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Two Ways You Can Win In This Market

It’s no secret that many prospective homebuyers are finding the current real estate market challenging. One of the more unexpected consequences of the Covid pandemic was the hyper-focus on one’s home. This has resulted in a robust market where sellers are seeing advancing home sales prices and multiple offers.

While competition is fierce, clearly for sellers to sell, they need buyers. If your goal is to find a new home this year, there are a couple ways you can maximize your ability to have your offer accepted.

Two Ways Homebuyers Can Win in Today’s Market

1. Act Early - There are a couple reasons why home buyers should start early this year. With rising inflation, interest rates are likely to rise this year. While conventional wisdom may suggest lower real estate prices with an increase in mortgage rates, this is a gamble. Lower interest rates can not only save homeowners thousands of dollars over a 30-year term, but also provides better buying power with lenders, providing more choices.

2. Buy Now and Move Later - The rapid pace of the current market affects not only buyers but sellers as well. In a typical market, sellers often have weeks or months to find their replacement property. Buyers can sweeten their offer by asking about the sellers needs and allowing them extra time to move, offering to close quickly but renting to the sellers for 2-3 months to allow them time to find their new home.

The bottom line is that home loan rates and home prices will likely continue to advance throughout 2022. Potential homebuyers who move quickly can maximize their buying power and ability to win the home.

Find Your Next Home With Me! www.homesnap.com/laura-key

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Should You Accept the Previous Buyer’s Inspection Report?

Sometimes a home falls out of contract. Most buyers assume that it is related to a bad home inspection, but there are many reasons for a home to come back on the market that are unrelated to the condition of the home.

Sometimes a home falls out of contract. Most buyers assume that it is related to a bad home inspection, but there are many reasons for a home to come back on the market that are unrelated to the condition of the home.

During the contingency period, most buyers can cancel for almost any reason – or even no reason. Of course, the listing agent and seller are motivated to get the home back under contract as quickly as possible and may offer the previous buyer’s home inspection report to the new buyer. Some may even ask that the new buyer remove their right to a home inspection, based on the one they offer. If you have been offered the previous buyer’s inspection report, you’re probably wondering if you should accept it and remove that contingency.

In a fast-moving seller’s market, it might be tempting, but before you accept the report, there are a few considerations:

• Before accepting the inspection, do your research. Who did the inspection? Is it a reputable, licensed home inspector? Check public review sites for comments and customer satisfaction. Check their license with the issuing board and see if they have had any violations or suspensions.

• Once you verify the company, give them a call. Make sure they have performed a comprehensive inspection. Many companies offer both a comprehensive and a simpler, cheaper, visual inspection.

• Finally, read the report carefully. If there are issues discovered, ask for clarification and consider paying for the inspector to meet you at the home to discuss the report in person with you.

Accepting the home inspection might seem like a good idea – both to make your offer more appealing to the seller and to save a few dollars – but before you remove the home inspection contingency, do your homework. Make sure you understand the real condition of the property before you buy it.

Buying or selling a home can be very stressful! Why not get educated now to be prepared. Sign up for your FREE homebuyer’s course today! bit.ly/housekey

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FIVE THINGS TO KNOW ABOUT HOME INSPECTIONS

Inspections are a critical part of purchasing a home. Find out some of the things Inspectors are responsible for and what they are not responsible for.

Home inspection is an important part of the home sale process, both for buyers and sellers. When it’s time for you to hire an inspector, here are five things you should be thinking about:

 1. It’s your choice: You are not bound or obligated to use any particular inspector. Your real estate professional may have some recommendations, but it’s ultimately up to you. Ask around and choose wisely—better to pay a little more now for a highly-respected inspector than to be surprised by a problem that the inspection didn’t reveal.

 2. Looking for big problems: The inspector will be focused on the integrity of the home—safety, electrical work, foundation, load-bearing walls, etc. The inspector is not there to point out problems with ugly paint colors or light fixtures.

 3. The report: There are hundreds of items to inspect in a home, so the inspector’s report will focus on the basics: What’s damaged, what needs repaired, etc. The report should be easy to read and understand.

 4. Code of ethics: Though the inspector is working for the party that pays the inspector’s fee, the inspector will not deliver a report that intentionally hides or omits damaging information about the home. The report is private between you and the inspector, but if you’re the seller, you’re required to disclose any problems that the inspection reveals.

 5. The inspector is not liable: Even the best inspectors can’t find every single problem in a home. They can’t see inside the walls or through the floors, so there could still be problems lurking. If a problem is revealed down the road, the inspector can’t be held responsible.

Let's begin your process, schedule a free consult with me today.
Schedule your consult here: 
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Painting Your Own Home: Tips to Make the Process Painless

Young family painting the wall

Painting Your Own Home: Tips to Make the Process Painless

While it’s might seem easier to hire professionals to paint the house, but with a little research you can find the job is not as intimidating as it seems. With a few free days set aside and some preparation, painting one room (or multiple) is easily doable for anyone. Here are a few things to consider before you start.

Apply a Primer Coat

Preparation entails most of the painting process. It’s easy to become frustrated during the preparation stage, because prepping to paint can take longer than the actual painting component of the project.

Interior walls aren’t always perfect, and painting the walls is a perfect opportunity to fix those imperfections. If you’re using a putty or a filler to patch holes, the paint will react differently to those substances than it will the wall itself. The solution here is to prime your walls, so the new paint color has a uniform surface to adhere to. It’s one simple step that doesn’t seem like much, but could end up saving you a whole lot of work at the end of the process.

Factor in taping time

Taping up the room is tedious work, but will be worth it when you don’t have to waste time being ultra-careful or nervous when getting close to edges. Instead of trying to take the tape off while the paint is still dry, wait at least 24 hours for the paint to dry, and use a knife to slice the tape off at the edge. If the paint is still even a little wet or gummy, don’t continue. Make sure the knife is sharp enough and pull the tape away at a 45-degree angle, making sure not to rip the paint.

Set up with clean-up in mind

To protect floors, a drop cloth is a necessity. In some cases, cotton or canvas drop clothes can work better than plastic. Plastic drop cloths can be slippery and don’t easily stay in place, especially when ladders are involved. Any splatters or drips of paint that fall onto a plastic drop cloth won’t dry or absorb right away and can be easily tracked throughout the rest of your house. A canvas or cotton drop cloth will be more stable and will protect the floors better. Tape the edges of the drop cloth to the tops of the trim to protect both the floor and the trims from any splattering or dripping paint.

Work top down

Not only does it prevent drips from ruining anything you’ve already painted, but it keeps the walls and baseboards free of any dust or debris from sticking to wet trim. Paint the ceiling first, move to the walls and possible crown moldings. Only then should you move to any trims around windows or doors and finish with the baseboards. Not only will this keep a system in place to ensure there’s no questioning what’s been painted and what hasn’t, but it’ll keep things clean.

Check thickness of previous paint layers

Cracks on an exterior paint job don’t reflect the owner’s best intentions and should be fixed before the damage is too much to fix. Too thick of a layer of paint means that the paint might just be too heavy to stay, and will start to crack and to peel off. It loses its grip and can’t attach to the other layers of paint. In older homes, it’s likely that some of those layers of paint have lead in them, in which case you’ll need to look into how to remove it safely. The EPA has guidelines here. This could be the one step that requires you to outsource, if the layer of paint is extremely thick, because removing it completely (and correctly) will ensure the next coat of paint will attach correctly. Hiring a home washing company can help you identify these cracks in exterior paint as well. If anything, have the exterior of your home professionally power washed, so the paint will have a clean surface to adhere to.

Using these tips, ideally the house-painting process will be doable for anyone. Prepare yourself to set aside time for set-up, knowing that it will help when you’re done painting and ready to clean up. Instead of hiring painting professionals, save some money for decorating and tackle the job yourself.

Curious to know how much your Southern California home is worth! Get an instant report now! www.CaliOnTheMove.com 

Bio: Matt Lawler is an Internet marketing specialist from Tempe, Arizona where he attended Arizona State University. Whenever he can step away from the computer, Matt enjoys playing sports, traveling and exploring the great outdoors. Follow him on Twitter.

Laura Key, REALTOR® Cal BRE 01908085 310-866-8422 Laura.A.Key@gmail.com www.KeyCaliforniaHomes.com

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Types of Real Estate Sales - Coffee Time with the Realty Goddess

https://youtu.be/swxL643JKYw  

When you are purchasing a home you will come across many different "types" of sales. Short-Sales, Stand, HUD, Trust, REO...it can be confusing. This broadcast will look into the terms and untangle the mystery.

If you are in the Los Angeles area, I would love the opportunity to earn your business.

Laura Key, REALTOR Cal BRE 01908085 Laura.A.Key@gmail.com www.KeyCaliforniaHomes.com

Follow me on: Periscope & Twitter: @RealtyGoddess Snapchat: @RealtyGoddess Instagram: @realtygoddess1 Facebook: www.Facebook.com/RealtyGoddess

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How To Find A Realtor (Buyer)

[youtube https://www.youtube.com/watch?v=Hf7vgVU_IGs&w=420&h=315] Did you know most people choose a Realtor by spinning the wheel of fortune? When you are buying a home, you really should take the time to interview agents to help your buying experience the most enjoyable as it can be.

Did you know not all agents work the same? Some don't work weekends, some don't want to work with buyers, some only work certain hours of the day, some are part time, etc.  But how will this benefit you when you are working hard to find the home of your dreams.

Interviewing agents is a extremely important part of successfully buying a home.

Enjoy the above Periscope broadcast to learn a few things when choosing a Realtor! (recorded March 19, 2016)

Please note I have a correction: If an agent tells you they will not let you out of a buyer's agency, please think long and hard before signing.

Follow me...

Snapchat: @realtygoddess Periscope & Twitter: @realtygoddess Instagram: realtygoddess1 Facebook: www.Facebook.com/RealtyGoddess Website: www.KeyCaliforniaHomes.com

The “KEY” to your real estate dreams!

Lots of Los Angeles Real Estate Agents want to be stars as big as the celebrities they cater to. Me? I just want to help people find the homes that make them happy and help them to create a sanctuary for future dreams and lasting memories.

Laura Key 310-866-8422 Laura.A.Key@gmail.com Cal BRE #01908085

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Los Angeles FHA Loan Limits

Homeownership is not out of reach. FHA limits in California are one of the highest in the country.  I have great lenders that can help you reach your real estate goals! Call me to get started on your home ownership goals!!!  Laura Key 310.866.8422

Here are the current limits for Los Angeles (as of Nov 13, 2014) FHA allows 3.5% downpayment over a 15 to 30 year term!

Single Family             $625,500

Duplex                        $800,775

Tri-Plex                      $967,950

Four-Plex                   $1,202,925

Start your home search today!

www.KeyCaliforniaHomes.com

**Source: https://entp.hud.gov

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How to Replace a Toilet Handle

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How to Replace a Toilet Handle

By: Oliver Marks

Published: December 14, 2012

Replacing a toilet handle is one of the easiest — and most-common — DIY projects. Here’s what you need to know.

Is your toilet flush handle broken, rusted, pocked, or just plain and old-fashioned looking? Maybe it’s always loose, no matter how many times you tighten that nut on the inside of the tank?

Replacing it with a new flush handle updates the look of the toilet -- and therefore, the whole bathroom — and takes care of annoying wiggles.

It’s an affordable, easy, do-it-yourself job, says Mt Pleasant, S.C., handyman Tim Shaw, who specializes in low-cost bathroom makeovers.

1) Open the tank. Remove the tank lid and set it on a spread-out towel in an out-of-the-way spot (be careful — porcelain is brittle). Look for a model name or number printed inside the tank (as well as the brand name on the outside), and write that information down. It may come in handy when you buy a replacement handle.

2) Unhook the lift chain. You’ll see that the handle is attached to a long arm inside the tank, and that the arm is linked to a chain that lifts the flush valve. Note which hole the chain is hooked to (there are usually three or more holes on the arm) and then unhook the clasp that holds the chain to the arm.

3) Remove the old handle. Use a crescent wrench to remove the nut inside the tank that holds the handle in place. Be careful: For the vast majority of toilets, the nut has left-handed threads, which means they turn in the reverse direction of a normal nut. If you were to face the nut directly, you’d turn it clockwise to loosen it.

Don’t force it, because if you turn it hard the wrong way (or the wrench slips and slams into the tank wall), you could crack the porcelain. If the nut is rusted in place, give it a shot of lubricant, such as WD-40, and try again. Once you loosen the nut, remove it by hand, and slide the arm through the hole.

4) Purchase a replacement. The replacement part you need is called a “toilet trip lever” and it includes the handle and swing arm. They retail for under $20, but models for high-end toilets may cost $50 to $100. Though some trip levers are labeled as universal replacements, there really is no such thing. There are differences between the length and angles of the arms, the placement on the tank (left or right, front or side), and the style and finish of the handle.

Go to a plumbing supply or home center that sells your toilet brand, and ask your retailer for help choosing the right fit. Show them the model number and brand name of your toilet.

“Bring the old handle to the store with you to help select a matching new one,” advises Shaw. “That way you can compare the old piece to the new products being sold.”

5) Attach the new handle. Use a soapy scrub sponge to clean any mildew or rust stains off the porcelain around the handle hole. Remove the nut from the new handle, and insert the arm into the hole. Slide the nut back over the arm and hand-turn it onto the handle base — again, remembering that it’s likely a left-handed thread.

Use a crescent wrench to firm it up, but don’t over-tighten or you could crack the porcelain.

6) Attach the chain. Clip it to the same hole as on the old arm. Then do some test flushes. You want the flush mechanism to open and close fully. If the chain is too loose, the tank won’t drain fully. If too tight, the chain may prevent the flush valve from seating properly, causing it to leak continually.

Adjust by switching which hole the chain is clipped to, or by adjusting the chain up or down a link or two. Keep testing until the flush works just right. Once you’re satisfied, replace the tank lid and you’re done.

Find your next home with me! Text LKHOMES to 87778 or
visit http://87778.mobi/LKHOMES for your FREE search.
 
Laura Key, CalBRELic #0198085
www.KeyCaliforniaHomes.com

Read more: http://members.houselogic.com/articles/how-to-replace-toilet-handle/preview/#ixzz2zB9NcecV

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How to Claim Your Energy Tax Credits

How to Claim Your Energy Tax Credits

By: Donna Fuscaldo

Published: January 30, 2014

Energy tax credits on select improvements available through the end of tax year 2013.

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Limits on IRS energy tax credits besides $500 max

  • Credit only extends to 10% of the cost (not the 30% of yesteryear), so you have to spend $5,000 to get $500.
  • $500 is a lifetime limit. If you pocketed $500 or more in past years combined, you’re not entitled to any more money for energy-efficient improvements in the above categories. But if you took $300 back then, for example, you can get up to $200 now.
  • With some systems, your cap is even lower than $500.
  • $500 is the max for all qualified improvements combined.

Certain systems capped below $500

No matter how much you spend on some approved items, you’ll never get the $500 credit -- though you could combine some of these:

System

Cap

New windows

$200 max (and no, not per window—overall)

Advanced main air-circulating fan

$50 max

Qualified natural gas, propane, or oil furnace or hot water boiler

$150 max

Approved electric and geothermal heat pumps; central air-conditioning systems; and natural gas, propane, or oil water heaters

$300 max

And not all products are created equal in the feds' eyes. Improvements have to meet IRS energy-efficiency standards to qualify for the tax credit. In the case of boilers and furnaces, they have to meet the 95 AFUE standard. EnergyStar.gov has the details.

Tax credits cover installation — sometimes

Rule of thumb: If installation is either particularly difficult or critical to safe functioning, the credit will cover labor. Otherwise, not. (Yes, you’d have to be pretty handy to install your own windows and roof, but the feds put these squarely in the “not covered” category.)

Installation covered for:

  • Biomass stoves
  • HVAC

Installation not covered for:

  • Insulation
  • Roofs
  • Windows, doors, and skylights

How to claim the energy tax credit

  • Determine if the system you installed is eligible for the credits. Go to Energy Star's websitefor detailed descriptions of what’s covered; then talk to your vendor.
  • Save system receipts and manufacturer certifications. You’ll need them if the IRS asks for proof.
  • File IRS Form 5695 with the rest of your tax forms.

This article provides general information about tax laws and consequences, but isn’t intended to be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice, and remember that tax laws may vary by jurisdiction.

Find your next home with me! Text LKHOMES to 87778 or visit http://87778.mobi/LKHOMES  for your FREE search.

Laura Key, CalBRELic #0198085

310.866.8422

www.KeyCaliforniaHomes.com

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As Home Prices Rebound, Lenders Rush to Unload REOs

DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 26, 2013

Welcome

The recovery in home prices this year is prompting banks to sell off their REO inventory at a brisker pace. Sales of bank-owned homes made up 10 percent of residential sales in November, the third consecutive month for increases in REO sales, RealtyTrac reports. 

"Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction," says RealtyTrac's Daren Blomquist. "But as the backlog of distressed inventory available dries up in many of the markets with the most efficient foreclosure processes — namely California, Arizona, and Nevada, with Georgia not far behind — overall sales volume is declining and will continue to do so until more nondistressed sellers enter the market."

Rick Sharga, executive vice president at Auction.com, says his company is “seeing more properties sold at trustee sales, and we are seeing more properties that are coming from servicers priced to sell at trustee sales.” 

Previously, mortgage servicers would put foreclosed homes up for sale at the full value of the loan, CNBC reports. However, those homes would often land back at the bank as investors sought larger discounts. “Ironically, as prices are rising, servicers are discounting the homes more,” CNBC reports. 

Start your home search out RIGHT! Access homes from a direct source! Text LKHOMES to 87778 today or go to http://87778.mobi/LKHOMES Available on iPad/Tablet/Smartphones

Source: “Sales of bank-owned homes surge,” CNBC (Dec. 20, 2013)

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FHA Limits for Los Angeles Area

Homeownership is not out of reach. FHA limits in California are one of the highest in the country.  I have great lenders that can help you reach your real estate goals! Call me to get started on your homeownership goals!!!  Laura Key 310.866.8422

Here are the current limits for Los Angeles (as of August 23, 2013) FHA allows 3.5% downpayment over a 15 to 30 year term!

Single Family             $729,750

Duplex                        $934,200

Tri-Plex                      $1,129,250

Four-Plex                   $1,403,400

Source: FHA.com

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More Renters Say They Want to Own, Survey Finds

Interested in purchasing a new home! I have a team that can help you reach your real estate goals!  Call me today! Laura Key 310.866.8422

House in Hand

The majority of renters say home ownership is one of their highest priorities for their future, and more renters are saying they want to buy soon, according to the 2013 National Housing Pulse Survey, conducted by the National Association of REALTORS®. Renters are showing stronger desires for home ownership compared to recent years, according to the survey. 

“Home ownership matters to Americans who consistently realize the many benefits it provides to communities, families, and the nation’s economy,” says NAR President Gary Thomas. “Due to high housing affordability and today’s interest rates it makes sense for people to consider home ownership over renting. In fact, in many parts of the country it’s cheaper to own a home than to rent one. Therefore, it’s no surprise that renters recognize that owning a home offers tremendous long-term benefits and is an investment in their future.”

Fifty one percent of renters say that eventually owning a home is one of their highest personal priorities, up from 42 percent in the 2011 survey.

The survey found that 80 percent of the 2,000 Americans surveyed say they believe buying a home is a good financial decision. Sixty-eight percent said now is a good time to buy a home, too. 

Their main motivations to home ownership: Building equity, wanting a stable and safe environment, and the freedom to choose where to live, the survey found. 

Meanwhile, the main obstacles to home ownership have remained the same over the years: saving for the down payment, closing costs, low wages, and student loan debt. 

“Student loan debt is a concern for many consumers in today’s market, especially first-time buyers,” Thomas says. “Buyers with student loan debt may find it difficult to access mortgage credit, as well as save for a down payment. Pending mortgage finance regulations requiring higher down payments could also contribute to the already tight lending environment. REALTORS® are working with regulators to address this issue and are committed to making sure those who are willing and able to own a home have the opportunity to pursue that dream.”

Source: National Association of REALTORS(R)

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IRS Simplifies Home Office Deduction

Working from home can be beneficial! Hope these tips help! Need a home checkup? Call me Laura Key 310.866.8422

irs hat

The number of home owners who work from home at least one day a week increased nearly 10 percent — from 9.5 million to 13.4 million — between 1999 and 2010, according to U.S. Census Bureau data. However, only 3.4 million home owners claimed deductions for business use of a home in 2010, according to the IRS. 

The IRS recently announced a new safe harbor provision for home office deductions for the 2013 tax year. 

“This allows at-home workers the option to simply take a deduction capped at $1,500 per year based on $5 a square foot for up to 300 square feet,” FOX Business reported. “The requirement that home office space be exclusively used for business and limitations on income earned from that business still applies, and direct business expenses unrelated to the home (advertising, supplies and wages paid to employees, etc.) are fully deductible.”

"The home office deduction is one of the most misunderstood and abused deductions out there," says Margaret Munro, a tax consultant, about the changes. "If you have a valid home office, you take the deduction because you shouldn't be paying tax on money that you're using for your business."

For more information on the deduction, visit the IRS Web site.

Source: “IRS' Simpler Home Tax Deduction Cuts Through the Clutter,” FOX Business (July 24, 2013)

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5 Home Inspection Red Flags

Inspection is always a good way to see the bones of your new home! Do not ever skimp on inspection!  Laura Key 310.866.8422

Home_Repairs.84173319

A home inspection is a buyer’s opportunity to see if any problems lurk that may prove expensive to fix later. Home inspections nearly always uncover something in a home to watch for or minor repairs needed. But what repairs should buyers especially be alarmed about that could possibly send them back to the negotiation table? Tom Kraeutler of The Money Pit, a nationally syndicated radio show on home improvement, points out some of the following home inspection red flags:

  1. Termites and pests: The sooner termites are detected, and steps can be taken to get rid of them, the better.
  2. Drainage issues: A home that has poor drainage can have wood rot and wet basements and crawlspaces, which can then lead to major mold growth.
  3. Mold: Pervasive mold growth may indicate an issue with improper ventilation issues and can also cause health issues to those living in the home.
  4. Faulty foundations: A cracked or crumbling foundation could be a very expensive repair.
  5. Wiring issues: Outdated wiring or overloaded circuits can pose a fire hazard. 

Source: DAILY REAL ESTATE NEWS | MONDAY, JULY 22, 2013

Call me today! Let's get you started on making your home dreams come true! Laura Key 310.866.8422

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Higher Home Prices Cool Buying Frenzy

Is all this frenzy creating a mini-housing bubble? What are your thoughts on this housing market?  Laura Key 310.866.8422

Home Not for Sale

The recent rise in home prices has more investors concerned that it will be increasingly difficult to turn a profit from their rental investments. Nearly half of U.S. real estate investors say they expect to purchase fewer rental homes in the next year, according to a recent survey conducted by polling firm ORC International.

Just 10 months ago, the percentage of investors who said they intend to buy fewer homes stood at 30 percent—compared to 48 percent today. Only about 20 percent of the investors surveyed say they plan to buy more homes in the next year—a drop from the 39 percent who reported they intend to buy more homes last August.

More than half of the investors surveyed who own rental properties say they plan to hold them for at least five years or more, and 33 percent plan to hold them for 10 years or more. 

“Higher prices are reducing returns on investment and investors are responding by cutting back on their purchasing plans until conditions sort out,” says Chris Clothier, a partner in MemphisInvest.com and Premier Property Management Group. “Fewer foreclosures, rising property values, and competition from hedge funds are making it tough to find good ideals on distressed sales. On the other hand, investors are planning to hold onto their rental properties for at least eight to 10 years and realize the benefits of rising rents and low vacancy rates. Cash flow is much more important than appreciation.”

Source: ORC International

Laura Key, CBS News, Buyer's Agent, Selling Agent, 

Thinking of Selling? I have buyers who are pre-approved and ready!  They are looking in several areas of Los Angeles county!

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