How to Win a Bidding War

Buying a home is an emotional, complex and often stressful process. This is doubly so if you’re buying in one of the country’s hottest real estate markets, where there are more buyers than there are houses available. It’s quite likely in these situations that you’ll find yourself in a bidding war with other buyers. If you want to ensure your bid is the winning offer, follow these strategies.

Pay with cash

This won’t be possible for everyone, but if you have the cash, make an all-cash offer. In a particularly hot market, cash will always win out. Sellers prefer buyers who pay cash because the deal will not be dependent on whether or not the buyer can secure financing.

Get preapproved for a mortgage

If paying all cash is not an option, you must get preapproved for a mortgage before making an offer. You’ll get a letter to submit with your offer that shows the seller how much money you qualify to borrow. In a scenario where a seller receives multiple bids, you’ll automatically count yourself out if you are not pre-approved.

Study the market

Before you begin your search in earnest with the intent to make an offer, spend some time researching online listings for the neighborhood. Know what kinds of houses are available, what the inventory is like, and what the prices tend to be.

Submit the first and best offer

In a tight market, it pays to be aggressive. When you find a house you like, be the first to make an offer. Not only that, but make sure your offer is the best. If the seller has listed the home at an appropriate price, be prepared to offer what they are asking.

Include an escalation clause

If you’re willing to go higher with your offer, consider including an escalation clause. This gives you the option to increase your offer should another buyer bid more than you. It also signals to the seller that you are serious about your offer. However, you should know what your price ceiling is, and stick to it. Otherwise you run the risk of the appraisal coming in for less than your offer, which could affect your ability to secure a loan.

Limit contingencies

Contingencies let a buyer out of a contract if certain issues aren’t addressed. Sometimes buyers want to include a contingency that the sale only goes through if their own house sells first, or if certain items are repaired. If you know a house is going to net multiple offers, you must limit the number of contingencies if you hope to win a bidding war. Sellers will generally choose offers with the fewest contingencies.

Get personal

Do you really love the home? Can you imagine your kids enjoying that backyard tree house, or see your dog loving the enormous backyard? Then write a letter to the seller explaining your reasons for wanting the house. Appealing to a seller’s emotions can be incredibly persuasive, and you may be rewarded with the winning bid.

Compliments of Virtual Results

What is a Pocket Neighborhood?

Have you ever heard of a pocket neighborhood? The term was first coined in 1995 by the architect Ross Chapin and refers to a small group of homes that face each other and share a common space. It promotes the idea of building community and establishing ties to your neighbors in a way that traditional neighborhoods do not.

How is a pocket neighborhood different than a traditional neighborhood?

Pocket neighborhoods are quite a bit different than the traditionally planned communities we’ve become accustomed to in the past few decades. Instead of encompassing a large area with perhaps dozens of home, a pocket neighborhood is like a smaller neighborhood within that space. It generally includes just a handful of houses around a shared space such as a garden, a pedestrian walkway or a reclaimed alley.

How does a pocket neighborhood promote community?

In most traditional neighborhoods, a sense of privacy is maintained from house to house. Not so in a pocket neighborhood. Since everyone has a stake in the shared space, a greater sense of community is inspired. You’re more likely to know who lives in each of the homes in your small area, and that sense of being in it together gives children more freedom to play. Neighbors keep an eye on each other, and it’s more noticeable when strangers are in the area.

Why is the shared space so important?

An essential component of a pocket neighborhood is the shared common space. Often, this is a garden or green space, and all of the homes are tasked with its upkeep. In more urban areas, the shared space could be a pedestrian walkway or even an alley, but the concept remains the same – all the residents are invested in the upkeep of the shared space. The space has clearly-defined boundaries that allows neighbors the opportunity to get to know one another and makes for a safe environment for kids to play.

How are pocket neighborhoods designed?

These types of neighborhoods are expressly designed to promote interaction. Each neighborhood contains a limited number of homes, and each faces the common area, instead of away from it. Homes are generally on the smaller side, although pocket neighborhoods still work well in affluent neighborhoods with larger homes. The homes themselves are designed to maintain privacy, but the layout of the neighborhood itself is intended to inspire people to get out and interact with one another.

Is a pocket neighborhood right for you?

Pocket neighborhoods are great for people who are retired, families with children, singles who don’t want to feel isolated and anyone who desires to feel part of a community. If privacy is your main concern, a pocket neighborhood may not be the best choice for you. But if you want to feel more connected in an increasingly disconnected world, a pocket neighborhood is an excellent choice.

Where can I learn more about pocket neighborhoods?

The website Pocket Neighborhoods has great information about what a pocket neighborhood is and how it benefits our communities. Ross Chapin’s book Pocket Neighborhoods is also a great resource. Of course, you can also contact a trusted real estate agent to talk to about the opportunities for pocket neighborhood living in your own community.

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the lifeblood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

How to Fix Your Credit Score

If you’re gearing up to buy a house, one of the most important things you can do to prepare is to check your credit score. That number is going to help determine how much interest you’ll pay on your mortgage – or whether you’ll qualify at all. By checking early, you’ll have more time to repair your score and save yourself money in the long run.

Know what credit score you need

While there is no hard and fast rule about what the minimum credit score is to qualify for a mortgage, higher is always better. As the market changes, so do minimum requirements for lenders. It also depends on the type of loan you are applying for. FHA loans, for example, have a minimum requirement of 580, while conventional loans backed by Freddie Mac or Fannie Mae require a score of at least 620.

Fix mistakes on your credit report

Take a good look at your credit report. If there are any mistakes or inaccuracies on it, you’ll need time to fix them. As many as 25% of consumers have errors on their reports – don’t be part of that statistic. If you do find a mistake file a claim on a credit bureau website. Keep copies of the documents you file. You should expect a response in one to two months.

Pay on time

Late payments not only affect interest rates on credit cards, they can also lower your credit score. If you’re planning to buy a house, make sure you keep current on all your bills.

Pay down balances

One of the best ways to improve your credit score is to keep your balance below 50% of your available credit. If possible, make more than the minimum payments on your debts over the coming months and work to pay down your balance. A history of only paying the minimum payment each month does not inspire confidence in lenders, so pay more than the minimum, even if it’s just a small amount.

Don’t close paid off accounts

While experts disagree on this tactic, it’s probably a good idea to keep that paid off credit card open, at least until you secure your mortgage. Closing the account will affect the ratio of your existing balance and available credit. Just don’t be tempted to suddenly use all that available credit to make a big purchase.

Don’t open a new line of credit

If you’re planning to buy a home, now is not the time to incur other debt. Do not take out a car loan or open any new credit cards. It’s also smart to wait on any big purchases on existing cards, like a vacation. Sudden big changes to your credit history can be potential red flags to lenders, so avoid them if at all possible.

Give yourself plenty of time

Before you even begin to look for a home in earnest, take time to get your financial life in order first. It can take time to remove inaccuracies from your report and repair a low credit score. When it finally comes time to buy a home, you’ll be glad you did.

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the lifeblood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

 

Compliments of Virtual Results

Choose the Perfect Neighborhood

If you’re in the market for a new home, part of choosing the perfect house is finding the right neighborhood. How do you do that? Start by asking yourself the right questions.

What are you looking for?

Any home search should start with a list of needs and wants – and that goes for the neighborhood, too. Begin by establishing your priorities. Do you want to live close to amenities, like markets or gas stations? Do you want to have easy access to culture and nightlife? Is access to public transportation a necessity? Would you like to live in a community with other families who have small children, or maybe you’d like to be surrounded by other retirees? Be clear about what you need and what you’re willing to compromise on before you even begin your search.

How convenient is the neighborhood?

Once you’ve established your priorities and begin to look at potential homes, consider how convenient the neighborhood is for your life. Is the home close to your work, or will you have a long commute? If you need to run some quick errands, are there stores nearby? How far will your kids need to travel to get to school? Is the home located near family, or will visiting require a special trip?

How good are the local schools?

If you have school age children or are thinking about starting a family, obviously the quality of schools in the neighborhood is a major consideration. But schools don’t just affect those with kids. Homes in neighborhoods with good schools tend to have more value and hold on to their value for longer periods of time.

What are the additional expenses associated with this neighborhood?

Don’t just focus on the cost of the home when you’re thinking about buying, and you also need to consider any other expenses or fees that may be associated with that community. Is the house located in a development with a homeowner’s association? What are the property taxes on the home going to be? Are there any future developments planned for this community that could conceivably raise taxes in your area?

How safe is the neighborhood?

Safety is a big priority for many homeowners, so it’s a good idea to check into crime rates for a potential neighborhood and see how they compare to the national average. Also, consider the types of crimes most common in the area. If you have specific questions about a neighborhood, call the local police station for more information.

Are there any warning signs?

At first glance, a neighborhood may seem like a great choice. But take a closer look. Are there a large number of homes for sale? Are there any foreclosed properties in the area? Have many of the homes turned into rentals? Are there any sounds that could become unpleasant, like traffic noise, loud music or airports? Do you notice any unusual smells that could affect your quality of life? Visit the property at different times of the day. Is traffic a nightmare during rush hour? Is the street particularly dark at night?

Considering the type of neighborhood you’d like to live in is just as important as choosing your house. Take time to prioritize your needs, and do the necessary work to investigate potential neighborhoods to find out as much about them as possible before putting in an offer.

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the lifeblood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

Should You Buy in a Gated Community?

Are you thinking about buying a home in a gated community, but wondering whether or not it’s right for you? You may be asking yourself if its safer or whether or not the home will retain its value better when its time to resell. Here’s a look at what you need to know so that you can make an educated decision.

Safety

When it comes to security, the perception is that gated communities offer homeowners a greater level of protection against crimes such as burglaries. But you also need to consider how easy it is to get inside the gate. Is the gate manned or unmanned? Is the gate often left unlocked? Are the codes to the gate well known because neighbors give them to dog walkers and pizza delivery people regularly?

In 2005, the Orlando Sentinel reviewed the sheriff’s reports for more than 1,400 Florida homes. What they discovered is that rates of residential burglaries and stolen cars were reported at almost exactly the same rate in both gated and ungated communities. Cases of vandalism were reported at slightly lower rates in gated neighborhoods. If safety is your main concern, gated communities don’t offer significantly higher protection from crime.

Traffic

A reduction in traffic is definitely an area where gated communities perform better than neighborhoods without gates. The gates deter using the community as a thoroughfare and since the gate forces cars to slow down, traffic is usually slower and quieter. If you have kids that like to play outside and ride their bikes, gated communities make it safer for them.

Prices

Be prepared to pay a higher price for a home within a gated community. These properties are usually part of a Homeowners Association (HOA), which collects fees to pay for maintenance of the streets, gate, landscaping and other community amenities. You can expect to pay hundreds or even thousands more in fees over the years.

Uniformity

Gated communities are attractive to some buyers because they come with an air of exclusivity. Many communities enforce strict codes of conduct that everyone living within the gates must follow, and you may or may not like this depending on your tastes. There may be restrictions on what colors you can paint your home, where you can park your vehicles and how long you can have guests stay with you. Some people enjoy living in a community where everyone is following the same guidelines, while others find this type of environment too restricting.

Convenience

Convenience – or maybe lack thereof – should also be a consideration when deciding whether or not to buy in a gated community. If the community has a manned gate, you may sometimes have to wait in line to be let in. It can also be an inconvenience to any guests you may have, as they will possibly have to check in at a gate or be buzzed in by a resident. There may also be restrictions on the number of parking spaces allotted to guests.

In the end, only you can decide if a gated community is the right choice for you and your family. By knowing ahead of time both the pros and the cons of living in this kind of neighborhood, you’ll be better able to make that choice when the time comes.

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the lifeblood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

10 Tips For Moving With Pets

Tips For Moving

There’s no way around it – moving can be stressful! But when you throw a pet into the mix, it can make the task even more daunting. If you’re getting ready to move, but aren’t sure what to do to make the experience less stressful for you and your pet, read on.

1. Tag and Microchip

With so many people coming in and out of the house during a move, an otherwise well-adjusted pet may get a little spooked and bolt. Moving day is already stressful enough without having to search the neighborhood for your nervous dog. Be sure your pet is microchipped and wearing a collar that clearly identifies your contact information. Also, check that the chip registry has the correct information and update it to your new address.

2. Visit the vet

Your vet is a great resource for you during a move. They can recommend behavior modification techniques or even medication to help quiet your pet’s nerves. You may even be able to get a recommendation for a vet by your new home. Ask for your pet’s medical records before you leave so you can give them to the new vet.

3. Get your pet comfortable

At the minimum, your pet is probably going to have to travel in a car to their new home. If your pet has travel anxiety, give them a few practice trips in the car before the big day. If you’ll be transporting them in a carrier, put the carrier in your home with the door open and a favorite toy inside so they can get used to it.

4. Have a moving day plan

Your home will be a flurry of activity on the day of the move, so make arrangements for your pet to be out of the house on that day if possible. Board them at a kennel or ask a friend or family member to keep them for the day. If your pet must stay at home, keep them in a quiet room with the door closed.

5. Have pet supplies ready

You’ll want to get your pet settled into your new home as soon as possible, so pack them a bag that contains all the essentials they’ll need, including food, water, a bed and a litter box.

6. Prepare for travel

If your move requires a trip on an airline, be sure to make arrangements with the airline beforehand. Some airlines allow pets in the cabin if they can fit under the seat. If not, they may need to travel with checked baggage. If you’re driving to your new house and will need to spend the night in a hotel, find the ones on your route that are pet-friendly.

7. Know the rules

Familiarize yourself with any pet laws at your new location, including leash laws and license and vaccination requirements.

8. Create a sanctuary in your new home

It may take awhile for your pet to get settled into their new home. Create a sanctuary for them in a quiet area of the home that includes their food and water bowls, litter box, beds, and toys.

9. Introduce them to the neighborhood

If you have a dog, work on establishing a routine as soon as possible. Schedule regular walks in the morning and evening to familiarize them with the neighborhood.

10. Save yourself a headache or two

If you are traveling great distances, including to a foreign country, you might consider hiring a pet relocation service. They can guide you through the process and help move your pet from one location to the next, saving you a few headaches and lots of stress along the way.

---

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the life blood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

How To Merge Styles in Your New Home

Is it time to take the big leap and move into a new home with your partner? No doubt you’re excited about this milestone in your relationship. You’ll now have someone to share the ins and outs of your day-to-day life.

But have you stopped to consider what this means regarding all the stuff you’ll now share – including all the items you use to decorate your space that makes it feel like home? If you and your partner have similar styles, that’s great. Moving in together and merging your belongings shouldn’t be too difficult. But if you and your partner have vastly different taste when it comes to decorations and furnishings, this can potentially cause some problems. Here’s what you can do to manage merging styles when you and your better half move into your new home.

Purge

While you may be hoping that your partner will miraculously and willingly give up most of their stuff so you can keep yours, that’s unrealistic. Moving in together means that if you keep everything, you’re going to have duplicates. Before taking the plunge, it’s time for each of you to purge some of these redundant items. If it isn’t something you love, need or use regularly, it’s time for that item to be sold or donated. If you’re at odds over which duplicated item to keep, choose the one that is newest or of the highest quality.

Choose new items together

When you’re moving in with someone, it’s an opportunity to start fresh. If you’ve been thinking about parting with your couch, and the other person has, too – why not shop for a new couch together? This will help you to find ways to negotiate and define what your new style will be as a couple.

Make a plan

Now that you’ve purged and acquired new items make a game plan for the new space before moving in. What will go where? Which pieces of art will hang on the wall? Draw up a floor plan and have ideas about where all your stuff will live.

Compromise

Maybe you’re shabby chic, and he’s midcentury modern, and you’re worried those two styles will just not blend. While it’s easy to jump to that conclusion, there are ways to combine even the most disparate styles. Perhaps you both like brass and the color red. Find details that you have in common and build the room around those. What you’ll create is an eclectic and refreshing new style all your own. You can even give it a name, maybe “Modern Rustic Chic” or “Exotic Elegance.” Who wants to live in a cookie cutter environment anyway? This is an opportunity for you and your partner to put a personal stamp on your home and think outside the box.

Hire a professional

When all else fails, and you and your partner just can’t seem to reach an agreement, hire an expert. A professional designer has worked with dozens of clients in similar situations. They can function as a neutral third party and figure out the best way for both of you to be happy.

In the end, remember that it isn’t the space that’s important; it’s the people who occupy the space. Keeping things in perspective and having a willingness to compromise and negotiate is the key to sharing a space and having a healthy and happy relationship.

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the lifeblood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

 

Compliments of Virtual Results

How to Choose the Best Offer for Your Home

You’ve put your house on the market. You had a great open house. And now you’ve gotten an offer – followed by three more.

If you’re selling your home, you may find yourself in the position of having to choose between different offers. While this is often an enviable position to be in – who doesn’t dream of a bidding war? – it also means that at some point you’ll have to choose between them.

If you’re wondering how to decide between competing offers for your home, here are some tips to make choosing easier.

All offers are negotiable

The first thing to remember when evaluating any offer for your home is that all offers are negotiable. It’s part of the process for the seller and potential buyer to go back and forth until a mutually desirable agreement is made. If you receive an offer that is interesting but not quite what you had hoped for, you can make a counteroffer asking for modifications.

Define your priorities

Before you even begin entertaining any offers, you must first decide what your priorities are for your home sale. On which terms are you willing to negotiate? Which terms, if not fulfilled, are deal breakers? Do you need to sell quickly, or do you have time to wait for a better offer? Take the time to clearly set your goals so you end up satisfied with the process in the end.

Establish a process with your real estate agent

If you or your agent thinks that your home will receive multiple offers, it’s a good idea to have a plan in place before you begin receiving those offers. Decide on a timeframe that you will accept offers, and let potential buyers know there is a clear deadline. Your agent has probably gone through this process before and will likely already have an established way of dealing with multiple offers – let their expertise guide you here. They can discuss with you how the review process will take place, and will likely be open to any modifications you may want to make.

Analyze each offer

Each offer you receive on your home needs to be carefully scrutinized before making a decision. While it may be tempting to go with the buyer offering the highest price, there are other considerations to bear in mind. Does the buyer want you to make any repairs? Are they asking for appliances to be included in the purchase price? Are they offering enough earnest money to deposit for the down payment? Is the buyer pre-approved for a mortgage? Do they want you to cover closing costs? Does their closing date align with your timeline? For each of these critical points, you’ll want to ask yourself what you’re willing to compromise on and what is a deal breaker.

While receiving multiple offers on your home can be very exciting, it’s important to keep in mind the big picture and have a plan in place for what to do if you need to decide between two or more potential buyers. With a little forethought and a set of clearly defined goals, you’ll have an easier time making that final call.

---

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the life blood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

Dealing with Easements

Are you considering purchasing a home that has an easement, but you’re not sure how it will affect you? Are you worried that it’s something that could cause you problems down the line? Are you confused about what an easement even is? Here’s what you need to know.

What is an easement?

An easement is a legal right to use someone else’s land for a specific purpose. You may see the term from time to time in listings as you search for homes. Before purchasing a home, it’s essential to know about any existing easements on the property and how they may affect your usage of it. Easements can be granted to entities like utility companies or even to individuals such as your neighbors.

How do you know if there is an easement?

Easements are usually filed with the local assessor’s office. If you do a title search for the property, the easement will show up as well. You can hire a title insurance company or a private title searcher to do this for you, or you can review the deed to the property yourself, which you can obtain from the county clerk or recorder. You can also contact the county or city’s zoning department; they will have surveys and plot maps that detail the easement. The local utility company or other entity with easement rights will also have information regarding the easement.

What are the types of easements?

While there many different kinds of easements here is a brief overview of the types of easements you may encounter in your home search.

• Right of way – This type of easement allows people to pass through your property, typically to a play area, park or lake. Sometimes, this can include a neighbor’s driveway if it is necessary to cross through your property to reach another.
• Utility easements – These easements are generally the most common and are granted to utility companies or the city. They often don’t impact your day-to-day living and are in place simply to prevent your interference with their use.

What if there is a dispute over an easement?

As a property owner, you may not interfere with the use of a legal easement. If you do, you could be held accountable for damages or even be taken to court. If you find that you are involved in a dispute regarding an easement, you should seek the advice of an experienced local real estate lawyer. Laws vary from location to location, so it’s essential to find out the appropriate details that are applied to your specific situation. While most legal easements are written documents, there are cases where unwritten easements can legally be created through particular circumstances, and the laws can be complex. You’ll definitely want reliable advice from someone knowledgeable that you can trust.

While easements may be a little complicated or cause confusion, they are a standard part of many real estate transactions. The most important thing you can do should you decide to purchase a property with an existing easement is to understand what it entails and abide by those determinations.

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the life blood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

 

Compliments of Virtual Results

Are You Ready for a Fixer Upper?

Maybe you have dreams of buying a new home but aren’t sure you can financially swing it. Perhaps you have visions of turning an otherwise shabby home into something from your dreams. Or maybe you’ve found a house that’s in the perfect neighborhood and it’s the perfect size – but it needs a little love.

There are lots of reasons you may consider buying a fixer-upper – anything from saving a little money on the purchase to putting your own personal stamp on the house. No matter what is motivating you, there are some things you should consider before signing on the dotted line. Ask yourself these questions when you’re deciding whether or not you’re ready for a fixer upper.

Do you want to save on the initial cost?

Buying a fixer upper can be really great on the pocketbook, at least in the short term. A home that is in need of work is generally going to cost you less than a home that is move-in ready. An added bonus is that in many cases the money and time you invest in the refurbishment of the home will add more value, so you could see yourself coming out ahead.

Are you prepared for the added costs?

Though you will likely save on the initial costs, you will most assuredly be sinking money into renovations. Even if you have a good handle on how much you think the renovations will cost, there are always surprises as you dig into the work. You never really know what’s behind the wall or under the floor until you start to demolish it. Be sure to build in a good buffer when you’re saving for those renovations.

How much time do you have?

Depending on the shape of your fixer upper, you may not be able to move in right away. Renovations always take longer than expected, so be prepared to spend some time living elsewhere while you’re updating.

Can you handle a work-in-progress?

Once you have the house in livable condition, it might still be far away from being the home of your dreams. How well can you adapt to living in an unfinished home where the kitchen isn’t quite ready, or the bathroom still needs updating? Can you embrace not being able to fully decorate and make your house a home for a few weeks or even a few months?

How much work are you willing to do?

One of the enticing aspects of owning a fixer-upper is saving money, so many homeowners envision doing much of the work of renovating themselves. But what you may think is a little work in the beginning could turn out to be a whole lot more than you expected. What skills do you have, and what are you willing to learn? How in shape are you? Will you have enough time away from work and other responsibilities to finish what you need to do in a reasonable amount of time?

Fixer uppers can be really wonderful homes to purchase, and many homeowners love the experience of owning a home that they had a hand in renovating. Just make sure you’re really prepared for all that a fixer upper entails before you take the plunge.

Compliments of Virtual Results

Make the Most of a Tiny Patio

Do you have grand visions of a summer spent outside, enjoying the sunshine and soft, warm breeze from your beautiful outdoor space? Do you feel like this is all a fantasy because you have a tiny patio that couldn’t possibly live up to your expectations?

Not to worry! Just because you lack square footage doesn’t mean you can’t fulfill those summertime fantasies. Here are some great tips to turn your small patio into something from your dreams.

Keep the design consistent

One of the best ways to make your small patio feel more expansive is to keep the design consistent with what you have in the house. When you open the door, the patio becomes an extension of your indoor living space, spilling out into the outdoors. If you have room for furniture, opt for those in the same style as the adjoining room, and choose similar colors. Keep the floor plan open so that the indoor room flows seamlessly onto the patio.

Consider Proportions

Nothing overwhelms a tiny space like big furniture, so choosing the best sizes for your small patio is key. Opt for chairs and tables with thin lines, clear acrylic or glass to take up less visual space. Make the most of the space you do have by choosing furniture that does double duty, such as a storage box that can double as a bench. Nesting tables and folding chairs also save space when not in use.

Hang a mirror

Mirrors are a common choice in small interiors to help make the space feel bigger, and the same can apply on your patio. Mirrors can help reflect nature back at you, and if you choose a mirror in a bright color or with a stylish design, you can add some wonderful visual flair while you’re at it.

Think vertically

Think you can’t have a garden because you don’t have the space on your patio? Think again. Many homeowners with small patios have turned to vertical gardening, using the walls of their patio space to grow both vegetables and flowers. A trellis can be used for vining plants, and a pallet garden can be the perfect place to tuck lettuce, herbs, and other edible plants.

Don’t forget the floor

Don’t leave the floor out when you decorate your outdoor space. In fact, updating a cement floor will make the space feel much more inviting and livable. Throw rugs can help to soften and warm up a cold floor, and there are even products on the market that allow you to install a temporary wooden floor over concrete.

Add finishing touches

After all, these considerations, what’s really going to make the difference in your outdoor space are all the finishing touches that make it feel personal. String lights will warm up the space in the evening, throw pillows will make everything more comfortable, and a cozy blanket will make those chilly nights much more inviting.

Just because you have a small patio doesn’t mean you can’t enjoy it! With a little thought and creativity, you can turn your tiny space into an outdoor oasis.

---

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the life blood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

[idx-platinum-widget id=”8772-32187″ ]

Save Money on Your Move

Save Money on Your Move

Moving can be tough on a tight budget – but not impossible. If you’re wondering how you’re going to get through your next move without spending a fortune, here are some of our favorite ideas.

Save money on packing

Did you start packing yet? It always seems to surprise people when they begin packing up all their belongings that they have so much more than they thought. How much stuff you move can have a significant effect on what it costs to move it since most moving companies charge by weight, so unloading unwanted items before you move is key. As you pack, decide what you no longer need and donate it before you go.

Save money on supplies

Boxes can be expensive. But why buy them when you can get them for free?  Many businesses will gladly unload their empty boxes if you ask them — produce boxes, liquor boxes and copy paper boxes are especially good for your move. Also, check the free section on Craigslist; many people who just moved will post their empty boxes.

Another way to save on supplies? Use some of the items you are going to pack anyway to cushion other items, instead of buying packing peanuts. Clothes and towels are great for protecting dishes, and blankets are perfect for making sure framed art and mirrors don’t get scratched. As your moving date approaches, save newspapers and circulars that come in the mail – they’re great for protecting anything fragile.

Save money on labor

Some moving companies give discounted rates if you pack your own boxes – call around and get estimates from several different movers. Do you have some friends or family who owe you a favor? Round them up on moving day to help load the truck. If you have some flexibility with your moving date, you can save by scheduling your move during off-peak times. Shoot for the months between September and May, when rates tend to be the lowest, or during the week or the middle of the month.

Save money with the post office

Books are heavy, making them one of the most expensive things to move. If you’ve got a library to rival that of the Library of Congress, consider boxing up your books and shipping them through the US post office via Media Mail. They’ll take a little longer to arrive, but you won’t need those hardcover copies of Harry Potter while you’re unpacking in your new place.

Save money on your taxes

Did you know that you might be able to deduct your moving expenses on your taxes? While the IRS has strict rules about who qualifies, be sure to save all your moving receipts and ask your tax accountant next tax season. If you’re moving for work, your employer may also be willing to cover some if not all of your moving costs.

While moving can be a daunting and expensive task, there are certainly ways that you can save if you get creative and stay organized. With the money you’ll save, you can splurge on massages for the whole family after you’ve unloaded and unpacked all those boxes.

---

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the life blood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

Home Buyer Pet Peeves

Selling your home can be a stressful and challenging process. Why would you want to make it doubly so by irritating potential buyers? Here’s what you want to avoid when putting your home on the market, some of home buyer pet peeves.

Not being prepared

In today’s housing market, if you want your home to show well you need to be prepared. You will be competing against sellers who have hired professional staging companies to make their homes look as good as possible, so you’re doing yourself a disservice if potential buyers walk into your home and feel like they’re invading your personal space. Before opening up your home for showings, you need to thoroughly clean, remove clutter and relocate personal items. Remember – you want buyers to be able to envision themselves living in your home. Make their job easier by neutralizing spaces, getting rid of old or worn-out furniture and packing up all your personal belongings like family pictures and sports team memorabilia.

Not having the home available

While it can certainly be an inconvenience, you need to accommodate buyers when they request a showing. This means being ready to leave at a moment’s notice, as potential buyers will likely not feel comfortable looking at a home if the seller is present. If you make it difficult for anyone to view your home, it can hurt you down the line during negotiations. Be amiable and understand you’ll be inconvenienced from time to time during the showing process.

Not being realistic about the selling price

If you haven’t done your homework and you overprice your home, you’ll likely extend the time your house is on the market by many months. You can be sure that buyers have done their homework and are aware of what comparable prices are in your neighborhood. If your home falls outside of this range, it is quite likely many potential buyers will simply overlook your home. Working with a knowledgeable agent will help ensure that your home is priced appropriately from the start.

Not being honest about issues

If you know your home has problems, it is best to be upfront about them. Whether it’s a funky smell or issues with the roof, trying to mask problems during the selling process is only going to hurt you in the end. These issues will eventually come out during the home inspection and could delay or endanger the sale and even possibly involve you in a legal battle. When it comes to any repairs that will need to be made to the home, honesty is the best policy.

Not being emotionally detached

Yes, you have an emotional attachment to your home – that’s normal. But when it comes time to sell, you need to set those emotions to the side. Potential buyers may have different ideas about what they like – or don’t – about your home, and you can’t take it personally should they suggest doing away with something about the house that you love. Maintain a healthy emotional distance and let your agent handle any interactions that may be tough for you.

---

Thanks for reading this article. If it was of help, please pass it on.
If you are looking to sell your home or you know someone who is, give us a call. You and your referrals are the life blood of our business. We would love to help you or your friends in your real estate path.

Stan Rector 805-577-7902

Compliments of Virtual Results

5 Tips for Multigenerational Living

Multigenerational living has been on the rise in America in the last few years. According to the Pew Research Center, analysis of the most recent census data shows that 57 million Americans – over 18 percent of the population – live in households with multiple generations of family. Many factors have spurred this development including the increasing longevity of Americans, students moving back home to economize and pay off school loans and the lingering effects of the recession.

If you’re one of the families considering consolidating their living situation and bringing several generations together under one roof, here are some suggestions and things to think about to help you make the most of the experience.

Privacy

When more than one adult generation is sharing a living space, privacy becomes a critical issue. Ideally, the adults in the home should have their own master suites with separate entrances so they have the option of privacy. Larger shared living spaces, such as living and family rooms, should have different areas designated for the generations, such as a spot just for toys that is away from where an elderly adult might trip and fall. Also having spaces for each generation to relax and entertain can be important, especially if you have vast differences of taste in how you like to unwind after a long day. And while having a totally separate kitchen could be a nice bonus, a simple kitchenette can give an elderly parent a place to prepare a quick meal or drink without having to use a shared space.

Flexibility

One of the hallmarks of the multigenerational family is the need for flexibility, as living situations will continue to change as family members age. Rooms should be kept neutral to allow for them to be utilized in different ways as a family’s needs change. For example, if a child leaves for college, her bedroom could become an office or guest bedroom.

Accessibility

Open access for all members of the family living together is another important consideration. Do any members of the family have accessibility concerns, like using a wheelchair or a walker? Will stairs be an issue? Are the doors and hallways wide enough to accommodate everyone? Can bathrooms be outfitted with safety precautions like handrails in the shower? Before getting an elderly member of the family moved into a new home, be sure it’s been properly prepared for their arrival.

Bills

With so many adults living under the same roof, there will be some question as to how to divide up bills and other living costs such as groceries and cable. Every family will have different ways to deal with this, but the important thing is to make those arrangements beforehand so that everyone knows what they are responsible for and feels comfortable. It will go a long way towards alleviating any potential conflict in the future.

Communication

In the end, what is going to make the biggest impact on your quality of life is maintaining ongoing communication between all the generations living together. Schedule regular family meetings – preferably in a neutral location outside the house – so that everyone can check in about what is and isn’t working.

http://homes.stanrector.com/idx/customshowcasejs.php?widgetid=48732

 

Compliments of Virtual Results

Saving for Your Down Payment

If buying a home is in your future, one of the realities you’ll need to face is the need to save for a down payment. Depending on the type of mortgage you qualify for, you’ll need anywhere from three to upwards of 20 percent of the purchase price in order to close. While that may seem like a lot of money to come up with in one lump sum, it can be done with some forethought, planning and discipline.

Here’s some of our best advice for saving money for your down payment.

Determine what you can afford

One of the first steps you need to take when you’re house shopping is to get pre-qualified for a mortgage. Not only will this make you more attractive to sellers, it will inform you how large a loan you can reasonably expect to carry. That, in turn, will tell you how much you need to save for your down payment. Depending on what percentage you’d like to put forward as a down payment, your mortgage lender can then calculate your target home price. Remember, the larger the down payment you can manage, the less you will need to pay each month for private mortgage insurance (PMI) and the better the interest rate will be for your loan, so it’s best to save as much as possible.

Find out if you qualify for a mortgage with a lower down payment

There are certain types of mortgages that allow buyers to put down a significantly lower down payment than a conventional loan, including an FHA loan, a VA loan and a USDA loan. Each loan type has its own set of qualifications, and these may be a good choice for you if you fit the criteria.

Decide on a timeframe

You probably won’t be able to save enough money overnight, so it’s a good idea to give yourself a timeframe for saving this money. If you’d like to begin your home search in earnest in three years, take the amount you need to save and divide it by the number of months you’ve given yourself to determine how much you need sock away each month.

Open a savings account

If you don’t already have a savings account where you do your banking, now is the time to open one. Most banks will allow you to set aside a fixed amount each month to be transferred from your checking to your savings, and automating the process will help keep you on track. Consider depositing one-time payments, like tax refunds, directly into your saving accounts, to reach your goal more quickly.

Check your credit

Your credit can help you score a better deal on your interest rate – as well as more breathing room with your down payment – as long as your score is good. As soon as you’ve decided to start saving, check your credit report to make sure it’s accurate. Sometimes credit reports contain inaccurate information that can hurt you, so give yourself plenty of time to clean up your report and your credit score.

Compliments of Virtual Results

Don’t Make These Mistakes When Buying a Home

Buying a home can be a complicated process, even for those who have gone through it before. One of the best ways to make the experience as painless as possible is to make sure you don’t sabotage yourself. Be prepared by reminding yourself to avoid these common mistakes.

Not checking your credit report

Maybe you’ve been daydreaming about a new home, doing some online browsing and mentally preparing yourself for the search. But before you even begin heading down the road to home ownership, you need to know what’s on your credit report. You should review your report a few months before you begin your search, to make sure there is no incorrect information or to address anything that could work against you when trying to secure a mortgage. Pay down as much debt as you can and be sure to have any problems taken care of right away.

Not getting pre-approved for a mortgage

After checking your credit report, the next thing you should do is get pre-approved for a mortgage. This will help you determine how much house you can afford so that you can target homes that are in that range. Getting pre-approved also signals to a seller that you are serious should you put in an offer. In a competitive market, if you fail to get pre-approved, it could mean the difference between having your offer accepted or being the first offer crossed off the list.

Not preparing for added costs

When you are determining your budget and how much you can afford to pay per month, don’t forget to include all the added costs such as insurance, taxes, utilities and fees. Those costs can add up and derail you should you opt for a home that’s at the top of your price range. You also need to remember to include closing costs and other fees you’ll be assessed during the closing process as well as moving costs and costs for repairs once you move in.

Not being realistic

As you begin your search, you should definitely set aside some time to put together your wish list. Think about what you really need to have in a home and what it would be nice to have. Don’t walk into the home buying process thinking you are going to get everything on your list – that rarely happens. Instead, be clear about what you need to have versus what you would think of as icing on the cake. Being realistic will help you and your agent find the right home quicker and more easily.

Not finding the right agent

Now that the Internet has made searching for available homes so much easier, you might think that you can forgo hiring an agent to help you with your search. But remember, there’s much more to purchasing a home than simply deciding which one you want to buy. An experienced agent can help you navigate the process, which can be complex and stressful at times. Not only should you work with an agent, but you should find one that you trust and that you feel you can have an open and friendly relationship with. Ask friends and relatives for referrals and don’t be afraid to speak with several agents before settling on the one that’s right for you. We would love the opportunity to be the first agency speak with. And if you would like to see what are past wanted to said please click here.

Compliments of Virtual Results

How to Make an Offer a Seller Can’t Refuse

It’s finally happened – you found the perfect house. It has exactly what you are looking for, it’s in the right neighborhood, and it’s actually in your price range. All you have to do now is make an offer and start packing, right?

Maybe not.

Unfortunately, you may not be the only potential buyer out there who has their heart set on this house, and your offer may not be the only one a seller has to consider. Here’s what you need to know to make sure your offer is the one a seller can’t refuse.

Get pre-approved for a mortgage

We’ve said it before and we’ll say it again – if you’re serious about buying a home it’s imperative that you get pre-approved for a mortgage. Many sellers will not even look at an offer that doesn’t come with a pre-approval, especially in a competitive market. A pre-approval signals to the seller that you are serious. Do yourself a favor and take care of this necessary step before you even begin looking at homes.

Make a connection with the seller

Whether or not a seller connects with you will influence which offer they eventually accept. Homeowners often develop attachments to their homes, and may be more likely to sell to a potential buyer who has the same emotional response, as opposed to an argumentative or insulting buyer who bids higher.

Don’t bid too low

It can be difficult to know sometimes if other offers have come in for the same house you are bidding on. While you don’t have to offer the listed price, if you do offer a lower price be prepared to explain why. Know what the comps in the neighborhood are as well as any potential repairs that will need to be made to the property.

Include an escalation clause

Escalation clauses are becoming more popular. Essentially they state that the buyer will agree to increase the offer by a predetermined amount if other offers come in that are higher.

Have deposit money ready

While you may not be in the position to make an all-cash offer, consider having enough money ready to increase the amount of the deposit. It could mean the difference between winning a bidding war – or not. Another possibility is to include a good-faith deposit with your offer, which is a check written for up to three percent of the asking price. Just be sure that you’re able to get that deposit back should your deal fall through.

Limit contingencies

If you’re selling your current house while you’re buying a new one, consider selling first so that the deal is not contingent on its sale. Most sellers prefer not to deal with contingencies, and if there are several offers on the table they’ll likely go with the one that has the fewest contingencies.

Write a letter

In addition to making a connection with the seller, if you feel strongly about the home consider writing a letter to the seller, telling them about yourselves and why you love their home. That kind of emotion could be enough to seal the deal.

The bottom line is, if you really want to make sure your offer is the one that stands out, be as prepared as possible. It could mean the difference between moving into your dream home and accepting a compromise.

These are just some of the things that will help get your offer through. If you we currently do not have a real estate agent and are looking for help in getting your offer accepted, give us a call today. And oh, by the way don’t forget to take a look at some of our other success stories.

Compliments of Virtual Results

How to Reduce Home Buying Stress

There’s no two ways about it – buying a home is stressful. Whether you’re doing it for the first time, or have several purchases under your belt, it’s a complex process that brings up lots of emotions – both good and bad.

Let’s face it – there’s a myriad of things that could go wrong during the sales process. Your loan could be rejected. The inspection could reveal that costly repairs need to be made. The appraisal could be lower than the selling price, which could affect your mortgage. The seller could be unpleasant or argumentative. There are plenty of things to worry about.

One of the best ways to deal with potential home-buying stress is to be prepared. Here’s what you can do to make buying your home as stress-free as possible.

Be clear about what you’re looking for

It’s frustrating for both you and your agent if you’re looking at house after house that just doesn’t suit your needs. Before you even begin scheduling appointments to view homes, take some time to define what you’re looking for. What type of house? How many bedrooms? What size? What kind of neighborhood? The clearer you can be, the more likely you’ll find a home you like sooner.

Be realistic about what you can afford

Getting swept up into the dream of owning the perfect home can be intoxicating, but having a mortgage that is not within your financial means is a nightmare. A good rule of thumb is to look for homes that are two or three times what your annual income is. Anything more than that, and you’re inviting excess stress into your life, worrying about how you’ll pay the bills each month.

Be ready with a mortgage pre-approval

By getting your financial life in order and getting pre-approved for a mortgage ahead of the buying process, you are signaling to sellers that you’re serious about making a purchase. You’re also alleviating a potential pitfall should you not qualify during the deal. In addition, getting pre-approved will help should others also make an offer on the same house. If not, you’ll be one of the first crossed off the list.

Be willing to make compromises

It’s rare to find the absolute perfect house at the perfect price. And if you are dead set on it, you’re going to stress yourself and your real estate agent out.  Unless you can build your home from scratch, you’ll probably need to make some compromises. Determine beforehand what you must have versus what it would be nice to have, so that you know where you can be flexible.

Be gentle with yourself and take breaks

Whenever possible, schedule relaxing things to do while you’re going through the process of buying a home. Get a massage. Go out to dinner with friends. See a movie. Take a nap. Visit with family. Go for a drive in the country. Listen to some guided meditations, or take a yoga class.

You don’t have to let stress get the better of you when you’re buying a home! If you take some time to get prepared, be clear about what you really need, and allow yourself some time to decompress, you can minimize the adverse effects it has on your well-being.

If you’re looking to get over the anxiety of buying a home, give us a call. We will walk you through the steps that you will be going through and make it a easy and fun process. Feel free to take a look at our testimonial page and see the experiences are current clients have already had.

Click Here

Stan

805-577-7902

www.StanRector.com

Compliments of Virtual Results

Are You Ready for Your Home Inspection?

Whether you are a buyer or a seller, a home inspection is going to be part of the process of any real estate transaction. Once an offer is made on a house, the buyer hires a home inspector to review the property before the purchase. You can think of this inspection as a physical exam, where the inspector investigates all the systems of the home and recommends what areas may need further evaluation.

The inspection process can be daunting for both buyers and sellers. The best way to mitigate any anxiety you might feel is to make sure you are prepared.

What does a home inspection include?

During the home inspection, the inspector will be examining components of the home including the roof, exterior, plumbing, heating and air conditioning, insulation, ventilation and interiors. The inspection itself generally takes between two and three hours, and once it is complete, the findings will be summarized and documented in a report. This includes any areas that the inspector determines need attention or repair.

How to prepare if you’re the buyer

To get the most out of the home inspection, a buyer should:

• Come prepared with any questions that have arisen when visiting the home.
• Advise your agent of when the inspection has been scheduled.
• Ask each agent about any known problems with the home.
• Read the disclosure form supplied by the seller and bring it to the inspection.
• Ask neighbors about the history of the home.
• If the home is vacant, be sure to have all the utilities turned on before the inspection date.
• Bring pen and paper to record any information the inspector gives you about the condition of the home.
• Determine if you want any additional testing, such as testing for radon or lead paint, as these may not be included in the standard testing. Contact the inspector beforehand to arrange these tests.

How to prepare if you’re the seller

Even though the home inspection is primarily for the buyers, sellers can prepare to make the inspection as easy as possible to avoid delays.

• The seller is not generally present for the inspection, so be sure to leave your home before the inspection begins. Remove or crate pets so they won’t be a distraction.
• Disclose any components that aren’t working properly.
• Clean your home and turn on all the lights. Make sure all light bulbs are working.
• Remove clutter from areas where the inspector will need access, such as under sinks and in front of appliances such as water heaters.
• Be sure to unlock and provide access to all spaces of your home, including gates, doors and garages.
• Identify attic and crawlspace hatches and make sure they are accessible.
• Clear driveways and walkways of debris, snow and ice.
• Collect paperwork about all the repairs and maintenance you’ve made on the house including inspections and insurance claims.

No matter if you are a buyer or a seller, the process of closing on a home will always include an inspection of the property. If both parties are informed and prepared on inspection day, the process can move more quickly and easily and reduce headaches and stress for everyone involved.

If you would like asked to share some home inspectors we have used in the past please give us a call.

Stan Rector

805-577-7902

Compliments of Virtual Results

Use Your Tax Refund On Your Home

Have you filed your taxes yet?

We know — tax season isn’t anybody’s favorite time of the year (except, of course, for tax accountants). But if you’re expecting a refund, now is a great time to reinvest that money in your home. Whether you’ll be getting a check for a few hundred dollars or a few thousand, there are great ways you can put that money to good use.

Save it for a down payment

Are you hoping to buy a home in the near future? As you probably already know, you’ll be expected to put down a down payment — anywhere from 3.5 to 20 percent or more of the purchase price. If you’re expecting a refund in the thousands of dollars, adding it to your down payment savings account is a fantastic way to get yourself closer to home ownership. And if you manage to save more than 20 percent, you’ll eliminate the need to buy mortgage insurance, saving you even more money down the line.

Pay down your mortgage

Even if you have a great rate on your mortgage loan, making an extra payment will still help you save money in the long run. By paying off more of your mortgage early, you will pay less interest over time. You’ll build equity more quickly and will own your home outright sooner. You may also be able to eliminate the cost of mortgage insurance once some of your loan has been paid off.

Purchase additional insurance

An inevitable part of owning a home is also purchasing homeowner’s insurance. This protects you from liabilities should someone get injured on your property and sue you. Unfortunately, most homeowner insurance policies are not comprehensive. By purchasing umbrella insurance, you get additional protection once your primary insurance coverage limits are reached, and as an added bonus, it also applies to your vehicles. For around $300 a year, you get about $1 million in coverage. It’s a very small price to pay for peace of mind.

Audit your home’s energy usage

Leaky windows, drafty doors and energy-hogging appliances all needlessly eat up your money. If you’d like to find ways to cut your energy costs, consider using your tax refund for a home energy audit. While there are free programs available from many local power companies who will send out a professional to look at your home and offer advice about where to make changes, the biggest bang will be to hire a private firm to do a comprehensive audit of your home. While you’ll be paying more up front, the audit is much more detailed and could potentially save you up to 30 percent on your energy bills should you decide to implement their suggestions.

Make needed home repairs

If your refund is less than $1000, perhaps one of the best ways to use it is to make some needed home repairs that you’ve been putting off. You can repaint, add some new landscaping, buy a programmable thermostat or finally organize your garage. The money spent will go a long way to contributing to your overall enjoyment of your home.

While it may be tempting to splurge on a big treat, spending your tax refund wisely on your home can improve your financial health for the long haul.

If you would like to know what your home might sell for. Please fill out the Market Snapshot form at the bottom of the page, Or Click Here!

Compliments of Virtual Results