BREGINC Real Estate News

Secrets to Selling Your Home During Super Bowl

2010-01-18T18:38:00.000-08:00

Information is knowledge, knowledge is influence, and influence is power. – anonymous

Knowing when to sell your home is powerful information.

If you are contemplating selling your house, don’t wait for ‘spring’ in February.

Most experts agree it’s a mistake to put off listing your until after the Super Bowl on February 7. You should already be starting the interview process to find the best agent for the job; the job of bringing your home to market. You want the highest and best price for your home.

It is not ignorance that is the problem, but the illusion of knowledge.-anonymous

If you are thinking of selling, waiting to list until after the Super Bowl festivities have passed is probably a mistake according to some experts.

If you are new to the selling game, or haven’t sold a house in years, here are a few thoughts:

• Start interviewing agents.

• Choose agent from area you wish to live.

• Ask agent to provide a comparative market analysis of neighborhood.

• Be aware that properties that didn’t sell in the fall will be back on market.

• High inventory levels tend to bring market prices down.

Logic is the art of going wrong with confidence.-ANONYMOUS

Most people have inflated ideas of what their home is worth in this boom gone bust economy. Don’t price your home based on 2006 and 2007 numbers, be realistic and listen to the expert you’ve chosen to represent you, your Realtor.

What's My House Worth?.. get a Free valuation by writing to info@batesrealestategroup.com. or calling (415) 378-6614

BREGINC Real Estate News: How An Appraiser Stopped A Sale With His Bare Hands

2010-01-16T13:00:00.000-08:00

BREGINC Real Estate News: How An Appraiser Stopped A Sale With His Bare Hands

How An Appraiser Stopped A Sale With His Bare Hands

2010-01-16T12:55:00.000-08:00

Image via Wikipedia

Many times an appraiser will ruin the home buying plans of the first-time home buyer. Across the country, agents and homebuilders are complaining too many appraisals are coming in low, scuttling deals.

Mr. Appraiser, had sized up a four-bedroom, three-bath house in San Rafael, CA for $45,000 less than what the buyers offered to pay. A typical deal-killer for a seller.

Mr. Agent urged the lender to force Mr. Appraiser to consider several other properties that could back up the original $1,410,000 sale price. Then he tried laying on the guilt trip, telling Mr. Appraiser his valuation was going to ruin this first-time buyers' shot at the American Dream of home ownership.

Buyers beware when your agent tries to persuade the appraiser to back up his valuation by considering other properties. You'll end up potentially paying $45,000 more for the house.

"The funnest things are forbidden".-Mark Twain. But appraisers should be, because they are not funny when their valuation comes in too low.

The National Association of Realtors says nearly 25 percent of its members has reported clients losing a sale due to a botched appraisal. The National Association of Home Builders, meanwhile, said low valuations were destroying a quarter of all new home sales. The trend is to compare distressed properties to newly built homes. Should distressed homes sales be compared with other newly built homes?

Roughly 40 percent of all home sales this year were foreclosures or short sales, meaning the property sold for less than the mortgage.
Mr. Appraiser determined the value of the property by looking at recent sales of comparable homes. He took an apples-to-apples approach. Generally, a foreclosure isn't used as a comparison for a standard sale.

"Over the piano was printed a sign: Please don't shoot the pianist. He is doing his best".-Oscar Wilde
Mr. Appraiser contend he is only sizing up homes according to the reality of the market, though he concedes its becoming increasingly harder to pinpoint the true market value of a home.

Home prices accross the state, hit bottom earlier this year and are recovering, data last week showed. But there are still many neighborhoods across the country where foreclosures and other financially distressed sales are still rising.

In neighborhoods with high foreclosure rates, values for all homes are being pulled lower than in areas where there are few or none. This is indeed cause for concern. But it could also mean that more buyers will be able to come to market.

For all your real estate questions and concerns write to andrew@batesrealestategroup.com where we strive to help you achieve your real estate goals.

10 Deadly Mistakes Made By First Time Home Buyers

2009-08-02T22:30:00.000-07:00

Image by Getty Images via Daylife

Don't Make These 10 Deadly Mistakes:

1. Not being prequalified for a mortgage. Take the time to speak to your lender. Their specific questions in regard to income, debt, etc., will help determine how much house you can buy.

2. Limiting your home search to open houses or ads on the internet. Many of these homes have already been sold. Your best course of action is to consult a

3. Not choosing a Realtor who is committed to forming a strong business relationship with you. Choose a professional who is dedicated to serving your needs-before, during and after the transaction.

4. Not having a home inspection. Trying to save money today can end up costing you tomorrow. A qualified inspector will detect issues.

5. Thinking there is only one perfect house out there. Buying a home is a process of elimination not selection. New properties come to market daily, so be open to all possibilities. Ask your Realtor for a Comparative Market Analysis (CMA). The CMA compares homes in the neighborhood that have recently sold, or are still for sale.

6. Not considering long-term needs. It is important to think ahead. Will the home suit your needs 3-5 years from now?

7. Not examining insurance issues. Purchase adequate home owners insurance. Advice from an insurance agent can provide you with answers to any concerns you may have.

8. Not buying a home protection plan. This is essentially a mini indemnity policy that usually last one year from the close of escrow. It usually covers basic repairs you may encounter. This policy can be purchased for a nominal fee.

9. Not knowing total cost of transaction. Early on in the buying process, ask your Realtor or title company for an estimate of all closing costs.

10. Not following through on your due diligence. Buyers should make a list of any questions or concerns they have regarding the neighborhood, environmental concerns, schools, transportation, crime, etc. Ask the important questions first, before making your offer on a home.

BREGINC is dedicated to achieving your real estate goals, you can write to us at: info@batesrealestategroup.com with all your real estate questions or concerns and we promise to provide an answer in a timely fashion.

It's Foreclosure Time

2009-03-30T12:50:00.000-07:00

“An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today”.
Laurence J. Peter

Experts advise when buying foreclosures, one should buy low and sell high. Now is the low, the high is just around the corner. Interest rates are at an all time low so now is an excellent time to consider acquiring a foreclosure property. Below are some things to think about.
•Know before you buy. Know the market before you buy.Free information and guidance is available online at foresclosure sites and the National Association of Realtors site.
•Open your eyes to the opportunities that surround you. Even cities with high foreclosure rates have motivated sellers in sought after neighborhoods — where well-priced homes resell quickly. Consult with your favorite Realtor®.
•Make sure you know the current prices for comparable properties in the area. With markets in flux, your Realtor® can provide a CMA.
•Don’t be afraid to ask for a discount. To figure your offering price don’t forget to deduct the costs of necessary repairs and rehab. If you’re buying a property with plans to flip it, deduct from your offering price the cost of holding and selling the property until you find a buyer - remember to pencil in your profit!
•Don’t be derailed by marketing come-ons, gimmicks, and “insider secrets”. If it sounds too good to be true, it is.
•Beware of home auctions. Competitive bidding drives up prices. Instead of buying a house at discount, you could end up paying full market price or more when factoring in auction commissions and fees.
•Consider FHA as a low-cost, safe financing alternative. With new higher loan limits, interest rates at 35 year lows, and home buyer tax incentives, this is an excellent opportunity for you to buy low.

What's Your Score?

2009-03-23T11:35:00.000-07:00

Are You In Charge Of Your Finances?
Today, the fate of your loan and the rate of your interest hinges on your credit score.
What’s The Score?The FICO credit score was named for developers, Fair, Isaac & Company reflects dozens of parameters in one’s financial history.
• Score 700-850 means smooth loan process; best interest rates
• Score 550-699 means medium risk; higher interest rates
• Score 300-549 sorry, no loans or credit cards

Know Your Score!Are you considering the purchase of a new car, new roof, or new furniture? Before you talk financing send for your credit report and FICO score. If after reviewing you find any errors, make sure to contact the credit bureaus listed below:
• Equifax Information Services, LLC www.Equifax.com.
• Experian www.Experian.com.
• TransUnion LLC Consumer Disclosure Center www.TransUnion.com.

Home Sweet Home. What's it worth?

2009-03-16T11:01:00.000-07:00

Are you among the 95 percent of American homeowners who are unaware of the true market value of their home?
A Comparative Market Analysis (CMA) provided by a real estate professional compares your home with similar ones on the market in your neighborhood during a specified time period. This data, combined with the value of upgrades, will give you an accurate picture of what your home is worth. Remember that the CMA a “snapshot” captured in time, while real estate markets fluctuates constantly, it is a good idea to obtain a new one yearly.
For a copy of a FREE report written by industry experts, entitled “Home Sweet Home What’s it worth?” give us a call at (888)600-5054 and we will rush a copy to you.

IF YOUR HOME IS PRICED TOO HIGH, IT WILL NOT SALE!

2009-03-09T16:46:00.000-07:00

IF YOUR HOME IS PRICED TOO HIGH, IT WILL NOT SELL!
If your home is priced too high compared to the other homes for sale in the neighborhood your open house will be a disaster. The buyers you expect will visit other open houses in your neighborhood and not visit your home. Have your Realtor perform a Brokers Price Opinion. Your list price should be 10 percent below the competition.

KEEP THIS IN MIND:

1. You will have many buyers visit your open house.
2. You can accept or reject any offer that is below your price point.
3. A multiple offer situation will occur, with a possible bidding war.
4. At escrow closing, you will receive more money in your pocket.

WHY A HOUSE DIDN'T SELL, HOW TO MAKE SURE YOURS WILL

2009-02-24T06:43:00.000-08:00

So you've spent thousands on remodeling, hired a Realtor and put your house on the market for sale. Today after sitting 175 days on market, it is still unsold. Why? Was it because there were few pictures of the interior? Was the price too high?
The things you can do to make sure your home sells.
Make sure your Realtor provide you with recent comparable sales analysis for the most recent 90 days and a list of comparable properties currently for sale within a half mile radius. Your house should be priced about 10 percent below your competition which will cause a multiple offer situation. The Realtor you choose should be able to help you prepare your home for sale. Your house should be marketed aggresively on all the search engines including it's own unique website with pictures showing the interior of your home at it best.
To find out how much your home is worth write info@batesrealestategroup.com and we will provide a Comparable Market Analysis at no cost or obligation.

A Neighborhood Called Pacific Heights

2009-01-12T09:21:00.000-08:00

Pacific Heights is a quiet neighborhood, a perfect place for families with children offering lots of activities. There are several playgrounds, recreational centers and parks in the neighborhood. Some of the best schools in the country are also located there, including Hamlin School which has provided girls with the finest quality education for over 140 years.
Pacific Heights mostly sits atop hills in the northwest area of San Francisco. Most homes in the area cost millions of dollars. These single family homes and condos are stately and well maintained. There are spectacular views of the Golden Gate Bridge, Angel Island and Alcatraz. There is plenty of shopping in the area including Whole Foods, Cal Mart, Peets, Starbucks, and Noah’s Bagels.
Click on batesrealestategroup.com for a complete listing of available homes in the area as well as throughout California.

Getting The Highest & Best Price

2009-01-06T11:41:00.000-08:00

SETTING PRICE POINT

So you have decided to put your property up for sale, now it is time to meet with your favorite realtor. Be very carful when setting the price point, be realistic in what you expect to get at end of closing. Be very careful examining the comparable properties in your neighborhood. Investigate the type of repairs made; consider closing costs by using a net sheet, etc. Your realtor should never over-quote what the real market price is just to get the listing, because he will never be able to sell your property for more than the offer received by the highest bidder.
Work out a schedule with your realtor in advance as to when you’d like to go over how your listing is performing compared to the competition including unique visitors and open houses. Reports should be provided to sellers on a regular basis and reviewed to adjust price point if needed.
For your copy of a free report called “Getting the Highest and Best Price” write me at Andrew@realtorintouch.com.

The Best Place To Visit In San Francisco

2008-12-29T20:00:00.000-08:00

Fisherman’s Wharf accessible from downtown San Francisco is a must see area of the City. Getting there you can take busses 9X, 47Van Ness and the world famous Cable Cars. On the way to the wharf some of the cable cars will travel pass the crooked street, also known as Lombard Street to the locals. Bring your camera because you’ll need it to take some great pictures.
Fisherman’s Wharf is a fun place for young and old. There is something for everyone.
For the children there are many activities offered, such as watching the sea lions take a sun bath and a magic show at Pier 39. They can also ride a carousel.
World famous for its crab restaurants, the crab boats dock at the kitchen entrance of the restaurants. Eat only the freshest crab at some of the best restaurants in the country at the wharf. Boudin’s Bakery is still using the same ‘starter’ in its sourdough breads as they used when first opened in 1849. The bakery has a large plate glass window with microphone so you can ask questions of the baker as they roll out their bread dough. Ask for the alligator or turtle shaped bread for the kiddies. I personally recommend the clam chowder in sour dough bread bowl if you plan to eat there.
Some of the other activities at the wharf include, bicycle rental for rides across the Golden Gate Bridge, ferry rides to Marin County, Angel Island, Alcatraz and Marin World at Vallejo.
Visit batesrealestate.com for a look at available properties in the area and for other real estate related issues.

What's A BPO

2008-12-04T22:19:00.000-08:00

To determine the probable selling price of a property, a realtor will perform a BPO. The selling prices of similar, distressed and bank owned properties are compared. A radius of 1/4 miles is typical, its not unusual to go even farther out to find a comparable property. Once the comparable is found an appropriate sales price can be set. You sellers should keep this in mind in your conversation with his or her realtor, for only then can a realistic price be set. Only than can you expect to have his property sold in a reasonable amount of time. Time and money will be saved and the highest and best price will be achieved.

Click on http://batesrealestategroup.com/ for foreclosures listings. You can also write me at Andrew@realtorintouch with your real estate related questions and concerns.