Deidre Pfeifer

Real Estate Agent, California

Tips for Home Sellers to Succeed in a Buyers’ Market

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Tips for Home Sellers to Succeed in a Buyers' MarketThe Real Estate market can sometimes favor buyers, presenting a challenge for home sellers. With the right strategies and a proactive approach, it’s possible to stand out and sell your home successfully, even in a buyers’ market. Here are some essential tips to help you navigate and thrive in a competitive real estate market.

Price Your Home Realistically:

One of the key factors in selling your home quickly is pricing it right. In a buyers’ market, setting an unrealistic price will deter potential buyers and prolong the selling process. Conduct in-depth research and consult with a real estate agent to determine a fair and competitive price based on the current market conditions and recent comparable sales in your area.

Enhance Your Home’s Curb Appeal:

First impressions matter so improving your home’s curb appeal can make a significant difference. Invest time into enhancing the exterior of your property by maintaining a well-manicured lawn, trimming bushes, and adding some colorful plants or flowers.

Stage Your Home Strategically:

Proper staging can transform your home and create an inviting atmosphere that appeals to potential buyers. Consider decluttering, depersonalizing, and organizing your space to showcase its potential. Highlight key features and create appealing vignettes with tasteful furniture arrangements, fresh flowers, and attractive artwork.

Showcase Your Home Through Professional Photography:

In today’s digital age, quality photographs are vital to capturing the attention of buyers. Hire a professional real estate photographer who can capture your home’s best angles, lighting, and overall ambiance. High-resolution images will make your listing stand out online and generate more interest, increasing the likelihood of potential buyers scheduling a viewing.

Be Flexible And Responsive:

In a buyers’ market, flexibility is key. Accommodate potential buyers’ schedules by allowing showings at various times, including weekends and evenings. Respond promptly to inquiries and requests for information and be flexible in negotiating terms and conditions.

Work With A Knowledgeable Real Estate Agent:

Partnering with an experienced real estate agent who understands the dynamics of a buyers’ market is invaluable. A skilled agent will have a deep understanding of local market conditions, possess excellent negotiation skills, and provide guidance throughout the selling process.

While selling a home in a buyers’ market may present its challenges, implementing these essential tips will help you position your property for success. By pricing your home realistically, enhancing curb appeal, staging strategically, utilizing professional photography, offering incentives, being flexible and responsive, and working with an experienced agent, you can increase your chances of selling your home quickly and at a desirable price. Remember, perseverance and adaptability are key in any market, and with the right approach, you can succeed in a buyers’ market.

Most Common Questions First-Time Home-Buyers Ask

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Most Common Questions First-Time Home-Buyers AskBuying your first home is an exciting milestone in life, but it can also be overwhelming and filled with questions. As a first-time home buyer, you want to make informed decisions and ensure a smooth process. Below we will address some of the common questions that first-time home buyers often ask.

1. What Exactly Is a Mortgage? A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you’ve borrowed.

2. What is the Difference between Pre-Qualification and Pre-Approval? A Pre-Qualification is informal and can be done over the phone or internet with no obligation or paperwork to complete and will only be able to tell you roughly what you can borrow. A Pre-Approval is a formal commitment to lend, and the lender collects all required documents to verify your income, assets & credit and will give you a definite idea of what you can afford.

3. What Steps Do I Need to Take to Secure a Loan? The first step is to complete a Loan Application and provide documentation to verify the application information.

You will need to provide:

  • Pay Stubs
  • W2 Forms or Tax Returns
  • Recent Bank Statements
  • Any other documents requested by the underwriter

4.  How Can I Find Out What My Credit Report Score Is? There are several ways to obtain a copy of your credit report. You can request a free copy of your credit report from each of the three major credit reporting agencies.

5. What Are My Responsibilities During the Lending Process? The key thing to remember is to keep your financial circumstances steady during the loan process.

Here are some simple guidance tips:

  • Do not change jobs, become self-employed or quit your job.       
  • Do not acquire more debt (This includes cars, boats, jewelry, household items or furniture etc.)
  • Do not charge large amounts to your credit cards and keep all payments current.
  • Do not spend money you have set aside for closing.
  • Do not apply for loans.
  • Do not change bank accounts or make large or unusual deposits into your account.
  • Do not agree to co-sign or co-borrow with anyone during the process of your loan.

6. What Does it Mean to “Lock in a Rate?” Interest rates fluctuate day-to-day. When you lock the loan, it will guarantee that you will receive that rate for the duration of the lock.

7. What does Loan-To-Value mean? Loan-to-value is the amount of money you borrow compared to the purchase price conveyed as a percentage.

8. What Is Included in the Monthly Mortgage Payment? There are five items that are included in a mortgage payment. principal interest, property taxes, homeowners’ insurance, and mortgage insurance

9. What Is Mortgage Insurance and Why do I need It? Mortgage Insurance protects the lender if you fail to pay your mortgage and it is usually required if you put down less than 20%. There are many mortgage insurance options to fit your needs.

10. What Should I Expect on Closing Day? Be sure that you have everything that you need. At closing you will sign a lot of papers, but they will all be explained to you. BE SURE you arrive to the closing on time, and you will be guided from there.

Insufficient Property Appraisal: What to Do When the Appraisal Falls Short

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Insufficient Property Appraisal What to Do When the Appraisal Falls ShortWhen buying or selling a property, one crucial step in the process is obtaining an appraisal to determine its value. Appraisals provide an objective assessment of a property’s worth, influencing important decisions such as mortgage approvals, negotiations, and even insurance premiums.

However, there are instances when the appraisal falls short, causing challenges and uncertainties for both buyers and sellers. In this blog post, we will explore what to do when faced with an insufficient property appraisal and provide some practical steps to navigate this situation.

Understand the Appraisal Process:

Appraisals are typically conducted by licensed professionals who evaluate various factors, such as the property’s condition, location, comparable sales, and market trends. Appraisers use these factors to determine an accurate value for the property.

Review the Appraisal Report:

When you receive the appraisal report and find it insufficient, take the time to thoroughly review it. Look for any errors or discrepancies that may have influenced the final value. Understanding the appraisal’s weaknesses will help you determine your next steps.

Communicate with the Appraiser:

If you spot errors or discrepancies in the appraisal report, it’s crucial to reach out to the appraiser to discuss your concerns. It’s possible that the appraiser overlooked certain aspects or made mistakes that can be rectified through communication.

Gather Additional Evidence:

If you believe the appraisal is still inaccurate after discussing it with the appraiser, gather additional evidence to support your claim. This evidence may include recent comparable sales, property improvements, or any unique features that were overlooked in the initial appraisal. Presenting a compelling case with strong supporting data increases the chances of obtaining a revised appraisal.

Request a Reappraisal:

In some cases, when the appraisal falls significantly short, you can request a reappraisal from the lender. This request should be accompanied by the additional evidence you have gathered. Some lenders may consider a second appraisal if you can demonstrate valid reasons for your request. However, note that not all lenders will agree to a reappraisal, and their policies may vary.

Renegotiate or Seek Alternative Financing:

If a reappraisal is not an option or doesn’t yield satisfactory results, you may need to consider renegotiating the terms of the transaction. Discuss the situation with the other party involved, whether it’s the buyer or seller, and explore alternatives such as adjusting the purchase price or exploring different financing options.

While an insufficient property appraisal can be frustrating and present challenges, it’s important to approach the situation calmly and rationally. Review the appraisal report, communicate with the appraiser, gather additional evidence, and explore options like reappraisal or renegotiation. By taking proactive steps and maintaining open lines of communication, you can navigate through the process and work towards a satisfactory resolution.

Remember, real estate transactions often involve multiple parties, and finding a mutually beneficial solution is key to moving forward successfully.

Ways That You Can Go Greener On Your Home Improvement

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Ways That You Can Go Greener On Your Home ImprovementMaking your home improvement projects more environmentally friendly is a great way to reduce your carbon footprint and help protect the planet. Here are some ways you can go greener on your home improvement projects:

  • Use eco-friendly materials: Consider using materials that are made from sustainable and renewable resources such as bamboo, cork, or recycled materials. These materials not only have a lower impact on the environment but can also add a unique touch to your home.
  • Choose energy-efficient appliances and fixtures: When choosing appliances and fixtures for your home improvement project, look for those that are Energy Star rated. These appliances and fixtures are designed to be more energy-efficient, which can save you money on your utility bills in the long run.
  • Install a programmable thermostat: A programmable thermostat can help you reduce your energy usage by allowing you to set temperatures for different times of the day. This way, you can adjust your home’s temperature based on when you are home or away.
  • Incorporate natural light: Adding skylights, larger windows, or light tunnels can help bring natural light into your home, reducing the need for artificial lighting during the day.
  • Choose low-VOC paints and finishes: Volatile organic compounds (VOCs) can be harmful to the environment and your health. When choosing paints and finishes for your home improvement project, look for low-VOC options.
  • Implement water-saving measures: Install low-flow showerheads, faucets, and toilets to conserve water and reduce your water usage.
  • Select materials that are locally sourced: Choosing materials that are locally sourced can help reduce the environmental impact of transportation and support local businesses. Look for materials that are produced within a 500-mile radius of your home.
  • Recycle and repurpose: Instead of throwing away old materials and fixtures, try to recycle or repurpose them. This can help reduce waste and save money on your project.

By implementing these green home improvement practices, you can reduce your impact on the environment while also improving your home’s energy efficiency and overall sustainability.

What is a Home Appraisal?

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What is a Home Appraisal

A home appraisal is an assessment of the value of a residential property conducted by a licensed appraiser. The purpose of a home appraisal is to provide an unbiased and objective estimate of the property’s worth based on factors such as its location, size, condition, and comparable sales in the area.

During a home appraisal, the appraiser will typically conduct a physical inspection of the property, taking note of its features, condition, and any upgrades or improvements that have been made. They will also research the local real estate market to identify recent sales of similar properties in the area, which can be used as comparable in determining the property’s value.

The resulting appraisal report will typically include a description of the property, an analysis of its value based on the appraiser’s findings, and an explanation of how the appraiser arrived at their valuation. Home appraisals are typically required by lenders when a borrower is applying for a mortgage, as they provide assurance that the property is worth the amount being borrowed.

When Do You Need To Get An Appraisal?

There are several situations in which you might need a home appraisal:

When buying or selling a home: If you are buying or selling a home, an appraisal can help you determine a fair price for the property. For sellers, an appraisal can help ensure that the asking price is reasonable and attractive to potential buyers. For buyers, an appraisal can help ensure that they are not overpaying for the property.

When refinancing a mortgage: If you are refinancing your mortgage, your lender will likely require an appraisal to determine the current value of the property. This will help the lender determine the loan-to-value ratio (LTV) and the amount of equity you have in the property.

When applying for a home equity loan or line of credit: If you are applying for a home equity loan or line of credit, your lender may require an appraisal to determine the current value of the property and the amount of equity you have.

When settling an estate: If you inherit a property or are involved in settling an estate, an appraisal can help determine the value of the property for tax or inheritance purposes.

When disputing property taxes: If you believe that your property taxes are too high, you may be able to dispute them by providing evidence of a lower property value through an appraisal.

Overall, a home appraisal can be useful in any situation where the value of a property needs to be determined.

What’s Ahead For Mortgage Rates This Week – July 17, 2023

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What's Ahead For Mortgage Rates This Week - July 17, 2023Last week’s economic reporting included readings on month-to-month and year-over-year inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published.

Month-to-Month Inflation Rises as Year-Over-Year Inflation Slows

The Consumer Price Index for June rose 0.20 percent in June as compared to May’s reading of 0.10 percent growth and expectations of 0.30 percent month-to-month growth. The core CPI reading, which excludes volatile food and fuel sectors, fell to 0.20 percent growth in June as compared to May’s month-to-month reading of 0.40 percent growth.

The year-over-year reading for the Consumer Price Index in June slowed to 3.00 percent growth as compared to May’s reading of 4.00 percent and analysts’ expected reading of 3.10 percent year-over-year growth.

The year-over-year reading for the Core Consumer Price Index showed 4.80 percent growth; analysts expected year-over-year inflationary growth of 5.00 percent. May’s year-over-year inflation reading showed 5.30 percent growth. Year-over-year readings show overall inflation trends without month-to-month volatility.

Rising interest rates did not appear to impact consumers’ enthusiasm. July’s preliminary index reading of 72.60 for the Consumer Sentiment Index was the highest reading published since September 2021. Analysts expected an index reading of 65.50 as compared to June’s reading of 64.40.

Mortgage Rates Nearing 7 Percent

Average mortgage rates rose last week and approached 7.00 percent for 30-year fixed-rate mortgages according to Freddie Mac’s weekly Primary Mortgage Market Survey.  The average rate for 30-year fixed-rate mortgages rose by 15 basis points to 6.96 percent. The average rate for 15-year fixed-rate mortgages rose six basis points to  6.30 percent. July 13 jobless claims will be published this week.

What’s Ahead

This week’s scheduled economic reporting includes readings on home builder confidence in single-family housing market conditions, and government reporting on housing starts and retail sales. The National Association of Realtors® will release its monthly report on sales of previously-owned homes. Weekly readings on mortgage rates and jobless claims are also expected.   

Quick and Simple Home Improvements: Transform Your Space with Ease

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Quick and Simple Home Improvements: Transform Your Space with EaseWhen it comes to home improvements, you might envision lengthy renovation projects or a significant investment of time and money. Not all home improvements have to be big projects. There are many quick and simple changes you can make to transform your space without breaking the bank or disrupting your daily routine.

Fresh Coat of Paint:

One of the most effective and budget-friendly ways to revitalize any room is by applying a fresh coat of paint. A new color scheme can completely transform the ambiance, making it brighter, cozier, or more sophisticated. Choose colors that align with your desired mood and consider using accent walls to create focal points. Painting is a relatively simple DIY task that can be accomplished in a weekend, and the impact it has on your home is significant.

Upgrade Lighting:

Lighting plays a crucial role in the atmosphere and functionality of your home. Swap out outdated light fixtures with modern alternatives to instantly update the look and feel of a room. Additionally, consider installing dimmer switches to adjust the lighting intensity and create a more versatile environment. For a quick fix, change your light bulbs to energy-efficient options or opt for warmer or cooler tones to suit your preference.

Declutter and Organize:

A cluttered and disorganized space can make your home feel chaotic and stressful. Dedicate some time to decluttering and organizing each room, creating a more streamlined and serene environment. Get rid of items you no longer need, organize your belongings into designated storage solutions.

Enhance Curb Appeal:

The exterior of your home makes the first impression, so enhancing its curb appeal is a quick way to boost your property’s overall appeal. Trim overgrown bushes, mow the lawn, plant colorful flowers, and add welcoming elements such as a new doormat or house numbers.

Replace Hardware and Fixtures:

Often overlooked, updating hardware and fixtures can significantly elevate the look of your home. Swap outdated doorknobs, cabinet handles, and  faucets, with more contemporary options to instantly modernize your space.

Add Mirrors:

Mirrors are a versatile and effective tool for making any room feel larger and brighter. Place mirrors strategically to reflect natural light, create an illusion of more space, and enhance the overall aesthetics of the room.

Transforming your home doesn’t always have to involve elaborate projects or substantial investments. By implementing these quick and simple home improvement ideas, you can achieve remarkable results with minimal effort. So, roll up your sleeves, gather your tools, and get ready to give your space the upgrade it deserves.

Selling a House “As-Is”: Pros, Cons, and Considerations

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Selling a House

When it comes to selling a house, homeowners have different options available to them. One approach that some sellers consider is selling their house “as-is.” This means selling the property in its current condition without making any repairs or renovations.

Pros of Selling a House “As-Is”

Convenience: One of the primary advantages of selling a house as-is is the convenience it offers. By selling the property in its current condition, you can avoid the time, effort, and cost associated with repairs and renovations.

Cost Savings: Selling a house as-is can potentially save you money. When you sell a property in need of repairs, you can avoid the expense of hiring contractors or professionals to fix issues. Additionally, you won’t have to invest in materials or deal with unexpected expenses that may arise during the renovation process.

Faster Sale: Properties listed as-is often attract buyers who are specifically looking for fixer-uppers or investment opportunities. Consequently, selling as-is can expedite the selling process and lead to a quicker sale compared to selling a house that needs repairs.

Cons of Selling a House “As-Is”

Lower Sale Price: While selling a house as-is can speed up the selling process, it often comes at the expense of a lower sale price. Buyers may discount their offers to account for the repairs they’ll need to undertake after purchasing the property. Keep in mind, you might not receive the full market value for your home.

Limited Buyer Pool: Selling a house as-is typically appeals to a narrower pool of buyers. Many potential buyers may prefer move-in-ready homes, which means you might have fewer interested parties.

Disclosure Obligations: Selling a house as-is doesn’t absolve you of disclosing known defects or issues with the property. Failing to disclose material defects can lead to legal complications and potential lawsuits.

Considerations for Selling a House “As-Is”

Evaluate the Property’s Condition: Assess the extent of repairs needed and the overall condition of the house. Determine if selling as-is is a viable option or if minor repairs could help attract a wider range of buyers and potentially increase the sale price.

Consult with Real Estate Professionals: Engage with experienced real estate agents or property consultants who can provide insight into local market conditions, potential buyers, and pricing strategies. Their expertise can help you make an informed decision about selling your house as-is.

Weigh Financial Implications: Consider the financial implications of selling as-is versus investing in repairs. Calculate potential repair costs, estimated sale price, and the impact on your net proceeds. Determine if the convenience of selling as-is outweighs the potential financial trade-offs.

Selling a house as-is can be a viable option for homeowners looking for convenience and cost savings. However, it’s crucial to carefully consider the potential drawbacks, such as a lower sale price and limited buyer pool. Assessing the property’s condition, seeking professional advice, and evaluating the financial implications are essential steps in deciding whether selling a house as-is is the right choice for you.

Unveiling the Secrets of Successful Real Estate Investing

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Unveiling the Secrets of Successful Real Estate Investing

Real estate investing has been recognized as a great opportunity for building wealth and achieving financial freedom. Achieving success in the real estate market does require a strategic approach, careful analysis, and informed decision-making.

Before diving into the world of real estate investing, it is essential to define your investment goals. Are you looking for long-term rental income, quick fix-and-flip profits, or a combination of both? Clarifying your objectives will guide your investment decisions and help you stay focused on your path to success.

Educate Yourself:

The first secret to successful real estate investing is to educate yourself thoroughly about the market, trends, and various investment strategies. Take the time to learn about different types of properties, financing options, rental laws, and local market conditions. Attend seminars, read books, follow industry experts, and join real estate investor associations to gain valuable knowledge and insights.

Set Clear Investment Goals:

Before jumping into real estate investing, it’s essential to define your investment goals. Establish a clear investment strategy, including your desired return on investment (ROI), time horizon, and risk tolerance. Setting specific goals will help you stay focused and make informed investment decisions.

Build a Reliable Network:

Building a strong network of professionals is crucial for success in real estate investing. Connect with real estate agents, brokers, property managers, contractors, and other investors. They can provide valuable advice, help you find lucrative deals, and collaborate on joint ventures. Networking also allows you to stay updated on market trends and opportunities.

Conduct Thorough Due Diligence:

Performing comprehensive due diligence is a key secret to successful real estate investing. Always research and analyze properties before making a purchase. Evaluate factors such as location, potential for appreciation, rental demand, property condition, and potential repairs or renovations required. Thorough due diligence minimizes risks and increases the chances of a profitable investment.

Diversify Your Portfolio:

Successful real estate investors understand the importance of diversification. Don’t put all your eggs in one basket. Instead, spread your investments across different property types, locations, and investment strategies.

Adapt to Market Conditions:

Real estate markets are dynamic and subject to changes. Keep a close eye on market trends, interest rates, demographic shifts, and regulatory changes. This information will help you identify emerging opportunities and make informed investment decisions.

Successful real estate investing is a combination of knowledge, strategy, and adaptability. By educating yourself, setting clear goals, building a reliable network, conducting thorough due diligence, diversifying your portfolio, leveraging financing wisely, and adapting to market conditions, you can unlock the secrets to success in the real estate investment arena. Remember, patience, perseverance, and continuous learning are essential elements on your journey to becoming a successful real estate investor.

What’s Ahead For Mortgage Rates This Week – July 10, 2023

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What's Ahead For Mortgage Rates This Week - July 10, 2023Last week’s scheduled economic reporting included readings on construction spending, June’s FOMC meeting minutes, and reports on jobs and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.

Construction Spending Increased in May

The Commerce Department reported spending for construction rose to 0.90 percent in May as compared to a month-to-month increase of 0.40 percent posted in April. The year-over-year reading showed $1.93 trillion in construction spending in May. April’s data was revised downward from the original reading of 1.20 percent growth to 0.40 percent growth in construction spending.

Readings for construction spending include all phases of government and private construction projects. When construction spending increases. It indicates overall growth in the economy. Year-over-year construction spending was 2.40 percent higher in May.

Private-Sector Job Growth Exceeds Expectations in June

The Commerce  Department reported the largest increase in private-sector job growth since July 2022. 497,000 jobs were added in June 2023, which surpassed analyst expectations of 220,000 jobs added. 267,000 jobs were reported in May’s reading. The increase in available jobs countered forecasts that the Federal Reserve’s recent series of interest rate hikes would slow inflation and dampen economic growth.

The national unemployment rate fell from 3.60 percent from 3.70 percent in May to 3.60 percent in June. In related news, weekly jobless claims rose to 248,000 claims from the previous week’s reading of 236,000 jobless claims filed. Analysts expected a reading of 220,000 claims filed.

Minutes of Federal Reserve Meeting: Fed Holds Federal Rate Range Steady in June

Members of the Federal Reserve’s Federal Open Market Committee voted to hold the Fed’s interest rate range at 5.00 percent to 5.25 percent. Committee members cited the tight labor market and current economic conditions that exceeded expectations. Fed Chair Jerome Powell said that the Fed would likely raise its rate range two more times during 2023. 

Freddie Mac reported higher average mortgage rates last week’s the rate for 30-year fixed-rate mortgages rose by 10 basis points to 6.81 percent. Rates for 15-year fixed-rate mortgages averaged 6.24 percent and 18 basis points higher.

What’s Ahead

This week’s scheduled economic reports include month-to-month and year-over-year readings on consumer inflation; the final monthly reading on consumer sentiment will be released along with weekly readings on mortgage rates and jobless claims.

 

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