Articles tagged with: Orange-County

How we prepare when listing your home for sale

Watch our video to learn how we prepare a listing before it goes to market.

First we assemble our team of contractors: the carpet people, the painters, the plumbers, hardwood flooring refinishers, electricians, etc. We then get bids and bring them to the sellers for their approval. And once approved, we get to work.

Roughly 7 to 10 seconds is all we have to make a first impression. That's true of meeting other people, and it's also true for houses.

Builders use model homes to showcase their houses in the best possible light. We bring the same advantage to resale sellers.

Pay off mortgage loan to build wealth; be cautious of HELOCs

Nearly a decade since the Great Recession decimated wealth in American real estate, we’re seeing the return of a major contributing factor that had all but disappeared from the industry. The home equity line of credit is back.

A HELOC is a line of credit backed by a homeowner’s real estate equity. Once approved, consumers can essentially charge their expenses to the HELOC like a credit card and then pay back the balance each month – usually with a much lower interest rate than a credit card.

Many consumers who bought homes in the early 2000s came to believe the good times would continue to roll and their home values could only increase. At the same time, many banks were practically giving away HELOCs to any property owner with a pulse.

HELOCs became like automated teller machines to many homeowners who would take out equity to pay for lavish vacations, fancy cars and other luxuries. When property values began to nose dive and loan interest rates reset at higher rates, they found themselves with no equity left.

“Underwater” on their homes (owing more in loans than their properties were worth), with monthly loan payments they could not afford, foreclosure became the only option for many. Consumers were bankrupted, while banks pleaded for the federal government to bail them out and save the U.S. and global economies from total collapse.

Needless to say, we don’t want to relive that nightmare again. Yet we’re feeling a bit of déjà vu lately, seeing more marketing mailers for HELOCs in our mailbox. A recent U.S. News and World Report article stated that HELOC originations increased nearly 5 percent from last year, while originations are up 190 percent since their low point in 2011.

Don’t let a slick marketing gimmick, visions of dream kitchens or vacations, rope you into a HELOC. We suggest leaving the equity in your home unless you absolutely need the funds.

The best way to build long-term wealth through real estate, what we tell our clients, is to pay off your first mortgage as quickly as possible – and exercise extreme caution when exploring the option of a second loan such as a HELOC.

As the saying goes, “Those who do not learn from history are doomed to repeat it.” Please contact us should you have questions about HELOCs or other real estate matters.

Redux Realtors: Don't underestimate the power of presentation of a home

Redux Realtors: Don't underestimate the power of presentation of a home

For our latest project, we were asked to look at the home of a past clients' parents in La Mirada. The parents are elderly and no longer able to live alone.

While the home had been loved, it had not been updated in many, many years. The parents were not too keen on the idea of spending money on a home makeover given that there was no firm guarantee as to what the home would actually sell for.

We got the bids and showed the homeowners that by spending a relatively small amount of money on improvements they would net a much higher amount in a sales price.

The daughter, who was handling the parents' move from the home and responsible of clearing out all their personal items, was a little overwhelmed. We assured her that if she and her parents gave us the green light to do the work, she could walk away and come back in time for the first open house.

She took a little convincing that it could be that easy.

So upon receiving approval to start the Redux, we got busy. The painters started interior and exterior painting. Then the old, tired carpet was removed and where there were hardwood floors, our hardwood floor finisher brought the floors back to their original glory!

Then the gardener started a big clean up in the yard - front and back. Next came the new carpet installation on the slab floors in the living and dining rooms, and on the stairs. Window cleaners and general house cleaners completed their work, and we were ready for staging.

Martina had already created her design concept for the home, so in approximately three days the home was ready to be professionally photographed and go on the market.

We pushed the price $10,000 higher than we had taken the listing at upon seeing the transformation of the home. And the offers started coming in. We opened escrow seven days after listing the home at a sales price $10,000 higher than our asking price.

Please don't ever underestimate the power of proper presentation of a home. The money spent on a makeover is definitely going to bring a higher sales price.

House hunters like homes that are move-in ready, and that's what James and Martina of Bobbett & Associates strive to provide on every one of their listings.

Open Houses in Fullerton, La Habra this Sunday

Open Houses in Fullerton, La Habra this Sunday

We will be hosting two open houses in Orange County this Sunday each from 1 p.m. to 4 p.m. Hope to see you there!

The first house is in Fullerton. Located at 863 N. Ford Ave., it’s a darling 4-bedroom, 3-bathroom house with a pool that sits on a quiet interior street in the Golden Hills neighborhood.

The Fullerton house is being offered at a range of $799,800 to $829,800. (For those who are unfamiliar with the concept of range pricing, we encourage you to check out our blog post on range pricing benefits and disadvantages.)

The second open house will take place at a lovely home in La Habra. Located at 2041 Merced Ave., this home just hit the market, and this will be its first open house.

The La Habra home has 3 bedrooms and 1.75 bathrooms and is being offered at $539,800.

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Realtor / Equal Housing