Cash VS Financing

Should you pay cash for real estate if you can? Or is it best to finance your home?

Have a financial game plan. Does owning a home free and clear fit into your financial picture? And if so, will buying the home with cash now affect you in the future? If you plan for the future now you can help avoid any downfalls later. Paying cash for a property makes sense if you are trying to avoid paying for any loan fees or settlement costs.

So what to do? Evaluate your circumstances before buying any house with cash. Make sure that you have enough cash reserves to cover- funds set aside for retirement, emergency funds in a savings account, insurance for health, life, and disability.

Paying cash for a property can limit your liquidity, especially if you have kids you are sending to college or assisting elderly relatives with living costs. And don’t forget that a home without a mortgage is a home without a tax deduction. It might just make more sense to use your cash to pay off non-deductible credit obligations than putting that cash into a home.

And finally, as yourself how does a mortgage factor into your investment financial picture. Are there other investments that could be of greater financial yield with a similar amount of risk?

Before making any decision, it’s wise to consult with a financial professional to help you evaluate the dollars and sense of buying a home with all cash. In today’s world, where many homeowners are cutting back on expenses rather than incurring new ones, owning a home free and clear may just be financially and mentally liberating.

Your Local San Diego Real Estate Expert,

The Benefits of an Open House

You’re ready to sell your home and your real estate agent suggests an open house to showcase your home. What are the benefits to an open house?

Open Houses are one of the most effective ways to showcase your home to potential buyers. It gets eyes on your home to bring in potential buyers who would otherwise be too lazy or unmotivated to book a showing. By adding in advertising and signage and you’re going to catch the eye of casual and serious prospective buyers.

By doing an open house, you can set the scene your way with prospective homebuyers. Many times, prospective buyers will want to view your home with little to no notice. It can be stressful keeping your home “showcase ready” while on the market. With an open house, you’ll be able to prepare for an event that has the potential to bring in many potential buyers. Sweeten the deal by baking cookies and setting them out or filling vases with fresh flowers.

Another benefit of having an open house is that you are able to lock in an interested buyer. If your home has already caught the eye of a potential buyer they are more willing to come back for a second look at your home in a less formal setting. An open house gives the buyer the opportunity to also bring family and friends to the showing. Any given weekend, you’re likely to see multiple open houses in a particular location.

Buyers that are interested in purchasing a home in your area is able to compare homes in the area that are for sale by attending many different open houses, which gives you the opportunity to allow your home to stand out in a crowd.

Finally, another benefit of an open house is that you get to choose the timing to showcase your home. Holding an open house has the potential to put your home on the real estate map. Work strategically with your agent to schedule and organize a successful open house.

Your Local San Diego Real Estate Expert,

Things to Buy After Buying A Home

Congratulations! You just purchased a new home! The biggest hurdle is now over. What’s next?

Keys and Locks – The first thing you need to do after buying a new home is changing all your door locks, or re-key the home. If the previous sellers gave sets of keys to family, friends, neighbors, etc. then chances are that you need to re-key the house. This is solely for your own protection. Check out your local hardware store to re-key. You can buy all new locks, but sometimes it gets to be a little expensive.

Lawnmower – Unless you plan to hire a gardener you will definitely need to buy a lawnmower. Many homes in California have no lawns, and the back yards are dirt, so this doesn’t always apply.

Garden Supplies – Like I previously stated, California back yards are primarily dirt. Consider purchasing plants and trees to fill. Every home needs a garden hose.

Tools and Repair Items – Every house needs a well-stocked tool box. Hammers, screw drivers, pliers, wrenches, nails, and tape measures are just a few of the essentials every house needs.  If you’re looking to do some remodeling, don’t forget paint brushes, paint scrapers, mixing paint containers, rollers, drop clothes, and sandpaper.

Outdoor Entertaining – Lawn chairs, umbrellas, patio furniture and a BBQ grill are just a few things you need to entertain family and friends.

Window Coverings – Blinds, drapes, Roman shades, scarves, toppers, and shutters/ sheers are just a few ideas for window coverings. IF you’re low on budget, try self-adhesive paper blinds with clips.

Appliances – Depending on how much you want to spend, look into having a refrigerator, washer and dryer, and cooktop/range. Consider buying used appliances if you’re on a strict budget.

Linens, Towels, and Floor Coverings – Try Bed, Bath, and Beyond or Linen-n-Things!

If you’re not quite sure the color scheme you’re going for, or need some help with designing your home, look into hiring a personal Interior Designer to work with you.  Try Living Solutions Interior Design for help! https://www.facebook.com/pages/Living-Solutions-Interior-Design/206050699430476

Your Local San Diego Real Estate Expert,

SHORT SALE in El Cajon/ Mollison Avenue

SHORT SALE in El Cajon off Mollison.

Recently listed upgraded home in gated community- Granite counters, stainless steel appliances. 2 bed, 2.5 bath, 1125 sq.ft. Please call me for more info or to schedule a viewing. 619-250-4541 

For more information, please visit the link below:

http://www.nissourealtygroup.com/listing/mlsid/219/propertyid/140014288/

Your Local San Diego Real Estate Expert,

#shortsale#foreclosure #kellerwilliams #kwrealty#kellerwilliamsrealty #nissourealtygroup #nrg#stephennissou #nissou #justlisted #newlisting#remodeled #elcajon

Top 8 Things To Ask Your Lender During The Application Process

The Loan process can be somewhat daunting if you don’t know what to look for, or who to ask questions to. Here are the top 8 things I tell all my clients when they are ready to go through the application process for their loans.

      

      1)      What documents will I need in order to receive full mortgage approval?

Residence history, marital status, credit obligations, down payment, income, and employment verification are the most important information you will need for a full approval.

   

      2)      How long will the entire process take?

Communication during the process is essential. As long as you ask all questions ahead of time, and get all of your documents together during the process, then the process should be fast and easy. Your loan officer should be able to give you a total amount of time for how long it will take to close on your mortgage.

   

      3)      Are my taxes and insurance included in the payment?

If you include taxes and insurance into your payment then you will have a higher monthly payment to the lender, but you also won’t have to worry about coming up with large sums of money to pay the taxes when they are due.

      4)      Will my payment increase after closing?

Try to choose fixed interest rate loans. This will allow you to never have your loan payment increase over the life of the loan. If your taxes and insurance are included in your payment, then your total payment will change over time due to the changes in your homeowner insurance and property taxes.

      5)      How do I lock in my interest rate?

Most loan officers pay close attention to market conditions, as rates move several times a day. It’s good to know the terms and what the process is for locking in your interest rate.

      6)      How long will my rate be locked in?

Typically, rates are priced with a 30 day lock. You can choose to hold off temporarily if you are purchasing a short sale or foreclosure listing. The shorter the lock period is, the lower the interest rate. The longer the lock period, the higher the interest rate.

      7)      How does my credit score affect my interest rate?

If you have any recent changes to your credit score, be sure to get specific answers. There are many key factors that can influence fluctuation in your credit score. Fill your loan officer in on anything you can think of that might be tied to your credit.

      8)      How much do I need for closing?

Ask your loan officer to estimate how much you need to budget so that you are prepared ahead of closing. Your deposit, appraisal fees, and seller contributions can factor into this final number as well.

The better you understand the entire loan process, the better your entire experience will be. Remember: You can never ask too many questions.

Your Local Expert,

How To Make Your House Sell For The Most Money

When selling your home, the most important thing I tell my sellers is to step out of your own shoes when looking at your home and step into the buyers shoes. Take a good look at your home and property and ask yourself if it’s appealing to a buyer.

Most buyers are interested in these three things when thinking about a property to buy:

1)      Safety: Is this home safe for their family and pets? Are there locks on the appropriate doors (front door, garage), are there fire and carbon monoxide alarms, and what is the neighborhood like? Check each window throughout the home to be sure that there are locks on each one, and that they open and close properly.

2)      Maintenance: Is everything working correctly in the home? Does the garage door(s) go up and down? Is there anything that needs repairing? Do any walls need to be repainted?

3)      Appearance: Is the home clean, and clear of clutter? Is there too much color, or not enough? Does the landscaping need to be done?

Here are a few tips to help you see your home and decide what to fix first:

-          Fix what you can see. Make the necessary cosmetic changes. Start from the outside (the front yard, then backyard) before moving into the house.

-          Remove the clutter from each room, beginning with the family room, living room, then moving into the bedrooms, bathrooms, and finally the kitchen. If you use a bedroom for storage only, consider making the room more functional by giving it an office feeling instead of boxes stacked against the wall.

-          Replace faucets and towel racks in the bathrooms, and be sure that they are spotless and fresh-smelling. In the kitchen, remove appliances from the counter tops and store them in the garage. Repair any cracked counters as well.

-          A fresh coat of paint can do wonders to the appearance of a home. Always use neutral, warm and soft colors. Try to avoid wallpaper if you can.

Seeing a new home is the first impression for a buyer. They’ve never seen your home before. Be sure that the impression you’re offering to them is a good, long-lasting one. Make sure that you give your home a good hard look from the outside in. If the buyer can’t form a good mental picture of living in your home, they won’t be eager to buy it.

If you’re not sure where to start, ask me for guidance. My team and I are here to help you anyway we can!

Your Local Real Estate Expert,

It's Beginning to Look A Lot Like February!

What a great week it's been so far at Nissou Realty Group - and it's only THURSDAY! 

We participated in the ending of San Diego Restaurant Week over the weekend with a dinner at Flemings, and followed up with the Rancho San Diego Farmers Market on Saturday. Yesterday we helped out with a large moving project for a client, and today we have meetings with clients all throughout the day. 

It's turning out to be a great week! Tell us how you've spent your week, and what you look forward to accomplishing this weekend!

Your Local Real Estate Expert,

 

Helping You Stay On TOP of Your Transactions!

Will any of these situations affect your transaction?

- Is this a short sale?
- Is this a REO?
- Are your principles exchanging (1031) this property?
- Will your principals be using a Power of Attorney?
- Are any of the parties on the title deceased?
- Has there been a change in marital status?
- Is there, or will there be a new entity formed? (i.e partnership, LLC, or any other type of corporation)
- Are the sellers of this property a non-resident of California?
- Is the property held in a trust?
- Has the statement of information been returned to Escrow?
- Will the property be sold in 2-4 years?
- Has a bankruptcy and/or discharge been filed?
- Are there loans showing on the prelim that should have been reconvened?
- Do all parties signing the documents have a valid photo ID or Drivers License?

If you answered "yes" to any of these questions, please call me today to see how I can help you to stay on top of your transactions and help you answer any questions you might have regarding any situations that could possibly affect your transaction.

Your Local Real Estate Expert,

Four Bold Housing Predictions for 2014

Ending the fourth week of the new year with a kick, it's still a little early to see how 2014 will shape the housing market. Currently, San Diego is 8th of 10 on the "Hottest Housing Market" for 2014. 

Here's four bold housing predictions for 2014:

1- The United States Housing Values will increase by at least 3 percent this year.
2- Mortgage rates will reach about 5 percent by the end of the year.
3- It will be easier for borrowers to get a mortgage in 2014.
4- Homeowner rates will fall to their lowest point in nearly two decades - more people will end up renting instead of owning.

If you're ready to sell or buy a home, or even begin investing in Real Estate, this is the year to do so. Of course, predictions are just that - predictions. This could always change throughout the year. 

Give me a call and let me know how I can help you today with any Real Estate needs. And don't forget - post a comment and let me know if you agree with these predictions or not!

Your Local Real Estate Expert,