Real Estate Tidbits

May 2012: This Month in Real Estate and How to Sell for MORE Money

April 2012: This Month in Real Estate

Duplexes and Other Multi-Family Properties Selling Well

It's been a screwy market for the past six years. Inventories went up, prices dropped, foreclosures/REOs and short sales skyrocketed... and many heads continue to spin.

And although the market keeps many buyers and sellers away, it truly is a great time to buy... both single- and multi-family properties.

As I've stated in a recent blog post and many others over the past few years, with high inventories, low prices, and record-low interest rates, homes are really "on sale". But, so too are multi-family properties.

I've actually been investing over the past 2 years in duplexes myself. I have always though duplexes make great investments. I've noticed that, lately especially, well-priced duplexes often sell very quickly. Investors obviously see the benefits of buying... while those duplex owners who are just tired of maintaining those properties are finally seeing a great time to sell.

Of course, many "experts" still say we have a while before prices start to head North, and many duplex owners feel that if they wait any longer to sell, they'll lose even more equity. So, many are listing their properties for sale. And those who do are often rewarded with, not only a fast sale, but a "top dollar" sale. Unfortunately, those "top dollar" sales are not what they were a few years ago. But they are certainly top dollar sales for the current market.

If you're someone who wants to take advantage of investing now, or if you're an owner looking to sell, give us a call and let's discuss your situation and how you may be able to capitalize of the opportunities in this market. Call us now at (916) 241-8000 or (530) 677-1332.

Duplex owners can also get a FREE value estimate at www.DuplexValues.com.

What is a Short Sale and How Can a Short Sale Work for You?

Wondering what this thing you've heard about called a "short sale" is?  Wondering if it's something that can help you?  Then visit www.shortsaletidbits.com or click on the image of the site above below.  Have more questions?  Then call us at (916) 241-8000 or (530) 677-1332 and we can discuss how a short sale can work for you.

Thinking of Making a Move? Should You Sell or Rent Your Home?

Many homeowners are puzzled and frustrated in this crazy real estate market. Many wonder if they should stay... or sell... or rent their home out? The answer is simple... "it depends." Yeah... sorry... I wish the answer was really simple.

Here's a quick article that should help you decide: Click here to read.

Of course, if you'd like to discuss your options, please call us at (916) 241-8000 or (530) 677-1332.

March 2012: This Month in Real Estate & How to Sell Fast in the Current Market

February 2012: This Month in Real Estate and How to Improve Your Credit Score When Buying a Home

Is Now a Good Time to Buy a Home?

I am asked this question quite a bit... and the answer is simple. No, it's not a good time to buy a home... it's a GREAT time to buy a home. Many think that because of everything going on in the economy and with all the uncertainty in the real estate market, that they should sit on the sidelines and wait. I say "wait for what?".

Think about it... here we are in January of 2012 and...

1) We currently are experiencing the lowest home prices we've seen in a decade.
2) Interest rates are at historic lows.
3) With all the forelcosures, short sales and even "regular" sales currently available, there's LOTS to choose from. Small homes, big homes, old homes, new homes, inexpensive homes, and even more inexpensive homes.

I'm not sure how it could be any better.

Yes, it's very possible home prices could drop even more in the next year or two. But, if you plan to live in your home for a few years or more, then so what? Even if prices drop a bit more, you'll still have the tax advantages of owning your own home. You'll still have the pride of owning your own home - you can paint it whatever color you want, you can remodel, change or improve whatever you want... it's YOUR home. And, of course, you're not paying rent... your payments are working for YOU... not some landlord.

Not convinced? Call me and let's discuss your situation. I'm at (916) 241-8000 or (530) 677-1332.

January 2012: This Month in Real Estate and Benefits of Selling in Winter

Selling Your Home? Remember the Importance of First Impressions - Curb Appeal is Key

Selling a home, especially in today's competitive market, requires sellers to "go the extra yard" and ensure their home really stands out against all the other homes for sale in their area.

We're all heard how powerful first impressions can be, and that's especially important when selling. We know that "curb appeal" - that first impression of the home when a buyer first drives up - is vitally important to catch the buyer's interest... even before they walk inside.

Here are a few things to consider when putting your home on the market:

- Clean the oil stains off the driveway
- Put the garbage cans behind the gate or in the garage
- Park your cars in the garage or away from the house
- Mow the lawn and trim the bushes and other landscaping
- Plant some colorful flowers around the walkway and on the porch
- Put the toys and other "stuff" in the backyard

Of course, there are many other things to consider when selling your home.

For more information on the "secrets" to selling, call our office at (916) 241-8000 or (530) 677-1332.

December 2011: This Month in Real Estate and Why Sellers Sell

Proving a Home's Value... How to Price It Right to Sell FAST

What is APR (Annual Percentage Rate) and How Does It Differ from a Loan's Interest Rate?

A Quick and Simple Explanation of the Mortgage Process

November 2011: This Month in Real Estate & 3 Secrets to Home Ownership

What is "PITI"?

What is PITI?

PITI is the acronym used to indicate what is included in a mortgage payment.  It means "Principal, Interest, Taxes, and Insurance", all paid as part of that monthly payment. If you have an "impounded" loan (also known as an impound account), then your monthly payment to the lender includes all of these and may even include mortgage insurance, too.

If your payment just includes PI (principal and interest only), then you'd pay for your insurance and property taxes separately, outside of your monthly mortgage payment.

Home Seller Tip: Concessions Can Help Sell Your Home Faster

What is an "escrow" or "impound" account?

What is a "contingency"?

What is a "contingency" as it relates to real estate?

A contingency is a provision or condition in a real estate contract that specifies the contract could be cancelled if that contingency/condition is not met or does not occur.

For example, if a contract has a contingency that requires that the buyer be able to obtain a mortgage loan at 4.5% or lower, but rates increase above that percentage, then the buyer has the option of cancelling the contract based on that contingency not being met.

Another contingency that is often in real estate contracts is the requirement that the buyer be able to obtain a satisfactory home inspection.  If the results of an inspection are not acceptable to the buyer, then they are likely able to cancel that contract. 

Octobert 2011: This Month in Real Estate & One of the Most Important Things a Buyer Wants When Looking to Buy a Home

What's My Home Worth... in Today's Crazy Market?

Are you curious about your home's value in the current market.  Sacramento County home values, El Dorado County home values, and Placer County home values have all been affected over the past few years.

If you want to know how much your home is worth in this crazy market then visit www.HomeValuePro.com.

Of course, if you have questions about market values or selling in today's market, give us a call at (916) 241-8000 or (530) 677-1332.

Avoiding Foreclosure: A Couple Options

These days, with the economy suffering and property values plummeting, many home owners are struggling to avoid foreclosure.  So many home owners are "upside-down" (they owe more on their homes than they are worth) and they don't know what to do.

When someone does owe more than their property is worth, and they can no longer afford to make their payments, there are two options to consider in order to avoid a foreclosure - a short sale and a deed-in-lieu of foreclosure:

SHORT SALE:  The home owner lists their home for sale and attempts to sell it.  Since the mortgage (possibly multiple loans) exceed(s) the value of the home, the idea of a short sale is to negotiate with the bank to "settle" for LESS than is owed.  For example, if the outstanding loan balance is $300,000 and the property is only worth $200,000, the goal is to get the bank to take a $100,000 loss and accept $200,000 as "payment in full."  Of course, I'm just using round numbers here to illustrate how a short sale would work. Now, you ask... why in the world would a bank agree to this and take a $100,000 loss.  Well... it's really very simple... the bank, facing a possible foreclosure on the property, and additional value loss, would likely "come out ahead" by taking just a $100,000 loss in a short sale... rather than a possible, say, $150,000 loss down the road once the property goes to foreclosure.  So, it's often a better business decision for a bank/lender to agree to a short sale than allow the property to go to foreclosure.

DEED-IN-LIEU:  With a Deed-in-Lieu of Foreclosure (DIL), the home owner transfers the ownership of the property back to the owner of the mortgage in exchange for a release from the loan and all payments.  Some people consider this option if they've been unable to successfully sell their home via short sale or do not want to go the short sale route.

Of course, there are additional things to consider in both of the above options. Both require some sort of "qualification" process and steps to take to complete either a short sale of DIL. 

Most people struggling to make their payments attempt to do a short sale instead of a DIL... or at least they may try a short sale before they consider a DIL.

For more information, visit the Fannie Mae website www.KnowYourOptions.com

 

Buying a Short Sale Property

September 2011: This Month in Real Estate & Preparing Your Home to Sell

Buyers: Think You Need 20% Down? Think Again.

Many would-be home buyers think they need to put 20% down when buying a home... and this keeps many of those buyers out of the market.  Programs are available that allow buyers to purchase with very little money out of pocket... check out this short video and give me a call to discuss the possibilities.