Better Homes and Gardens Real Estate Life

Author: admin

  • Where Can You Find a Low Key Neighborhood in San Francisco?

    As residents of the city know, San Francisco is one of the country’s most desirable places to live. If you’re planning on buying San Francisco real estate, you’re setting the groundwork to live in a city that’s fast-paced and bustling. However, there are some homebuyers who want to own San Francisco real estate, but are looking for a more laid-back and low-key lifestyle. These types of homebuyers should look into purchasing a home in Potrero Hill, a neighborhood known for its suburban atmosphere. Keep reading to learn more about San Francisco condos and real estate in this area. Read about San Francisco real estate listings in Protrero Hill, a low key neighborhood at the center of SF.

    About Potrero Hill

    Even though Potrero Hill is located in eastern San Francisco, central to the heart of the city, many residents say that the neighborhood has a slightly removed, suburban feel to it.

    Unlike many other areas of the city, Potrero Hill doesn’t contain a high concentration of tourist attractions, so the neighborhood feels more quiet and residential and has less noise and visitor traffic.

    Residents can also enjoy the superb climate and scenery of Potrero Hill.  Because it is located in east San Francisco, the neighborhood isn’t directly exposed to the cold winds and fog that come in from the Pacific Ocean. As a result, this neighborhood is one of the sunnier areas of San Francisco, making it a highly desirable place to live. The city also boasts picturesque views of the downtown San Francisco skyline that residents and visitors frequently rave about.

    Things To Do in Potrero Hill

    Even though Potrero Hill may not be home to some of San Francisco’s major tourist attractions, the neighborhood does give residents plenty of options for entertainment and activities. Potrero Hill features a popular casual shopping area on 18th street, between Texas and Connecticut streets. This shopping drag includes a bookstore, florists, home décor shops, vintage clothing stores and a variety of cafes.

    Potrero Hill also has a number of recreational spaces and cultural attractions including McKinley Park, the Potrero Hill Recreation Center, Jackson Playground, the Potrero Hill Neighborhood house and the SomArts Cultural Center. The area also boasts a healthy selection of nighttime entertainment, including the live music venue Bottom of the Hill, the waterfront eatery The Ramp and the sports bars Bloom’s Saloon and Connecticut Yankee.

    Types of Homes in Potrero Hill

    Homebuyers looking for real estate in Potrero Hill will find plenty of attractive San Francisco condos to purchase. These condos typically range from the $600,000’s for smaller one or two bedroom condos all the way up to the million dollar price range for larger, luxury properties. Many of the luxury condos in this area take advantage of the neighborhood’s attractive views and feature gorgeous rooftop decks. Quite a few high-end condos also come with private parking and some green space, such as a small garden, giving residents a chance to make good use of the neighborhood’s abundant sunshine and good weather.

    Buying a home in Potrero Hill is a great option for people who are shopping around for San Francisco condos that offer the comforts of suburban life while still being located in the city. Take advantage of the beauty and convenience of this neighborhood by considering San Francisco real estate in Protrero Hill.

  • Your buyer asked you to pay closing costs. Now what?

    Say that you received an offer on your home, but your buyer is asking you to cover all the closing costs. What are your options in this type of situation? You generally have three choices: accept, reject, or respond with a counter offer. If you’re confident that you are in an accelerating market and that your home is in fact marketable, you could simply reject the offer and wait for a better one to come along. However, if you want to work with the buyer to reach a common goal, then you will need to write up a counter offer.

    Whether it’s accepting an offer or negotiating a home sale, your decision should not be reactive. In other words, you should think through your options thoroughly.

    Deciding to Accept or Decline an Offer

    For instance, before you decide to cover all the closing costs, you want to make sure that no other buyer will beat the offer. If you find that the offer is reasonable, then you can accept the terms with no changes. While closing costs can be considerable, they do not necessarily have to deter you from accepting an otherwise appealing offer. In other words, if the buyer is willing to accept your asking price that is substantially higher than what you paid for the home, covering the closing costs may still leave you with a nice profit and return on your investment. In such case, assuming there is no better offer, it might make sense to accept and sign the offer as is. Conversely, if you decide to decline the offer, then you want to make sure you have others lined up.

    Countering an Offer: Negotiating a Home Sale

    In terms of negotiating a home sale, there are a variety of factors to consider. For example, the condition of the market, your situation, and the property itself can all play a role in determining how much leverage you have. For example, if the buyer asks you to pay all the closing costs, then you have to ask yourself what kind of market you are in. If you’re in a buyer’s market with fierce competition, then you might have to concede to the terms of the buyer’s offer. However, if you are receiving multiple offers, then you could write a counter offer to pay some, but not all, of the closing costs. You could also agree to cover the costs with stipulations of your own.

    In any case, negotiating a home sale is by no means a simple task, so the expertise and insight that a real estate professional can provide is an invaluable resource. If you find that you are unsure of what to do after receiving an offer, it is helpful for you to consult with a seasoned real estate agent. For more information about negotiating a home sale, contact us today! One of our Better Homes and Gardens real estate agents will be more than happy to assist you with your home sale!

     

     

  • What Is a Contingency Offer?

    Whether you are a first time home buyer or a seasoned professional, making an offer on a home can be a complicated process. Along with deciding on the price you want to offer for the home, your home offer may also require you to make other important decisions such as whether or not to include contingencies. In order to make this decision, you need to understand what a contingency offer is.

    A traditional offer to purchase a home includes the price you are willing to pay for the property, a date of closing and a date of possession, and other terms for a purchase agreement.

    Sometimes, making an offer on a home is “contingent”, or dependent, on one or more conditions that must be fulfilled before the buyer is willing to proceed with the purchase. In theory, a contingency offer can include almost any condition; however, there are some common conditions that buyers more commonly include in an offer to purchase, such as:

    • Financing contingency –this is a very common condition included by a buyer when making an offer on a home. If the buyer is depending on financing to complete the purchase, a financing contingency is included in the home offer. Usually, the buyer is required to make a good faith effort to secure financing within a specified period of time. Often, the condition is further contingent on the buyer obtaining financing at, or below, a specified interest rate.
    • Inspection contingency – This makes the purchase conditioned on a satisfactory inspection of the property. Most inspection contingencies allow the buyer to back out if a significant problem is encountered during the inspection. Alternatively, the buyer may request the seller to repair the problem or the buyer may choose to accept the property “as is” if the problems discovered during the inspection are insignificant or not costly.
    • Sale of home (Home Sale) contingency – if the buyer currently owns a home, and cannot afford two mortgages, the buyer may make the offer contingent upon the sale of his or her current home. As with a financing contingency, this condition typically gives the buyer a specified period of time within which to complete the sale of his or her current home.
    • Repairs contingency – a buyer may notice problems with the property prior to receiving an inspection report. In this case, the buyer may condition the purchase on repairing the problems.
    • Appraisal contingency – a lender usually determines the maximum amount available to a borrower based on the current market value of the property that will secure the loan. Because market conditions can change rapidly, a buyer and seller could agree on a sales price that is considerably higher than the actual market value in the eyes of the lender. For this reason, an appraisal contingency may be included in a home offer to allow the buyer a way out if the home appraises for less than the sales price agreed upon by the parties.

    As is the case in a traditional offer to purchase, a contingency offer may be accepted as is, rejected in its entirety, or the seller may submit a counter-offer. For example, the seller may accept a financing contingency but wish to allow the buyer less time to secure financing, so on and so forth.

    If making an offer on a home is in your future, be sure to consult with your Better Homes and Gardens real estate agent about whether you should make a contingency offer and, if so, what conditions you should include in the home offer.

  • Extravagant Luxury Homes in Tribeca – Living in Lower Manhattan

    If you are looking for luxury homes in New York City you have to check out the Tribeca area. Located in lower Manhattan, Tribeca is actually an acronym for “Triangle Below Canal Street.” The Tribeca triangle is bounded by Canal Street, West Street, Broadway, and Vesey Street. Just to give you some history, the area was one of the first residential neighborhoods in New York City; however, by the mid-19th century it had become a commercial hub. During the 1970s many of the large buildings that once housed commercial ventures were turned into loft space by artists who were attracted to the area. During the last two decades of the 20th century, the Tribeca area was transformed into an upper scale residential neighborhood and now houses some of the most luxurious New York City property listings available. In fact, in 2006, Forbes magazine ranked Tribeca’s 10013 zip code New York City’s most expensive zip code to live in. If you are looking for luxury homes in New York City, Tribeca is a must see.

    This part of lower Manhattan remains one of the most sought after areas of New York City. Famous names such as Robert DeNiro, Meryl Streep, Leonardo DiCaprio, and Gwyneth Paltrow have called Tribeca home at one point or another. Needless to say, it is hardly unusual to find yourself living next to a well-known artist, politician, or movie star if you are fortunate enough to be able to afford New York City property in Tribeca. Those who live in this upscale community can enjoy excellent schools, plenty of mass transit options, low crime rate, and waterfront access – all of which comes at a premium price. Finding New York City property in Tribeca for under $1 million is a challenge. Most people looking for property in Tribeca are prepared to spend upwards of $5 million-and if you are looking for a premium location in Tribeca, price tags of $15-$20 million can be expected.

    The vast majority of the luxury New York homes found in Tribeca are expansive loft spaces that have been converted to some of the most luxurious living spaces in New York City. As of August 2013, you can expect to pay around $2000 per square foot for a typical property located in Tribeca. Depending on exactly where the property is located, as well as what custom features and amenities come with the property, a homeowner can expect to pay anywhere from $2 million to well over $5 million for a two bedroom, two bath condominium. If your dream home in New York City includes a massive space with numerous bedrooms, expect to pay over $10 million in Tribeca. Most properties available in Tribeca are ultra-modern lofts that offer incredible views, high-end amenities, and the finest finishes available.

    If you are fortunate enough to be looking for luxury homes in New York City your first stop should be Tribeca, offering true luxury living right in the heart of the Big Apple.

  • How to Cut Down on Moving Costs

    It is no secret that moving can be an expensive endeavor. When you add up the costs of buying packing supplies, hiring a moving company, renting a moving truck and everything in between, the prospect of paying for it all may seem overwhelming. On the bright side, there are some savvy yet relatively simple ways to cut down on your moving costs. Read on to explore a few of the best ways to make your upcoming move more affordable.

     

    Hold a Garage Sale Prior to the Move

    Why pay to move stuff that you no longer use or want? Consider holding a garage sale in the months or weeks prior to your move as a means of removing clutter and earning some extra cash in the process. For the items that do not sell, you can choose to donate them to a local charity or simply throw them away. Upon completing your garage sale, you will have less to move, and you can start off with a “clean slate” in your new place!

     

    Avoid Moving During Peak Season

    The busiest and most expensive time to move is during the months of summer between June and September. That is because many families choose to move during the summer so that their children’s school years will not be disrupted. If possible, try scheduling your move during a non-peak time of the year. Consider a move during the months of October through April or May. You may be pleasantly surprised at how much cheaper moving services are during this time.

     

    Request Moving Quotes from Several Companies

    Regardless of the time when you are moving, make sure you are receiving the best deal from movers by requesting in-home quotes from at least three different companies. Compare what is included with each quote and check out the reviews of each company before making any decisions. And remember, cheaper is not always better. It may be worth spending a little more money with a company that has an outstanding reputation as opposed to one that is a little cheaper but is not very reputable.

     

    Search for Free Packing Supplies

    Rather than spending your hard-earned money on boxes, bubble wrap, and other packing supplies, check with family members and friends who have recently moved to see if they have any leftover boxes or supplies available. You may also want to talk to employees at local businesses to see if they have any extra cardboard boxes to give you for free.

     

    Save Your Receipts for Tax Time

    Finally, your moving costs may be tax-deductible, so make sure to keep your receipts such as those from your moving truck and moving company. You may be delighted by the credits or deductions you receive during tax time. By following these simple tips, you may be surprised at how much money you can save for your upcoming move.

  • Determining How Much House You Can Afford

    Affordability of a new home depends on funds available for a down payment and your current debt ratios. Start the process by evaluating your total income, debts and other expenses before developing a budget plan. Try using a mortgage calculator to determine your monthly payments, based on interest rates and the loan amount. Once you have determined how much house you can afford, you will be able to pre-qualify for a loan and buy your dream home.

    The Budget  

    The exciting process of buying a new home starts with the critical step of identifying your budget. A personal budget depends on several factors, including your current debts and your salary. Personal spending and expenses associated with owning a home must be evaluated before purchasing a new property. By evaluating the factors that contribute to the affordability of a home, you will be able to identify your maximum budget and meet the requirements to pre-qualify for a loan.

    The Salary

    Your salary provides the foundation for your total income and the amount of funds available for a mortgage payment. Begin by evaluating your current salary and monthly income to determine your budget. As a general rule, a loan should never exceed 36 percent of your total monthly salary and income. An easy calculation that determines the affordability of property is determined by the following:

    Take into account about 1/3 of your monthly income. If you make $3,000 per month, then you can assess that you will want to handle a mortgage payment of $1,000 per month or less.

    Current Debts

    The cost of your mortgage will vary based on your debt-to-income ratio. A high-debt ratio determines that you will qualify for a smaller mortgage amount. You want to limit your total debt-to-income ratio to less than 40 percent of your total income. Debts such as credit cards, car payments or other loans impact how many homes you can afford by reducing the amount of funds available to you for the property.
    Types of Mortgages

    The type of mortgage you secure impacts the overall cost of your home loan. Mortgages are affected by fluctuating interest rates set by the Federal Reserve. Below are the types of mortgages available:

    • A traditional fixed-rate mortgage provides a stable payment plan that you pay off over a set period. You repay a traditional loan over a 30-year period by making monthly payments of a stated amount.
    • Adjustable-rate mortgages offer the lowest current interest rate but the interest increases and decreases with the current rates. As a result, the monthly payments change over time when the interest rates move up or down.
    • A short-term loan, such as a 15-year mortgage, impacts the affordability of property as it impacts monthly payments. A loan with a shorter repayment period usually costs more on a monthly basis, so the affordability of a home depends on the duration of your loan.

    The Down Payment

    A down payment depends on your financial situation and the funds available for the initial payments. In most cases, you will want to provide a down payment that is roughly 20 percent of a home’s value. There are options to provide larger or smaller down payments before buying a home that you may negotiate with your realtor or seller.

  • How to Attract Millennial Home Buyers

    Millennials are those born between the 1980s and the early 2000s, and they currently make up the largest generation of homebuyers in the market today.  These tech-savvy, multi-tasking, enterprising individuals have distinct ideals in mind when it comes to their homes. And many home sellers are starting to think about how they can cater to the needs of this enormous population of  Millennial home buyers.

    Tech-Heavy Lifestyles

    One defining characteristic of the Millennial generation is that they grew up with technology.  Many were “plugged in” from the day they were born. To these individuals, technology is not just a luxury, but it’s a necessity. Your home needs to be technologically friendly in order to appeal to these buyers. Many Millennial home buyers would like the option of installing an entertainment center, television set, or desktop computer in every room of their home.

    How can you accommodate this? As you consider improvements and upgrades, think about how to integrate practical technology into your home. For instance, you can install a simple home automation system like a programmable thermostat that can be linked to your smart phone. Home automation is important to young homebuyers, as 41 percent of Millennials who were surveyed by Better Homes and Gardens indicated they would brag about a home automation system over a renovated kitchen. If you’re going to renovate the kitchen, or any other room in the home, you may want to incorporate home automation updates as well.

    Fixer-Uppers are OK

    If you would describe your home as a “fixer upper,” you might feel as though you need to tackle those fixes now, but you’d be surprised to learn that many Millennial home buyers actually appreciate the challenge as well as the affordability of fixer-uppers.  Millennials are known to be scouring garage sales and thrift stores in order to find vintage furnishings that they can refurnish and personalize themselves. Often referred to as the “DIY generation,” Millennials are more willing to take on the challenge of revamping a shabby home themselves.

    Additionally, this generation is known to be the most educated, but also the most indebted, largely due to student loans. Many Millennials have been delaying their home purchase in order to pay off their student loans during the past decade or so.  Although more and more Millennials are starting to enter into the real estate market, they are not able to make huge purchases. Unlike the Baby Boomer generation, many Millennials are currently looking for starter homes.  If you want to meet the budget needs of these first-time homebuyers, you may want to trim down the price and leave some of the fixes to the new buyer.  Selling your home “as is” for a lower price might be a strategy worth discussing with your agent if you are targeting this demographic. It just might improve the appeal when selling your home.

    Break Out of the Mold

    Millennials want a unique home with character. As you consider improvements and upgrades to help your home stand out on the current market, consider what you can do to break out of the cookie cutter mold in your neighborhood.

    More Conscious of Their Environment

    If you are selling your home, you want to go green. The incoming generation of home buyers are more concerned about the environment, hazards to their health and the health of their children.  Millennials are not only more aware of environmental concerns but are more interested in green building techniques. Low-VOC finishes, energy-efficient appliances and HVAC systems, as well as environmentally responsible building materials are all important to these buyers. Adding green features to your home may improve your home’s salability.

    Remember, Millennials are unlike any other generation.  They are buying homes in considerable numbers this year, and with the president’s student loan relief plan, many more are expected to enter into the market. If you are thinking about selling your home, be sure to consider the needs, interests and wants of this powerful generation of buyers.

  • When to Set Your Closing Date

    The closing date is the end goal of any real estate transaction, but it is a day that needs to be  established at the start of purchasing a home. There tends to be confusion for homeowners regarding when to set the closing date. These tips will help you establish a deadline that is  beneficial for both you and the seller. You can also work with your real estate agent and real estate lawyer to help you choose the best date possible for all parties involved.

    Tips for Setting Your Closing Date

    • Provide at least 30 days from the time of the offer until the closing date. In general, most people set a closing date 30 to 45 days after the offer has been accepted. There are a few steps that need to occur between a final offer and the closing date. You must allow ample time for these steps.
    • Establish a date for the occupancy of your home as well. While the closing date is the day when ownership of the home is transferred from the sellers to the buyers, the actual moving day may occur at another time. Some home sellers can vacate the property prior to the closing, allowing the buyers to move in immediately after the closing is complete. However, others may need extended occupancy in the home — up to 60 or 90 days. In the case of extended occupancy, the previous owners must pay rent to the new owners of the home.
    • If you have a deadline that you must close by, you should set a closing date 10 to 14 days prior to that deadline. For example, if you need to be in your new residence by July 1st, you should set a closing date for no later than June 15.
    • The closing date may have to change throughout the process. Sometimes, the lender does not give final approval on the mortgage loan in time to close by the first date that was established. If this occurs, then the seller and buyer must agree to a new closing date. After the lender has given the buyer final approval, you can choose a firm closing date.
    • Set the closing date prior to the deadline for the lender’s loan commitment and make sure the closing is set in time to lock-in the established interest rate. If your closing date occurs too late, you may have to adjust the interest rate or seek approval on the loan again.

    Once you have a closing date set, circle the date on your calendar and be ready to celebrate. This date is when you are going to be a new homeowner. If you have cleared all hurdles to close and have achieved final approval on your loan, then let the countdown begin. It will not be long before you are settled in your new space, enjoying the home of your dreams.

  • Taking Inventory of Your Belongings before the Move

    You may feel, adding yet another step to the moving process is the last thing you want to do, but moving is the perfect time to take inventory of your home. This is the time when you are most likely to get rid of unwanted and unused items. Having all your household items categorized and documented is a smart idea for insurance purposes too in case of fire, theft or natural disaster. Not only providing a useful record overall, creating a home inventory checklist offers one of the most thorough and efficient ways to catalog your household items before a move. A home inventory checklist is also useful as it can also complement your moving checklist, helping to keep you organized.

    Categorize by Room

    Begin your home inventory by documenting each room. A home inventory also serves as a mini checklist for each room of your house. Whether it’s a nifty moving app from your smartphone or “old school” with a written inventory, you will want to list your home’s contents, descriptions of each item, dates and approximate values. Avoid making this process time-consuming by providing more detail than necessary. Instead, use general categories and descriptions. You will find templates for home inventory checklists online if you need help categorizing items. If you have any high-value items, take photos of these individually, as well as the entire room.

    Fun with Color-Coded Stickers

    Have fun with color-coded stickers to keep track of boxes and the rooms that they were packed. Rather than writing all over the boxes in felt-tip marker, you can assign a color to each room and keep track of your color-codes on your home inventory spreadsheet. Your home inventory can come in handy by also assigning a color code for each room. You will easily know which boxes go where, once they arrive in your new home.

    You may want to grab some graph paper and sketch some room layouts. That will help you to visualize your possessions in your new home. It may also alert you to items that you should consider selling or give to charity.

    Enlist the Help of Others

    Even if you are the sole party responsible for keeping the master household inventory list, you can enlist the help of others in your household. Larger areas, like dining rooms or family rooms, can be split up among family members. The process can be sped up by taking inventory of one area while another takes stock of other areas. It is also helpful to have a color-coded folder for each room and to place within each folder any related inventory lists. Later these can be combined into the overall household inventory.

     

    After the Move

    Once all those boxes have arrived safely in your new home, you will be grateful to have an inventory of your entire home. You will avoid any uneasy feeling that items are missing because you lack a record, and it also ensures you that nothing was lost or stolen on its journey to your new home.

  • How Drought Friendly Landscaping Can Help You Sell Your Home

    Are you aware that your home’s value can improve by as much as 10 to 12% by simple adjustments to your property’s landscaping? If you are seeking to sell your home, by making simple landscaping improvements that are drought friendly, you will boost your home’s value tremendously. A drought friendly landscape is especially of interest to buyers who are seeking to purchase modern properties.

    Drought is a “hot” topic in the news today, especially with California in the middle of one of its worst droughts on record. Eco-conscious home shoppers are seeking properties that not only appear attractive but do not need a lot of upkeep. Home shoppers avoid homes with large green lawns or extensive garden beds. Instead of appreciating a traditionally landscaped lawns and observing its beauty, this generation of home shoppers views it as a waste of natural resources.

    Traditional landscaping that consists of green grass yards, trees, shrubs, and perennial flowers may appear pretty.  Unfortunately, this type of landscaping is less desirable as it requires tons of water and a generous amount of time to prune, weed and tend the plants. While mature trees and shrubs usually exist on rainfall, most of these plants will wither and die without water.

    Drought friendly landscaping, also known as xeriscaping, focuses on plants that are native to an area. Native plants are ideal in drought areas as they adapt well to their environment, thriving and growing without relying on excess water. There are many native plants that have attractive leaves or flowers but most importantly, they do not need to be watered, require less fertilizer and fewer pest control measures. As a result, they conserve natural resources and homeowner’s money.

    Drought friendly landscaping is sustainable throughout any season. Compare this to traditional landscaping, which must be watered heavily from spring through fall to thrive. You may not want to allocate any time or money maintaining your landscaping, even one that is drought friendly. Consider the alternative: In Sacramento, a homeowner was forced to accept an offer that was $9,000 under the asking price as the yard needed a complete landscaping makeover due to negligence.

    Drought-Proof Your Yard and Garden

    • Swap out foreign for native plants that require little water.
    • Reduce or eliminate entirely the grass in the yard. Replace with artificial grass.
    • Convert a portion of the yard to a deck or patio, eliminating the need for grass underneath.
    • Increase hardscaping with the use of concrete, pavers, mulch or gravel
    • Grow edible plants such herbs that require water but serve a purpose – they’re not just ornamental.
    • Create an attractive yard that will entice home shoppers.

    If you are eager to sell your home, make sure that you do not overlook the importance of providing landscaping that adds value to your home. At least four weeks before you put your house on the market, have a consultation with a landscaping professional who can help you implement these drought friendly landscaping ideas.