Thursday, October 20, 2005

Resale Value

We all know that certain cars have better resale than others, but why? Well, Kelly Blue Book says there are three main things that contribute to high resale value:
  • wide appeal
  • well maintained
  • luxury items

Sound familiar? The same applies to homes. A freshly painted and carpeted home in inviting neutral tones appeals to most buyers. In addition, a well maintained and cared for home is apparent to most buyers. Last, luxury items and upgrades such as wood floors, stainless steel appliances, and granite countertops are things buyers have on their wish list.

Even if you aren't selling right now, keep these things in mind when you are doing repairs and upgrading your home.

Wednesday, October 19, 2005

No Money Down!

Are you still renting? What are you waiting for? No Money? No Problem! No money down and seller will pay your closing costs on this Mission Oaks home with 3 bedrooms plus office, 2 baths, and a huge lot! All for $584,500. What are you waiting for?

Want to know more? Check it out!

Monday, October 17, 2005

Cash Flow

Want a risk free way to make 21% on your money? Pay off your credit cards! As an added bonus, you should see an increase in your credit score!

Wednesday, October 12, 2005

More on Private Annuity Trusts

Interested in selling your investment property, but don't want to pay the capital gains? Here's more information on Private Annuity Trusts.

Tuesday, October 11, 2005

Biggest Home-Buying Mistakes

1. Choosing a poor location - The number one mistake buyers make is choosing the wrong location. Old saying: Buy the worst house in the best neighborhood not the best house in the worst neighborhood.

2. Not doing your homework - There is ample information now available on the internet and through your Realtor. Knowledge is power. Be prepared and know your market.

3. Trying to make a killing in the market - Don't try to guess what the market will do next - no one knows. You should buy your house on functionality for your family, suitability for your life style and livability. Don't let the glamour of the house overshadow your needs.

4. Not having the house inspected by a qualified respected professional - You don't need any surprises. Get it inspected!

5. Waiting for a better market and/or interest rates - or - Not buying at all (if you can afford a home) - While waiting, you lose benefits - tax deductions, building home equity and appreciating in value.

Lorraine Burns
web site:

Monday, October 10, 2005

Alternative to 1031 Tax Exchanges

Looking to exit real estate? Worried about the capital gains? Most of us think of 1031 tax deferred exchanges when we think of deferring gains on real estate. What if you don't want to buy more real estate? There are alternatives. Private Annuity Trusts or Deferred Annuity Trusts can be very complicated, but they might be the answer for some real estate investors when the time comes to sell some of their real estate holdings. Check with your tax advisor or financial advisor for the details.

Wednesday, October 05, 2005

More on Murphy's Law when it somes to Real Estate Transactions


Unexpected Showings - Buyers don't operate on your schedule. They may want to see your house at any time of the day or night. Your Realtor will ask you to keep your home in show condition. Talk about Stress?

Inspections - Inspections kill more deals than any other single factor besides overpricing. ALL older homes have some minor and some major problems so address the problems before it becomes a problem. Remember: It is the inspectors job to find problems; That's what he/she gets paid for. So make sure you address the problems on the TDS (Transfer Disclosure Statement). Be honest with the buyers about what you know about your house.

Last Minute Problems That Delay Closing - Service providers, from lenders to inspectors to closing agents, may cause problems. Most of the time they don't mean to. So schedule all steps in the transaction early. Track the transaction with you Realtor so you know which steps have been fulfilled properly. Then be ready to adjust your schedule accordingly. Do not be set in stone on your moving date because in some cases, it's not going to happen.

Lorraine Burns

Saturday, October 01, 2005

Murphy's Law for Real Estate Deals

Murphy's Law states that anything that can go wrong WILL GO WRONG! Same is true for both buyers and sellers in the Real Estate World.
(1)Understand that your home may not be worth what you think! The buyer determines the worth of your home - it has nothing to do with what you need to get out of it. Also, you are competing against other homes with updates and features your home may not have. Put it in good repair, and make sure it is spotless and clutter-free.
(2) People won't love your home like you do! Buyers look at your home with an eye to how they can make it suit themselves. They may knock out a wall, tear down the wallpaper and gut the kitchen. All these changes cost money so they will value your home less as they consider remodeling and decorating costs.
(3) Buyers can be RUDE! Poor manners are rampant in our society. So don't be surprised when buyers visit and leave a cup on your coffee table. Or leave cabinets and closets open when they look. Or miss their appointment and expect you to reschedule on a moments notice.

More on the next posting!
Lorraine Burns, Realtor