Duarte/Downey Real Estate Agency, Inc



Posted by Duarte/Downey Real Estate Agency, Inc on 12/18/2016

As a homebuyer, you want to prepare as much as possible when you start looking at houses. By doing so, you'll be able to fully evaluate a residence based on your personal wants and needs and ensure you can find your dream house quickly and easily. However, there are many under-the-radar factors that homebuyers must consider when they check out a house, including: 1. Homeowners Association If you're evaluating condos, you should learn about the homeowners association (HOA) that manages the property. This will allow you to review HOA fees, how the HOA operates and other factors that may influence your decision to buy a home. Typically, it is simple to discover all you need to know about an HOA. To do so, you can work with a real estate agent who should be able to provide information about an HOA. Also, you can always contact an HOA directly and receive all the information you need without delay. 2. TV, Cable and Internet Service Providers Do you work from home and require a high-speed internet connection to complete your day-to-day tasks? Or, do you want to ensure you can get your favorite TV channels at all times? Regardless of your individual needs, you'll want to check out the TV, cable and internet service providers available in cities and towns where you'd like to live. This will enable you to find out if these local providers can meet your needs consistently. In addition, you should consider cell phone connectivity in an area, as this will allow you to determine if your cell service provider ensures you can enjoy clear calls in a particular city or town. 3. Attractions and Landmarks Do you enjoy spending a day at the park, checking out historic landmarks or going to concerts? No matter which activities you enjoy, it is essential to learn about the entertainment options near a home you may purchase. For instance, if a concert venue is close to a residence, it may affect nearby traffic patterns as concert-goers travel to and from this destination. Conversely, if you want a house that allows you to separate from the everyday hustle and bustle of the city, you may want to evaluate residences that are located many miles away from popular attractions and landmarks. 4. Walking Paths If you like to stay active, you'll surely want to find a house that features a wide range of safe walking paths that you can use every day. Whether it's going for a morning jog or simply enjoying a jaunt with your dog, you may be able to improve your chances of remaining active and healthy if you purchase a home with multiple walking paths nearby. Of course, a real estate agent can help you explore a vast array of homes in cities and towns nationwide. This professional will learn about your home preferences and allow you to streamline your search for the perfect house as well. Consider the aforementioned factors as you prepare to search for houses, and ultimately, you'll be better equipped to make a more informed home purchase.





Posted by Duarte/Downey Real Estate Agency, Inc on 10/2/2016

Purchasing a home is a large investment and not one that anyone should make on a whim. Itís important to understand your maximum budget but also what you are comfortable spending, which may not be the same number as your maximum budget. But itís also important to fully understand the hidden costs that come with owning a home. Your mortgage payment is not the only payment you will be making each month and itís certainly not the only cost associated with owning a home. Letís take a look at some hidden costs listed below: Home Insurance: Insurance is something that you may know you need, but not a cost you are thinking about when house hunting. Therefore, the cost can sneak up on you. Be sure to factor in this cost, as it will be associated with your homeís location, age and value. For example, you are going to pay more if you live in an area that is prone to natural disasters such as floods or tornadoes. Home furnishings: Is this your first home or, at least, your first home that you would like to furnish with new furniture not hand-me-downs or a couch from craigslist? There also may be items that you need for this home that you did not need in your apartment such as a dining room table or spare bedroom bed frame and mattress. Furnishing your home can be a large expense and one that you should be saving up for. You donít need to go out and spend thousands on each item and you may want to spread out your purchases, but this is a very important cost to consider when purchasing a home. Appearance: When you purchase a home there may be things about the house that you want to change or update. This is something that not many factor in when buying the home as they are so wrapped up in the process of purchasing. However, even small updates cost money and if you spend all of your money on the down payment, you will not have any leftover to make those updates to make the home truly yours. Maintenance: If you previously rented, then maintenance is not something that you had to handle, as that is what your landlord was for. However, when you buy a home all maintenance and repairs fall on you. If you are purchasing an older home itís extremely important to understand what needs to be updated or replaced now or in the near future, such as the water heater, furnace or roof. Itís possible that you may get the previous homeowner to take care of this if itís in need at the time of selling, but if these updates/replacements take place a couple years down the road then itís up to you to take care of it. There is also the general maintenance of your home such as landscaping and snow removal. Will you purchase your own equipment or hire a service? Either way, this is an additional expense. Utilities: Often times many utilities are included in your rent. Well, this is not the case when owning a home. If the home does not have a septic system then you will need to pay for water and sewerage. You will have to pay for your own cable, Internet, and phone, and letís not forget about electricity. Itís important to understand all of the utilities that you will have to pay when you purchase a home. Property Taxes: Property taxes vary by town, but will always be an additional cost when owning a home. And, this cost will increase if you make additions or significant updates to your home. More desirable/expensive locations will have higher property taxes. This is often a cost that catches many off guard so be sure to research the locations where you are house hunting to see if you can afford the property taxes on top of all of the other associated costs. This is not meant to discourage anyone but shed light on the costs that many do not consider when they are house hunting. Make sure your budget allows for your mortgage payment and the expenses listed above that are tailored to your situation and you will have no problem becoming and staying a homeowner.





Posted by Duarte/Downey Real Estate Agency, Inc on 4/17/2016

There is a saying often used in the real estate industry to refer to buyers, it says buyers are liars. That is in fact not case. The perception comes from the fact that buyers often buy on emotion rather than their needs. Buying on emotions often leaves buyers passing over a potential good deal or fit and instead overpaying for their dream home. Here are some common buyer errors and how to avoid making them. 1: Not using the right agent Choose an agent that works in the local market and never go it alone. An agent has the skills to negotiate the best deal for one of the biggest purchases of your life. A local agent has the lay of land and knows the area well and will be able to find you the right fit. 2: There usually isnít a better deal When buyers keep waiting for a better deal they often miss out. When you find a house that fits your needs go for it. Donít wait because there is no guarantee that a better deal will come on the market. 3: Overpaying for cosmetics Look at the structure and the function of the home. Paint colors or dťcor donít matter in how much the house is ultimately worth. Often buyers will pay for cosmetics and staging in a home and ignore a better deal that isnít perfectly decorated or match their taste. 4: Not negotiating realistically Who doesnít want to get the lowest possible price when buying a home? Buyers need to understand there is a big difference between negotiating and lowballing. If a buyer truly wants a chance at a sale it is best to make a fair offer. Lowball offers often immediately get rejected or cause the seller to become agitated which often ends negotiations. Buyers must understand a lowball offer comes with a risk of losing the property.





Posted by Duarte/Downey Real Estate Agency, Inc on 4/10/2016

A house needs to be sold three times when it is on the market. First it needs to be sold to other agents so they will want to show and sell the home. Second it needs to be sold to buyers and lastly to the appraiser. Even if the buyer is willing to pay a certain price for a home they usually need a mortgage. That means it is actually the bank who is buying the home. The bank wants to protect their investment so they do an appraisal. When the appraisal comes back low or as an under-appraisal deals can fall apart. If you are a seller or a buyer you need to know how to protect yourself from short appraisals? Here are some suggestions from Bankrate.com for buyers and sellers. If you're a buyer: -- Tell your lender to find an appraiser who comes from your county, or perhaps a neighboring county. -- Request that the appraiser have a residential appraiser certification and a professional designation. Examples include the Appraisal Institute's senior residential appraiser, or SRA, or member of the Appraisal Institute, or MAI, designations. -- Meet the appraiser when he or she inspects the home and share your knowledge of recent short sales and foreclosures that might skew the comps. "Many appraisers are just pulling up data out of MLS (Multiple Listing Service) or off the deed at the courthouse and not checking it out," Sellers says. "Most good appraisers will appreciate the information." And yes, you can speak with your appraiser; the prohibition only applies to your lender. If you're a seller: --∑Get an appraisal before you list a home. Search for a qualified appraiser in your area on the Appraisal Institute website. -- Use the appraisal to set a realistic listing price for your home. -- Give a copy of your pre-listing appraisal to the buyer's appraiser. The more professional appraisers will understand that you're just trying to add more data and another perspective. -- Question a low appraisal. There's always a chance the appraiser or a supervisor will take into account new or overlooked information.





Posted by Duarte/Downey Real Estate Agency, Inc on 3/27/2016

If you are a seller, you need to know how buyers think. A study by the National Association of Realtors asked buyers who they are, why they need to buy, and what would make them buy. Here is just a few highlights from that study which provides detailed insight into the home buyer's experience with this important transaction. Here are highlights from that†report.

  • Sixty-six percent of recent home buyers were married couplesóthe highest share since 2001.
  • For forty-two percent of home buyers, the first step in the home-buying process was looking online for properties. While fourteen percent of home buyers first looked online for information on the complete home buying process.
  • The use of the Internet in the home search process rose slightly to ninety-two percent.
  • The typical home buyer searched for 12 weeks and viewed 10 homes.
  • Eighty-eight percent of buyers purchased their home through a real estate agent or broker. This share steadily increased from sixty-nine percent in 2001.
  • Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.
  • Two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.
  • The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty percent knew the buyer prior to home purchase.