categories: Buyers
I can’t tell you how important it is to buy Real Estate now! Now is the time to get into the market and BUY! All the smart money is out there buying and taking advantage of this opportunity in 2010. Contact me if you want to get in the game! You don’t want to be one of those people looking back and saying, “Why didn’t I buy in the summer of 2010???”
Don’t miss out! Call me (310) 508-1112
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How to Ensure Smooth Moves
April 25th, 2010 categories: Buyers
If you’re one of the many who have recently taken advantage of the first-time or move-up home buyer tax credit, there’s a happy move in your future. Unfortunately, I’ve seen the stresses of moving cast a cloud over the excitement my clients feel about heading to their new home, making for a nightmarish experience instead of a momentous occasion.
Thanks to my relationships with top moving experts, I can offer several tips to make moving a more streamlined, more pleasant experience:
- Put your move details in writing.
Use a large notebook or binder to centralize all the important details of your move. It should contain detailed lists, including an inventory of boxes. Supplement this with a compter printout of box contents and e-mail it to yourself and a couple of other trusted sources as a back-up.
- Order boxes and moving supplies as far in advance as possible.
It’s never too early to start packing as we all have items that are not currently in use- think winter clothes, your baseball card collection, holiday decorations. Moving companies may allow you to return unused boxes, so order more than you think you’ll need, by 20%. Invest in the right tape to keep boxes securely fastened, some new Sharpie pens, and labels to color-code your move.
- Document your Audio Video details.
Take photos and notes on how your media equipment is set up: television, sound equipment, computer equipment, etc., in order to avoid an AV nightmare in your new home. Label all remotes and wires as well.
- Plan for your pets.
Moving can be particularly stressful for animals. Consider leaving them with a friend or at a reputable pet boarding service.
- Plan for valuables and critical documents.
Most homeowners insurance will not cover property in transit, so consider insuring certain items separately. Take photos for documentation to support loss or damage claims, and carry irreplaceable and legal items, like passports and birth certificates, with you.
- Choose a reputable moving company.
Good companies that can guide you through the process will have a proven track record. Ask your friends and your real estate agent for referrals.
- Keep your moving receipts for income tax deductions.
In many cases, moving expenses are deductible from federal income taxes. If you are moving because of a change in employment, you may be able to claim this deduction even if you don not itemize.
For more information on making your move as painless as possible, please email me- and feel free to forward these tips to any family or friends with a move in their future.
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The 5 Factors of a Good Location
April 22nd, 2010 categories: Buyers
Here are the 5 Factors of a Good Location according to Yahoo! Real Estate
“Location, location, location” is a common mantra in real estate. And it’s good advice-except for one thing: most people have no idea what this really means. A good location can mean different things to different people, but there are also subjective factors that determine a home’s value. Depending on your personal needs and preferences, you may not be able to buy a home with all of these factors. And that’s OK- after all, a home is much more than just an investment. However, next time you’re shopping for a new property, keep the following factors in mind:
1. Centrality
2. Neighborhood
3. Development
4. Lot Location
5. The House Doesn’t Matter
For an in depth look at these factors click on the link above. Also don’t forget to become a fan of Kathy Villa Real Estate by following the link on the left. We look forward to connecting with you.
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The Internet is No Match for Real Estate Agents
April 18th, 2010 categories: Buyers, Real Estate News
Agents still outperform the Internet, say buyers!
According to the 2009 Profile of Home Buyers and Sellers from the National Association of REALTORS, home buyers find real estate agents as the most useful information source. They may access the Internet more often, said 76% of home buyers in 2008, but they also went to real estate agents for information (68%)
This year, buyers needed more help. Inventories were higher across much of the nation, requiring more time to sort. For example, in 2001, buyers spent 7 weeks searching for homes, while in 2009, they spent 12 weeks.
Experienced home buyers spent only two weeks searching for homes before contacting an agent and found their new home within 10 weeks.
In addition, market conditions were challenging to home buyers, which is one reason why retaining a real estate agent remain important.
At least 13% of home buyers reported that they had a purchase agreement that was cancelled, terminated, or fell through.
Also, foreclosures saturated the market, requiring expertise in negotitations, loan origination, and more. Thirty percent of home buyers purchased distressed homes in the third quarter of 2009. Nearly half of home buyers considered buying a home in foreclosures but didn’t because they couldn’t find the right home, the process was too difficult, or the home was in poor condition, among others.
One figure that has improved dramatically is the use of the Internet by home buyers, up to 90% in 2009 from 71% in 2003. This improvement can also be attributed to real estate agents and their service providers, who make information about homes much more available, including multiple photos, videos, neighborhood information, and more. For that reason, home buyers turned to real estate agent web sites, texts, email alerts and other Internet-based technologies to search for homes.
Overwhelmingly, home buyers used multiple listing service websites (60%), real estate company websites (46%), Realtor.com only receives its listings from MLS services and real estate brokers) and real estate agent websites (45%).
Home buyers most often found the home they purchased through a real estate agent while 35% found their home through the Internet. Finally, 79% of home buyers purchased a home through a real estate agent.
In 2008 and 2009, home buyers found the home they ultimately purchased through their real estate agent, more often than on the Internet. If you or someone you know is looking for an experienced real estate agent, feel free to call or email me. Also please become a fan of Kathy Villa Real Estate by clicking the link on the left. We’d love to connect with you!
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This Market’s Target Buyer
April 17th, 2010 categories: Buyers, Money and Mortgages
When the market is skittish, prices and terms improve. Who benefits the most? Buyers with good credit, jobs, and the decision to buy now . Here’s a few good reasons to hurry:
- The overwhelmed Federal Housing Administration has announced changes to its policies that will take effect mid-year 2010. First the mortgage insurance premium will rise from 1.75% to 2.25% of all FHA-insured loans. Buyers must have a minimum FICO credit score of 580 to qualify for a conventional 3.5% down loan. Last, seller concessions such as paying for buyer’s closing costs will be reduced from six percent to three percent of the buyer’s loan. See Hud.Gov
- These proposed changes could stimulate buyers, along with first-time and move-up buyer tax credits, due to expire April 2010.
- In addition, prices are bound to attract buyers. The National Association of Realtors (NAR) 2009 Profile of Home Buyers and Sellers found the median prices of homes purchased in 2009 were nine percent lower than in 2008 and that 95% of those who financed purchased with a fixed-rate mortgage.
- Interest rates are expected to rise, but so far, falling stock prices and other economic jitters are keeping mortgage interest rates lower than expected. Right now, qualified buyers can still get a 30-year fixed rate loan around 5%.
So who is in the market for a home? Borrell Associates research says that the following demographics describe the next home buyer:
Market Homebuyer Demographics
- Average Market Household Income= $73,970
- Average Market Household size= 3.7
- Average Age=39.5
- Average Value of Current Owned Home= $285,388
- Average Years in Current Home= 8.5
Courtesy: Borrell Associates, copyright 2010
This buyer, a confident homeowner with equity and income, is looking for good deals. As evidence, consider what’s happening here in California, one of the hardest hit states during the housing “correction.” In December 2009, the state’s housing sales increased 1.7% and the median home price increased 8.4% over December 2008. Despite one of the largest inventories of foreclosed homes, California is down to a 3.8-month supply on hand, according to the California Association of REALTORS. A balanced market is widely believed to have six months of inventory on hand.
If you’re a qualified buyer, now is a good time to buy a home. Please feel free to call or email me to help you with this process. Also, don’t forget to become a fan of Kathy Villa Real Estate on Facebook. Follow the link on the left. We can’t wait to connect with you!
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How to Choose the Right Home for You
April 14th, 2010 categories: Buyers
Some people fall in love with a home the moment they enter the property. Other homes grow on you over time according to Karin Beurlein of HGTV’s FrontDoor. Consider the following four factors when choosing the right home for you:
1.) Location, location, location.
a) What’s your job commute going to be like? Is the traffic heavy or light at the times of day you’ll be on the road?
b. How’s the school district? Even if you don’t have kids, the quality of the school district affects your home’s value, so it pays to find out.
c. Is there much crime?
d. How convenient are shopping centers, libraries, churches and so on?
2.) Decide which home features are most important to you.
a. Do you have pets? You may want to narrow the field to homes with substantial backyards.
b. Is your family growing? Make sure there are enough bedrooms for your family today and five years from now.
c. Be shrewd about storage space. Houses with cavernous rooms may be impressive to look at, but they sometimes compromise storage space to achieve that effect. Would you rather have a place to hang your crystal chandelier or a place to hang your coats?
d. Will any remodeling be required to make the home move-in ready for you? If so, are you handy with a hammer or would you prefer to find a home that needs a little work?
3.) Ask questions. Resist the temptation to wander starry eyed through each home you tour. Look at any pros and cons as honestly as possible, and ask questions. Some good questions to ask your agent or the seller:
a. What service providers (cable, Internet, telephone) are available in the area? and is the house completely wired for each?
b. How much do you pay yearly in city and/or county property taxes?
c. How much do utilities run each month? Does the house use gas or electric for the furnace, water heater and appliances?
d. How old are the major appliances, and which are included with the house?
e. Have there been any major repairs to the house, and if so, when were they completed? For example, how old is the roof? Has water ever damaged the basement or foundation?
f. Ever had problems with insects, spiders or rodents?
4.) Scrutinize: Look inside cabinets, inside closets, at baseboards, at window casings, at door frames, where walls meet floors and ceilings. Look for any signs of damage, wear or poor construction.
Keeping these four pointers in mind will help you weed out the homes that are not suitable for you and your family. Sometimes the most beautiful house can fall short of meeting your needs such as lacking a dishwasher, or not having covered parking etc. It’s good to have a “wish list” with amenities that you must have and a sub list of things that you don’t necessarily need but would just be nice to have. If you found this information useful or have further questions feel free to email me. Also please join us on Facebook and become a fan of Kathy Villa Real Estate. We’d love to connect with you!
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10 Time-Saving Tips to Take the Stress Out of Moving
April 12th, 2010 categories: Buyers, Real Estate News
When it comes to moving, a little preparation goes a long way. Experience tells me that tons of time and energy can be saved by planning ahead, staying organized and focusing on details.
Here are 10 great time-saving tips to make moving fast and efficient, courtesy of FrontDoor.com:
1. Making a moving schedule. Starting 60 days before the move, use a week-by-week checklist to keep the process on track. The tasks to accomplish further from moving day might seem trivial at first, but staying on schedule will prevent last-minute headaches.
2. Hire a quality moving company. Resist the temptation to hire a company that offers a too-good-to-be-true rate. An unreliable mover will cost time and money in the long run if items are lost or broken. Check out moving company credentials with the Better Business Bureau and the Federal Motor Carrier Safety Administration.
3. Pare down your possessions. If an item won’t be used in the new home, don’t waste time packing it. Notorious clutter items- unread books, unfinished projects and half-empty cleaning products- are prime targets to leave behind.
4. Pack like a pro. Come up with a packing system so all boxes end up in the right rooms when they get to the new home. One option is to buy a set of magic markers and create a “color code” system for the movers- red-labeled boxes for the living room, blue for the kitchen, etc. On moving day, draw a floor plan of the new place with each room labeled and give it to the movers.
5. Make the house move-out ready. Most movers won’t disconnect anything that’s hard-wired, so unplug all the appliances and lighting fixtures that go. Make sure all paths are clear from the house to the moving truck. Speed up the process by knowing the ground rules for what movers will and won’t do.
6. Stock up on packing supplies. Don’t run out of packing tape the morning of the move; have plenty of supplies on hand. Early on in the moving process, start gathering boxes, tape, bubble wrap, newsprint, box cutters and markers. Try to save time and the environment by packing with materials you already have. Load up suitcases and plastic containers and use pillows, scarves and towels to “wrap” fragile items.
7. Pack a moving survival kit. Don’t throw everyday essentials like ID and medicine in with other belongings, only to have to dig through boxes later. Instead, pack a “last-to-go” box with all of the necessities- toiletries, snacks, important documents- and keep it with you instread of packing it in moving truck.
8. Spruce up the new home before moving in belongings. It’s easier to clean, paint and make improvements while the new home is still empty. Before hauling in all the furniture and boxes, be sure to vacuum, dust baseboards and wash the kitchen and bathroom floors.
9. Map out the new floor plan. Decide how to arrange the furniture before moving it into the new place. The best way to do this is to make paper cutouts of the furniture. Measure the dimensions of the piece and tape together newspaper pages to match the “footprint” of the furniture. It’s much easier to reshuffle newspaper than all that heavy furniture.
10. Change the address and notify companies before the move. Completing a change-of-address form before you head out can prevent hassles such as past-due bills, service lapses and even identity theft. Schedule dates in advance to discontinue utilities, phone, cable and internet, and arrange for these services at the new address.
From start to finish, the moving process can be very stressful. Why not make it easier by following a few, simple steps. If you would like to receive more tips, such as these, please email me and be sure to become a fan of Kathy Villa Real Estate on Facebook.
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Shopping for a Condo?
April 10th, 2010 categories: Buyers
Shopping for a Condo? Ask these 4 Questions before You Buy
Condominium homes have always been, and will likely always be, an efficient and economical route to becoming a first-time homeowner. They can offer the comfort, prestige, and even luxury appointments that apartment living may lack, often at a cost that is not much different than rent. I’m aware that not all condominiums are the same, however, so make sure you ask the following questions before you buy:
What will you own? Read the bylaws and be sure you understand what you will be responsible for and what belongs to the condo association. Will you own the boat dock at the back of your unit? Can you elect to build a spa on your patio? Generally, unit owners own and are responsible for the interior of their condos, while costs for outside maintenance including common areas and sewer lines are the association’s responsibility.
Who lives there? Are the majority of residents owners or renters? Owners generally take more interest in proper maintenance and are more willing than renters to serve on the association board and enforce complex rules and regulations- including the regular collection of homeowner dues.
How effective is the homeowner’s association? Do they have legal counsel, reasonable funds and a capable, caring volunteer board? One way to judge is to check with residents about restrictions, oversight and timeliness of repairs and upgrades. Another is to take a hard look at the grounds and be wary of signs of neglect.
What about special assessments? The association should have the power to special assess for needed, one-time large expenditures. Otherwise things that need to be done may never get done at all, leaving the complex vulnerable to disrepair and lowered property values.
Don’t miss this great opportunity to become a homeowner or to downsize by buying a condo. (Remember, the move-up tax credit does not require you to move to a larger or more expensive home.) Please e-mail me for more tips on buying a condo and don’t forget to join our Facebook fan page to the left!
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Top 10 Most Luxurious Golf Homes for Sale
April 8th, 2010 categories: Buyers, Real Estate News
As everyone gears up for the media frenzy centered around the return of Tiger Woods at The Masters in Augusta, TopTenRealEstateDeals.com has put together a list of the top 10 most luxurious golf homes:
1. Jim Furyks Hawaii Home- 229 Plantation Club Drive, Maui, HI
2. Lakeside Elegance At Teton Pines- Teton Pines Resort, Wilson WY
3. Hilton Heads Finest- 23 Atlantic Pt #12, Hilton Head Island, SC
4. Live in Paradise- 4928 E. Cottontail Run Road, Paradise Valley, AZ
5. Private French Inspired Estate- 1 Premiere Point, Newport Coast, CA
6. Bridgehampton North Estate- Bridgehampton North, Bridgehampton, New York
7. 18th Fairway Pebble Beach- 1544 Cypress Drive, Pebble Beach, CA
8. Private Riverfront Neo-Classical Sourthern Estate- 5100 Old Alabama Road, Johns Creek, Georgia
9. 18th Tee At Hawaii- 222 Plantation Drive, Lahaina, HI
10. A Modern Texas Contemporary- 21 Grand Manor, Sugar Land, TX
For a closer look at these homes visit www.toptenrealestatedeals.com. If you’re interested in buying one of these or any other home in the Los Angeles area be sure to call or email me with your questions.
P.S. Also check out my listing featured in Forbes and hinted to make a great pad for Tiger himself. What do you think? Your comments are always welcome!
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