San Diego All Homes

Actually I am a listing agent. I also work with many buyers. When representing buyers it baffles me when basic professionalism is lost on listing agents. Some listing agents do a disservice to their clients and waste a lot of their own and buyer's agent's time. So, here are 8 reminders for some of the listing agents out there to improve their representation.

1. All available information in the MLS should be included and be correct.

This sounds so obvious yet there are so many mistakes, missing data, and unprofessional presentation of the listed property. First, spelling should be checked and double checked. If you're not good at spelling, ask someone else to look over the listing. It really isn't difficult to see that "pols" should really be "pools." Second, make sure there is no conflicting information. If you say that the property is vacant and I should just go, it confuses me if another area says that there is a tenant living there and I must make an appointment. Which one is it? Third, include what type of financing will be considered. Several buyers right now have FHA or VA financing, and some sellers don't want to consider that type of financing. When the financing isn't listed I have to call and/or email to get the information from you. If it's already there it would save all of us a lot of time. Fourth, please update the listing as needed. I enjoy reading that an open house is scheduled for "this Sunday" four months ago. One of my favorites is, "This home will go fast," and the listing has been on the market for 200 days.

2. Numerous, quality photos should be included in the listing.

As we all know buyers love photos. Why not include as many as your MLS will allow? Our MLS just began allowing us to include up to 20 photos. Buyers lose interest if there are only a couple photos. Worse buyers become suspicious that the home must really be in bad shape since photos aren't there. In addition, please use quality photos. If the television is on while taking pictures, turn it off for the photo. Dirty dishes can be removed from the kitchen sink for the few minutes the kitchen is being photographed. Underwear and socks thrown around a bedroom probably doesn't make for the most impressive picture. Turn on lights and open blinds for more lighting. Because there are so many bad photos included in listings, the website Lovely Listings, was created to document some of them.

3. Be available to talk to agents about your listing.

If I have a question about your listing, returning my phone calls or email about your listing would be most helpful. In San Diego many listings are selling quickly with multiple offers, well over list price. Sometimes there are so many offers that a seller no longer will accept offer submission. If I knew that in advance, I wouldn't need to show my client the home and write up an offer. With many listing agents handling numerous foreclosure listings, the ability to reach anyone is sometimes impossible. If you're too busy to actually talk to the buyers' agents, maybe it's time to hire an assistant.

4. Make it easy to show your listing.

Before even listing the home, counsel your client about the importance of making the home available to show and look for ways to help them understand that it may not always be possible for a prospective buyer to see the home only on Tuesday and Thursday between 4 and 6 pm. If my client wants to see a home and the small window of time allowed by the seller isn't workable they'll probably skip the home altogether. Sometimes a seller is very insistent on when a home can be shown, and no amount of counseling or recommendations by you can change their mind, or a tenant living in the home requires 24 hour notice, or other types of issues exist. I'm not talking about those instances. I get the sense, however, that many sellers just haven't been educated on some basic concepts of home showing.

5. If I send in an offer please let me know the status.

This goes back to communication. Most agents are great about letting me know that they received my offer. Other agents won't return a call or email just to let me know that they received the offer. I want to make sure the offer was received. Next, let me know the status of my offer. If you won't be presenting the offer to the seller until after the expiration date just let me know so I can tell my client what is going on. If the seller has accepted another offer I would like to know that my client's offer is rejected. Who likes to get a call from a client that they saw that the home they made the offer on went into escrow when I didn't even hear anything back from the listing agent?

6. Read the purchase agreement and understand it.

It shocks me whenever I meet an agent who has never read the entire contract, or doesn't have an understanding of it. These are the terms that the clients are agreeing to. Changes to the terms really do need to be discussed, agreed-to, and put in writing.

7. Remember that buyers have the right to do the inspections that they want.

Some buyers opt for a physical inspection only. Others want ten more done. Guess what? If they have the right to inspect, then the home needs to made available to them. I've known agents who are upset if my client's physical inspection runs longer than they think it should. Sellers will sometimes get irritated if they have to open their home for more than a couple inspections. It doesn't help the transaction if buyers can't do what they need to and what they have the right to do, if the seller and seller's agent gets upset. Counsel sellers early on that the buyer can do inspections they need. While this may be inconvenient, it is all part of the process of selling their home.

8. Remind the sellers that they must provide disclosures.

Not only those specifically listed in forms, but more. Disclosing the good and the bad helps the seller to possibly avoid future lawsuits for non-disclosure, and, besides, it is required. Even if a disclosure form doesn't have a space for a specific disclosure have the seller put it in writing and give it the buyer. If the buyer asks questions, have the seller answer them, even if they seem trivial to the seller. In addition to discussing the disclosure requirements when talking with a seller I tell them that if they don't want to disclose something because it may "ruin the deal," they better disclose it. Seller disclosure requirements can be expansive. Recently a California appellate court ruled that where a seller of a condo disclosed previous water intrusion and repairs but didn't disclose the previously settled lawsuits by the condo association over the water intrusion, he may be held liable for the non-disclosure of the lawsuits. (Calemine v. Samuelson (171 Cal.App. 4th 153)).

In today's market, where daily changes are normal and expected, it is necessary for buyers to understand what it takes to buy a home. There are at least ten things you must know in order to be a knowledgeable buyer. Here are the first five of those ten things.  The next five will be included in my next post.

1.  Admit you don't know everything. Sure, this sounds harsh, but just because you read daily articles about the market or look everyday online at the interest rates, it doesn't mean you know more than the professionals who are working in this market each day. Loan requirements, for example, have dramatically changed from where they were even six months ago (or for that matter, six days ago). The housing market can be completely different from one area of the city to another so articles that deal with the general market are often not helpful. Many buyers have some idea of what the market is doing, read several articles about the subject and use the ones that support their opinion to show that they are experts. But if you aren't actually working in this business you probably don't understand all of the rules, changes and nuances. 

2.  Understand that you must have a down payment.  Gone are the days of 100% financing. Unless you can obtain a VA loan, which still supports 100% financing, you'll have to have a down payment in order to buy a home.  If you can qualify for an FHA loan, you'll need at least 3.5% of the purchase price.  If you get a conventional mortgage, you'll need more money for a down payment.  Many buyers insist that they can get a loan with no money down and get frustrated when they are told that they can't.  Buyers should start saving immediately so they'll have enough money for a down payment.  

3.  Know that you need money for closing costs.  Like having a down payment, buyers don't realize that they will need to have money to cover closing costs.  Sometimes sellers are willing to pay closing costs, but buyers cannot count on that.  Buyers should save money for closing costs while also saving for a down payment.  If a seller ends up paying the closing costs then the money intended to cover those costs can continue to be saved or can be used to make improvements to the home.  

4. Credit scores will impact your ability to get a loan.  Credit scores are more important than ever.  Lenders are taking a much stricter approach to credit scores.  Do your homework in advance.  Have your credit report run and review it carefully.  If there are items that are incorrect try to get them modified or removed.  If you have excessive debt or a seriously delinquent debt, have a plan to pay those down and stick with the plan.  

5.  Get preapproved for a loan.  All of the desire to buy a home will be worthless if you can't get a loan. Don't even think about looking at homes without getting preapproved for a loan first. Underwriting guidelines are so strict these days and change so often that you cannot overlook this vital step. Speak with a bank or loan broker and submit a loan application. Be completely honest on the application about your assets and debts. All of the information you include will have to be verified.  When you submit an application, your credit will be run and the information on the application will be used to figure out if you can obtain a mortgage.  If you cannot you'll be able to figure out what you need to do in order to buy a home in the future (like improve your credit score, pay down debt, etc).  If you can get a loan, you'll be able to understand how much you can afford and what your monthly payment will be so that you're looking at homes in the correct price range.

Stay tuned for the next five things you must know....

We all want information.  We can't get enough of it.  

The internet has given us the incredible ability to find information efficiently and quickly.  Sometimes, though, we don't get quality or complete information.  It's important to be critical of the information that we receive, whatever the source. There is some quality about getting information from the internet that creates a belief that it is flawless.  

Buyers and sellers, of course, want all the available information about the market.  The internet is a natural resource to get information and as everyone knows, most buyers and sellers use the internet to review home prices and available homes even before becoming serious and motivated to buy or sell.

There is a wealth of information out there, but how dependable is it?   I have numerous buyers that I send listing to, show them available homes and help them make sense of the market before they make an offer. Something that frequently happens, however, is that my clients will go to sites such as Trulia, Redfin, Zillow, and others, and will send me homes that the site shows as being currently for sale.  Without fail, the homes that they send are not currently available.  They will be homes that previously transferred through foreclosure, have been cancelled or are already in escrow.  The sites show them as still being available but they aren't.   

Licensed real estate agents have access to the official Multiple Listing Service (MLS), and one of the greatest reasons to only allow licensed agents to access and change data in the MLS is for data integrity.  Like any other profession where reliability of information is imperative, the more people who have the unrestricted ability to change the information the greater the likelihood of poor data being included.  

Whether a buyer a seller, working with a Realtor has incredible benefits.  One of those benefits is being able to get the most up to date and accurate information available.  Sites outside of the MLS have some great information, but only a licensed agent can provide the best data available.

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May San Diego Home News (edit/delete)

Just Listed in Tierrasanta! Beautiful culdesac home in Tierrasanta-4 bedrooms, 2.5 baths, 2104 square feet. $579,000. Check out the online brochure for this home.  Let me know if you'd like to schedule a time to see it.  

Property Tax Reassessment-May 30th Deadline Apply to have your San Diego County property reassessed and lower your taxes. The tax assessor is reviewing applications for reassessment.  Fill out the application and indicate your opinion of your home's value, along with area sales to support the value.  If you need supporting sales information please contact me and I'll email them to you. You can apply for the reassessment yourself.  Be careful of the tax reassessment scams that have started surfacing.  

Market Information and Statistics The San Diego Association of Realtors publishes sales statistics for homes throughout the County.  Check out the most recent statistics.   See also Market Updates and MLS trends for several areas of Southern California.

Although it's too early to say the market has bottomed out, there are some indicators that prices may be stabilizing. The median price for existing, single-family homes rose 2.2 percent in March in California, according to the California Association of Realtors (CAR).  March marked the first month since August 2007 that the state's median sales price rose in month-to-month comparisons.  According to the CAR sales and price report, the median price of existing, single-family homes stood at $253,040 in March. Sales in California have risen in recent months, with existing, single-family home sales increasing 63.8 percent in March.  Read the full story.  

Foreclosure Prevention Plan Additional efforts to stem foreclosures have started by offering lenders and homeowners incentives to cut payments on second mortgages, write down balances on first mortgages that are underwater, and repay loans in a timely fashion. The U.S. Treasury Dept. wants lenders and their customer-service agents to agree to modify both first and second mortgages as part of a comprehensive solution.

Details of the foreclosure prevention plan include:
     -Decreasing second-mortgage interest rates to as low as 1 percent for five years for some borrowers.
     -Reviving a Federal Housing Administration effort to persuade lenders to reduce loan balances so that borrowers again have equity in their homes
     -Funding for the program will come from a previously authorized $50 billion allocation from the $700-billion Treasury Dept. rescue fund established by Congress last year.  
     -The plan would provide cash incentives to both loan officers and borrowers for successful second-mortgage modifications.  A loan officer would receive $500 upfront, plus $250 annually for up to three years as long as the loan remains current.  Borrowers who make payments on time will receive $250 a year for up to five years.  Read the full story.

Postage Goes up to 44 cents on May 11
Yes, another postage increase.  Although not necessarily good news, especially since I use the postal service often, I'd still rather pay 44 cents to the post office to get my letter to New York (or even get it across town) than having to get it there myself.  

First Time Home Buyers   

$8,000 First Time Home Buyer Tax Credit Get all the details about the $8,000 first-time home buyer tax credit, including IRS filing guidelines and answers to frequently asked questions.  

CAR Mortgage Protection Program California's Housing Affordability Fund launched a program designed to help first-time buyers who are hesitant to enter the housing market due to concerns about potential job loss (and being unable to meet their mortgage payment).  To qualify for the program, applicants must 1)  Be a first-time home buyer (someone who hasn't owned a home in the last 3 years); 2) Open escrow on a California property April 2, 2009, or later, and close on or before December 31, 2009;  3) Use a California Realtor in the transaction, who submits the application; 4) Be a W-2 employee (not self-employed). 
For Frequently Asked Question, Click Here.
For a copy of the Application, Click Here.  

Events and Information  

Get SDHome Magazine free online. SDHome Magazine, published by the Union-Tribune, is now available online for free.  Check it out-you "turn" pages online.  It takes a little to get used to but it's great that it is now online.  

May events in San Diego.  See many of the events that are taking place around San Diego County in May.   The San Diego Air & Space Museum is holding "A Day Without Air, Just Space!" festival on May 9th from 10:00 am - 2:00 pm. Check out all the details for this fun event.  (Thanks Brent B for letting me know and inviting me!)

May Cybertips.  Here are some fun websites and resources on the web.  

And finally, I received the 2009 San Diego Magazine's Best in Client Satisfaction Award (nope, I didn't nominate myself or have to pay anything to get it.  ;-)  ).
See the anouncement here (Page 3).
See the video announcement here.  

Thank you to everyone for your business and referrals. If I can ever answer questions or provide information please let me know!

San Diego County has over 40 public school districts and numerous private schools. The San Diego Unified School District is San Diego County's largest school district and is the second largest school district in California. School districts serve a specific geographic area; Where you live generally determines which public school is available for your child. Many school districts allow requests for intra-district school transfers (same school district but different school than the assigned one) or inter-district transfers (different school district) to allow children assigned to one school to go to a different school. If you want to apply for a transfer you must start at the school that your child is assigned. There is no guarantee that your request will be granted as there is specific criteria for allowing a transfer.

Many people choose where to live based on the reputation of a particular school or school district. Oftentimes, factors that parents consider when researching schools include: test scores, teacher-to-student ratios, diversity, and curriculum. The California Department of Education maintains scores on school performance and data about different schools and school districts. It also administers the California School Recognition Program which honors some of the State's most exemplary and inspiring public schools. Schools selected for School Recognition Awards are considered by the California Department of Education as strong, well-rounded community schools. In addition, the San Diego County Office of Education provides local school district information and includes websites for all of the County's school districts and Charter Schools.

One way that schools are scored is through the San Diego County API (Academic Performance Index), which measures the academic performance and growth of schools on a variety of academic measures. Another tool used in scoring schools is the California Standardized Testing and Reporting (STAR) system, which compiles three different testing reports for each school or district.  Other information about schools can be found through the Education Data Partnership, School Wise Press, and Great Schools.

As school boundaries often change, if a specific school or school district is desired be sure to call that school or district to confirm that the home you want is within its boundaries.
 
Information about Private schools can be located through the California Association of Independent Schools and the Catholic Diocese of San Diego websites.

872 sq. ft., 2 bath, 2 bdrm single storyupstairs, corner home

University Heights, San Diego  -  Urban living in great community! NOT A SHORT SALE! Upstairs,corner unit with natural light & breezes. Walnut hardwood floors. Open layout, vaulted ceilings. Fireplace & built-in shelves in family room. Inside laundry. Remodeled kitchen-granite counters, travertine floors, new appliances. Remodeled bathrooms. Large master suite w/walk-in closet; new carpet. Private balcony. Freshly painted. Central A/C. Low HOA. Largest 2 bedroom home in complex. Close to restaurants,coffee shops,shopping,freeways,bus.

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