Showing posts with label Santa Cruz. Show all posts

Friday, January 10, 2014

Funny but Real Top Ten Reason it is Time to Sell Your Home in Santa Cruz County

by Terri Woods - Terri sells real estate in Santa Cruz County and North Monterey County

Hey Home Owners... WE NEED YOU! Have you thought about selling your home?

With inventory down, and buyers wanting to buy, we are in need of more homes on the market.

Many of you were burned by the economy and the decrease in home prices. BUT... it's coming back. (See Graph)

Ten Signs It’s Time to Sell Your Home

1. The kids have all graduated from college. You finally have time to yourself…then they move back home!

2. You have three spare rooms in a four bedroom house.

3. You have to shuffle your cars each morning to leave for work.

4. You spend more time driving to work than you do with your family.

5. You spend more money each month for storage than you do for your mortgage.

6. Your neighbor found a loophole in the homeowner's association rules and is raising donkeys.

7. You keep hearing faint voices telling you to "get out" and they're getting louder.

8. Grandpa Jed just struck oil while hunting in your back yard.

9. The dog’s house doubles as a guest room.

10. You have to take a number to use the bathroom.

Call me for a current Highest Price Analysis and see if now is the time to sell.

Find your next home here

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Monday, November 25, 2013

Fixer-Uppers in Santa Cruz County... Is this really what you want to do?

Fixer-Uppers in Santa Cruz County

By Terri Woods – Selling Real Estate in Santa Cruz, Aptos, Capitola, Watsonville, La Selva Beach and North Monterey County

So you want to buy a fixer upper in Santa Cruz County.

My first response is… WHY?

My experience has shown that there are really two type of Fixer-Upper buyers: Those that know what they are doing and First Time Home buyers.

If you are a first time homeowner, I really really advise against it. Many first time homeowners think it is an easy way to build equity. Though that may be true, it is also an easy way to divide the family. And sometimes, the split actually costs more than the improvements on the house.

If I had a nickel… (Well, maybe a $100 bill) every time I heard a First Time Home buyer mention that their “cousin” (or another family member) is an electrician (or plumber, or contractor)… I would be rich (kind of). Yes that is a bit of an exaggeration, but I have heard those comments regularly. I want to ask, “Has your cousin agreed to help you?” “Is the help free, or is he expecting $$?” “Is this going to be an evening or weekend project?”

In all homes, there are improvements that the new homeowner will want to make. Sometimes the simple things like painting, refinishing the floors, changing out light fixtures and door handles and faucets, can make a huge difference in the appearance and value of the home.

BUT, if you still want to buy a real Fixer-Upper, there are a few things to consider.

#1 – The cost to fix it up. What is the cost to fix it up? What is the purchase price you will pay? Would the cost to fix it PLUS the cost to purchase it be what other similar homes (that are not fixers) are selling for. It is not always wise to be the best home on the block. And you really don’t want to over-improve for the area. Make sure you figure in the permits, city codes, etc. and stay close to what the market price is for similar homes.

MY ADVICE: Get a couple of estimates of someone doing all the work for you. Then figure out what you realistically can do and what you want someone else to do. Hire pros. You can clean up, save up, but let the sheetrock pro do the sheetrock.

#2 – Have an inspection or get a contractor to look at the entire house. In any remodel or new construction, there are always surprises. Be prepared for those surprises. Foundation issues, roof problems. If you have young children, please make sure there is NO LEAD in the paint.

MY ADVICE: Figure 20% over what you think it will cost. Even if you cut corners, there are always surprises. Test the paint. Get a MOLD test too. Don’t skimp on the inspections.

#3 – Be prepared to be displaced for a while. Projects almost always take longer than originally planned.

MY ADVICE: Unless you are going to do this project full-time, a suggestion would be to have one part of the house that is livable PRIOR to starting the remodel. If that is an impossibility, consider borrowing a fifth wheel or small travel trailer and have it in your driveway so at the end of the day, you have a place to relax.

#4 – Make sure you have all your financing in order. Many fixer-uppers are never completed and end up… well, you don’t want to go there! Talk to your lender about the FHA 203(K) Program which is a long designed to help homeowners finance a Fixer-Upper. Depending on the age of the house, you might be able to get grants. Another thing is there are rebates for putting in energy efficient windows, solar panels, and other things. You might check into that as well.

My ADVICE: I am a “Pay as much as I can in cash” person. The things you can save on would be buying light fixtures and door handles when you see them on sale. When you must finance, find a great lender and see what other programs are available.

NOW, for those who know what they are doing, and have the resources and crew to complete the task, a Fixer-Upper can be a great buy. There will not be as much competition and the price is generally lower that homes in the same area. And… the instant equity feels good.

Here are a few “Fixer-Uppers” in Santa Cruz County. For a more complete list, contact me at terriwoods@kw.com. Happy Thanksgiving!

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Tuesday, November 12, 2013

What is the difference in a Condo and a Townhome/Townhouse?

What is the difference in a Condo and a Townhome/Townhouse

Many times, the terms condominium and townhome/townhouse are coupled together in the Multiple Listing Service and other real estate search engines. Why is that… because they are different, aren’t they?

Santa Cruz County and Monterey County Condominiums and Townhomes

YES! A condominium and a townhome/townhouse are different.

A condominium (condo) is part of a bigger complex. The owner of the condo owns inside the walls, from carpet to ceiling and shares a common wall/floor/ceiling with other condo units. PLUS the “common areas” (i.e. pools, halls, entry, etc.) are jointly owned with other condo owners.

A townhome/townhouse is essentially a home attached to other homes through a shared wall. The owners owns the unit, including the lot (yard, deck). Typically, there will be a row of townhomes in a development.

With both the condo and the townhome, normally there are a type of Home Owners Associations (HOA). Owners will make a monthly payment to the HOA to maintain the grounds, building, etc. per the agreement.

PROS of buying a condo or townhome vs. renting an apartment

Condos/townhomes are typically less expensive than a single-family residence. Ownership vs. Renting allows for tax deductions, and building equity.

The HOA takes care of maintenance – allowing you to have a life outside of yard work. Usually, the condo/townhome will have certain amenities that most single-family residences do not – like tennis courts, gyms, pools.

Condo/townhome living is not for everyone. But for those who like the idea of “community,” a condo/townhome is something to consider.

Below are statistics regarding condominiums and townhomes in Santa Cruz County, Monterey County and surrounding areas.

If you are interested in buying or selling a condo/townhome, call me today.

Aptos Condo/Townhomes

Santa Cruz Condo/Townhomes

Rio Del Mar Condo/Townhomes

La Selva Beach Condo/Townhomes

Pajaro Condo/Townhomes

Watsonville Condo/Townhomes

Search Homes for Sale Santa Cruz, Aptos, Watsonville, La Selva Beach, North Monterey County and surrounding areas for FREE

Call or Text Me concerning information on BUYER REPRESENTATION SERVICES (No Cost to Buyer) 831-531-8183

Want to know your HOME'S VALUE?

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Wednesday, November 6, 2013

What can you afford? And why is getting pre-approved important?

WHAT CAN YOU AFFORD?

And Why is getting Pre-Approved Important?

Real Estate 101 in Santa Cruz and Monterey Counties

Pre-approval program

Many buyers are applying for a loan and obtaining approval before they find the home they wish to buy.

Benefits of pre-approval

· You look at the “right” homes

· You save money dealing with a comfortable seller

· You close more quickly

· You minimize trauma of not knowing if you qualify

There are many different loans available. Your loan officer is the best source to discuss the many different possible scenarios.

When you visit with your lender, Ask for…

...a Good Faith Estimate which will include an approximate amount of money needed at closing in addition to an approximate payment amount. Note: Some lenders prefer not to give you a Good Faith Estimate due to strict regulations, however, if you are comparing loans from different lenders, you will need to compare "apples to apples" so make sure you get all the costs of the loan and the APR.

...a Pre-approval letter showing that you are a qualified buyer. Note: Most real estate agents will have the lender do a customized Pre-approval letter with the amount that you are making the offer when you write a contract. As a Buyer, you do not want to disclose to the Seller how much you can actually afford.

If you do not have a lender, contact Terri Woods for a list of VIP Lenders.

Search Homes for Sale Santa Cruz, Aptos, Watsonville, La Selva Beach, North Monterey County and surrounding areas for FREE
Call or Text Me concerning information on BUYER REPRESENTATION SERVICES (No Cost to Buyer) 831-531-8183
Want to know your HOME'S VALUE?
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Sunday, November 3, 2013

Does the Buyer or Seller Pay the Buyer's Agent?

Does the Buyer or Seller Pay the Buyer's Agent? What is the 'norm' in Santa Cruz and Monterey Counties for Buyer's Agent?

Answer: In a traditional real estate transaction, the Seller has chosen to work with a Seller’s Agent. The Seller’s Agent normally markets the home in several different ways. One way the property is marketed is through the Multiple Listing Service. In the Multiple Listing Service (MLS), the Seller’s Agent agrees to pay a Buyer’s Agent a determined amount. In short, the Seller pays the Seller’s Agent and the Seller’s Agent pays the Buyer’s Agent. (a.k.a. Buyers work with Buyer’s Agents for FREE!) If I represent you in a transaction with an Unrepresented Seller (For Sale By Owner), my commission will be negotiated prior to any contract. In the past, I have found that For Sale By Owner’s do not have a problem paying a commission to a Buyer’s Agent. This is a card I received from a For Sale By Owner who paid my commission.

Dear Terri - Josh and I want to thank you regarding your help with our recent house sale to Michael and Mary. We certainly appreciate your willingness to work with “by owner” sellers. We felt that the transaction went very smoothly and we are delighted to have Michael and Mary in the house. Thanks again for your help, Terri! Hope this finds you well. Sincerely, Kathy and Josh

Are you considering buying a home? Contact me and ask for my FREE Homebuyer's eBook with tips for SMART Homebuyers (including WHAT NOT TO DO!)

Search Homes for Sale Santa Cruz, Aptos, Watsonville, La Selva Beach, North Monterey County and surrounding areas for FREE
Call or Text Me concerning information on BUYER REPRESENTATION SERVICES (No Cost to Buyer) 831-531-8183
Want to know your HOME'S VALUE? Like Us on Facebook. Go to www.Facebook.com/terriwoodsrealestate
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Friday, November 1, 2013

Is it Better to BUY or RENT in Santa Cruz County or Monterey County?

Is it better to buy or rent

in Santa Cruz County or Monterey County?

Because I enjoy selling real estate as a career, one would think that my first response is… BUY! Sales prices are still low. Interest rates are still low. There are even programs designed to get people back in home ownership sooner than later after a foreclosure or bankruptcy.

But is it better FOR YOU to buy or rent?

Only you can answer that question. There are many factors to consider. How long you stay in your home is a big variable. The New York Times Business Day has a great Rent vs. Buy calculator to help you determine if home ownership at this time is the way you should go.

The monthly mortgage payment is a huge factor. To see the difference interest rates can make in a purchase, visit my blog What are you Waiting For or email me for more information.

Yes, there are many benefits to owning a home. You are able to change things the way you want them. Any improvement made is an investment in the value of the home. The possibility of a value increase, thus more money in your pocket when you do sell. Tax advantages. Stability of having a home that is yours.

However, for some, the thought of owning a home is less than pleasing. The repairs, the upkeep, the lawn maintenance and the feeling of being tied down.

Again, there are pros and cons on both sides. If you are currently a renter, and are considering homeownership, give me a call. I can help you save time, money, and stress in finding your very own home.

Search for affordable homes in Santa Cruz, Aptos, Capitola, Watsonville and surrounding area, North Monterey County.