Joe Capote

February 2, 2011 • 6:03 pm 0

What My Realtor Did Right

When it comes to overall satisfaction of their real estate agent, 49% of traditional buyers and 69% of internet buyers reported a ‘so-so’ level of satisfaction, according to the California Association of REALTORS 2010 Survey of California Home Buyers. The same survey reported that  36% of those surveyed would ever use their agent again. That is a pretty horrific success rate, particularly in a business where client referrals and repeat business are some important.

So what did the survey indicate that home buyers thought were important traits in their real estate agent? Here is the skinny:

  • 69% of buyers indicated that an agent’s response time had an extremely important impact on their agent-selection process.
  • 38% of internet expected their agent to respond instantly to any communication, included submitted forms.
  • 31% of regular buyers had the same expectation of immediate response to any communication.
  • 74% of buyers listed ‘always quick to respond’ as the top reason for their satisfaction with their agent.

It’s clear that quick response is highly valued by today’s savvy homebuyers. What other traits were highly valued?

  • One who makes themselves available to their clients after the sale.
  • Knowledgeable
  • Aggressive negotiation skills
  • Attentiveness
  • Setting of proper expectations

What do you think? Do you have any real estate agent horror stories?

Filed under: Buyer's Blog, , , , ,

January 26, 2011 • 5:38 pm 0

Condominiums, Townhouse and PUD’s Defined

A client recently asked the question, “What is the difference between a condo and a townhouse?”. A great question that is not always clear to most folks.

I find most clients tend to think of condos as a building or a complex. Condos are often mistakenly referred to as a type of construction or development. In reality, a condominium is really a type of ownership in real property. In a condominium, all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title.

For example, say I own a corner unit at one of San Bruno’s condominiums complexes, such as Shelter Creek. I would have an ownership in the interior of the unit to which I have title. I would also have an ownership (along with all of the other owners) of the property, common areas and buildings. I would be part owner of the land, but would not have an individual ownership of the land.

Townhouses are often thought of as an architectural style. For the most part, a townhouse is one row of homes sharing common walls. Differing from condominiums, townhouse ownership does include individual ownership of the land. Depending on the townhouse, there can be common areas, such as a central courtyard, which can be shared.

So then, what is a planned unit development (PUD)?. Most folks have heard of a PUD, but don’t associate it with an architectural or building style. It is, like a condominium, a type of ownership. In a PUD, individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the association or development.

Clear as mud? Here’s a quick cheat sheet.

  • Condominium –  Owners own the airspace inside the unit, but share the ownership of the buildings and common areas.
  • Townhouse – A row of homes sharing common walls. Owners have individual ownership of the land. May have shared ownership of common areas.
  • Planned Unit Development (PUD) Owners have individual ownership of the building they live in. Owner’s share the ownership of the common areas.

I hope this helps.

Have any Real Estate questions? Contact me at www.JosephCapote.com or email me at JCapote@apr.com.

Filed under: Buyer's Blog, Seller's Blog, , , , , ,

January 13, 2011 • 5:25 pm 0

5 Feng Shui Concepts to Help a Home Sell

To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.

2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.

3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.

4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.

5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.

Source: Sell Your Home Faster With Feng Shui by Holly Ziegler (Dragon Chi Publications, 2001)

Filed under: Seller's Blog,

January 6, 2011 • 2:20 pm 0

Real Estate Transfer Disclosure Statement Changes for 2011

As part of a traditional residential 1-4 unit sales transaction, it is the seller’s responsiblity to provide the Transfer Disclosure Statement, or TDS. The TDS (known as California Association of Realtors form TDS) is the seller’s disclosure to prospective buyers of what he/she knows and is aware of regarding the property being sold. Things that are disclosed on a TDS include:

  • Items that the subject property contains such as appliances, pools or spas, sprinklers and air conditioning among other things.
  • The sellers knowledge of any significant defects or malfunctions in the subject property, for example leaks, foundation or roof issues.
  • If the seller is aware of any other known material facts such as hazardous materials, structural issues or repairs, room additions, zoning violations and homeowners association information. 

On January 1st  a new version of the Real Estate Transfer Disclosure Statement was mandated by the legislature.  If the prior version of the RETDS was given to the buyer before January 1,2011, then it is fine to use it. Listings that are not in escrow prior to January 1 will require the new Real  Estate Transfer Disclosure Statement. That means changing out and redoing any RETDS in listings that was not in escrow prior to January 1. 

The changes to the new TDS:

  1. Inclusion of the Smoke Detector Statement Compliance and Water Heater Statement of Compliance (new Section “D” on Page 2).
  2. The addition of Carbon Monoxide Devices in Section “A” on Page 1 as well as the reference to carbon monoxide device at the end of Section “B” on page 2.  (Reminder that Carbon Monoxide Devices become a mandatory installation as of July 1, 2011 for existing single-family dwelling units).

In transactions where the seller is a trust, a bank (REO) or the subject property is a commercial/multi-unit(5 or above) the TDS may not be required.

The Seller’s Supplemental Statutory and Contractual Disclosures (C.A.R form SSD) is often discussed since it is where the seller discloses knowledge of a death on the property within the past three years. This form will remain unchanged for the time being.

For more information regarding selling your home, visit me on the web at www.JosephCapote.com. 

Filed under: Buyer's Blog, Realtor Trends, Seller's Blog, , ,

February 15, 2010 • 10:16 am 0

Tips for Pricing Your Home

Real estate markets vary and pricing your home for sale can be challenging. Incorrectly pricing your home may have negative results as it idles on the market. Here are a few tips to help you price your home correctly.

  • Consider comparables. What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?
  • Consider competition. How many other houses are for sale in your area? Are you competing against new homes?
  • Consider your contingencies. Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?
  • Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute (www.appraisalinstitute.org) or ask your REALTOR® for some recommendations.
  • Ask a lender. Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.
  • Be accurate. Studies show that homes priced more than 3 percent over the correct price take longer to sell.
  • Know what you’ll take. It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.

I hope this helps! For more on pricing and selling your home, visit www.JosephCapote.com.

Filed under: Seller's Blog, ,

February 11, 2010 • 12:12 pm 0

How to Get an Offer on Your Home

Handy tips for all sellers. When it comes to selling your home, price is king. Quality homes that are priced right are sold quickly.

1. Price it right. Set a price at the lower end of your property’s realistic price range.
2. Prepare for visitors. Get your house market ready at least two weeks before you begin showing it.
3. Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you’ll find a buyer.
4. Anticipate the offers. Decide in advance what price and terms you’ll find acceptable.
5. Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price.

For these and other handy selling tips, please visit my website at http://www.JosephCapote.com.

Filed under: Seller's Blog, ,

February 8, 2010 • 10:14 am 0

Low-Cost Ways to Spruce Up Your Home’s Exterior

Make your home more appealing for yourself and potential buyers with these quick and easy tips:

1. Trim bushes so they don’t block windows or architectural details.
2. Mow your lawn, and turn on the sprinklers for 30 minutes before the showing to make the lawn sparkle.
3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.
4. Install new doorknobs on your front door.
5. Repair any cracks in the driveway.
6. Edge the grass around walkways and trees.
7. Keep your garden tools and hoses out of sight.
8. Clear toys from the lawn.
9. Buy a new mailbox.
10. Upgrade your outside lighting.
11. Buy a new doormat for the outside of your front door.
12. Clean your windows, inside and outside.
13. Polish or replace your house numbers.
14. Place a seasonal wreath on your door.

For more ways to spruce up you home before sale, visit my seller’s center at www.JosephCapote.com

Filed under: Seller's Blog, ,

February 4, 2010 • 10:48 am 0

5 Things to do Before Putting Your Home on the Market

If you are considering putting your home on the market, here is a list of handy things to do before you put your home on the market. This will help you prepare for you sale and work to give you the best price in the best timeframe for you home.

1. Have a pre-sale home inspection. Be proactive by arranging for a pre-sale home inspection. An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin. By getting the inspections before putting your home on the market, the negotiation process is simplified as buyers know what to expect for the property prior to setting the price.

2. Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

3. Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

4. Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

5. Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

If you are considering putting your home on the market, contact me for a free market analysis and no-hassle consultation. I can help you answer these and other questions regarding the market value of your home. Contact me a http://www.JosephCapote.com or (650) 269-3000.

Filed under: Seller's Blog, ,

October 22, 2009 • 3:55 pm 0

When Does Moving Up Make Sense

I’ve been getting a lot of feedback from my earlier posts, where I dissect the housing recovery assertions and respond that the ‘move up’ market is missing, thereby causing a lack of available homes for first time homebuyers and a glut of high-end homes with few available move-up buyers. Just to recap, a move-up buyer would be a current homeowner looking to sell their current home and ‘trade-up’ for better home. Here are some direct answers, compliments of the National Association of Realtors.

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move. 

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. 

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district. 

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Items number 5 and 6 and especially important in today’s market. Interest rates are low, and despite inflationary pressures should remain low for a bit longer. Number 5 is a harder answer, especially if buying a new home is contingent upon selling the old one. You will need to find a seller willing to let you buy based on the contingency, and then market and price your current home to sell, since the old housing market ain’t what it used to be. It’s not an impossiblilty, but both buyer and seller will need to be flexible, competitive and willing to compromise. If you are able to buy a new home without selling the old, then your options are a little better. You can lease out the old property until you fell comfortable selling, or you can sell it at your convenience given the buying the new home is not contingent upon the sale. In this scenario (given you feel positive about your income and ability to afford more home), moving up is a clear possiblity and may very well make sense for you.

For this and more stuff on buying or selling, visit www.JosephCapote.com. Really, my website analytics reports are so incredibly depressing. And my bounce rate would make Magic Johnson proud. Click the link… You know you want to!

Filed under: Buyer's Blog, Seller's Blog, , , ,

September 15, 2009 • 10:42 am 0

Take the Stress Out of Homebuying

When it comes to real estate, there is a lot to know and a lot to think about. It’s no wonder that buying or selling real estate can be an extremely stressful situation, for many reasons. Here are some tips to keep the stress level down, and keep the buying/selling process as comfortable as possible.

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.

2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.

9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.

Finally, my personal favorite, eat lots of M+M’s. These really do a lot to soothe any stress associated with buying or selling real estate. Chocolate or Peanut (or even Almond) is a personal decision, of course!

For more information, check out my website at http://www.JosephCapote.com.

Filed under: Buyer's Blog, Seller's Blog, , ,

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