Category: Real Estate

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The Caton Team does not receive compensation for any posts and the information is deemed reliable but not guaranteed.

6 Reasons to Reduce Your Home Price

As our market changes for the holidays – sometimes sellers need to make some adjustments….

6 Reasons to Reduce Your Home Price

By: G. M. Filisko

While you’d like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.

These six signs may be telling you it’s time to lower your price.

1. You’re drawing few lookers.

You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it.

2. You’re drawing lots of lookers but have no offers.

If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.

3. Your home’s been on the market longer than similar homes.

Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

4. You have a deadline.

If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend.

5. You can’t make upgrades.

Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others.

6. The competition has changed.

If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.

I read this article at: http://www.realtor.com

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

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Connect with us professionally at LinkedIn: https://www.linkedin.com/in/sabrinawendtcaton

Please enjoy my personal journey through homeownership at:

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive. What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

6 Tips for Choosing the Best Offer for Your Home

6 Tips for Choosing the Best Offer for Your Home

By: G. M. Filisko

Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers.

You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers.

1. Understand the process.

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

2. Set baselines.

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

3. Create an offer review process.

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

4. Don’t take offers personally.

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

5. Review every term.

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures — such as appliances, furniture, or window treatments — to be included in the sale that you plan to take with you?

Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.

Have the buyers attach a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?

Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?

With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

6. Be creative.

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.

I read this article at: www.realtor.com

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

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Connect with us professionally at LinkedIn: https://www.linkedin.com/in/sabrinawendtcaton

Please enjoy my personal journey through homeownership at:

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive. What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Do’s and Don’ts of Homebuyer Incentives

Do’s and Don’ts of Homebuyer Incentives

By: G. M. Filisko

Homebuyer incentives can be smart marketing or a waste of money. Find out when and how to use them.

Be sure you’re sending the right message to buyers when you throw in a homebuyer incentive to encourage them to purchase your home.

When you’re selling your home, the idea of adding a sweetener to the transaction — whether it’s a decorating allowance, a home warranty, or a big-screen TV — can be a smart use of marketing funds. To ensure it’s not a big waste, follow these do’s and don’ts:

Do use homebuyer incentives to set your home apart from close competition. If all the sale properties in your neighborhood have the same patio, furnishing yours with a luxury patio set and stainless steel BBQ that stay with the buyers will make your home stand out.

Do compensate for flaws with a homebuyer incentive. If your kitchen sports outdated floral wallpaper, a $3,000 decorating allowance may help buyers cope. If your furnace is aging, a home warranty may remove the buyers’ concern that they’ll have to pay thousands of dollars to replace it right after the closing.

Don’t assume homebuyer incentives are legal. Your state may ban homebuyer incentives, or its laws may be maddeningly confusing about when the practice is legal and not. Check with your real estate agent and attorney before you offer a homebuyer incentive.

Don’t think buyers won’t see the motivation behind a homebuyer incentive. Offering a homebuyer incentive may make you seem desperate. That may lead suspicious buyers to wonder what hidden flaws exist in your home that would force you to throw a freebie at them to get it sold. It could also lead buyers to factor in your apparent anxiety and make a lowball offer.

Don’t use a homebuyer incentive to mask a too-high price. A buyer may think your expensive homebuyer incentive — like a high-end TV or a luxury car — is a gimmick to avoid lowering your sale price. Many top real estate agents will tell you to list your home at a more competitive price instead of offering a homebuyer incentive. A property that’s priced a hair below its true value will attract not only buyers but also buyers’ agents, who’ll be giddy to show their clients a home that’s a good value and will sell quickly.

If you’re convinced a homebuyer incentive will do the trick, choose one that adds value or neutralizes a flaw in your home. Addressing buyers’ concerns about your home will always be more effective than offering buyers an expensive toy.

G.M. Filisko is an attorney and award-winning writer who gritted her teeth and chose a huge price decrease over an incentive to sell a languishing property—and is glad she did. A regular contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

I read this article at: https://members.houselogic.com/landing/summer-sale-62013/?cid=eo_em_narwr_rcrpromo&om_rid=AACmlZ&om_mid=_BZsaVHB9f48Sf-&om_ntype=NARWeekly

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

HomeSnap: http://www.homesnap.com/Sabrina-Caton

Visit our Website at: http://thecatonteam.com/

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Connect with us professionally at LinkedIn: https://www.linkedin.com/in/sabrinawendtcaton

Please enjoy my personal journey through homeownership at:

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive. What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

7 Pricing Myths to Stop Believing If You Ever Hope to Sell Your House

7 Pricing Myths to Stop Believing If You Ever Hope to Sell Your House

By Cathie Ericson

Pricing your own home is hard, what with all the history and hopes this magic number entails. Of course, you want to make a profit. Of course, all that money you spent installing a swimming pool or a half-bath will be recouped, because you’re leaving your digs in better shape than when you bought it, right? Right?

Well, not necessarily. Too many home sellers fall prey to myths about home pricing that seem to make sense at first, but don’t jibe with the reality of real estate markets today. To make sure you haven’t bought into any of this malarkey—since the buyers you’re trying to woo sure haven’t—here are some common pricing myths you’ll want to rinse from your brain so you kick off your home-selling venture with realistic expectations. It’s time to get real, folks!

1. You always make money when you sell a home

Sure, real estate tends to appreciate over time: The National Association of Realtors® estimates that home prices will jump 5% by the end of 2017 and continue rising 3.5% in 2018. But selling your home for more than you paid is by no means a given, and your return on investment can vary greatly based on where you live.

The NAR also found, for instance, that the cost of single-family homes increased in about 87% of the metros it studied, but prices actually dropped in 23 markets. So don’t assume you’ll walk away with a profit until you’ve examined what’s up in your area first.

2. Price your house high to make big bucks

We know what you’re thinking: “Hey, it’s worth a shot!” But if you start with some sky-high asking price, you’ll soon come back to Earth when you realize that an overpriced home just won’t sell.

“While the payday might sound appealing, you’re actually sacrificing your best marketing time in exchange for the remote possibility that someone will overpay for your home,” says Kathleen Marks, a Realtor® with United Real Estate in Asheville, NC.

While certain buyers might be suckered in, this becomes far less likely if they’re working with a buyer’s agent who will know all too well when a home is overpriced, and advise their client to steer clear. And this can lead to problems down the road (as our next myth indicates).

3. If your home’s overpriced, it’s no big deal to lower it later

Sorry, but overpricing your home isn’t easily fixed just by lowering it later on. The reason: Homes that have lingered on the market for months—or that have undergone one or more price reductions—make buyers presume that something must be wrong with it. As such, they might still steer clear, or offer even less than the price you’re now asking.

Bottom line: “Price your home appropriately from the beginning for your best shot at having a quick and easy sale,” Marks recommends.

4. Pricing your home low means you won’t make as much money

Similarly, sellers are often leery of pricing their home on the low end. But as counterintuitive as this seems, this strategy can often pay off big-time. Here’s why: Low-priced homes drum up tons of interest, which could result in a bidding war that could drive your home’s price past your wildest dreams.

5. You can add the cost of any renovations you’ve made

Let’s say you overhauled your kitchen or added a deck. It stands to reason that whatever money you paid for these improvements will be recouped in full once you sell—after all, your home’s new owners are inheriting all your hard work.

The reality: While your renovations might see some return on investment, you’ll rarely recoup the whole amount. On average, you can expect to get back 64% of every dollar you spend on home improvements. Plus that profit can vary greatly based on which renovation you do.

Check out this list of common renovations and their return on investment to know what you can actually expect.

6. A past appraisal will help you pinpoint the right price

If you have an appraisal in hand, from when you bought or refinanced your house, you might think that’s a logical place to start to price your home. It’s not!

An appraisal assigns your home a value based on market conditions at a specific date, so it becomes old news very quickly. In fact, lenders typically won’t accept appraisals that are more than 60 days old.

“Since lenders know markets can change in six months’ time, it’s important for sellers to understand that a previous appraisal is never a reliable source for the current value of a home,” Marks says.

7. Your agent might overprice the house to make a bigger commission

Don’t even go there, says Realtor Raena Janes of RJHomes in Tucson, AZ.

“While it’s true that an agent’s commission is based on the selling price of a house, the disparity will end up being negligible,” she says. For example, the difference in commission between a $300,000 house and one that’s $310,000 is about $150.

“No real estate agent is going to lose a sale for the sake of a couple hundred dollars,” she explains.

Selling a home takes knowledge and resources. Contact the Caton Team for a free consultation.

I read this article at: https://www.realtor.com/advice/sell/home-pricing-myths/?identityID=9851214&MID=2017_0908_WeeklyNL&RID=353497822&cid=eml-2017-0908-WeeklyNL-blog_1_homepricingmyths-blogs_sell

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

HomeSnap: http://www.homesnap.com/Sabrina-Caton

Visit our Website at: http://thecatonteam.com/

Visit our INSTAGRAM page: http://instagram.com/thecatonteam

PINTREST: https://www.pinterest.com/thecatonteam/

Visit us on FACEBOOK: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

YELP us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or YELP me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: https://www.linkedin.com/in/sabrinawendtcaton

Please enjoy my personal journey through homeownership at:

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive. What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Check Yourself: 7 Home Maintenance Tasks You Should Tackle in September

Hello again – thought I would share this great article to get your home ready for Fall and Winter!

Check Yourself: 7 Home Maintenance Tasks You Should Tackle in September

By Holly Amaya

For most of the country, September signals the end of summer’s dog days and a return to fuzzy sweaters, chilly evenings, and, of course, pumpkin spice everything (this is America, after all).

But before those first autumn leaves begin to fall, it’s crucial to take a few steps to stave off any cold weather home breakdowns. Luckily, we’re here to make it as easy as possible for you with our handy checklist of home maintenance chores to tackle this month. These quick, relatively painless tasks can potentially save you major repair costs down the road.

1. Check walkways for cracks

“Before the grass is covered with snow, or it’s too cold to venture outside, check walkways for cracks and loose paver material,” says Ryan Williams, general manager of 128 Plumbing, Heating, Cooling & Electric. “Fix walkway and entryway areas before slippery weather can cause a tripping or falling accident.”

DIY: Small cracks can be fixed with simple epoxy and shouldn’t take more than a few hours.

Call in a pro: Serious cracking and concrete damage will require professional repair—expect to spend north of $1,000, although exact costs will depend on the severity of damage and cost of materials and labor in your area.

2. Clean and repair the siding

“After a long summer, siding can become dirty or mildewed,” says Chris Granger, vice president and general manager of Sears Home Services.

September is a great time to use a pressure washer to clean it up—and inspect for more serious problems before winter comes. Check first for rotten or warped areas, and inspect your caulking, which can shrink and crack over time.

DIY: You don’t necessarily have to shimmy up a ladder for a close-up of your siding; the pros we talked to recommend using a smartphone camera or drone to zoom in on problem areas. Inspect the butt joints where two pieces of siding meet and, if you spy cracks, consider tackling the job yourself.

How? A day ahead, thoroughly wash your work surface with soapy water. Once the area is completely dry, squeeze a bit of caulk into the gap in the siding, then smooth it with your finger. Wipe it once more with a damp sponge to even out your work.

(Pro tip: Be sure to never caulk the underside of your siding, which could prevent the boards from expanding and contracting during changing weather.) Once you’ve fixed any problem areas, let everything set for a few days. Then follow up with a good pressure wash (you can rent a machine for around $35).

Call in a pro: If your siding has seen better days (think missing, bent, or cracked pieces), consider replacing it. As a general rule, fiber cement siding is priciest, followed by wood, aluminum, and vinyl. Replacing vinyl siding on an average 2,200-square-foot home will set you back more than $6,500 (in addition to the cost of removing existing materials). If you choose wood or fiber cement siding, you’ll likely spend twice that. For an expert pressure washing, expect to spend $100 to $300.

3. Check and repair leaky faucets

“Before the temperatures start to dip, examine leaky faucets in the kitchen, bathrooms, and utility room locations,” Williams says. “Most likely, whatever time and money you spend now will be considerably less than a broken pipe in the dead of winter.”

DIY: Just turn on the faucet, turn it off, and watch for any telltale dripping. Your fix might be as easy as replacing the washers on the faucet’s knobs, or you might have a worn cam washer, valve seat, or spring. We have you covered with our step-by-step guide to fixing a leaky faucet.

Call in a pro: If you’d rather not deal with it yourself, you can always hire a plumber. Estimates for fixing leaks vary, but expect to spend at least $100.

4. Make sure windows are sealed tight

All double- or triple-pane windows should have a tight seal around their perimeter that separates the individual panes of glass and traps inert gas between them, providing a break between the temps inside and outside your home. If you notice that your windows are frequently foggy, that’s likely a sign of a failed seal.

DIY: Try cashing in on your windows’ warranty first; many companies will cover failed seals for a decade or longer.

Call in the pros: If your warranty won’t cover a total replacement, check out a professional window defogging company. These pros will reseal the window’s perimeter and replace the gas between the panes for an average of $300 (depending on location and the number of windows).

5. Sweep the chimney

When temperatures finally fall, you’ll want to be ready to light your fireplace. But before your first toasty blaze of the season, make sure your chimney has been cleaned.

“Built-up soot in your chimney can increase your risk of a chimney fire, and a clogged chimney can also increase the presence of carbon monoxide in your home by not allowing it to escape when you have a fire burning in the fireplace,” says Lindsey Pasieka of ConsumerSafety.org.

Call in the pros: No DIY here—leave this (dirty) job to a pro, who’ll charge an average of $225 for an inspection and sweep.

6. Change the air filters and tune up the furnace

This one really should be a maintenance task you do every month, Granger says. Dirty air filters can lead to higher energy bills and irreparably damage your HVAC system.

DIY: Changing your air filter is a fairly straightforward task—just be sure to check the size of your existing filter before you hit the hardware store. Pros also recommend removing all vent covers and vacuuming pet dander, hair, and other debris that can accumulate and gunk up your HVAC system.

Call in the pros: Take things a step further by hiring a professional to tune up your unit before winter arrives. A good contractor will ensure your thermostat is working properly, fix loose electrical connections and gas connections, and check your unit’s blower motor and heat exchanger. Expect to spend $80 to $150.

7. Service the yard equipment

Autumn—not spring—is actually the best time to show some love to your lawn equipment before you put it away for winter.

“It’s harmful for equipment to sit all winter long with old oil in the case and dirt on the other components,” says Lisa Turner, author of “House Keys: Tips and Tricks From a Female Home Inspector.”

DIY: Change your oil and filter, replace air and gas filters, and install new blades if necessary. Then perform the lubrication and adjustment maintenance required by your equipment’s manual. But you don’t want to drain the gas tank completely, Turner says. Instead use a premium gasoline without ethanol but with a gas preservative. Just before you store it, fill the tank with this mix.

Call in the pros: If your unit won’t start or turn over, the cost for a lawn mower repair pro will run about $35 to $115. If your lawn mower’s engine needs to be replaced, you could shell out $800 to $900 for a new engine.

I read this article at: https://www.realtor.com/advice/home-improvement/home-maintenance-checklist-september/?identityID=9851214&MID=2017_0908_WeeklyNL&RID=353497822&cid=eml-2017-0908-WeeklyNL-blog_2_homemaintenancechecklist-blogs_trends

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

Want Real Estate Info on the Go? Download our FREE Real Estate App: http://thecatonteam.com/mobileapp

HomeSnap: http://www.homesnap.com/Sabrina-Caton

Visit our Website at: http://thecatonteam.com/

Visit our INSTAGRAM page: http://instagram.com/thecatonteam

PINTREST: https://www.pinterest.com/thecatonteam/

Visit us on FACEBOOK: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

YELP us at: http://www.yelp.com/biz/the-caton-team-realtors-sabrina-caton-and-susan-caton-redwood-city

Or YELP me: http://www.yelp.com/user_details_thanx?userid=gpbsls-_RLpPiE9bv3Zygw

Connect with us professionally at LinkedIn: https://www.linkedin.com/in/sabrinawendtcaton

Please enjoy my personal journey through homeownership at:

Thanks for reading – Sabrina

The Caton Team – Susan & Sabrina – A Family of Realtors

Effective. Efficient. Responsive. What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Is Mortgage Insurance Really Worth It?

Is Mortgage Insurance Really Worth It?

If you’re considering a low down payment mortgage—less than 20%–you may have heard you’ll need to pay mortgage insurance (also known as MI, private mortgage insurance or PMI, and mortgage insurance premium or MIP) in addition to your monthly mortgage payment. While it adds another monthly payment to your mortgage, it may also help you get in a home sooner. Let’s look at your options and some hidden benefits of MI.

What is mortgage insurance?

MI helps manage risk for your lender and protect them if you fail to repay the mortgage, making the loan safer for investors. Investors have set parameters that loans must meet before they are purchased. One key parameter is that the mortgage has a loan-to-value ratio of at least 80%, meaning that the borrowers have made a 20% down payment.

MI was created to help more buyers get over that hurdle and afford to buy a home. With MI, you can put down less than 20% and still become a homeowner.

But, is MI really worth it or should you wait until you have 20% down?

Benefits of mortgage insurance

Before you write off mortgage insurance, let’s look at how it may provide valuable opportunities and options to you as a homebuyer.

Increased buying power. Say you’ve saved $20,000. You can use that cash to put 20% down on a $100,000 home OR you could make a smaller down payment on a more expensive home — for example, 10% down on a $200,000 home.

Expanded cash-flow options. Using MI to finance your mortgage, you can elect to put less money down and still have funds for home-related purchases and repairs or investments. For example, rather than putting 20% down ($40,000) on a $200,000 home, you could put down 10% ($20,000) and use the other $20,000 to remodel.

Lower monthly payments. If you have good credit, you may be eligible for lower borrower paid MI rates.

Predictable monthly payments. A fixed-rate mortgage with MI provides you with a locked-in monthly payment that will not increase and that will be reduced when MI coverage is cancelled.

Mortgage insurance may be cancelled. On most loans with MI, coverage must automatically be cancelled by the lender when the loan reaches 78% of original value through amortization. MI also may be cancelled when extra payments bring the loan below 80% of original value. Contact your loan servicer for a full description of cancellation requirements.

FHA or Conventional loan?

FHA is known for their low down payments for first-time homebuyers, but consider all your options. Many conventional fixed rate loans offer lower than FHA’s 3.5% down. Plus, when you use a fixed rate loan and borrower paid MI, you can cancel your mortgage insurance when you reach 20% equity in your home. With FHA, you must continue to pay MI for the life of the loan.

Down payment programs can give you a boost

Don’t overlook the homeownership programs available in every community. These programs offer grants and loans that can fund your closing costs and down payments, helping supplement your down payment savings and get you closer to that 20% threshold faster. Find out what programs may be in your area.

How do you pay for MI?

Talk to your lender about MI plans available. There are borrower paid and lender paid plans. If you have a higher credit score, you may get a reduced rate with a borrower paid plan. With lender paid plans, the MI premium is usually built into the mortgage interest rate or the origination fee. If a lender says they have a “no MI” option, look at all the fees and ask how MI is calculated.

Should you buy now or wait?

Take some time to evaluate your personal situation. Interview multiple lenders and shop your loan. It’s important to get your financing locked down before you begin shopping for homes. MGIC, a mortgage insurance provider, offers a calculator that can help you assess whether you should buy now or wait.

Contact The Caton Team any time with all your Real Estate questions.

I read this article at: http://downpaymentresource.com/mortgage-insurance-really-worth/

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5 Home Design Fads That Are Out in 2017

5 Home Design Fads That Are Out in 2017

With selling season upon us – if you’re thinking of selling – take a look around… What would you like to see fade away? What home trends are you looking into for 2017?

Shiplap and white-on-white kitchens may finally be falling out of favor. The two trends have dominated home design in recent years, but realtor.com® says they’ll be fading fast in 2017. Here are some of the home design trends realtor.com® predicts will fall to the wayside in the new year.

GRAY: Once the hottest color, gray is now looking gloomy. “It’s been overdone,” says Tanya Campbell of Denver-based Viridis Design Studio. “Diversity in the palette will strike a contrast. We may even see a transition from gray color palettes to warmer mochas and taupes.”
THE GLAM LOOK: This style’s signature is bold whites, bright silvers, and deep blacks, which have been popular in kitchen and bathroom designs. “We’re going to leave the glam era behind. That slick, stark, severe minimalism will be replaced with warmer elements,” says interior designer Bea Pila. “At the end of the day, we’re seeking a deeper comfort level in our personal spaces. That perfect showroom feel we were once into doesn’t make this possible.”
SHIPLAP: Shiplap surged to popularity as Joanna Gaines, host of HGTV’s “Fixer Upper,” turned to it as her go-to remodeling piece. But realtor.com® notes: “If you’ve ever wondered what 2016’s version of tacky wood paneling would be, look no further than this trend that seems to have overtaken TV design shows.” It’s difficult to remove, and designers now say it often makes little sense to use, particularly in a Colonial or Tudor home style.
WHITE-ON-WHITE KITCHENS: White everything in the kitchen — from countertops to cabinetry and even the floor — is fading fast. “It’s just too much,” says Sara Chiarilli, a designer at Sarasota, Fla.-based Artful Conceptions. “This trend started to go in 2016, but you will find it completely gone in 2017.” That said, Chiarilli predicts that whites will stick around, but they will take on more depth and tones in kitchens in the new year.
COPPER: Expect to see less of this heavy metal in 2017. Copper fixtures are another trend on the chopping block in the new year, realtor.com® notes.

Personally – DO WHAT YOU LOVE!!!! Enjoy your home! Make it yours. When the time comes to sell, call The Caton Team – we’ve got a plan!

I read this article at: http://realtormag.realtor.org/daily-news/2016/12/30/5-home-design-fads-are-out-in-2017?om_rid=AACmlZ&om_mid=_BYZs0sB9W3kUB$&om_ntype=RMODaily

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

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Thanks for reading – Sabrina

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Effective. Efficient. Responsive. What Can The Caton Team Do For You?

Berkshire Hathaway HomeServices – Drysdale Properties

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE# 70000218/ Office BRE #01499008

Rich SF residents get a shock: Someone bought their street

This article peaked our interest since the Caton Team is working with auction buyers. Fascinating the properties that come through the auction block – but this one – OMG! Take a read from the SF Chronicle!

Rich SF residents get a shock: Someone bought their street

Thanks to a little-noticed auction sale, a South Bay couple are the proud owners of one of the most exclusive streets in San Francisco — and they’re looking for ways to make their purchase pay.

Tina Lam and Michael Cheng snatched up Presidio Terrace — the block-long, private oval street lined by 35 megamillion-dollar mansions — for $90,000 and change in a city-run auction stemming from an unpaid tax bill. They outlasted several other bidders.

Now they’re looking to cash in — maybe by charging the residents of those mansions to park on their own private street.

Those residents value their privacy — and their exclusivity. Past homeowners have included Sen. Dianne Feinstein and her financier husband, Richard Blum; House Democratic leader Nancy Pelosi; and the late Mayor Joseph Alioto. A guard is stationed round the clock at the stone-gate entrance to the street to keep the curious away.

So imagine the residents’ surprise when San Jose residents Cheng and Lam wound up with the street, its sidewalks and every other bit of “common ground” in the private development that has been managed by the homeowners since at least 1905. That includes a string of well-coiffed garden islands, palm trees and other greenery that enhance the gated and guarded community at the end of Washington Street, just off Arguello Boulevard and down the hill from the Presidio.

“We just got lucky,”said Cheng, a real estate investor.

The homeowners, however, are crying foul and want the Board of Supervisors to negate the sale.

The couple’s purchase appears to be the culmination of a comedy of errors involving a $14-a-year property tax bill that the homeowners association failed to pay for three decades. It’s something that the owners of all 181 private streets in San Francisco are obliged to do.

In a letter to the city last month, Scott Emblidge, the attorney for the Presidio Homeowners Association, said the group had failed to pay up because its tax bill was being mailed to the Kearny Street address used by an accountant who hadn’t worked for the homeowners since the 1980s.

Two years ago, the city’s tax office put the property up for sale in an online auction, seeking to recover $994 in unpaid back taxes, penalties and interest. Cheng and Lam, trawling for real estate opportunities in the city, pounced on the offer — snatching up the parcel with a $90,100 bid, sight unseen.

Since the purchase in April 2015, the couple have been quietly sitting on the property, talking to a number of land-use attorneys to explore their options.

“We were looking to get title insurance so it could be marketable,” Cheng said.

He and his wife see plenty of financial opportunity — especially from the 120 parking spaces on the street that they now control.

“We could charge a reasonable rent on it,” Cheng said.

And if the Presidio Terrace residents aren’t interested in paying for parking privileges, perhaps some of their neighbors outside the gates — in a city where parking is at a premium — would be.

Unsurprisingly, the residents were more than a little upset when they belatedly found out what had happened.

They didn’t learn that their street and sidewalks had been sold until they were contacted May 30 by a title search company working on behalf of Cheng and Lam, said Emblidge. The title search outfit wanted to know if the residents had any interest in buying back the property from the couple, the lawyer said.

“I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,” said one homeowner, who asked not to be named because of pending litigation.

Last month, the homeowners petitioned the Board of Supervisors for a hearing to rescind the tax sale. The board has scheduled a hearing for October.

In addition, the homeowners association has sued the couple and the city, seeking to block Cheng and Lam from selling the street to anyone while the city appeal is pending — a move residents fear could complicate their efforts to reclaim the land.

The residents say the city had an obligation to post a notice in Presidio Terrace notifying neighbors of the pending auction back in 2015 — something that “would have been simple and inexpensive for the city to accomplish.”

Treasurer-Tax Collector Jose Cisneros’ office says the city did what the law requires.

“Ninety-nine percent of property owners in San Francisco know what they need to do, and they pay their taxes on time — and they keep their mailing address up to date,” said spokeswoman Amanda Fried.

“There is nothing that our office can do” about the sale now, she added.

Fried said that as far as she knows, the Board of Supervisors “has never done a hearing of rescission” — and that because it’s been more than two years since Cheng and Lam bought the property, it could be tough to overturn the sale now.

As for the threat to charge them for parking, the residents suspect it’s part of a pressure campaign by the couple to force the homeowners association to shell out big bucks to buy back the street.

The couple, however, say they’re in no hurry to sell.

“I’m a first-generation immigrant, and the first time I came to San Francisco I fell in love with the city,” said Lam, an engineer in Silicon Valley who was born in Hong Kong and came to the U.S. for college.

“I really just wanted to own something in San Francisco because of my affinity for the city,” Lam said.

There’s a bit of irony in the couple’s purchase. Until a 1948 U.S. Supreme Court ruling banning the enforcement of racial covenants, homes in Presidio Terrace could be purchased only by whites.

“The more we dug into this,” said the Taiwan-born Cheng, “the more interesting it got.”

San Francisco Chronicle columnists Phillip Matier and Andrew Ross appear Sundays, Mondays and Wednesdays. Matier can be seen on the KPIX-TV morning and evening news. He can also be heard on KCBS radio Monday through Friday at 7:50 a.m. and 5:50 p.m. Got a tip? Call (415) 777-8815, or email matierandross@sfchronicle.com. Twitter: @matierandross

I read this article at: http://www.sfchronicle.com/bayarea/matier-ross/article/Rich-SF-residents-get-a-shock-Someone-bought-11738236.php?cmpid=email-premium

Remember to follow our Blog for the local real estate beat, a pulse on the San Francisco Peninsula at: https://therealestatebeat.wordpress.com

Got Questions? – The Caton Team is here to help.

Email Sabrina & Susan at: Info@TheCatonTeam.com

Call us at: 650-568-5522 Office: 650-365-9200

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