Trying to Vaue Your Costa Mesa Home without Help is Like Trying to Drink from a Firehose

There is so much information available today.  If you want to fix your sink, or learn about a platypus or value your Costa Mesa home, it's all out there on the internet for you to learn about.

There are many sites that publish information about Costa Mesa homes for sale and homes that have recently sold like Zillow or Trulia to name a few.  As a Costa Mesa seller this certainly gives you a basis to start from in valuing your home, but it doesn't give you the whole picture.

It doesn't help you assess the market absorption rate (the number of months it would take for all homes currently on the market to sell).  In many cases, you won't have the private agent information, and often there are not enough pictures to assess the true condition of the house.

Sometimes, if a Costa Mesa home is a little unusual, for instance a detached condo or an attached single family home, it may be even harder for you to value your property on your own.

Further, Zillow will tell you that in Orange County, approximately 85% of their Zestimates are within 20% of the sales price, and that they have a median error of 7.5%.  So on a $500,000 home, their Zestimates may be off as much as $100,000.

If you have hundreds of homes to pick from, which ones are most comparable to yours?  If you have several that are short sale, should they be evaluated any differently from any equity seller?  What about REOs?  What if no homes have sold in your neighborhood recently, then what do you do?

There is so much information on the internet, but how can you use it properly to evaluate the value of your Costa Mesa home?

Zillow itself says that its Zestimates are just a starting place. If you're considering selling your Costa Mesa home or just want to know it's value, it's best to get the opinion of a real estate professional rather than attempting to drink from the firehose known as the internet to get a value for your home.

I'm happy to offer a complimentary evaluation of your Costa Mesa home value.  Please give me a call a 714-319-9751.

Originally Posted at: Valuing Your Costa Mesa Home

Why You Should Do as I Say when Selling Your Costa Mesa Home and Not as I Do

When you decide to sell your Costa Mesa home, your Costa Mesa Realtor will likely make some suggestions to "stage" your home and make it look its best.

This is one of the services that I offer to my Costa Mesa sellers.  And, I will typically walk through and make numerous suggestions from small to big things that a seller can do to make their Costa Mesa home more attractive to the largest number of buyers.

One of the easiest things to do is paint, and I often recommend this.

So, you're wondering what does this have to do with doing as I do and not as I say?

My home is fairly colorful, and I have many strong paint colors and even a mural on a wall.  This is not what I would recommend for a Costa Mesa home seller.  When I sold a friend's home a few years ago, she commented that my home did not look at all as I was recommending for her home. I had to point out that my home isn't for sale, and I am living in it, and it is currently decorated according to our tastes.

If your home isn't for sale, then it's fine to decorate it to your own taste and enjoy it, but if selling your Costa Mesa home for the most money in the shortest amount of time is what you want to do, then it may be time to make some changes.

If I were to sell, my home would not look as it does now, but since I'm not selling it right now, I'm going to just enjoy it. So, for now, if you're selling your Costa Mesa home, you're better off doing as I say and not as I currently do.

If you would like to sell your Costa Mesa home and would like to know how I will expose your home to the most number of buyers, please contact me for a free, no obligation consultation at 714-319-9751.

Originally Posted at: Selling Your Costa Mesa Home

What Should a Seller Look for in a Costa Mesa Realtor?

So you're considering selling your Costa Mesa home, and you're not sure what you should be looking for in a Costa Mesa Realtor to help you sell your home as quickly as possible for the most money.  

There are several important factors to consider when choosing your Costa Mesa Realtor.

• Experience

Does your Costa Mesa Realtor have experiencing selling homes?

Are they a listing or a buyers' agent?

If they don't have experience, do they have a mentor to help them through the process?

• Knowledge

While experience is critical, your Costa Mesa Realtor should also have knowledge.

Has your Costa Mesa Realtor kept up with the current market?

If your home is upside down and you need to short sale it, have they taken the time to learn how to effectively complete a short sale?

Have they kept up with the latest marketing trends so that they understand online marketing and social media?

• Marketing Plan

What will your Costa Mesa Realtor do to get your home sold.

Make sure that he has a plan and isn't going to "just wing it."Market Knowledge

• Market Knowledge

Does your Costa Mesa Realtor understand the realities of today's market such that he can advise you on how to best position your home to get it sold for the highest dollar amount.

• Communication

Will your Costa Mesa Realtor update you on the marketing, listings, and current market for your Costa Mesa home while it is for sale?

How often? In what way?

• Personality

This may seem like an odd requirement for your Costa Mesa Realtor, but you will be spending a lot of time with your Realtor. Make sure that the personality is compatible with yours.

If you're considering selling your Costa Mesa home, please contact Christine Donovan at 714-319-9751 to discuss my 198 Point Marketing Plan to get your home sold as quickly as possible for the most money.

Originally published at What Should a Seller Look for in a Costa Mesa Home?

Should I Leave Room to Negotiate in My Price on My Orange County Home?

There are many sellers who believe that they should price their homes higher to start so that they have room to negotiate their price to their bottom line.

The problem with this gameplan is that it can result in pricing yourself out of the market for certain buyers.  It may result in some buyers never even looking at your home or in choosing not to make an offer for fear that you wouldn't entertain their offer.

Sometimes the best thing you can do is price your home fairly and then stick to your price or realize that you might have to come down a little from that point, rather than leaving yourself a lot of negotiating room.  This could result in more offers, faster.

How do you determine what the right price?  Ask your Orange County Realtor to do a comparative market analysis to see what other simlar homes are selling for nearby.

 Originally published at Should I Leave Room to Negotiate on My Orange County Home?

Selling a Costa Mesa Home

Can Anything Go Wrong After Contingencies are Removed?

So, you've listed your home, you've waited patiently during open houses and showings, keeping your home clean and "show ready" the whole time, you've received an acceptable offer, the physical inspection is done and so is the appraisal, and now the contingencies are being removed.

Is it time to breathe a sigh of relief, knowing that everything's done and soon your home will be sold?

Not quite, the loan still needs to have all of its contingencies removed. The loan needs to be funded, and title needs to record. However, you've been through most of the trials and tribulations of selling a home.

And, there is one piece of good news for the seller. Once contingencies are removed, if the liquidated damages clause was initialed, then the seller will get the buyer's initial deposit if the buyer elects not to or cannot close on the purchase during the time specified in the contract.

So, if the buyer has signed the contingency removal, you can feel pretty good as the seller knowing that the buyer has put their money where their mouth is so to speak and fully intends to purchase the property and expects their loan to fund.  

If you have more questions about what it takes to get your Costa Mesa home sold or you would like the value of your Costa Mesa home, please contact Christine Donovan at 714-319-9751.

For more information on buying or selling a Costa Mesa home, please see:

Buying a Costa Mesa Home - What are Contingencies and Why are They Important?

Originally published at Selling a Costa Mesa Home.

When is it Time to Just Cry Uncle on Your Costa Mesa Investment Property?

Have you been watching the value of your Costa Mesa investment property go down and wondering what you should do about it?

It likely depends on what your goals are.  If you have lost value, are living in the home, can afford the payments, and it meets your needs, you're one of the lucky ones, and you should probably just stay where you are.  Perhaps when you're ready for your next home, your Costa Mesa home will have regained some of the lost value.

If on the other hand, your Costa Mesa investment property is underperforming, perhaps you need to look at it carefully.  For instance, let's look at the following scenario.

You have equity in your home

• But, it's $250,000 less than it was in 2006. 
• You put money down on the home, and you've made payments for several years
• You feel that selling it would result in a loss.
• It's a rental, and you're losing $600/month after your mortgage payment.

At this point in time, you may want to do a few things:

1. Review rental rates and see if you can increase rates to limit the loss or make the property cashflow
2. Sit down with your accountant and see if you need the loss for income purposes. 
3. If you don't need the loss and still can't make it cashflow, it might be time to consider selling the property and reinvesting it in a better performing one.

Some people don't want to "give up" and think that holding it might make more sense.  But, if you're losing $7200 per year, you need to gain that amount in equity plus the amount that you lost when the market values fell, especially if you bought it for less than current market value.

So, when is it time to cry "Uncle" on your Costa Mesa home, when the loss on your investment property just doesn't make sense any more.

One other thing to consider, if you lived in the property 2 of the last 5 years and sell it now, you may not have to pay capital gains up to $250,000/$500,000 of gain.  Please verify this with your accountant.

If you're trying to decide if it's time to cry "Uncle", please give Christine Donovan a call at 714-319-9751 to set up your initial free consultation. 

This article does not provide legal or tax/accounting advice.  Please consult with the appropriate professional.

Originally posted at When is it Time to Just Cry Uncle on Your Costa Mesa Investment Property?

Fannie Mae Views Loan Mods as Short Sales for Purpose of Refi or Purchase

According to one of our lenders, there are new underwriting guidelines, Fannie Mae will now view loan mods as short sales for the purposes of doing a refinance or a purchase.

What does this mean?

1. Even if a borrower was able to obtain a loan modification without ever being late on a payment, that borrower will still be treated as though he had done a short sale and will be subject to the restrictions and guidelines of someone who had actually done a short sale.
2. This means that if you obtain a loan modification, you may have to wait three years or more to refinance a property or to buy a new one if you are obtaining a Fannie Mae loan.
3. This may take additional otherwise qualified buyers out of the real estate market, placing additional pressures on the market because Fannie Mae is such a large portion of the mortgage market.

If this doesn't make sense to you, don't worry, it doesn't make a lot of sense to me either. However, we aren't writing the underwriting guidelines.

So what do you think? Does this make sense?

Originally posted at Fannie Mae Views Loan Mods as Short Sales.

Costa Mesa Home Selling Tips - First Impressions

You've probably heard at least a thousand times that first impressions are important. When you sell your Costa Mesa home, they are even more important. If a buyer doesn't choose to look inside your home, then they will not likely buy it.

Today, the large majority of buyers are looking online, if they don't see a home that sparks their interest in the pictures, they will probably not get any farther. If for whatever reason, the Costa Mesa home passes the online viewing test, and they get to your house and don't like, they still may not come inside.

I have had several buyers over the years who have said to me when we pulled up, and they saw the home for the first time, "Never mind. I don't want to see it."

So, what can you do to make the best first impression with your Costa Mesa home?

• Touch up the paint on trim, doors, fascia.
• Cut back overgrown shrubbery.
• Color flowers can add to the effect; plant new ones if needed.
• Replace cracked or broken window panes.
• Clean all windows inside and outside.
• Sweep front walk, sidewalk, driveway.
• Power wash houe and/or driveway if needed.
• Inspect roof for necessary repairs and replace broken shingles.
• Clean up the front yard. There shouldn't be toys, cars, etc. littering the frontyard.
• Mend and paint fences, if needed.
• Mow, edge and weed lawn as needed until home is sold.
• Repair and/or replace doorbell and/or door hardware if necessary.
• Make sure house number is easy to read.

For more Costa Mesa Home selling tips please see below and call Christine Donovan at 714-319-9751.

Fix the small things.

Depersonalize It.

Let the light shine through.

Originally published at Costa Mesa Home Selling Tips.

Costa Mesa Home Selling Tips - Fix the Small Things

You're thinking about selling your Costa Mesa home and wondering what you need to do to make it look its best.

One great thing to do is to fix the small things that need to be done around your Costa Mesa home.  Perhaps you have a small leak in the bathtub.  Maybe there's a small hole behind the door knob where the door hit it a little too hard.  If you think about it, I'm sure there are a half a dozen or more things you've been planning to do when you have time.

Make that time now.  If you don't, the buyer will be looking at these items and seeing deferred maintenance and wondering what big things you didn't take care of while you owned the home.  The thought process is if you couldn't take the time to fix the little things, there are probably big problems that they aren't aware of yet.

The result?  Either they will decide not to buy your home or they may make a low offer based on what they think they might find later.  And, most Costa Mesa home buyers overestimate the cost to get something fixed.

If you have questions about selling your Costa Mesa home or what you should do to get ready to sell it, please call Christine Donovan at 714-319-9751.

More Costa Mesa home selling tips:

Depersonalize it.

Let the line shine through.

Originally published at Costa Mesa Home Selling Tips - Fix the Small Things.

Tips for Selling your Costa Mesa Home - Depersonalize

When someone has lived in a home, particularly for several years, the home tends to become personalized.  While it may be great to live in a home that is stamped with your personal character, with memories and mementoes, this is not true when you are trying to sell your Costa Mesa home.

Consider the last model home that you were in.  Did it look personalized?  Probably not.  Most likely it was decorated to appeal to the most number of people, and this is what you should do when selling your Costa Mesa home.

Personal statements in your home that should be removed prior to selling your Costa Mesa home include the following:

• Dark, bright or unusual paint colors or patterned wall paper.
• Smells from pets, smoking or cooking.
• Political or religious statements.
• Lots of pictures.

The more you are able to depersonalize your Costa Mesa home, the more potential buyers may be attracted to your house, and this is exactly what you want.

Limiting your potential buyer pool by neglecting to depersonalize your home may prevent you from selling your Costa Mesa home for the most amount of money in the shortest amount of time.

The easiest way to begin to depersonalize your home is to start packing away the things you will not need prior to your move.  You're moving any way, so get ahead of the game both in packing and in selling your Costa Mesa home, by packing away all of those items that may distract the buyer from seeing the home as their own.

A little bit of work done up front may pay large dividends on the back end.  So take the time, to make your home look as much like a model home as possible.  If you have questions about doing this or have any questions about selling your Costa Mesa home, please contact me at 714-319-9751.

Other Costa Mesa home selling tips:

Let the light shine through.

Originally published at Costa Mesa home selling tips.