Posts Tagged ‘Encinitas real estate’
Monday, October 23rd, 2017
In the last few years it seems that some real estate agents or brokers have jumped on the phone calling spam bandwagons. They call your home phone, often using canned recordings, or text messages to your cell phone. These messages tend to be about how they can help you buy or sell property. There have recently been several class action lawsuits filed against brokerages for do-not-call/auto dialing violations.
The federal Telephone Consumer Protection Act (TCPA) prohibits a brokerage from using an auto-dialing system. Brokerages can easily violate the law even when the calls are ultimately transferred to a live agent.
The TCPA prohibits:
- Prerecorded voice messages to landlines.
- Prerecorded voice messages to mobile phones without consent.
- Auto-dialed calls, and text messages to mobile phones without consent.
Have no fear – there is something you can do to prevent these. First of all, make sure your numbers are registered with the Do Not Call Registry. Click here to do that. Then, if you continue to get such calls or texts you can report them. The caller will be fined and the calls/texts should stop.
Damages can be substantial: $500 for each call placed negligently and $1500 for each call placed willfully. Although this seems like small change to a big brokerage, the total claims can rise quickly since damages are uncapped and per call, and importantly, multiplied by the number of calls for each class action plaintiff.
In order to report a violation you need to wait 31 days after you register your number. There are also some types of organizations that are allowed to call you without penalty, such as debt collectors , charities, political organizations and telephone surveyors. To see the list you can look on the website. To report a violation click here. We all need to be vigilant if we do not want to be bothered by unsolicited calls and texts.
Thursday, August 31st, 2017
I’ve seen a lot of changes in the real estate industry over the last 14 years, and one of the biggest has been the increase in the number of “teams.” A team is a group of real estate agents who work under one broker. For example, say John Smith works for Real Estate Company, and he forms a team of 10 agents. They all work for Real Estate Company, but they work together with John Smith as his team members; multiple agents may work together with a client during a home sale or purchase.
Many people wonder how a team can benefit them if they are a buyer or seller, and whether it makes more sense to hire a sole agent or a team. Needs and opinions will vary, but here are the reasons I feel that working with an experienced sole agent, rather than a team, can truly benefit buyers and sellers:
1. Facts and details. As a sole agent, my clients know they are working with ME. They will not have to deal with a slew of other agents, assistants, secretaries or other people. If they have a question, they will be able to reach ME. I always answer my phone and if I am with another client or in a meeting, I call back quickly. My clients love this, because I know what is going on at all times in regards to their sale or home search. In turn, it benefits me because I do not have to check in with someone else to find out what is going on before calling or visiting a client.
2. Relationship. I have ALWAYS said the real estate is not just about selling property – it is about forming a relationship with the person who is entrusted to handle a legal transaction on your behalf. Buying or selling a home or investment property is fraught with legalities – you need to know that the person you select to help you truly has your back. I believe (and my clients confer) that it is easier to form a relationship with one person who is dedicated to serving you.
3. Connections. Team members often claim that they provide superior service because they have a bevvy of “exterior” (not agents) experts – loan officers, escrow officers, title people, contractors, etc. Well, guess what? Sole agents have those too – in fact, I have a list with many kinds of referrals that I have compiled over the years, and my clients reap the benefits.
4. Numbers game. As a sole agent my goal is to be there for my clients. I don’t focus on how many sales I can make, but rather on how I can best serve each individual to the best of my ability. If I cannot then I will not take on new clients. The key is dedicated service, not a numbers game.
People have different opinions on how their needs can best be served when it comes to real estate transactions, and that is great. If you are planning on buying or selling real estate, it is important to figure out what you expect from your relationship with your agent or team, and to make that clear up front. Most importantly, make sure you find an area expert who has experience selling homes. A large percentage of agents have secondary jobs and do not think of real estate as their career – find one who is a professional.
Tuesday, January 31st, 2017
The new housing report was released yesterday by Case-Shiller, indicating that U.S. home prices are still rising. Of course this is really area dependent, but if you are a potential buyer or seller you might feel worried, and justifiably so. Keep reading for important information and advice.
The report covers major metropolitan cities and states that prices in these areas rose by 5.27% in November – above expectations of economists, and also up from the previous month of 5.1%. What does this mean for buyers and sellers? Let’s take a look at some important considerations.
Local markets: Of course these studies are general and tend to focus on big cities, so it is important that you contact an experienced real estate agent in your local market to see what is going on in the area. But, the thing to take away from this data is that prices are not easing up. Combine that with the next factor…
Inventory is still very low: Again, your local market must be studied to get an accurate glimpse and set expectations (your real estate agent can help with this), but using my local North San Diego market as an example I know that this is painfully true. I have buyers who simply cannot find homes, and multiple offer situations in some categories – like properties under $600,000 – are still the norm. With low inventory and prices staying put or rising, a buyer does not benefit from waiting to purchase, especially considering the next factor…
Springtime is coming: Traditionally the “hot” season for housing, spring and summer are just around the corner. But in my view we are already in the heat of things. Hopefully more inventory will pop up as we head into that “busy” season, but honestly I think the entire last year and especially this Fall and Winter, can be considered busy in housing – at least here in San Diego. Waiting until Spring could put buyers in even more of a quandry, bringing an increase in the buyer pool: more competition can drive prices up again.
The National Home Price Index also rose by 5.6% annually – up from 5.5% the previous month. High demand is causing these prices to continue on an upward trend. It is important to note, as some doubters or “bubble-talkers” as I call them, may believe, that these trends are NOT similar to those that occurred prior to the last housing crisis in the early 2000s.
How is this market different than that prior to the last crash?
1. Factors driving prices are not the same. Prior to the crash people were driven by speculation and anticipation of growth. Instead, healthy market factors like a strong job market and low mortgage rates are driving this market.
2. Lending is stricter. Lending requirements are not as loose as they were during the time prior to the last housing crash, so not everyone can qualify for a loan.
3. Demand is high but supply is not. Prior to the last market crash, there is a much lower supply of inventory in most areas. It is not so easy to find property to purchase. Many would-be sellers are afraid to sell, as they don’t know where they will move if there is such low supply and so much demand – so it’s a great time to be a seller if you have the time to wait it out on a subsequent purchase.
The moral of all this information is that if you are a potential seller you are in a great position. But if you have to buy after selling you need to have a “plan B” in place – e.g. stay in a furnished month to month apartment or temporarily move in with a relative or friend will put these people in ideal situations to sell and wait for the right home. But buyers have it a bit tougher – the best advice I can give is to BE PREPARED. Get preapproved, start looking at everything in your price range and desired area – even those homes that may not be as upgraded as you like or in the exact neighborhood you wanted. Do your homework and be ready to pounce once you find that “right” home.
Wednesday, December 21st, 2016
If you are like me you are surprised we are at the end of the year already, but the good news is that the real estate market fared well this year, and will likely continue to do so in 2017. Here are my annual predictions for the market, at least here in San Diego County:
1. Home inventory will remain low. Due to a combination of factors – rising interest rates, expenses of moving up and difficulty of finding replacement housing, many potential home sellers will likely choose to remain where they are and not sell. This trend defined the market in 2016 and I believe it will continue. Until Americans see how the new President will affect the market I am betting on this.
2. Prices will stabilize for the most part. 2016 saw prices still rising slightly in some areas, and higher in others (especially in summer months), but for the most part things seem to be leveling off. I think we will return to “normal” annual price appreciations of 5-7%. Of course this is always area-dependent so check with your local realtor for market statistics and area comparables.
3. Market times will decrease or remain low for desirable homes. Due to the continuation of lower inventory levels I believe we will see desirable homes sell quickly. But I also think that buyers are very savvy and will not pay crazy high prices either – although in a multiple offer situation you never know.
4. First time buyers could have a difficult time with competition. As interest rates rise, inventory levels decrease (or remain low) and prices remain high, many first time home buyers may find themselves in challenging situations when looking for homes to purchase. Competition will also factor in, especially in areas where there is an influx of repeat homebuyers who are moving up and are well qualified (with large downpayments). My advice is for those first time buyers to get preapproved and start looking now. Click here to read more on how to “win” that home you want.
5. Interest rates will rise. This is inevitable and we have already seen the beginning of the end of the lowest interest rates in history. The new administration will also play a role in the interest rate rise as economic goals fluctuate.
The bottom line is that I believe the housing market will do well in the coming year. I do not predict any “bubbles” as some (very few) have done. I think here in San Diego County our market is strong and will continue to be as we head into 2017.
As I always say, if you are thinking of buying or selling in the future you need to do your homework and start early – even a year is not too early. Study the markets, visit homes for sale, get to know inventory, neighborhoods and floorplans. Talk to a mortgage professional and plan ahead. Find a great local real estate agent and let him or her keep you informed so you are ready to go when the time is right. Be prepared and have a wonderful new year!
Monday, May 23rd, 2016
If you are a real estate agent or a home buyer you may notice that the market is obviously low on inventory right now. Being that it is the “selling season” of Spring/Summer, and since there are a lot of buyers out there looking at homes, there are many situations involving multiple counter offers and homes selling for well over asking price…all great if you are a seller. However, there are also some fishy things going on out there and it is frustrating to agents and their buyers.
Let’s take a look at what is happening:
1. Homes listed well over comparable value. Many, and I mean a LOT, of homes in North San Diego are being listed over market value – some slightly and some way over. Buyers, who normally would avoid such homes until the price drops, are flocking to them and making offers anyway. No one seems concerned that the home likely will not appraise, and if one buyer walks there are many more who will step right in. This is pricing out first time homeowners and bringing prices up…you may think the latter is good, but it is dangerous because such inflation could create problems for the market – especially when there are many buyers who have incomes that will price them out of neighborhoods they should have been able to afford had prices reflected comparable sold values.
2. Many sellers are taking a long time to respond to offers – even very strong ones. If a buyer makes a very strong offer over asking price, many listing agents are waiting for 4 or 5 days to even respond, during which time they collect more offers. Many then submit multiple counter offers to all bidders asking for the best and highest price. This prices many potential buyers out of the running, and most already submitted an offer slightly over their budget.
3. Sellers are refusing to make repairs or pay for reports. In a seller’s market the seller knows s/he is in the driver’s seat, and many sellers are countering back stating the home is sold as is, and that they will make no repairs and pay for no reports – like termite reports. They want the cleanest offers possible with the least amount of money out of pocket. This means the buyer can get stuck with multiple repairs, termite work, etc. If the buyer is already paying top dollar for the home, s/he has to make sure those things are affordable. No one wants to see a new foreclosure wave hit in a few years.
4. Appraisals are not coming in at contract value – but that is not deterring sales. I have not had problems with appraisals on listings (I don’t market properties in the “insane” price category), but have heard from many agents who have. Even if the home does not appraise at contract value, there are plenty of buyers who are willing to pay the difference in cash if sellers will not negotiate prices down to the appraised value. They feel that is the only way to secure a home purchase in these crazy times. Does this sound like 2003/2004 – “pre-crash” – to anyone else besides me?
5. Overly aggressive listing agents seem to be multiplying, and they are not being cooperative. There are many listing agents who are ruthless and even rude. They don’t care that your buyers love the home and have been looking in that neighborhood for a long time, or that they wrote a very strong offer and submitted it first. To these agents, it’s all about playing the game and finding the highest bidder. Some agents do not return calls and emails, and some violate the Realtor code of ethics – a few may even commit fraud. It is extremely frustrating for buyer’s agents, who are trying to find a home for their well-qualified buyers.
6. Pocket listings and homes listed “off the MLS” are increasing. Many agents are marketing their listings on third party sites like Zillow, and not placing them on the MLS – the cooperative tool used by Realtors to benefit all parties looking in particular areas/price ranges. While it is their right to do so, it makes a problem for buyer’s agents whose clients may see these listings and want to visit them – but when their agent calls the listing agent to make an appointment she is often told that the seller is not paying a commission to buyers’ agents. Imagine you have been helping your buyers for months to find a home and now you cannot show them this one home because the broker will not cooperate with your broker. It puts buyer’s agents – who play an imperative role in protecting buyer’s rights – in a very sticky situation. You may ask why listing agents do this: the answer is so they can find buyers who will work with them, thus saving the seller from paying out a commission to the buyer’s agent. Hopefully the California Supreme Court will soon put an end to double ending sales and this will no longer be a problem.
I am a bit concerned and hope that we are not heading into trouble in the real estate market. I hope that agents keep in mind the spirit of cooperation that is inherent in our business – we all need to work together and be fair. If we do not then buyers and sellers will not be protected from future lawsuits, and many people will be priced out of the housing market – which could cause a domino effect with local economies and eventually the US economy.
Thursday, January 15th, 2015
This beautiful recently upgraded Seagate Village townhome has an abundance of natural light, two generous bedrooms with attached bathrooms, private patio with attached 2 car garage, numerous upgrades, and is situated in a desirable community with few resales. You will love this tranquil, tree-lined complex filled with meandering pathways and chirping birds, community pool, recreation center, tennis courts, play area, and walking paths along the outskirts. Offered at $459,000
– 1097 sq ft, 2 bedrooms, 2.5 bathrooms
– Upgraded kitchen with custom glass tiled backsplash
– New stainless appliances (oven/cooktop, dishwasher, and microwave). Stainless refrigerator.
– New porcelain whitewashed plank flooring downstairs
– Travertine tile flooring in bathrooms, entry and kitchen
– Travertine tiled shower in master bathroom
– Generously sized bedrooms with attached bathrooms and ample closet space
– New fixtures throughout and canned lighting
– New furnace and water heater
– Lots of natural light throughout home
– Private patio for BBQ, garden or whatever you desire
– 2 car garage attached to patio with private entrance to home
– Encinitas and San Dieguito Union High School Districts
– Located close to everything Encinitas offers – shopping, dining, parks, entertainment, schools, transportation and just moments to Encinitas and Cardiff beaches and downtown areas
Please contact listing broker for more information: Rachel LaMar, LaMar Real Estate 760-310-9466. CA BRE license #01399682. For more information please click here.
Friday, August 2nd, 2013
You have probably been hearing it for some time, but lately it really seems to be even more apparent: many buyers are looking for multi-family housing. What does this mean? Although it may conjure up images of apartment buildings, it can mean anything from single family homes that have an extra room for a parent, to duplexes and triplexes that can house relatives in close proximity to each other but not necessarily in the same space, and even expands to smaller apartment buildings.
According to the Mortgage Bankers Association (MBA), lenders have reported that loan originations are up for multi-family loans. Apartment buildings are seeing the biggest increase, with loan originations on these purchases up 31% from 2012’s first half of the year total.
In many parts of the country multi-family housing can be difficult to find, especially in suburban areas. Lately I have had several buyers looking for homes to accommodate their families and their aging parents, from single family homes with downstairs living space or guest homes on the property, to duplexes where parents could live independently on their own but next to their children. In North San Diego there are options for people looking for these types of homes, but they are not overly abundant and much depends on price range.
Many people these days seem to desire a single family home for their family, with a downstairs bedroom or even a guest home for a parent/s. These types of homes can be hard to find, and much depends on budget. One also has to consider that having another person live with you and your family, if you are not used to it, can be an adjustment for all.
There are many ways to get creative if you need a multi-family dwelling and also desire your own space. Duplexes and triplexes are a great solution. You can live in one, have your relative(s) in another, and even rent a third/fourth if you purchase a triplex or a four unit building. This is a great way to bring in some income as well, especially if you are in a location that is close to desirable areas such as shopping, dining and transportation.
If you really want to earn income you can consider purchasing an apartment building. Depending on the area, some buildings have only a few apartments, while others contain many. Of course, it all depends on your price range and goals, and the time you have to manage it, or whether you can hire someone to do it for you.
If you are considering purchasing multi-family properties, speak with a skilled Realtor who has experience with such parcels. While many residential agents may feel comfortable with selling duplexes or triplexes, you should speak with a commercial agent if you are considering an apartment building or any property containing more than 4 units. Do your research and learn about the different types of properties that might meet your needs, and connect with a lender who lends on these types of dwellings. You might find that buying this type of property is a great option for you.
Friday, April 26th, 2013
If you haven’t noticed, flippers are back in full force. It seems everyone wants to get into property flipping these days, even those who have never done so or may not have a good sense of what they are doing. If you are a buyer or know someone looking for property – whether a home, second home or investment property, you need to be careful when you come across flipped properties.
Let’s start with defining a “flip.” This is a property that has been recently purchased and then remodeled, oftentimes very quickly, in order to put back on the market and make a profit. There are all kinds of flippers – from experienced to do-it-yourselfers, and many different levels and degrees of remodeling. As a buyer you need to be very careful when considering writing an offer on these properties. There are several different types of flips, and I have categorized them to make it easier to understand:
Types of Flips:
1. Quick Flip or “Eye Candy” Flip: This is the most common type of flip that I see when showing property, and it is very easy to do and the cost is minimal. This type of flip often involves new paint inside and usually outside, a major cleanup, new (usually inexpensive) carpet in carpeted areas, new hardware to freshen up cabinetry, new light fixtures, and often new kitchen appliances. It gives the illusion of newness, but usually upon deeper inspection one finds that there are many items that need attention – furnaces and water heaters that need to be replaced, electrical issues, landscaping, and many others. If the home is older oftentimes the flipper does not replace the windows, which is an expensive job. Each home obviously differs in what is needed to make it look great to a buyer, and these quick flips often get the “oohs” and “ahhs” from buyers, but they may still need a lot of work.
2. Full Flip: These types of properties address replacement, or partial replacement, of most appliances and other issues, along with a remodel. They typically involve more than just painting and putting in baseboards and new kitchen appliances. Many flippers these days do not do this type of flip, because it is not cost effective. but for a buyer this is obviously the best kind of flip property to buy, because it is not just eye candy and things have been properly attended to. These flippers often address issues that quick flippers do not, like replacing old windows, flooring, cabinetry and sinks, appliances, landscaping, and any other issues that a quick flipper might pass over.
How to Avoid Making a Mistake in Buying a Flip that is a Lemon:
1. Get a home inspection: Keeping in mind that not all home inspectors are alike, it is a good idea to do your research – most real estate agents know inspectors who do a thorough job. If not, contact a few and get names of people who have used them. Talk to those people and see how well the inspector did. Also, check their credentials and make sure they are certified by either CREIA (California Real Estate Inspection Association) or ASHI (American Society of Home Inspectors); if you live in another state you can check with that state’s licensing board. My favorite inspector is a licensed civil engineer and a licensed general contractor as well, so I feel very confident my clients are getting the best inspection possible.
2. Get a home warranty plan. Home warranties are great for the first year, in case any appliances break or you have other issues that are covered under your policy. You can write this into your purchase contract and ask the seller to pay for it. You may want to ask the seller to include upgrades to the policy, like roof, pool (if relevant), air conditioner, etc. That way you are covered, and you can extend the policy at the end of the first year should you desire. Discuss this with your real estate professional.
In order to avoid having to waste time on a home that is a low quality quick flip, you should look beyond the “eye candy” that paint and fresh baseboards and appliances may present. Look inside cabinets, check the furnace and air conditioner (if there is one), as well as the water heater. Look for any signs of prior leaks (although paint usually does a good job of covering these up for a short time). Really take a good look at the home to see if there are other potential issues that may need to be addressed, either immediately or in the future. Have your agent ask questions of the listing agent if you need. If you feel comfortable in making an offer than you will find out more when you have your home inspection.
The bottom line is to hold off on getting excited about a flipped property until you have all the facts and can verify that the home will not end up in need of a lot of work soon after purchase. As always, if you do your homework you will likely avoid making mistakes…buying a flip home can be wonderful if you are careful. Happy home hunting!
Friday, July 22nd, 2011
Have you been considering buying a home, maybe for the first time, maybe to move up or down? Have you been waiting for the market to hit bottom, for prices to fall, for loan rates to get lower? Guess what? It is that time. Yes, I am a Realtor, and my telling you this may sound self-serving, but let me tell you why that is not the case:
1. Rates are still low. They will get higher – that is something I would be money on. There are a few reasons why. One is that they have been historically low for a long time and it is inevitable. Another reason is that there could be some big changes coming up in the loan industry (see below), which will make them rise.
2. Qualifying for a loan is not going to get any easier. Lenders are still reeling from the housing crash and make it difficult to qualify new borrowers (believe me, I have seen it happen to my own clients). If the new rules pass in September, come October 1 loan limits will decrease, meaning buyers will have to put MORE money down in order to qualify for a loan, and limits will be lower so that means less of a loan (buyers will have to buy smaller homes, or maybe even consider different areas/neighborhoods).
3. Down payment requirements could rise. If the loan limit rates decline the downpayment amounts will increase. Borrowers will have to pay more money up front to get a loan. This will make buying a home a pipe dream for many Americans.
4. There are still some great loan products out there. FHA loans require much lower downpayments and better interest rates. If the new limit restrictions pass they will have an effect on these loans.
5. Selling a home could get much more difficult. If the loan rates change it may effect sellers the most, especially in higher priced areas like San Diego county. Buyers who could qualify for a loan to buy a home may no longer be able to afford that much house, so sellers may have a hard time finding qualified buyers. Many homeowners may not be able to sell their homes, which could lead to more foreclosures. Property values will go down, but who will buy these properties? One theory is that the lenders will simply rent them out rather than try to sell.
6. It is a great time to negotiate! With the market slower than usual for the time of year, and the many well-priced homes out there that are available (especially short sale and lender owned properties), buyers are in the driver’s seat as far as negotiations are concerned. There are some stubborn sellers out there, but if you encounter that situation you can always find another property that is ripe for negotiation.
7. Learn from who is buying now. If you look closely, especially in the attached home market, you will see many investor buyers. As I have said before, this is a sign. It is a sign that now is the time to buy. I am personally working with multiple investor clients right now, and they are getting great deals on short sale and lender owned properties.
I get asked all the time what the market is like, how we are faring here in North San Diego. The market is doing much better than in some other areas of the country, but we are still struggling a bit. Prices have come down, and will likely continue to do so. If the new loan limit reductions pass it will create qualification problems for many buyers and for sellers as well. Right now you can still lock in a very low rate (today’s conforming rate on a 30 year fixed mortgage is 4.5% with no points). There is a decent amount of inventory out there.
So, here is my pledge to you: I will do my best to help you find the right property, at the right price – if you don’t there is no pressure at all. Use me as a tool to help you, because that is what I am here for. I will provide all the information you need about any home we find. You don’t need to sign any agreement, I won’t make any demands on you. I offer you honesty and professionalism, and all you have to do is call me. I will be around all weekend. 760-310-9466
Wednesday, April 27th, 2011
After months of planning and development I am excited to announce the new website of LaMar Real Estate is now fully functional! I created this site with the needs of the buyer and seller as my first priority.
The new home search links provide more detailed searches, and there are links to helpful tools and articles, localized live market data reports, real estate news, social media links and of course, my blog. In the coming months look for helpful vlogs to be added to the site, which will provide information about basic questions buyers and sellers ask, including information on how to sell distressed properties.
I wanted to capture the beauty of North Coastal San Diego with this new website, and I have highlighted some of the cities and areas in which I work on my Communities page. The great school information is still accessible, and you can enjoy the stunning photos that are displayed.
I am excited to offer this site to everyone interested in North San Diego coastal real estate, as well as those who already live here and want to keep up with local issues, news and trends. I welcome suggestions–if there is anything you would like me to highlight in my blog or something you feel would be helpful on the site, please let me know! If you are not there already you can visit the site at http://www.LaMarRealEstate.org. Enjoy!