Forum Replies Created
-
AuthorPosts
-
SD Realtor
ParticipantAgreed on Bay Park… I remember way back when… a few of my college buddies and I rented a home on Lloyd. What a smoking view… Great old home… We also have friends that own a home in the northern section just past Costco about halfway up the hill. No view but still a nice neighborhood. I tried to lobby for Bay Park as one of the locations for my own family but the school system didn’t pass the mustard with my wife…
SD Realtor
Participantg2006 –
Hang in there. I actually believe Carmel Valley will come down because of how built out it is. There are parts of it that are particularly susceptible, that being the condo market. Be patient if that is the part of town you want, and if it is a condo…
SD Realtor
ParticipantHammer –
I can do an analysis for you tonite and I will post the results later this evening if that is okay.
My take on the home itself will sound like a rerun of what I have said before:
IFF (if and only if)
– You can afford the payments
– You can ride out a depreciation cycle
– You REALLY love this home
– You are going to be in it (or at least planning to keep it) for several years, at least 7 IMO.
– You have good solid financingThen go buy the home! Many people who post here seriously devalue the aspect of home ownership. While there is NO ARGUMENT that the market is in a long term depreciating trend, there are aspects to ownership that many people value higher then finding the bottom of the market.
I will run some comps for ya so that you can negotiate a good deal. My home, albeit a smaller condo in crown point doesn’t have AC or heat either, just a fireplace. That close to the beach you dont need AC.
SD Realtor
ParticipantThis is really sad. Is this the shelter up in Ramona? Why the heck did he refinance into an ARM???
SD Realtor
ParticipantI will try to answer your questions. I am sure I will get lots of heat for shilling for your business.
“So what do you think would be a fair price to pay for an older home in average condition ?”
This is a tough one to answer. Fair price right now varies in the eyes of sellers and buyers. Many people here, myself included have submitted what we feel are fair prices for homes but they are not getting accepted yet. Sellers in more desireable areas are holding out… It all depends on the distress/motivation level of the seller.
“Most of the listings are in the mid-750K range ? Is high 600K a good price to lowball ?”
There is no harm in trying. I doubt you will get any response from sellers in CV right now for that price.
“Also what are the cons of not going thru a buyer’s agent ? Since I know the area and the listings are publicly available can I make an offer without an agent and ask for a 3% discount ? ”
By not using a buyers agent you do not have an advocate who is looking out for your personal interests, or has a fiduciary obligation to you. This is my shortest answer but there are other factors as well such as helping you understand the docs, pointing out your rights, assessing reports/inspections, and other items. Yes you can submit an offer to purchase and waive your right to representation. There is a CAR form for that and you can let the listing agent know that you would like to be unrepresented and build in the co-op discount into a price reduction.
“If I decide to purchase, my understanding is that I will need –
A) Make an offer – are there templates available for this ?
B) Qualify for financing and get a loan. I have pristine credit – and am looking for 30 year fixed-rate loans. Are the websites on http://www.bankrate.com or lendingtree.com real ? Or can a buyer’s agent give me a better contact ?
C) Get an inspection done
D) Open escrow account
E) Verify title thru title verification company
F) Get attorney do the paper work
G) Do the closing”I will not go into specifics but you have the general idea. I don’t really know if you need an attorney or not. It is up to you to gauge your level of proficiency as well as how much work you can get the listing agent to do for you. It is not rocket science and most everyone here underestimates the value of a good buyers agent. A good agent will have contacts for financing, inspections, a great escrow/title company, transaction coordinator, etc… that doesn’t even start to go into making sure the contracts are all correct and all documentation conforms to DRE law.
“Are there agencies/individuals who can help me do this for a flat fee ? Are there DIY kits/paid services available ?”
Yes there are flat fee offerings out there. You can get a real estate attorney to represent you. You can use Zip and get a rebate, Redfin and get a rebate, small independents like myself also give rebates. Even larger brokerages in some cases MAY offer a rebate. DIY kits, I am sure exist but I don’t know how or where. sdr (sdrealtor) posts here and I am sure he does a good job and he works for one of the larger firms. Jim Klinge also does a good job and posts here now and then and he can help you.
The bottom line is there are ways for you to get good representation or do it yourself.
SD Realtor
ParticipantTwo of my previous clients used Redfin at first. One said it was okay but he ran into some problems having listing agents show him homes but then learning he had no intention on using the listing agent. The other ran into problems because he could never get the Redfin agent to show him homes personally. Redfin claims a 2/3 commission rebate back to buyers which is staggering. No way I could ever match that. However the people that came to me after using Redfin said they would have been better off simply going into the sale non represented, and asking the seller to reduce the price of the home by the same amount that the buyers agents commission would have been. In both their cases they wanted a nice rebate but also wanted a more personal brand of representation. I am sure there are alot of people who have used Redfin successfully as these were just 2 simple data points.
SD Realtor
ParticipantOne more thing… note that you said over market. That is speculative. They originally listed at 750k. Then they changed the price to 705k. Again though you do not know what sort of credits may be involved. Also Prudential is notorious for listing prices just to get traffic in, but that may be acceptable under certain conditions dictated by the Seller. I have seen Prudential listings with price spreads that were over 7% of the asking price of the home. Then we came in with a low offer and they said no we are really trying to get $X out of it. So the low end was there just for increasing traffic. For this property it may not be the case as there is no value range, just a base price.
SD Realtor
ParticipantIt happens because there are still buyers out there. I feel your pain radelow. My lowball offers have been stomped on but it is what it is.
Things to note. That sale you pointed out was listed by a Prudential agent and the buyer was also represented by a different Prudential agent. Also it is not uncommon for credits to be given back for closing costs. I want the market to go down as well for my own selfish affordability. What is interesting about Piggington is that some people work very hard to find listings that “appear” to them to be fraudulent, or point out huge losses for sellers, or to identify flippers…etc…They like to use these individual cases to make a broad generalization that the market is dead now, that nothing is selling, and that this will lead to a broad based economic slump of our entire country. Now, sometimes there are individual cases that appear to be fraud and lots of cases of prices reverting back to 03, 04, or 05 pricing… However alot of times sdrealtor, or myself or other people find out the facts only to reveal that no, there was not anything fraudulent, the sale was on the up and up and the home did sell properly.
What you see is NOT an exception for certain areas. Now you or I wouldn’t pay a price like that for a home that small but someone did. We have no ideas if there were credits involved nor do we know the details of the transaction. We also don’t know if the realtor gave a credit back to the buyer although I would guess not because it was Prudential although you never know.
The depreciation cycle is not a overnight sensation. It will happen slowly in some spots, fast in others, and REAL slow in others. Hang in there radelow. Keep lowballing, get a good credit back…be patient.
SD Realtor
ParticipantIn the past 8 escrows I have been involved in 6 of them had non trivial credits going back to the buyers. This is not reflected in the sales price. Concho is right.
SD Realtor
ParticipantI would agree that cutting off contact as much as possible is the healthiest thing to do. Before I got married and had kids my life was much different. I played in 2 softball leagues, 2 roller hockey leagues, and a basketball league. Any other free time was spent at the beach playing volleyball. I also threw on my blades and did laps around the boardwalk down at mission beach. Any other free time was spent mountain biking. You live in perhaps the best climate in the entire country so I advise you to take control and enjoy it. It is not expensive to do alot of these things. There is also an organization called VAVI that has created social/recreational leagues from conventional sports like the ones I mentioned to things like dodgeball and other funky stuff. These leagues are also CO-ED so maybe you can meet a new sweetie there. I don’t drink so I was never into the bar scene so these sorts of things may be a bit more appealing to you.
The key is definitely occupation an social interaction. You are never going to escape the pain. It will always be there. The key is to acknowledge it but don’t let it control your daily life. The second key is to limit your exposure to it. So the more you just “hang out as friends” with your ex, the more you will hurt.
Believe it or not, being single is probably the best time to improve yourself and do things that you never will have time to do when you are not single anymore. Go learn karate, read a book, go out and slut around, or go learn how to play the drums… just do stuff! I know it is hard not to get wrapped up in what you used to have, or how you can change it or how you would or should have changed it…you can move on and better yourself or you can try to fix something that didn’t work before. You have an opportunity but I know it is hard to motivate to take advantage of it.
ParticipantHi Arny –
I work in Sorrento Valley also. Why Hwy 56 was made a crappy 2 laner from the start is beyond my comprehension because it is pretty brutal in the morning and at night so I agree with you about the commute. It is not like going to Carlsbad but it is not fun… I absolutely agree with sdr about holding values. It all depends on inventory. Combing through the data to see which homes hold value better can be done but it is burdensome. I can give you a for instance though… In Scripps old Scripps homes are holding value substantially better then new Scripps. Even the highest ends home in Bridgestone are falling hard compared to old Scripps. Again, it is simple inventory… In 92131 the inventory on the MLS is dominated by newer homes compared to older homes.
As pointed out by yourself and sdr, the newer homes have more amenities and have lots of eye candy. In terms of the construction quality of the older verses newer, I am sure there are resources out there but personally I do not know where they would be.
Anyone have any advice for Arny on that?
SD Realtor
ParticipantThis is why depreciation cycles take several years. They creep. Outlying areas, less desireable areas and types of housing, speculative and flip areas, and highly overbuilt areas get hit first… It takes awhile for the more desireable areas to get hit. More then likely your friends are looking in an area that has not got hit yet.
SD Realtor
ParticipantSDA – I am not so sure that buyers agents are overly excited when they have to make an offer on a short sale. Given two properties identically priced one being a short sale and one not, I would much rather negotiate with the one that was not a short sale. Buyers probably do not understand that but it is much easier to work with the seller and not with the lender. I understand your point though as a psychological ploy.
SD Realtor
ParticipantHi Arny –
My wife and I are also considering old CV if we can afford it. I like it MUCH more then new CV. I like the homes off of El Camino, north of Del Mar Heights. They are a bit pricey though. I did a search on the MLS for the Carmel Park home you referred to but could not find it. One thing I have found though are even some of the older CV homes that don’t have MR or HOA are still cookie cutter and are boxed in pretty tight. Personally that is not for us. As to whether they will hold up better then the new CV is speculative. Certainly no MR or HOA will save you a few thousand a year so that is good. Pros of this area include a much easier commute, (unless you work out east) closer to the beach, no MR/HOA or at least lower HOA, and again if you get into certain subdivisions a larger lot and yard. Still the pricing is high for those better subdivision.
SD Realtor
-
AuthorPosts
