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Basic Real Estate Statistics Explained for Beginners – Local Records Office

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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

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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.

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.

“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

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 upfront.

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.

 

 

Buying Your Dream House in 2020 Sellers Market –Local Records Office

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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 2020 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 the 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 the 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.

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 the first place if the initial buyer walks away.

 

Secrets to Buying Your First Home in 2020 – Local Records Office

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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 lawnmower.

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 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 the 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?

8 Common Myths That Real Estate Buyers and Sellers Believe – Local Records Office

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Local Records Office Explains the Most Common Real Estate Myths

LOCAL RECORDS OFFICE – LOS ANGELES, CA – We usually hear myths when it comes to old houses that have been abandoned for many years but apparently it is common in real estate too. Buying or selling a house is not something most of us do every day says, Local Records Office. You may do it once a decade, or even once in a lifetime.

Despite the fact that most of us enter the world of real estate only rarely, we all think we know how it works, based on the experiences of friends and family members, stories we have heard and things we have read, but for everything we believe we know about the industry, there are a number of myths that circulate about how real estate actually works. Buying into those can hurt your chances of buying or selling the right home at the right price. The best thing to do is not to believe the folk tales.

What Are the Advantages of Renting vs. Buying a Home – Local Records Office

 

Technology has changed how we buy and sell homes, and yet some aspects of real estate are the same as they were when our parents bought their last house. Along time has passed by since then. The Internet has made much more information available to consumers, but not all the information is equal, or even accurate.

Let’s be honest we’ve all read something online or on social media and believed it was true, says Sean F Carter, principal broker of Carter Real Estate in Los Angeles and a regional director of the National Association of Exclusive Buyer Agents. “Lots of people read and believe every single word they read.” That can’t be good. The risk with believing everything you hear or read is real estate myths can cost you big bucks when it’s time to buy or sell your property. Local Records Office has created 8 of the most common folk tales that can trick people.

List Your House Price Higher Than What You Think it Will Sell For

Many folks selling their home try to sell it as soon as possible and let buyers low-ball them, make sure to set your home price higher than what you expect to get. Listing your home at too high a price may actually net you a lower price. That’s because shoppers and their real estate agents often don’t even look at homes that are priced above market value. It’s true you can always lower the price if the house doesn’t garner any offers in the first few weeks.

But that comes with its own set of problems. “It’s common for potential buyers to suspect that a house that has sat on the market for more than three weeks to be a dud,” says Hamilton Jefferson, chief economist for the Real Estate Brokers inc. In the Long Beach, CA area where multiple offers are common, sellers will actually price their homes for less than they expect to get, in the hopes of getting multiple offers above asking price.

Remodeling Your Home Before Putting in the Market is a Must

This is FALSE. It is true that the selling price may lower but you save on the renovation process, also, prospective buyers may not share your taste, but they don’t want to redo something that has just been renovated. “You’re better off adjusting your price accordingly,” says Benjamin Franking, president of Franking Real Estate Services in Hollywood CA, and a regional director of the NAEBA. “Most buyers want to put their own spin on things.” It’s ok to have an outdated kitchen sometimes.

Save Your Hard Earned Money by Selling Your Home Yourself

We all like to save money, especially when it comes down to saving a few thousand bucks. There have been many cases where folks sell a house on their own, but they need the skills to get the home listed online, market the home to prospective buyers, negotiate the contract and then deal with any issues that arise during the inspection or loan application phases says, Local Records Office.

It’s not impossible to sell a home on your own, but you’ll find that buyers expect a substantial discount when you do, so what you save on a real estate commission may end up meaning a lower price. It’s not impossible to sell your home on your own for the same price you’d get with an agent, but it’s not easy.

Real Estate Market Always Goes Up and It Rarely Goes Down

The real estate market could go up or down at any time. In recent years, homebuyers and sellers have experienced a time of increasing home values, then a sharp decline during the economic downturn and now another period of increasing values. “They think that the market only goes up,” Carter says. “They don’t think about when a correction will come.” The recent recession should have reminded everyone that real estate prices could indeed fall, and fall a lot.

Renovating Will Bring in Big Bucks

“This one is true and false,” says, Local Records Office. If you fix the heating and air conditioning system or roof, you will sell your house more quickly, but you probably won’t get back what you spent. You’re likely to recoup only 67.8 percent of what you spent on a major kitchen remodel and 70 percent of what you spent on a bathroom remodel on a mid-range home.

What You See Listed Online is What’s Available

Most of the homes that go for sale do get listed online but there are others that won’t. Your agent must choose to let the listings show up online. Most do, but it never hurts to verify that yours will.

LOCAL RECORDS OFFICE – Red Flags That Should Raise Concern on Inspection and Avoid Scams

 

By Not Using an Agent As a Buyer You Will Get an Amazing Deal

You can get a better deal as a buyer if you don’t use a real estate agent. “That’s a completely false premise,” Carter says. If the house is listed with a real estate agent, the total sales commission is built into the price. If the buyers don’t have an agent, the seller’s agent will receive the entire commission.

A Fancy Open House Will Sell Your House

Believe it or not, homes rarely sell to buyers who visited them during an open house. Agents like open houses because it enables them to find additional customers who are looking to buy or sell homes.

If you or your agent chooses not to have an open house, it probably doesn’t hurt your sale chances – although holding a broker’s open house for other agents may be worthwhile says, Local Records Office.

 

12 Ways to Prepare Your Home to Get Higher Offers – Local Records Office

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Get a Higher Offer on Your House – Local Records Office (VIDEO)

LOCAL RECORDS OFFICE – LOS ANGELES, CA – You’ve decided to sell your home, and you want to get top dollar for it. And you’ve seen TV shows where homeowners spend thousands of dollars staging their homes for sale, but there’s an important detail to consider: You don’t have thousands and thousands to spend says, Local Records Office.

Homebuyers Unexpected Delays at Closing – Local Records Office

 

The good news is there are many things you can do to spruce up the look of your home without shelling out a lot of money.

“Updating isn’t as expensive as it used to be,” says Lori Matzke, author of “Home Staging: Creating Buyer-Friendly Rooms to Sell Your House” and a home staging expert in Minneapolis who teaches workshops nationwide. “There’s a lot of DIY information out there.”

First impressions matter, and that’s why you want to start by making sure your home exudes curb appeal. Go all out with small do-it-yourself projects. Cut the grass, trim the bushes, get rid of dead branches and consider planting some flowers. Replacing the mailbox and house numbers and painting the front door can also make your home more appealing to a prospective buyer driving by. If the house looks dirty, wash the siding or stucco.

“I’ve seen houses that look really frumpy on the outside and great on the inside,” Matzke says, “but you can’t get [potential buyers] in the door.”

Prospective buyers, particularly young ones, often can’t see past the homeowners’ decor to what’s most important about a house – the floor plan and space. That’s why it’s important to make the home look as neutral and appealing as possible.

“People get so stuck on the negatives, all the homeowner’s stuff, that they forget to look at the property,” Matzke says.

Sellers should give themselves at least a few weeks to get their homes ready for sale, especially if they need to take up carpet or repaint. While the painting is fairly simple and inexpensive compared with other improvements, a new coat makes a significant impact.

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

“Fresh paint is a really good seller if you don’t know how to paint hire a few handymen,” Matze says. “Do it in trendy neutral colors.” Painting dated kitchen cabinets can also make the kitchen look fresh and new.

You also want to make sure your home photographs well. Most buyers start their home search online, and they may quickly reject a home if the listing photos aren’t appealing.

There’s no rule of thumb about how much you should expect to spend getting your home ready to sell because every house is different. But investing a few thousand dollars can potentially increase your sale price by much more than that, in addition to making your house sells more quickly. “Anything that you can do is only going to benefit you,” Matzke says.

Here are 12 affordable ways to stage your home for sale:

Remove all clutter, personal photos, knickknacks, and other junk. “Cleaning out the clutter just creates so much space, and that’s what people are looking for – space,” Matzke says. “It just really makes your home look bigger and younger.”

Edit your furniture. If your rooms are crowded, consider putting bigger and less attractive pieces of furniture in storage. This will open up space and make your home look larger. Make sure there is nothing obscuring buyers’ eyes from focal points, such as fireplaces and views.

Clean, clean, clean – then clean some more. Wash the windows, clean the cobwebs out of the corner and scrub the grout in the tile floors. Even though you’re not selling the furniture, clean that as well because it adds to the overall impression you’re trying to give.

Spruce up the outside. Add a new doormat, new house numbers and maybe a new mailbox. Paint the front door. The little stuff matters here.

Refresh your landscape. Clean up flowerbeds, add fresh mulch and plant flowers. Make sure bushes are trimmed and neat.

Paint. In some cases, you’d be wise to paint the entire house inside and out. In other cases, touching up and painting the trim might be enough. Paint over your kids’ purple walls with a neutral color. If your kitchen cabinets look old and dated, paint those. You can never go wrong with white, cream or brown, but you should pick a color that matches the rest of the kitchen decor.

READ MORE: What No One Told Me About Buying Rental Property – Local Records Office

Clean or replace light fixtures and cabinet hardware. “It’s not a really expensive undertaking, but it really makes a difference in how the home is presented,” Matzke says.

Don’t forget the small stuff. Pay attention to details, says Sherry Chris, CEO of Better Homes and Gardens Real Estate. “New, matching towel sets in the bathroom, accent pillows on the couch and fresh flowers can be welcoming elements to a homebuyer,” she says.

If you can afford it, replace the old carpeting. If your home has hardwood floors underneath, that’s even better. Ideally, you should refinish wood floors but even just exposing them is good, Matzke says.

Local Records Office Merges with New Homeowners to Find Up-to-Date Property History

 

Make sure each room has a defined purpose. If you’ve turned your dining room into an office, return it to dining-room status, Matzke says. But Chris suggests putting up tent cards that say “Dining Room or Office” to point out alternative uses for space. That would also work in a bedroom you’re using as an office.

Make sure your front yard isn’t overgrown with uncut dead grass or ugly weeds. This is the first thing potential homebuyers see first when they first arrive. You want to give a good impression all around.

Dogs, cats, and other pets. Most of us custom to our pet’s unique smell since we smell them every day but other people may think that your dog’s urine smell is overpowering the house. Take your cats litter outside and out of view. If you have aggressive dogs like Pit bulls or Rottweiler’s you might want to get someone to take them while the open house is happening.

Water damage – If you have any kind of water damage make sure you take care of it as soon as possible. Water damage is dangerous and may scare off potential buyers. Mold usually grows from water damage and may cause serious health problems to you and others.

What No One Told Me About Buying Rental Property – Local Records Office

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Purchasing Rental Property in Los Angeles, California – Local Records Office

LOS ANGELES, CA – Buying property is risky but buying rental property may be riskier says, Local Records Office. Investing in rental property has long been a popular option for people who want to diversify their investments beyond stocks and mutual funds. But, unlike those more mainstream investments, rental properties can require significant hands-on work, including dealing with tenants and keeping up with maintenance. You have to be smart to make rental investment pay.

Investing Generates Income

While investing in real estate is often referred to as “passive income,” there is nothing passive about it. You should expect to put in plenty of effort if you hope to bring in a return.

“I think the key question is do you want to be a landlord,” says Jane Doer, a broker with Brokers of Los Angeles in Los Angeles, Southern California, and the owner of several rental properties. “Yes, it’s passive income, but if you’re managing the property yourself, you’re potentially giving yourself a second job.”

Local Records Office says, Mutual funds don’t call when the toilet is stopped up, they don’t write on the walls and they don’t refuse to pay rent, all issues you’re likely to face with tenants.

READ MORE: 4 Tips For Financing Your Investment Property

“People need to do some deep soul searching before they walk into this,” says Dennis Tenker, regional mortgage sales manager for LA Bank. “Being a landlord is hard work”

Invest Wirth No Money?

The other myth you need to dispel before starting out is that you can invest in real estate with no money. “That’s not going to happen,” Tenker says. “If you’re struggling just to get by … it’s probably not a good idea right now.”

In most cases, not only will you seed a sizable down payment, you’ll need to show additional savings and enough income to make payments.

If you invest in a duplex, triplex or quadraplex – and you’re going to live in one of the units – you can get a conventional mortgage with a down payment as low as 10% if you show enough income to make the payments.

You can get a conventional loan on properties of four or fewer units with 25% down with solid credit. But, says Doer, lenders will want to see at least three months of reserves, plus proof that you can afford all your current expenses as well as the mortgage on the new property. Investing in properties with more than four units requires commercial financing, which is usually more expensive.

Landlord and Investing

If you don’t have experience as a landlord, demonstrated by a Schedule E filed with your recent tax returns, the lender usually will not let you count income from the rentals toward your mortgage qualification. If you do have experience, the lender will use the appraiser’s estimate of the rent (taking 65% of that) and subtract mortgage costs, property tax and insurance to get the net income that will be counted.

Even after you surmount all those financial hurdles, you still need to make sure the specific rental property will provide a positive cash flow once all the expenses are paid. Sellers, real estate brokers and agents will often provide figures that show the property is profitable, but it’s up to you to make sure those figures truly reflect all the expenses and take into account maintenance costs, home repairs and vacancies.

“You have to do some very good due diligence,” Tenker says. Doer suggests you ask to see the current owner’s Schedule E from the last few years or make an offer on the property that is subject to review of those documents. “A negative cash flow is not an asset,” he says. “It’s a liability.”

Finding rental property that yields a positive cash flow may take some searching. Doer recommends looking for a building that’s a little rundown but in a good neighborhood, provided you have the money to improve the property. “If you get a great deal, you could probably find something for 35% down that cash flows,” he says.

Here are 6 things to do before you buy rental property:

Gather as much information as you can. Talk to other investors, mortgage brokers and real estate agents who have worked with income property about what owning a rental property is really like, in addition to reading books and articles on the topic. “It’s all about obtaining knowledge,” Tenker says.

READ MORE: 5 Things That Could be Making Your Insurance Cost Sky Rocket – Local Records Office

Decide if you’re ready to be a landlord. Buying and managing property yourself provides the greatest return but also the greatest headaches. “Do you have the stomach for being a landlord?” Doer says. “Stuff’s going to happen that just really ticks you off.” Other, less active options include becoming a partner in a limited liability company that owns properties or buying into a real estate investment trust.

Crunch the numbers carefully. A rental property is only a worthwhile investment if it makes money. Yes, the property may rise in value and yield a profit when you sell, but it also may lose value depending on which way the market goes. “If you’re banking on just appreciation, its really hit or miss,” Doer says.

Make sure you have enough cash. Getting rich on real estate with no money down is a great dream, but it’s almost impossible to accomplish. Expect to need a sizeable down payment, reserves to pay for repairs and maintenance and a good income before you start investing.

Consider a live-in property. If you’re buying a home for yourself, buying one with up to three additional units can be a good way to get started with investing. “We see a lot of younger people going this route,” Tenker says. “I think it’s a good way for a first-time homeowner to begin home ownership.”

Plan for hands-on management. In the long run, you may decide to pay someone to do the day-to-day management of your property, including dealing with tenants and arranging for repairs. Costs vary, but you should estimate paying about 15% of the rents collected for this sort of service. But you will still need to be there at the beginning to make sure the building is in tiptop shape and the tenants are dependable.

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

What is A Mortgage Loan?

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A mortgage loan, also referred to as a mortgage, is used by purchasers of real property to raise funds to buy real estate; by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is “secured” on the borrower’s property. Mortgage loan is different from a reverse mortgage, read here for more information.

Quick Way To Lower Your Property Taxes Problem – Local Records Office

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LOCAL RECORDS OFFICE: If you are a property owner, you can hardly slither away from the clutches of paying taxes. Having spent your winter holidays and said adieu to your dear folks, you may be hit with a shock after seeing your annual property tax reports sitting inside your mailbox says, ‘Local Records Office’. Never panic if your consolidated tax for the year is skyrocketing! You can always find ways to sort things out even if it’s a herculean task.

Even if you are the rightful owner of your property, you often wonder why on earth am I spending big bucks on property taxes. No commotion. After all, the property you own rests on this very earth with distinctive territories that nations own says, ‘Local Records Office’. That is not to say that it’s a hard and fast rule and do not dare to give a second-thought. Try to analyze the tax report. How the levied tax has been broken down? Was there anything in it that’s misleading and calls for reassessment? Or perhaps property tax reduction?

Local Records Office: Property Tax Reduction

Knocking the doors of a tax assessor may be a viable solution for all your taxing money concerns. Indeed, it may lead to bringing his attention towards any loopholes in the drafted tax report. Or you may fax or email a property tax appeal letter to your county’s tax board highlighting the tax specifics for a change over. In fact, all the roads lead to Rome. Either way you can seek the help of tax officials, and if you put your heart in it, you soon notice finding themselves in a position to lower taxes for your property.

Watch out! No mindless prep ups before you make way for a tax assessor heading your property. Also, don’t be fooled underestimating him. All assessors are as prudent as a serpent. Better be an penniless implorer than a money-savvy treasurer in the eyes of a tax assessor.

Local Records Office: First Things First

Local Records Office says, “You can never come to a conclusion after going through your tax report in a single go. First up, walk down to your locality’s tax assessor office and ask earnestly for your property’s record card”. Browse through the card and to your surprise; you can see that it has a run-down about the nook and crannies of your property. It takes you virtually to your own property walking the length of your marked rooms and garage with their dimensions and scanning the property fixtures for its life and worth.

If you get going, you may happen to step into a bathroom or bedroom that does not exist at your property if you’ve been there. In such a case, you may bring this issue to the attention of a tax assessor at the office and do away with the false entry in the record card. Eventually, you may end up in property tax reduction to your own benefit.

Local Records Office: Sneak Peek Your Next Door

Don’t wear blinkers like horses while reevaluating your property and open your mind to explore your neighborhoods too says, Local Records Office. Does the build-out of your next-door buddy’s space is the same as that of your own? If so, have a crosscheck whether his total tax outstanding goes with what yours really is. Luckily, you come up with a mismatch and be sure don’t hesitate to make your move. Ask the tax assessor to look into it for reconsideration and guide you in property tax reduction.

This is when a tax advisor comes in handy to wash out your doubts on new construction. Rise up a lot of questions and finally, take a wise decision.

 

Top 4 Mistakes Homebuyers Always Do – Local Records Office

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LOCAL RECORDS OFFICE — Getting excited about the home buying process and wanting to jump in immediately is a common reaction to most people says, Local Records Office. Having the realtor chauffeur you around to look at beautiful homes and neighborhoods, holding the door for you, etc. I mean, it feels like you’re a celebrity for a day. However most buyers make common mistakes which always cost them time and money.

Here are 4 mistakes buyers make when shopping for a new home:

  1. Not Having Their Financials In Order

It’s OK to have fun during the process, but not coming prepared can quickly turn the excitement phase into a panic phase if you don’t have your financials in order. A pre-approval for your home loan and/or proof of funds letter for the down payment is one of those golden things that sellers look for to let them know you are serious and not wasting their time.

Always have several versions of your proof-of-funds letter and your pre-approval handy at all times. This will put you above the competition when you find a home that you want to go after.

  1. Not Researching The Neighborhood

Knowing a neighborhood by only listening to what your realtor is telling you, as opposed to actually researching the neighborhood, are night-and-day differences says, Local Records Office. It’s important for you to actually speak to the locals at “Mom-and-Pop” stores, cafes, restaurants, markets, etc. Immersing yourself into the neighborhood as a “local” will allow you to catch information that will not be disclosed by your realtor. This will give you a clearer picture of your surroundings. Always, go back to the neighborhood at nighttime. It amazes me how one neighborhood can be in the daytime vs. night. Loud music, parties, etc. can sometimes be observed only at night. So it’s a good idea to drive by a few times to see what’s going on after the sunsets.

  1. Not Mentally Preparing To Deal In “Large” Numbers

Your home is (for most of us) the largest purchase you will make in your life says, Local Records Office. Now consider how you live your daily life – shopping at the market, buying gas for your car, shopping for clothing, etc. Your mind is constantly dealing with “smaller” amounts of money; i.e., “how can I save $10 on this shirt/blouse” or “Wow, the price of avocados really go up”.

Also, if you are getting a mortgage, think in terms of how much your monthly payment will be instead of thinking always in terms of the sticker price of the home. Sometimes adding another $20,000 on to the purchase price of the home, really doesn’t amount to much of a change in your monthly payment.

  1. Not Doing Proper Research On Their Realtor

Local Records Office says, “Seeing a working real estate agent can be deceptive”. From the surface, it looks pretty easy – I mean, showing a home and talking about the view, the kitchen, etc. while wearing some fancy shoes and expensive car lease – How hard can it be??

The truth is agent’s deal with enormous amounts of stress and complications. Many of them are expert problem solvers, have “insider” information about properties/areas and can get you a great price on your home from their negotiation skills. Just like in any profession though, there are the good and the bad. An inexperienced agent can cost you time, money and can actually minimize your chances of finding the property you really want.

Always research your agent, thoroughly. I’m not talking about looking about their rave reviews on their own website, but actually speak to their past clients says, Local Records Office. If they’ve sold a home in the neighborhood, don’t be afraid to knock on the door and say that you’re thinking of moving there. Ask the owner about the agent and how their experience was with them.

To learn more about homebuyers and real estate go to www.LocalRecordsOffice.co