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Housing Inventory Still Sooooooo Loooooooooooow!

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Hola Southern Cali! Here’s yet another blog from me, Todd Garrigus, your blogging broker here at Garrigus Real Estate! I was working on some statistics recently and came across this little graph mapping all the housing inventory on our MLS, the CRMLS, here in Southern California so far in 2018. For reference, our CRMLS is one of the largest MLS’s in the entire country. So its statistics aren’t to be sneezed at.

According to this graph and the data behind it, not only did we endure one of the thinnest real estate markets as far as inventory is concerned, but we are STILL IN IT! Take a look. A normal market is said to have 6 months of inventory to burn thru. We are just barely over 2 months at 2.1. During the holidays we were even further below 2 months of inventory at 1.9 months. So what does that mean if you’re thinking of selling your home? Do you think now is a good time to sell? Only if you believe in supply and demand!

 

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Wanna Buy Real Estate in Dubai? Break Out Your Bitcoins!

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I don’t own any Bitcoins. It’s about as speculative as it gets as far as investments are concerned IMHO. But a developer is building a beautiful new building in Dubai willing to sell you an apartment with Bitcoins, or cash. Whichever you prefer! Let me know how you want us to write up your offer! 🙂 Check out the available units here!

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HOME SELLER TIP: Make a Great First Impression!

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So you’re selling your home. Of course, you want to do everything possible to sell it quick, and for as much as you can get. So why not do what you can to achieve that end result?

So mow your lawn… a lot!

This Home Seller Tip can affect the first impression a buyer has of your home! When a buyer first drives up to your house for their scheduled viewing, the very first thing they see, and the first impression they have of the condition of your home, is the front landscaping.

Take advantage of this initial impression and make sure your lawn is always mowed, manicured and looking its best! This home seller tip is simple in concept: mow your lawn a lot!

But the key is consistency. When you are selling your home, you never really know when a buyer or their agent will surprise you and ask for a quick showing. Many times you just won’t have a chance to get to the yard work before they get there. And you don’t want to delay the showing for any length of time either. Good, qualified buyers are lost that way.

If you currently let your grass get nice and shaggy before you mow, mow earlier than that so the grass is always curt and clean. If you already mow your lawn once a week, consider doing it twice a week. The point is to always have it done so when a buyer does view the home the yard looks great, all the time, every time. And if you only have short notice for a showing appointment, your lawn, and your home, will already look fantastic when the buyer gets there.

And let’s face it. A just-mowed and edged lawn can really impress. Isn’t that the emotion you want buyers to have just as they’re coming through the front door?

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Does Your Real Estate Broker Opt-IN or Opt-OUT of Zillow?

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Does your broker opt-in? Or do they opt-out of Zillow? Many that just started reading this have no idea what I’m talking about, but whether you’re a home seller or a REALTOR®, you best believe your broker knows if they opt-in or out of Zillow! But you as an agent, or you the home seller, definitely NEED TO KNOW either way!

Opt-In or Opt-Out of Zillow… For What???

Recently the Zillow Group, which includes Zillow and Trulia, announced it will no longer allow real estate agents to manually enter a listing into Zillow and Trulia. This poses a few questions. First off, what exactly does entering a listing directly into Zillow (and Trulia) do?

In the recent past, if an agent worked for a broker that did not allow the brokerage’s listings to populate into Zillow’s database, the agent could manually enter the listing for extra exposure or if it was important to their sellers.

Everyone knows Zillow is the big gorilla in the real estate market. Where it goes, so do a lot of real estate industry trends. Not having your listing on Zillow meant you were missing valuable exposure. This is important to a home seller for obvious reasons. The more buyers that are interested in a home, the more money it can demand. Simple, right?! RIGHT!

But for a REALTOR® the motivation could go either way. An agent may prefer to have their listing on Zillow to sell the property quicker, get a higher sales price, and even attract buyers as new clients interested in the home. But the other side of that coin though is some agents may prefer NOT to have the listing on Zillow.

The agent may feel the home is in a coveted neighborhood and already has a built-in buyer pool they can market to and take advantage of. If they end up representing the buyer as well, they can double-end the deal and make twice as much in commissions! Or maybe they know the price is aggressive and buyers will fight over the listing, and again the agent can attract potential buyer clients and/or double-end the sale.

But Now Zillow Has Removed That Choice

As stated above, Zillow is the big gorilla in the room and it gets to do what it wants. For years now Zillow has smartly allowed agents to include their listings manually. But Zillow has grown exponentially since, and this new policy forces the hands of all the real estate brokers that have up to this point refused to allow their listings to populate to Zillow. Zillow has become so integral in the real estate industry now, that opting-out is greedy and selfish on the part of the broker. It’s also now bad business….

Let’s play make believe. Say you are a real estate agent at a listing appointment:

Seller: If I sell my house with you, will my listing be on Zillow?

You: No. My broker opts-out of Zillow listings and does not allow it.

Seller: How does that help my bottom line?

You: ….silence….

Its not advantageous to the seller to sell with an agent if the broker doesn’t allow their listings on Zillow. And now, agents can’t manually include their listings when their broker opts-out. Its an all or nothing scenario.

Its now not advantageous to an agent either because they can lose listings specifically because their broker opted-out of Zillow and Trulia! So beginning in May 2017, Zillow and Trulia will ONLY accept listings through direct MLS or brokerage feeds. Agents WILL NOT be able to post listings directly to Zillow independently of their MLS or brokerage.

This does not affect For Sale By Owners (FSBO’s). All MLS syndication preferences are managed at the brokerage level only. And once opted-in, a real estate broker can also control whether or not their agents have a choice regarding their own syndication preferences.

So, does your broker opt-in or opt-out of Zillow? Your answer to that question can have a serious affect on your home sale! AND the price it sells for. Oh and by the way, yes, we ALWAYS opt-in here at Garrigus Real Estate!

-Todd J Garrigus Broker, Garrigus Real Estate

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How Long Do I Have to Wait to Buy a House After a Short Sale, Foreclosure, or Bankruptcy?

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Have you previously lost a home to foreclosure? Have you sold a home using a short sale? If you’ve been through a financial hardship like a short sale, foreclosure, bankruptcy, deed in lieu of foreclosure, this article will help you determine how long you must wait to re-enter the home buying mortgage markets.

The graph below is provided by Cory Dressel of AmeriFirst Financial, and the time-frames and regulations listed may be specific to AmeriFirst Financial. But this graph can be a useful tool for you if you’ve already previously lost a home to foreclosure or short sold a home, and you’re wondering what type of time-frames mortgage lenders require before you can be considered for another mortgage.

This could also be useful if you are considering a short sale but want to know how long it will affect your home buying abilities. This graph is also downloadable and printable for your convenience (see clickable link below):

Provided By:

Garrigus Real Estate

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Waiting Periods to Buy Home After Short Sale, Foreclosure, Bankruptcy

Or View Full Table Below:

"LOAN TYPE"FORECLOSURESHORT SALE / DEED IN LIEUCHAPTER 7 BANKRUPTCYCHAPTER 13 BANKRUPTCY
CONVENTIONAL7 years from completion date / 3 years with extenuating circumstances
(90% Max LTV, purchase of primary or rate and term all occupancy types)		4 years from completion date / 2 years with extenuating circumstances4 years from discharge date / 2 years with extenuating circumstances4 years from dismissal date / 2 years from discharge date / 2 years from dismissal date with extenuating circumstances
FHA3 years from completion date / 1 year with extenuating circumstances3 years from completion date / Can re-enter market if short sale is sold with NO mortgage delinquencies 1 year with extenuating circumstances2 years from discharge date / 1 year with extenuating circumstances1 year of the payout must elapse & payment performance must be satisfactory / Buyer must receive permission from the court to enter into mortgage
VA2 years from completion daate / 1 year with extenuating circumstances2 years from completion date / Can immediately re-enter market if short sale is sold with NO mortgage delinquencies / 1 year with extenuating circumstances2 years from discharge date / 1 year with extenuating circumstances1 year of the payout must elapse & payment performance must be satisfactory / Buyer must receive permission from the court to enter into mortgage
USDA3 years from completion date / 1 year with extenuating circumstances3 years from completion date / 1 year with extenuating circumstances3 years from discharge date / 1 year with extenuating circumstances1 year payout has elapsed & payment performance is satisfactory. Written permission from Trustee or automated underwriting approval

Are you wondering:

  • How long do I have to wait to buy a house after a short sale?
  • How long do I have to wait to buy a house after foreclosure?
  • How long do I have to wait to buy a house after filing bankruptcy?
  • Can I buy a house after chapter 7 and foreclosure?
  • How long do I have to wait to buy a house after filing chapter 13?
  • About buying a house after chapter 7 discharge?
  • How to buy a house after bankruptcy, short sale or foreclosure.

If you’re wondering how long you need to wait to buy a home after a short sale, foreclosure or bankruptcy, this one-sheet resource that you can download and/or print can help you determine where you are at in your process. And feel free to call or contact us if you have any questions about your particular situation. We also can help you short sell your home if you are facing foreclosure or a short sale:

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Let’s Celebrate Earth Day with Trash!

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Hey Southern California, I love ya! But you already knew that, didn’t you? You are my small slice of paradise on a beautiful planet that is unique in all the vastness of the Universe, at least based on humanity’s limited knowledge. You are a part of the only known planet in all the cosmos with oceans of Dihydrogen Monoxide, also known as life-sustaining water!

But our planet is wonderful even beyond H2O, which I’ve been known to enjoy a glass of every once in a while. Your planet also has vast forests, trees and plants of all colors, shapes and sizes. Your planet’s animals vary so much that it boggles my mind with billions of insects that are truly wonderful, although somewhat annoying at times! It also harbors birds that soar through the air with ease, creatures that burrow underground, killer animals like sharks and tigers, and even wonderful loving animals like dogs, cats, and other domesticated pets. And this is only a small list of the wonderful things Planet Earth has provided!

So, Southern California, I dedicate myself and ask others to join me in celebrating Earth Day today, April 22nd, 2017. I will commemorate the day and recognize the awesomeness of our Third Rock from the Sun by picking up trash whenever I can, where ever I can. I have a pretty busy day today, but keeping an eye out and simply bending over and picking up a piece of trash when I see it seems like a small sacrifice for our little Space Blueberry. I actually started yesterday when I walked to pick my kids up from school. I ended up with three pieces of trash that everyone else just walked passed!

But there are other things I can do to help clean up just a bit. Here’s my quick list. I encourage you to do a few of these suggestions too, or create your own if you like. As long as it helps clean up our home, even if it’s on a small scale, it matters:

  • Pick up trash from around my neighborhood
  • Strike up a conversation with my kids about not littering
  • Plant a tree, bush, or something else green
  • Make sure my lawn mower runs efficiently to lower it’s emissions
  • Fix any leaky faucets in or around my home
  • Walk when I can instead of driving
  • Pull the weeds around our house by hand instead of using herbicides
  • Find more things to include in the recycle bin instead of the trash can
  • Try to re-home unwanted items instead of throwing them away
  • Stop pouring oil down the storm drain (Just kidding! I’ve never done that! 🙂 )

So that’s my list, and that’s my pitch. We don’t have to do things that change the world on a global scale, but it would be nice to clean up where we live, even just a little. After all, it’s our home!

-Todd J Garrigus Broker, Garrigus Real Estate

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