Got questions about our crazy real estate market? I have the answers.
Interesting real estate facts in today’s market:
- VA loans – no more loan limits!! As of 2020 if you can qualify you can borrow as much as you would like with no money down (100% financing).
- Buying/Selling – prepare for the home not to appraise. Know how to negotiate to get the price down if you are the buyer and know how to get more than the appraised value if you are selling. Critical if you want to save or make more money on your next purchase or sale.
- How many offers do you need to actually get a great offer? The answer is 6, two won’t qualify, one will change their mind, one will find another property. That leaves 2 and if you have a good listing agent you can use the two good offers to drive up the price.
- Best value for your money in San Diego county in my opinion – Chula Vista, La Mesa, San Carlos, Bonita and Del Cerro (beach area - Point Loma, east county - El Cajon, north county east - Rancho Bernardo, north county coastal - Carlsbad).
- There’s a guy who owned one red paper clip and traded his way up until he owned a house.
- In Scotland, homeowners paint their front door red when they pay off their mortgage.
- You only need about 2-4 hrs. total of showing time to sell your home in today’s market.
- How much above market value are homes selling for in this market? $750,000 - $50,000-$75,000 above market value, $1,000,000 - $100,000 to $200,000 above market value.
- Approximately 60%-80% of licensed agents have another form of income.
- Interest rates are still below 3%.
- Why do homes fall out of escrow? 1. Change their mind – cold feet. 2. Don’t qualify for the loan – financing. 3. Condition – during inspections the buyer/s find out the home is not up to their standards. 4. Request for Repairs/Appraisal.
- Do swimming pools add value to your home? Yes and No. Not necessarily extra money, but they are in high demand for those that want a home with a pool. 50% of the buyers out there absolutely don’t want a pool. The other 50% absolutely need to have a pool so the two balance out.
If you have any questions about anything I mentioned above or in my video, please call me and I will spend as much time on any topic as you need.