Best Advice on Buying and Selling Real Estate Text:
Buying and selling real estate can be confusing to some, and can leave people feeling somewhat confused and disenchanted. There are a lot of mixed opinions on buying and selling real estate. In this blog post, we interviewed a licensed agent with Signature Sales & Management, Joanna Murillo for real estate sales and buying advice for Orange County and the Inland Empire. This post is not an exact translation of the video, and we suggest you watch the video for additional advice and information. When buying or selling real estate try to collect as much information as possible, and educated yourself on the processes involved.
Aleks: Today we are going aside from property management content and are going to look into the buying and selling of real estate.
To give us a better perspective of buying and selling real estate, I have with me Joanna Murillo, a rock star agent with Signature Sales and Management. How are you?
Joanna: I am great, how are you?
Aleks: I am great as always.
Let’s ask Joanna some questions and get some advice on the pitfalls to avoid.
Aleks: What are your thoughts about selling a property in today’s market?
Joanna: It’s a great time to sell in today’s market. Prices have gone up in the last couple of years at a steady pace. There are buyers out there, however, it is not a desperate time to buy and homes are taking some time to sell, but sellers are getting what they’ve been wanting and or needing to get when selling.
Aleks: What about buying
Joanna: Just because it’s a great time to sell real estate doesn’t necessarily mean it’s a bad time to buy real estate. Some analysts out there are predicting a crash in the next year or two, but the truth is no one has a crystal ball and some of those same analysts predicted there would be a decline by now and it hasn’t happened. It’s possible the market has finally rebounded from the crash about 10 years and prices are where they should be or where they would have been had they not been over-inflated so quickly and had a steep downward spiral back then.
There are also additional measures in place now that should prevent a huge steep decline. Housing prices may go down like some predict, but I don’t believe the housing prices will drop 50%+ like it has in the past. Lending regulations have tightened up and they are not giving loans to everyone based on a simple promise anymore. Buyers have to prove they can actually afford the home they are buying and the lender has to believe they will be able to continue paying their mortgage payment in the future.
The truth is buying a home is investing in your future and regardless of what happens to the market, if you are living in and enjoying your home while paying your mortgage, you are getting the benefits of home ownership and paying down your principle. Even if the market does have a minor decline, you are always working on paying off your house and at some point, you will have equity.
Aleks: What are some pitfalls a seller might want to think about before putting their house on the market?
Joanna: It’s important to have an informed, honest Realtor who will go over all the costs involved with selling a home, including all the escrow and closing costs that will affect the seller’s bottom line. Sellers are listing their home with an expectation of how much money will go in their pocket at the end of the transaction and I don’t like sellers to be surprised by how many fees are associated with selling a home. As a realtor, I do everything I can to make sure any interested buyer is exposed to the home for sale and make every opportunity possible to get the interested buyers to view it. From there, I follow up with every potential buyer for feedback (good or bad) and try to negotiate a purchase contract. Seller need to understand sometimes this can take time and there is a balance to how long a home takes to sell and how much money the seller gets for the home. This is all discussed prior to listing the home with the seller to find the right listing price to get the most money we can in the best time frame for the seller.
Aleks: What are some items they should complete or a checklist, before talking to someone about selling their home?
Joanna: Don’t do anything, call me first! I suggest calling an agent first to get their opinion on what should be done to the house to make it as desirable as possible without breaking the bank. Remember all buyers have different wants/needs/styles and sometimes spending an arm and leg on upgrades may not be worth the increase in sales price. Don’t get me wrong, sometimes there are items that are simple to do and worth the change to get a higher price/more interested buyers, but there are also plenty of examples of items that I would not recommend. For example, yes, pools add value to a home and increase a sales price but unless you are a pool contractor, putting one in for the sole reason to get a higher price is probably not worth what you’d pay for it. Put a pool in to enjoy it in the hot summers and it will add value to your home, but don’t think you can pay for a pool and it will get you that much or more in your sales price.
Aleks: Joanna is a rock star agent for both Orange County and the Inland Empire. She has been in real estate for among time and she comes highly recommended. I have one more question for you.
So Joanna, for a buyer or seller, what is the value of using an agent like yourself to help search or sell a property?
Joanna: I’ve been in this industry for years and I am always learning and staying up to date on the real estate market. I work hard for my clients and make myself available not just business hours, but also evening and weekends. I also work for a great company and have wonderful people around me to make sure we are doing everything we can to give our clients the best possible service.
Aleks: You can contact Joanna personally for selling and buying real estate in Orange County and the Inland Empire. Her personal contact phone number or cell number is:
Joanna Murillo Real Estate Agent for OC and IE – cell number 951-751-1819