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Real Estate Advice Laura Key Real Estate Advice Laura Key

Just Closed a Real Estate Deal? Make Sure to Keep These Documents

There is a lot of paperwork associated with buying a home. But out of all that paperwork, which documents do you actually have to keep?

A recent article from realtor.com outlined key documents you’ll want to keep on hand during and after your home purchase, including:

Buyer’s agent agreement. Your buyer’s agent agreement outlines the details of your working relationship with your real estate agent, including details like the length of your engagement and who is responsible for paying the buyer’s fees—and you’ll want to have this document on hand in case you run into any agent-related issues once you’ve officially purchased a home.

Seller disclosures. Sellers are legally required to disclose certain home-related issues that could impact the sale of a property, like renovations that were done without a permit or potential health issues like lead-based paint. You’ll want to file any seller disclosures after you purchase the home; if you run into an issue with the home later on—and the seller was aware of the issue and didn’t disclose it—you’ll need this document for any potential lawsuits or legal action.

Property deed. The property deed is a document that confirms who legally owns a property—and, as a homeowner, it’s your proof that you’re the legal owner of your home. Because the property deed is sent directly to the buyer, the mortgage company and/or title company aren’t required to keep a copy of it, so you’ll want to make sure to keep it as proof of ownership.

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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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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

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Beautiful Tile Work

This beautiful tile work was found in a bathroom located by the pool! Just Gorgeous! Its bright and detailed.  In my opinion you just can't go wrong with mermaids by a pool.image

Buyers: Ready to find your new home? Sellers: Want to see what homes are being listed at in your neighborhood?

It's easy! Text LKHOMES to 87778 for free MLS application.

 

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Budget for Closing Costs – Home Inspection and Title Fees

Buying a home means you also have to budget for additional expenses! Make sure you put some money aside for the extras.

MoneyHouse

Purchasing a home is a euphoric event. Once escrow begins, the euphoria can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate.

Closing costs simply refer to the fees associated with various things associated with the escrow process in a real estate transaction. In the excitement of having an offer accepted for your dream home, you can easily lose track of the fact you are going to need to have some serious cash on hand to pay them. Many people make the mistake of only assuming they need the down payment money, and have to rush around town trying to come up with money for the closing fees.

If you are buying a home, you need to get a professional home inspection. Doing so can reveal potential problems with the home that you wouldn’t otherwise notice. Problems can include things such as rot, termites, water leaks and a bevy of other issues. The time to do this is during escrow. Of course, that means you are also going to have to pay for the inspection. Depending on the size of the property, home inspections can run a few hundred dollars up to a few thousand. Make sure you have money set aside for the fees.

Title insurance is something you absolutely must purchase when you buy any real property, a home, building, land or whatever. Title insurance protects both you and your lender. Title insurance is just what it sounds like. A title company will research the title of the home and essentially guarantee that the title is good. This means the seller actually owns the title and has the right to sell it to you. The title company will also make sure there aren’t any liens on the homes or other things that will cause you problems. Depending on the price of the home, title insurance can run you a couple of hundred dollars or up into the thousands. Again, it is important to find out the cost and budget for it.

Title insurance and a home inspection are two things you should absolutely have when purchasing a home. Just make sure you budget for them.

Laura Key, BRE 01908085
310.866.8422
Laura.A.Key@gmail.com
www.KeyCaliforniaHomes.com
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Do you work from home? Buy your next home with your office in mind!

 

If you work from home, and it is time to move to your next home, there are some factors you should consider carefully before making your decision.

working-from-home

The flexibility afforded by a “zero-commute” combined with the skyrocketing price of gasoline has strengthened the case for full time teleworking and telecommuting. According to an Environmental Protection Agency (2004) study:

“Americans spend an average of 46 hours per year stuck in traffic. Gridlock produces more than $63 billion in congestion costs per year”

The artist community has been well acquainted with the use of work/living spaces for years, but improvements in technology have made the benefits of teleworking and occasional telecommuting more attractive to general consumers. According to the key findings form the International Telework Association & Council (ITAC) Telework America (2000) study:

“Home-based teleworkers also have larger homes, on average, than non-teleworkers; the difference amounting to about 500 square feet. The most popular place for an office in these larger homes is a spare bedroom, with the living room a distant second. The primary home telework activity is computer work (55% of total activities), followed by telephoning, reading, and—averaging 7% of the time—face to face meetings.”

As you purchase your next home, there are certain factors to consider if you need to set up a new home office:

Make sure that your high-tech needs can be met. Have a qualified electrician inspect the wiring of the house to see if the system can handle the extra power load that your home office requires. Older homes may need significant upgrades to handle the extra power, while newer homes are built with more energy-efficient systems to handle the additional power along with heating/air conditioning requirements. If you use cable, DSL or satellite internet access, check with your local service provider to see if access is available in your new neighborhood. Shop around for your telephone provider—in some cases, business service bundles may be more cost effective than regular residential service.

Designate where your office space will be. Determine the amount of space you will need to accommodate your work style and space. In many cases a spare bedroom or living room space can be used, if a formal den option is not available. If your work requires heavy telephone usage or just heads-down concentration, you may want to consider utilizing a room with a door. Doors can be closed to reduce interruptions from other family and household noises.

Plan your office blueprint to include all required furniture, bookcases, computers, fax, and printers. Make sure to allow for filing and storage space for files and extra office supplies. Lighting is critical for computer or assembly work, so make sure to allow for direct sunlight along with any specific task lighting that may be necessary. Select flooring options that will allow you to work comfortably—you may wish to go with hardwood or laminate flooring to allow for your chair to move smoothly across the floor. Install enough phone lines to cover your home, business and fax machines needs.

Is the office easily accessible? If you will expect regular package deliveries, make sure that your designated office is easily accessible to the front door of the home. This is also necessary if you will need to meet clients or visitors in your office and would like to ensure a professional appearance for your business.

Find out about local business requirements. Some cities have zoning restrictions and guidelines for work/living spaces along with tax implications. Make sure to check with your local government to determine if special restrictions exist.

Are you ready to find a home that could allow you to work from home? Or...do you need more room in the current home you own? Give me a call - lets get you started!

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Appraised Value: The Ups & Downs Of How Much A House Is Worth

How is the fair market value of a real estate property actually determined?

Home Question

Determining Fair Market Value is an eternal struggle and major balancing act. That’s because buyers want a house to appraise on the low side—to keep the purchase price down. While sellers want the same house to appraise on the high side—to make the sale price higher. And then you’ve got the owners of the house—who also want the appraisal to be on the low side, in order to keep the property taxes down.

So with all these different agendas and points of view, how is the fair market value of a real estate property actually determined?

Once a year, your county sends all area homeowners official notices that put a dollar value on their property. And property taxes are based on those dollar values. But before those notices get sent out, a long, detailed process usually takes place. First, the land is valued as if it’s vacant—an empty lot, in other words. Then any improvements are described and measured. Improvements consist of the house and any other structures, pools, sheds, garages, and so forth. Next, most counties check the Marshall Valuation Service Cost Guide. It’s a standardized nationwide guide for determining the value of the cost per square foot to build a building that fits the description of the improved property. Next, if the house isn’t brand new, the replacement cost is considered, as well as depreciation; the year the house was constructed and the condition of the property are factors here. Appraisers then must take the critical step of comparing the value of the house with recent selling prices of similar homes in the neighborhood. At this point, the appraisal might stand “as is”—or it might be adjusted upward or downward.

Market Value is a theory, in other words—not an unchanging fact.

In a perfect world, you have to have willing buyer and a willing seller. Neither is under duress. Both are in a position to maximize gain and are trying to do this. But in the real world, things are rarely that simple and equally balanced. Which is why people feel differently about the appraisal value of a house. It really depends how strong their position is as a buyer or seller.

Does the local economy come into it at all? You bet it does.

Ask a successful Realtor about that! He or she will tell you they’ve noticed that the Rio Grande Valley’s fast-growing economy is attracting people from other areas who consider real estate here a bargain. That helps fuel increases in property values.

So—now you know where that Grand Total comes from.

You’re armed with the information you need to make a better house-buying decision. For instance, you can understand how two virtually identical houses that are in two different neighborhoods could be very far apart in price and appraised value. And why your choice of the right house in the right neighborhood could be worth a not-so-small fortune to you right now—and years down the road.

 Sellers! You can get a great idea of how  much  your home is worth! Call me for a FREE Comparative Market Analysis (CMA) Laura Key 310.866.8422

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Does HUD Offer Special Programs for Homebuyers?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

HUD Home

Yes, HUD offers a program called the GOOD NEIGHBOR NEXT DOOR PROGRAM for Police Officers, Firefighters, EMT and Teachers! Call for more details on this program! 310.866.8422. If foreclosures are not sold within six months, HUD will sell them for $1 each to approved nonprofit organizations and government agencies. Homes must then be used create housing for families in need or to benefit neighborhoods.

Los Angeles HUD homes, Buying A Hud Home, North Hollywood HUD homes, Westchester HUD Homes, Gardena HUD Homes, Northridge HUD Homes, Santa Clarita HUD Homes, Simi Valley HUD homes, Lemert HUD Homes, Compton HUD Homes, Lynwood HUD Homes, Hawthorne HUD Homes, Inglewood HUD Homes, Baldwin Hills HUD Homes, Playa del rey HUD homes, Marina del Rey HUD Homes, Santa Monica HUD homes, Lakewood HUD homes, Buying A HUD Home, Buying a Los Angeles HUD Home, HUD Trained Agent, HUD NAID agent, Good Neighbor Next Door

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Does HUD Offer Financing On Their Homes?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

HUD Home

HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.

Los Angeles HUD homes, Buying A Hud Home, North Hollywood HUD homes, Westchester HUD Homes, Gardena HUD Homes, Northridge HUD Homes, Santa Clarita HUD Homes, Simi Valley HUD homes, Lemert HUD Homes, Compton HUD Homes, Lynwood HUD Homes, Hawthorne HUD Homes, Inglewood HUD Homes, Baldwin Hills HUD Homes, Playa del rey HUD homes, Marina del Rey HUD Homes, Santa Monica HUD homes, Lakewood HUD homes, Buying A HUD Home, Buying a Los Angeles HUD Home, HUD Trained Agent, HUD NAID agent

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Do I Need An Appraisal On A HUD Home?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

HUD Home

It is not necessary to have a HUD home independently appraised, HUD offers an appraisal every 6 months. Your Lender may require a more current appraisal than the one provided by HUD.  Ask your loan officer or HUD registered agent.

Los Angeles HUD homes, Buying A Hud Home, North Hollywood HUD homes, Westchester HUD Homes, Gardena HUD Homes, Northridge HUD Homes, Santa Clarita HUD Homes, Simi Valley HUD homes, Lemert HUD Homes, Compton HUD Homes, Lynwood HUD Homes, Hawthorne HUD Homes, Inglewood HUD Homes, Baldwin Hills HUD Homes, Playa del rey HUD homes, Marina del Rey HUD Homes, Santa Monica HUD homes, Lakewood HUD homes, Buying A HUD Home, Buying a Los Angeles HUD Home, HUD Trained Agent, HUD NAID agent

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How Much Money Will I Have to Put Down on a HUD Home?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

HUD Home

If the bid price is less than $50,000, you’re required to make an earnest money deposit of $500. HUD homes priced greater than $50,000 require a $1000 deposit.

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Should I Get A Home Inspection If I Am Buying A HUD?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

HUD Home

HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection prior to submitting an offer to purchase.

If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.

Will HUD make the repairs?

HUD homes are sold as-is. The new owner is responsible for all repairs and improvements.

Can I start improving on the property right away?

If HUD accepts your offer, you cannot make any repairs or home improvements until the escrow transaction has closed and title is recorded in your name.

Los Angeles HUD homes, Buying A Hud Home, North Hollywood HUD homes, Westchester HUD Homes, Gardena HUD Homes, Northridge HUD Homes, Santa Clarita HUD Homes, Simi Valley HUD homes, Lemert HUD Homes, Compton HUD Homes, Lynwood HUD Homes, Hawthorne HUD Homes, Inglewood HUD Homes, Baldwin Hills HUD Homes, Playa del rey HUD homes, Marina del Rey HUD Homes, Santa Monica HUD homes, Lakewood HUD homes, Buying A HUD Home, Buying a Los Angeles HUD Home, HUD Trained Agent, HUD NAID agent

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Is There Anyway To Have My HUD Offer Considered Before Others?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.comHUD Home

Owner occupants always have first priority; however, if there are not any bids after the 30th day then bidding is open to all bidders (investors). All offers are due by the bidding date and the HUD system generally picks the highest and best offer.

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Making an Offer On A HUD Home?

Buying a HUD Home is not as difficult as you may think! I have helped many people purchase their 1st Home from HUD! Call me today for more details about the process! Laura.A.Key@gmail.com or Visit my website to sign up for FREE HUD Listings! http://www.KeyCaliforniaHomes.com

HUD Home

Buyers will want to make offers based on ‘as-is’ appraisals determined by HUD. HUD will accept no offers that are lower than 50 percent of their appraisal. If you offer more than the appraisal price, you will be required pay the amount of the over-bid at closing, as your lender will base their loan amount on the appraised value of the home. Also, the process is a bit different than a regular offer on property.  Your offer will be submitted online and government forms will be used to conduct the transaction.

 

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Housing Shortage Will Dampen Spring Market

Buyers must be prepared more than ever! Do you have your PRE-APPROVAL in hand? It could mean the different of you getting your new home or renting for another year.  Call me, let's discuss your options! Laura Key 310.866.8422

Manifesting Home

The housing recovery is progressing, but a shortage of homes on the market will limit the number of home sales this spring selling season, industry insiders say. 

"If we don't see more people listing their properties, I don't think we will see the home sales volume increase that we are accustomed to seeing," Glenn Kelman, chief executive officer of Redfin told Reuters. "There are far more buyers than there are sellers on the market. We would have a huge boom spurred by low interest rates if there were more inventory on the market."

Still, the National Association of REALTORS® predicts existing-home sales will rise around 7 or 8 percent this spring compared to year ago levels. 

In some areas where inventories are particularly constrained—like Washington, D.C., New York, and several California cities—homes are selling within hours of being placed on the market. 

"The demand for properties is insane. The bidding wars that are going on, there is not enough inventory and it has become truly a seller's market again," says Neil Garfinkel, real estate attorney at Abrams Garfinkel Margolis Bergson in New York.

Source: “Analysis: Supply crunch to take steam out of home sales,” Reuters (April 3, 2013)

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Economist Quashes Housing Bubble Rumors

I love what I do; however I have reservations about this report. I have had deep conversations with other agents and I firmly feel we are in a danger zone. Your thoughts? Laura Key 310.866.8422

housing bubble

Recently, rumblings of another housing bubble have been emerging, but one economist says with inventories expected to rise soon, the housing market is not at threat. 

Rick Sharga, executive vice president with Carrington Mortgage Holdings, told a crowd at the REOMAC 2013 Summit & Expo in Dallas on Monday that the housing market should expect things to get worse before they start improving. 

But “this is not the 2005 market,” he said. “We are not creating a bubble.” 

Sharga says the lack of available home inventory is the reason why home prices are rising. New-home inventories are at their lowest level in more than 30 years, he said. “Very few markets are anywhere near where we were at the peak,” he said. The markets showing some “bubble-like tendencies” are housing markets that saw the biggest declines, he noted. 

LPS Applied Analytics recently predicted that home prices could rise another 35 percent without affecting affordability. 

Sharga predicts that by this time next year there will be too many homes for sale. Housing and foreclosure starts are expected to start rising within the next year. 

Source: “Carrington’s Sharga: We Are Not Creating Another Housing Bubble,” HousingWire (April 8, 2013)

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Americans Showing More Desire to Buy

Buy land...they are not making it anymore! Words ring true! Laura Key 310.866.8422

key dream

The percentage of U.S. residents who say owning a home is an essential part of the American dream has hit a three-year high, reaching 79 percent, according to the CNBC-All-America Economic Survey. What’s more, the number of Americans who say it is better to own than rent grew by four points to 69 percent, according to the survey. 

More Americans also believe owning a home is a better long-term investment than stocks. 

“The housing numbers are all heading in the right direction,” reports Diana Olick for CNBC. “Home prices up, foreclosures down and, perhaps the most important, consumer confidence in housing is swelling.” 

Still, first-time home buyers will be the “wild card” in the spring-summer home buying season, says Thomas Popik, research director for Campbell Surveys. “We see strong first-time homebuyer traffic, but it’s still not clear that the traffic will translate into increased purchases because first-time home buyers are dependent on low downpayment financing, such as FHA mortgages.” 

Source: “People Are Becoming More and More Confident in Housing Market,” CNBC (April 1, 2013)

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5 Things You Forgot to Clean in Your Bathroom

Your bathroom, one of the rooms you clean most, hides areas that rarely see a scrub brush. It’s time to tackle these 5 nasty spots you probably forgot.

 bathroom

But we presume you or someone else regularly swishes out the toilets, wipes out the tubs and sinks, and mops your bathroom flooring. 

But you may be missing some critical areas. With the help of Kristi Mailloux, president ofMolly Maid, we’ve compiled a list of 5 bathroom spots home owners often forget to clean:

1. Showerheads: A warm white vinegar bath will get rid of mineral deposits, making yourlow-flow shower head flow even lower. Let the showerhead soak for about 20 minutes, then poke a paperclip into shower head holes still clogged. Scrub with an old toothbrush, then rinse and repeat if necessary.

2. Toilet bases: Mildew can grow on the caulking around the base of your toilet. Spray with white vinegar or disinfecting household cleaner, then scrub with a hard-bristled brush. Dry thoroughly.

3. Shower curtains: Clean soap scum and mildew from plastic shower curtains by tossing them into your washer on the gentle and cold (never hot!) water cycle, with detergent and ½ cup vinegar. If mildew is present, add ½ cup of bleach instead of vinegar. Toss a couple of large towels into the machine to act as scrubbers. Hang curtains back on your shower curtain rod, spread them out, and let them drip-dry. If you turn on the bathroom fan, they’ll dry faster.

4. Drains: We don’t usually pay much attention to drains until they’re clogged. But all year your hair, toothpaste, shampoo, and conditioner are building up in sink and tub drains. Remove the stopper — unscrew the shower drain — and clear away obvious gunk, like hair and soap. Soak the drain in vinegar to clear away mineral deposits. Then, pour boiling water, or a mixture of ½ cup white vinegar and ½ cup baking soda, down the drain, which will bubble away crud sticking to pipes.

5. Medicine cabinet: Throw out prescription and over-the-counter drugs you no longer need or want. But don’t dump them down the drain, where they become part of the watershed, or into the trash, where anyone can fetch them out. Instead, take them to a local collection site, often at police or fire stations. Or check U.S. Drug Enforcement Administration’s National Take Back Initiative’s website for dates and sites for their next collection.

Bonus tip: Just for the fun of it, launder those powder room towels you won’t let anyone use. And be sure to clean out your dryer’s lint filter when you’re finished.

Source: houselogic.com written by Lisa Kaplan Gordon Published March 30, 2012 

Selling your home is a big decision! Make sure you have someone who can help you  get the most value out of your home! Call me today at 310.866.8422 Laura Key

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8 Dirty Secrets in Your Home

Steel yourself: We help you expose — and purge — your home’s dirtiest little secrets.

secrets

Deep breath ...

1. Cruddy undersides of rugs 2. Disgusting disposal 3. Greasy kitchen vent hood 4. Crumby kitchen crevices 5. Grimy fans and ceilings 6. Grungy toilets 7. Debris-filled crawlspace 8. Linty dryer vents

1. Cruddy undersides of rugs

Look under your area rugs for a nasty surprise -- a sea of grit and dust -- despite regular vacuuming. What to do:

  • Move furniture, fold over the rug, and vacuum dirt and dust from its underside. Sweep and mop the floor, too.
  • While you’re under the hood, check the rug’s condition. If there’s no staining or discoloration, a good floor cleaning and vacuuming of the rug’s underside is enough.
  • If pets, kids, or wine have left their mark, invest in a professional cleaning. A pro will run between $1.50 and $3 per square foot of rug, depending on the type of rug. Delicate natural fibers are usually more costly to clean than synthetics.

2. Disgusting disposal

Your kitchen has more germs than even your bathroom. And your garbage disposal and its splash guard flaps just might be the most disgusting place in the house — slimy, smelly, and befouled with old food. What to do:

  • Scrub the underside of the rubber flaps with an old toothbrush and warm, soapy water.
  • Pour a 1:1 ratio of white distilled white vinegar and baking soda down the drain. Let it sit overnight and flush with boiling water to sanitize.
  • Toss frozen cubes of white vinegar (just freeze it in an ice tray) down the disposal while it’s running. This will sharpen and sanitize the disposal’s grinding blades.
  • Freshen up the drain with slices of lemon or other citrus fruit. Peels are OK, but if you have fruit to spare, the citrus acids will help disinfect and freshen.

3. Greasy kitchen vent hood

Your range vent hood works hard to absorb smoke, steam, and grease. Just like you change air filters to extend the life of your HVAC, you should clean the vent filter. Not only will this make the vent more efficient, it’s a safety measure. Should you have a grease fire, a greasy hood and filter can spread the fire into your home’s duct work. What to do:

  • Remove the hood filter according to directions for your vent hood model. If you don’t have the paper manual anymore, search online for a copy.
  • Soak the filter in a kitchen-grade degreaser.
  • Once most of the grease has dissolved, rinse the filter with soapy water.
  • While you’re soaking the filter, clean the greasy interior of your vent hood.
  • Use a kitchen-grade degreaser for the hood like the one you’re soaking the filter in.
  • Wipe the hood's interior with a sponge or rag.

4. Crumby kitchen crevices

No matter how spotless your kitchen surfaces are, crumbs, morsels, and drips of stuff have fallen into the crannies between appliances and countertops, tempting bugs and vermin.What to do:

  • For appliances with a bit of ground clearance, like a refrigerator, use the vacuum crevice attachment to suck out the yuck.
  • For appliances with less room to maneuver, attach microfiber cloths to a yardstick with rubber bands. Slide and grab under and between appliances.
  • Sneak an old-school feather duster between counter cracks or under appliances. Get one with an extra-long handle ($15-$25) or use a flexible duster specifically designed to slide under appliances.

5. Grimy fans and ceilings

Dispatching the out-of-sight, out-of-mind dust (sloughed-off skin cells, dust mites, and outdoor allergans) that lives on ceiling fans and light fixtures means better indoor air quality and fewer allergy problems. What to do:

  • Dampen the inside of a pillowcase and slide it over each ceiling fan blade. As you slide it off, run your hands along the sides of the blade to wipe up dirt and dust so the dreck doesn’t rain down on you. Get a spotter if you’re balancing on a ladder or chair.
  • For less-dusty ceiling fans, use a microfiber duster that'll grab the blades. ($7-$20)
  • For oily or grimy buildup on ceilings, especially in the kitchen or bathroom, run a flat mop tool with a microfiber or soap-cloth attachment along the ceiling. Dish soap will do nicely.
  • Remove light shades or covers from ceiling fixtures to wipe out dust and bugs. But turn the light off first.

6. Grungy toilets

You’re not getting down-and-dirty with your toilet until you scrub where the commode meets the bathroom floor. What to do:

  • Check that the caulk at the base of the toilet is sealing the area. If it's worn, remove the remaining caulk with a utility knife. Then re-seal it. For extra germ-fighting, choose a caulk with Microban.
  • Slide a feather duster behind the tank to brush off any dirt or dust, and use a sponge or damp microfiber cloth to scrub all the way around the porcelain base.

7. Debris-filled crawlspace

No one wants to crawl around under the house — except bugs and rodents. If you suspect critters are playing house, skip the DIY and consult a pro. Otherwise, it’s a good idea to check your crawlspace annually to check for water penetration and clean out debris. What to do:

  • Wear personal protective equipment, such as coveralls, a dust-mask, goggles, and gloves.
  • If you see mold, don’t disturb it. Call a professional mold remediation company.
  • If you don’t see mold, check your vapor barrier for holes, deterioration, or uncovered areas. If you’re handy and comfortable with working in cramped crawlspace conditions, you can fix it yourself with supplies from your local hardware or home store. Otherwise, call a handyman. If the problem seems more extensive (major holes or large uncovered areas), call a foundation specialist.
  • Make sure there’s no standing water on top of the vapor barrier. That could mean water is coming from leaking pipes or gutters. It’s a recipe for mold and rot. Call a pro who specializes in foundation or crawlspace work pronto.
  • Push out trash through the nearest vent or access door. When you go outside to collect the debris, secure vents and doors so nothing else will blow, crawl, or slither in.

8. Linty dryer vents

This is one of the most important dirty jobs, because cleaning your clothes dryer’s lint trap and vents will extend its life, improve its efficiency, and save your life. Clothes dryers cause more than 15,000 structural fires, injuring 400 and killing 15 people on average each year. "Failure to clean" is the leading contributing factor to these fires.

What to do:

  • Use a dryer vent cleaner (about $15), a long, flexible, thick metal cord that snakes through the dryer vent’s dark corridors, to sweep out lint and dust.
  • Use your vacuum’s crevice tool to suck out hangers on in the lint trap.
  • Vacuum underneath and around the back of the dryer to clear out any remaining lint colonies.

The real estate market has changed? What does this mean to you as a buyer or seller? Call me today with your questions! Laura Key 310.866.8422

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How to Assess the Real Cost of a Fixer-Upper House

When you buy a fixer-upper house, you can save a ton of money, or get yourself in a financial fix. People see shows on television and think it's easy to purchase a home that needs fixing. Know what you are getting into before you put the money down on the table! Call me with your questions Laura Key 310.866.8422

1. Decide what you can do yourself

TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult remodeling job that you don’t know how to do will take longer than you think and can lead to less-than-professional results that won’t increase the value of your fixer-upper house. 

  • Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
  • Do you really have the time and desire to do it? Can you take time off work to renovate your fixer-upper house? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?

2. Price the cost of repairs and remodeling before you make an offer

  • Get your contractor into the house to do a walk-through, so he can give you a written cost estimate on the tasks he’s going to do.
  • If you’re doing the work yourself, price the supplies.
  • Either way, tack on 10% to 20% to cover unforeseen problems that often arise with a fixer-upper house.

3. Check permit costs

  • Ask local officials if the work you’re going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it'll cause problems when you resell your home.
  • Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.
  • Factor the time and aggravation of permits into your plans.

4. Doublecheck pricing on structural work

If your fixer-upper home needs major structural work, hire a structural engineer for $500 to $700 to inspect the home before you put in an offer so you can be confident you’ve uncovered and conservatively budgeted for the full extent of the problems. 

Get written estimates for repairs before you commit to buying a home with structural issues.

Don't purchase a home that needs major structural work unless:

  • You’re getting it at a steep discount
  • You’re sure you’ve uncovered the extent of the problem
  • You know the problem can be fixed
  • You have a binding written estimate for the repairs

5. Check the cost of financing

Be sure you have enough money for a downpayment, closing costs, and repairs without draining your savings. 

If you’re planning to fund the repairs with a home equity or home improvement loan:

  • Get yourself pre-approved for both loans before you make an offer.
  • Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you’re not forced to close the sale when you have no loan to fix the house.
  • Consider the Federal Housing Administration’s Section 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation. The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans. A streamlined 203(k) program provides an additional amount for rehabilitation, up to $35,000, on top of an existing mortgage. It’s a simpler process than obtaining the standard 203(k).

6. Calculate your fair purchase offer

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled to current tastes) and subtract the upgrade and repair costs.

For example: Your target fixer-upper house has a 1960s kitchen, metallic wallpaper, shag carpet, and high levels of radon in the basement.

Your comparison house, in the same subdivision, sold last month for $200,000. That house had a newer kitchen, no wallpaper, was recently recarpeted, and has a radon mitigation system in its basement.

The cost to remodel the kitchen, remove the wallpaper, carpet the house, and put in a radon mitigation system is $40,000. Your bid for the house should be $160,000.

Ask your real estate agent if it’s a good idea to share your cost estimates with the sellers, to prove your offer is fair. 

7. Include inspection contingencies in your offer

Don’t rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections like:

  • Home inspection. This is key in a fixer-upper assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1970s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.
  • Radon, mold, lead-based paint
  • Septic and well
  • Pest

Most home inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you cash at closing to pay for the repairs. The seller can also opt to simply back out of the deal, as can you, if the inspection turns up something you don’t want to deal with.

If that happens, this isn’t the right fixer-upper house for you. Go back to the top of this list and start again.

fixer upper

Source: www.houselogic.com - G.M. Filisko is an attorney and award-winning writer whose parents bought and renovated a fixer-upper when she was a teen. A regular contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

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