The Dumbest Mistakes... Smart People Make When Buying a Home in Santa Cruz County and Monterey County

THE DUMBEST MISTAKES…

SMART PEOPLE MAKE WHEN BUYING A HOME

When buying a home in Santa Cruz County and Monterey County, you  need to become the VERY BEST BUYER possible. The benefits include more negotiating power, a smoother transaction, peace of mind and more.  Here are some mistakes that SMART BUYERS have made when purchasing a home.

Mistake #1 

Not knowing how much they can afford before they make an offer.

The easiest way to avoid this mistake is to get pre-approved for a mortgage, so you know in advance exactly how much you can afford.

Mistake #2 

Not realizing in advance whom the real estate agent represents.

When you call the agent on the sign in the yard, that agent most likely is working for the seller.  So beware that any information you give that agent may be used against you in negotiations with the seller.  The best way to avoid this conflict is to find an agent willing to work with you as a Buyer’s Agent.  Ask about my special BUYER'S VIP agreement.

Mistake #3 

Not discovering hidden defects before they buy a home.

One of the most expensive mistakes is also one of the easiest to avoid, by having a professional do a whole home inspection before buying the home.  Even if the home is new, we recommend full home inspections to avoid any problems in the future.

Mistake #4 

Giving a Social Security Number out to several different mortgage companies while shopping for rates.

Before you give out your personal information, decide which lender you would like to work with.  Credit inquiries may affect your credit rating and have a negative impact on loan amount, interest rate, etc.  There is a two week window in which you can shop for loans.   Check with your lender concerning this matter.

Find your next home here (North Monterey County)

• Aromas, CA Homes for Sale
• Marina CA Homes for Sale
• Monterey, California Real Estate
• Moss Landing, CA Homes for Sale
• Pacific Grove, California Real Estate
• Pajaro, California Real Estate
• Prunedale CA Homes for Sale
• Salinas CA Homes for Sale
• Watsonville, California Real Estate

BUYERS: BUYER REPRESENTATION SERVICES (No Cost to Buyer) 831-531-8183

SELLERS: Want to know your HOME'S VALUE?

Sign up for FREE Market Insider Information per zip code 

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? 

Like Us on Facebook. Go to www.Facebook.com/terriwoodsrealestate

Sign up for FREE Market Insider Information per zip code 

 

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?
Like Us on Facebook. Go to www.Facebook.com/terriwoodsrealestate
Sign up for FREE Market Insider Information per zip code 

 

Mr. Seller... Did you wait too long? The real estate market has shifted in Watsonville, La Selva Beach and Corralitos

The real estate market has shifted in Watsonville, La Selva Beach and Corralitos and the proof is in the numbers.
Even though interest rates are still at historical lows, the buyers have seemed to slow down on buying - as evidenced in a higher inventory of homes for sale (even compared to last year).

So, what does that mean if you are a BUYER? If you were one of those buyers who was out-bidded during the buying frenzy of the summer, this is great news for you. You have a bit of room to breathe. The inventory is higher, giving you more options. And the interest rates are still so very low.

My advice for BUYERS: If you find the house you want… BUY IT!

What does this mean if you are a SELLER? Price your home right! Homes that are priced according to the market sell no matter if it is a Buyer’s Market or a Seller’s Market. Overpriced homes will sit and sit and sit. Then, a buyer who knows the property has been on the market for a while will make a lower offer. But, if you price it right at the beginning, your home will be one of those that sale. Notice the huge increase in the Days on Market. Pricing right the first time will greatly reduce the days your house will be on the market.

My advice for SELLERS: Price your home right the first time. Be aggressive in price reductions.

When you are ready to BUY a home, SELL a home, or INVEST in real estate, give me a call. I will help you save time, money and stress.

Stats from MLSListings, Zip Code 95076

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
Sign up for FREE Market Insider Information per zip code 
 

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
Sign up for FREE Market Insider Information per zip code