The do-it-yourself systems online make it very tempting for buyers to try to research homes without consulting a realtor first. This has always confused me as it’s the seller who pays the commission and with all the liability involved with a home purchase it’s rather penny wise and pound foolish to make that mistake.
Over the last five years, one of the newest developments in real estate is the ability for home buyers and sellers to search online for a home’s value. Popular Web sites such a Zillow.com, Cyberhomes.com, and Eppraisal.com offer free home estimates, but some consumers and real estate industry professionals say the values calculated often are inaccurate and misleading.
As a matter of fact to prove that point, there’s an estimate right now on Zillow for a lot in Carmel that shows a house on it and there is no house and never has been a house yet they are calling it a 3 bed 2 bath.. and estimating the value at $1.2, in reality it was just appraised by a licensed appraiser for $130,000.
The thing is, online home appraisal Web sites assign home values without knowing the features or upgrades of a home or the neighborhood in which it is located. Some Web sites offer a price range of $20,000-$40,000 more or less than the actual value of the home.
Since housing markets are local and not every home of a certain size is the same value, consumers can be misled into believing a home is worth more or less than the actual value. Working with a local realtor can help minimize inaccuracies in home values. Realtors can provide local housing market data and show homeowners and buyers recent sales of comparable homes in the area, to help determine an accurate list or offer price.
While some agents report that Web estimates can educate clients and provide a reasonable assessment of market conditions and the home-buying process, working with a local realtor is the best option.
Let’s take a look at some newly researched homes especially for you…
24936 VALLEY WAY, Carmel MLS#: 81020038 $1,899,000 Beds: 4 Baths: 3 (2/1) Bank owned a Saroyan home meticulously restored to perfection. Hand hewned pecan/walnut floor, custom sinks, top of the line appliances, three fireplaces situated on a totally fenced and gated lot. Bonus guest studio, electric gates, professionally landscaped, stone patios, outdoor entertainment area and more. SqFt: 2,600 Lot Size: 10,400 Sqft
25390 TIERRA GRANDE DRIVE, Carmel Valley MLS #: 81046903 $849,000 Beds: 3 Baths: 3 (2/1) Beautiful Carmel Valley Views from this very well maintained home one sunny lot. Vaulted, beamed ceiling in living room with fireplace, expanded dining room, family room, updated kitchen and large utility room. Enjoy all that Carmel Valley has to offer from the sunny, south facing deck, the large outdoor patio or the sunny screened-in porch. SqFt: 2,308 Lot Size: 38,588 Sqft
810 SPRUCE AVENUE, Pacific Grove MLS #: 81046315 $533,000 Beds: 3 Baths: 2 (2/0) Shows like a model home. Close to town on a corner lot w/fenced yard. Totally remodeled under City Senior Program. Cute as a doll house and ready to move in. if you are searching for the perfect starter home or vacation home, this is it. 2 of the Bedrooms & 1 Bath have separate entrance. SqFt: 915 Lot Size: 2,700 Sqft
0 4th STREET, Salinas Monterey Highway MLS #: 81045817 $425,000 Beds: 2 Baths: 1 (1/0) Cute as a button Spreckels home. Great curb appeal and great location. Very clean and cute inside & out, nice quiet street location. Remodeled in 2008, great working kitchen with all new appliances. Large backyard with tons of potential! New roof & hardwood floors in 2008 & new exterior paint in 2010. Move in ready! SqFt: 586 Lot Size: 6,127 Sqft
(c) Patty Ross, KRXA Radio Show #176 September 24, 2010
Wednesday, September 29, 2010
Sunday, September 19, 2010
Signs point to a US real estate market stabilization
Housing Remains Highly Affordable for Sixth Consecutive Quarter
Bolstered by favorable interest rates and low house prices, housing affordability remained near its highest level nationwide for the sixth consecutive month since the series was first compiled nearly two decades ago, according to the National Association of Home Builders.
The HOI (housing opportunity index) indicated that 72.3% of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400.
Homeownership is within reach of more households than it has been for almost a generation, Interest rates continue to hover at historic low levels, the economy is beginning to rebound and with house prices starting to stabilize, conditions are beginning to draw home buyers back into the market, which is a positive step on the path to recovery.
Syracuse, N.Y., was the most affordable major housing market in the country.
Among smaller housing markets, the most affordable was Springfield, Ohio, where 96.6% of homes sold during the second quarter of 2010 were affordable to families earning a median-income of $56,800.
New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the second quarter of 2010.
You’ll be interested to know that the other major metro areas near the bottom of the affordability scale included San Francisco-San Mateo-Redwood City; Santa Ana-Anaheim-Irvine, Los Angeles-Long Beach-Glendale, Calif.; and Honolulu, all metro areas that have lingered among the bottom rankings for several quarters.
San Luis Obispo-Paso Robles, Calif., was the least affordable of the smaller metro housing markets in the country during the second quarter. Others near the bottom included our very own Santa Cruz-Watsonville, Calif.; Ocean City, N.J; Santa Barbara-Santa Maria-Goleta, Calif.; and Napa, Calif.
So let’s take a look at some affordable homes in this neck of the woods.. .
55 LA RANCHERIA ROAD, Carmel Valley MLS #: 81017814 $995,000 Beds: 4 Baths: 3 (2/1) Price reduction...MOTIVATED SELLER...Newly constructed home conveniently located off Los Laureles Grade. Enjoy easy access to both Monterey Peninsula or Carmel Valley. Shopping, golf and schools are all nearby. Spacious home with natural light and breathtaking views of the Valley and a peak of the ocean. SqFt: 3,358 Lot Size: 21,836 Sqft (almost 1/2 acre)
489 TOYON DRIVE, Monterey MLS #: 81028892 $649,000 Beds: 4 Baths: 3 (3/0) Very spacious Toyon Heights home with separate living unit and 3 car garage. Features include new windows, hardwood floors, paver driveway, updated kitchen & baths, bonus workshop and/or office space. Very well maintained. Downstairs guest unit. SqFt: 2,275 Lot Size: 16,800 Sqft
1339 DAVID AVENUE, Pacific Grove MLS# 81031499 $569,000: Beds: 3 Baths: 3 (2/1) Spacious, sunny & bright newer home overlooking PB forested area, large master suite, new carpeting and paint throughout. All new appliances, newly tiled bathrooms. Located at the end of a quiet CUL-DE-SAC, very private setting, low maintenance yard. Large garage + offstreet parking, patio area. All conveniently located close to shopping and schools. SqFt: 1,859 Lot Size: 6,500 Sqft
36 CASTRO ROAD, Monterey MLS #: 80922987 $2,995,000 Beds: 5 Baths: 6 (4/2) One of the most unique & beautiful homes on the Monterey Peninsula! This Spanish Colonial embraces The Old Del Monte Golf Course as it has for 60 years. Superior craftsmanship, terraced landscape, pool, Jacuzzi, wine cellar, office, radiant heat, BBQ entertaining area and 3-car garage barely describe this opportunity for resort living at its finest in Monterey. SqFt: 4,400 Lot Size: 39,208 Sqft (just short of 1 acre)
I’ll be there Sunday 2-4. Come by after the jazz festival, mention the show, and there’ll be a treat in store for you!
(c) Patty Ross, KRXA Radio Show #174 (September 17, 2010)
The HOI (housing opportunity index) indicated that 72.3% of all new and existing homes sold in the second quarter of 2010 were affordable to families earning the national median income of $64,400.
Homeownership is within reach of more households than it has been for almost a generation, Interest rates continue to hover at historic low levels, the economy is beginning to rebound and with house prices starting to stabilize, conditions are beginning to draw home buyers back into the market, which is a positive step on the path to recovery.
Syracuse, N.Y., was the most affordable major housing market in the country.
Among smaller housing markets, the most affordable was Springfield, Ohio, where 96.6% of homes sold during the second quarter of 2010 were affordable to families earning a median-income of $56,800.
New York-White Plains-Wayne, N.Y.-N.J., continued to lead the nation as its least affordable major housing market during the second quarter of 2010.
You’ll be interested to know that the other major metro areas near the bottom of the affordability scale included San Francisco-San Mateo-Redwood City; Santa Ana-Anaheim-Irvine, Los Angeles-Long Beach-Glendale, Calif.; and Honolulu, all metro areas that have lingered among the bottom rankings for several quarters.
San Luis Obispo-Paso Robles, Calif., was the least affordable of the smaller metro housing markets in the country during the second quarter. Others near the bottom included our very own Santa Cruz-Watsonville, Calif.; Ocean City, N.J; Santa Barbara-Santa Maria-Goleta, Calif.; and Napa, Calif.
So let’s take a look at some affordable homes in this neck of the woods.. .
55 LA RANCHERIA ROAD, Carmel Valley MLS #: 81017814 $995,000 Beds: 4 Baths: 3 (2/1) Price reduction...MOTIVATED SELLER...Newly constructed home conveniently located off Los Laureles Grade. Enjoy easy access to both Monterey Peninsula or Carmel Valley. Shopping, golf and schools are all nearby. Spacious home with natural light and breathtaking views of the Valley and a peak of the ocean. SqFt: 3,358 Lot Size: 21,836 Sqft (almost 1/2 acre)
489 TOYON DRIVE, Monterey MLS #: 81028892 $649,000 Beds: 4 Baths: 3 (3/0) Very spacious Toyon Heights home with separate living unit and 3 car garage. Features include new windows, hardwood floors, paver driveway, updated kitchen & baths, bonus workshop and/or office space. Very well maintained. Downstairs guest unit. SqFt: 2,275 Lot Size: 16,800 Sqft
1339 DAVID AVENUE, Pacific Grove MLS# 81031499 $569,000: Beds: 3 Baths: 3 (2/1) Spacious, sunny & bright newer home overlooking PB forested area, large master suite, new carpeting and paint throughout. All new appliances, newly tiled bathrooms. Located at the end of a quiet CUL-DE-SAC, very private setting, low maintenance yard. Large garage + offstreet parking, patio area. All conveniently located close to shopping and schools. SqFt: 1,859 Lot Size: 6,500 Sqft
36 CASTRO ROAD, Monterey MLS #: 80922987 $2,995,000 Beds: 5 Baths: 6 (4/2) One of the most unique & beautiful homes on the Monterey Peninsula! This Spanish Colonial embraces The Old Del Monte Golf Course as it has for 60 years. Superior craftsmanship, terraced landscape, pool, Jacuzzi, wine cellar, office, radiant heat, BBQ entertaining area and 3-car garage barely describe this opportunity for resort living at its finest in Monterey. SqFt: 4,400 Lot Size: 39,208 Sqft (just short of 1 acre)
I’ll be there Sunday 2-4. Come by after the jazz festival, mention the show, and there’ll be a treat in store for you!
(c) Patty Ross, KRXA Radio Show #174 (September 17, 2010)
Thursday, September 16, 2010
How to Budget for Home Maintenance
New homeowners oftentimes stretch themselves financially when having to pay the initial costs that come with purchasing a home. While it is important to focus on these preliminary expenses, homeowners must be aware of the financial requirements that come with maintaining the home.
Enthusiastic new home buyers hopefully have the funds to cover a home’s initial deposit, closing costs and any cosmetic touchups.
However, buyers frequently focus only on those first costs, overlooking the financial requirements of maintaining the home over time.
According to industry standards, homeowners should have 1% of the purchase price of their home in savings for improvements and surprise expenses. While this minimum will help ease through maintenance costs, a 2-3% cushion is even better.
A home inspection will help buyers better understand the condition of the house. They will estimate the age of major structural components and systems, providing the buyer an indication of each item’s anticipated lifespan. Understanding the current age of any particular system will allow buyers to calculate approximately when they’ll be due for major repairs or replacement.
LivingWithMyHome.com offers a list of approximate life expectancies of home components as well as cost estimates, useful as a tool for financial planning of homeownership.
Home buyers should plan for big-ticket costs across a five-year timeline, budgeting for major expenses, such as roof repairs, new air conditioners or plumbing upgrades. The best plan is to sock away those funds, rather than relying on borrowing from banks. As the credit crunch has deepened, banks have nearly stopped offering home equity lines of credit, so counting on a loan for needed repairs is a risky strategy.
Many people, particularly former renters, are accustomed to paying rent and likely utilities, phone, Internet service and cable.
As a homeowner, however, there will be other utility costs such as water, sewer and trash collection. Then there are property taxes, homeowner’s insurance and possible homeowner’s association dues.
(c) Patty Ross, KRXA Radio Show #173 September 10, 2010
Enthusiastic new home buyers hopefully have the funds to cover a home’s initial deposit, closing costs and any cosmetic touchups.
However, buyers frequently focus only on those first costs, overlooking the financial requirements of maintaining the home over time.
According to industry standards, homeowners should have 1% of the purchase price of their home in savings for improvements and surprise expenses. While this minimum will help ease through maintenance costs, a 2-3% cushion is even better.
A home inspection will help buyers better understand the condition of the house. They will estimate the age of major structural components and systems, providing the buyer an indication of each item’s anticipated lifespan. Understanding the current age of any particular system will allow buyers to calculate approximately when they’ll be due for major repairs or replacement.
LivingWithMyHome.com offers a list of approximate life expectancies of home components as well as cost estimates, useful as a tool for financial planning of homeownership.
Home buyers should plan for big-ticket costs across a five-year timeline, budgeting for major expenses, such as roof repairs, new air conditioners or plumbing upgrades. The best plan is to sock away those funds, rather than relying on borrowing from banks. As the credit crunch has deepened, banks have nearly stopped offering home equity lines of credit, so counting on a loan for needed repairs is a risky strategy.
Many people, particularly former renters, are accustomed to paying rent and likely utilities, phone, Internet service and cable.
As a homeowner, however, there will be other utility costs such as water, sewer and trash collection. Then there are property taxes, homeowner’s insurance and possible homeowner’s association dues.
(c) Patty Ross, KRXA Radio Show #173 September 10, 2010
Wednesday, September 8, 2010
Three Lessons from Three Years of Recession
If there’s one thing that time consistently does, it’s move forward. So, as this Great Recession continues to wear us down, it may be time to cast our eyes towards the horizon as well as take stock in what we’ve learned so far, three years into this latest economic slump.
Here are three lessons we have learned within the last three years, with a glimpse to what the future holds for the new real estate.
1. A house is a home, not a piggy bank
The great agents always knew this, but it has become—and will continue to be—a truism that will linger with us for a long time to come: a house is a home, not a short term investment.
Too many Americans have lost too much to think of their homes as a siding-clad ATM. Instead, the best agents will be apt at matching houses with clients to find a perfect fit. A home, after all, is more than just crown moldings, copper wiring, and bay windows—it’s a sense of place, of community and of comfort. It matches who you are and fits seamlessly within your daily life.
2. The old way is not going to cut it I’m sorry to say but, like your car phone, your fax machine is obsolete. It’s amazing how quickly our world has changed within the last three years. Just think, back in 2007, Twitter was still in its infancy, Facebook was just a trend, and the first iPhone had just come out, with the app craze still months away.
As this Great Recession has taught us, however, we agents can no longer afford to simply leave a message after the beep.
3. It really is all about people. As with any great crisis, the Great Recession has reminded us of that one ideal that real estate was always about, but somehow got buried underneath the deluge of offers and listings: it all comes down to people.
Real estate is one of the last industries that cannot be automated. No matter how many websites, laptops, or smart phones are out there, no computer program can tell you that you can get the best lunch at the little cafe on Ocean or that the old man at the house next door will always be willing to lend you his ladder. A home, neighborhood and community can never be quantified into ones and zeros. It’s our job as agents to be the expert of your area, and to make sure that we’re putting the people we’re serving ahead of everything else.
It’s only natural to want to get rid of this Great Recession, to tear away from this downturn and go back to “normal.” But the new normal will not be like the old normal. Three years from now, we most likely will be recovered, but we’ll also be changed—for the better.
My latest picks:
131 LAS BRISAS DRIVE, Salinas Monterey Highway 93940 MLS #: 81043273 DOM: 1 Beds: 4 Baths: 3.5
$1,400,000
Exceptional Golf Villa with rare corner lot within the gated and private Pasadera! Wonderful opportunity to own the perfect Golf Villa! Featuring a Gourmet Kitchen and luxury living with beautiful details and amenities along with many upgrades. Separate Guest Casita and outdoor entertaining patio with fireplace and views. SqFt: 3,305 Lot Size: 7,700 Sqft
24438 SAN MATEO AVENUE, Carmel 93923 MLS #: 81042589 Beds: 3 Baths: 2 (2/0)
$799,000
Would-be treasure in Carmel Woods. Hardwood floors in LR and separate dining room. 2 fireplaces. 2nd story master suite w/ large tub, separate shower. French doors to private deck. Downstairs 2 bed and bath, entry, charming study/den w/ Fireplace, Saltillo tiles & doors that lead to patio and yard w/ garden possibilities. 2 car garage. A great project-restore this special house to the beauty it once was. SqFt: 2,050 Lot Size: 8,500 Sqft
28082 BARN WAY, Carmel Valley 93923 MLS #: 81040897 Beds: 2 Baths: 3.5
$750,000
Gorgeous remodel at the Ranch in sunny Carmel Valley. End unit townhome with mountain views, new kitchen and baths. Tile floors throughout, gourmet kitchen with all new appliances, large sunny deck, two master suites, one with an adjoining study that could be made into a third bedroom. SqFt: 2,412 Lot Size: 2,792 Sqft
2442 NORTH MAIN STREET,#F, North Salinas 93906 MLS #: 81042536 DOM: 3 Beds: 2 Baths: 2 (2/0)
$99,000
Attractive condo overlooking the adult pool in gated complex with many upgrades including newer kitchen appliances, newer tile and laminate floors, ceiling fan in family room, newer paint, full size indoor laundry room, newer light fixtures and newer replaced hardware in bathrooms and kitchen. SqFt: 1,150
(C) Patty Ross KRXA Radio Show September 3, 2010
Here are three lessons we have learned within the last three years, with a glimpse to what the future holds for the new real estate.
1. A house is a home, not a piggy bank
The great agents always knew this, but it has become—and will continue to be—a truism that will linger with us for a long time to come: a house is a home, not a short term investment.
Too many Americans have lost too much to think of their homes as a siding-clad ATM. Instead, the best agents will be apt at matching houses with clients to find a perfect fit. A home, after all, is more than just crown moldings, copper wiring, and bay windows—it’s a sense of place, of community and of comfort. It matches who you are and fits seamlessly within your daily life.
2. The old way is not going to cut it I’m sorry to say but, like your car phone, your fax machine is obsolete. It’s amazing how quickly our world has changed within the last three years. Just think, back in 2007, Twitter was still in its infancy, Facebook was just a trend, and the first iPhone had just come out, with the app craze still months away.
As this Great Recession has taught us, however, we agents can no longer afford to simply leave a message after the beep.
3. It really is all about people. As with any great crisis, the Great Recession has reminded us of that one ideal that real estate was always about, but somehow got buried underneath the deluge of offers and listings: it all comes down to people.
Real estate is one of the last industries that cannot be automated. No matter how many websites, laptops, or smart phones are out there, no computer program can tell you that you can get the best lunch at the little cafe on Ocean or that the old man at the house next door will always be willing to lend you his ladder. A home, neighborhood and community can never be quantified into ones and zeros. It’s our job as agents to be the expert of your area, and to make sure that we’re putting the people we’re serving ahead of everything else.
It’s only natural to want to get rid of this Great Recession, to tear away from this downturn and go back to “normal.” But the new normal will not be like the old normal. Three years from now, we most likely will be recovered, but we’ll also be changed—for the better.
My latest picks:
131 LAS BRISAS DRIVE, Salinas Monterey Highway 93940 MLS #: 81043273 DOM: 1 Beds: 4 Baths: 3.5
$1,400,000
Exceptional Golf Villa with rare corner lot within the gated and private Pasadera! Wonderful opportunity to own the perfect Golf Villa! Featuring a Gourmet Kitchen and luxury living with beautiful details and amenities along with many upgrades. Separate Guest Casita and outdoor entertaining patio with fireplace and views. SqFt: 3,305 Lot Size: 7,700 Sqft
24438 SAN MATEO AVENUE, Carmel 93923 MLS #: 81042589 Beds: 3 Baths: 2 (2/0)
$799,000
Would-be treasure in Carmel Woods. Hardwood floors in LR and separate dining room. 2 fireplaces. 2nd story master suite w/ large tub, separate shower. French doors to private deck. Downstairs 2 bed and bath, entry, charming study/den w/ Fireplace, Saltillo tiles & doors that lead to patio and yard w/ garden possibilities. 2 car garage. A great project-restore this special house to the beauty it once was. SqFt: 2,050 Lot Size: 8,500 Sqft
28082 BARN WAY, Carmel Valley 93923 MLS #: 81040897 Beds: 2 Baths: 3.5
$750,000
Gorgeous remodel at the Ranch in sunny Carmel Valley. End unit townhome with mountain views, new kitchen and baths. Tile floors throughout, gourmet kitchen with all new appliances, large sunny deck, two master suites, one with an adjoining study that could be made into a third bedroom. SqFt: 2,412 Lot Size: 2,792 Sqft
2442 NORTH MAIN STREET,#F, North Salinas 93906 MLS #: 81042536 DOM: 3 Beds: 2 Baths: 2 (2/0)
$99,000
Attractive condo overlooking the adult pool in gated complex with many upgrades including newer kitchen appliances, newer tile and laminate floors, ceiling fan in family room, newer paint, full size indoor laundry room, newer light fixtures and newer replaced hardware in bathrooms and kitchen. SqFt: 1,150
(C) Patty Ross KRXA Radio Show September 3, 2010
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