San Gabriel Valley Real Estate

Just Sold for Full Price! Spacious and Immaculate Arcadia Townhome

This Beautiful Arcadia Townhouse Resides in a Desirable Neighborhood with Award Winning Arcadia Schools…Immaculately Maintained…Located Conveniently within Walking Distance of Markets, Holly Avenue Elementary School, and Arcadia High School, this Townhouse is Perfect for those who want to be near some of the Area’s Finest Amenities…the Intelligent, Spacious Floor Plan Features Large Windows for Plenty of Light and an Open Layout for a Spacious Feel…This Roomy Townhouse Boasts 3 Large Bedrooms, 2.5 Baths in an 1,712 Square Feet Floor Plan… The Interior Offers a Large Living Room with Fireplace and Plenty of Storage and Built-In Shelving, and a Formal Dining Area…A Roomy Kitchen offers an Abundance of Storage Cabinets and Plenty of Counter Space…The Huge Master Suite Offers Large Closet and Separate Bath…Two Other Spacious Bedrooms have Balconies and Large Closets…This Magnificent Townhouse Offers a Perfect Blend of Traditional Style, a Spacious Floor Plan, and Modern Convenience!

San Gabriel Valley Real Estate

Sold in 9 Days! Gorgeous North Arcadia Home With Spectacular Views

This Gorgeous North Arcadia Home is Situated in the Prestigious Highland Oaks Area…Spectacular City Light Views…Immaculately Maintained, this Spacious Home Offers an Intelligent, Bright Floor Plan with Five Bedrooms and Two and a Half Baths in 2,641 Square Feet of Living Area…Recessed Lighting Throughout and Rich Wood Floors Downstairs…Large Formal Living Room with Large Windows to give Plenty of Light and a Fireplace with a Traditional Wood Mantel…Spacious Formal Dining Room with Beautiful Parquet Floors and Shimmering Chandelier…Remodeled Kitchen with Newer Cabinets and Counters and Spacious Breakfast Nook… Huge Family Room offers Cozy Fireplace, Built-in Wood Shelving, Wet Bar, and Large Sliding Glass Doors with Views of the Sparkling Pool and Backyard…Spacious Master Suite Upstairs offers His and Her Closets, and Fully Remodeled Bath…All Bedrooms Offer Plenty of Light and Closet Space…All Baths Remodeled with Newer Cabinets and Gleaming Marble Countertops…Private Yard is Perfect for Entertaining with Built-in Barbeque, Serving Counter, Professionally Designed Pool and Spa, and Plenty of Space for Guests to Relax…Separate Laundry Room with Sink…Huge 3 Car Garage with Plenty of Storage…A Truly Magnificent North Arcadia Home!

San Gabriel Valley Real Estate

Sold for Over Asking! Spacious Townhome in Prestigious Highland Oaks

This Spacious, Two-Story, North Arcadia Townhome is Located in the Prestigious Highland Oaks Area…This End Unit Features a Bright and Airy Floor Plan with 3 Large Bedrooms and 2.5 Baths in 1,752 Square Feet…Built in 1988 with High Quality Materials, Immaculately Maintained, and Recently Painted…Spacious Living Room with Large Windows and High Ceilings…Open Dining Area with Shimmering Chandelier…Wood Floors Throughout the Downstairs…Bright Kitchen Features Wood Cabinets, Plenty of Counter Space, and a Breakfast Nook Overlooking the Patio and Yard…The Open Family Room Features Views to the Grassy Common Area and a Brick Fireplace…Spacious Master Suite Complete with Fireplace and Walk-In Closet…Master Bath Offers a Spa Tub, Separate Shower, and Double Sinks…Two Other Large Bedrooms…Large Two Car Attached Garage with Storage Cabinets…Separate Laundry Room…a Wonderful Townhouse in Prestigious North Arcadia!

San Gabriel Valley Real Estate

Closing Your Sale the Easy Way

Even though every transaction has unique challenges, there are ways you and your agent can make the process as smooth and stress-free as possible to get you to an easy closing.

Eliminating Surprise Costs and Issues
Throughout the escrow process, sellers will provide both reports and disclosures to a buyer that are either required by law or used to ensure a safer transaction. The 3 reports that a seller will typically provide are:

1. Natural Hazard Disclosure – Consists of a series of maps showing if the property is in a special hazard zone such as an earthquake zone, a flood zone, or a high fire severity zone.
2. Preliminary Title Report – Shows any issues affecting the title of the property. This will show shared spaces (like a shared driveway), utility access, and most importantly the report will show current loans, mechanic’s liens, or judgments against the property.
3. Termite Report – A detailed report showing evidence of termite infestation. This will also show required repairs to damaged areas if there are any.

Many agents will order these reports once an offer is received or accepted but I always advise clients to complete the disclosures and to order these reports right when the property is listed, before there’s even an offer. This means that before you even begin negotiations on an offer you are aware of any issues with the title of the property and have calculated the cost of the termite work. It’s not uncommon to discover a lien that was not cleared correctly or an unexpected issue on the title of the property. Most of the time, these issues are easy to address but they require time to do so, making it essential to know as soon as possible to avoid delaying the sale. Another benefit is that you can provide these reports to the buyer the day they accept and possibly shorten some of the contingency periods. Plus, all the reports are free, even if you don’t close.

Knowing the Areas of Possible Delay
The two most common sources of delay in a real estate transaction are the loan approval process and obtaining the HOA documents for a condominium complex, townhouse complex, or a planned community. One of the most important duties for an agent is to keep the transaction progressing, especially in these two areas of delay.

Overestimate the Time Needed to Move and Clean the Property
A common issue that occurs before closing is that physically moving takes longer than expected and the owner needs additional time to move and clear the house. When that happens, it becomes messy because now the buyer is paying the mortgage and may request to be reimbursed, he may have already given notice to his landlord, or he may have to reschedule the moving vans, or even furniture and appliance delivery.

My best suggestion is to hire professional movers and to overestimate the time required to move, especially if you’ve lived in the home for a long time. My clients who sell always tell me how much stuff they didn’t know they had. Also, homeowners have a duty to leave the property clean and free from debris, so also make some time to take care of that as well. The last thing you want to do is to have to go back to haul away debris during your move to your new home. The smoothest moves have always happened slowly, with the owners starting from the offer acceptance date with throwing away or donating unneeded items until the contingency removal date when the real packing begins.

Lastly, before you leave your former home, forward your mail, stop all utilities, say goodbye to your neighbors, and if you had a good experience with your Realtor, don’t forget to recommend him to anyone you know, he’ll appreciate it.

Happy Moving!

Previous: Offers and Negotiation: How do we make the most out of every offer?
Table of Contents: Mark’s Selling Guide

San Gabriel Valley Real Estate

The 5 Most Important Factors in Negotiating an Offer

So you have an offer on your home, great! What’s important in the offer and how can you make the most of it?

The Negotiation Starts Before the Offer is Written
The truth is that even though two offers that may look exactly the same on paper, they can have very different amounts of negotiating room and very different chances of even closing. It’s important to understand the buyers who are making offers on your property more deeply than just financials and a loan approval. A couple good starting points are:

1. Why are they moving? Are they upgrading/downgrading? Why? Is it because they have a new baby on the way or because their youngest just got married and they’re downgrading from a larger home? Are they moving because of a job transfer?
2. Why did they choose your specific home? Is it the area? Are they moving for the schools or a single school in particular? Do they have relatives nearby? Maybe even on this street?
3. What do they do for work? Are they self-employed or do they work for someone? Where is their place of business?
4. Do they have a timeline? Maybe because of a job transfer or because of a new baby on the way
5. Have they made a lot of offers? On which particular properties? Why did they not get those properties? Your agent should know why that property sold, a rough idea of how much activity was on that property, and how their offer compared to the offer that was eventually accepted.

These questions can serve as a starting point for why they like your home, their motivation to purchase, and an idea of their financial ability to close the transaction. Once they do write an offer, there are a few important factors to consider when you consider an offer.

Price is Only One Factor
Most of today’s contracts are very sophisticated and usually include detailed terms that may have a substantial effect on the smoothness and ability to close the transaction. A good Realtor will address these 5 important factors when negotiating on your behalf:

1. Price, Down Payment, and Deposit – Price is always important, but the price won’t matter if the transaction doesn’t close. In today’s market, loans are much harder to qualify for, which means the amount of down payment is a huge factor in whether a buyer can even obtain a loan. Experienced agents will know down payment and income requirements for current mortgage loans and will be able to spot any red flags before you start negotiating, especially in multiple offer situations. The deposit amount also shows how committed a buyer is. If a buyer intends to complete the transaction and the deposit goes towards the down payment, why not request the largest deposit possible?
2. Contingencies – Buyer’s will have a period of time, 17 days by the standard C.A.R. contract, to inspect the property for any defects, request any repairs to be done, obtain an appraisal and to get their loan approved. During this period, the buyer can cancel the contract for the reasons above without risking his deposit. Usually, the shorter these time periods are, the better it is for the seller since once these periods are up, they can feel safe planning their next move. Sometimes buyers will make offers contingent on the sale of their home, which typically isn’t favorable for sellers.
3. Condition of the Property – The standard contract we use in my market states that all sales are AS-IS. However, in the majority of all transactions, a buyer will do an inspection and request repairs to be done on the property. Sometimes these can be minor repairs but there are many cases where these repairs will cost thousands. This is another instance where a little bit of foresight can save you money. If your real estate professional knows about the items in your home that aren’t in good, working condition, he can address those issues up front during the counter offer stages when the buyer is more willing to make concessions to save you repair costs later on. In some cases, you may even be able to have the buyer do an inspection and accept the complete condition of the house before you open escrow.
4. Closing Costs – Both buyer and seller pay closing costs to complete a real estate transaction. The common practice in my market is that the seller will pay their portion of escrow fees, owner’s title insurance policy, transfer taxes, a natural hazard report, mandatory termite work, and a 1 year home warranty for the buyer. In some cases, buyers will request the seller also credit some money for closing costs or in multiple offer situations, may even offer to pay for some of the costs that sellers typically pay, such as termite or home warranty.
5. Closing and Possession – The date you close escrow is when all the funds are distributed to sellers, buyers, the title company, and service people and may differ from the possession date, which is when you actually hand the property over to the buyer. Make sure these fit your timeline, taking into consideration the time you need to find your next home or rental, and the time you need to physically move.

So you’ve negotiated a great offer and now you want to open escrow. How does this whole escrow process work?

Next: Tips to Ensure a Smooth and Successful Closing
Previous: Maximize Your Price: It starts before you even get an offer
Table of Contents: Mark’s Selling Guide

San Gabriel Valley Real Estate

Maximizing the Selling Price of Your Home

If there’s one key to getting the highest price for your home, it’s exposure. As with selling anything, the more customers who are willing to pay for a product, the higher the price the product will demand. In addition to the number of buyers who go through the home, the features, benefits, and condition all have an effect on what a buyer is willing to pay. Buyers who see your home as being different, unique, or special are willing to pay more for it to outbid other buyers. So the two biggest questions that your real estate agent should be able to answer are:

How do I get as highest number of people through my home to get the best offer possible?
Every qualified buyer who walks through your home is a chance to sell. This means that the more qualified buyers that visit your home, the better your chances of selling and the higher price you’re likely to get. This is where your agent comes in.

A skilled professional will have a strong real estate marketing plan to get buyers excited about your property and motivated enough to make in person visits. The number of in person showings is the key number in determining the quantity and quality of offers a property will receive. Agents need to know the numbers for specific markets in order to know when to adjust. For example, in the Arcadia real estate market, that number is 5-8 showings per week for a good chance of selling quickly. Any less and the chances of getting an offer declines, but more may mean you might even get multiple offers.  My marketing plan is specifically design to encourage as many buyers to enter and tour the property as possible.

How do I make more of the buyers who visit fall in love with my house?
So you’ve gotten the right number of showings, how do you turn more of those showings into offers? I’ve had clients who listed their home with another agent and started with over 15 showings per week and finished with less than 1 per week after being on the market for over 6 months, all while receiving zero offers. A few months later, after listing with me and preparing the property for sale, the owner received a full price offer in two short weeks.

What made the difference? Pre-listing preparation. Preparing a home for sale is one of the most overlooked and important considerations before selling your home. Preparing to sell your home is much like preparing to sell a car. Before you sell a car, you wash it, vacuum the inside, remove the clutter, and show that it’s been kept in good condition, and it’s the same with a home.

Most of the homes I list, even newer ones, need some amount of preparation to be in showing condition. The exact amount varies from home to home, but you only have one chance to make that first favorable impression on a buyer’s mind, so make sure it’s completely ready before buyers see it. Otherwise, you may risk losing that buyer who would have been willing to pay the highest price. Your agent should not only provide a list of things to do before you put your home on the market but should also be able to refer you quality professionals to get the job done, if it’s required.

Now that you’ve gotten tons of visitors and an offer or maybe even multiple offers, how can you make the most of the situation?

Next: Offers and Negotiation: How do we make the most out of every offer?
Previous: Listing Your Home: How do I get started? What are the costs involved?
Table of Contents: Mark’s Selling Guide

San Gabriel Valley Real Estate

Sold for Over-Asking Price!Beautiful Home on Quiet Cul-De-Sac

This Beautiful Home is Located in the Prestigious Arcadia School District on a Quiet Cul-De-Sac…Completely Remodeled in 2007… Wood Floors, Crown Moulding, and Newer Fixtures Throughout the house…Intelligent, Bright Floor Plan Offers 4 Bedrooms, 3 Upstairs and 1 Downstairs, and 2 Baths in 2,475 Square Feet on a 7,680 Square Foot Lot…Built in 1965…Huge Living Room with Large Windows and Backyard Access…Upgraded Kitchen Features Granite Countertops, Newer Cabinets, Stainless Steel Appliances, and a Cozy Breakfast Nook…Dining Room with Large Windows and Beautiful Chandelier…Master Bedroom includes Powder Area, Carpeted Floors, and Huge Wall-Length Mirrored Closet…Each Bedroom Offers Large Closets and Plenty of Windows…Spacious Backyard With Covered Outdoor Patio…Spacious 2 Car Attached Garage with Direct Entry into the Home…A True Arcadia Beauty in a Quiet Neighborhood!

San Gabriel Valley Real Estate

Sold for Full Price! Immaculate Rosemead Home

This Immaculate Rosemead Home is Located in a Quiet Neighborhood and Offers 3 Bedrooms and 1 Bath in 1,024 Sq Ft of Living Space…Intelligent and Bright Floor Plan…Newer Windows Create Plenty of Natural Lighting…Front Entry Opens to Spacious Living Room With Large Wall Height Windows…Dining Area in Living Room…Roomy Kitchen With Patterned Tile Countertops and Floor and Featuring Beautiful Hardwood Cabinetry…Separate Laundry Area With Pocket Door Entry and Pantry Cupboards…Large Bedrooms With Individual Closets, Ceiling Fan, and Carpeted Floors…Carpeted Hallway With Linen Closet and Access to All Bedrooms…Full Bath Features Tiled Walls and Hardwood Cabinets…Master Bedroom With Wide Bay Window to Front…Covered Outdoor Patio With Concrete Floors and Brick Fireplace…Side Yard With Grassy Area…Detached 2 Car Garage With Rear Storage Area…Separate Covered Carport Parking Space…Truly a Wonderful Home in Rosemead!

San Gabriel Valley Real Estate

Selling in Today’s Market: Numbers, Numbers, Numbers

In today’s market, it’s essential to know not only your numbers but the numbers of the neighborhood homes that have just sold. Make sure you hire a local agent who’s been in these homes and understands why the comparable properties sold for the prices they sold for. If you or your agent don’t have this information, you’ll be at a disadvantage because the buyers will.

Pricing Strategy Makes a Difference
Pricing your home correctly in today’s market is more essential than ever. If you price off a dream number, you may end up spending a lot of time on the market, hurting your chances of selling now, hurting your chances of selling later, and you’ll base your move off something that may not really work financially or logistically. No one wants to spend 6 months on the market only to realize at the end that the realistic market price means no down payment for the next home.

A real estate professional who will tell you the truth about your price, chances of selling, and possible hurdles of selling under current market conditions is doing his job. I see situations all the time where an agent will list a home too high for fear of disappointing the owner and after months and months, the home fails to sell and the owners give up on their dream. Hire a true professional who will be honest from the start so you can make the appropriate adjustments right from the beginning.

Knowing the Reasons Behind the Numbers
As you may know, appraisers, real estate professionals, and especially buyers often use price per square foot to determine the value of a home. This number is one of the most important numbers that will show up on internet sites, flyer print outs, and on the multiple listing service. BUT it’s not everything.

This is where the local expert comes in. Hiring a local expert who is fully involved in the business every single day means that he has probably seen most of the homes on the market. He would know that the Smith house down the street only sold for $310 per square foot because the living room was only 8 feet wide, and that yours might be worth $350 per square foot because you have a brighter, more open floor plan. Buyers will come in and try to mention properties that aren’t comparable to try to negotiate your price down, but the professional will be able to handle those situations because they simply know the market.

Your Bottom Line: What are the Costs to Sell
Typical closing costs for sellers include real estate commissions, escrow fees, title fees, termite work, transfer taxes, and a 1 year home warranty for the buyers. A good way to estimate it is to budget 7% of your projected selling price towards closings costs. Lastly, deduct the loans and estimated capital gains taxes to get your proceeds from the sale that you can save or put towards your new home.

How can you make sure to maximize your sales price and increase your bottom line?

Next: Maximize Your Price: It starts before you even get an offer
Previous: Deciding to Sell: What should I consider? What are my options?
Table of Contents: Mark’s Selling Guide

San Gabriel Valley Real Estate

Deciding to Sell: What should I consider? What are my options?

I would like to move because…
Most of the time a decision to sell or move is a result of a significant life event or a changing need like having a new baby, getting married, needing a yard, downsizing after the kids leave home, or just downsizing to reduce expenses. In these situations, it’s not only important to review financial implications of selling but to also consider the intrinsic value of selling and moving on to the next phase of your life.

Many of my personal clients who waited years to move tell me afterwards that they wish they had moved sooner, especially if the move is to be closer to family, to enjoy their retirement, or even just to downsize to help pay for traveling adventures.

When to Sell and When to Lease:
If you’ve decided that now is the time to move, should you lease your home to a renter or should you sell it? The easiest ways to maximize your real estate investment is proper planning.

Why you should sell:
One of the biggest factors to consider for owners who have seen their values go up is tax-free gains. If you’ve lived in your home 2 out of the past 5 years, you can claim $250,000.00 as an individual or $500,000.00 as a couple in gains absolutely tax-free. Of course, always consult with your CPA as every situation is different. If you move out of your home and lease the home out for more than 3 years you lose the homeowner’s tax exemption gains mentioned above. If you have some gains or you’ve reached the limit, it may be a good idea to sell and re-invest the money into another property where you can hopefully do that again in a few years.

Other factors to consider include the ability to afford multiple mortgages or homes, a backup plan for setbacks such as loss of income, your desire to become a landlord, and needing the money to purchase the next home.

When it makes sense to convert your home into a rental:
If you can afford to purchase the next home without selling and you’re planning on keeping your current home as a rental, interest rates are so good these days that you might be able to refinance to a great rate, rent out the home, have someone pay your mortgage for you, and if you’re lucky or have owned the home for awhile, you may even have a little cash coming in each month.

If you’re still confused about what you’d like to do, feel free to contact me or your local Realtor and one of us will be happy to walk you through your options. Otherwise, if everything you’ve thought about still points to selling, the next step is to find out if makes sense to sell in today’s market.

Next: Listing Your Home: How do I get started? What are the costs involved?
Table of Contents: Mark’s Selling Guide

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