How the Real Estate Business Works

I was recently working with a prospect who was looking for a lease property and that experience is what has prompted me to write this post.  I met this person and showed her some homes.  I had mentioned to her that the homes she was finding on other web sites came from our Multiple Listing Service and I would be able to show those properties.  She notified me about homes she found on one of the sites but when I looked them up, they were not listed.  I told her she would have to contact the owner or agent direct and I was kicking myself because I did not explain to her how our business works.

The Multiple Listing Service is not just a list of homes on the market.  When a property is listed for sale or lease, that listing agent is offering compensation to the cooperating agent.  If the commission is 6% the compensation to the cooperating agent is usually 3%.  If a property is not listed we cooperating agents are not entitled to a commission; therefore, we may be working for nothing, which, of course, agents cannot afford to do.

We have the capability of putting prospects on an auto-e-mail program that will notify them when new listings come on the market.  A person’s finding just the right property, I believe, is contingent upon working with an agent he trusts to keep him apprised of new or price-changed listings and to be there to show him the property.  That buyer’s agent will be working just for that buyer.  Look for an agent who is not only responsive, but also a good negotiator who is up on the latest legal requirements for real estate transactions cialis 20mg en ligne.  Ask the agent for recommendations from other satisfied buyers.  A listing agent who represents you as a buyer may have a conflict of interest, as he is also representing the seller.  Be sure to ask how he will handle the situation.  He will have to ask himself over and over, “Is this in the seller’s best interest; is this fair to the buyer?”

Good luck with your real estate purchase. and be sure to contact me if you need assistance.

90274 Zip Code Facts

The 90274 zip code includes the cities of Palos Verdes Estates, Rolling Hills Estates, Rolling Hills and the unincorporated area of Los Angeles County (Palos Verdes Peninsula).

There are 9437 households of which 87% are owner occupied;  71% are married; 35% have children.   The median home sales price is $1,225,000.  The median age of the inhabitants of this zip code is 31.88 years; 38% have a bachelor degree and 25% have graduate degrees.  83% are white collar workers, mostly in service industries and most commute by car thirty minutes to their places of work.

This information was obtained from the Realist tax portion of our Multiple Listing Service and though believed to be accurate, is not guaranteed.

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Household Problems You Can Solve

There are problems around the house that you should certainly call a professional to fix, such as a leaking roof, but here are some solutions to common problems that you can fix on your own:

Problem:  Countertop scuff

You will need a crayon, a spatula knife, and a microwave-safe bowl.  Pick the crayon whose color comes closest to matching your countertop.  Peel off the paper, place it in the bowl and place in the microwave.  Pour the hot, melted crayon onto the scuff mark and work it into the indentation with the spatula knife.  Scrape off the excess with the spatula knife.  The crayon mixture will harden and dry quickly, erasing the countertop flaw.

Problem:  Loose cabinet hinge

You will need wooden matches, wood glue and a hammer.  Remove the cabinet hinge screw.  Dab wood glue on a match and stick it into the screw holes.  Tap it in with the hammer.  Break off the match part that is sticking out.  Let the glue dry for about four hours.  Twist the screw back into place.  The match piece will create a new solid base for the screw.

Problem:  Squeaky floor

You will need talcum powder.  Sprinkle the powder over the squeaky section and sweep it into the cracks.

Problem:  Stained bathtub

You will need cream of tartar, baking soda, lemon juice and a soft cloth.  Combine equal amounts of cream of tartar and baking soda with enough lemon juice to make a paste.  Rub the mixture into the stain with your fingers or a soft cloth.  Let it sit for a half hour, then rinse well with water.

Problem:  Drywall hole

You will need wire screen, a pencil, a joint knife, masking tape, sandpaper and drywall compound.  Cut the wire screen two inches larger than the hole.  Tie one end of the string to the pencil and thread the other end through the middle of the screen; bend the screen, and insert it and the pencil into the hole.  Pull the string until the screen is flat against the hole ( the pencil will help push the screen flat against the drywall) and hold it taut while you apply the drywall compound.  Tape the string to the wall to hold the screen in place as the compound dries.  Cut the string when dry.   Sand and smooth the compound with the joint knife.

Problem:  Torn window screen

You will need clear nail polish.  Slather the nail polish over the hole in the screen, both inside and outside.  Let it dry and no more bugs will sneak in.  (This is my favorite!)

Secrets for Selling Your Home

Selling a house is a complicated process, no matter how good the real estate market is.  Whether you are a first-time seller or not, you will probably have a bunch of questions.  What is closing?  How much paperwork am I going to fill out?  How can I get the best price for my house?  How can I sell my house and buy a new one at the same time?

Secret #1: The kitchen comes first.  You are not actually selling your house; you are selling your kitchen-that is how important it is.  The benefits of remodeling your kitchen are endless and the best part of it is that you will probably get 85% of your money back.  It may be a few thousand dollars to replace counter-tops where a buyer may knock $10,000 off the asking price if your kitchen looks dated.  The fastest, most inexpensive kitchen updates include painting and new cabinet hardware.  Use neutral-colored paint so you can present buyers with a blank canvas where they can start envisioning their own style.  If you have a little money to spend, buy one fancy stainless steel appliance.  Why one?  Because when people see one high-end appliance, they think all the rest are expensive too and it updates the kitchen.

Secret#2: Take the home out of your house.  One of the most important things to do when selling your house is to de-personalize it.  The more personal belongings in your house, the less potential buyers can imagine themselves living there.  Get rid of at least a third of your things; put it in storage.  This includes family photos, memorabilia collections and personal keepsakes.  Consider hiring a home stager to maximize the full potential of your home.  Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.

Secret #3: Audit your real estate professional’s online marketing.  92% of home buyers start their house hunt online, and they will never even get in the car to come see your home if the online listings are not compelling; compelling means pictures.  Listings with more than six pictures are twice as likely to be viewed by buyers as listing that had fewer than six photos.  Be sure to ask your agent to only include attractive pictures and this means no ugly pictures of the toilet with its seat up.

Secret#4: Renovate wisely.  The average remodeling payback in the past ten years has dropped from 82% in 2003 to 60.6% this year, according to Remodeling Magazine. Bringing up the rear are a dedicated home office and adding a sun room.  Topping the list are steel entry-door replacements followed by fiber-cement exterior siding.  Sellers routinely underestimate the positive impact of simple home improvements such as repainting and minor fix-ups.

Secret#5: Sweeten the deal.  Another way to make the home and deal more attractive to buyers is to offer things or terms that might sweeten the pot.  For example, sellers that offer the buyer a couple of thousand dollars credit toward closing costs, or a credit for the purchase of new flooring receive more attention from house hunters looking at similar homes.  In a down market buyers are looking for a deal, so do your best to make them feeling they are getting one.

Secret#6: Make all necessary repairs.  Even minor things, such as a leaky faucet or chipped paint on a baseboard, can suggest to buyers that you might not be maintaining the house well in other ways, too.

Secret#7: Focus on curb appeal.  First impressions matter.  A house with chipping paint, overgrown bushes and patchy grass will not make a good impression.  You may have to spend money to make the exterior of your house more appealing, but it is money well spent if it gets potential buyers in the door.  If your house is in good shape on the outside, buyers will see it as one less thing they have to spend money on once they move in.

 

New 1031 Exchange Filing Requirements for California

New §1031 Exchange Filing Requirements for California
There are new annual filing requirements for taxpayers who use Internal Revenue Code Section 1031 to defer gain or loss when selling California property.  Effective January 1, 2014, all taxpayers who defer gain or loss by selling California property and acquire like kind non-California property will have to file a new California information return to track their deferred California sourced gain or loss.  This return will generally be required to be filed annually until deferred California source gain is recognized.  The new form is currently being developed cialis andorre acheter.

This new law will help taxpayers and the Franchise Tax Board (FTB) to keep track of California sourced gain from an exchange.  After exchanging California property for property outside the State many taxpayers later sell said property and their previous deferred California sourced gain is not reported to California.

As an example, let’s say an investor exchanges out of a property in California and there was a gain of $50,000.  Investor then purchases property outside of California deferring the gain.  The investor must now annually report the gain of $50,000 on the new California 1031 information return and when the investor eventually sells the non-California property the investor will have to pay taxes to California.

This new law applies to all individuals, estates and trusts and all business entities regardless of their residency status or commercial domicile.  This new information return is due on the same date that their California return is due.  For those taxpayers who fail to file this new form, the FTB may issue a Notice of Proposed Assessment to adjust their income for the previously deferred gain plus penalties and interest.

 

New Listing Coming Soon

Located in the desirable Lunada Bay area of Palos Verdes Estates, this home has 3162 square feet of living space with 3 bedrooms, family room, gym (could be converted back to 2 more bedrooms, pool, spa, cabana.  The owner is in the midst of refurbishing the home and it will be listed in six weeks or so for approximately $1,750,000.