TodayWeBuy: Latest Posts

  Why I'm Never Going To Afford A Home
TodayWeBuy, Comments: 0, Last Update: 21 days

Love this guy, Graham Stephan ...

Here's what he recommends from his YouTube channel:

First, LOOK AT WHAT YOU CAN AFFORD.
One of the BIGGEST “cheat codes” to real estate is to speak with a mortgage broker, a bank, or a local credit union to see approximately what type of loan you can qualify for.

Second, SAVE FOR A DOWN PAYMENT.
The nice thing when it comes to mortgages is that there are a WIDE VARIETY of mortgage options for you to chose from with varying down payments, ranging anywhere from 20% on a conventional loan, to as low as 3.5% if you’re able to qualify for an FHA loan.

Third, INCREASE YOUR CREDIT SCORE
The lower your credit score is, the higher the risk you are to banks - and because of that, you’ll pay a higher interest rate, costing you more money.

Fourth, BE RELENTLESS ABOUT SAVING
FIRST comes REDUCE SPENDING AS MUCH AS POSSIBLE.
Take a look over your budget, track every PENNY in your account over the next few months, and cut out ANYTHING you don’t absolutely need. I know this sounds common sense, but it was found that the average American spends $18,000 PER YEAR on nonessential spending…and ALL OF THAT is money that could be put towards a down payment, instead.
  Prop 19 passed in California, which allows you to sell ...
TodayWeBuy, Comments: 0, Last Update: 1 month

Prop 19 passed in California, which allows you to sell your home and carry over your property tax to the home you're buying. Is this a factor in today's market?
  See an error on TodayWeBuy, win a prize!
TodayWeBuy, Comments: 0, Last Update: 1 month

Hi,

If you ever encounter an error on TodayWeBuy, make sure you let us know. We'll send you a gift card to Starbucks just for letting us know.
  Which online mortgage calculator is best?
TodayWeBuy, Comments: 0, Last Update: 3 months

  Prop 19, Zillow Estimates, LLC
TodayWeBuy, Comments: 0, Last Update: 4 months

I think overall Zillow estimates are fairly accurate. Zillow isn't going to know if the property has a million dollar view or the condition of the home. Estimates are just estimates anyways and can vary based on who is doing the onsite assessments.

If a property hasn't sold in a long time, the estimates tend to be lower than actual. If there are recent sales near the property, this will provide a better estimate.

And I've read (and this may be just a false rumor) that if you check the price for your property over and over on Zillow, Zillow notices this and anticipates you may sell the property. Zillow lowers the estimate because Zillow now buys property to flip, so they're lowering the estimated price so they can buy it from you at a lower price.

Prop 13 raises the property tax 2% per year and property tax is 1% of the assessed value. The .25% is the estimated total tax added on, like school bonds, water improvements, etc., which varies in percentage based local to your area. But if Prop 19 reassesses the property, your total tax bill would be based on the 1.25% rate.

I think assessors will tend to assess your property on the lower side. They don't want to get bombarded by homeowners saying their assessment is too high (too low is ok, but not too high!).

Anyone figured out what to do with Prop 19?

I was curious if an LLC can buy a property and keep the existing, very low property taxes after the sale, why can't a family trust assume the same lower property tax assuming that no member of the trust owns over 50%? I think it's stupid, but what I'm reading seems to imply that a trust is not a "legal entity". You can sue an LLC, but you can't sue a family trust. Seems very, very unfair since after selling property to an LLC, none of the original owners would own any of the sold property. If that's not a change in ownership, what is? ;-)

The Prop 19 tradeoff is keeping the lower tax rate OR getting the step up in cost basis. With Prop 13, you got both. But on Feb. 13th (not 16th), you'll get the step up in cost basis only and any non-primary residences will be readjusted to current market rates.
  Test vid ...
OpenHouseOn.com, Comments: 0, Last Update: 5 months

Test vid
  Testing video ...
OpenHouseOn.com, Comments: 0, Last Update: 5 months

Testing video
  Prop 19
TodayWeBuy, Comments: 0, Last Update: 5 months

With Prop 19, you seem to have two choices:

1. Do nothing. Pay significantly higher property taxes on any inherited property, but get the step up in cost basis for properties.

2. Transfer property before Feb. 12 to keep property taxes but if you sell, pay step up in cost basis taxes of 30% (20% Federal, 9.3% State).

So which one is better?

Say the property's cost basis is $25K and today the property is worth $625K.

Property tax is currently $500/year and after Feb 16, property tax goes to $7,812/year.

The step up in cost basis is $312,500.

30% of $312,500 is $93,750, which you would need to pay if you transfer the property and later sold.

The difference in property taxes is $7812-$500 or $7,312/year.

$93,750/$7,312 = 12.8, or 13 years.

So you would need to keep the property 13 years before selling to break even.

On to rent payments. Currently the property rents for $1,300/mo, but could rent for $2,450 according to Zillow.

At $1,300/mo, your net is $15,600.

Raising the rent to $2,450/mo, your net is $29,400.

$15,600 - $7,812 (property tax) = $7,788.

To get the same return prior to prop 19 of $15,100/year, rent has to increase by $609/mo, or $1,900/mo just to pay property taxes.

So what is the answer?

  California Proposition 19 Deadlines: 12/31/2020 and 2/16/2021
TodayWeBuy, Comments: 0, Last Update: 6 months

Prop 15 got all the attention in California, but Prop 19 will have a major impact.

The California Realtors Association spent $35M and others added $15M to get this proposition passed while the opposition spent only $45K. For Realtors, it means more business, more sales, more commissions because even if a child wants to move back into their parent's home, they simply may not be able to afford it. If the child inherits a property say in San Francisco or Los Angeles, they could be facing $12.5K per year for every $1M of market value above the first million.

For rentals, it means rents have to go up just to pay the taxes. If you're renting a property that you could sell for $600,000 today, you will soon be paying $7,500/year ($600K x 1.25%) instead of the current $600/year you may be paying now! Just to make the same profit margin, you would need to raise rent $575/month just to break even to pay the additional taxes.

I think the State of California is expected to receive $2 Billion dollars more per year due to this proposition passing.

If you plan on keeping a property as a rental, you definitely should look into how to keep your parent's existing property tax rate if you can. And if you don't, then expect to pay around ten times what the current property tax is today.

If you plan to sell the inherited property and get cash, which most children end up doing based on talking to a financial advisor, they basically can sell the property and get almost the full amount of the sale tax free.

This is because there is a step up in cost basis when the first parent passes on and a second step up in cost basis when the second parent passes.

If a property's market value when the first parent passes on is $500K, the step up in cost basis is $250K. If the property then appreciates to $600K when the second parent passes, the step up in cost basis is an additional $300K. If the children sell the property for $600K, they need to pay capital gains on the $50K gain since the passing of the first parent. At a tax rate of 20%, the children would owe $10,000 in taxes on the $50K gain, but would receive $550K tax free and $40K after paying $10K on the $50K capital gains. After paying capital gain taxes, the children would end up with $590K from the sale of their inherited property.

Deadlines:

If you plan to sell your parent's properties, Proposition 19 doesn't impact you in my view.

If you want to have your parent(s) gift a property, it seems you should do so by December 31, 2021. My understanding is Trump increased not taxing up to $12M dollars of property gifted to a child. But Biden may want to lower this to $1M. So you might be taxed on any gifts over $1M of market value.

The second deadline is February 16, 2020. This is if you want to create an LLC (or another form of business) and move the properties into the LLC to keep the lower tax rates.

I have two LLCs and they're easy to maintain. To set them up, you fill out a simple form. Then you need to remember to pay $800 per year, plus file a 12C Form every other year which updates who is a member of the LLC, plus have meeting minutes written and approved once a year, and have two separate checking accounts (since these are businesses). I might be missing something here.

The nice thing about LLCs is they give you a buffer between your personal assets and the renters suing you. Renters can sue the LLC, but so long as things are kept separate, the renter can only bring down the LLC but not touch your money. If renters find out you didn't keep your personal money separate from the business, like having one checking account for both your personal money and the LLC, then they can come after your personal assets which is called "piercing the corporate veil". (Always liked the sound of those words.)

Bottom line here is there is a problem and depending on what your long term plans are, you should look into what your options are now!

I just looked into Prop 19 last night and see it as a major problem which needs to be looked into more. To do nothing, just means you're going to end up paying a lot more in property taxes.

Please note, this post is NOT financial advice and you should contact a lawyer or an accountant for your situation.
  ...
TodayWeBuy, Comments: 0, Last Update: 7 months

  Private Mortgage Insurance: One Strategy That Can Benefit You!
TodayWeBuy, Comments: 0, Last Update: 8 months

If you can't come up with 20% down on a home (and who can now a days), you'll pay Private Mortgage Insurance (PMI). PMI ends when you have 20% equity in your home.

One strategy is to buy a fixer upper and when extra money becomes available, make improvements to the property such that the home appraises at a higher value. This allows you to make changes that you like plus adds value to your home.

This strategy would work best if you were able to buy a fixer upper in a neighborhood where the average home price is higher than what you paid your home for.

To stop paying PMI, you'll need to pay for an appraiser and hope he appraises your home showing you have 20% equity.

  Home Prices Rise 12.1% Even With COVID-19
TodayWeBuy, Comments: 0, Last Update: 8 months

Southland home prices increased 12.1% year over year and sales grew 2.4% as buyers took advantage of low mortgage rates according to the LA Times. This was the largest percent increase since 2014.

Median home prices in:

LA County: $692,750 up 12.2%
Orange County: $800,000 up 11.6%
Riverside County: $441,000 up 13.1%
San Bernardino County: $380,000 up 9.8%
San Diego County: $640,000 up 9.4%
Ventura County: $647,250 up 8.1%
  California Prop. 15, 19, and 21 Deal With Real Estate
TodayWeBuy, Comments: 0, Last Update: 8 months

Prop. 15 - Commercial Property Tax

Proposition 15 would assess property tax at market value rates for commercial and industrial properties phased in over a 3 year period that are over $3 million in holdings. $12.5 Billion dollars would go to local governments and K-12 schools if passed. This proposition was placed on the ballot by California Association of Realtors to increase the number of properties sold per year.

Prop. 19 - No Sibling Transfer of Property Tax

Proposition 19 would no longer allow children to keep their parent's property tax payments on any properties they inherit. Also extends property owner 55 and over can keep their property tax on their existing home to a new home in any county.

Prop 21. Rent Control

Proposition 21 would extend rent control to all housing more than 15 years old (with some exceptions to single family homes). This proposition would allow local government to impose limits on rent increases when a new renter moved in. In California, current annual rent increases are set to no more than 5% plus inflation today.

How are you going to vote on the above propositions?

  LA Times Recommends: Yes on 15, No on 19
TodayWeBuy, Comments: 0, Last Update: 8 months

Proposition 15 taxes commercial and industrial properties at today’s market rate value instead of their value in 1978 plus %2 per year increase. Properties under $3 million are not impacted.

Proposition 19 eliminates the tax break passed onto homeowners who inherit properties from their parents and allows homeowners 55 and over to transfer their property tax to up to 3 primary home purchases. This proposition is supported by California Association of Realtors.
  Can you take advantage of these market conditions?
Agent Hal Sweasey, Comments: 0, Last Update: 10 months

Today I have the latest news and notes from our San Luis Obispo market as we make our way through July. Inventory is practically the lowest it’s ever been, and the same can be said for interest rates. Since these are the driving forces behind our market, there are a couple of key tips buyers and sellers need to remember if they want to take advantage of current conditions. To find out more, watch this short video.
  Get A Jumbo Loan. Monthly Payments Can Be Less!
TodayWeBuy, Comments: 0, Last Update: 18 months

I find this very interesting.

The 15 Year Conforming APR Rate is 3.376% at a local credit union.

The 15 Year Jumbo APR Rate is 3.250%.

What does this mean?

It means for those homes which are priced close to the conforming maximum for your county, you could buy a more expensive home and PAY LESS on your mortgage payments!

The rates below were valid on November 15, 2019. But I have also seen where the 30 Year Jumbo Fixed Rate loan's rate was less than the 30 Year Conforming Loan rate too.

Usually the jumbo loan rates will be higher, since you are borrowing more money which is viewed as a higher risk to the bank.

Buyers need to be aware of this situation as you can buy MORE home for LESS monthly payments!

  Save money. Bring a marble to your next Open House.
TodayWeBuy, Comments: 0, Last Update: 19 months

When visiting an open house, place a marble on the laminate or hardwood floor to see if the marble rolls downhill. This may indicate a foundation problem which usually is very expensive to fix and can cause doors and cabinets not to close.
  Working4Home Idea #1: AT&T Smart Call Blocker
TodayWeBuy, Comments: 0, Last Update: 11 months

Are you tired getting robo calls while WORKING from home?

Having worked at home for the last 15 years, Working4Home highly recommends the AT&T Smart Call Blocker phones. These phones are the bomb and worth every dollar!

When you are robo called, these phones answer the call and ask the caller to state their name and hit the # sign. After hitting the # sign, the AT&T phone will ring with the caller id displayed.

What makes these phones the bomb are robo calls cannot state their name and press the # sign. As such, the AT&T phone NEVER RINGS.

Our phone, which rang multiple times throughout the day, went to nearly zero rings.

You can add callers to your good list (e.g., adding those who you work with so they don't have to state their name and press the # sign). There's a block list that blocks the phone numbers you enter too.

I can't overstate how great this phone is! I bought two different models, CL82207 and CLP99387, at Best Buy for around $65 and $120.

The only, I mean only, disadvantage is there is no 2.5mm headphone jack. The more expensive model supports Bluetooth connections. But Bluetooth headphones cost more than these phones.

However, I bought a telephone line splitter ($12) at Staples so I could connect my old Panasonic phone and new AT&T phone to the same phone line. It works great. The AT&T phone receives all calls and the Panasonic phone does not ring during this process. I can also make and receive calls using just the Panasonic phone while wearing my headset.

Right now on my AT&T phone's display it reads: "47 Missed Calls". Sorry, but I didn't miss any of those calls!

This is HIGHLY RECOMMENDED PRODUCT if you are Working4Home!

  Mortgage Rates Hit Another All-Time Low
TodayWeBuy, Comments: 0, Last Update: 8 months

Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery. These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months. However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.
  It's Getting Harder to Qualify for a Mortgage
TodayWeBuy, Comments: 0, Last Update: 10 months

COVID-19 has reduced the number of homes for sale. While interest rates are the lowest in 50 years, trying to get a mortgage is getting harder.

Lenders are increasing the FICO scores required and the down payment amount expected to get a loan.

As found in the mba.org link below:

"Mortgage credit supply dropped again in June, as investors further reduced their willingness to purchase jumbo loans and those with lower credit scores. Lenders are navigating a gradual economic and housing market recovery that is still facing headwinds from the ongoing COVID-19 pandemic," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "The overall credit availability index decreased 3.3 percent to its lowest level since April 2014, with all of the sub-indexes falling to lows not seen since 2014-2015."

Added Kan, "Credit supply has fallen over 30 percent since February - before the pandemic - with an 18 percent decrease in government loan availability, and a 57 percent drop in jumbo loan availability."
  Wear a Mask Diagram
TodayWeBuy, Comments: 0, Last Update: 10 months

Here's a useful diagram on COVID-19. Bottom line:


Wear a mask and avoid people who don't.


  Lowest Rates Ever
TodayWeBuy, Comments: 0, Last Update: 10 months

Based on the chart below that goes from 1972 to 2020, these Freddie Mac rates look to be the lowest ever recorded! Wow!

Here's what is the chart says below:

Mortgage rates fell below 3 percent for the first time in 50 years. The drop has led to increased homebuyer demand and, these low rates have been capitalized into asset prices in support of the financial markets. However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job losses.
  Mortgage Rates from Freddie Mac - July 16, 2020
TodayWeBuy, Comments: 0, Last Update: 10 months

These are the lowest rates I've ever seen from Freddie Mac!
  San Luis Obispo (SLO) County Real Estate Newsletter
Agent Owen Schwaegerle, Comments: 0, Last Update: 19 months

SLO County’s recent trend indicates a flattening out in pricing. We have only seen a 0.9% increase in prices County wide since September 2018. The steam seems to be running out as buyer’s optimism falters with uncertainty towards the economy, the trade war, and an election year looming. There were 324 homes that closed escrow last month, which was a significant rise of 14.9% from the 282 homes that sold in September 2018. In September 2017 there were 336 homes that closed escrow and September 2016 there were 330. This significant dip in the home sales volume last year was due to the rise in interest rates. The amount of sales we saw last month shows that the home sales have returned to the previous norm. There is currently 4 months of supply left on the market, indicating we are still in a seller’s market.

Assembly Bill 1482 – The Tenant Protection Act of 2019

The state legislature voted to pass Assembly Bill 1482 and now sits on the governor’s desk awaiting signature. This piece of legislation is the biggest form of rental housing restriction that has passed in our state in the past 25 years. It has sweeping consequences across the industry. The major impacts will be that rents cannot be raised more than 5% a year plus inflation which is about 3% a year (for a total of 8%) and landlords will need jut cause to evict their tenants.

The just cause eviction falls into two categories: at fault just cause and no fault just cause.

At fault eviction means that the tenant is in violation of the lease. They could have withheld rent payments, moved a dog onto the property when the lease says no pets, begun growing marijuana, committing waste, or materially breaching the lease in any way. If the tenant is at fault, you may issue a three day notice to fix or quit, and then an unlawful detainer as is custom currently. This seems to be a sensible way to protect tenants from being kicked out of their homes for no reason.

No fault eviction means that the tenant has done nothing wrong. You can issue a no fault eviction if you intend to occupy the home yourself, move a family member in, or do substantial renovation work which requires the tenant to vacate for more than 30 days. The catch is that per this new legislation, you need to pay the tenant relocation expenses or waive the last month’s rent. Given that property owners are still able to access their properties and pull them off the market, this seems to be another reasonable protection for tenants.

Overall, this piece of legislation is designed to protect tenants, and it seems like a good idea. Yet, at the same time it is placing more restrictions on property owners, making it less advantageous to own and invest in real estate in California. This type of sweeping legislation applies these rules to the entire state. Now the entire state has rent caps in place, which is one step closer to complete rent control.

The people voted No on Prop 10 at the ballots last November, indicating that they do not think rent control is the best approach to solving the affordability issue. The reason rents are so high is because real estate prices are so high. Could you imagine what it would be like if we put price caps on people’s homes in an attempt to make it more affordable to buy? Every home in California can only rise 5% a year in price, plus inflation. No thank you!

The beauty of the capitalist system is the freedom of markets to rise, fall, and correct as they see fit. Government intervention distorts markets, discourages investment, and makes it more difficult to run a business. Let’s focus on creating more affordable homes in order to decrease prices across the board for homes and for rentals instead of putting artificial caps in place.

Tax Benefits

We all know the reasons for owning a home: it’s a place you can decorate and fix up according to how you want it (inside, anyway) and no landlord can tell you no animals allows or that sepia walls are out of the question. The feeling of walking into a place that no one else is allowed to come into unless you say so is pretty powerful. Owning a home often gives people a feeling of power over their own destinies. Some even say that they didn’t feel like an actual adult until they signed those papers and got handed that key.

All these emotional reasons are important, to be sure, but in a financial sense, owning a home has its benefits too. For instance, you’re no longer giving money away to the owner of a place for the privilege of unpacking your Tupperware there. You’re no longer at the whim of an absentee landlord. And best of all, you’re building equity and you’ve made the biggest financial investment you’re likely ever to make, and it’s relatively low risk and high return. Plus you get to live there.

But there’s more. Tax benefits, and in these tough economic times, it’s nice to have a buffer between you and a growing tax burden. Mortgage interest, home equity loan interest and sometimes mortgage insurance premiums are tax deductible. What specifically does this mean? It means that paying real estate interest and insurance lowers your tax liability by lowering your income.

Also, the profit you make when selling a home is tax free up to $250,000 if you’re single and $500,000 if you’re married and file taxes jointly. Amounts over those are taxable (capital gains) at 15 percent, but that’s another article.

To spell it out further, here’s an example of how your taxes are affected by owning a home:

Vladimir is a single, childless guy who rents a house for $1200 a month. His adjusted gross annual income is $128,000. He has $3500 state income tax withheld from his paychecks during the year and qualifies for no itemized deductions. His federal income tax liability for the year:

Adjusted gross income: $128,000

Standard deduction: single $4400

Personal exemption $2800

Taxable income $120,800

Vladimir's 2018 federal income tax: $32,129. Ouch! That’s a lot of travel money!

But if Vladimir buys a house with a mortgage payment of $1200 per month, everything changes:

Adjusted gross income $128,000

Itemized deduction for state income taxes: $3500

Itemized deduction for real estate taxes: $1500

Itemized deduction for mortgage interest: $11,400

Personal exemption $2800

=taxable income: $108,800

=Vladimir’s federal income tax: $28,409. He just saved almost $4000 by buying a house instead of paying rent.
  Mortgage Rates from Freddie Mac
TodayWeBuy, Comments: 0, Last Update: 11 months

Latest rates are mostly unchanged and very low!

  What is the minimum down payment?
TodayWeBuy, Comments: 0, Last Update: 11 months

What is the minimum down payment if I'm willing to pay PMI as a first time home buyer?
  The Largest House In Each State
TodayWeBuy, Comments: 0, Last Update: 11 months

Found this story interesting ... The Largest House In Each State. How do they research this? ;-)
  Is now the time to buy property?
TodayWeBuy, Comments: 0, Last Update: 11 months

With interest rates at all time lows, 3% or less which is unbelievable, is now the time to buy your new home?

In general, my view is if you really like the property and can see yourself living there for several years, then the answer is yes!

The Advantages

With interest rates at all time lows, such low rates allow you to qualify to purchase more expensive properties and pay the same monthly rate.

You're not paying rent which is money that could be used to pay down a property.

You can get tax write offs for interest and points paid.

With low rates, every payment goes less to interest and more towards principle. If you're young, you'll be getting pay increases which will make the monthly payment be less of your overall take home.

Homes can be great investments. You put down 10% to 20% and if the property goes up in value, you'll make a significant amount due to leverage.

Disadvantages

The disadvantages are at these low rates, you'll never likely be able to lower your monthly payments by refinancing your loan.

If rates do go up, home prices will go down. Over the long term, prices will go up due to inflation. But if you have to sell, you may be under water with your loan and have to sell at a loss.

But ... whatever you decide, please, please, please, get a fixed rate 30 year or 15 year loan (if you can afford the higher payments). Now is NOT the time to get a variable loan!!!

Good luck!


  What’s New in Our Market?
Agent Hal Sweasey, Comments: 0, Last Update: 11 months

What’s happening in our mid-June real estate market? Things have been changing rapidly, so we want to keep you updated.

Compared to June 2019, we have 27% fewer homes on the market, which is good for keeping prices stable. Our pending sales are on track to reach 310 by the end of the month if we keep up at our current pace. That’s 26% more houses going into escrow with 24% fewer houses available. If this continues, home prices will increase.

Interest rates are currently unbelievable. I am refinancing my house right now, and I just got a 30-year fixed mortgage for a rate of 3%. For buyers, this means that if you were to have gotten a loan a year ago for $500,000, you could buy a $575,000 home today for the same monthly payment. That’s $75,000 more purchasing power than buyers had a year ago. If this persists, our market will remain strong.

The number of people contacting us wanting to buy, search for a home, and move to the area has gone up exponentially. Houses that had been sitting on the market for a while are now seeing multiple offers. In the last week, I sold two such properties, one of which sold for over list price. Buyers are out and about, and they’re taking advantage of the interest rates.

If you’re wondering how this could benefit you or have any questions, give us a call at (805) 781-3750 or send us an email. We would love to help you.
  iTour for 711 Main Street, Los Angeles, CA
TodayWeBuy, Comments: 0, Last Update: 14 months

iTours allow you to select what to view next. View our demo iTour at:

 https://OpenHouseOn.com?I225

Tour 225 was done using a hand held iPhone 6s. The strengths of this tour is the video quality. Pause the video at anytime because every pause looks like a high quality photo. The weakness of this tour is it’s a bit shaky. This can be overcome using a gyroscope stabilizer to hold the iPhone.
  iTour for 234 Main Street, Los Angeles, CA
TodayWeBuy, Comments: 0, Last Update: 14 months

With COVID-19, iTours provide an alternative to onsite open house tours. View our demo iTour at:

 https://OpenHouseOn.com?I227

This iTour was done using a video camera. The strengths of this tour are the number of paths you can view online. The weakness is the video quality.

You don’t have to wait for each video to end before selecting the next video to view. This allows buyers to view a video of the kitchen or the master bedroom within a few seconds.
  An Update on the San Luis Obispo Market so Far in 2020
Agent Hal Sweasey, Comments: 0, Last Update: 15 months

Before we get deeper into February 2020, I want to bring you a few quick updates. I have the latest market stats, as well as really important information for home sellers. First, let’s look at the market.

In January 2020, our inventory was down about 15% from where it was a year ago. At the same time, we had 20% more homes go into escrow. The fact that interest rates are hovering around 3.5% is a big factor. We have a very strong market right now.

Our team has put 17 homes into escrow in the last 14 days, which is a fantastic start to the year for us.

If we go back to 2018, we had a very strong start to the year in January, February, and March, but things slowed down for the rest of the year and we actually saw some softening of prices.

If we shift to 2019, the same thing happened all the way up until November. In November and December, we had a very strong finish to the year. These little windows come and go, but it’s good to know that there are opportunities out there for buyers and sellers in our market.

The second topic I’m covering is a question that I always get from home sellers around this time of year. They want to know what they should fix, remodel, or upgrade to get the most money out of their sale.

There are studies done every year that show things like kitchen and bathroom remodels are some of the best things you can do, but you’re still only getting 80 cents on the dollar in return. However, there are a couple of exceptions. If you’re handy and can do the job cheaper than contractors, it might make sense. If you’re not, there are at least four things I can recommend that should help increase your home’s value without breaking the bank:

1. Clean and declutter
2. Replace flooring
3. Fresh paint
4. Landscaping

Don’t go hog wild on renovations. Give me a call and we can talk about the simple, inexpensive things you can do to make sure you get the most money possible for your house.

At the end of the day, it’s a phenomenal time to be a home seller in our market right now. Rates are fantastic, inventory is low, and demand is very strong. If you have any questions for us or want to talk about your specific situation, feel free to reach out via phone or email. We’d love to help. Stay tuned for our next video, where we’ll have some great tips for homebuyers.
  February 2020 Real Estate Newsletter
Agent Owen Schwaegerle, Comments: 0, Last Update: 15 months

The Schwaegerle Team's market update for the Central Coast. What we are seeing is a shortage of homes available, about 17% less active listings than last January. This is the lowest the inventory has been in 5 years. The shortage in supply has led to an increase in the median sales price of 7.9% year over year! The current median sales price for a home in SLO County is now $617,000. This market could be the perfect time for you to sell your house, land, or real estate investment to cash out. Call us today to find out what you could possibly net on the sale of your real estate assets.
  SB 50 - What do you think?
TodayWeBuy, Comments: 0, Last Update: 16 months

California has 358 homes per 1000 people and ranks 49th in units per people only behind Utah. The average price for a home in California is over $600K. In S.F., the average price is $1.6M.

SB 50 would override local building restrictions and let developers create more housing near metro stations and high frequency bus stops.

What's your view on SB50?
  Second Geological Survey?
Roger Cook, Comments: 0, Last Update: 19 months

My home was in escrow but the buyer (or buyer's agent) requested a second geological survey and wanted us to pay $1,200 for it. We said no.

15 years ago, the living room wasn't level so we had a geological survey done and had the foundation raised and leveled off by a professional company.

My question is what will a second geological survey show? My home sits on the same land and hasn't changed.


  Advertising Guidelines for Agents and Brokers
OpenHouseOn.com, Comments: 0, Last Update: 19 months

Found this document to be very interesting:

Advertising Guidelines
Prepared by Tyler & Bursch, LLP

https://srcar.org/assets/2019/03/CRMLS-Advertising-Guidelines-031319.pdf


OpenHouseOn.com LLC has no affiliation with Tyler & Bursch, LLP. We just found the document very useful for agents and brokers, but even for buyers and sellers too on what rules your agent needs to follow.
  Mortgage Rates Rise: 3.75% 30 year, 3.18% 15 year
TodayWeBuy, Comments: 0, Last Update: 19 months

Rates increased slightly for a second week.

The average rate for a 30 year fixed mortgage rate is 3.75% up from 3.69% last week.

The average 15 year fixed mortgage rate is 3.18% up from 3.15% rate last week.

For more rate information, visit: http://www.freddiemac.com/pmms/
  Edit Photos Menu for Agents
TodayWeBuy, Comments: 0, Last Update: 19 months

For a given property you added, you can change the order of the photos, add titles and/or descriptions, specify if a photo was taken by a special 360° camera, and can rotate the photo, if needed.

After you log into OpenHouseOn.com and add a new listing, you can then upload up to 50 photos at once. The order of the photos defaults to the alphabetical order of the photo's file names.

To change the order, replace the numbers for Photo Order to the order you wish. Photo 1 is the primary photo used for the property. Photos 1-5 will be used in Agent Blasts and on the printed flyer for the property.

You can type in a title for each photo if desired, as well as a description.

If you have a 360° camera, like Insta360 One, you can indicate this for each 360 photo.

To update your photos, click on Update Photos for Listing # button.

  How To Send An Open House Agent Blast
TodayWeBuy, Comments: 0, Last Update: 19 months

An Agent Blast lets you send up to 2,500 emails to other agents and OpenHouseOn.com members. Local agents are selected using up to five zip codes you specify. The first zip code is where the property is located and the other four are usually for areas that surround the property for sale.

There are three types of Agent Blasts:

* New Listing Agent Blast
* Open House Agent Blast
* Price Drop Agent Blast

After you add you new listing, you can schedule a New Listing Agent Blast. This will introduce up to 2,500 agents and our members about your property.

An Open House Agent Blast sends up to 2,500 emails about your open house. You need to set the date of the open house, the start and end time (1pm-4pm is the default), and who will be hosting the open house.

You also need to set the date and hour (10am is the default) as to when you want to send the Open House Agent Blast. Usually you would send the blast the day before the open house or in the morning when the open house will be held. When your done, click on the Add Open House Entry to add your entry.

Under Agent Blast Open House Schedule, you can click on SEND TEST BLAST. This will send only one email to you so you can see what your agent blast will look like (before the actual agent blast is sent out).

The Price Drop Agent Blast informs other agents and members that there has been a price reduction for the property.

On the day of the open house, we also send out hourly tweets from 8 AM to 2 PM to Twitter and TodayWeBuy to promote your open house.

To send an Open House Agent Blast, select Open House under the Agent Blast column, as seen in the first figure.

Next, set the date, times, and hosting agent for the open house. And then the date as to when you would like the Agent Blast to be sent out.

Just remember, the Agent Blast date has to be BEFORE or ON the date when the open house will be held. ;-)

Agent Blasts are currently only supported in California. Let us know if you would like to send Agent Blasts in other states.

Happy Blasting!

  Mortgage Rates Rise: 3.69% 30 year, 3.15% 15 year
TodayWeBuy, Comments: 0, Last Update: 19 months

Rates increased slightly. The average rate for a 30 year fixed mortgage rate is 3.69% up from 3.57% last week.

The average 15 year fixed mortgage rate is 3.15% up from 3.05% rate last week.
  30 Year Rates Fall To 3.57% / 15 Year to 3.05%
TodayWeBuy, Comments: 0, Last Update: 19 months

30 year fixed mortgage rates fell this week to 3.57% from 3.67% last week according to Freddie Mac. Last year at this time rates were 4.90%.

15 year fixed mortgage rates fell to 3.05% from 3.14%.
  SB 1482: California's Statewide Rent Control Law
TodayWeBuy, Comments: 0, Last Update: 19 months

iFAQs let you ask questions, comment, or add information about this topic. Click on the comment button below.

Highlights of SB 1482

Signed into law by Governor Newsom. Starting January 1, 2020, rent increases are capped at 5% plus inflation for the next 10 years. Landlords need to document lease violations if a renter has lived in an apartment for 1 year. Apartments built in the last 15 years and investor owned single-family homes are exempt.

  Looking for 5 bedroom 3 bath in LA
Agent Debbie Tester, Comments: 0, Last Update: 19 months

Does anyone have a listing for a 5 bedroom 3 bath ranch style home in the outskirts of LA? Client is motivated. Thanks.

Clarification - 5th bedroom can be an office.
  The Tenth Post
TodayWeBuy, Comments: 0, Last Update: 19 months

10th
  The Ninth Post
TodayWeBuy, Comments: 0, Last Update: 19 months

9th
  The Eighth Post
TodayWeBuy, Comments: 0, Last Update: 19 months

8th
  The Seventh Post
TodayWeBuy, Comments: 0, Last Update: 19 months

7th
  The Sixth Post
TodayWeBuy, Comments: 0, Last Update: 19 months

6th
  The Fifth Post
TodayWeBuy, Comments: 0, Last Update: 19 months

5th
  The Fourth Post
TodayWeBuy, Comments: 0, Last Update: 19 months

4rth
  The Third Post
TodayWeBuy, Comments: 0, Last Update: 19 months

3rd
  The Second Post
TodayWeBuy, Comments: 0, Last Update: 19 months

2nd
  The First Post
TodayWeBuy, Comments: 0, Last Update: 19 months

1rst

Home - Terms of Use - About Us
Copyright © 2020 OpenHouseOn.com LLC - All Rights Reserved