Your SoCal Vacation Home Could Make You Extra Cash: Here is How

LOS ANGELES, CA – Southern California has been a booming state ever since the early 1900’s so it’s not a surprise that people want to live here, says, Local Records Office. Los Angeles along with San Francisco has been the two major cities that attract homeowners and tourists.

As you schlep your ski gear to your favorite resort for the umpteenth time or search for lodging near your favorite beach on a holiday weekend, you may think how much easier life would be if you had your own vacation home.

An estimated 1.13 million vacation homes were sold in the U.S. in 2017, the highest number since the National Association of Realtors began collecting the data in 2012. And vacation home sales made up 21 percent of residential transactions in 2017.

While owning a vacation home can make logistical and financial sense, it’s not a decision to be entered into lightly.

“For some people, it’s not a matter of dollars and cents,” says Marian Schaffer, president and founder of SoutheastDiscovery.com, which publishes information on retirement and vacation home communities in the Southeast. “It’s a matter of experience.”

For most people, money will play a big role in the decision. Baby boomers who have sold their family homes for cash may choose to invest some of that cash in a winter home in a warm climate or other future retirement destination, says Valerie Dolenga, a spokeswoman for Del Webb, which builds active-adult communities throughout the United States. In those cases, homeowners don’t rent out their properties but move from one home to another, perhaps spending winters in a second home in Florida or Arizona and summers up North near family.

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Others may buy a vacation home with the idea of renting it out when they’re not using it to defray at least some of the costs. Some may only be able to afford a vacation home if they rent it out when they’re not using it.

Rob Stephens and his family bought a three-bedroom condo in Vail, Colorado, in 1999 with rental income in mind. “Having a getaway place in the mountains was a motivator,” Stephens says. “When I started, I really needed that rent to make my mortgage payment.”

“To us, owning real estate in Vail long-term is a good investment,” says Stephens, general manager of Avalara MyLodgeTax, which helps owners comply with local lodging tax laws.

If you want the rental income, it’s important to choose a home that can be rented at the frequency you need to cover expenses. That means both choosing a community that allows vacation rentals and then making sure you’re set up to take advantage of the rental potential, from furnishing the unit to having a plan for advertising and handling tenants. You need to know before you buy whether you will rent the home when you’re not using it.

Here Are 10 Things to Consider When Looking at Vacation Homes

Can you afford it? Real estate is not a liquid investment, and you can’t count on being able to sell a home for a profit or even break even, especially in your first few years of ownership. During the recession, homes lost more than half their value in Florida, Arizona, and Nevada, among other places.

Know all the rules. Not all homes can be used as rental property. Homeowner or condo associations may set rules for rentals, as many cities. Some resorts may require you to use their programs, which set standards for interior furnishings and amenities, but the property handles the logistics for a percentage of the rent. If you plan to rent out your property, it’s especially important to research all these rules before you buy.

Calculate all the costs. The actual purchase price is only part of what you will need to spend. You will also have to pay utilities, HOA or condo fees, property taxes, insurance and the cost of furnishing a new home down to the spoons and forks. If you’re in a resort area, you may also need or want skis, snowboards, kayaks, water toys or other gear.

house covered with red flowering plant
Photo by Lisa Fotios on Pexels.com

Be realistic in your expectations of rental income. Renting out a vacation home comes with expenses. You will need to pay for cleaning between tenants, advertising and perhaps property management. If you’re part of a resort rental program, it will take a percentage.

Know how often you will really visit. If you don’t rent out your unit, you want to make sure you will visit enough to make the purchase worthwhile. Pick a place you love and want to return to often, advises Dolenga. You don’t want your home to sit unoccupied for long periods.

Have a plan for emergencies. If you don’t visit the house often, make sure someone does. A water leak can be devastating. If you’re renting, repairs need to be made quickly, so get to know a good handyman or property manager. If there is a hurricane, you may need someone to put up shutters before the storm and remove them afterward and secure the home if it suffers damage.

Protect your home when it’s vacant. Vacant homes attract thieves. Take steps to keep your home from looking empty. Consider lights on timers or asking neighbors to occasionally park in your driveway. Make sure someone picks up mail and fliers so its not obvious no one is home.

Have a rental business plan. Will you go into a rental program, hire a management company or do it yourself via services such as Airbnb or VRBO? If you’re handling your own advertising, you will need great photos. You also need to be able to take payments from tenants (services like PayPal or Stripe typically work well) and have a way for them to get in (Stephens uses a keyless entry system with codes). A reliable cleaning service is essential, especially when you have only a few hours between tenants.

Calculate your return on investment. If owning a vacation home is part of your overall investment strategy, make sure it’s a good move. Estimate returns and weighs them against other uses of the same money.

Expect to pay taxes. Rental income is taxable on state and federal returns, though most vacation homeowners won’t earn enough after expenses to face a significant tax liability. If you are doing short-term rentals, usually of less than six months, your state and county consider you an innkeeper and expect you to collect the same lodging taxes that hotels collect and pay those to the appropriate authorities. “If you’re renting a home, an apartment, a room, you’re basically running a mini-hotel,” Stephens says, with the rules varying by state and county. In Fort Lauderdale, Florida, for example, a tax of 11 percent is due, 6 percent to the state and 5 percent to the county, he says.

How to Rent Out Your Vacation Home and Make It Pay

Renting out your vacation home can yield significant financial benefits – but only if you do it right.

“It starts with a commitment to customer service,” says Jon Gray, chief revenue officer for HomeAway.com, which also owns the vacation rental website VRBO.com. “You’re basically having to market your house and get people to want to stay there.”

Renting a vacation home is a business, which means you’ll need the proper business tools in place, from being able to accept credit cards as payment to paying lodging taxes to get the home cleaned quickly and completely between guests.

“It’s really quite a lot of work, and a lot more work than people anticipate,” says Michael Joseph, co-founder, and CEO of InvitedHome.com, which manages vacation properties. “There’s a lot to keep up with. … Guest expectations are becoming higher.”

One of the first decisions when starting the vacation rental process is whether to hire a management company or manage your rental yourself.

While websites such as HomeAway.com, VRBO.com and Airbnb.com provide online marketing tools, access to credit card processing, booking tools and other infrastructure, the individual owner still has to handle guest inquiries, screen renters and arrange for cleaning.

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Photo by Pixabay on Pexels.com

Full-service management companies charge 20 to 50 percent of the rental proceeds to manage the entire process, from bookings through cleaning. You also can hire people to manage parts of the process for less. The online portals usually charge an annual fee for listings. VRBO and HomeAway start at $349 a year and also offer a pay-per-booking option of 8 percent, while Airbnb charges both hosts and guests a small processing fee – 3 percent for hosts and 6 to 12 percent for guests.

The home rental industry has grown significantly in recent years, as online listings and reviews make travelers more comfortable with the model. But travelers who are accustomed to staying at hotels and resorts expect significant amenities and, in some cases, service.

“The competition is more fierce today,” says Cathy Ross, CEO of Exclusive Resorts, a vacation travel club that owns its own properties. “Today’s customer is demanding, and they want certainty that what they see online is what’s there.”

Customers expect modern finishes, nice furniture, hotel-quality beds and linens, plenty of bathrooms, entertainment options such as a TV with cable package, a pool table, board games and big gathering spaces for families, one of the groups that favors vacation home rentals. “Those homes that aren’t well decorated or aren’t well furnished just don’t cut it,” Joseph says.

It’s important to screen tenants, collect a damage deposit and have a strong rental agreement in place, as well as the proper insurance, to protect your home from damage. Stevens, who has been renting out his vacation home in Vail, Colorado since 1999, has only once had to deal with significant damage by a tenant. “That concern is way, way overstated,” Stephens says. “These people are generally very respectful of your home.”

Here Are 13 Things You Need to Know and Do Before You Rent Out Your Vacation Home

Figure out if the math works. Create a spreadsheet to analyze what it will cost you to rent out your home versus the income you can expect to generate making it a vacation rental. Expenses will include maintenance, utilities, taxes, insurance, repairs, and amenities. “Make sure you budget for preventive maintenance, and wear and tear,” Joseph says.

Decide whether to manage it yourself or hire a company. While managing a rental yourself provides a greater financial return, it also means more work. HomeAway, VRBO, Airbnb and similar sites offer online booking, calendars, email communication and referrals to other tools such as credit card processors and professional photographers. But even with these online portals you still have to hire and oversee the cleaning crew.

Furnish, decorate and equip your home. Amenities typically depend on the market and the price, but people often expect most of what they would get at a hotel. A fast Wi-Fi connection, an expansive cable package, and other entertainment options are recommended, while a hot tub, pool table, board games, and other recreation options can be a draw for some guests. Have toiletries, paper products, and basic cleaning products available. Stephens provides guest passes to his community’s athletic club. Remember to remove family photos, clothes, and personal items so the guests feel more comfortable.

Get professional-quality and write a great, detailed description. People will choose your home based on the photos and the description of the property. “That first photo is incredibly important because that’s what people see,” Gray says. Be very thorough in your description. List every amenity, down to balconies, cribs and pool noodles.

Find a dependable cleaning crew and other maintenance personnel. If your home is popular, you will have one set of guests checking out in the morning and a second set arriving that afternoon. That makes it imperative that the cleaning crew show up on time. If you don’t live nearby, your cleaning crew is also your eyes and ears. You may also need pool service, lawn service, and a handyman, plus know whom to call if the toilet quits working.

Get proper insurance. A regular homeowners policy rarely covers a vacation rental. Ask your agent what type of policy you need for a home that is used for short-term rentals.

Set up your welcome package and infrastructure. If you don’t plan to meet guests personally, how will they get into the unit? Keyless entry and a hidden key are the two most common methods. Decide which is best for you. Most guests expect to pay with credit cards, though some online portals provide that service or help you sign up for it. Consider creating a welcome packet with the Wi-Fi password, entertainment services, appliance operating instructions and information on community amenities.

Expect to pay resort or occupancy taxes. Your city, county or state may require you to register your vacation home or get a business license, and most municipalities will collect the same taxes from you that they collect from hotels. You can handle this yourself or hire someone to do it. Avalara MyLodgeTax charges by the report, with most homes paying between $60 and $200 a year for the service.

Comply with legal requirements. Make sure you can legally rent your home to travelers. Most homeowner associations don’t allow short-term rentals, though some resorts may handle them for you. Some cities and counties ban short-term rentals. Know the local laws before starting the rental process.

Make rules and create a strong rental agreement. Management companies and online portals have agreements you can modify, and you can also find examples of such agreements online. Decide what number of people you’ll allow per stay and whether to allow pets or smoking.

photography of three dogs looking up
Photo by Nancy Nobody on Pexels.com

Be ready to respond quickly. Most online shoppers will send inquiries to several homes at a time. The first suitable home to respond is likely to get their business. “That’s critical,” Stephens says. “Responding a day late is probably unacceptable. You’re going to lose business.”

Create a tenant screening process. Joseph advises talking to all prospective tenants by phone. Ask the number of guests, their ages, why they want the property. If they book, get their full names, addresses, and phone numbers. “You get a lot more information and a feel for people by talking to them,” he says.

Offer a personal touch. In a world of online reviews, you want your guests to recommend your home or become return customers themselves. Anything you offer to make your home stand out and to make their vacation easier is likely to yield dividends.

 

 

These 7 Things Are Lowering Your Credit Score and Will Make it Difficult to Buy a House in the Future – Local Records Office

HARRISBURG, PENNSYLENIA – Several factors come into play when calculating your credit score. “According to FICO.com, your credit score is affected by five major elements, in this order of importance: payment history, amounts owed, length of credit history, new credit and types of credit used” say, the pros from ‘Local Records Office’ in Harrisburg, PA.

 

  1. Credit Score Plays a Big Part in Buying a House

 

That said, here are some things you might be doing that could knock your score down a few pegs.

 

  1. Banning Credit From Your Life

 

If you don’t use it, you lose it — your good score, that is. Credit score is a measure of how responsible a borrower you are. If you cut up all of your cards — literally or figuratively — “lenders won’t know what to expect from you should the day come when you want to open up a line of credit” says, ‘Local Records Office’. If you want to minimize the amount of credit in your life, try to use one major credit card for small purchases and pay it off in full monthly to keep your credit active.

 

  1. Closing Old Accounts

 

You might think since you’re happy with your current credit card that you might as well kick your old ones to the curb, but be careful. If you cancel an account that you’ve had open for a long time, you could be damaging the credit history portion of your credit score. Essentially, when you close an account, you erase that account from your history.

These 7 Things Are Lowering Your Credit Score and Will Make it Difficult to Buy a House in the Future – Local Records Office

  1. Opening a New Account

 

Doing this affects the “new credit” portion of your score. Every time you apply for or are awarded a new line of credit, your credit score takes a dip. If you’re planning on applying for a home mortgage or a car loan in the near future, hold off on opening a random charge account. The higher your credit score, the better interest rate you may qualify for, and that could mean thousands in savings over the life of a home loan.

 

  1. Owing Too Much, Even if You Pay on Time Every Month

 

You might think that as long as you pay your bills, you’ll have great credit. “While that is the most important aspect of a credit score, creditors think that if you carry high balances, you’re only one emergency or layoff away from being in financial trouble. It’s important to try to keep your debt utilization ratio low – that’s how much you owe as compared to how much available credit you have” say, the pros from ‘Local Records Office’. Experts say keeping it at 30% or lower is best, so if you have a $1,000 credit limit, you shouldn’t carry more than a $300 balance.

 

  1. Paying a Bill Just One Day Late

 

Once your credit card company flags you for a late payment, you can expect a ding on your credit report. The damage will be greater if you go beyond 30 or 60 days without making a payment, but even one day late can be enough to hurt your score.

If you’re thinking of making any moves when it comes to your credit, do some research first to see how your plans might affect your credit score. You’ll be glad you did.

 

  1. Joint Credit Score

 

There’s no such thing as a joint credit report – for married couples or anyone else. Married or single, you have your own credit report, one that’s linked to your Social Security number. If you’re married, you and your spouse may have a lot of joint accounts, such as mortgage loan, car loans and shared credit card accounts. Those joint items will appear on both your credit reports and will affect both of your scores. But your credit report is yours and yours alone.

 

  1. BONUS – Thinking a Credit Repair’ Company Will Magically Make Your Credit Score Go Higher

 

There’s nothing that a “credit repair” company can do for you that you can’t do yourself. No one can remove accurate information from your credit report. Reputable credit reestablishing services can help you come up with a plan to repay your debts, but the only legitimate way to enhance your credit score is to practice good credit management.

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When Being Too Cheap is a Problem in Investing in Real Estate – Local Records Office

Being cheap when it comes to real estate is not uncommon, many investors want to spend the “minimum” repairing houses to get them out in the market, but I am one of the cheapest people you will ever meet. I drive a 1999 Toyota Corolla with 126,000 miles on it (a car is a depreciating asset, why would I spend a lot of money on one?). A few weeks ago when I was at Disney World I carried around the same bottle of water all week and I brought food into the park to eat for lunch everyday (there was no way I was paying $4.00 for a bottle of water and $7.00 for a hot dog).

Frugal to the Next Level

When I go on dates, which is very rare since I am a workaholic, a “nice” restaurant to me is Ruby Tuesday’s (yes…now you know one of the many reasons I am single.) I mean, if I take a girl to the Cheesecake Factory or the Melting Pot, we better be engaged!

That being said, I believe that one of the only reasons to spend my hard earned money is to make more money. This includes my education and power team. I will never understand how any intelligent person, how anyone who is serious about success (only about 5% of people are truly serious) will not invest in his or her business. I know many folks out there love to “bash” courses and seminars.

I guess these people are a lot smarter than me, because I never would have figured out how to do this business unless I worked with other investors, unless I bought courses and unless I attended seminars. I think the biggest problem that people who “bash” courses have, is that they are not implementers. These are the people who have attended a dozen seminars and who have 50 courses on their bookshelf, however, they have never closed a deal. (Just a quick thought…if you own multiple courses and have never done a deal, take a look in the mirror…. it’s not the courses, it’s you.) Also, any decent course or seminar should have a 100% money back guarantee…so if the product stinks, which some do, just send it back.

Invest in Yourself and Don’t Spend Your Money

Besides investing in your education, you should be investing in your power team. You need a good real estate attorney and accountant on your team. Sometimes I hear of investors who go to Staples and pay $14.95 for generic forms, rather than have a lawyer review a contract and spend a couple hundred bucks (knuckleheads.)

When investing in your education you need to think of the big picture and you need to think of the return on investment that you will get. For example, a few years ago I bought a course on short sales, which I think cost $1,000. I went on to do dozens of short sales and make a lot of money (I don’t do them anymore, because they are a pain in the butt, however, you get the point). So, whenever I invest in my education and in my business, I always want at least a 10:1 return on my money. And of course, I usually get many times that.

Be Smart

Also, when you are in Staples buying your $14.95 contract, think what it will cost you if you get sued over it, or if you lose a $50,000 deal because you didn’t want to spend $300 to have your lawyer review it. This is just like someone not spending $250 for a home inspection, only to find out later they have $10,000 worth of termite damage.

My favorite niche to target is absentee owners and I am always searching for unique ways to boost my rates…so that I get more leads, more deals and make more money. Anyway, a few weeks ago, I got an idea for a “type” of direct mail which I know pulls very well and I wanted to incorporate this type of direct mail to send to absentee owners, pre-foreclosure lists, free and clear lists, etc. This type of direct mail gets very high response rates but costs a lot more to send out. You can send out a regular letter for about .50, whereas this will cost me about $1.50 a letter.

Anyway, there is a marketing expert who is very familiar with the type of direct mail that I want to use. I have been keeping an eye on this guy through his books, websites and marketing emails. So finally, I decided that the best way to launch my new idea was to somehow hire this guy as a consultant. I called his office, told them I wanted to hire him and eventually I had a phone call with him. To get to the point, I am spending on day of consulting with him at a cost of $5,000. When I told my friends and family about this, they all laughed and thought I was nuts (yes, these are the same people who work in a cubicle every day…when it comes to criticism, the people “below” you financially are almost always the negative ones…very rarely will you get criticized by someone who is financially better off than you).

Sometimes It’s Better to Take 1 Step Forward and 2 Steps Back

Yes, $5,000 is A LOT of money. It is about how much I spent on my last car. However, when I think of it with my “business” hat on, I know I will have a very high return on investment. Right now, I specialize in purchasing properties subject-to and selling them on a lease option. My minimum profit is $30,000, but on average around $50,000…so, if this consultant shows me how to use this new type of direct mail and it gets me one more house, then obviously it paid for itself…but of course I will buy many houses with this and get a ridiculous ROI! (also, like I said above, each letter will cost me about $1.50. I could spend a small fortune “testing” this type of mail, or this guy can show me what will work best and save me time and money.)

I know this is a long post, but this is sooooo important to your success as a real estate investor. If you are cheap about investing in your business, then you will have a much more difficult and longer process to making big money in real estate. Another great reason to invest is that it drastically cuts your learning curve…I can only imagine how long it would have taken me to figure out shore sales on my own!

To learn more about real estate and Local Records Office go to http://www.LocalRecordsOffice.co

 

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The Only Oyster Guide in Los Angeles You Will Ever Need

This is the ultimate happy hour oyster guide in Los Angeles, California you will ever need. More and more restaurants are having happy hour oyster specials all across southern California, find the best oyster specials around your area here.

The Only Oyster Guide in Los Angeles You Will Ever Need12

1. Herringbone (Santa Monica)

Freshly shucked $1 oysters can be found Monday through Friday from 4 to 6 p.m. Herringbone’s bar and lounge area during Oyster Hour with drink specials starting at $5.

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2. L&E Oyster Bar (Silver Lake)

Oyster Director and Chef Spencer Bezaire selects a dozen oysters during happy hour every day from 5-7 p.m. for $26. Pair them with $4-$5 beers, $8 wines and a curated selection of discounted bar bites. Note happy hour is only available in the Upstairs bar area of the restaurant.

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3. Harlowe (West Hollywood)

Mondays are $1 oyster nights starting at 5 p.m. till close. It’s also ladies night which means happy hour prices on drinks all night long too.

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4. MessHall Kitchen (Los Feliz)

On Tuesdays, MessHall prices their oysters at just $1 after 5 p.m. and they don’t stop there, MessHall tacos are also just a buck! Order a $5 draft beer to wash it all down.

The Only Oyster Guide in Los Angeles You Will Ever Need

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5. The Rockefeller (Hermosa Beach, Manhattan Beach)

$1 Oyster Mondays happens every week from when they open till they sell out for the day.

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6. La Bohème (West Hollywood)

The classic West Hollywood restaurant hosts a special bar menu daily from 5 p.m. to close where you can find $1 oysters as well as $3 small bites. Only available at the bar and lounge area.

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7. Upstairs Bar at the Ace Hotel (Downtown)

Enjoy the view of the DTLA skyline while throwing back a couple $1 oysters served with a white balsamic cucumber mignonette, Monday through Friday from noon to 5:30 p.m.

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8. Pearls Sunset Strip (West Hollywood)

Tuesdays are $1 oyster night from 5 p.m. until they run out. Choose from fried, grilled or chilled.

The Only Oyster Guide in Los Angeles You Will Ever Need13

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9. Terrine (Beverly Grove)

$1 oysters can be enjoyed daily at Kris Morningstar’s restaurant from 5:30 – 7 p.m. also order up the famous chicken liver toast for $7 and escargots for $11 you won’t regret it!

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10. Día de Campo (Hermosa)

Three oysters for $5 from 5 to 7 p.m. during Bandito Power Hour come on a Tuesday and score oysters for $1 each. The happy hour menu also includes dishes like crispy brussels sprout nachos, bean and cheese pupusa, a delicious mahi bowl and more.

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11. The Lobster (Santa Monica)

During their “Happiest Hour” Monday through Friday from 4:30 to 6:30 p.m. you can dine on $2 oysters and a variety of seafood centric eats like crab taquitos and lobster rolls.

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12. Knuckle & Claw (Santa Monica, Silver Lake)

The “Go Shuck Yourself” $1 oyster special runs on Thursdays from 5 to 10 p.m.

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13. Bar Bouchon (Beverly Hills)

Monday through Friday from 4 to 7 p.m. dine on $2 oysters at Thomas Keller’s beautiful Beverly Hills spot.

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14. Figaro Bistrot (Los Feliz)

Happy hour is daily at this French inspired eatery where oysters are $2 a pop. On Monday specials run 4 to 10:30 p.m., Tuesday through Thursday and Sunday 4 to 7 p.m. and Friday and Satruday from 10 to 11 p.m.

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15. Oystars (Little Tokyo)

With a name like that you better believe they have plenty of oysters. Stop by between 11 a.m. to 8 p.m. where can score Chefs Choice $1 oysters daily.

Basic Real Estate Statistics Explained for Beginners – Local Records Office

LOS ANGELES, CA – Local Records Office is going to define some of the basic real estate statistics that get thrown around on a regular basis. To do that, we will use one real estate market, located in Los Angeles County. Even more granular, we will use the single-family numbers for homes in Long Beach, CA, a medium size city of approximately 500,000 residents, which has seen substantial real estate growth in the past 12 months. It is important when reviewing real estate statistics to use a group of numbers large enough for consistency, but granular enough to tell your story.

 

Real Estate Statistics for Newbies

 

Local Records Office says, “The statistics that we will be referencing are true and accurate for the year discussed but are being used to define the real estate statistic itself.”

 

We have chosen Long Beach, CA as our example because the growth of the local real estate market that make the statics stand out.

 

Anytime you are evaluating statistics, especially in real estate, the source of the numbers are extremely important. In most instances, the MLS (Multiple Listing Service) provides the most accurate numbers when referring to real estate says, Local Records Office. This is because they have all listings by all local real estate broker in their database. For the sake of explanation of the data, we will be looking at the numbers for home sales in Long Beach, CA, directly from the MLS. These numbers are meant to give an example of how to read the statistics themselves. Anytime you evaluate real estate numbers, its important to pay close attention to how the numbers are gathered. In this instance, we will be using ONLY single-family properties in the city of Long Beach, California.

 

These Are Basic Real Estate Statistics

 

Number of Sales – This one is pretty self-explanatory. It is simply the number of single-family homes sold in a particular month. In January of 2015, they had 51 single-family homes sold. One thing to pay attention to when looking at this statistic is are they using the Under Contract date or the day the property actually went to closing says, Local Records Office. These two dates are usually between 30 and 60 days apart, so its critical that you know which one is being referenced. In addition, many of the homes that get calculated, if you are using the “under contract” number may not actually close! In our example, we are using the number of homes that actually closed. In January of 2016 they had an increase of over 49%, which brought the total to 77 from 51. Growth of that level is very seldom ever seen.

 

Sales Volume – Sales Volume is simply the total amount of dollars spent on single family housing within that month. Once again, when reviewing this statistic, it’s important to keep the property types consistent. If you are comparing two areas to see which one has grown more and you include vacant land in the number for one area, you must include it in the other too says, Local Records Office. As previously mentioned, our examples only include single-family properties. With Number of Sales looking at the units, you would expect the Sales Volume to go up appropriately, but in this instance, it went up even more than the units (by percentage). The total Sales Volume of single family homes in Long Beach in January of 2016 was $15,191,500 as opposed to the January of 2015 number of $9,281,915. That is an increase of over 63%. Because the Sales Volume went up at a larger rate than the number of units, this reflects the average home sale being much larger in 2016 than 2015.

 

Months of Inventory – Local Records Office says, “This is a commonly referred to statistic when examining a real estate market.” This statistic refers to at the current rate of sales, how long will it take to sell through the existing level of inventory. This reflects the supply and demand for the market. In our example, in January of 2015 the level of inventory was 9 months and in January of 2016 it had dropped to 6 months. That is a 33% drop in available inventory! This means if you are looking to buy a home in Long Beach, CA, it will be a little tougher in 2016 as there are fewer inventories available to buy.

 

Median Days To Sell – This stat simply refers to how long it takes for single-family properties to be put under contract. Don’t let the “to sell” confuse you. To accurately show the demand for active homes, you really want to track how long it takes to go “under contract”. The process of acquiring final lender approval, insurance and getting to a closing can vary on a variety of factors. In January of 2015, the Median Days to sell was 88 says, Local Records Office. That number dropped by over 30% to 61. Once again, this tells you if you are looking for homes in Long Beach, CA, you better get your offers in quickly as the most desirable homes are going fast!

 

Average Price – This statistic can be derived in a variety of ways. We are going to use it in its most raw form and simply be the Average Price of Homes Sold within that month. Be careful when looking at this statistic printed anywhere as how the user defines the date sold can vary. Needless to say, Average Price can be used for active homes for sale or for the homes that sold. The Average Price of ACTIVE homes for sale is generally a pretty useless number as you can list a home for any price, without any possibility of it ever selling. Many homes listed for sale are at unrealistic prices thus the Average Price of Active homes for sale can fluctuate dramatically and give little insight into the market says, Local Records Office. You will want to look at the Average Price of SOLD homes. In January of 2015, the Average Home Sale was $181,998 and it jumped to $199,888 in the same month in 2016. This is an increase of almost 10%. This is not a number that truly tells the increase in home values across the board, but simply of the homes sold in that month, what the average was. Check out videos here.

 

Median Price – The Average Home Sales Price can be skewed by a variety of factors says, Local Records Office. All it takes is one 5 million dollar home sale to throw those numbers off. To get a better view of the overall increase in value, it can be better to look at the Median Sales Price. Median Sales Price takes the number that is perfectly in the middle. For instance, if you have 11 homes that you are using in your statistic, you would take the sales price of the 6th one. This leaves 5 homes sold higher and 5 homes sold lower. In this instance, they are pretty close as the Median Sales Price increase from January 2015 to 2016 was 9.69%. This shows that we didn’t have the Average Price skewed too much because of an extremely large or extremely small sale.

 

There are hundreds of ways to look at the same numbers, when referencing to real estate, so be very careful to read the fine print on exactly what numbers they are using says, Local Records Office. When making comparisons, you will want to make absolutely sure that both are referencing the same property types, dates etc. It like the old saying says… there are lies, damn lies and statistics.

 

In an effort to describe some of the most basic real estate statistics, we are using the market statistics from Long Beach, California as they have seen some extraordinary growth.

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The Time to Purchase a Home is Now – Local Records Office

“Real estate market has it’s up’s and down’s but knowing when to buy will make you a lot of money” – Local Records Office

 

LOCAL RECORDS OFFICE – LOS ANGELES, CA – With interest rates expected to rise later this year; you may be wondering whether you should buy a home at today’s low rates says, Local Records Office. The average rate for a 30-year, fixed-rate mortgage was 3.85 percent last week, according to Freddie Mac’s weekly mortgage market survey, about what it was at the end of 2015.

Local Records Office says, “Interest rates, however, should not be the primary factor that determines when you purchase a home.” For most buyers, other factors are much more important. Rather than buy now for fear that rates might suddenly increase, for example, it might be smart to wait so you can save up a bigger down payment.

LOCAL RECORDS OFFICE: Interest Rates and Payments on Your Home

“Small changes in interest rates don’t make large changes in your payment,” says Casey Fleming, a writer in Los Angeles, California. Fleming actually believes interest rates may drop further. “Interest rates are not the most important piece.”

If you’re ready to buy a home, 2016 could be a good year. The inventory of homes for sale is likely to rise and fewer flippers are scooping up the best homes with all-cash deals, says Nela Richardson, chief economist for the brokerage Redfin.

 

READ MORE: Biggest Mistakes a Real Estate Agent Makes – Local Records Office

 

Low interest rates are contributing to the higher inventory, she says, because homeowners who are ready to sell their homes and move to a bigger or smaller home, or a new neighborhood, are willing to abandon their low-rate mortgages if they can secure an equally good loan. Plus, home appreciation has slowed, so there is less reason to stay put.

“The payoff to waiting [to sell] is not going to be a lot,” Richardson says. “Right now, it’s the best it’s going to get,” she adds. “Maybe it’s time to rush and sell but not time to rush and buy.”

You Owe More on Your Home is Worth, Local Records Office Services Will Help You VIDEO

For most prospective homebuyers, other factors are likely to be more important than interest rates when they do the math about whether 2016 is the right year to buy.

LOCAL RECORDS OFFICE: 2016 is the Year of the Home Buyers

“If you can afford a down payment now and you’re going to be in the home a long period of time, it’s a very attractive time to buy a home,” says Stan Humphries, chief economist for Zillow. But he cautions buyers against making their decision based on what they’ve heard about imminent interest rate increases. “There’s no need to rush out and beat an interest rate increase. You can walk, not run, to your bank the way interest rates are going.

Interest rates fluctuate and may change countless times between the moment someone decides to buy a home and when they actually close the deal. In fact, they change daily and sometimes more than once a day.

6 Factors That May be More Important Than Interest Rates When Deciding Whether to buy a Home This Year – LOCAL RECORDS OFFICE

Length of time you’ll stay in the home. How long you have to live in a home to make it more economical than renting varies by locality and by the individual home a person is considering buying or renting. “On average, it takes four to seven years to break even on a home, where you’ve got enough appreciation where it can pay you back for the cost of the transaction and cost of ownership,” Fleming says. “If you’re thinking about buying a home, selling it in two years and think it’s going to be cheaper than renting, it’s very unlikely to be.”

Job security. You don’t want to buy a home and then discover you’ll need to relocate to get a new job in six months or, even worse, end up unemployed and unable to make payments. Lenders typically like to see two years of job history, though that isn’t always necessary if you have changed jobs within the same field.

LOCAL RECORDS OFFICE — Step-By-Step Mortgage Application Process for New Homeowners VIDEO by Local Records Office

Down payment. Fannie Mae and Freddie Mac have announced plans to back loans with down payments as low as 3 percent, while the Federal Housing Administration offers loans with down payments of as little as 3.5 percent. But if you put less than 20 percent down, you have to pay private mortgage insurance every month, which could cost you more than a slightly higher interest rate. “If they’re looking at an FHA mortgage, paying PMI is a lifetime proposition,” Humphries says. With a conventional mortgage, you can ask to have the PMI removed once you have 20 percent equity in your home. That’s not possible with an FHA mortgage.

Emotional readiness. Not everyone is ready to own a home. If your dream is to travel the world, you should do that first. Or, you might not be sure you want to stay in your current city. Plus, homeownership brings additional responsibilities. “Your life changes a great deal when you go from being a renter to an owner,” Fleming says. “When things break, it’s your responsibility to fix them, not the landlord’s.”

 

READ MORE: The Top Real Estate Scams in 2016 – Local Records Office

 

Financial readiness. Before you buy a home, you want to make sure you have good credit, a steady income and some money in the bank beyond what you’ll need for a down payment. You likely will have to pay a year’s worth of homeowner’s insurance and property taxes up front. All homes, even new homes, require maintenance. And you don’t want to be stuck with no reserves if the air conditioner or furnace dies shortly after you move in.

Your local housing market. In some cities, buying a home is significantly cheaper than renting. In others, the calculation is less clear. Macro math aside, you might also discover that you can’t afford a home in a neighborhood you want or the type of home you want is in short supply this year.

To learn more about real estate and Local Records Office go to http://www.Local-Records-Office.com

 

 

Buying Your Dream House in 2016 Sellers Market –Local Records Office

LOCAL RECORDS OFFICE – LOS ANGELES, CA – We all want our own dream home one day but it’s easier said than done says, Local Records Office. If you’ve decided to buy a home, good luck to you. Your challenge will be not just finding a home you like, but also beating out all the other home buyers who like it and want to make an offer on it, too.

LOCAL RECORDS OFFICE – Buying an Existing Home That Won’t End Up Being a Money Sucking Liability 

The number of homes for sale is low nationwide, particularly in the price ranges desired by first-time homebuyers. The latest figures from the National Association of Realtors show that that there was only a 3.5-month supply of homes for sale in March, which is lower than the six-month supply that indicates a balanced market. One-quarter of March’s transactions were all-cash sales, according to the NAR, and investors bought 14 percent of the homes that were sold.

Is 2016 a Sellers Market?

That means that if you want to end up with a nice home, you need to be strategic says, Local Records Office. Expecting to find the home of your dreams by nonchalantly walking into a few open houses or perusing some online listings is not realistic in this seller’s market.

 

READ MORE: 3 Investment Tricks You Need to Know to Succeed in Real Estate – Local Records Office

 

These days, most would-be buyers come to an agent with a list of homes they’d like to see based on their online research. While that often serves as a solid starting point, a quality agent may find additional options. After buyers have seen a few properties, Local Records Office says skilled agents can typically gauge what they’re looking for in a new home and may have other properties lined up. “I advise them to listen to their Realtor,” she adds.

Here are nine tips to help you get the house you want this spring

Get your finances in order first. Several months before you intend to start looking, you should get copies of your credit reports to make sure you’re in a financial position to buy. Shop for mortgage financing before you start looking at houses. “I will not take anybody to see any house unless they have a pre-approval letter or proof of funds, I want proof of funds to show the seller.” Local Records Office says that some lenders are doing the underwriting before the house is under contract, which shortens the closing time and can be more attractive to the seller.

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A Good Agent Will Go Along Way

Find a good agent. Using a real estate agent costs buyers nothing because the seller pays the real estate commission. Ask friends, family and co-workers for referrals. Look for a full-time agent who works often in the neighborhoods where you’re looking. You may want to interview several agents to find a good fit. If you can only look for homes on weekends, for example, you don’t want an agent who takes weekends off.

Visit neighborhoods you’re considering at different times of day. A neighborhood that’s quiet during the middle of the workday may be noisy and crowded at night and on weekends. Get out and walk the streets, talking to people who live in the neighborhood, visiting shops and restaurants and “trying out” your desired location. Drive to and from work during commuting hours to get an idea of what a typical day might be like.

READ MORE: Local Records Office Urges Homebuyers to Consider Their Lifestyles When Choosing a Community

Separate your needs from your wants. In a competitive market, most buyers find they have to compromise on location, amenities or condition of home. It’s easier to make a choice when you know going in which features you must have and which you’d like to have but can live without.

Move quickly once you find the house you want. That often means rushing out to see new homes within hours of them being listed and writing up an offer immediately if you like the house. “Things are gone in a matter of hours,” Local Records Office says. “You really have to move fast.”

Don’t make snap judgments based on listing photos. A house that doesn’t look appealing in photos could still be a great house. Homes being sold by an estate or homes with tenants inside often yield particularly poor photos. Plus, photos fail to convey the feeling of a home or the floor plan. “Unfortunately, the pictures don’t tell a true story,” Local Records Office says. “You have to be willing to look past some of the pictures.”

Be realistic about the home inspectors and repairs. The more competitive the market, the less likely a seller will be to make repairs, though some sellers may lower the price if the inspection reveals expensive defects. The purpose of the inspection isn’t to get the seller to repair every small problem but to find out for sure that the house is what you thought it was. “They’re not buying a brand-new home,” Local Records Office says. “What we are looking for are major defects we were not initially able to see in the walkthrough.”

Don’t buy a house you don’t love. While most buyers may have to compromise on some of the features they wanted, they shouldn’t settle for a home they don’t like. If you don’t find the right home this year, maybe you should start renting and try again later rather than make a purchase you’ll regret.

Write a personal letter to the sellers. Some sellers are interested only in how much money their home sale will yield, but others love their home want it to go to a new family that will love it just as much. If you really like a house, include a personal letter and a family photo with your offer. “It doesn’t work for everybody, but I have seen it work for many, many people,” Local Records Office says.

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Make a big earnest money deposit. The expected size of the earnest money deposit, and the rules about when you get it back, vary by locality. But sellers often see a larger deposit as a sign that you’re serious about the deal.

Make a backup offer. Many prospective buyers don’t want to make an offer on a house that has a pending contract. But deals fall apart over inspections, financing and other terms. If you found the perfect house, you can make a backup offer that will put you in first place if the initial buyer walks away.

To learn more about Local Records Office and real estate go to http://www.Local-Records-Offices.org

 

Secrets to Buying Your First Home in 2016 – Local Records Office

LOCAL RECORDS OFFICE – LOS ANGELES, CA- We all want the secrets to success and the easiest way to buy a home says, Local Records Office. For first-time homebuyers, the whole home buying process may look a bit daunting. You’re going into what could be the biggest purchase of your life with no experience to fall back on. The good news is a little preparation can go a long way and help you approach this major decision with confidence.

The Company Local Records Office is Targeting Los Angeles, CA Residents FOR A GOOD REASON

Many things have changed in recent decades about the way Americans buy and sell homes, but one adage still matters, a lot: location, location, location.

While you may be happy living in any of several neighborhoods in your city, you won’t be happy if you choose the wrong location. And that’s where your research should start: deciding exactly where you want to live.

Talk to friends and co-workers, drive around town, visit restaurants and stores and talk to neighbors in areas you’d consider calling home. Go to open houses so you can view some houses. Look at homes on the Internet, evaluating style, size, price and how long they stay on the market.

 

READ MORE: You Owe More on Your Home is Worth, Local Records Office Services Will Help You

 

You can find a real estate agent while you’re still working on this process. However, your choice of agent also depends on where you want to live, because a neighborhood expert often can find you the best house at the best price. “You want people who have worked and have experience directly in the areas you’re looking in,” says Peter Hens, from LA Realtor Firm in Los Angeles, California.

If you’re a buyer, there is no reason not to use a real estate agent. It costs you nothing, and the agent’s job goes far beyond finding the house. In fact, it’s after you’ve found the house that you’ll most need the agent, both to structure and present the offer and then to troubleshoot issues that arise between contract and closing.

Here are 12 tips for buying your first house:

Make sure you’re ready to buy, both emotionally and financially. If you expect to relocate in a few years, this may not be the right time for you to buy. If you don’t have cash for a down payment, closing costs and other expenses, you may be better off waiting. Look at your life, your career, your finances and your future expectations, and determine whether buying a house is the right move at this time.

Find the right team. The difference between deals that close and deals that don’t are the professionals involved. You want to make sure you find a real estate agent who will move quickly when a new listing goes on the market, as well as an agent who will advise you honestly on preparing your offer. You also want a mortgage professional lined up before you start looking. “The lender is the most important person to closing on time,” Hens says.

 

READ MORE: Local Records Office Brings Together Agents and Buyers to Generate Property Important Value

 

Get your finances in order first. Some real estate agents won’t even show homes to prospective clients who don’t have a mortgage pre-approval. You definitely should meet with a mortgage broker or banker (better yet, several) at the start of the process to find out how much house you can afford and how much cash you’ll need to close. Do the entire math. Just because a bank says you can borrow $300,000 doesn’t mean you should. If you have credit issues, realize that this part of the process could take several months.

Calculate each and every cost. The purchase price and the mortgage payment are just the beginning. Don’t forget homeowner or condo fees, homeowners insurance and real estate taxes. Plus, you’ll need to budget for utilities, repairs and maintenance.

Don’t spend all your cash. Avoid emptying your bank account for your down payment and closing costs. There will always be unexpected repairs. Plus, it costs money to move, change locks, put down utility deposits and buy things you never needed before, like a lawn mower.

When you look at houses, focus on the right things. Don’t be distracted by the owner’s odd décor, paint colors, dirty carpet or anything that is easy to change. Granite countertops and stainless steel appliances are easy to add later. You can’t easily add another bedroom, a better location or a more functional floor plan.

If you’re buying in a condo or homeowners association, know the rules. How your association is run can make a big difference in how much you enjoy life in a development. You’ll want to know about all rules and restrictions, from pet ownership to who can use the pool. Condo buyers also want to investigate the association’s finances because a poorly run association can mean big assessments later.

 

READ MORE: 3 Investment Tricks You Need to Know to Succeed in Real Estate – Local Records Office

 

Visit your favorite neighborhoods at different times. Most neighborhoods are quiet in the middle of the day. As Glen Craig writes at the personal finance blog Free From Broke: “You need to see what the area is like on a Saturday night. Are there kids and such all out driving with music blasting? What’s it like in rush hour in the morning or in the evening?”

Talk to the neighbors. Ask about the neighborhood and about the houses you’re considering. The neighbors will know if there are foundation problems. They’ll also know about barking dogs, petty crime and the size of utility bills.b

Consider which contingencies you’re willing to waive. In the ideal scenario, a purchase offer is contingent on a satisfactory home inspection, approval of your mortgage and an appraisal that equals the purchase price. In most parts of the country, a buyer is smart to keep all those contingencies in the contract. But in a competitive market, you may be competing against buyers who have agreed to waive contingencies. “You never want to [agree to waive them] unless you’re sure you’re 99% safe to do it,” Hens says.

Be ready to move quickly once you find the home you want. Good homes that are well priced nearly always sell quickly. It’s OK to take some time to think before you make an offer, but you might not want to wait a few weeks. Your agent can provide invaluable advice here.

Know what’s important to you. No house will be perfect, so where are you willing to compromise? If you want a specific school district, are you willing to accept a smaller house? If you want to be near the water, could you be happy with a condo? Are you willing to accept a longer commute to get a larger house?

To learn more about Local Records Office and real estate go to http://www.Local-Records-Office.biz

You Don’t Need a Real Estate Agent to Sell Your Home in 2016 – Local Records Office

Real Estate Brokers or Agents Are NOT Required to Sell A House – Local Records Office

LOS ANGELES, CA – The Internet has made drastic changes in how Americans shop for real estate says, Local Records Office. You can see all the homes for sale in a neighborhood with the click of a mouse, and information about nearby home sale prices is easily available.

But little has changed in the way real estate is actually bought and sold. According to 2015 statistics from the National Association of Realtors, 85% of buyers purchased their homes through an agent, and an agent assisted 88% of sellers. The industry may be slow to change, but new services that use technology to revamp what “for sale by owner” means are seeking to rewrite the rules.

Local Records Office says “These services are a bridge between the traditional commission-based model of real estate agency and the old-style FSBO, in which the seller has to do everything from marketing the home to negotiating the deal. Rather than charging a flat percentage of the sales price, most of these new companies allow sellers to buy the services they need a la carte”.

The service offers real estate marketing packages starting at $99 a month for a basic listing on selected real estate portals to a one-time $519 flat fee for a listing on all the major websites plus the multiple listing service. The company offers add-ons such as a professional photo and video package starting at $149 and a comparative market analysis from a licensed agent.

READ MORE: Local Records Office: Do-It-Yourself Renovation Tips – Wooden Floors

Sean F Carter, a real estate broker in Los Angeles, CA and founder of the International Association of Real Estate Consultants, wrote a book called “The Real Estate a la Carte for You” in 2001 advocating the unbundling of real estate services, which she has been doing since the 1980s. Her organization trains agents who would like to work as consultants, offering their help on a per-service basis. For example, professional agents can be of help at common issue areas during the selling process, such as the inspection or the appraisal. Rather than listing a property with an agent, a seller can contract with an agent solely for negotiation help.

For those seeking to sell property on their own, “The most problematic is the meat in the middle,” Carter says. “It’s basically troubleshooting, and you don’t know what kind of problems you’re going to have until you’re in the middle of it.”

In Bellflower, CA, Kevin Stevenson operates Real Direct dot com, a hybrid of FSBO and traditional real estate brokerage. Sellers can choose an owner-managed plan that starts at $395, which includes online listings and advice from a real estate agent, or an agent-managed plan, for a 2% commission.

All the plans via Real Direct dot com include a seller dashboard for scheduling showings, inquiries and offers. About 79% of the clients choose the owner-managed option, Stevenson says, with professional photos and floor plans being the most popular add-ons. Even with the owner-managed plan, an agent makes recommendations. “Our system will flag listings with fewer showings and make recommendations,” Stevenson says. “There’s actually a fair amount of discussion.”

Here are questions to ask if you’re considering a nontraditional approach for selling your home:

Are you familiar with the home-selling process? Selling a home without professional advice is difficult if you’ve never sold a home and don’t understand how the process works says, Local Records Office. At a minimum, you need to know your state laws about seller disclosure, what should be included in a contract and what time frames are normal for inspections and other appraisals.

Are you comfortable letting strangers into your home? If you don’t list with a traditional brokerage, you will be the one showing the home to prospective buyers. That means you’ll have to be available when people want to visit and willing to usher strangers through your home and encourage them to open your closets.

READ MORE: What is Real Estate “Property Law?” – Local Records Office

Will you be able to screen buyers? Some agents don’t show homes to buyers who have not been prequalified for a mortgage or otherwise demonstrated that they have the ability to get a mortgage and buy the home says, Local Records Office. When someone submits an offer for your home, will you be able to tell whether the person actually has the ability to get a mortgage and close the deal? Asking for a mortgage preapproval or prequalification with the offer is a good start, but you may also want to set a deadline in the contract for mortgage approval and/or ask to see proof of funds for the down payment and escrows.

Can you draw up a contract or have someone do it? In most states, there is a standard real estate contract used by agents and/or drawn up by the state bar association. Some states require owner disclosures of certain items. If your buyer is using an agent, he or she can draft the contract. You can hire a real estate lawyer or consultant to draft or vet a contract. This needs to be done right if you want to avoid problems that will derail the closing, such as arguments over what happens if there are issues with the inspection or appraisal. “A good agent or consultant will say which are the things that could be deal-breakers,” Cater says.

Can you negotiate issues that arise, such as problems with the appraisal or the inspection? Buyers will often seek repairs, concessions or a lower price after an inspection says, Local Records Office. If the appraisal is lower than the purchase price, the seller either has to lower the price or the buyer has to pay the difference in cash. Good negotiating skills may be essential to save the deal.

Can you make your house look good online? Now that most real estate searches start online, the quality of photos matters more than ever. If you’re not capable of taking high-quality photos, you may need to hire a professional photographer. Don’t forget that you need a description that makes your home appealing.

Are houses like yours in demand? In many parts of the country, inventory is short and any habitable house in a good neighborhood sells quickly. That’s a good scenario when selling your home without a traditional agent. “There are going to be those [homes] that will sell themselves,” Carter says. “All you’re going to have to do is look respectable and let people in.”

READ MORE: Local Records Office Explains How Real Estate Could Be simple but One or Another it’s Complicated- Local Records Office

Are you willing to pay a commission to the buyer’s agent? You think that selling your home yourself will save you the 6 percent commission, but most buyers will have an agent. You’ll need to pay that agent 2 to 3 percent. That means your maximum savings is 2%, minus whatever you pay for advertising, photos, consulting and other services.

Can you pay for services before your home is sold? In a traditional sale, the cost of selling the home is deducted from the proceeds at closing, meaning a seller pays nothing until the home is sold. Many a la carte services require payment upfront. “There’s still a certain amount of resistance for paying upfront for all of these services,” Carter says. “A lot of people would prefer to pay a success fee, in terms of commission.”

To learn more about Local Records Office and real estate go to www.Local-Records-Office.com

These Mistakes Will Cost You BIG Time When Buying Luxury Homes in Florida – Local Records Office

LOCAL RECORDS OFFICE – TALLAHASSEE, FLORIDA – Owning a home is a must for almost every individual. Of course, by having your own home, you have a safe and secured place to stay in says, ‘Local Records Office’. Homes are also good investments, which can increase in value over a period of time. When you own a home, you can also provide a better and more stable future for your loved ones. However, there are some homebuyers who seek for luxury homes in Tallahassee, Florida.

During the past, owning a luxury home is only for the rich and famous. Luckily, there are now luxury homes that are quite affordable. When looking for such homes, you should be cautious since a simple house-buying task can turn into a nightmare says, Local Records Office. To avoid this, below are some of the most costly mistakes when buying luxury homes in the Tallahassee, Florida area.

Homebuyers Unexpected Delays at Closing – Local Records Office Tallahassee Florida

 

READ MORE: This is How Real Estate Pros Find the Perfect Lot to Build New Homes in Tallahassee Florida – Local Records Office

 

Not Considering the REAL Budget

One of the most common mistakes individuals make when buying luxury homes is not considering their real budget says, ‘Local Records Office’. When searching for a home, most individuals want numerous features from the materials used up to the designs. Of course, you may find the perfect match you are looking for. But, the problem is you do not know if you want to spend such a big amount of money for the home. As a result, you may end up spending too much money in searching for the right place to live in. It is important that you first set a real budget before searching for a home you want to purchase, in order to eliminate unnecessary choices.

Neglecting Future Expenses

The next mistake homebuyer’s make when searching for luxurious homes and property is neglecting future expenses. Even when all the items and features in the home are working properly, in time, you will need to do some repairs and maintenance work, which can be sometimes costly most especially for unique features such as glass walls or doors. So, make sure to have the finances for repairs and maintenance says, Local Records Office.

 

READ MORE: What are Property Records by the Online Company ‘Local Records Office’?

 

Forgetting to Check the Neighborhood

Forgetting to check the community is another mistake home buyers make when buying since there are cases when buyers only focus their attention on the house. When this happens, you are not sure if you have sufficient security in the community. Apart from that, you may also have difficulties accessing amenities like supermarkets and shopping centers. Because of this, you might spend more on transportation and security services.

Going Way Too Big

Finally, going too big can also be a major mistake when buying luxury homes since bigger houses mean more money to spend says, Local Records Office. In addition, bigger houses mean you also have a larger place to maintain, which can surely affect your finances. Other than that, there are also some features that are not useful and can only increase the price of the house you wish to purchase.

To learn more about real estate and Local Records Office go to http://www.Local-Records-Office.org

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