Tag: Sellers

Finding The Best Time To Sell Your Home

Posted on by Julie Tsai

If we all waited for the perfect moment, we would never marry, have children, switch careers, retire, or move. 

Leave perfect timing to Swiss watches and trains. In real estate, optimal timing is the target.

Time To Move?

Selling your home and moving, especially if you’ve lived in it for a long time, is an emotionally charged decision. After all, home is not just a living space, but a storehouse of fond memories; your children’s cradle and launchpad; the cozy, nurturing womb of friendship and camaraderie; your safe harbor. Just thinking about what will be left behind and the inconvenience of moving fills many people with anxiety and dread.

But an inconvenience, said British author G.K. Chesterton, can become an adventure if rightly considered—which is the same as saying we should think about what we stand to gain instead of what we stand to lose.

Getting rid of stuff, for instance, can seem daunting, until we imagine ourselves and our lives more unencumbered. Goodbye worrying about the three sets of dishes that have never been used! Decluttering our lives is good for the mind and soul. Shedding allows us to travel light. We lose stuff but gain freedom and peace of mind.

Downsizing can feel stifling until we picture ourselves in closer quarters and proximity to our loved ones, or when we imagine all the wonderful experiences and new memories a lower mortgage payment will afford us. 

A new neighborhood, town, or city may just be the fertile soil we need to reinvent ourselves in midlife. Change is energizing!

Separating ourselves from the familiar—our old friends, community, or favorite haunts and hikes—allows us to see everything anew. Distance, they say, makes the heart grow fonder.

If rightly considered, selling your home and moving someplace new will always be an adventure, and with Julie Tsai Law, we stand ready to chart the course with you.

Perfect Timing

Attempting to perfectly time the market is one of the great traps into which many people fall.

If someone as knowledgeable as Fed Chairman Alan Greenspan couldn’t see the 2008 market crash coming, it is hard to comprehend how we can predict the highest wave in a market cycle—especially in a real estate market as nuanced as the San Francisco Bay Area.

“A decade of results throws cold water on the notion that strategists exhibit any special ability to time the markets.” – The Wall Street Journal

Regardless of market turbulence, over the years Julie and her team have helped our clients focus on obtaining the highest possible price while selling at the time that suits each client’s needs. Our clients have been amply rewarded by our conservative, yet savvy advice. After all, we have been around long enough to know how to tailor the timing of your selling experience to be both easy and financially rewarding. We also know if a window of time simply won’t give you the results you expect, and we feel it is our duty to inform you and let you make the final decision.

Our team of experts has a constant finger on the pulse of the market, tracking Fed policy, interest rates, supply and demand, economic growth, demographic shifts, and regional development plans that may impact your property value. This allows us to provide a comprehensive outlook to our clients and recommend the optimal time to sell your home for the value and terms you desire.

Can We Help?

Julie understands the idea of selling your home may seem overwhelming. This is why we have created a system that makes home-selling as easy and effective as possible.

For more information on how we can help with your home-selling needs, please contact Julie at 650.799.8888 or Julie@JulieTsaiLaw.com to schedule a free consultation.

Downsizers: Use Your Existing Home To Finance Your Next Move

Posted on by Julie Tsai

DOWNSIZERS: USE YOUR EXISTING HOME TO FINANCE YOUR NEXT MOVE

 

With some of the highest rental rates in the country, many Bay Area homeowners who are near retirement or are recent empty-nesters are using their existing homes as a creative source of income. This option allows them to downsize and relocate in-state, out-of-state, abroad—or even stay right on their properties.

Opportunity In Disparity

It’s no secret that high local housing costs have been part of a recent exodus from California to places with much lower housing costs. For example, close to 700,000 people left California in 2018. Texas was their first choice, followed by Arizona, Washington, Nevada, and Oregon. No doubt many were lured by the relative affordability of single-family homes in those areas: Texas at $209,000, Arizona at $272,000, Washington at $419,000, Nevada at $303,000, and Oregon at $366,000 (according to data provided by Zillow through January 2020).

With an average cost of $313,000 across these five states, the monthly mortgage payment for a new home would amount to roughly $1,400, if financed at 100% loan-to-value at current interest rates.

Conversely, with rental rates in San Jose, for example, at $3,200 per month for a two-bedroom unit, or San Francisco at $4,520 (according to Rent Jungle), Bay Area homeowners are uniquely positioned to convert their primary home into a rental property to finance a move to a smaller home.

Even if you’re thinking of downsizing but not planning to vacate entirely, you may even consider consolidating your belongings and living arrangements and renting out a bedroom or portion of your home to create supplemental income.

Ease Of Property Management

In the past, homeowners were reluctant to rent out their properties because of the hassles involved in being a landlord. However, a growing number of professional property management companies is now making it possible to outsource the hassle at a very competitive price, usually averaging 8% of the monthly rent. If you’re considering renting out your property, Julie and our team can help you find the property management team that best suits the intentions for your property.

New Legislation

Recent rental legislation in California allows landlords to raise rents by 5% annually. This is in addition to the regional cost-of-living increase, or a maximum of 10%. Based on current inflation rates, Bay Area landlords could raise rents by an estimated 7.7% per year, which could translate to a healthy, regular profit that downsizers can put towards a smaller, less expensive home.

Accessory Dwelling Units

Another option being considered by a growing number of aging couples is building an accessory dwelling unit (ADU) on their existing property. When ready, they can move into this ADU while concurrently renting out their primary residence to outsiders or younger family members. Recent housing legislation now gives homeowners greater flexibility to consider this option. Click here (“Homesellers, New ADU Housing Bills Could Add Value To Your Home”) for more information.  

Can We Help?

Of course, the viability of pursuing a strategy like this will obviously depend on your current monthly mortgage payment, property insurance, and ongoing maintenance costs, as well as the carrying costs of the new house. As with any key financial decision, considering turning your primary home into an income property to finance your next move should be done under professional counsel from your financial, tax, and real estate advisors.

For more information on how we can help with your downsizing needs, please contact Julie at 650.799.8888 or Julie@JulieTsaiLaw.com to schedule a free consultation.

 

How To Achieve Higher Appraisals

Posted on by Julie Tsai

An appraisal is an unbiased, professional estimate of the value of a property. It is required by the lender before issuing a mortgage, and usually happens after an offer has been made and the home has been inspected.

Appraising a property isn’t an exact science. It is only an opinion of what your home is worth. It doesn’t dictate how much the buyer should pay, or how much you should accept. If your home is appraised lower than the price you and the buyer agreed upon, the lender isn’t going to make up the difference. It’ll be up to you and the buyer to figure out who pays for the shortfall. Both of you can agree to negotiate a new price, or you might consider finding someone willing to offer cash, which doesn’t require an appraisal.

 

Preparing For The Appraisal

  • Comparable listings

 

The first thing a home appraiser does is pull comparable listings (called “comps”) from the nearby area. These are similar properties, usually located within a mile or so, which have sold in the last 90 days. Typically, an appraiser compares the target property with at least three comparable ones. While appraisers have full access to MLS Listings and other programs, some offerings might not appear, so it’s good practice to compile your own and have a printed copy ready to hand to the appraiser as a courtesy. If you are a client of ours, then Julie and her team will already have comps prepared that you can review and share if possible. Click here for resources.

 

  • List of improvements

 

Make an itemized list of all significant repairs, updates, and improvements you’ve made to your home, including dates and total cost. Major structural upgrades, such as replacement of a worn roof or stabilization of a crumbling foundation, are important to an appraisal because, if they are not done, the home’s value suffers. Do not include cosmetic upgrades. Any improvements that are not permanent are usually inconsequential to a home appraisal.

 

  • Neighborhood bragging rights

 

If there have been positive changes to your neighborhood, let the appraiser know.

For example, did a new Starbucks open nearby? Mention it to the appraiser. After all, there was a recent Harvard Business School study that determined the entry of a Starbucks into a ZIP code is associated with a 0.5% increase in housing prices within a year.

What about public schools? How are they ranked? (Check here.) What’s the availability of daycare centers in your area? (Click here.) Mention improvements in public transportation, availability of bike paths, access to nature and hiking trails, etc. Display your neighborhood pride!

  • Deep cleaning

 

“The home appraiser isn’t coming by to judge the cleanliness of your homestead,” says appraiser Adam Wiener, the founder of Aladdin Appraisal in Auburndale, MA. “But it’s still good form to declutter, dust, and mop beforehand to show your home in its best light. Home appraisals won’t typically devalue your home because it’s messy—but a neat, organized home might help you. Even if they’re not consciously aware of it, the appraiser might value a messy home a little lower.”

So, the cleaner you can make your home look before an appraisal, the better!

 

The Physical Appraisal

Imagine your home after you’ve emptied it of your personal items. That’s what the appraiser will focus on. He will assess and record the quality and condition of the “bones” of your home and combine it with the comps to determine the market price of your property.

While unbiased, the appraiser is human, so will likely be influenced by first impressions. Make sure you’ve done everything you can to enhance your property’s curb appeal.

Once inside, the appraiser will conduct a room-by-room assessment to look at the material, quality, and condition of all fixtures, appliances, flooring, plumbing, and anything that will be left behind when you move out, including:

  • Plumbing fixtures (toilets, showers/tubs, faucets)
  • Interior paint quality
  • Flooring
  • Appliances
  • Windows/doors
  • Furnace
  • Air conditioning unit
  • Lighting fixtures
  • Cabinetry
  • Countertops
  • Electrical
  • Basement finish
  • Security system
  • Fireplaces

Appraisers often value houses in $500 increments, so if there’s a repair over $500 that can or should be made, do it. Fix leaky faucets, running toilets, broken windows, and cracked ceilings. Be sure to also touch-up the interior paint.

Once your home is appraised, it is almost impossible to have the appraiser reconsider his assessment. That’s why it’s crucial for you to present your home in the best light possible and be fully prepared for when the appraiser knocks on your door. 

 

Can We Help?

Don’t worry! Our expert team is ready to assist you in getting the highest appraisal possible. 

For more ways on how you can get the best value for your home, please contact Julie at 650.799.8888 or Julie@JulieTsaiLaw.com to schedule a free consultation.

Pricing Your Home Just Right

Posted on by Julie Tsai

“How much is my home worth?” is the first question in most sellers’ minds when getting ready to list.

In response, we always start by reminding clients that pricing a home for sale is a business decision, not a personal one. This helps clear the air from all the emotions which tend to get in the way of a successful transaction.

To answer plainly, the value of a home is what buyers are willing to pay for it. No more, no less.

“A lot of sellers feel like there’s that one buyer out there who is going to pay way over market value for their home. But that just doesn’t exist. Even if a buyer falls in love with the home, they’re still going to be looking at [comparable properties]. No buyer wants to overpay.” 

– Michael J. Okun of Sotheby’s International Realty

Why Pricing Is Important

We want to make sure you don’t overprice your home because it will lead to a decline in interest after a few weeks on the market. Of course, dropping the price later is possible, but it might be a little too late.

On the other hand, pricing it low, especially in a seller’s market, shouldn’t worry you. Homes priced below market value will often receive multiple offers—each higher than the other—until reaching or exceeding the market value. 

That said, let’s review the factors that determine price, and the process by which we arrive at a competitive valuation.

Factors For Determining The Best Price

  • Location

 

The value of a particular location is primarily driven by the priorities of the buyer. A young couple about to start a family might place a higher value on a home located in a high-quality school district while an older couple might prefer a quiet neighborhood. Proximity to amenities, public transport, crime incidence, and job opportunities also determine the premium—or discount—buyers use to appraise a location.

  

  • Comparable Properties

 

Comparables, or “comps,” is a real estate appraisal term referring to properties with characteristics similar to yours. Besides location, we’ll want to look for comps that most closely match your property, such as lot size, square footage, year of construction, and number of rooms. The date a home was last sold also plays a role. Ideally, we only want to look at similar homes that have sold in your area within the last three months.

 

  • Condition

 

Your home’s condition has such a major impact on its value that some buyers will pay a premium for a well-maintained home. If it’s not in good shape, your home will likely still sell, but you may have to list it at a lower price than you prefer. We may even need to add an ‘as-is clause’ into your sales contract.

 

  • Upgrades

 

Remodels, renovations, or upgrades—any updates you make to your home prior to selling—will have an impact on its value. However, not all updates are equal. Certain renovations and remodeling projects have a better return on investment than others. Click here for the most current NAR Remodeling Impact Report to see which projects have a better return.

A Peek At Our Pricing Process

To get a better sense of the approximate market value for your home, follow this quick process:

  1. Check active listings. 

Most online valuation tools will display active listings in your area. Check each one and make a list of their features. Make sure, though, to compare apple to apples, i.e., homes:

  • Within a 1/4 mile to a 1/2 mile radius.
  • Of similar square footage, within a 10% variance up or down.
  • Of similar age and construction.
  • Of similar lot size.
  • Of similar condition.

Once you complete your list, we recommend you personally tour each home to get a better sense of the competition. After each visit, record the factors which gave you a favorable impression. When ready to stage your home for sale, your agent should work with you to recreate these positive characteristics.

  1. Ask us to run a Comparable Market Analysis (CMA).

A CMA looks at recent sales of comparable properties, not active listings nor pending sales which don’t carry the same weight as a home that has already sold.

Many homeowners wonder if it’s best to hire an appraiser to establish the value of their home. However, keep in mind that the “appraisal value” isn’t always the same as the “market value.” In any case, when financing the purchase, mortgage lenders will contract their own appraisal and not base their funding decision on the one contracted by the seller. For more on appraisals, click here (“Homesellers, How To Achieve Higher Appraisals”). 

Can We Help?

Julie and our team of experts are ready to help. Our vast experience, direct access to multiple listings, and up-to-date information on sold homes in your area will ensure we price your home just right.

For more information, please contact Julie at 650.799.8888 or Julie@JulieTsaiLaw.com to schedule a free consultation.

如何给你的房屋定价，以獲得最高的最终銷售價格

Posted on by Julie Tsai

如何给你的房屋定价，以獲得最高的最终銷售價格

 

 

1，在销售您房产的过程中您能做出的最重要決定之一就是确定它的掛牌價。如果您制定的挂牌价过低，虽然这样可以引起很多潜在买家的兴趣也会得到更多的报价，但是你最终可能会白白损失很多钱。如果你制定的挂牌价太高，那么潜在的购房者可能会直接忽视您的房产，最终得花费很长时间才能售出。在如火如荼的MidPeninsula房地产市場，如果一栋房产上市未售的時間過長，購房者可能会開始懷疑这栋房子是不是有什么问题，你可能不得不降低挂牌价来抵消这种負面印象。

 

這就是為什麼定價策略是如此重要的原因，不僅僅是為了 最大限度地提高您的銷售價格，而且還能夠快速，盡可能减少您的壓力。所以，怎麼才能知道您的房产的合理价格呢？機會有的是， 只是您还不知道而已。您可以看一下和您房子类似的房产，接下来找到那些最近售出的房产，查看他们的售出价格，这样您便大略知晓您房子的价格了。不过在这个日新月异的房地产市场，缺乏最新的最重要的房屋销售信息可能对您来说会是个问题。此外，您的个人情感以及潜在的经济利益也会扭曲您对房屋的价值的正确判断。

 

這就是為什麼您需要聘请专业的代理商的重要原因，他们了解这一地区，并从多次成功的房屋销售中获得了丰富的经验。要為你的房子確定合適的價格，那么您的预期目標和预期售出时间，以及市場條件和您房产的出众的特点，这些因素就变得非常的重要了。

 

以下是给一栋房产定價，所需要考慮的因素：

 

  • 房屋的大小，條件，設計和房齡
  • 大小，功能性（形狀，层级等）
  • 地段（城市，社区和街道）
  • 您房产附近最近的“代售”和“已售”同類物業的價格
  • 房产的特性，如周围景色，步行至學校的距离，等等。
  • 目前的市場狀況，包括房产銷售的速度如何，抵押貸款利率和類似房屋的市場供應状况

 

一旦房产附近的价格確定了，下一步就要考慮你的预期目標和售出時间以制定定價策略：

 

市場價格 只是意味著基於上述條件对您的房产做出的估值。 如果您制定價格合理，售出的价格便会以挂牌价为基础，在挂牌价上下浮动（根据目前的市場）。 這种定價策略的风险最小。

 

拍賣定價 或低於市場價來激發大批購房者的兴趣，創造大量的需求，並 通過多個投標人的竞价来推動價格上漲。這種策略通常用在一個強大的賣方市場，購房者急切的希望在多方竞价的情况下能够最终中标。购房者的這種擔心有時會導致買家对一栋房屋进行多次报价，最终房屋会以高于市場價售出。這種策略的風險是，如果房子无法引起众人的興趣，或者如果市場迅速冷卻下來，最终的价格可能達不到那麼高的市場價格，您可能會损失一笔錢。

 

溢價定價 或高於市場價格通常是用于有特殊功能的物業，并且推介给有强烈购买意向的買家，他们爱上了那栋房产，愿意支付房屋溢价。這種策略通常是针对某些有特别突出方面的房产而且賣家也並不急於出售。這種策略的風險在於，花费的时间要比其它策略要长，如果合適的買家沒有出現，那么最终需要降低價格。

 

最终制定出来的完美的房屋销售价格其实是科学与艺术的统一和平衡。了解當地房产市場和最新的市场销售状况对于獲得最高的銷售價格而言至关重要。

The Top 5 Things You Need to Know about Selling a House on the Mid-peninsula

Posted on by Julie Tsai

The Top 5 Things You Need to Know about Selling a House on the Mid-peninsula

 

#1 Real estate here is a global market—for all sizes and types of properties.

 

We’ve all heard the sensational stories of wealthy international buyers swooping up luxury properties. (Link to sale of Los Altos property http://blog.sfgate.com/ontheblock/2011/03/31/100-million-dollar-los-altos-home-breaks-record/) But homes at all price levels are being sold to foreign buyers who are interested in getting a foothold in Silicon Valley. Condos, townhomes and modest single-family homes are being sold to buyers from outside of the United States in increasing numbers.

 

If you want to reach the entire market when selling your home, you need an agent who is savvy to the international market. Your agent must know how to reach potential buyers from around the world, how to communicate with them and she must understand their values and business practices.

 

#2 You should probably move out of your home before you list it for sale.

 

In the olden days of real estate, you would be put your house up for sale and begin looking for a house to buy. Once you found your dream house, you would make an offer, contingent upon the sale of your current house, with the idea of coordinating the timing so you could make a smooth transition from one house to the next.

 

Now many sellers, especially of higher-end properties, will move out of their homes, stage them and put them up for sale. This enables the home to be shown in its best light and, because we are in a seller’s market, the home will most likely sell quickly. In the meantime, sellers can take an extended vacation, live in temporary housing or secure a bridge loan that will enable them to buy a new home before selling the current one.

 

#3 If you want to cash in on the equity in your house now, but aren’t ready to move, a solution may be easier than you think.

 

I know, this seems to contradict my previous statement, but let me explain. Even though housing prices have skyrocketed here, there is still a BIG inventory problem. This is in part because, although some homeowners would love to realize the appreciation that they’ve gained on their houses, they aren’t quite ready to move yet.

 

The good news for those homeowners is that there are investors out there who are interested in getting in the market, but who don’t plan to live in the homes. For these investors, it’s an ideal situation to buy a house and then rent it back to the previous owners. They save the expense and trouble of advertising and showing the home for rent, and they can start charging rent as soon as escrow closes.

 

These investors will often be happy to rent the home back to you for a year or longer. In this strong market, even buyers who want to move into the house may be willing to rent it back to you for several weeks or months to enable you to let your kids finish the school year or give you time to find another home.

 

#4 Even though the internet is making real estate more accessible to the average person, it is more important than ever to have an experienced, qualified real estate professional sell your home.

 

A recent study shows for-sale-by-owner (FSBO) sales have actually declined in the past decade, as more sellers realize do-it-yourself selling can save them neither time nor money.

 

According to the 2013 National Association of REALTORS® Profile of Home Buyers and Sellers, the share of “For-Sale-By-Owner” sales has steadily declined over the past decade, from 14 percent in 2003 to 9 percent in 2013. After accounting for sales between acquaintances and sales in which the seller was contacted directly by the buyer, only 6% of recent sellers sold their own homes without the help of a real estate agent.

 

The reason is that selling a home takes more than just planting a sign on front lawn and waiting for the offers to roll in—even in a strong market. To successfully sell your home for the maximum price requires expert marketing and pricing strategy, (link to blog about pricing strategy) local, national and global exposure, experienced  negotiation skills and legal knowledge that only seasoned real estate professionals can provide. The more competitive the market is, the more important it is to have someone who knows the intricacies of the market and can use that knowledge to your advantage.

 

#5 Now is a great time to sell!

 

Right now we are seeing the highest prices ever in almost all cities and neighborhoods on the Midpeninsula. In some cases, buyers are paying crazy high prices. Interest rates are still relatively low, (but inching up). There is still a lot of money in the valley, and supply is still lagging demand.

 

While it may seem like prices just keep going up, up, up, we know from experience that this is never the case. Real estate runs in cycles. It steadily increases, peaks, then drops—sometimes dramatically, 20% or more. Then it levels out and eventually increases again. But the time from the drop to getting back to peak prices can take about five years. Trying to time the market is very risky and could cost you a lot of money if you are wrong. If you are thinking of selling your home any time in the next few years, this could be your best opportunity—NOW!

Who Pays the Commission?

Posted on by Julie Tsai

Who Pays the Commission?

 

The Seller

In many cases, the Seller has signed a listing agreement with his agent specifying a certain fee to be paid for selling the home.  It can include provisions for splitting that fee with the selling agent, regardless of agency representation.

 

The Buyer

In some cases, the Buyer pays his agent a commission as set out in their written agreement.  If the buyer pays his agent from his separate funds, it would not be appropriate for the buyer’s agent to also accept part of the fee paid by the seller.

 

Indirectly, The Buyer Does

However, an argument can be made that the buyer indirectly pays the commission even if it comes from the seller’s proceeds.  The assumption then is that the buyer could have bought the home for less by dealing directly with the seller.  By having an Realtor handling the transaction the buyer is protected in many way that he or she would not be with out a professional real estate agent: disclosure and representation of all known facts related to the property and to the details of the transaction; applying the neutral negotiating skills of the realtor which can frequently result in a better price and/or terms for the buyer, among many others. (Julie, you may want to list more, but these two may be enough).

The professional realtor provides oversight and compliance with the proper steps of the real estate contract, from start to finish, by both parties.  In short, your interests are better represented and protected.

 

The Client Determines How the Agent is Paid

The seller agrees to pay his agent in the listing agreement and the sub-agent of the seller who sells the property.

 

The buyer agrees to pay his agent if buyer agency is elected.  In some cases, the buyer directs his agent to try to be paid from the seller’s proceeds.

 

Each party pays their agent as specified in their written agreement.

 

What Does it Really Mean? Real Estate Terms Defined

Posted on by Julie Tsai

What Does it Really Mean? Real Estate Terms Defined

If you are thinking of buying or selling a home, chances are you’ve come across a lot of real estate terms or jargon. Some of these terms seem self-explanatory, but lots more are confusing. To help you out, below are a few commonly used terms and their down-to-earth explanations:

Bridge Loan: Typically a short-term loan that is designed to provide the cash for a buyer to purchase a home before the current home is sold. The equity in the present home is used to secure the loan. Bridge loans are becoming increasing popular because of the fast-moving dynamics of the Midpeninsula real estate market.

Comps or Comparables: This is a term that describes comparable properties that are used in determining the sales price and appraisal price of a home. Recently sold properties that are similar in location, lot size, home size, home age and amenities are analyzed to come up with an estimate of value of the home for sale. To set the “for sale” price of a home, the seller’s agent will do a Comparative Market Analysis (CMA) to determine a fair market price.

DOM: Days on Market. This can be confusing because when exactly do you count the beginning and end of a sale? The clock starts ticking the moment that the property is listed on the Multiple Listing Service (MLS) (link to MLS here) and ends when an offer is accepted. The closing of escrow (define below), however, may take longer. The DOM clock is reset when a home is withdrawn and relisted later (although the MLS will record all of this history). The DOM is an indicator of how in-demand a certain property or geographical area is.

Earnest Money or Good Faith Deposit: Upon acceptance of an offer, this is the money that the buyer gives to the seller to demonstrate that the buyer is serious about following through with the purchase. Earnest money is usually between 1% and 3% of a home’s purchase price. The amount and timing of the earnest money is usually indicated in the buyer’s offer. When the sale goes through, the earnest money is applied against the down payment. If the buyer decides not to go through with the purchase for reasons not covered by a contingency, the seller is often entitled to keep some portion or all of the earnest money.

Escrow: During the process in which the sale of a property is finalized, a neutral third party (not the buyer or seller or their agents) will keep all funds, documents and other materials necessary for the sale in their possession. When the sale is finalized, also called the close of escrow, the assets are handed over to the appropriate parties, as previously specified in a legal agreement. The escrow process is designed to protect both the buyer and the seller in real estate transactions.

Non-Contingent Offer: An offer to purchase a property without any contingencies at all. Once the seller accepts the offer, the buyer is obligated to follow through with the purchase. In a strong real estate market, sellers prefer, and often can obtain non-contingent offers, which greatly shorten the sales cycle and risk for a seller.

Off-market, Private or Pocket Listing: These are homes that are listed for sale with a real estate agent, but not publicly advertised or registered on the Multiple Listing Service (MLS), which is the primary medium for communicating information about houses for sale among real estate agents. An off-market listing limits the pool of buyers, but offers other benefits to sellers, including privacy, reduced preparation time and costs and an ability to test the market before publicly listing.

Pre-qualification and Pre-approval: Pre-qualification is the process that a lender goes through to estimate how much money a prospective buyer can borrow to purchase a home. The estimate is typically based upon self-reported information and is not binding. In contrast, when you have a pre-approval, a lender has done an extensive check on your financial background and current credit rating. The lender then provides a conditional commitment in writing to make a loan for a specific amount, sometimes at a specific interest rate, for a specific time period. A pre-approval is much more powerful than a pre-qualification when making an offer in a competitive market.

 

There are many terms that are second nature to real estate professionals, but may be confusing to consumers. Please contact me if you have any questions, and I’d be happy to explain them to you.

场外交易或是私下交易适合我嗎？

Posted on by Julie Tsai

场外交易或是私下交易适合我嗎？

 

我們在MidPeninsula房地產銷售看到的更多的一种趨勢往往是場外市場交易或私人房产交易。 這些房子是由房地產經紀人挂牌上市，但沒有公開宣傳或登記在多重上市服务系统 （MLS）上进行挂牌销售。多重上市服务系统（MLS）是指在專業地產代理進行房屋銷售有關的信息交流的主要媒介。

 

在場外市場上市的情況下（有時也被稱為“口袋交易”），通常不会登引人注意的報紙廣告，也不開放參觀。取而代之的是 賣方的代理人悄悄地通知其它代理商和潛在買家，让他们知道这栋房屋正在出售。因此这样的话要想把房屋销售消息传开变得非常複雜，包括推销给最近有资产变现的潜在买家而且房屋在网上的展示也必须输入密码。 这种方式講究的是信息的傳播的质量，而不是數量。

 

這種销售方式有点反常。難道您不想让您的房屋销售消息让众多的其它的代理商和潜在买家知道吗？雖然場外市場掛牌限制了購房者的数量，但其也有幾個好處吸引了某些特定的賣家。

 

以下是您可能希望采取私下交易的原因

 

＃1隱私

 

當您将您的房产在MLS（多重上市服务系统）上进行挂牌销售时，全世界都可以看到您房屋的每一個細節。您房屋的地址，平面佈置圖，房屋的內部和外部特征，並且最重要的是很多您的圖片，房屋的价格等陌生人，親戚，同事和好管閒事的鄰居都可以看得到。房屋開放日会给这些人漫步您的房屋和检查您房屋的每个角落的机会——从您的裝修風格，甚至是您衣柜内的衣服。 公开出售房产固有的一个缺点就是无法保护隱私，这就使得一些賣家感到不愉快，尤其是那些还住在房屋内的卖家，因此在出售房屋时他们更願意采取私下出售的方式。

 

＃2给更有資质的購房人看

 

通過取消房屋開放日和封锁房子銷售的公開信息，使得只有事先取得预约的一部分客户才有资格看房 。賣方的代理只会联系有购房经济实力的買家 。受到邀约的房地產代理最好是推荐合格的買家或是与房屋很匹配的买家——因而没有那些只去想看而不买的人。

 

＃3降低准备和附带成本

 

许多选择私下上市的买家在房屋销售前几乎不做什么准备或者是整修。对于那些可能有着自己独特品味的客户，他们更喜歡自己購買材料自己翻新房屋，這可能也是一個優勢。

 

＃4在公開上市前來測試市場價格的一種方法

 

有些賣家把房产先放在场外市場的目的是测试市场反响，如果它不賣不出去，他们依旧可以拿到MLS（多重上市服务系统）上进行销售。 這使得他們能夠制定一個高於市場的價格，看看買家是否有意愿。如果房子无法以那个价格售出，他們 就 可以 向下調整價格，而無需承担在公開市場上长期的无法售出的恥辱。

 

您可能不希望私下销售您的房产的原因

 

儘管場外市場上市有諸多优点， 不过他也有一个巨大的劣势。由於購房者之間的競爭減小，因此您收到报价要比公開销售要低。最近 在舊金山的兩位房地產代理商对比了2013年場外市場售出的價格和在 MLS上市的房产售出价格 。他們發現 ， 公開上市的独栋住宅的售出价格平均要比私下銷售的房产要高17％ 。公寓的差价也达到了9％。

 

綜上所述，決定公開或是私下出售房产的因素有很多。一個經驗豐富，知識淵博的房地產經紀人將能夠幫助您分析您的選擇，並為您做出最正确的決定。

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房地產术语的含义

Posted on by Julie Tsai

房地產术语的含义

 

假如你正在考慮購買或出售一处房产，你一定會遇到了很多房地產術語或行話。 有些術語似乎可以不言自明，但大部分會让人十分困惑。為了帮您排憂解難，下面 是一些常用的術語及其简单易懂的解释：

 

过渡性贷款： 通常情況下，这是专门为房主出售现有房产前购买其它房产时提供资金。將目前的房屋用於擔保貸款。由于MidPeninsula的房地產市場十分火热而且变化很快，因而过渡性贷款变得越来越受欢迎。

 

房屋买卖历史对比：这个术语用于描述在確定房屋銷售價格和房屋價格評估时對比类似房产的價格 。最近售出的在位置，住房面积，家庭規模，房产年齡和生活福利设施方面類似的房产，将其信息收集分析来确定评估價格其它类似要销售房屋的价格。要設定一处房产“出售”的價格，賣方的代理人将会做出市场调查（CMA）通過比較分析 來確定一處房產的合理市場價格。

 

DOM：在市时间。這可能會造成给你造成困惑，因為如何才能精确的计算一次銷售行为的開始和結束时间呢？开始时间是該物業被列到多重上市服務系統（MLS）（在这里可以鏈接到MLS，當報價被接受时即视作結束。托管结束（定義見下文），可能需要花费更長的時間。上市时间（DOM） 在这栋房屋重新掛牌後会重置（雖然MLS將記錄这栋房屋所有的交易歷史信息）。DOM是衡量特定財產或地理區域的实际需求的一個指標。

 

保证金也叫信用保证金：用於買房者接受報價之時，這些錢是買方給予賣方以證明買家對此項交易的認真和重視。保證金一般為一棟房屋出售價格的1％-3％。保證金的金額和時間通常會標示在買家的報價信息中。當交易完成時，保證金將用於支付首付之上。如果買方在報價之後決定放棄此次購買行爲，且並不是因爲突發事件，賣方往往是有權保留部分或全部保證金。

 

第三方托管： 在物業销售完成前，中立的第三方（既非買方代理商也非賣方代理人）將暂且保管所有的資金，文件以及完成此项交易的其它材料。當銷售完成，也叫托管结束，資產将会按照事先确定的有法律效力的合同条款分别移交给买卖双方。託管流程的目的是在在房地產交易过程中保護雙買方和賣方的利益。

 

無條件的報價：一旦報價被賣方接受就必須無條件買下房產。這就意味着一旦賣方接受該報價，那麼買方就有義務貫購買那棟房產。在房地產市場較火熱的時候，賣家比較喜歡這種無條件報價，因爲這種方式會極大的縮短了整個銷售週期並且降低賣方的風險。

 

場外市場，私人或口袋交易： 這些房产只是在房地產代理商处售卖，但沒有公開宣傳或在多重上市服務系統（MLS）登記，這是房地產經紀人交流有關房屋出售信息的主要媒介 。場外市場掛牌限制了买家的规模，但是给卖家带来了很多好处，包括隱私，減少準備時間和成本，在公開上市之前測試市场反响。

 

資格預審和貸款預批：資格預審 是貸款人用來估算有意的买家的借貸能力的一種過程。此類評估主要基於買房方提交的個人信息，因此並不具有法律約束力。相反，當你有貸款預批 ， 這就意味着貸款人通過仔細廣泛的核查已經了解了你的財務背景及目前的信貸評級。之後貸款人就會給你出具書面的有條件的承諾書，發放一定數額的貸款，不過貸款利率在不同時間都會不一樣。在競爭激烈的市場中，貸款預批往往要比資格預審有用得多。

 

雖然有許多术语对于房地產專業人士非常简单，但可能會讓消費者一头雾水。如果您有任何問題，請與我聯繫，我很樂意为你解释。

JULIE TSAI LAW REALTY GROUP

JULIE TSAI LAW

650.799.8888

JULIE@JULIETSAILAW.COM

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KRISTIN TSAI

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KRISTIN@JULIETSAILAW.COM

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