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Prepare your Home to Sell

Preparing your Home for a Quick Sell

Getting your home prepared before you list it on the Real Estate Market for sale can take much stress out of the transaction.  There are plenty of little things you can do that don’t take a lot of time or money that will help render a smoother and expeditious experience.

Jump start the sale of your home with these great tips:

  1. Depersonalize the Space
  • You do not want buyers to be distracted.  Not everyone has the same taste in décor so when it comes to furniture keep it neutral.  Stick with understated pieces that aren’t too flashy or distracting. 
  • Pack away any personal family heirlooms and photographs.  The new buyers need to be able to imagine themselves and their items on the walls.
  • Re-paint the walls a very neutral color that would appease to the buyers. This goes along with the idea that not all people have the same taste in decor.  You do not want buyers to remember your property as “the purple wall house”.
  1. De-Clutter the Space
  • Less is more!  Move out some furniture because property shows better with less furniture in it. 
  • Remove any leaves from the dining room table to make the space around it look bigger. You want the buyers to be able to move around easily.  
  • Clear clutter so potential buyers can picture themselves living there and be able to see the homes full potential.
  • Remember to clean out closets and make them look tidy. Buyers will open them up to see the storage space and you don’t want items falling out on them. 
  1. Get a Pre-Listing Home Inspection
  • If you do not know the current condition of your home you can opt to get a pre-listing home Inspection to let you know which things might need attention or repair.  
  • Home inspections done while in a transaction could potentially cause a listing to fall out of escrow.  It is always better to be prepared for what might need to be dealt with before it goes into escrow.
  1. Select an Exceptional Realtor
  • Some traits to look for in an exceptional realtor include: great communication skills, strong negotiating skills, someone who can offer guidance throughout the entire process, and the ability to price your property at the correct price from the start. 
  • If the pricing is incorrect from the start it will be a mistake that could set you back.  This can and will stop a home from selling quickly! 

Please contact us for all you need to know about selling your home in San Luis Obispo, or find a home here!

Debt vs Real Estate Goals

Income Tax Refunds to Benefit your Real Estate Needs

It’s that time of year again to file income taxes.  If you are wondering what might be a great way to invest your refund money here are some great tips why paying off debt can benefit you in the Real Estate Market.

PAYING OFF DEBT WILL IMPROVE YOUR CREDIT SCORE

Your credit score will help you purchase Real Estate by making the loan process much easier.  

  • While paying off credit card debts start with the cards that have the smallest balances first and bring them to a zero balance.   When you bring a credit card balance to a zero amount that will bring your per-card utilization down to zero percent which will result in a higher credit score within the three credit reporting agencies, TransUnion, Experian, and Equifax.  
  • By paying off debt you can improve your credit score which in return can help you receive better interest rates and terms for financing when you are investing in Real Estate. 
  • The better your credit score the smoother and quicker qualifying for a Real Estate loan will be, making you that much closer to owning your dream home.
  • Once your dream home is purchased; the better your credit score is the better your insurance premiums will be.
  • Paying off debt will also lower your debt to income ratio which will make it easier to qualify for a mortgage loan.  For an FHA Loan the max qualifying debt burden cannot exceed 43% debt to income ratio.

No matter how you look at it paying off debt is a great thing and if you can boost your credit score while you are in the process, what a great bonus that will be!

Beware of real estate scams

Beware of Phishing Scams Targeting Real Estate

You may have read that wire fraud has been on the rise. These attempts to steal one’s money are targeting unwitting victims via their own personal email. Phishing is the name of a form of social engineering in which targets are tricked into handing over their own personal information and sensitive information like their logins. Criminals are no longer just interested in your social security, bank account, or credit card numbers. Any information they gather could be used in conjunction with login access that people can be tricked in to giving up. Lately real estate sites have been targeted.

Cybercriminals are after more than just credit cards and Social Security numbers. Any information meant only for you could be a target. Please note...any information that you input on this web site remains private and will be used for our eyes only and to assist you in buying or selling real estate. Your information is NEVER SHARED beyond the agent that is assisting you.

Here are questions to ask yourself tohelp you identify fake phishing messages:

1. Who is the email coming from? The email address should not be unrelated to the group, company, or organization they claim to be representing. 

2. Misleading links. Links in the email are not to where they say. You are consequently directed to false URL.

3. Generic terms and incomplete informationCybercriminals will use generic templates to mass email. The information they have on a person is incomplete so they may use pieces of your information to attempt to appear legitimate.

4. Requests for sensitive data. Legitimate companies will not ask for sensitive data to be conveyed through email. If the email is sending you to a link, verify the URL and make sure that you are not being directed to a false Login page.

5. Is it information on you that could have been gathered from an online profile?  Sometimes this information is included to make a phishing email convincing. Check the email for other signs of phishing before clicking any links or downloading any attachments.

6. Emphasizing urgency or alarm. To trick you into moving fast, they will incite phrases such as, “Your payment is late” or “Please take care of this immediately” or “You must take action”  causing you to reveal sensitive information without hesitation. Take a moment to consider the motivations of the sender before handing over information you otherwise wouldn’t.

7. Poor attention to spelling and grammar.  Most formal communication is written and edited by professionals. If an email is laden with typos or unusual syntax, be speculative.

8. Unnecessary account verification.  If there is no justification in the email to validate the verification, you should ask questions and ask that justification be provided.

9. Cybersquatting.  This is when cybercriminals purchase website names similar to official websites, hoping to mislead users who don’t pay close enough attention to the URL – i.e. g00gle.com or paypa1.com, instead of google.com or paypal.com.

Bottom Line- If something feels a little off within an email or their offer of reward seems too good to be true, trust your gut. It just may be.

Please note that San Luis Obispo Realty is a secure Real Estate web site and none of your information is shared or used for any purpose other than assist you in your real estate search or providing you with relevant or requested information. Please contact us directly if you want to talk to a "live real estate professional." We want you always to feel secure in your real estate search and experience with our company and web site.

Home Loan Closing Costs

Don't Forget About the Closing Costs When Applying for a Home Loan!

Some tips you should know when you are ready to buy and applying for a loan~

You’ve faithfully saved for that dream home down payment….but don’t forsake saving for the closing costs. Prepare for them to be 2- 5% of the purchase price.

Lenders are required to provide a buyer with a “Good Faith Estimate” within 3 days of a loan application submission. This estimate summarizes the details of the loan and anticipated closing costs. These costs will vary from lender and broker. 

Common closing costs include loan application fees, points, prepaid homeowners' insurance, an appraisal fee, inspection fees, transfer taxes, escrow fees, attorney fees, recording fees, prepaid interest , prepaid private mortgage insurance, title insurance, and title search costs. Other costs include the cost of obtaining a credit report, processing fees, courier fees and paperwork preparation fees. (Investinganswers.com)

Homebuyers should receive a closing disclosure 3 days before the estimated closing date on their home. The statement includes final details about the loan and the closing costs.

OPTIONS

*Conventional loans do not offer buyer assistance with closing costs but inquire with your lender options available with FHA and VA loans to include a portion if not all of the closing costs within your loan to avoid having to come up with thousands more at closing. Keep in mind this will increase your principal loan balance and consequently, your monthly payment.

*Talk with your REALTOR® while you are considering the offer you want to make on a home. Consider asking for a seller credit at closing towards the buyer’s closing costs. This request may need to be reflective of your offer price in order to maintain favorable terms. Your offering price will become increasingly important if you are not the only buyer with interest in the property and there is a high likelihood that there will be multiple offers for the seller to consider. 

Speak with your lender early and determine how much you’ll be responsible for at closing. Unwelcomed surprises are not always avoidable in a real estate transaction but with a reliable agent and a good lender, lack of communication will never be the cause of disaster.

Consider us at San Luis Obispo Realty where we pride ourselves on sticking with you through every detail of your transaction!

Home Loan Options

California’s housing supply continues to fall short with job and population growth. None deny the extreme relevance of proponents in congress to initiate conversation if not to create bills to initiate action.  Supporters stress the need for radical change in the current approach to the housing crisis.  Ambitious environmental goals exasperate review processes and local controls are strict on new developments making progress almost impossible in some areas. The traditionalist NIMBYs (Not In My Back Yard) contest the activism of the YIMBYs (Yes In My Back Yard) and the PHIMBYs (Public Housing in My Back Yard) who advocate for tenant’s rights, argue for more affordable housing calling for precedence on subsidization rather than on market-rate development which would neglect to improve the housing situation for low-income people. PHIMBY efforts are instead focused almost exclusively on the production of subsidized, below-market-rate units, and strengthening tenant protections and rent controls for existing residents. (Benjamin Schneider, CITY LAB)

Statistics have revealed that the median renter income has grown faster than the median rent for the last six consecutive years. However, there has also been an influx of high-income renters entering the market which may be a strong variable in the reportingA new study published looked at cost burdened rates across the U.S. Some key findings about our own county included:

The number of cost-burdened renter households in San Luis Obispo, as defined by spending more than 30% of their incomes on rent has decreased by 4,687 since 2007. However, the cost burden rate in San Luis Obispo increased from 47.6% in 2016 to 51.8% in 2017 and is greater than the national average of 49.5%.

If you are tired of renting, call your REALTOR today for Low Income Home Loan Options for 2019! 

and our Morro Bay Affiliate & second location

Morro Bay Real Estate Partner

San Luis Obispo Realty
805-544-9161
info@san-luis-obispo-realty.com
441 Marsh Street
San Luis Obispo, CA 93401

CA BRE# 00577121

 

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