Issue #210
In This Issue
Welcome / This Week's Special Offer
Welcome To The Latest Issue
It turns out Nightline ended up not using me for their piece on the national real estate market. Oh well. Recently I was in Nordstroms wearing a 2003 Padres “Mark Kotsay” giveaway jersey. As I waited at the register, a fellow said to me, “How’s it going "Kots"?.” My confused response: “It’s not Kots, it’s Gary. Oh, hi Trevor.” Trevor Hoffman of the Padres. We chatted a minute. Nice guy.
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True Story: Easy Come, Easy Go
I just listed an apartment building I own in Phoenix. Tuesday my broker asks if I also want to sell my 1/2-acre lot next door as a package. I’m quite excited, especially since I don’t I own the lot. He insists the county records show I own it, and I start wondering if the previous owner forgot to tell me or perhaps didn’t know either. Then I remember the movie “Pay It Forward”, consider myself lucky, and mentally start to spend the money (come on, you would too). But I also tell my agent to double-check the deed. Sure enough, it’s all a big fat mistake.
Check Out My Real Estate Blog
Take a look at my blog, www.san-diego-real-estate-blog.com. It’s got a lot of my old newsletters and other info…
FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch
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- Other homebuying secrets that may surprise you!
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Gary's Real Estate Seminars
(Check back for future seminars)
Homebuying Question
"Hi Gary. We’re planning to buy a
house this spring or summer. The agent we met with asked us to sign something
called a Buyer-Broker Agreement. Have you heard of these agreements? Do you
think it’s a good idea to sign one?"
***ANSWER:
Great question.
A Buyer-Broker Agreement specifies how a homebuyer and agent will work together.
It commits the client to work exclusively with that agent for a certain period
of time, but doesn’t actually require them to buy a home.
Many agents spend weeks showing homes to a client, only for the client to
suddenly buy a home through another agent--sometimes even one they showed them!
After experiencing this a few times, many agents won’t devote too much time and
energy to a client without a commitment in return. Would you want to work for
free?
That, of course, is the agent’s perspective. So why should you care and sign a
buyer-broker agreement?
If you commit to an agent, he knows his time and efforts won’t be wasted and he
should work harder for you. Further, when the best homes and "good deals" come
up, agents call their committed clients first. You want that to be you.
Rare in the past, Buyer-Broker agreements are becoming much more commonplace.
Many better agents won’t even work without them…
"I’m thinking of selling my condo and I want to get top dollar. So I’m thinking of starting high to see what happens. How important is it to price right at start?”
***ANSWER
It’s CRITICAL.
Here’s the rule when pricing your home in anything OTHER than a market experiencing rapid appreciation:
“The closer you price your home to market value, the faster it will sell and the more money you’ll get.”
Let me explain…
Early on in my career, I’d price a home wherever my client wanted.
If a home was worth $100,000 (remember, this was 1984!) and he wanted to ask $120,000, I’d say “sure, let’s give it a try, we can always reduce it later if it doesn’t sell.”
Then I started to notice something interesting. When a home is priced too high, it ends up being on the market longer than it should and gets a reputation as a “white elephant”.
Buyers and Realtors wonder what’s wrong with it and avoid the home. Or they start to say things like, “maybe the owner is getting desperate and ready for a low offer.” You certainly don’t want people saying those things about YOUR home, do you?
On the other hand, homes priced closer sell quicker and for more money. Why? Here’s the formula:
Better pricing >>> More showings >>> More offers >>> Higher price.
Yes, pricing right in the beginning is critical.
If you’re thinking of selling your home or other property, call me at (858)457-KENT and I’ll be glad to give you an idea of your homes value…
Investing or Financing Question
"I want to start investing in real estate and I was talking with a real estate agent about buying 4 to 6 apartment units. She told me it's better to buy 4 units, but when I asked her why, she didn't really know. Do you?"
***ANSWER:
I don’t know that it’s better to buy 4 units, but the financing is better.
Getting a loan for 1-4 units is easy (if you qualify). Most mortgage lenders do them at attractive interest rates. And qualifying is based on your credit, debts, and income. Of course, the property must appraise high enough too.
Getting a loan for 5+ units is harder and slower, and the rates and terms aren't quite as good. Because the property’s rent and expense history influence the interest rate, you don’t know the exact rate until the lender reviews the property’s financials.
I once got a better loan on a 5-unit property I owned because my lender purposely ignored the 5th unit and treated it as a 4-unit property.
But back to my first point, I wouldn’t limit yourself to 4 units and below. All other things being equal, over the long run you’ll profit more with a bigger property.
If you’re interested in investing in real estate, call me at (858)457-KENT and we’ll find you a great property.
Hot Properties: Call Now On These Hot New
Listings & Not-Yet-On-The-Market Properties
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- Ocean Beach - Stunning triplex w/ breathtaking ocean vu. Live in 3BR house, rent 2BR & 1BR units for income. $1.395M-1.495M.
- Pacific Beach - Development Opportunity! 3BR home, approved plans to build 2 condos. Resell or rent. Reduced: 775-850K
- Pacific Beach - 5BR/3BA “Harbour Heights” home on culdesac. Family & bonus rooms, a/c, FPL, 3-car garage! 960K to 1.06M
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SOLD/Phoenix, AZ - 30 apartments, large 3BR & 2BR units, well-maintained complex, Mesa area. Do a condo conversion? $2.1M.
- Phoenix, AZ - Cashflow apartments, zero management, 15% under-market!. 1031 exchange OK. $100K to $2M down.
- Scripps Ranch- Handsome newer home on quiet street! Offers 19' ceilings, travertine, hdwd floors, family room. 700-750K. Contact Me
- Vista –Secluded hilltop 4br/3ba, 3000sqft newer home on 1/2 acre! 3-car garage, panoramic views, more! $749,999-$799,999
Call me at (858)457-KENT to find out more or arrange a private showing...
Thank you Jeff J. for referring a
friend to invest in Phoenix…
Thank you Chuck W. for referring a client to sell a home…
Have a great week...
"The Agent You See EVERYWHERE"
All-Time #1 Agent/Team In San Diego County for RE/MAX
22 Years Experience -- 3,000+ Homes Sold
Gary Kent Team --- RE/MAX Associates
(858)457-KENT --- (858)457-5368
GaryK@GaryKent.com -- http://www.garykent.com/
Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.
