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Improving a Home’s Sales Value

In a recent conversation our president, Jorge Deleon was interviewed by Jennifer Felton, Esq. Principal Owner at RELAW, APC. In their discussion, Jorge emphasizes that homeowners need to prepare adequately before putting their house on the market. Key preparations include:

  • Home Inspections:
    • A pre-listing home inspection to evaluate important elements like:
      • Roof condition
      • HVAC system
      • Private Sewer Lateral (PSL) inspections in certain areas
      • Fireplace and chimney inspections and sweeps
  • Seller Home Warranty:
    • Investing in a home warranty can save thousands of dollars should any appliance or system fail during the listing period. This strategy offers budget protection, ensuring sellers are not caught off guard by unexpected repair costs.
Advantages of a Seller Home WarrantyConsiderations
Protects against major repair costsAdds a nominal monthly fee
Reassures buyers with transparent maintenance historyNot a substitute for thorough inspections
  • Transparency and Disclosure:
    • Sellers are encouraged to disclose any known issues with the property, as California laws are favorable to consumer protection. An informed seller can:
      • Create better disclosures to minimize post-sale disputes
      • Adjust the pricing based on the condition of the home
      • Undertake repairs to attract buyers in a competitive market

Importance of Neighborhood Insights

Neighbors can often provide invaluable information about the property and community, shedding light on any quirks or issues that potential buyers may inquire about. Jorge highlights:

  • Why neighbors matter:
    • They may know about prior events or problems that sellers might overlook.
    • They offer insights on the neighborhood dynamics, helping potential buyers understand the community environment.

In conclusion, maximizing the sellability of a home requires strategic preparation, thorough inspections, the use of seller warranties, and transparency in disclosures. By following these guidelines, homeowners can enhance their selling experience and attract the right buyers.

Minimizing the Risk of Real Estate Fraud

In a recent conversation our president, Jorge Deleon was interviewed by Jennifer Felton, Esq. Principal Owner at RELAW, APC. In this informative conversation, Jennifer speaks with Jorge, about the increasing risks of fraud in real estate transactions. They discuss various types of scams, preventative measures buyers and sellers can take, and resources available for victims.

Common Scams in Real Estate

Jorge emphasizes that scammers are taking advantage of buyers and sellers who are excited and under pressure during transactions. Here are some common scams mentioned:

  1. Wire Fraud: Scammers often send spoofed emails claiming to be agents or escrow services, requesting earnest money deposits (EMD) or additional payments without proper verification.
  2. Family Trust Modifications: Fraudulent individuals may file modifications on family trusts, insert their names, and borrow against properties that may lead to foreclosure.
  3. Vacant Property Schemes: Vacant properties are prime targets; fraudsters can easily list and sell them, using fake identification and notary services.

Security Measures for Consumers

To minimize the risks of falling victim to these scams, Jorge suggests several key measures:

  • Always Verify Communications: Don’t just react to emails or texts for financial transactions. Verify the source before wiring money.
  • Regular Property Maintenance: Ensure vacant properties or those in trusts are maintained to prevent them from appearing unmonitored.
  • Monitor Title and Ownership: Encourage frequent checks on property titles to catch any fraudulent changes early.

Resources for Victims

If someone suspects they have been a victim of real estate fraud, Jorge recommends visiting the Real Estate Fraud Advisory Team’s website at www.reatf.org. This resource offers:

  • Report Templates: Guidance on how to report fraud to the Ventura County District Attorney’s Office.
  • Connections to Professionals: Access to real estate agents who can assist with investigations and provide advice.

Key Takeaways:

  1. Awareness of Scams: Buyers and sellers need to be vigilant regarding potential scams in real estate transactions.
  2. Verification of Information: It’s crucial to verify any communication, especially when it involves financial transactions like wire transfers.
  3. Property Management: Regular maintenance and oversight of properties, including those in trusts or vacant, can mitigate fraud risks.
  4. Resources for Help: The Real Estate Fraud Advisory Team offers resources for victims of real estate fraud, including reporting mechanisms.

Understanding the Impacts of the NAR Lawsuit on Real Estate

In a recent conversation our president, Jorge Deleon was interviewed by Jennifer Felton, Esq. Principal Owner at RELAW, APC. In this enlightening conversation, Jennifer and Jorge delve into the implications of the National Association of Realtors (NAR) lawsuit on real estate practices. As changes unfold, the real estate landscape is evolving, demanding that agents refocus their strategies and interactions with clients.

Key Developments in the NAR Lawsuit

  • The ongoing NAR lawsuit continues to raise questions about commission structures and relationships between agents and clients.
  • Agent compensation is being re-evaluated, leading to:
    • Increased transparency in how fees are disclosed and negotiated.
    • The potential for buyers to directly negotiate agent fees rather than relying on traditional commission splits.

Buyer Representation Agreement and AB 2992

The introduction of AB 2992 in California aims to level the playing field regarding buyer representation:

  • Key Features:
    • Reinforces the need for clear communication about agent roles.
    • Requires buyers to acknowledge the agency relationship, emphasizing feedback and open communication.
    • Offers buyers the chance to negotiate fees in a more transparent manner.

The New Normal for Real Estate Agents

Jorge stressed the importance of adapting in response to these changes:

  1. Improved Client Interaction: Agents are encouraged to be more proactive in their engagement, especially during open houses.
  2. Highlighting Value: Agents must articulate the value they bring to potential buyers, communicating their strategic approach and services offered.
  3. Training and Adaptation: Jorge has hosted numerous workshops and tours, reinforcing the need for agents to enhance their skills and operational strategies.
  4. Consumer Understanding: Buyers are increasingly seeking clarity regarding commissions and services, making it essential for agents to provide detailed explanations of their fees.

Challenges Ahead

While the changes present opportunities, Jorge notes:

  • The business environment will likely become more complicated as agents must navigate new expectations and standards.
  • Agents unwilling to adapt or improve their business practices may struggle to succeed in a transforming market.

Conclusion

The NAR lawsuit is a pivotal moment for the real estate industry, compelling agents to reassess their roles and strategies. The focus is now clearly on transparency, communication, and enhancing client relationships. Agents who embrace these changes and actively work to improve their skills are poised for success, while the others may face challenges in this more competitive environment.

Central Coast Regional Home Prices Stabilize at 12 Percent; Closed Sales Slowed in February as Pending Sales Rose

Arroyo Grande, CA – March 14, 2015—Home sales in California’s Central Coast and Ventura Regions declined along seasonal patterns in February, typically the region’s slowest month for sales, but brisk pending sales promise a rebound in the coming months.  Prices throughout the regions stabilized at about 12 percent above price levels February 2015, according to the latest market analysis from CENTURY 21 Hometown Realty.

 In the Central Coastal Region, monthly sales fell 12 percent and were 5.3 percent below sales in February 2015.  Pending sales—homes under contract—rose 31.2 percent during the month, 5.1 percent more than a year ago.  Median sold prices rose 1.2 percent from January and reached $440,000, 12.1 percent higher than a year ago.

February sales in the four-county Ventura region declined 4.2 percent from January but are still 12.5 percent higher than they were a year ago. Ventura prices fell less than 1 percent in February but are l1.8 percent higher than they were in February 2015.

New listings of homes for sale increased in February at rates higher than a year ago. In the Central Coastal Region, new listings increased 8.6 percent over January and 13.8 percent over a year ago.  In the Ventura Region, new listings rose 8.67 percent, 13.8 percent more than a year ago.

“The coming sales season is shaping up to be a good sellers’ market.  New listings are building local inventories at faster rates than last year throughout the region, a good sign that buyers will have a wider choice of homes throughout the Central Coast.  These new homes on our local markets is will help to stabilize prices and increase sales in the coming months,” said Amy Gallegher, corporate broker of record for CENTURY 21 Hometown Realty.

San Luis Obispo County

February closed sales in Sam Luis Obispo County fell 10.4 percent and were 2.3 percent below last year’s level, but new contracts rose 31.2 percent during the month, a 5.1 percent increase over last year.  New listings rose 17.9 percent during the month as sellers listed their homes for the spring season.

Median sold prices for single family homes in San Luis Obispo County reached a five-year high of $485,000, up 5.4 percent from January and 9 percent higher than a year ago.  The average price for sold homes in the county is $404,950.

In San Luis Obispo city, the median sales price rose even higher than the county median, to $$555,106, up 3.4 percent from January and 2.6 percent from a year ago.  Sales increased 42.9% over January, on a small base 28 sales and new listings rose 32.6 percent during the month.

Local market data and listings for San Luis Obispo County communities are available at  Arroyo Grande, Atascadero, Avila Beach, Cambria, Cayucos, Creston, Grover Beach, Los Osos, Morro Bay, Oceano, Paso de Robles, Pismo Beach, San Luis Obispo, Santa Margarita, San Miguel, San Simeon, Santa Ynez, Shandon, and Templeton.

 Year-over-Year Changes in Closed Sales, February 2016

 San Luis Obispo and Santa Barbara Counties

real sales-

Sales in the Central Coastal counties declined in February, traditionally the slowest month of the year.

 Santa Barbara County

Sales fell 15.1 percent in Santa Barbara County in February and were 10.8 percent below levels of a year ago.  However, pending sales for the month indicate the market is reviving from the slowest month of the year for home sales.  Pending sales rose 35.3 percent over January and were 9.3 percent higher than February 2015.

Prices in the county achieved double-digit gains on a year over year basis for the second month in a row.  The county’s median sales price of $352,000 was 2.3 percent higher than January and 13.9 percent higher than a year ago.

Inventories in Santa Barbara County are growing faster than they were a year ago, setting the stage for a busier sales season the last year.  New listings rose 25.3 percent over January and 13.9 percent over levels of a year ago.  Active listings reached 110 for the month, slightly below the five-year average of 134 homes for sale in February.

Local market data and listings for Santa Barbara County communities are available at  Ballard, Guadalupe, Lompoc, Los Alamos, Los Olivos, and Solvang.

Ventura County Median Sales Prices, 2014 to 2016

 Med Sale $ - Ventura County, CA

 

Despite a decline in sales in February, this year Ventura County prices have remained strong in the winter months.

Ventura County

February closed sales in Ventura County fell 2.8 percent for all housing types and were down 2.4 percent on the year.  Pending sales rose 19.4 percent over January as activity increased. Prices declined slightly by 2.3 percent during the month to a median price of $505,000 for all housing types.

New listings joined local inventories in the county at the rate of 17.7 percent in February, slightly lower than last year.  However, more than 1700 homes are listed in the county, higher than the five-year average of 165l.

In Ventura proper, February sales fell only 2 percent and pending sales rose 8,9 percent over January.  At $537,500, the city’s median price is virtually the same as last year.  The current inventory of active listings, at 179 homes, is slightly higher than the city’s five-year average.’

Thousand Oaks saw stronger sales and prices than elsewhere in the county.  Sales declined only 1.7 percent from January and are still 23.9 percent above last ear. Prices rose for the third straight month, reaching a median of $651,000.

Local market data and listings in Ventura County communities are available at:  Agoura Hills, Camarillo, Lake Sherwood, Moorpark, Newbury Park, Nipomo, Oak View, Ojai, Port Hueneme, Santa Maria, Santa Paula, Simi Valley, Thousand Oaks and Westlake Village.

CENTURY 21 Hometown Realty accessed data from the Central Coast Regional Multiple Listing Service and the Ventura County Regional Data Share to prepare its February market analysis.

About CENTURY 21 Hometown Realty

CENTURY 21 Hometown Realty is the leading real estate firm on the central coast. Since 1947, it has supported the needs of home buyers and home sellers throughout California’s Central Coast region with 19 branch locations in San Luis Obispo, Santa Barbara and Ventura Counties. Our offices cover the California Coast from Paso Robles in the north to Camarillo to the south.

We offer specialty services including Luxury Real Estate, Agricultural and Ranch Real Estate, Vineyards, Ocean Front Real Estate, Commercial Real Estate, and Residential Real Estate.  Our agents have keen focus on these areas and multilingual and generational expertise. Visit our website at C21Home.com  to see our California listings and our office locations.

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New York Times Video About Life in San Luis Obispo

Whenever we get out of town, we commonly are faced with a dilemma when people ask where we are from. Most people around America have never heard of San Luis Obispo County. We typically end up telling people that it is halfway between LA and San Francisco. For most, that is a good enough answer. Although SLO County residents know that this is one of the most prized places to live in the world, it is not a well known. Perhaps that is what makes makes it more special than famous counties like Napa County, Santa Barbara County, or San Diego County.  Tourism is one of our biggest industries along with government and agurculture, and that is likely to remain true for years to come. It does not hurt when the New York Times does a feature story on the area.

Where do Central Coast Home Buyers Come From

Buyers Shopping for Central Coast Real EstateCentury 21 Hometown has more consumer website traffic (over 600,000 monthly visits) than any other brokerage or franchise website on the Central Coast according to Hitwise. Only Century 21 Hometown partners Realtor.com, Zillow.com, and Trulia.com have more. No other brokerage ranks in the top 10 for the Central Coast DMA, Hitwise reports. The Central Coast DMA or Demographic Market Area is defined as the stretch of the California coastline that includes Ventura County, Santa Barbara County, and San Luis Obsipo County. The image to the left explains where consumers are connected to the internet when they access C21Home.com for property information. Our ability to attract buyers from beyond the local market area is a key reason why sellers choose to list their home with a Century 21 Hometown agent.

As you might imagine, most buyers for real estate on the Central Coast are local. San Luis Obispo and Arroyo Grande, two of the region’s largest cities account for the most significant amount of consumer traffic. Where it gets interesting is looking at the other cities in the top 10. They include, in order of traffic volume: Bakersfield, Los Angles, Santa Maria, Paso Robles, San Francisco, Atascadero, Paso Robles, and Orcutt.

“I am not surprised at all by these results,” says Century 21 Hometown Realty broker Amy Gallagher. “I review every transaction for the company and I routinely see the buyers coming in from the Central Valley, Bay Area, and Los Angles.” Central Coast is known by many to provide one of the best lifestyles in America and real estate here trades at a discount to property closer to the major metropolitan cities.

The Future Looks Bright

The county planning commissions in Ventura, Santa Barbara, and San Luis Obsipo Counties have taken care to manage growth. Every planned development project goes through a careful consideration process to ensure that expansion does not overwhelm community roads, school, or other population sensitive services. We have a condition whereby far more people are trying to move to the Central Coast than move away. This holds property prices stable and drives property value growth.  If you would like to see our recent Central Coast Market Trends, here is a sample for the CCRMLS market area for Northern Santa Barbara County and San Luis Obispo County.

Central Coast Market Trends

 

Free Credit Scores Abound

As a home buyer, a mortgage may play an important role in your purchase. It is a good idea to check your credit history before starting the home buying process. You will want credit hygiene to enhance your opportunity to negotiate the best possible mortgage program.  A handful of credit card issuers are betting that you’d like to see your credit score every month. Discover, Barclaycard US and First Bankcard’s have started offering their 35 million cardholders free access to their credit scores.

The score they’re sharing ? called FICO ? is used by credit card issuers to decide whether to give you a charge account and what interest rate to charge you.

Discover is putting your credit score on your monthly statement. Barclaycard and First Bankcard customers will have to visit their credit card company’s website to see their score.

You don’t have to open a new credit card account to see your credit score. Credit.com, CreditSesame.com and CreditKarma.com will give you a credit score (without making you pay for credit monitoring services as some other sites do).

The score you get on those sites can be different from your FICO score and from the credit scores used by mortgage companies, auto dealers and other types of lenders.

All credit scores are calculated using information from your credit report, but each type of credit score is based on a proprietary formula devised by the company that sells the score. While different scores have different number ranges they all predict how likely you are to repay.

So if you have good credit based on one scale, you should have good credit based on another credit score’s scale, even though the two numbers might be different.

 

Whats that Sound? How to fix house noises

Just about every home makes a little noise, but sometimes the noises are not just charming creeks, they annoy you. Rather than calling Ghost Hunters, there are a few things that you can do to make those noises go away. In fact, sometimes those noises you hear are early warnings of a big problem waiting to happen – like a backed up sewer line. If you can figure out what you are hearing, you may be able to fix it. Here are a few common sounds that homes make along with some repair suggestions.

Toilet Gurgling

Cause: This could be one of two things. First, your sewer line could be backed up. This can happen when tree roots find their way into the pipes. When you flush something that gets hung up around the roots, the pipe becomes partially blocked.A Another possibility is a worn-out toilet valve. If it is the valve, a constantly running toilet will tip you off. You will need to replace the gasket in the tank reservoir.

If you are like me, you would call a plumber. If you are a do-it-youselfer you would rent a sewer snake and try to clear the problem yourself. You can rent sewer snakes or purchase tank reservoir gaskets at most local hardware stores.

Knocking or Banging Inside Walls

Cause: This typically occurs when you turn your water faucets on or off. It is called a pressure hammer, and it happens when air pressure builds up in your water pipes, causing them to vibrate when the pressure is released.

If the pipe was not mounted properly, or it has loosened over the years, then it bangs against the stud in your wall. To fix it, you will need to open up the wall. You can either add mounting brackets to the pipe or put a sleeve over the pipe.

Humming from the Regridgerator

That noise is not likely gremlins eating your food. It is probably the compressor motor. Fridges are full of electrical devices that can cause all sorts of problems. If you refrigerator is more than 10 years old, you should consider replacing it rather than repairing it. New refrigerators are much more energy efficient. If it is a newer refrigerator, call an appliance repair specialist.

Squeaking from the Dryer

Cause: Many older dryer models have a belt that wraps around a drum. When the belt gets loose or worn, it starts to make that high pitched noise. To fix, either call an appliance specialist or open up the back of the dryer and replace the belt.

Thumping from the Washing Machine

Cause: The most likely cause of thumping is that the clothes in the washing machine are not evenly distributed. When weight builds up on one side the machine cannot keep its balance during the spin cycle. This also happens frequently when the washing machine is overloaded.

To fix this, redistribute the load or remove some of the heavy items.

Creaking Floors

Cause: Floors creak when the wood is loose. The board are moving up and down and rubbing against each other.

Sometimes you can fix this by simply putting some baby powder in the area. However, a permanent fix will require you to tighten the board by nailing, screwing, or gluing the boards. The best way to fix this without destroying the floor is from underneath. You may be able to tighten the subfloor or ad a 2X4 joist to add support.

Rattling or Whooshing Windows

Cause: When weather stripping fails on old windows, drafts happen.

To repair this, you will need to put on some new weather stripping. An alternative is to put a storm window on the outside.

Running or Hissing Faucets

Cause: If a faucet is leading enough, it can sound like its raining. If it is barely open, it can make a hissing sound, like air going through a reed.

You most likely need to replace the washer valve. Turn off the water to the sink underneath and remove the faucet. Take it with you to the hardware store to get new washers.

Chewing, Scratching, or Rustling in the ceiling or walls

Cause: Mouse, Rat, or a Bird

Animals are pretty cleaver. They have adapted quite nicely to the comfort of homes. If you hear prolonged scratching, you probably have a rodent problem. Best bet is to call a pet control specialist.

Central Coast Ranches For Sale

Central Coast Ranch 4890 huasnardCentury 21 Hometown Realty may be the only brokerage along the coast of California that offers a dedicated division of agents focused on marketing Central Coast Ranch and Agriculture properties. The agents dedicated to central coast ranch and ag properties have deep knowledge about the attributes of ranch and land that enhance or detract from the value of the property. Attributes like access to water, inclusion in the Williamson Act, and other zoning features are critical to understand.

One of our featured central coast ranch listings is located just outside the lovely Village of Arroyo Grande. This ranch property features 786 acres in total, 284 acres are in the Williamson Act. The property affords grazing leases. There are three homes that may be rented as income property, provided to ranch staff, or reserved for guests. This ranch features 9 pastures, all cross fenced and well maintained. There are row crops leased annually which provide additonal revenue to the property. This ranch has plenty of active, high volume water wells. Today, gross income for this property is approximately $125k. This is among the few California ranches offering views of the Pacific Ocean. There are also views spanning the City Arroyo Grande to San Luis Obispo. The new owner may also want to take advantage of the many great opportunities for additional homesites on this spectuclar property. View a tour of this property at 4890 Huasnard. Priced at $4,975,000.

central coast ranch 5445 cabrilloAnother spectacular home located between Cayucos and Cambria has an expansive ocean view on 582 acres of rolling hills. The centerpiece is the architecturally pleasing Australian Outback style ranch house. The property includes a barn with working corrals. There is a large shop with office, additional barns, and the potential for two more building sites. The area is a micro climate property which allows for a vast number of crop and tropical plant alternatives. There is also potential for vineyard planting. View a tour of this property at 5445 Cabrillo. Priced at $4,950,000.

Real Estate Markets improving on Central Coast and Bakersfield

Today, home prices are moving up. Real Estate markets always move – but since 2006 – the movement has been mostly down until the spring of 2012. That is a 6 year slump that has challenged both home buyers and home sellers. Since the spring, home prices have moved up. This is a natural effect that seems to always happen in an election year.  Here is something to keep in mind. If you are selling a home and buying a home, the market is always neutral. Any home buyer advantage is a home seller loss. Any home seller advantage is a buyer loss. It is balanced. For most, buying a home is not like any other investment. You are buying shelter for your family. You are buying lifestyle.

Rent Vs. Buy

Americans’ Expectations Align to Encourage Home Buying

rent vs buyMore consumers may be looking to purchase homes with a shift in several key housing market indicators, according to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey. More Americans now expect both home rental and home purchase prices to increase over the next year.

 

  • Nearly half of consumers expect higher rental prices, the highest number recorded since monthly tracking began in June 2010.
  • Thirty-three percent expect home prices to increase, up 5 percentage points since last month, and the highest percentage recorded in over a year.

In addition, confidence in consumers’ views of their own finances is stabilizing—for three straight months—44 percent believe their personal finances will get better over the next year. These trends may be providing Americans with an increased sense of urgency to buy a home as 73 percent of Americans now believe it is a good time to buy a home, up from seventy percent in February.

“Conditions are coming together to encourage people to want to buy homes,” says Doug Duncan, vice president and chief economist of Fannie Mae. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”
Homeownership and Renting
Thirty-three percent of respondents expect home prices to increase over the next 12 months, a five percentage point increase from last month, the highest level over the past 12 months.

The survey shows that on average, Americans expect home prices to increase by 0.9 percent over the next 12 months (up slightly since last month).

Additionally, 39 percent of Americans say that mortgage rates will go up in the next 12 months, a five percentage point increase from last month.

The percentage of respondents who say it is a good time to buy rose by three points to 73 percent, the highest level in over a year, while the percentage of respondents who say it is a good time to sell rose one point to 14 percent this month.

On average, respondents expect home rental prices to increase by 4.1 percent over the next 12 months, a significant increase since February, and the highest number recorded to date.

Forty-eight percent of respondents think that home rental prices will go up, a three percentage point increase from last month and the highest number recorded to date.

Sixty-six percent of respondents say they would buy their next home if they were going to move, up one point since last month, while thirty percent say they would rent, up one point versus last month.

The Economy and Household Finances
The rise in confidence in the economy’s direction leveled this month, with 35 percent responding that they think the economy is on the right track, consistent with February’s total. The percentage who say the economy is on the wrong track rose slightly from 57 percent to 58 percent.

Only 12 percent think that their personal financial situation will worsen in the next 12 months, consistent with February as the lowest value in over a year, and tied with January 2011 for the lowest to date.

Twenty-one percent of respondents say their income is significantly higher than it was 12 months ago, up 1 point versus February, while 63 percent say it has stayed the same – consistent with February’s values

Thirty-four percent say their expenses have increased significantly over the past 12 months (a slight increase of one percentage point).

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