Wednesday, December 9, 2015

Holding an Open House? Don’t Make These 7 Huge Mistakes


open-house-mistakesIf you’re selling your home for the first time, you might think of the open house as the point at which your Realtor® waits until you leave, turns into a magician and, with a flick of the wrist, completely transforms the place into something out of Bravo’s “Million Dollar Listing.”

But here’s the truth of it: Your agent isn’t practicing wizardry on the side. And you’re not responsibility-free when it comes to the open house.

In fact, even though you’re not present for the open house (and you never, ever should be, if you want to sell the home), there are still quite a few ways that you can screw it up—and drive away potential buyers.

These seven things will, according to our experts, destroy your chances of a successful open house—and, potentially, the home sale. Are you guilty of them?

1. Leaving your pets behind

This is Fremont, CA, home stager Alice T. Chan’s biggest open house pet peeve.

“That’s an obvious thing,” says Chan, who previously worked as a production designer for HGTV’s “Flip It to Win It” and was co-host and designer for the channel’s “Power Broker.”

Letting them run free is an easy way to annoy potential buyers, who may not like pets and definitely can’t picture themselves living in any home that once housed dogs or cats. Plus, you’ll want to consider the safety of the animals.

“People are going to open the door, and the pets will fly out thinking, ‘Woo hoo, I’m free!’” Chan says.

2. Turning a blind eye to the kitchen

You might be surprised by how many homeowners ignore this entire room when selling.

“Putting dirty dishes in the sink does not make them invisible,” Chan says.

Even if the rest of the home is staged to perfection, a disgusting kitchen will turn off buyers—and that goes for your dishwasher, too. People are nosy (and eager to learn about their maybe-new home). Expect them to open the dishwasher and investigate the fridge during the open house, and prepare your home accordingly: Clean and store your dishes, and clear out any smelly food from the fridge.

The same goes for any other room you think buyers won’t bother checking out, such as the garage, laundry room, or closets. Because guess what? They totally will.

“You’re not selling part of your house; you’re selling all of your house,” Chan says. “You want to make sure everything you’re showing is in showcase condition.”

3. Not hiding your dirty bath towels

Keeping bath towels you’ve used (and intend to use again) tucked out of the way in a closet benefits you twofold: Not only does it make your bathroom look well-staged, but it also keeps them free of dirt and germs from the day’s parade of guests. Instead, swap in a clean set of decorative bath and hand towels for each open house.

“You don’t want (people) wiping their grubby paws on the bath towels you wipe your body with,” Chan says. “That’s just gross.”

4. Cleaning solo

Hosting an open house is a great time to ask yourself: Am I a good cleaner? Really? If the answer to that question isn’t a resounding “yes!” consider hiring a professional.

“Very, very few people are good housekeepers,” Chan says. “If you think you’re going to save $200 on house cleaning because ‘I can do it myself’ … well, if you weren’t doing a good job before, you won’t do a good job now.”

Not only will cleaners scrub all the out-of-the-way spots you might miss (think baseboards and switch plates), they can also help eliminate odors and messes that go back years.

“I’ve worked on houses where it was a complete hellhole, no joke: dogs, cats, smoke, the whole nine,” Chan says. “We had it spit-shined so it would show well, and no one was the wiser.”

5. Not getting a second opinion

After cleaning and staging your home, a blunt-tongued neighbor can be a godsend. Over time, you can get used to smells and odors that can linger, even after a thorough cleaning.

“You need a neutral third party who will tell you like it is, not what you want to hear,” Chan says.

So don’t be offended if they tell you your place stinks—figuratively or literally.

“You’re not in a position to be all ego,” Chan says. “You’re trying to sell your house—and that’s what you need to focus on.”

6. Not maintaining the yard

While it might seem tempting to neglect your side yard, don’t. Not only does a messy yard look terrible, but objects strewed every which way can also be dangerous.

“A garden hose strewn across the yard is a tripping hazard,” Chan says. “Coil it up to make it look nice and organized-looking.”

And unless it’s trash day, keep your bins out of sight. Nothing makes a house less appealing than a pile of trash.

7. Forgetting to stash your drugs (no, seriously)

There’s a reason stagers depersonalize your house. Sure, they want potential buyers to visualize themselves living within its walls—but they also want to remove any ammunition against you during the negotiating process.

One place to look is the medicine cabinet, which should be emptied during an open house.

“You don’t want people knowing your identity. You don’t want people stealing your meds,” Chan says. “And you don’t want them to think, ‘Oh, I know this medication, I know why they need to sell the house,’ because cancer treatment or something. You don’t want people to get information from your house that they can use as leverage.”

The same goes for family photos and things such as walkers and canes: For example, if you’re elderly, they might consider undercutting your price under the assumption that you can no longer take care of your home.

Keeping buyers from learning your personal details isn’t just good staging—it’s good business sense, too.

Source: Realtor.com, Jami Wiebe
http://www.realtor.com/advice/sell/holding-an-open-house-dont-make-these-7-huge-mistakes/

Tuesday, December 8, 2015

Home Sellers: How Your Realtor Does It Better


As you think about selling your home, it may have crossed your mind that you should just sell it yourself. In 2015, approximately 89% of home sellers hired a REALTOR®. What do they know that you don't?

To sell your home yourself, you'll be competing against experts who have more tools and connections than you do. In addition to multiple listing services, broker Websites, real estate Websites, personal Websites, and professional-grade videos and photos, real estate professionals network with each other to sell many homes before they are introduced to the marketplace.

You'll have to perform all the jobs a professional would do for you, along with adopting a professionalism you haven't been trained for, all while holding down your own job. When will you have time to study the market, create a marketing plan, buy advertising, show your home, and negotiate with buyers?

It's no problem for a Realtor when a buyer wants to see your home at any time, but will your boss let you take off in the middle of the day to show your home? Will she allow you to use the company's graphics and editorial team to whip out a top quality listing presentation for you? Will you have the long-term price trends to defend your price to buyers?

You won't know whom you're allowing to see your home. Even if you could arrange a time to show your home to buyers, how do you know they aren't coming into your home to steal your prescriptions or worse?

Serious buyers are vetted through their real estate agents and bankers so only buyers who are qualified to buy your home can be allowed to see it. Do you know how to put a buyer through instant credit checks so you'll know whether or not they're suitable before you let them in your home?

Real estate transactions are rife with opportunities to make legal mistakes. Do you know what you have to disclose to the buyer to be compliant with state laws? If you did add-ons yourself and didn't get a building permit, you might be in violation of city codes that could come back to bite the buyer and you.

Closing in a garage doesn't mean you can add square footage to your home without subtracting market value for no longer having a garage. Your local taxing authority should reassess your home so that the size and amenities match the marketing materials and disclosures you've provided about your home.

Once you have a contract, you have to get to closing and many contracts don't make it that far. The buyer can decline to buy for a number of reasons, including FHA or VA requirements that your home might not meet. An agent can help negotiate problems and make sure every entity in the pipeline is doing their jobs in a timely fashion so there are no bad surprises.

Those are only a few of the many reasons sellers hire real estate professionals.


Source: RealtyTimes, Blanche Evans
http://realtytimes.com/consumeradvice/sellersadvice1/item/40579-20151203-sellers-how-your-realtor-does-it-better

Monday, December 7, 2015

Client Apprecieation Lunch at China Stix in Santa Clara

I just had my holiday client appreciation lunch at China Stix restaurant in Santa Clara yesterday. I want to say THANK YOU to everyone who showed up. I really appreciate it from the bottom of my heart. It was so nice seeing all of you. We had a great time, and Happy Holidays to you All!


















Should You List in January Or Wait for the Spring Selling Season?

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Thousands of homeowners speak to their real estate agent this time of year to consider their sale options — typically for the spring. It takes a few months for the agent and seller to plan and prep to list the home, so starting now makes sense.

Over the years, I’ve asked sellers if they would consider listing their home in January, right after the first of the year. At first, they look at me like I’m crazy. “Who sells a home in the dead of winter?” they ask.

As it turns out, many sellers not only successfully make it happen, but actually end up better off. Here’s why.

Buyers are out 24/7/365

In the past, buyers waited for spring to start their shopping because that’s when the majority of listings hit the market for the spring selling season.

Today’s buyers look at listings all day, every day. They have apps on their phone, get listings texted and emailed to them, and don’t care about the time of year.

They’re looking for inventory, and will buy homes well before the spring. List your home in January, and you will have a captive audience.

Bonuses, inheritances and tax implications

Each year, real estate agents’ phones ring come January. Previously active buyers want to re-engage, and new buyers come out of the woodwork. What causes this yearly phenomenon?

The end of the year often brings family events, financial activities and discussions about gifting for tax implications. Conversations about inheritances and taxes, money and homeownership seem to occur at many families’ holiday dinners.

Additionally, at year’s end, people take stock of their incomes, find out about work bonuses, and start thinking about whether they want to spend another year renting. Buyers start to take a second look at the tax implications of homeownership, too.

Whether it’s a new buyer who moves quickly or a previously active buyer who re-engages, these house hunters are around in January and will look at your home if it’s for sale.

Where’s the competition?

Typical sellers wait until spring to list. There’s no doubt that visible grass, blooming flowerbeds, and a spotlight on outdoor areas make houses more inviting.

But that also means that there might be two or three similar houses for sale in your neighborhood or school district, in your price range. Thus, it changes the supply-and-demand balance.

You’re better off being the only game in town when it’s time to sell. The more homes on the market, the more the buyers spread out.

Buyers shopping in January understand that the home won’t show as well as it does in the spring and summer months. Many of them don’t care. Having photos of your home during these times of year will help them envision it in the warmer seasons.

If you’re a flexible seller — meaning that you aren’t under any time restrictions or time frames to sell, and your home is already in showing condition — consider listing in mid- to late January. You can always control and negotiate your closing deadline with a buyer. If someone falls in love with the home, they may not mind waiting until April to close.

Also, many buyers have been at it for many months (sometimes years). So, come January, they are tired of open houses Sundays and the real estate hunt. This is your target buyer and, in part, they’re why it’s better to list in January than to wait until spring.

Source: Zillow Blog, Brendon Desimone
http://www.zillow.com/blog/list-in-january-or-wait-for-spring-187414/

Saturday, December 5, 2015

FIRST-TIME HOMEBUYER MISTAKES YOU DON'T WANT TO MAKE


You really, really don't want to make mistakes when you buy your first house. It could be a costly error -- even more costly than the time you dropped $10,000 on rare Beanie Babies in the ‘90s. Unfortunately, mistakes seem to be part of the home-buying process. To find out some of the more common screw-ups first-time homebuyers make, we spoke to Sandra O’Connor, a Realtor for 29 years and the regional VP of the National Association of Realtors. Turns out, most of them are avoidable if you know what you're doing.

Making huge purchases right before you close on the home
Before you go buy that new electric BMW just because Katie Couric and Bryant Gumbel told you to in a commercial, you might want to hold off until you close on your new house. O’Connor says lenders will re-check your debt load right before closing, and if you have a big ol' car payment on the books, they might rethink your ability to pay off the home loan. She’s seen lenders back out at the last second. This also goes for big furniture or appliance purchases, too. Might wanna keep that Sears card in your wallet until you move in.

Not getting your finances in shape
If you assume you’ll have enough money to buy a home because you have the down payment in hand, guess again. First of all, checking your credit score is key -- it can determine the interest rate and insurance costs related to your new home. And there are plenty of pre-buying expenses you might not realize you need to pay for as well. “The more you can invest up front, the easier the loan process will be,” O’Connor says. “But throughout that process, in addition to applying for the loan, you also have to do things like get insurance for your homeowners policy in place. You need to have inspections. The lending institution will probably charge them a fee to have an appraisal, as well.”

Underestimating the ease of home improvements
If you buy a fixer-upper, there are going to be myriad costs and time spent on getting the place in shape. But even if you buy a home that needs a few updates -- refinishing hardwood floors or remodeling a bathroom -- O’Connor cautions that “the projects will always take longer and cost more than you think.” Unless you buy a house that’s on an episode of Property Brothers, and then the whole job will only take about 45 minutes.

Not working with a trusted adviser
It might seem a little conflict-of-interest-y that a real-estate agent would recommend you work with a realtor when buying your first house instead of going it alone... but that advice also has the benefit of being a good idea. “If you have a professional helping coordinate everything, then the [home-buying] process will be smoother,” O’Connor says. “And they'll also be alert to what might be coming up along the way. There are ways, if you have an agent representing you, that they can negotiate with the seller to pay your closing costs.” And it’s not just your agent that can help -- if they work from an office, “they bring to the deal a whole team to support the process and guide you right.” Just because you read one news article on Trulia about how to buy a house, that doesn’t make you equal to an agent’s years of experience in buying and selling real estate.

Not taking a long-term outlook on your purchase
If you’re buying a house in a town with bad schools (aka any school Michelle Pfeiffer might teach in), but think it doesn’t matter because you don’t have kids, think again. “You might say, ‘Well, I don’t have kids, so schools don’t matter.’ To the next buyer, those schools might be very important,” O’Connor says. Also, will this home have room for you and someone else if you get married? Will you be able to sell the house if you have to move? Before you drop any money on a home, those are questions worth thinking about.

Making an emotional purchase
Yes, that dog is a good boy. He is a very good boy and you love him very much. No, he doesn't know how he got so cute. You should ask him again. But if you’re buying a house just because it has a fenced-in yard for him to run around, that might be an emotional reason to buy a house, not a smart financial decision. Perhaps the good doggie could do with a smaller yard, and you could not spend so much on a house.

Emotions are often part of the house-hunting process because looking for a house is a serious time investment, and frustration is inevitable. And if you’re house hunting with someone else, you’ll likely have to compromise on the type of house you settle on. Feelings may get hurt. Regardless of the situation, be it doggy- or human-related, if you let your emotions get the best of you, the end result might be a poor financial decision.

Choosing the wrong lender
There are plenty of lenders out there, eager to give you a loan worth hundreds of thousands of dollars. But is the lender reputable? O’Connor recommends asking around to find out if the lender delivers on promises, whether they be the rate or the timeliness of the loan. She cautions that lenders call the shots for a simple reason: “Those who have the gold make the rules.”

Working with the wrong real-estate agent
Selecting your agent by whoever comes up first on your Google search of “good local real-estate agents who get turnt on the weekend” isn’t the most sound strategy, despite it giving you someone else to hit the bars with. However, you do want to find someone with whom you connect with, O’Connor says. Do you get along personality-wise? Does their schedule mesh with yours? Interview a few! Get recommendations. Finding the right person is a huge deal. Finding the wrong one can be hugely detrimental.

Source: Thrillist, Lee Breslouer
https://www.thrillist.com/lifestyle/nation/buying-a-house-first-time-homebuyer-mistakes-you-dont-want-to-make

Friday, December 4, 2015

Here's How Underwater Homes Are Dragging Down Entire Housing Markets

Roofline
Negative equity – the percentage of homeowners who owe more on their mortgages than their homes are worth – continues to cast a pall over the U.S. housing market, even though more underwater homeowners are surfacing all the time.

The Zillow Negative Equity Report for the third quarter of 2015 found that just over 13 percent of homeowners with a mortgage are upside down. Last year, it was almost 17 percent.

Abnormally high rates of negative equity are hard on homeowners who can’t sell or refinance, but Zillow found that high negative equity rates also affect whole communities. All homes sell more slowly in areas with a high negative equity rate.

The homes most likely to be underwater are entry-level properties, restricting supply and making it hard to buy a home in those markets, as well.

Here are the large metros with the highest percentage of homeowners underwater. Las Vegas has topped this list for four and a half years.

Largest share of underwater homeowners


  • Las Vegas – 22.1 percent
  • Chicago – 20.6 percent
  • Atlanta – 18.6 percent
  • St. Louis – 17.6 percent
  • Baltimore – 16.9 percent


Read the full report on Zillow Research.

Source: Zillow Blog, Emily Heffter
http://www.zillow.com/blog/negative-equity-q3-2015-187723/

Tuesday, December 1, 2015

Santa Clara Plots Ambitious Downtown Development Plans



Just like adjacent Levi’s Stadium — the $1.2 billion, 68,500-seat home of the San Francisco 49ers and site of Super Bowl 50 in February — the proposed City Place development has been grabbing lots of attention for Santa Clara.

The planned $6.5 billion mixed-use development, dubbed “Downtown Silicon Valley,” will become a regional hub sprawling across 239 acres and eventually encompass 9.2 million square feet of office, residential, retail and entertainment venues.

It’s emblematic of Santa Clara’s Bayshore district sprouting north of Highway 101, where tens of thousands of visitors and media from around the world will descend for the 2016 Super Bowl.
On the other side of freeway, the pace is a bit less frenetic. There are a few more reminders of when the formerly agricultural region was called the Valley of Heart’s Delight instead of Silicon Valley. It’s the quieter, more historic side of town south of 101, where residents and officials of the city and Santa Clara University are seeking to rekindle a downtown area lost to urban renewal more than 50 years ago.

“Our residents want us to create a downtown especially for Santa Clarans themselves,” said Julio Fuentes, city manager for the city of 120,000 that traces its roots back to the founding of the original Mission Santa Clara in 1777.

To that end, Fuentes and other city officials have hosted three public meetings this fall for residents to discuss features they’d like to see in a revitalized Mission City core. City leaders have taken a back seat, allowing a core group of about 25 to 30 residents to brainstorm about their hometown’s new downtown. The city also solicited comments from residents on its web site.

“They are asking us to create a boutique downtown with locally owned shops, restaurants and services,” Fuentes said. “A place to call their own.”

Long a jumble of disparate small businesses, older houses and vacant lots, the old downtown is just beginning to stir to life. Centered on Franklin Street and bounded by El Camino Real and the Caltrain station on the east and including the Santa Clara University campus, the district contains a mix of privately owned parcels, as well as those owned by the city and the Jesuit-operated university.

Earlier this year, the Santa Clara City Council approved a 44-unit condominium project with 14,500-square-feet of ground-floor retail space at 1313 Franklin St. To be built by Sunnyvale-based SiliconSage Builders LLC, the pioneering Downtown Gateway project will be the first such development in the district in more than 20 years.

Another project is the 417-unit apartment development called Mission Town Center at Benton Street and El Camino Real to be built by The Irvine Co. of Newport Beach. It will include 26,000 square feet of retail.

Mayor Jamie Matthews said the massive City Place project has made it possible to consider a greater variety of uses in the city’s re-born downtown area. “We are great at creating (research and development) and other kinds of high-tech jobs,” he said. “We have not been as good at promoting retail. That’s beginning to change.”

He cited not only the yet-to-be-built City Place, but also Santa Clara Town Centre on El Camino Real, a reincarnation of the old Mervyn’s Plaza that opened last year. It’s anchored by a 140,000-square-foot Target.

“This has been a wonderful exercise,” Matthews said of the three community meetings. “We (city officials) are standing back and letting the process take its course.”

Based on public input so far, as well as the wishes of city officials, Matthews said he envisions the creation of a “walkable district” for visitors and commuters from nearby Caltrain, BART and high-speed rail service many years in the future.

“People want [downtown] Campbell, Los Gatos or Los Altos,” Matthews said of those thriving central business districts comprised mostly of small, locally owned shops and cafes.

The final public meeting on resurrecting Santa Clara’s downtown is scheduled for 6:30 p.m. Dec. 1 in City Council Chambers at City Hall, 1500 Warburton Ave.

Source: The Registry, David Goll
http://news.theregistrysf.com/santa-clara-plots-ambitious-downtown-development-plans/