Home prices are up – are you fully covered?

Area home values are on the rise and that’s a good thing for you the homeowner. However make sure that your homeowner’s insurance keeps up with your homes value.

For instance when you bought your home you paid 200k. It’s now worth 400K but you never increased the insurance coverage. So now if there’s an event that affects your home, you’ll only be covered for 200K not 400K.

We recommend that you get a check up on your homeowner’s insurance at least twice a year.

Got a question? Ask away. We’re here to help!

HOA vs. the Governor’s Drought Mandate

Can an HOA (home owners association) fine owners for not keeping their grass green?  No!, says the Governor.

The Governor’s Executive Order from April 25, 2014 explicitly suspended any enforcement and fines from Homeowners Associations that would prohibit water conservation measures. Some HOAs have rules about keeping grass green or a minimum number of days residents must water or similar rules. The key phrase in the Executive Order is ” I order that any provision of the governing document, architectural or landscaping guidelines, or policies of a common interest development will be void and unenforceable to the extent it has the effect of prohibiting compliance with the water-saving measures contained in this directive, or any conservation measure adopted by a public agency or private water company…” The link to the full Executive Order is below and the relevant paragraph is Directive 4, which can be easily found beneath the series of “Whereas,”. http://ca.gov/Drought/topstory/top-story…

Thank you PC for bring this to our attention.

Thinking of a Reverse Mortgage?: Think Twice

I have a friend whose mom got a reverse mortgage and is now rethinking that choice. I’ve done some research and here’s what I’ve found:

1. Reverse mortgages may not be a good fit if you plan to leave the home as an inheritance to your children.

2. Reverse mortgages have a higher interest rate than traditional mortgages and may come with unexpected fees.

3. Reverse mortgages may be difficult to get out of.

4. A reverse mortgage could be a good option under the right conditions

5.  A reverse mortgage requires a lot of thought and consideration before making the choice to move ahead with it.

Read more here:

Negotiating with buyers

Sellers today have to do more to attract buyers and offers than ever before. When offers come in,sometimes they are low or have conditions that have to be negotiated. As a seller, you can be proactive before the offers come in to make sure negotiations are kept to a minimum and in your favor.

Negotiate by planning ahead

Before you begin negotiations with any buyer, make sure you have the upper hand by removing any sticking points in advance. Price your home to sell at or below current market
comparables and you’ll more likely receive serious offers close to your asking price. Put your home in spotless move-in condition, with no visible repairs
needed. De-clutter your home, deep clean it, paint it and repair it, and keep it “show-ready” every day it’s on the market. Get your home inspected so you know where issues are and can correct them before they become negotiating points that cost you money. Buyers respond well to fair pricing and a “model home” appearance. Your buyer has less to negotiate,
and will more likely make an offer closer to asking price.

When the offer comes in Buyers sometimes test sellers with low offers, but don’t get upset or discouraged. If the offer is too low, simply have your agent return the offer with a copy of recent comparables to show that your home is priced fairly at current market value. They will get the message, and either come back with a reasonable offer, or move on to another home. If the offer is low, but close to what you want, study the terms carefully, adding up possible expenses such as paying the buyer’s closing costs. Ask for the buyer’s reasoning behind the offer to give you insight into the buyer’s mindset. Could the buyer be trying to buy more house than he or she can afford? Could a change of financing help get closer to your price? Can you afford to help with the buyer’s closing costs if he or she will raise the offer price?

Before you agree, make sure the buyer is preapproved with a lender and working with a real estate professional. Serious buyers have access to the same comparables as you do, so a buyer working with areal estate professional is more likely to be preapproved by a lender and informed of current market conditions. A full price offer doesn’t mean negotiations are over. It could signal that the buyer intends to negotiate a lot of repairs or refurbishing costs during the inspection period. Stay calm and reasonable.

If you’ve done your homework – priced and prepared your home for the highest, best offer, your home will sell at a fair price.

Find out what your home is worth fast & FREE – no cost, no obligation right here.

2572 21st Street Sacramento CA 95818
SOLD@fgregoryestates.com
916.800.3726

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