|
SHOULD I SELL NOW?
There have been many recent stories on television and in the paper talking about how many homes are for sale now, how it is taking longer to sell, and how some sellers are giving concessions to get their homes sold!
Some sellers are considering waiting to sell their homes in belief that the housing market will improve. Yes, the market is definitely in the buyer’s favor right now but we are in a multi-year trend. The number of houses for sale had increased each year for four or five years, but for the first time is declining... Many homes on the market are priced at 15-20% below the previous year and we are in a declining market.
If you do need to sell you will need to be competitive with others homes on the market for sale, and that includes price, location, style, amenities and condition. So if you price the house with others that have newer appliances, roof, windows, furnace, flooring, etc then you would also need to have those features to be competitive.
As a seller it is tougher, but as a buyer you are more in the driver’s seat. Though you may not get quite a much for your current home, your next home will also be priced lower than it would be otherwise. This year was marked by foreclosures and short sales and the market has lost about 20% of value. While this means that sellers cannot expect as much for their homes as last year, it also means for sellers that are moving up that their future home will not cost as much as they expected. If you’re planning a move to a higher price range, it should actually be in your favor. Interest rates are still historically low but now predicted to go higher!
If you are planning to move in the next 18 months, then you may want to consider moving now to take advantage of the low interest rates and current price reductions. Remember that taxes are also calculated on the price of the homes so lower prices could work considerably in your favor! Currently in Orange County inventory is declining and in some neighborhoods and price ranges there are actually very few homes for sale! If your home is in one of these neighborhoods it could be a good time to sell-Not much competition!
.
Property
Tax Schedule
The first half of Propety Taxes are due and payable on November
1st. and become delinquent after December 10th
| JanuaryFebruary |
March |
| January 1st Assessment Due DateFebruary 1st 2nd Installment Property Taxes
Due Date |
March 1st Taxes on Unsecured Roll Due |
| AprilJune |
July |
April 10th -2nd Installment Property Taxes
Delinquent Date
April 15th Last day to file Homeowner's, Veterans, and
Senior Citizen Exemptions
June 1st - Beginning of Fiscal Year to June 20th
of the following year
|
July 1st -Properties with delinquent taxes sake to the
state
July 1st - Homeowners to be informed of new values
July (First Monday)- Assessment Appeals Board
July 30th - Last day to advise Homeowner's of
New Values |
| SeptemberOctober |
November |
| September (mid-month) -Tax Rates SetOctober (last week) -Tax bills are mailed |
November 1st -First Installment Property Taxes
Due |
Set the Stage before listing your home for sale!
Every home for sale is a basically a set stage. Prospective buyers come in and try to imagine living their lives on this particular “stage.” When they feel the stage fits the parts they want to play, you’ve got a sale. Here are some ideas:
-
Let the sun shine in. Cleaning windows and opening blinds and drapes automatically make a home look more open, brighter, and more welcoming.
. Remove the clutter: Old magazines and scattered toys are obvious problems. But just as distracting are the various knick-knacks and collections that people accumulate over time. Pack up the adornments and books on shelves and tabletops by half at least. And, make sure every single framed photo is put away. The finished product is a home that looks more open and spacious, without the strong stamp of the present owner’s life.
Rearrange living spaces. Sometimes simply repositioning a couch can make a world of difference in a room. Look at traffic patterns and remove obstacles along with excess furniture. Take leaves out of dining tables and reduce the number of chairs. When selling a home, less is more.
Make sure windows and entryways are not obscured by overgrown shrubs. Otherwise, you’re hiding the home from the street as well as reducing the light that comes in.
Invest in the future. You might consider investing 1/2 of one percent of the home’s asking price in staging. Then use that money to paint tired walls, remove out-of-style wallpaper, or store worn out furniture and bring in rentals. The money invested can actually reap returns of 200% or more.
Don’t let a house sit totally empty. A silk plant, simple chair and occasional table can ad a lot of character to an empty room.
-
Go professional. If you’re not comfortable making decorating decisions and you think you need serious help, hire a professional decorator who understands the ins and outs of staging a home. It brings fresh eyes and ideas into play.
- Get rid of clutter in every area—closets, attic, storage, kitchen cabinets, drawers, bath vanities, shelves-everywhere. You will pack up for your move anyway, so just think of it as starting early. * Position mirrors in the right places to make a room appear larger. Make sure the mirrors reflect what you want to see more of, such as a favorite painting or a lovely window. * Choose a light color scheme to help open up a room. White, cream, pearl gray, or soft yellow seem more inviting and open because they reflect light. * Bulky furniture and too much furniture makes a rooms look too small. Have a moving sale or just store things in the garage or storage
.Top
The Escrow Process
The Escrow Process: Your escrow is created shortly after you execute the purchase agreement to sell or buy your home. It cannot be successfuly completed until all escrow instructions have been carried out and all parties have signed escrow documents. The length of escrow can range from a few days to several months, depending on the terms of the purchase agreement. On average, and escrow closes within 45 days.
Opening the Escrow: Either your real estate agent or the sellers agent may open escrow. As soon as you execute the sales agreement, either your agent or yourself will place the initial deposit into an escrow account. At the opening of escrow, you may be asked to provide identification information such as your birth date and social security number. This information remains confidential.
The Loan : Unless the purchase is all cash, the first step will be for you (the buyer) to select a lender and apply for a mortgage loan. Escrow will require contact information of your lender so they may coordinate and expedite the process of closing the escrow.
Now What? : You have made the first step to home ownership but there is still much work to be done! Buyers and Sellers obligations are detailed in your contract so be sure to read through your purchase agreement carefully. Seller will usually provide a termite report but as the buyer you will need to obtain any inspection you and your realtor may deem necessary for complete investigation of property condition. Most important to start with is Home Inspection. There are many reliable inspection companies to choose from. If there are items discovered during the process you may choose to request the home owner to repair or replace items that have been discovered during inspection. Repairs are negotiable-your realtor will guide you. . There are time frames (deadlines) clearly established within the contract to accomplish your purchase so it is very important to read your contract and keep in contact with your realtor to make sure you meet all your obligations and deadlines in a timely manner.
The Closing Process
Signing the Escrow Instructions: Your escrow officer will contact you to make an appointment to sign your loan documents. The escrow officer will tell you the amount of money you'll need (in addition to your loan funds and deposit) to complete your purchase. The amount will include "closing costs" such as appraisal fees, loan fees, escrow charges, advance payment on property taxes and homeowner's insurance, the title insurance premium, etc.
Your Appointment: Before coming to sign escrow papers, make sure you have done the following:
- Identify all your lenders requirements and make sure you have satisfied them. You loan officer can assist you and answer any questions about this process.
- Obtain hazard/fire insurance. Once your loan is approved call you escrow officer with the insurance agent's name and telephone number so that he/she can verify that the policy meets your lenders requirements. You must have your policy in place before the lender will send you r loan funds to escrow.
- Obtain and bring with you a cashier's check issued by a California institution, made payable to the title company indicated to you by the escrow officer. Today, many people choose to wire the money-Make sure you arrange your payment to arrive in time for your closing date.
- Bring either your valid drivers license or passport to your appointment to that the notary public can verify your identity.
You must decide how you wish to hold title to your new home. We suggest you consult an attorney, tax consultant or other qualified professional.
After your appointment:Once your loan documents are signed, the escrow officer will forward them to the lender for a final review. The review typically occurs within a few days, after which the lender advises the escrow officer that the lender is ready to fund the loan. If all conditions of the escrow have been satisfied, the escrow officer will then inform you of the date of close and will take care of all the technical and financial details.
Close of Escrow: Close of escrow signifies legal transfer of title and occurs when the seller's grant deed to you is filed with the county recorder . The lenders deed of trust records concurrently with the grant deed. Recording usually occurs within one working day after the loan funds are received in escrow. Several weeks after closing , the county recorder's office will mail you the original grant deed.
|
Search for Homes 
