Take Advantage of a FREE Appraisal!

Either fill out the following feedback form or call me directly at 310 922-3332. You can choose from the following:

1) 

A free market analysis without needing to see your home.
Obviously, an informal analysis like this will not give you the exact value of your home; however, I pride myself on my extensive knowledge of the inventory and home values, therefore I can offer you a quick analysis that will provide you with a rough idea of your home value.

2) 

I can email, fax or mail your neighborhoods’ most recent sales, allowing you to determine your own opinion of value.

3) 

I can offer you an exact market value appraisal, with no obligation to list your home. This of course is the most accurate and beneficial. In order to be complete, I will need to see your home.

 
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B u y e r s
    I n f o r m a t i o n

Benefits of Home Ownership


Credit:
Owning a home helps you establish financial credibility.

Owning your own home provides you with independence and more privacy than renting. You are free to paint walls, plant flowers, keep pets and anything else within legal bounds.

Investment:
As you make more payments and own more of your home, you add to its investment value. Most improvements you make will also add to its value.

Pride:
A home reflects its owner's values and lifestyle. Owning a home can provide you with a source of pride, enjoyment and satisfaction.

Security:
A home can provide security against inflation because the value of your home increases as prices go up.

Stability:
Being established in a community provides a sense of belonging, stability and security.

Tax Advantages:
Interest on your mortgage loan is deductible on your yearly personal income tax return. Many of the closing costs associated with purchasing your home are deductible, as are your property taxes.

 

Finding the Right Home

Real Estate Agents
You can sit down with a real estate agent and discuss your needs, type of area, style of home, amenities and everything you really want in your next home. Real estate agents can help you by accessing a Listing Service which covers all properties listed for sale within a specific area. Together, you can select the homes you would like to see, set appointments and preview homes in a short period of time. An agent can guide you through the entire process.

Newspaper Ads/Internet
Many people go through the real estate classified section or browse the Internet to find a home that appeals to them. However, your real estate agent will have many listings available that may not appear in the newspaper or Internet on a continuous basis. New listings come on the market daily.

Multiple Listing Service
Your real estate agent should have access to the multiple listing service if it is available in your area. It usually includes the following details about homes and properties for sale:

When Previewing A Home

Write notes when previewing a home so you will be able to discuss the details later with your real estate agent.

Ask questions about the home and discuss any objections or concerns you may have.

Ask about the community - schools, shopping and transportation.

Ask specific questions about the construction of the home; electrical, plumbing, heating, cooling systems, etc.

Have Fun
Relax. Finding your new home can be a rewarding experience. Have a good time and enjoy the process.

 

Home Shopping Tips

Check For Properly Working Appliances/Fixtures:

Bathroom

Sinks

Showers/tubs

Toilets

Vent fan

Heating fan

Appliances

Dishwasher

Stove

Oven

Ice maker

Garbage disposal

Range hood

Refrigerator

Freezer

Microwave

Trash compactor

Kitchen

Kitchen cabinet doors

Drawers

Sinks

General

Lights (interior & exterior)

Windows

Heating system

Ceiling fans

Hot water system

Air conditioning system

Electrical outlets

Door bells

Doors

Water purifier

Fireplace damper

Garage door

Ensure House Is Well-Built & Systems Are In Working
Condition:

Exterior

Brick bulging or cracking

Shingles missing or broken

Siding rotted or missing

Gutters damaged or need to be cleaned

Concrete cracked in sidewalks/driveway

Basement

Water seepage in basement

Cracks in foundation

Poor ventilation

Interior

Sub-flooring damaged or loose

Cracked walls or ceiling

Cracked tiles

Loose plaster

Flooring damaged

Soft, springy floors

Water stains near windows

Water stains on ceiling below bathroom

Water stains in attic

Pipe insulation missing

 

 

Home Inspections

What is an inspection?
There are numerous types of inspections. An inspection is meant to evaluate, at minimum, the structural and mechanical condition of a property. It is not the same as an appraisal which evaluates the market value of a property. Persons involved in real estate transactions need unbiased information about the physical condition of property they plan to buy or sell and your contract should include a contingency that you obtain a satisfactory inspection report. Talk with your agent about the types of inspections available.

Home Inspectors vs. Engineers
Home Inspector: A person who examines any component of a building, through visual means and through normal user controls, without the use of mathematical sciences.

Engineering: Analysis or design work requiring extensive preparation and experience in the use of mathematics, physics, chemistry and the engineering sciences.

Finding a qualified Inspector

Referrals from satisfied customers

Referral from a local real estate agent or mortgage company

Local consumer affairs office

Yellow Pages under "Building Inspection Services"

Ask if she/he is a member of the American Society of Home Inspectors (ASHI). The ASHI has established standards of practice which include the specific services, limitations and exclusions that can be expected from private home inspectors.

What the inspection, at minimum, includes
Every inspection should include, but not be limited to, an evaluation of at least the following:

Foundations

Plumbing and electrical systems

Doors

Ceiling, walls and floors

Roof

Hazardous materials concerns

Heating and air conditioning systems

Common areas (in condominiums)

Insulation

Ventilation

 

Answers to Frequently Asked Questions

What is the difference between "pre-qualified" and "pre-approved"?
If you are "pre-qualified" you have determined, with a loan officer, what price you can afford based on the down payment, your debts and the amount the mortgage company will approve for your mortgage. Being "pre-qualified" is only a determination of your probable credit. If you are "pre-approved", your credit, employment and funds have been approved by the lender.

What are closing costs?
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For buyers, they are usually about 4-6% of the total sales price of a property. Some of the closing costs you might encounter are: application fees, appraisal fee, county taxes, credit report, discount points, documentation fee, escrow fees, homeowners' association fees, loan fees, mortgage insurance, origination fees, tax registration and title insurance premium.

What is a point?
One point is equal to 1% of the new loan amount. Whenever government regulation, state usury laws and/or competitive practices prohibit the lender from charging a rate of interest that would make the real estate loan competitive with other fields of investments, the lender must seek some method of increasing the yield for the investors. By charging "points", the lender can bring the real estate loan up to those other investments.

What is earnest money?
When you make an offer, you will need to put up an earnest money deposit as a sign of good faith that you are seriously interested in buying a home. That deposit becomes a part of the purchase price and is held in a trust account until there is full acceptance of the offer. Typically, an earnest money is 3-5% of the offer amount.

What is title insurance?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.

Is VA or FHA financing unfair to sellers?
FHA and VA loans provide purchasers the opportunity to buy homes with minimal cash investment and at lower interest rates. The result is a larger market for sellers, who also benefit by receiving all cash for their equity.

 








  • Real Estate News

  • What is Buyers Market?

     

    What is a "Buyer's Market"?

    Most real estate practitioners consider a typical market to be one in which homes take an average of six months to sell. Realtors keep track of this number by keeping up with the days on the market (DOM) of every home listed and sold.

    If the number rises above six months inventory on hand, then the market is swinging into a buyer's market. If it falls below, it is becoming a seller's market.

    A buyer's market is one in which there are too many homes on the market for the number of buyers. Homes take longer to sell and prices fall.

    Sometimes buyers believe that winter time is a buyers' market. Homes offered for sale during slower times of the year are generally aggressively marketed, and may not sell for a significantly lower price than they would if they were marketed in a busier period.

    In the spring, a seasonal adjustment occurs, and more homes come on the market. Buyer activity picks up as families with children (still the single largest buyer demographic) buy homes so they can move during summer vacation.

    A buyer's market can easily exist in the spring, if conditions dictate that there are more homes than buyers, falling prices, and longer DOMs.

    Sometimes a buyers' market can be created that lasts for a long time. The exit of one or more major employers from a community, a natural disaster such as a flood or earthquake, or some other catastrophic event can affect home values in an area for years.

    As homes become more competitive, buyers realize that their interest is at a premium and they will increase their demands to sellers. Those nice chandeliers that normally would not be included in the purchase price of the home, now become a bargaining chip for the buyer.

    The buyer may ask the seller to provide a home warranty at the seller's expense, or for the seller to pay more of the closing costs than usual out of the settlement proceeds, or any number of other contingencies.

    The one certainty that can always be counted upon is that one side of the market will never stay on top forever. In fact, it can turn on a dime. The same area that remains depressed for a period of time can make a comeback as lower prices stimulate reinvestment. Contact your REALTOR® for more information about market conditions in your area.


    Written by Realty Times Staff

    Brentwood Real Estate Homes and condos

  • Top 10 tax breaks for owning a home

    Top 10 Tax Breaks, On The House
    By Broderick Perkins
    January 11, 2006

    The New Year always turns thoughts to the new tax season and when it comes to taxes there's no place like home to find shelter.

    Your home offers a score of tax deductions and credits designed to help offset the cost of housing and to keep the housing market fueled with new buyers.

    Some federal-level politicians would like to separate you from some of those benefits and they may or may not be successful, so take advantage of them while you can.

    Here's a look at the Top 10 Tax Breaks, On The House. Visit the Internal Revenue Service's website for more details on each item.

    • Mortgage Loan Interest: The Mother Of All Tax Breaks, because interest payments comprises a large portion of your mortgage payment in the early years of the loan's term, mortgage interest on a maximum of $1 million in mortgage debt secured by a first and second home is deductible. Deductions reduce your taxable income against which your taxes due are calculated. The $1 million level applies to married tax filers who file jointly and single taxpayers. Married taxpayers who file separately split the maximum equally.

      Likewise, home equity loan interest is deductible, but limited to the smaller of $100,000 (half as much for each member of a married couple if they file separately), or the total of your home's fair market value as determined by a complicated formula you may need a tax professional's help to decipher.

    • Home Improvement Loan Interest: The interest on a home improvement loan is also deductible, but calculated differently. You can deduct all the interest on a home improvement loan provided the work is a "capital improvement" rather than repairs, maintenance or cosmetic upgrades. Capital improvements typically increase your home's value (say, because you added a room), prolong it's life (a new roof) or adapt it to new uses (universal design improvements to assist older people or people with disabilities). You get tax benefits from repair work (painting, repairing, etc.) only when you sell your home but you can use a home equity loan to make repairs and deduct the interest -- up to the limits.

    • Points: Points, each equal to 1 percent of the loan principal, are charged by lenders as part of the cost of the loan. You can fully deduct points associated with a home purchase mortgage, but not a mortgage broker's commission. Refinanced mortgage points are deductible too, but only when they are amortized over the life of the loan. Once you refinance a second time, the balance of the old points from a refinanced loan offer an immediate write off, as you begin to amortize the new points.

    • Property Taxes: Property taxes or real estate taxes are fully deductible. Any local city or state property tax refunds reduces your federal property tax deduction by the same amount.

    • Capital Gains Exclusion: Home buying investors' best tax shelter comes from provisions in the Taxpayer Relief Act of 1997 which allows married taxpayers who file jointly to keep, tax free, up to $500,000 in profit on the sale of a home used as a principal residence for two of the prior five years. The amount is halved for those filing single or separately. You can use the benefit as often as you qualify.

    • Home-Based Business Deduction: Home offices that use a portion of your home exclusively for business could qualify you to deduct a percentage of costs related to that portion. Included are a percentage of your insurance and repair costs, utility bills and depreciation. Under clarified provisions of the Taxpayer Relief Act of 1997, if your home office qualifies, you don't have to allocate a home sale's capital gains between the home and the business.

      Previously if you used, say, 10 percent of your home for a home-based business, 10 percent of the gain from a sale would be subject to capital gain taxes and you couldn't use the capital gains tax exclusion on that portion. The clarified provision does not excuse you from a recapture tax if you've taken a depreciation deduction because of the home-based business.

    • Selling Costs and Capital Improvements: When you sell your home, you can reduce your taxable capital gain by the amount of your selling costs, which include real estate commissions, title insurance, legal fees, advertising and inspection fees. Cost typically stemming from decorating or repairs -- painting, wallpapering, planting flowers, maintenance, and the like -- are also selling costs if you complete them within 90 days of your sale and with the intention of making the home more saleable.

      Selling costs are deducted from your gain. Gain is your home's selling price, minus deductible closing costs, minus selling costs, minus your tax basis in the property. Your basis is the original purchase price, plus the cost of capital improvements, minus any depreciation.

    • Moving Costs: A move triggered by a new job comes with some deductible moving costs. To qualify, you must meet certain requirements including, moving within one year of starting your new job, moving 50 miles farther from your old home than your old job was and working full-time at the new job for 39 of 52 weeks following the move. Deductions include travel or transportation costs and expenses for lodging and storing your household goods.

    • Mortgage Tax Credit: Mortgage Credit Certificates (MCCs) allow qualifying low-income, first-time home buyers to take a mortgage interest tax credit of up to 20 percent (the amount varies by jurisdiction) of the mortgage interest payments made on a home. This credit is available every year you keep the loan and live in the house purchased with the certificate. Unlike a deduction that reduces your income, the credit is subtracted, dollar for dollar, from the income tax owed. For example, with a 20 percent tax credit, if you paid $10,000 in interest, your tax credit would be $2,000. If you owe $2,000 in income taxes without the credit, you would end up owing nothing to the IRS after the credit was applied. The remaining 80 percent of your mortgage interest -- $8,000 -- is taken as a normal mortgage interest deduction.

    • Energy Tax Credits: The newest home-based tax credits were made possible last year by the Energy Policy Act of 2005. Tax credits of up to $500 in 2006 and 2007 are available for upgrading heating and air conditioning systems, insulations, windows, doors and thermostats, caulking leaks, installing pigmented metal roofs and for otherwise putting the bite on energy waste in your home. Qualified solar energy and fuel cell systems can net tax credits of up to $2,000. Some states also offer tax credits or rebate deals that could reduce the federal credit. Related tax credits are available for consumers who buy alternative- and clean-fuel burning cars and for entrepreneurial consumers who install clean-fuel vehicle refueling property at the principal residence of the taxpayer.

    Buying a home or condo in Brentwood or other cities in Los Angeles is an ideal situation for someone who needs to a great tax break.


    Copyright © 2006 Realty Times. All Rights Reserved.

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