Are you selling your home? Or do you have your home on the market and no offers have appeared yet? Read on to find out how you can add some curb appeal to your home and even maybe, just maybe add a little more value to your home.
The way your house looks from the street can impact its value. It can also shorten the time it takes to sell your home. Advice from real estate agents, appraisers, home stagers, landscape designers and home inspectors suggested the following as the projects which would add most curb appeal and perhaps some value when selling your home.
1. Paint the house.
Hands down, the most commonly offered curb appeal advice from our real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it and appraisers will note it on the valuation. If you’re under two years remaining life on the paint work, paint the exterior because it tends to show wear badly. Just make sure you stay within the range of accepted colors for your market. A house that’s painted a wildly different color from its competition will be marked down in value by appraisers.
2. Have the House washed.
Before you make the investment in a paint job, though, take a good look at the house. If it’s got mildew or general grunge, just washing the house could make a world of difference. Pressure washing – a job to be left to the professionals, makes the house look “bright and clean in addition to getting rid of unsightly things like cobwebs, which may not be seen from the yard but will detract from the homes cleanliness when seen up close.
The cost to have a professional cleaning should be a few hundred dollars – a fraction of the cost of having the house painted.
3. Trim the shrubs and green up the yard.
Cut down overgrown bushes and shrubs and replace with leafy plants and annuals mulched with beautiful reddish brown bark. Cost will be minimal. You also don’t want any bare spots. Take the time to fertilize the yard, throw out some grass seed, and if needed, add some sod.
4. Add a splash of color.
It could be a flower bed of annuals by the mailbox, a paint job for the front door, or a brightly colored bench or an Adironack chair. You can buy a cute bench at Home depot for $99. Spray paint it bright red or blue and set it in the yard or on the front porch. This won’t add extra points from an appraiser for a brightly colored bench but it may help to sell the home faster than the one down the street.
5. Add a fancy mailbox and house numbers.
An upscale mail box and architectural house numbers or an address plaque can give your house a distinctive look that stands out from everyone else on the block. A good mailbox might cost $40-$50. Architectural house numbers may run as high as a few hundred dollars.
So try some of these ideas and see if they won’t just help you sell your home!
For more information on how we will help you to sell your home:
CALL PAM AND JOANNA
PAM PARTON: 760-580-1615 JOANNA WOOLLEY: 760-580-1630
Content by courtesy of House Logics, Realtor.com
Most people know they need to look their best when trying to get approved for a mortgage. Like brushing our teeth and combing our hair for a family portrait, we know that our credit scores, job history and general financial health are important. (To see how to avoid common pitfalls after you have been approved for a loan, see my recent post Your Loan is Approved! Now Avoid These Four Pitfalls That Can Really Ruin Your Day).
However, did you know that the type of property you choose may also have a major impact on your loan approval? If not, dear reader, then Press On!
Let’s say you start out thinking you’re looking for a cute house with a white picket fence. But then you begin to see different options. Let’s see how those choices may change, limit or even eliminate your financing options:
A Planned Unit Development, or PUD
A what? They look like a regular house, but are part of a large, master-planned community. Most homes built in recent years by major builders are PUDs. This property choice invariably comes with a required membership in a Home Owners Association (HOA). The monthly HOA dues can commonly run into the $200 to $400 range, especially in Southern California. This will reduce the amount of financing you qualify for because it will be included as part of your debt-to-income ratio.
Condominiums
- Non-Warrantable Condo Projects – This is a condominium that does not have official Fannie Mae or FHA approval (required to get financing from these agencies)
- Condo Conversions – These are condos that started life as apartments and then were converted to condominium building codes. Most are OK, but a few may be little more than cosmetically-enhanced apartments. Again, look for that all-important Fannie Mae or FHA approval on the project
- High-rise Condos – commonly defined as a condo above 4-stories tall. Some lenders won’t do mortgages on them
- Those ubiquitous HOA dues will change your qualifying debt/income ratio
Manufactured and Modular Homes
This can be a tricky area with regard to financing. These types of homes are partially built and assembled in a factory and then moved to the property site where they are permanently affixed to the land. Such homes manufactured in recent years can look like a traditionally-constructed or site-built home except to the most discerning eye (like an appraiser). However, lenders definitely make the distinction and the types of loans available to purchase or refinance this type of property are quite limited, especially in the current financial markets. Where available, a mortgage on this type of property will likely require a greater down payment. Options such as interest-only payments will be almost impossible to find. While this type of housing can be ideal for the right Buyer, be aware that it will limit the financing options for you now, and most likely for the next person looking to purchase it (from you)
Large or Unusual Properties
This one can catch you by surprise. A common example might be a home built on 18 acres of land. Regardless of how big or nice the house is, a large tract of land may actually dominate the total value of the property. Conventional mortgages are intended to finance residential property, not land. As a result, some lenders will limit the maximum size of the property they will finance; 5 acres is not uncommon. Other lenders will allow larger acreage but will require the appraisal to consider the value of the improvements (house) and limit land value to 5 acres. Another issue can arise if the property includes improvements other than what is common to residential property. Examples might be a home on 4 acres that includes 300 avocado trees, or a duplex where 1 of the 2 units actually houses a business such as a barber shop. These properties may be viewed as commercial or mixed-use in nature, rather than residential.
Multi-Family Property (Duplex, Triplex etc.)
Conventional financing is still widely available for 2 to 4 family properties. However, recent changes in the mortgage markets have tightened a number of requirements to qualify for financing on these property types. Examples include larger down payments, higher credit scores, higher interest rates and more conservative debt-to-income ratios.
The important point to draw here is that one size does not fit all when obtaining financing. It’s best to have a reasonably clear idea of the type of property you are seeking to purchase before you obtain loan approval. And if that idea changes, be sure to let your mortgage professional know as soon as possible. That will avoid unpleasant surprises and assure that your approved financing will work for the home of your dreams!
For questions about matching your loan to your home, call Paul Gonzales, Countywide Mortgage Lending at (760) 746-7388 or email me at paulforloans@aol.com
6 reasons to reduce the price of your home
Has your home just been sitting on the market with no offers?
That could happen for a number of reasons that are outside of your control. Like a unique home layout, or having one of the few homes in the neighborhood without a garage. However, there is one factor you can control: your home price.
These six signs maybe telling you it’s time to lower your price.
1. You’re drawing few lookers – you got the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports that there have been few buyers calling about and asking to view your home than there have been for other homes in your area, this might be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.
2. You’re drawing lots of lookers but have received no offers – if you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling other agents about your home? An overly high price may be discouraging buyers from making an offer.
3. Your home’s been on the market longer than similar homes – Ask your realtor about the average number of days it takes to sell a home in your market. Buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
4. You have a deadline – If you’ve got to sell your house soon because of a job transfer, or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is priced a little lower than comparable homes in your area. Remember its not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.
5. You can’t make upgrades – Maybe you’re out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.
6. The competiton has changed – If weeks go by with no offers, continue to check the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you’ve listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
Content courtesy of Home Logic, Realtor.com.
CALL PAM AND JOANNA TODAY FOR MORE INFORMATION ON HOW WE WILL YOU SELL YOUR HOME.
PAM PARTON: 760-580-1615 JOANNA WOOLLEY: 760-580-1630
14243 Ridge Oak Place, Valley Center, CA 92082
This home is one of a kind – you will see no other like it in Valley Center. This custom European design and unique decoration with magificent panoramic views will leave you breathless. Located in one of the most prestigous communities of Beautiful Valley Center, Ridge Ranch Estates.
Enter into the grand entry with 17ft soaring ceilings. An elegant and romantic master bedroom suite with fireplace and forever views leads into a oversize master bath with highly upgraded fixtures and fabulous Valentina tiles througout. Contemporary chefs kitchen with bosch appliances and flamboyant cabinets.
Contemporary Chefs Kitchen
3873 sq ft of absolute luxury on 4.73 acres is a home not to be missed – so come by and get a guided tour of this unforgettable masterpiece.
Priced @ $995,000 – $1,150,000.
FOR ALL OF YOUR REAL ESTATE NEEDS CALL
PAM AND JOANNA.
PAM PARTON: 760-580-1615
JOANNA: 760-580-1630
Foreclosed properties and “short sales” are certainly in the news today. We are all aware that they exist in every community right now including our own neighborhoods. Properties that have been taken back by a bank or lender and held on their books are known as “real estate owned” or REOs. For both regulatory and business reasons they must work to sell them as soon as they can and get the REOs off their ledgers. So-called short sales are where the private owner and the lender agree to sell the property for less than what is owed. In our current markets, this need to liquidate properties often forces the lender to sell at a loss. As seen in recent sales figures for many areas, this practice has at least the potential to drive market prices lower in some areas.
OK – So how can the sale of a nearby foreclosure or short-sale affect me?
Any individual home sale in the area is only one statistic, not the entire local market. In fact, a common misperception is that the lowest recent home sale “sets the price” for similar properties around it. Not so. Understanding just a couple of basics about how a professional appraiser determines value can illustrate the impact that recent nearby sales have on your home’s value.
Appraisers are required to identify recent sales of properties that are similar and near in proximity to the home being appraised; these other sales are called comparable sales, or “comps“. There are extensive rules and formulas that they use to accomplish all that but those are the general criteria that they seek. After adjusting the sales prices for considerations such as age, size, amenities, quality and condition (among many other issues) the appraiser then has a finely-tuned range of prices that he or she will use to determine the value of the subject property being appraised. While not impossible, it is rare that the final value ascertained will be equal to the lowest comparable sales price (REO, short-sale or otherwise). Most commonly, the final value will be somewhere within the range of prices analyzed.
Which brings us back to the topic of the sale of a nearby REO or “short“. If the lowest sales price in the pool of comps used by the appraiser is an REO and is also significantly lower than the rest of the comps in the pool, the appraiser has the latitude to comment on that aspect. Depending upon how solid the remaining sales comps are, the REO or short-sale could have only a minimal impact on the value of the subject property. It may thus represent only the low end of the value range for that particular market. On the other hand, if the majority of recent comps happen to consist of REOs and/or short sales, then they may well define that local market and collectively have a significant impact on the value of the subject property.
In the final analysis, the value of your property is determined by your local market and is usually defined by recent multiple sales. Regardless of whether comparable sales are private sales, short sales or REOs, the market “is what it is” at that point in time. What’s most important to remember is that for the vast majority of markets, value is not defined by any one single sales transaction!
for more information contact Paul Gonzales, Countywide Mortgage Lending (760) 746-7388 or paulforloans@aol.com
Your loan application has been officially approved by your lender and you are in escrow on your dream home. Just days before you expect to close your purchase and begin moving, your lender tells you that you no longer qualify for your financing. What happened?
During the typical thirty to forty-five day escrow, there is ample opportunity for the prospective home buyer to unwittingly sabotage his or her deal. These innocent mistakes can be grouped into four categories:
Credit Issues
Your initial credit report was good enough to qualify you, and then you went out and:
- forgot to make that dinky $18 payment on your J.C. Pennys account
- purchased a plasma screen TV with no payments due for a whole year (and now you have a new credit account with a subprime finance company)
- opened a new credit card or max’d out the balance on an existing card
- finally paid off that old traffic ticket that went to collection two years ago
Any one of these mistakes can have a dramatic effect on your credit score and disqualify you.
Employment
- you were a company employee, and now you are self-employed
- you still work for the same company but just switched from a salaried position to one that compensates you by commission or bonuses
- you have just made a significant career change, say from being an auto mechanic to a real estate agent
Lenders usually look for a stable employment and income picture for at least the last two years. Any significant change after your application is approved can start that “clock” over again
Income and Expenses
Your loan approval included a comparison of your present monthly consumer bills, together with the loan you requested, as a percentage of your monthly gross income, however:
- you or a spouse decided to switch from full-time to part-time
- you just made a major credit purchase such as a new car
- you have actually made no changes whatsoever, but you were qualified for a specific maximum loan amount to purchase a house. Now you want to buy a house or a condo that includes a $325 monthly homeowners association fee, or found a home in a neighborhood that has special tax assessments such as Mello-Roos.
Any significant decrease in income, or increase in expenses tied to consumer debts or the home purchase itself, can reduce the amount of financing you qualify for.
Financial Assets
Most loans require that the home-buyer have a minimum amount of financial assets such as money in the bank, investments or an IRA or retirement plan. Once approved, however, you:
- made a sizable cash purchase, such as furniture for the new home
- repaid a loan to Aunt Bethany
- took out a loan against your retirement plan
Your qualifying assets could fall below the minimum amount required to maintain your approval.
These mistakes are quite common and easy to make, because they involve normal activities and routine decisions that we make everyday. The key to avoiding any of these four major pitfalls is recognizing that your loan approval is like a photograph. It is literally a snapshot-in-time of you and your financial condition. Lenders will rely upon that snapshot right up until the time they wire the money to escrow, the title company records your new mortgage and your agent hands you the keys. There is nothing routine about that. So smile, look your best and stay “YOU” until your agent hands you those keys!
for more information call Paul Gonzales, Countywide Mortgage Lending, at (760) 746-7388 or email me at paulforloans@aol.com
Welcome Home To Del Sur
Northwest elegance with Southern California Appeal give a distinctive personality to this attractive Cabrillo home. With the highest standards of taste and carefully selected upgrades this home FEELS like HOME the moment you walk in.
4 Bedrooms, 3 Full Baths, (1 bedroom and bath on the entry level), 2771 square feet, built in 2009 with quality GREEN standards including a tankless water heater.
Open Living and Dining area with french doors to private couryard. Distressed wood floors add warmth and character.
Oversized kitchen for the gourmet cook. Spacious master suite with a charming built in window seat.
We invite you to take your own private tour through this lovely Del Sur Home, CLICK HERE.
For more information or to make an appointment to view this property,
CALL
Joanna Woolley or Pam Parton
760-580-1630 or 760-580-1615
There is no better place to be than San Diego County for your 4th of July celebrations and fireworks displays. 
You may love the excitement of a large crowd or prefer a more quiet and intimate hilltop retreat to view any of the many piro-technic events offered throughout the county.
Where ever you decide to go, please be safe and have a Happy Independence day!
9:00 p.m. BIG BAY BOOM 2010
The Big Bay Boom July 4th Fireworks Show over San Diego Bay will be a 17 minute visual sensation. Fireworks will be fired off of four barges placed strategiacally around the bay off Shelter Island, Harbor Island, North Embarcadero, Seaport Village and the Coronado Ferry Landing as well as the Imperial Beach Pier. Be sure to find your spot because over 850,000 people are expected to line up along the Big Bay to catch a glimpse.
The live simulcast will be on 105.7 The Walrus FM radio. If you want to just put your feet up on the table and watch from your leather sofa, grab the remote, turn up the volume, and tune into San Diego FOX 5 HD and Cox 4 HD.
Catch the Trolley: Closest stop is at the Santa Fe Depot in San Diego or Seaport Village.
Free Shuttles: Shuttles will begin departing from designated areas at 5:30 p.m. and will be taking people back to their cars right after the fireworks show.
Point Loma: Corner of Carleton Street and Rosecrans Street in Point Loma, adjacent to West Marine. Only street parking is available at this location . The shuttle will drop passengers off in front of the gazebo on Shelter Island. The pick up location after the show will also be at the gazebo.
Port of San Diego: Port of San Diego building (3165 Pacific Highway) will have Sundance Buses at the Port of San Diego Administration building, 3165 Pacific Highway and at the Ports employee lot directly across the street on the southwest corner of Pacific Highway and Sassafras Street. Parking is free at this location. Passengers will be dropped off at Harbor Island Park.
9:00 p.m. San Diego County Fair 4th of July
Closing out the San Diego County Fair with a big bang is part of the tradition. Fried food and fireworks are a great combination!
Viewing Note: Solana Circle Drive, between Via De La Valle and Nardo Avenue will be close to all vehicular traffic for a safe and orderly viewing of the fireworks display at the Del Mar Fairgrounds. All of Solana Circle Drive will be closed to vehicular traffic at 8:00 p.m. on July 4, 2010, and will re-open at approximately 10:00p.m. Please call Deputy Fier Chief Dismas Abelman at 858-720-2402 for more information.
9:30 p.m. SeaWorld
SeaWorld lights up the sky every night during summer but the big bad July 4th displays the big daddy of the year. This is a special patriotic fireworks presentation.
8:30 p.m. Legoland
You can watch fireworks at Legoland on July 4th and every Saturday in July at 8:30 p.m. But on July 4th, the day will be highlighted with all things Red, White and Boom!
9:00 p.m. La Jolla Cove Fireworks
This is a 25 year tradition in La Jolla. There has been some environmental issues threatening this event but organizers are determined to make it happen.
7:30 p.m. Summer Pops on the Embarcadero
Summer Pops 2010 will ring in the national celebration of independence with a lot of pomp and circumstance, courtesy of pops conductor and popular entertainer, Marvin Hamlisch. Marvin and the Pops will celebrate the 4th withba patriotic performance packed with Broadway hits, marches and as always appreciated in San Diego, a salute to our military. After the musical performances, fireworks will be displayed over the bay each night of the holiday weekend.
9:00 p.m. Coronado
Lets face it, no place in San Diego is more patriotic than Coronado. Coronado paints the town red, white and blue for July 4th. The 62nd Annual independence Day Parade will be on Saturday, July 3. On July 4th the 35th Annual Independence Day 15K Run/Walk at Tidelands Park will be at 7;00 a.m. The fireworks over Glorietta and San Diego Bay will be on July 4th at 9:00 p.m.
9:00 p.m. Escondido
Its an all day affair of patriotic pastimes and family fun at Escondido Grape Day Park.
9:00 p.m. Mira Mesa
The community of Mira Mesa kicks off the day with the 36th Annual 4th of July Parade at 1:00 p.m. followed by fireworks at 9:00 p.m.
9:00 Poway
Big old fashioned 4th of July event all day at Old PowayPark 14134 Midland Road followed by fireworks at Poway High School.
9:00 p.m. Spirit of the Fourth in Rancho Bernardo
Rancho Bernardo kicks off July 4th at the athletic fields at Bernardo Heights Middle School.
9:00 p.m. Ramona
July 4th Ramona Community Fireworks and Family Picnic (pending funding). Please call 760-789-1311 to check on this events status. The evening event will take place at Olive Peirce Middle School on Sunday, July 4th from 5:00 p.m. to 9:00 p.m. The fireworks show will be synchronized to patriotic music broadcast over radio station KYXY 96.5 FM.
9:00 p.m. San Marcos
The patriotic celebration starts at 6:00 p.m. with music and fun for all in Bradley Park.
9:00 Santee
Santee Salutes from 3:30 p.m. to 9:30 p.m. at the Town Center Community Park West Ball fields, followed by fierworks at 9:00 p.m.
HAVE FUN, BE SAFE, RESPECT YOUR NEIGHBORS AND HAVE A WONDERFUL 4TH OF JULY!!
contribution of content by San Diego News Network.
The best approach for avoiding foreclosure-related scams can be described as two words: GET TOUGH. Being easy-going may work in social settings, but its all wrong when you’re facing foreclosure.
HOW TO AVOID FORECLOSURE SCAMS
Scam artists will intentionally seek you out. They hope to take advantage of you when you are distressed about possibly loosing your home or unable to deal with the complicated issues surrounding foreclosure.
As one homeowner who fell victim to a foreclosure-rescue scam said, “When you’re down and out you will believe anything.” As difficult as it is to face foreclosure, it will be a lot worse if you get mixed up with unscrupulous people. So get tough by vigilantly watching out for scams. Here are some things to watch out for:
- Appearing to be legitimate: Outwardly, scam artists do not appear or act dastardly. On the contrary, scam artists may look nice and clean-cut, and they may seem to be kind and trustworthy men and women. Scam artists often engage in “affinity marketing” which means they attempt to lure people by belonging to, or pretending to belong to, the same racial, religious, social or other group as their victims.
- Asking for money upfront before providing any service: One of the tell-tale signs of a possible scam is when someone makes a promise or representation, but asks you for money upfront before delivering on that promise. If you pay a scam artist, you are unlikely to see either your money or that scam artist again.
- Making unqualified promises: To lure you out of your money and home, a scam artist will often say whatever it is you want to hear in a very convincing manner. If you’re facing foreclosure, the scam artist is likely to assure you that he or she can stop it, fix it, or make the problem go away. If it sounds too good to be true, it usually is.
- Lacking credentials: With certain exceptions, someone who charges you a fee to negotiate with your lender on your behalf must be licensed with the California Department of Real Estate. You can do a quick “License Status Check” at www.dre.ca.gov You should also conduct further investigations before doing business with someone, such as checking public records, the Better Business Bureau, and the Internet, asking for and verifying references, and going to the business address to see if it actually exists.
- Asking for you to do something immediately without delay: Scam artists will push you to make quick decisions, often by making up fake deadlines. They don’t want you to have a chance to mull things over, go over the paperwork, or discuss their scheme with your family, friends, lender, real estate agent, or anyone else.
- Asking for your signature: Whenever you sign a document, make sure you know what you are signing. Do not sign unless you have a chance to read and review the document. Do not sign if a document has blank lines left. Do not let someone con you by saying something in the document does’nt matter or does’nt mean what it says.
- Asking you to do something improper or illegal: Scam artists may ask you to participate in something improper or illegal. Proposing something a little improper may make their promises of stopping foreclosure more believable to fraudulent scheme. Do not compromise your position by getting involved in anything underhanded.
- Brushing aside your questions: To help smoke out the bad guys, ask a lot of questions, even if you know the answers. Be leery of doing business with someone who brushes aside your questions or gives the wrong answers. Indeed, an excellent way to protect yourself against scams is to learn as much as you can about foreclosure-related matters. Because scam artists prey upon ignorance, the more you know about foreclosures, the less likely you’ll be duped!
If you have any foreclosure related questions give us a call. If we do not have an answer we will refer you to some who does.
PAM PARTON 760-580-1615 JOANNA WOOLLEY 760-580-1630
Current Market Trends Escondido, CA 92025, 92026, 92027, 92029
Escondido Real Estate Trends
So… I bet you are all waiting with baited breath to learn what is going on in beautiful Escondido, California Real Estate Market. Well you have come to the right place to get the up to the minute report.
Escondido continues a positive trend upward in all areas. The last look at this market was in our report Escondido H0mes Sold February and March 2010.
In that report we looked at 2 months rather than the typical 1 month cycle as we are here, and we are still seeing stronger numbers through just 1 month as apposed to 2.
This month shows an increase in both ACTIVE listings as well as SOLD listings…that means there is some movin and shakin going on. The active listings increased from 369 early in the year to 432 currently. Sold listings increased from 127 to 142 in May.
Much of this flurry of activity has been due to the tax incentives that buyers have been eager to cash in on, but some of it is due to that shadow inventory o f REO homes being released a little at a time. Buyers have more inventory to choose from…but still not too much, just enough to keep them happy.
Another positive increase we are seeing is in the average SOLD price. That figure has gone from $347,158 to currently $361,486.
As we move into the summer season, we should continue to see the typical increase in activity as home buyers make their purchases in time to settle in for the fall season before school starts again.
Overall, the market is looking a lot more balanced than it has in a very long time. This is a good time to be a buyer or a seller.
If you would like specific information on any area in San Diego County or for any Real Estate questions, jut give us a call, we are here to help!
Pam Parton and Joanna Woolley 760-580-1615 or 760-580-1630
