prudential – Page 45 – The Real Estate Beat

5 Staging Mistakes – Great Article from Trulia

5 Staging Mistakes Sellers Think Are Awesome —and How to Change Their Minds

Nowhere in life is the old adage that beauty is in the eye of the beholder truer than in real estate. One woman’s dream home might be a mid-century modern, Mad Men styled contemporary, while another’s includes all the gingerbread charm of a classic Victorian. But when it comes to prepping a home to be viewed and (fingers crossed!) sold, there is both art and science to staging a home before its listed to maximize its appeal to the broadest number of target buyers.

The challenge is this: staging is an investment, one every seller can’t afford to make (although studies have shown professionally staged homes sell faster and for more than non-staged counterparts). So many sellers take it on as a do-it-yourself project which, like all DIY home improvement projects, can be fantastic or, mmm, not—depending on the approach, skill, and resources of the ‘self’ who does it.

Here are a few common scenarios in which sellers think their staging is awesome and buyers, well, beg to differ. Plus, check out the tactful things agents can say to help get sellers back on track:

Love these tips? Share this helpful handout with clients.

The sellers used beat up or ugly furnishings and decor.

Great staging—DIY or professional—includes choosing furniture that shows the home off in its best light, and positioning the furnishings optimally, too. Sometimes this can be done using certain pieces of the seller’s furniture. Other times, furniture must be rented or otherwise obtained. One area in which budget-minded sellers like to save money on staging is by finding cheaper alternatives than renting new furniture from a staging company or store.

In this era of Craigslist, eBay, Freecycle, estate sales and other peer-to-peer online stores and trading sites, there is an abundance of access to used furniture at great prices. I have no bone to pick with the smart sellers who use these tools to replace their own furniture with something that is in better condition, more attractive or a smaller scale than their own, so as to highlight how much space their home truly offers. That said, using old, floral sofas from Craigslist’s Free Section, unattractive thrift store ‘artwork’ or even their own truly worn out, old furniture is a recurring reason buyers cite for focusing on how bad the staging is vs. the house itself.

What’s worse, the furnishings a seller might think was THE BEST BARGAIN EVER might actually give the nice home a worn-down, unkempt feel to the buyers who come to see it.

How to help your sellers: Have a consistent message throughout the process of staging. Clean and simple typically highlight a space. Before letting sellers go to town on the staging, show them examples of a beautifully staged home and one that’s not so great. The visual examples can help get your message across better than simply talking it through.

They created distracting themes and scenes.

My friend Barb Schwarz is the head of the International Home Staging Professionals Association; she defines staging as ‘preparing a home for sale so the buyer can mentally move in.’ The goal is for buyers to visualize the new-and-improved versions of their lives that the home will help them realize, so some pro stagers will set up objects to communicate the lifestyle activities that a home facilitates. It’s not bizarre to see a breakfast table and chairs on the patio of a home with lovely views, a crib and baby gear-vignette in a small room suitable for a nursery, or a popcorn maker and recliners to show off a media room’s theater-readiness.

Occasionally, though, these scenes and vignettes can go rogue, creating borderline bizarre scenarios that distract and detract more than they help.

A beach scene (ball, umbrella and all) in a midwestern bedroom, a lively Parisian mural and Eiffel tower replica in a California condo and bizarre collections (taxidermy, anyone?) are all real-life examples of staging scenes that have done more harm than good.

The house is neither clean nor clutter-free.

For various reasons, some homes just take time to sell. And if a client is living in a home that is on the market for long, it can be challenging to ensure it is perfectly pristine at all times, meaning every single time a buyer enters it. And it doesn’t take a truly filthy house to turn a buyer’s impression of a home from awesome to awful. The little messes that a family accumulates through daily living can be perceived by buyers as distracting at best—disgusting, at worst.

If the home is well staged, do not underestimate the power of piles of clothes, mail, paperwork, dishes or kids’ toys to deactivate the home-selling power of all the hard work and money that went into preparing the property in the first place.

How to help your sellers: Make sure your clients understand that you know how challenging this situation can be. Empathize with them, but also consider working out a referral coupon or discount with a local cleaning service. A weekly cleaning during the 30-60 day showing period, especially with a generous discount, can be well worth the cost, and show sellers that you get it, and you’re on their side.

There are glaring gaps.

Sometimes a home’s staging leaves a glaring gap, an elephant in the room house, so to speak. This often happens when sellers run out of time and money to prepare a place, but it can be avoided through smart advance planning and budgeting for the pre-listing property preparation.

How to help your sellers:

Rooms—Listen, I personally live in a house that is beautiful everywhere until you poke your head into my young adult son’s room. So I can relate to these sellers. This situation might be okay to live with, but it’s a real home staging fail for a property that’s on the market. Remind sellers not to let there be one or two rooms that it looks like the stager—or house cleaner—missed. And this goes for the garage, closets, cupboards and drawers, too. Buyers like to look inside these areas to see how much space they have—if they are crammed full of junk, it creates the impression that the house lacks storage and order.
Exterior vs. interior—Some homes have amazing curb appeal, but look like they’ve been run over roughshod on the inside. And the opposite is true: some look like Martha Stewart handled the inside and junk man extraordinaire Fred Sanford was in charge of the yard. Neither of these is ideal. Again, here a visual tour can help. Make note of the most budget-friendly or simple-to-do projects that may be able to help remedy any eyesores.
Multi-sensory gaps—If a home is beautiful to the eye but smells bad, is strangely hot or cold, or has a noise issue (think: neighbors’ music, freeway noise or strange in-house creaks or whirrs), buyers might appreciate the visuals but fixate on the multi-sensory challenges. Especially if there are pets, sellers may need a gut check on whether your home is smelly—sellers might be so used to it, that they can’t sense it anymore. Here, honesty is the best policy. If you have a super smelly property and don’t want to offend the seller, you may want to consider bringing in a stager for a consultation (use someone who you have a good relationship with and often send referrals to). After they look around, have them write notes for the seller. The third party perspective can help get the point across without causing tension within your client/agent relationship.

The seller lacked a neutral, expert eye.

Home decorating and home staging are two different things. When an owner decorates a home, they customize it with your specific tastes, preferences and aesthetics in mind. When staging it, the goal is to neutralize the home’s look and feel so it appeals to more buyers and doesn’t have turn-off potential. Schwarz puts it this way: ‘Decorating a home is personalizing it. Staging a home is depersonalizing it.’

I cannot count the number of beautifully decorated homes I’ve seen where the seller must have thought they needed to do zero staging, and where the seller was simply wrong. Their very personal tastes in Elvis quilt art, red lacquer furnishings or sewing machine collections had been beautifully executed for them, but also were so highly personal, so very specific that it was near-impossible for a buyer to envision their own lives or families or homes or activities taking place in that space.

This is one reason I—and every agent should—encourage even sellers who are on a tight budget and can’t afford pro staging and sellers whose homes that have been beautifully decorated to at least have a home staging consultation with their agent and a professional stager. These pros can call out little ‘edits’ (furniture or decor items you should remove) and give advice about what buyers love and hate to see in a home that clients might be able to execute yourself at a surprisingly low cost.

Tell us! What is one the biggest staging missteps you have seen (or made!)?

I read this article at: http://www.trulia.com/pro/sellers/5-staging-mistakes-sellers-think-awesome-change-mind/

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

Email Sabrina & Susan at: Info@TheCatonTeam.com

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Thanks for reading – Sabrina

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

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

Rush to Buy Homes During the Holidays? YES YES YES!

Rush to Buy Homes During the Holidays?

Home owners may be doubtful that the months of November and December will bring about a home sale. After all, aren’t potential buyers sidetracked with the holidays and likelier to postpone their house hunt due to bad weather and shorter days?

But sometimes the “off-peak” time to sell can actually be the perfect moment for sellers. Several studies show that, on average, homes listed in November and December are more likely to sell, sell more quickly, and more closely approach the asking price, according to an article at Forbes.com.

A 2011 study conducted by realtor.com® found that 60 percent of real estate professionals advise their sellers to list a home during the holidays because they believe it’s an opportune time to sell. Nearly 80 percent of the real estate professionals surveyed said that more serious buyers emerge during the holidays, and 61 percent say less competition from other properties makes it an ideal time to sell.

Thanksgiving is particularly good, the article notes. Buyers may have held out through the busy summer months hoping to find a better deal, but now they may be searching with increased urgency. Some buyers may be motivated to close before the end of the year for tax purposes. They can purchase a home late in the year to deduct home purchase costs on their taxes, such as points, interest, and property taxes. Also, certain sellers who sold their homes during the summer season may be facing a capital gains tax. They may be highly motivated to buy in November to avoid paying capital gains tax (since closing on the purchase of another house is required within 180 days).

Source: “Why November Is the Best Month to Sell Your Home,” Forbes.com/Trulia (Nov. 14, 2014)

Considering a sale – call us – The Caton Team has a wonderful marketing plan for you – 650-568-5522 or email me at Info@TheCatonTeam.com

I read this article at: http://realtormag.realtor.org/daily-news/2014/11/17/rush-buy-homes-during-holidays?om_rid=AACmlZ&om_mid=_BUaky7B89pUcTC&om_ntype=RMODaily

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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

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

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

Here’s What Happens to Your Data After You Die???

As I was checking my email I came across this article and thought I would share it – sorry it is a bit morbid, but in this day in age – the digital age – there is more to our legacy than just a last will and testament. I thought this would be good for individuals and families planning ahead and for those handling estates. I wish you all the best in health in life. – SC

Here’s What Happens to Your Data After You Die???

A couple of years ago. I logged on to one of my many social network accounts and encountered a familiar face under the People You May Know section: Emru Townsend.

Emru was indeed someone I knew. A talented writer, a good friend, and a true mensch, beloved by many. He was also dead. He had succumbed to leukemia a few years earlier at the age of 39.

Yet there he was, smiling at me just like he did in life. But it wasn’t just a social media account that survived Emru. There’s his personal blog, where he recounted in sometimes-painful detail his battle against cancer, and his professional one, featuring some of the hundreds of articles he wrote on technology and animation. There’s his Flickr account, featuring photos of him in the hospital. There’s the site his family set up in an effort to find a stem cell donor, which ultimately proved unsuccessful. Today, nearly seven six years to the day of Emru’s passing, he still receives email at his pobox.com account, maintained by his widow, Vicky.

In addition to leaving a mark on everyone he met, Emru also left a footprint on the Internet, which his family struggled to deal with because they did not have access to all of his accounts.

This is a problem all of us on the Internet will encounter eventually, whether we want to think about it or not.

What can go wrong? Lots. Your loved one may have died leaving photos and videos behind that you can’t get to. He may have locked essential financial or other information away with passwords and not left those with you. She may have online financial accounts with money or credits leftover, or social media accounts that continue to generate painful reminders of her absence.

And, each year, the personal information of more than 2.5 million dead people is abused by identity thieves, according to ID Analytics.

Data of the dead
So you want to deal with this now, before you die and leave your family a mess of locked-down digital assets. There are three key things you need to do, says Evan Carroll, co-author of Your Digital Afterlife.

Make an inventory of all your digital assets. That includes the documents on your computer, the photos on your phone, any data stored on thumb drives or backup disks, and every online account, including the ones you no longer use. It’s a big job, but you don’t have to do it all at once, Carroll says. Start with the most important things and work your way down the list. Odds are your primary email account will be number one, since that’s typically where online accounts send password resets. Keep reading for advice on where to store this data.
Figure out what you want to happen to all of this stuff after you’re gone. Do you want your family to have access to all your emails? How about photos? Videos and other material you’ve downloaded? There may be some things you don’t want your loved ones to see. Decide now, and make your wishes known to those you care about.
Assign someone to be your digital executor. Be explicit in your will about what you want to happen to your assets. Don’t assume your survivors automatically have a right to it all, because the law varies greatly from state to state, Carroll says. On his blog, The Digital Beyond, he offers some sample power-of-attorney language to include in your will.

And if like more than half of all Americans you don’t have a will, it’s time to whip one up. Will-making software starts around $30, and some extremely simple last-will-and-testament templates are available online for free.

Things to do on Google when you’re dead
You also want to take a look at your online accounts. Of all the major online service providers, only Google lets you plan for the inevitable ahead of time. Using the innocuously named “Inactive Account Manager,” you can designate a beneficiary who will inherit access to any or all of your Google accounts after a specified period of inactivity (the default is three months).

The beneficiary will then have an additional three months to download your data before it gets pulled offline for good. You can even set up an auto-responder from the grave, so to speak, to alert emailers of your passing.

Facebook is probably the next best at this, though your options are more limited. Once a family member has passed, you can ask the network to either delete the account or “memorialize” it, essentially freezing it in time but removing it from features like birthday reminders or People You May Know. You’ll have to provide proof of death via certificate or a published obituary, however. And if you want to download content from the account, you’ll need to obtain a court order.

As for the other main social accounts, some allow you to request that a deceased person’s account be closed, once you provide proof of their demise. Others are totally silent on the matter. LinkedIn makes it pretty easy to delete a dead member’s profile; you can fill out a DocuSign form, digitally sign it, and email it in. There’s no way to preserve any blog posts or other material your loved one has shared, however.

You can ask Twitter to close the account of a deceased family member, but you’ll have to mail it paper copies of your ID, the death certificate, a copy of the obituary (if you have one), and proof that the account actually belongs to the decedent if his Twitter handle doesn’t match his legal name. If you want to remove images of your loved one posted by others, you can request that by emailing privacy@twitter.com (but Twitter makes no guarantees it will honor every request).

Sadly, Yahoo’s death policy is rather stark. It will delete the account upon request and presentation of the death certificate. There are no options to download your loved one’s email, blog posts, or photos, nor can you create a memorial. According to Yahoo’s official policy statement, this is an effort to honor the original privacy choices of the deceased.

Still, that’s better than Amazon or Apple, which offer no way to officially close an account post mortem. (An Amazon spokesperson says you can close the account of a deceased family member by contacting Amazon customer support.) Worse, you can’t bequeath any of the music, videos, ebooks, and other digital materials a deceased customer paid for. That’s because you don’t actually buy these things, you license them; your right to them expires when you do.

Grave matters
As a practical matter, the best way to ensure that your digital assets pass into the right hands is to share them and your login data before you shuffle off this mortal coil.

(This may violate some terms of service agreements, but why should you care? You’ll be dead.)

Don’t insert login information into your will, advises Carroll; those documents usually become part of the public record, allowing any stranger to gain access to your accounts. Instead, indicate a secure place where your digital executor can find them, like a safe deposit box or an encrypted file in a service like SecureSafe.

PasswordBox’s Legacy Locker offers another option. This password manager lets you designate a “digital heir” who will inherit access to your Password Box account — and, by extension, all the logins contained in it. It can also store your credit card, driver’s license, and membership card data and let you securely share your logins before you kick. The advantage here is that if your passwords change or you add accounts, your information is always up to date.

What happens if PasswordBox goes belly-up before you do? The company has secured enough funding and cloud storage to maintain users’ account data “for years to come,” a company spokesperson says.

Whatever you choose to do, start doing it now. Because you never know if your next log-in will be your last.

“Death is the final log off,” Carroll says. “You don’t have the opportunity to go back and fix it.”

I read this article at: https://www.yahoo.com/tech/heres-what-happens-to-your-data-after-you-die-101447039569.html?soc_src=mags

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Please enjoy my personal journey through homeownership at:

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Thanks for reading – Sabrina

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

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

COUNTY BANS SMOKING IN YOUR OWN HOME

COUNTY BANS SMOKING IN YOUR OWN HOME

Paul Stewart, SAMCAR Governemnt Affairs Director

The San Mateo County Board of Supervisors has voted 4-1 to enact a second hand smoking ordinance that, among requirements, bans smoking in ownership units. Only Supervisor Don Horsley stood up for private property rights. Irrespective of one’s stance on smoking, imagine having to tell a buyer who just paid $862,000 for a townhome—which for purposes of illustration is 20% less than the median price of a home in San Mateo County—that they are barred from smoking (or performing any other legally allowed activity) in their own home? Now you will.

What was exempted:

Detached, single-family residences.
Detached, single-family homes with a detached or attached in-law or second units (approved pursuant to code)

What was NOT exempted:

Townhomes – whether owned or rental.
Condominiums – whether owned or rental.
Apartments

The ordinance will be enforced by the San Mateo County Sheriff’s Department and the San Mateo County Health Department and is designed as a ‘complaint driven’ regulation (i.e., incidents of people smoking in their own home will be investigated only when neighbors complain; smokers will supposedly not be under surveillance by the Sheriff’s Department or the Health Department.)

How the voting emerged:

Supervisor Carole Groom has supported the ordinance as proposed since its introduction. She made the motion to approve.
Supervisor Tissier noted that when she met with SAMCAR, she noted the key was consistency in the application of the regulations… and that she prefers consistency “the other way and supports adoption of the ordinance as presented.” (She also seconded Groom’s motion.)
Supervisor Slocum stated the notion of private property rights is important but “I am swayed by the testimony of the health hazards (of second hand smoke) and can support the ordinance as proposed.”
Supervisor Pine said he favors the ordinance as proposed but was struggling with the ownership issue. He added that owners (townhomes & condos) who are troubled by smokers cannot move as easily as renters, so such activity “actually has impact outside your private property.”

Gratitude on this issue goes to President-Elect Michael Verdone, Peninsula Government Affairs Committee Chair Michelle Velez, SAMCAR stalwart Tom Thompson and TCAA GAD Rhovy Lyn Antonio, who were present at SAMCAR’s meetings with the Supervisors on the prohibition of smoking in a person’s own home.

I read this article at: https://www.samcar.org/posts/county-bans-smoking-in-your-own-home-264.htm

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Thanks for reading – Sabrina

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

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

What Does Name “Drysdale” Mean

Our CEO announced our new DBA will be Berkshire Hathaway HomeServices | Drysdale Properties – and we all wondered what it meant. Well, now that I know the meaning – I am proud be to a Drysdale. The meaning truly falls in line with The Caton Team and our business ethics.

What Does Name “Drysdale” Mean

You are strong in material matters, determined and stubborn. You have good business ability. You are a good worker, steady and practical, a builder who takes responsibility well. These qualities may bring you a position of authority and power. You are a doer, down-to-earth, serious-minded, reliable, and self-disciplined; have good power of concentration. You are inventive, intuitive and extremely methodical. Since your will is so strong, you are hard to convince. You also dislike advice. You love beauty and philosophy, and you desire achievement. You have a strong need for freedom – physical, mental and spiritual.

You are very intuitive. You have a reservoir of inspired wisdom combined with inherited analytical ability, which could reward you through expressions of spiritual leadership, business analysis, marketing, artistic visions, and scientific research. Operating on spiritual side of your individuality can bring you to the great heights, and drop you off if you neglect your spiritual identity. You are always looking for an opportunity to investigate the unknown, to use and show your mental abilities, to find the purpose and meaning of life. You want to grow wise and to understand people and things. You need privacy to replenish your energy. You have a unique way of thinking, intuitive, reflective, absorbing.

I read this at: http://www.sevenreflections.com/name/drysdale

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

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

The Caton Team is proud to announce that Prudential California Realty – Pearson Properties will soon become Berkshire Hathaway Home Services – Drysdale Properties

Well it is official – Warren Buffet has blessed his Real Estate Company with his brand name. Prudential California Realty – Pearson Properties will soon become Berkshire Hathaway HomeServices – Drysdale Properties. We couldn’t be happier to have Warren Buffet as our new boss.

Our broker selected the name Drysdale for the following reason…

What Does Name “Drysdale” Mean

The Caton Team is definitely Drysdale material and we look forward to this change.

When Warren Buffest invests in real estate – the world listens. We knew for some time that “The Rock” which is Prudential California Realty wanted to get out of real estate and focus on selling insurance. Mr. Buffet took this opportunity to put his money where his mouth is and bought Prudential Realty – you will soon see new signs pop up in the area – and know we’re the San Francisco Peninsula’s Berkshire Hathaway HomeServices Team!

The Caton Team is excited to be part of the Berkshire Hathaway Brand and we look forward to the positive changes in the market place. Stay tuned!

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Email Sabrina & Susan at: Info@TheCatonTeam.com

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

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Please enjoy my personal journey through homeownership at:

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Thanks for reading – Sabrina

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

Sabrina BRE# 01413526 / Susan BRE #01238225 / Team BRE#70000218/ Office BRE# 0149900

Shut Out of the Housing Market? First-Timers Dwindle…

The 1^st time buyer is the cornerstone to the housing market. Enjoy this article – I would love to hear your thoughts! I added my 2 cents at the bottom.

Shut Out of the Housing Market? First-Timers Dwindle

First-time home buyers are particularly being hit hard by rising prices and tougher credit standards — and their decreasing market share proves it.

The National Association of REALTORS® reports that first-time home buyers accounted for 26 percent of purchases in January, down from 30 percent a year earlier. It’s also the lowest market share for first-time buyers that NAR has recorded since it began measuring it in 2008.

The falling number of first-time home buyers has the potential to slow the pace of the recovery, Bloomberg reports. The decline of first-time home buyers is hampering home sales, which dropped 5.1 percent in January compared to a year earlier, NAR reports.

“It’s a huge problem,” says Leslie Appleton-Young, chief economist for the California Association of REALTORS®. “We have a ladder of home ownership and need first-time home buyers beginning the process of owning, building equity, and trading up to have a healthy housing sector.”

Some housing advocates are blaming investors for pushing out home buyers, particularly where first-time home buyers are being outbid by investors offering all-cash offers. Nearly 80 organizations are calling on federal regulators to address investors pushing potential home buyers out of the market, reports the California Reinvestment Coalition. They argue that federal housing agencies conducting bulk sales of foreclosed homes and distressed mortgages have heightened the problem.

“We’re ringing the alarm bell now and asking regulators to act,” says Kevin Stein, associate director of the California Reinvestment Coalition. “Wall Street and other cash investors are making it harder for families to buy their first house, for renters to stay in their communities, and for neighborhoods to recover.”

The housing advocates are asking for greater oversight from federal regulatory bodies, such as with more oversight of new investor landlords and ensure that banks aren’t favoring investors over home buyers with FHA loans in REO purchases. The group is also asking for greater research on the disparate impact of REO properties on various communities, particularly the impact to minority communities. Read more about the housing advocates’ stance at the California Reinvestment Coalition website.

Source: “Americans Shut Out of Home Market Threaten Recovery: Mortgages,” Bloomberg Businessweek (March 5, 2014) and “80 Organizations Ask Federal Government to Address Investor Cash Flooding Into Neighborhoods,” California Reinvestment Coalition (March 4, 2014)

My 2 cents. When prices were as low as they were going to go – I remember contacting all the buyers I met 10 years ago to let them know there were homes in their price ranges. Sadly, offer after offer, the 1^st time buyers, with loans, were being outbid by investors – or underbid, but out timed by cash investors. I watched homes sell so darn low to investors, foreign and domestic, my heart hurt. Here was the opportunity for 1^st time buyers, who planned on staying put for 10 years and working on their home – and they couldn’t buy because of the competition. Now there are plenty of rental properties, but here in the Bay Area the rents are just as high as the mortgages. I’m sad to see 1^st time buyers forced to move away just to buy a home. And that is no good for growth or our area or our housing market. Without a first time buyer – there is no second time buyer and so forth. It will be interesting to see how this effects us.

I read this article at: http://realtormag.realtor.org/daily-news/2014/03/06/shut-out-housing-market-first-timers-dwindle?om_rid=AACmlZ&om_mid=_BTGMphB84q$cpc&om_ntype=RMODaily

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Thanks for reading – Sabrina

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

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

4 Money Musts Before Listing Your Home

Selling season is coming upon us – if you are thinking about selling your home – contact us sooner than later. Much to do! 650-568-5522 or info@TheCatonTeam.com

4 Money Musts Before Listing Your Home

If you’re planning to sell your home, chances are good that you’re seeking a lifestyle level-up: you want to bring your home’s size, shape, features, location, maintenance and financial obligations into better alignment with your life – or your future. Making sure that you execute a home sale that actually does align your home with your life requires a lot of prep work.

For most home sellers, it’s the property preparation work that is top of mind. You’ve gotta pick an agent, let them come and tell you all the junk that has to go, pack up that stuff and then let the painters and housekeepers do their job. Then, and only then, the stagers can begin, telling you to pack up all the rest of your stuff so they can create a really clutter-free, updated, neutrally-chic vignette of an irresistible life in your home for the next folks. (Be forewarned – sellers have been known to love their post-staging house so much they question their decision to move!)

But there are a number of financial prep steps that also need to happen to ensure your home’s sale actually does improve your life the way you hope it will, without creating any surprise dramas or burdens. Here are four of those money-do’s to add into your list of home sale prep steps:

1. Get clear on your current credit status. I know, I know – checking credit is an ever-present item on a home buyer’s prep checklist. But if you’re selling a home, chances are good that you’ll want to buy a replacement one. The best time to spot credit glitches and hitches – bills you need to pay down, rogue errors and the like – is not when your current home is on the escrow countdown. If you’re thinking you want to sell your home this year, now is the time to check your credit, spot issues and begin fixing them.

Some credit rehabilitation projects take months, even a year, to complete – so the earlier you get started, the more time you’ll have on your side. And this advice is for everyone – even if you think you have stellar credit, check your reports far enough in advance that you can spot and dispute any erroneous information that might have found its way there. Get started by visiting AnnualCreditReport.com – and revisit this post for an even deeper dive into what you’re looking for, and what you need to do.

2. Scope out your minimum desired decrease – or maximum tolerance for increase – in housing costs. Often times, we eyeball these things: rates are still good, you just got a raise, you can well afford your current payment, looks like your home is worth more now and those houses up the hill don’t cost that much more – time to move up, right?

Maybe so. But maybe no. There’s a lot more to account for in this equation. You need to factor in what the actual increase in your mortgage payment will be, but also how much you’ll net on your home, how much cash you’ll need to close on your next one, and how much your utilities, property taxes, insurance and other home-related expenses might increase if you move up.

Same with downsizing: if you downsize from a home you’ve live in for decades to a brand new, but smaller, condo – you could actually see an increase in property taxes in some areas and get an HOA bill you never had before, to boot. By no means does that mean it’s not the right move to make: the increased bills might be offset by decreased heating, cooling and maintenance, and the fact is that the smaller, new place might just be the right size and style for the next stage of your life.

But you can’t know that’s the fact until you have clarity about how much you can truly, sustainably, wisely afford to spend on your next move. To get this clarity before you list, you’ll need to enlist

▪ your agent – who can help you understand what sort of downsize or move-up property you can get at various price points

▪ your mortgage broker – they can help you understand various financial scenarios for purchase prices, down payments and monthly payments – including property taxes

▪ your tax advisor – who can help you understand the differential impact of various next-home scenarios on your income tax situation, and

▪ your financial planner – if you don’t have one, it might be worth engaging one to help you make a wise financial move as you carry out your next home move. A fee-based financial planner can help you get clarity around your current income and expenses, your debt, as well as your savings and investments – this insight allows you to wisely time your move vis-a-vis your other life and financial goals.

3. Get inspections and key reports in advance (then read them). The potential for big, bad financial surprises is the scariest element of any real estate transaction. And when you’re selling your home, that potential comes in the form of surprise property problems that complicate your sale, surprise liens and taxes that must be paid to close the deal and even surprise HOA problems that don’t manifest fully until the buyer gets HOA disclosures.

One way to limit your financial exposure to these sorts of surprises is to simply decide not to wait to gather this information until a buyer is on the hook. In many markets, it’s now standard operating procedure for sellers to actually have home, pest and/or roof inspections – and any governmentally-mandated inspections – conducted before the house even goes on the market. This empowers you, the seller, to either begin conducting repairs or to fully disclose what needs doing and list your home in as-is condition. You might not get the same price for it as you would have without the reports, but you will minimize the likelihood of tense negotiations and falling out of escrow – things that are common when a buyer gets a mid-transaction surprise of negative property condition reports. Ask your agent for advice about whether obtaining any or all of these inspection reports in advance makes sense in your situation.

Additionally, work with your agent to get early copies of your home’s preliminary escrow report and HOA disclosures. If you have outstanding liens or there are HOA issues that will make it difficult to carry out a sale, better to know – and solve for – them sooner than later.

4. Create a financial plan for your home’s sale. “It takes money to make money,” they say. What they didn’t say is that it also takes money to turn your home into the cash your equity represents. So I’ll say it:

When you bought your home, the seller paid both agents’ commissions. Now that you’re selling, it’s your turn – make sure you calculate the average 5-6% of the purchase price that you’ll need to cover your listing agent’s work, and the buyer’s agent’s, too.
Depending on the condition of your home, you may need to spend anywhere from a few hundred dollars to more than a few thousand getting it market-ready, whether you decide to do a DIY-fix-it sweep or to hire the best stager in town to showcase your showplace.
Depending on how much financial margin you have – or need – and on what your advance inspections revealed (if you did them – see #3, above), you might want to build in a line item for a repair credit to offset the cost of any repairs that come up during escrow.
Your agent can help you project other costs of selling your home, like property transfer taxes and paying for the buyer’s home warranty – costs customarily covered by the seller vary widely state-by-state, and even across counties within the same state. Your escrow holder and agent can also get you up-to-speed on precisely how much of your home’s sale price will go to pay off your mortgage(s), property taxes and any other liens.

Your final money-do is to actually document your financial plan and budget for selling your home. Many agents will sit right down with you and help you do this; if yours will, take them up on the offer. It also creates a perfect time and space to get educated about the flow of the home selling process and standard bargaining practices in your area. The goal is to get a clear, concrete understanding of the dollars that will flow in and out during this major life change, so you can make clear, calm decisions throughout the process that set you up for success long after closing.

SELLERS: What money-dos did you fail to do before you sold your home? Any advice for sellers-to-be?

I read this article at: http://www.trulia.com/tips/2014/01/4-money-dos-before-listing-your-home/?ecampaign=cnews201401C&eurl=tips.truliablog.com%2F2014%2F01%2F4-money-dos-before-listing-your-home%2F

Remember to follow our Blog at: https://therealestatebeat.wordpress.com/

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

Email Sabrina & Susan at: Info@TheCatonTeam.com

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Please enjoy my personal journey through homeownership at:

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Thanks for reading – Sabrina

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

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

Sound Off: What are the biggest mistakes the buyers make? – Great Article from SF Gate

I enjoy reposting articles I find so I don’t sound like I’m shouting from my soap box all day long. This artcile, in the Sunday Real Estate section was a great read – please enjoy and if you have any questions – ask me – Info@TheCatonTeam.com or call at 650-568-5522

Q: What are the biggest mistakes buyers make?

A: In this fast-paced market, it is still important for buyers to remember the fundamentals of purchasing a home. The items listed below will always be relevant, and they are important issues for buyers to be aware of, and try to avoid:

1. Failing to read documents they receive from their lender and their agent. Buyers receive a lot of information after escrow is opened, which can be overwhelming. But it is imperative that these reports, ranging from disclosures from the seller, to preliminary title reports from the escrow company, to all the various inspection reports completed, be carefully reviewed by the buyer, and they should be encouraged to ask questions. Call on your escrow officer, inspectors, real estate agent and lender until you are completely comfortable and understand all the paperwork you have received.

2. Time is of the essence in all things real estate. There are so many people involved in a transaction, and it is important that all items requested of the buyer from their lender, or their agent, be responded to as quickly as possible. If not, a delay could cost them dearly, from an increase in their loan rate, to even losing the property by not being able to remove a loan contingency in a timely manner.

Another area where the buyer needs to move quickly is when they have identified their dream home. Hesitating a day could mean losing out to another buyer. A slow response to a counteroffer could lose the home to a more aggressive buyer.

3. A buyer’s financials must be in order, and it is most important they don’t make any large purchases during the escrow period, pay bills late, incur derogatory marks on their credit report or change jobs. Make sure to stay in close contact with a lender before making any major money moves.

I read this article at: http://www.sfgate.com/realestate/article/Sound-Off-What-are-the-biggest-mistakes-the-4283038.php#ixzz2LOGh3yKt

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

Email Sabrina & Susan at: Info@TheCatonTeam.com

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

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Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

5 Reasons Why now Is The Time To Sell Your Home

5 Reason Why Now Is The Time To List Your Home For Sale

If you are considering the sale of your home – waiting may not be necessary. Contact The Caton Team with any questions. We’d be happy to meet with you and let you know what your home is currently worth and what The Caton Team can do to sell your home. Info@TheCatonTeam.com

Many homeowners are waiting until the Spring ‘buying season’ to list their homes for sale. Here are five reasons why that might not make sense this year:

1.) Demand Is High

Homes are selling at a pace not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are serious about purchasing.

2.) Supply Is Low

The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring. Selling now when demand is high and supply is low may garner you your best price.

3.) New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many purchasers.

4.) Interest Rates Are Projected to Inch Up

The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) Timelines Will Be Shorter

The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing a commitment on the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved in transactions over the next 90 days.

These are five good reasons why you should consider listing your house today instead of waiting.

The Caton Team is here to help. With over 25 years of combined Real Estate experience – what can The Caton Team do for you? Info@TheCatonTeam.com Voicemail at 650-568-5522

To view the original article, click here: http://www.kcmblog.com/2013/01/28/5-reasons-you-should-list-your-house-today/

I read this article at: http://newsgeni.us/?em=sabrina_caton@yahoo.com&p=106816

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

Email Sabrina & Susan at: Info@TheCatonTeam.com

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

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

Please enjoy my personal journey through homeownership at:

http://ajourneythroughhomeownership.wordpress.com

Thanks for reading – Sabrina

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