Category Archives: Real Estate Advice & Tips

Money Monday: When to DIY or hire a professional

What to spend money on (and what to DIY) as a new homeowner

diy home improvement“After the thrill of buying a new home wears off, new owners can get overwhelmed thinking about all the new costs incurred.

“You may be tempted to outsource it all. But maybe you’re not made of money? Besides, there are things that are worth doing yourself.

“For homeowners embarking on something new, it may not be clear what to take care of or how, and when to try to do it yourself and when to call the pros.” Here are some guidelines from CNN:

What to spend money on (and what to DIY) as a new homeowner.

Money Monday: How Homeowners are Paying for Popular Projects

As a homeowner, you typically want to make the place your own by doing home improvements. But what projects are usually done? And for #MoneyMonday, we’ll look at how it’s paid for.

Projects are typically done on a large scale. Here’s what gets tackled:

  • 43% focus on outdoor projecs
  • 31% are bathroom remodels
  • 28% on the unfortunate home repairs
  • 26% done on kitchen remodels
  • 16% narrow in on the garage
  • 5% are about the pool

And how are they paying for it? A surprising 62% of homeowners tap into their savings! (Way to go, financially savvy owners!) For those who don’t have the cash resources, they turn to the following to cover their house project:

  • 30% use a credit card
  • 13% take out home equity line of credit
  • 10% use a vague “other” method of payment
  • 9% liquidate or pull money from investments
  • 5% use a home improvement loan

As far as what you should focus on if you’re thinking of improving your house for the purpose of putting it on the market? Here’s projects in 2017 that had the best resale ROI.

And call me if you’re selling in the San Diego County! I’d love to have an opportunity to interview for the position of selling your home! John A Silva — 619-890-3648.

This infographic can be found here at CAR.org.

Money Monday: What’s in a Home Value?

When you are selling or buying, the value of houses can be affected by so many things.

Of course, location and neighborhood comps affect the going price of the home, but other things you may not have thought about can affect it as well. These include: privacy, frontage length, the backyard sloping down, and more.

CAR.org home value

This infographic is from CAR.org.

Beware Online Appraisals!

Be cautious of appraisals from Trulia, Redfin and Zillow.

More and more, online appraisals are becoming the way to get a value estimate on your property. Then real estate agents who are desperate for listings, will agree to over-price the listing to appease the seller, due to these online appraisals being overpriced. This typically only ends in an expired listing — or worse: sell the property below value, after reducing the price several times while the days on market pile up!  Due to upgrades and repairs that can cause values to vary, a physical inspection of the property by an Realtor/agent or appraiser is necessary.

home buying

To always get the right value, all you have to do is call an experienced Real Estate Agent and or appraiser to get an estimated value closer to what the home will actually sell for — resulting in selling for top-dollar.

I am here to help you — call me now: John A Silva, 619-890-3648.  26+ Years Experience & a San Diego Native.

Check out the link from recent National Association of Realtors article regarding this subject below for more on the subject: www.nar.realtor/newsroom/rethinking-real-estate-valuations-and-alternatives-to-traditional-appraisals

Money Monday: Millennial money habits

Here’s how the millennials, on average, are managing their money.

  • 63% are saving money (many for emergency funds, retirement, or to buy a house — call me to shop for a house in San Diego County!)
  • 59% feel financially secure
  • 57% have a savings goal
  • 54% are budgeting

How are you doing on developing solid money habits? There’s plenty of tips, advice and information that I publish on my blog every Monday –> Click to view all Money Monday posts!

Millennial Money Habits - infographic from CALIFORNIA ASSOCIATION OF REALTORS

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS.

Money Monday: Financial plans, and why you need one

“You may hear the term “financial plan” and imagine thousands of dollars spent and hours in a stuffy broker office discussing the benefits of a diversified portfolio. Or maybe you think financial plans are only for those who, well, have finances. Not so and not so. Every adult needs a financial plan, no matter how much money you have (or don’t have) and how old you are.”

Think through your finances and set up a plan. Consider the following questions:

  1. What’s your current financial situation?
  2. Where do you financially want to be in the short-term, and also in the long-term?
  3. How can you get there?

Read up on Forbes’ advice here: “What Is A Financial Plan, And Why Every Adult Needs One“.

When Housing Inventory is Low, Finding a Home Will Take Some Time

Looking around? You’ll find your perfect home, it may just take awhile.

While it’s a sellers’ market out there, if you’re patient you should be able to find the home you want to live in — not just one you’re settling for.

This infographic is from CAR.org.

Money Monday: How to avoid wire fraud

You have to be extra vigilant with your money nowadays. When buying real estate, don’t fall victim to wire fraud with these three steps:

  1. Pay attention to how wire instructions are sent (in other word — only accept instructions that are secure and encrypted).
  2. Before wiring funds, call to verify the wire instructions with the title company.
  3. Be careful of any changes — real instructions rarely change.

Wirefraud Money Monday - John Silva blog

This infographic is from the CALIFORNIA ASSOCIATION OF REALTORS at CAR.org.