Monday, March 19, 2012
How Much Is A New Roof Worth in Today's Market
I had a client talk to me about their roof the other day. They plan to put their home on the market soon and they wanted recommendations as to what they should do - New Roof or not. As a Realtor representing them, my job would be a lot easier selling their home with a new roof. However, what really needs to be asked -- "Is the investment going to turn into top dollar for their home?"
Here are a few things, in my opinion, that should consider:
- It's a Buyer's Market
We have been in a buyer's market for quite some time. Good Realtors will guide their buyers to properties that provide the most home for the money. I always tell my clients the two most important things to look at when considering buying a home is foundation and roof. After all, these can be the most costly if not in the best condition. Third and forth on the list would be plumbing and electrical.
- State of the Roof
The roof sheathing and outer roof over 20+ years of age most likely has experienced deterioration regardless of type of roof (composition, tile, wood shake, even metal). The cost of replacing your roof may provide a worthwhile investment to conscious buyers who are looking to get the most for their money in addition to "peace-of-mind" knowing the cost of replacing the roof will not be out-of-pocket. In my experience that lenders also put more positive weight on a new roofs than ones at the end of their life.
Before any decision is made, have more than one roofing professional out to take a look at your roof and provide a detailed report of the state of your roof and recommendations (have them include photos if possible).
- Competitive Market Analysis
Today, you not only have to convince buyers that the price they are paying for your home is worth it. You also have to convince the Bank! Homes that are priced quite a bit higher than others in the neighborhood, regardless of upgrades and updates, may not be able to capture the value they deserve. Banks are much more conservative than in the past and appraisers have tightened up their practices as well.
 There are several situations in my recent past where, when asked, I recommended against a new roof and my clients opted for roof repair. The recommendation I would make is to know the state of the homes that have sold in your neighborhood, have intimate knowledge of the state of your roof (where there are leaks, drainage issues and deterioration) and have your Realtor or trusted Real Estate professional provide their view of value with and without a new roof. An informed seller is always more powerful these days!
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Dave Harbison
Long Beach REALTOR®
Main Street Realtors (562)618-9770
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Long Beach Realtor® / Real Estate Agent
Long Beach Homes for Sale, Condos and Investment Properties
Long Beach Relocation Expert
--- Labels: Craftsman, Dave, edison, Future of Real Estate, Home Seller, Long Beach Architecture, Long Beach Bungalow, Long Beach Heritage, Long Beach Seller, Naples, roof, Virginia Country Club
# posted by Dave Harbison @ 10:24 AM
Tuesday, May 17, 2011
Attracting Birds Can Attract Buyers
 I've been intrigued at how many different aspects of a home hits home with perspebuyers. Recently, there have been several buyers that have previewed my listings and mentioned that they asked about birds. Yes Birds! I'm surprised to find out how big bird watching is. It seems to be a popular past time shared by many...And the the back yard is a great place to enjoy it. Thanks to a few landscaping techniques, you can trade your binoculars for a lawn char and enjoy bird watching from the convenience and comfort of your own home. Attracting Birds of A Feather If you want to attract local birds to your backyard, you have to make it a place that they will be drawn to. One way of doing this is by studying the feeding and/or nesting habits of the local birds that you want to attract. Birds have unique characteristics that are specific to their type and knowing what they enjoy will be your first step toward inviting them to your home. Bird Basics Birds need three basic things - food, shelter and water. By planting familiar foliage, you will be providing a protective covering for birds. Flowers, inviting nesting areas and a birdbath will provide additional comfort. Bird food, which is commonly available at just about any retail store, is often specific to certain bird types. For instance, black oil sunflower seeds will attract goldfinches and chickadees, while millet seeds are appealing to doves and sparrows. If you want to attract hummingbirds, you will need to include a sugar-water feeder in your backyard landscaping. A bird feeder, which is used to house seeds and food for your backyard birds, should be cleaned regularly. The Beautiful Bird Bath Birdbaths are a great addition to your landscape if you want native birds to feel welcome. the single feature offers birds a way to bathe and drink, which makes your backyard very inviting to visiting birds. Adding fresh water and keep it clean and free of bacteria buildup always works to provide an inviting habitat for birds.  The Birdhouse The cornerstone of attracting birds, is a birdhouse. These structures provide a safe environment and a way to feel secure. When choosing a birdhouse, consider the size of bird that you want to attract -- the size of the entrance is key. A quality birdhouse will have proper ventilation and drainage are also import. And by all means, keep the bird's nest dry and free of any water buildup. Labels: Belmont Heights, Belmont Shore, birdhouse, Birds, Buyers, Future of Real Estate, Long Beach, Park Estates, Sellers
# posted by Dave Harbison @ 6:22 AM
Monday, January 24, 2011
Hidden Costs of Moving -- A Must Know Before You Move
I recently helped a really nice couple move from the Pacific Northwest to sunny Long Beach, CA. We spent countless hours sifting, identifying and choosing properties to preview. We went out on Saturday and Sunday for 3 straight weekends, looking at over 30 properties. We identified one property that was "heads and tails" above the rest and quickly made a very generous offer (albeit below asking price). The sellers accepted.
My clients' exhuberance was overwhelming. It was great!
Long before the "real work" of looking for the perfect property began, an important part of my job as their Realtor was to position exactly what is entailed around the transaction. One area that I make sure to cover were hidden costs not normally talked about when trying to sell real estate.
There are several that come to mind that I always make sure are clear: 1. Insurance Costs  I recommend my clients contact their insurance agent to provide them with guidance and estimates on homeowners insurance...AND...Automobile insurance. The geographic area (flood, tornado and brush fire prone areas), parking situation and surrounding environment may effect the amount of insurance you will end up paying for your two and three most valued assets (Your Home and car...I rate you and your family as a solid #1 valued asset -- above your home and auto). Always shop insurance and look for the best value before you settle on the lowest price.
2. Amenities The cost of living in New York city will vary greatly from rural Kansas. Long Beach, CA, although it is considered to be much more affordable than other areas of Southern California, costs more than other places in the United States. Gain a solid understanding for what things cost and what is available where you plan to move -- from accessibility to things you like to do to groceries to entertainment. All will have an effect on your lifestyle and quality of life. If you're unfamiliar with the area your moving too, ask your Realtor and get online. See what the area is like, what there is to do and how things are priced. Knowing this beforehand will make the adjustment much more fluid and enjoyable.
3. Utilities Utility costs differ from city to city, region to region. And can vary greatly based on the size of the property and efficiency in architecture and systems. See if the current owners wouldn't mind providing you with copies of utility bills (after your offer has been accepted) so you can get a handle on the costs you will incur after close.
4. Taxes (booooo!!) and Assessments  As the ole' saying goes..."There's only two things you can't avoid in life, death and taxes". So, that being true, having a clear understanding of the tax base and expectations will make your planning a lot more effective and easy. In Los Angeles County the property tax is approximately 1.25% of property value at the time of purchase (Note: As property values have decreased over the past few years, I always advise to familiarize themselves with the local tax assessor office and spend a few minutes on the phone to receive direction on how to lower your tax base to the value of the property at the time of sale. Often times, non-committed new home owners will continue paying the inflated tax rate of the property when the property was previous sold (if it was higher). Other taxes, assessments, bonds and mello roos also play a part in your tax budgeting for the year. Talk with your Realtor about the area that you are interested in and have them investigate any of these additional taxes. You should get this information in the Combined Natural Hazard Report/Tax Disclosure or Preliminary Title report provided during escrow. But doing some legwork beforehand, never hurts. Also, it's not just property tax that will effect your life style, sales tax, state tax and local income tax can also play a role. Don't be afraid to lean on your realtor to provide you the information or point you in the right direcdtion. Simply "Googling" sales tax in Long Beach will provide you a wealth of information. 5. The Commute  I know plenty of homeowners that moved many miles from work in order to increase the amount of home they could afford. Moving to Southern California from just about anywhere can be deceiving. On a map, going from Corona to Long Beach is only 30 miles. But those 30 miles during peak traffic can be up to 2.5 hours each way. The cost of time, gas and car maintenance can far outweigh the additional cost to be right down the street from work. Carefully evaluate, prior to moving, where you want to live in relation to your work. It can be a life (and relationship) saver.
Rule of Thumb: For many years, the rule of thumb is to keep housing costs below 33% and combined costs for housing, taxes, utilities and commute to less than 46%. I know, in these economically challenging times, it may be difficult. However, standing as close to these percentages will go a long way to making your body, mind and spirit a much happier place to reside.
Labels: Amenities, Belmont Heights, Belmont Shore, cost of living, Costs, Future of Real Estate, Hidden, Insurance, Moving, Taxes
# posted by Dave Harbison @ 4:14 PM
Wednesday, January 19, 2011
The Bembridge House - Quintessential Victorian
 I was driving down Magnolia Avenue in the Long Beach yesterday and decided to detour on 10th. I had heard about this exquisite victorian home near Drake Park. I wasn't disappointed. Born and raised in outside of Buffalo, NY, I had the chance beautiful victorian homes every day. In my home town, Main Street was lined with big, old, impeccably kept Victorians with gabled tops, patterned shingles and stained glass windows. Right in the heart of the city of Buffalo, on Delaware Avenue near Casanovia park, these homes abound. As I stopped to have a look, it brought back memories of home and days gone by. I know little about the Bembridge home located at 953 Park Circle Drive. It was built in 1906 by Josephine and Stephen Green. In 1918, the parents of Dorothy Bembridge bought the home. Dorothy would live in the home for the next 80 years -- hence the Bembridge House. It is currently owned by the Long Beach Heritage Organization, a great local nonprofit group dedicated to the knowledge and preservation of historical architecture in Long Beach. http://www.lbheritage.org/. If you ever get the opportunity take a drive down 10th, past Magnolia. You'll run right into it...on the right hand side. Labels: Bembridge Home, Buffalo NY, Future of Real Estate, lbc, Long Beach Architecture, Long Beach Heritage, Victorian
# posted by Dave Harbison @ 5:38 PM
The Media Hype About Real Estate - Believe it or Not?
 The past three years have been very interesting in the state of real estate... To say the least. Recently Fox and CNN economy and political experts groused about the explosion of Foreclosures in 2011 (when we hit the 5 year point from when the last of the millions of toxic 5-yr adjustable loans were issued). In the 60 months, the economy has been challenging. Job market has spuddered. Consumer confidence has waned. And, in all the negativity, the opportunity to own a home has become more affordable than any time in recent history. And interest rates are...well better than ever. Now's the time to get a peice of the American dream. Banks are lending, but are much more diligent in their vetting process (as they probably always should have been). Americans are slowly coming to grips that we need to save and work hard to realize our dreams. We'll get through this time, but in much different fashion than past recessions. With so much information at our finger tips, the stress, anxiety and speculation shot in our direction by any number of a 1000 different media outlets is looking to take control of our emotions and actions. In my opinion, Southern California home prices, specifically Long Beach, have adjusted to pre-2002 levels. To most of us consumers, we learned the hard way that our homes are not piggy banks. Home value increases seen in the early 2000's are a thing of the past. Your home will always be a valuable and worthwhile investment if you plan to live in it for a long period of time or have enough equity to gain a positive cashflow from it. As a Realtor with over 5 years experience, I've always found one of our most valued attributes is as prognosticators of the real estate future. We get asked all the time "So, where do you think the market is going?" My answer? UP. Always UP, if your thinking is long term. Labels: Belmont Heights, Belmont Shore, Future of Real Estate, Interest Rates, Long Beach, Real Estate
# posted by Dave Harbison @ 9:24 AM
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