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12 Things That Make a Neighborhood Truly Great – Trulia’s Blog – Real Estate 101

Find out what will make you fall even deeper in love with your neighborhood.

When you’re in the market for a new place to live, it helps to remember the golden rule of real estate: You’re not just buying or renting a home — you are also becoming part of a neighborhood.

All neighborhoods are not created equal and there’s no such thing as the perfect neighborhood; everyone has different needs and desires.

However, there are components common to all great neighborhoods. As you evaluate the best aspects of a prospective neighborhood, you’ll want to match them to your daily needs.

1. Lifestyle match

Is the neighborhood in sync with your current lifestyle? Both renters and homebuyers tend to gravitate to areas with similar demographics. Just as a fantastic suburban neighborhood in a gated community may not be right for a young single professional, a family with three small children might not find a small condo in a hip downtown neighborhood to be the best fit for their lifestyle.

2. Pride in ownership

Pride in ownership is obvious when the residents maintain their homes and care about their neighborhood. Neighbors connect and create local groups that bring the residents together for the betterment of the area.

3. Low crime rate

Low crime rates give a neighborhood a sense of ease and calm. Crime rates are a quick way to tell if a neighborhood is improving or not, since everyone is concerned with safety and security. You can usually spot a transitional and improving neighborhood by the improvement in its crime rates.

An easy way to check this is to utilize Trulia’s Crime Maps, where you can see the types and frequency of crime in the area and determine if it’s the right place for you.

4. Great schools

For homeowners and renters with children, great schools top the list of what makes a great neighborhood. Trulia shows school ratings using data from Great Schools.

Integrating the data into map views lets house hunters see which schools are highly rated and also read reviews from actual parents of students in that district. Not only are great schools important for families with children, but they also make the surrounding neighborhoods more valuable and more sought after, keeping property values strong.

5. Outdoor activities abound

Being close to the outdoor adventures you love can sweeten the appeal of your neighborhood. Being close (or within a reasonable drive) to places to jog, sail, or pedal can keep you in love with your home. Proximity and access to tennis courts, neighborhood swim clubs, and golf courses are also qualities that keep your neighborhood on par.

6. Stepping back in time

There’s something about an area with history that makes it very desirable. Tree-lined streets give neighborhoods a charming, older, and established feel.

These neighborhoods are usually very stable, with longtime residents and community support, which also helps encourage safety and low crime rates.

7. Access to medical care

Being close enough to get to a hospital or doctor’s office quickly is key for many people, especially for seniors, retirees, and families with young children.

8. Family-friendly

Neighborhoods where plenty of families live are a real draw for buyers with children. There are more opportunities for children to play, socialize, and make lifelong friends. Carpooling groups and other children’s programs are much more accessible when the neighborhood is overflowing with kiddos.

9. Close to public transportation

Easy access to public transportation is a fantastic plus for a neighborhood and an amenity for almost any lifestyle. From a commuting millennial to a retiree who wishes to keep the car at home, public transit is a solid upgrade to any neighborhood.

10. Nearby shopping and restaurants

If you want to join the hustle and bustle (and don’t want to cook dinner every night), having great restaurants, shopping, and markets in close proximity is a must!

11. Nightlife and entertainment

Is there a nearby town center or downtown with movies, theaters, bars, and nightlife? This could be the one thing that makes your neighborhood come alive. This is a priority for anyone who is young and single, but everyone appreciates a neighborhood where the hot spots are within walking distance or a short cab ride away.

12. Walkability

Being able to leave the car keys at home and hit the pavement to walk to markets, shopping, restaurants, parks, and all the other amenities your neighborhood has to offer can alleviate a lot of road rage … and make you fall even more deeply in love with your neighborhood.

California is different – even when it comes to selling a home

Buying a home in California is different than buying a home in many other states in our great nation.

According to buyers relocating from the mid-west, where basements are normal and customary, not having a basement often comes as a complete shock.

Many folks are moving from houses where there’s a whole third story down below. It doesn’t usually count in the total square footage of the dwelling, but provides for additional storage, additional living space, and room for your winter-time toys like pool and ping pong tables.

As for the process of actually buying a home in California, we use escrow companies to see the contract through to closing, while some other states use lawyers for each transaction — one attorney representing the sellers and another one representing the buyers.

The California Association of Realtors has a fleet of sharp-minded attorneys who generate the boilerplate forms that their members implement on behalf of their clients to buy and sell homes. These forms are pre-tested and updated regularly.

I’m not knocking any real estate attorneys who may guide buyers and sellers to make legal and ethical home sales in their great state. But I feel fully supported by CAR’s collective learning based on previous lawsuits.

So buyers from out of state can rest assured that they’re being well served.

In California, there is no closing table or closing meeting. I’ve had out-of-state buyers ask, “When is the closing meeting?”

It’s often a relief when they learn they don’t have to take time off from work to sit down with the sellers, their agent, and their lawyer to exchange checks and keys.

The closing happens automatically and electronically once all the buyers’ funds have been received. Once all the money has been received, the title representative sets up the transfer of the deed with the county recorder’s office, and escrow is notified once the recording is confirmed.

At that point, ownership has officially transferred.

Another difference I’ve heard of is that in some states, the sellers move out prior to attending the closing meeting.

Usually, in California, the sellers stay put for two or three days after the sale is recorded. That’s when the moving truck shows up and the sellers physically move out. And the buyers usually give these days to the seller for free.

There’s even a form the CAR lawyers invented to cover the short time the buyers are now landlords to the former homeowners to protect everyone should something unfortunate happen during those short two to three days.

Welcome to California. We have a form for almost everything.

How to Choose a Front Door | Home Matters | AHS

Whether you’re replacing your front door due to damage or to simply enhance your home’s curb appeal, here are five things you’ll need to consider.

1. Your Budget

When it comes to considering how to choose a front door, you must first decide on how much money you’re willing to spend on the project. Front doors vary so much in price that you can go from spending a few hundred dollars to a few thousand dollars in the blink of an eye. What’s more, the project may not be limited to just the door itself. Consider whether you need to replace other elements, too, such as the frame and threshold. This is especially important if you’re replacing the door due to damage.

2. The Door’s Material

Remember this: The material of your new door will directly affect its performance — which includes durability, energy efficiency, required maintenance and long-term appearance. Before you decide that cheaper is better (It’s a door after all, right?), consider the long-term benefits rather than the higher upfront cost associated with a door made of higher-quality material.

The most popular front door options are made from wood (classic and generally the most expensive), steel (extra durable and energy efficient) or fiberglass (easy to maintain and often the least expensive). Many of these doors offer the option of coming pre-painted or stained and including decorative glass, which can range from basic to ornate.

Related: Amp Up Your Curb Appeal

3. The Size of Your Current Front Door

Perhaps the most important consideration is the size of your current door. After all, even being off by less than an inch can mean your home is less energy efficient and more vulnerable to outside elements, such as rainwater and pests. Don’t assume that you have a standard 36-inch wide by 80-inch long, 2-inch thick door. Also, take your sidelights, above-the-door windows and other decorative elements around the door into consideration when getting an exact measurement, especially if you’re going to be replacing the entire door frame. It’s certainly possible to measure your door correctly yourself, but you may want to save yourself the headache of ordering the wrong-sized door and simply have a professional do the measuring and ordering for you.

4. What Type of Front Door is Best for Your Home

When it comes to types of front doors, you’ll want to choose a style that not only complements your home’s design but also your personal style. Wish you had a door that could accommodate that oversized, stylish door handle that you’ve seen on the home improvement shows? Ever wonder what a bold painted color or dark wood stain would look like on your house? Picking out the right type of door for you involves more than just scrolling through the options on a website. Now’s the time to truly make your front door your own.

Likewise, while you’re considering all of your options, also consider that a popular style that you’ve been admiring lately may not be the perfect fit for your house. For example, even though you may like the look of a three-fourths-lite door (one that is mainly glass), you may not like that you’re blinded by the sun in the morning or evening and anyone walking or driving past your house can see straight in.

5. Who’s Going to Install the New Door

Unless you miraculously have a truly standard-sized door with hinges, a knob and a deadbolt in the exact same place as your last door (which is doubtful) or you’re confident in your DIY abilities, it may be best to reach out to a professional installer. Remember that talk about outside elements and lost efficiency with an ill-fitting door? Those costs can really add up.

How To Become A Landlord – Real Estate 101 – Trulia Blog

Here’s how to avoid common mistakes of first-time landlords.

First-time homebuyers are a declining group. Historically, 40% of homebuyers have been first-time buyers, but that percentage continues to shrink, even as millennials continue to show more interest in becoming buyers (eventually). If you’re already a homeowner, your wheels might be spinning right about now — if people aren’t buying starter homes, then the rental market has to be booming, right? It is in many areas, particularly where unemployment is low, the population is high, and homes are not overpriced. But before you start searching for a home for sale in Austin, TX to rent, you should think about the responsibility that comes with being a landlord — and learning by trial and error is not the best way to go about gathering intel (or a steady income).

Before you take the plunge, study up on how to become a landlord with these seven tips.

1. Ideally, you want to live near your rental property

   Living close to your property allows you to check on it periodically (after giving your tenants proper notice), take care of repairs yourself, and show the property when it’s time to list it for rent again. Research the best investment areas — but even if you don’t live in a prime rental region, you can still invest in one by hiring a property manager to take care of day-to-day details.

2. Know landlord-tenant law

   Most states have specific landlord-tenant provisions that cover issues such as security deposits, level of access to the property, and how much notice you need to give your tenants when you want them to leave. There also are federal laws you need to know, such as habitability and anti-discrimination laws. “Many landlords gloss over housing discrimination laws because they assume that as long as they’re not racist or sexist, they needn’t worry about fair-housing violations,” says Ron Leshnower, real estate attorney and author of Fair Housing Helper for Apartment Professionals. But fair-housing liability traps can arise in many ways, so it’s important that you fully understand the law and ensure that you aren’t breaking it.

3. Make sure you can enforce that the rent is paid on time

   This seems like a no-brainer, but believe me, if you get too friendly with your tenants, you might just let them slide a couple of weeks beyond the first of the month, or allow a partial payment when they’re between jobs. Before you know it, your tenants are six months behind and you’re struggling to make the mortgage payments. But being firm doesn’t mean you shouldn’t treat tenants with respect. Cultivating a good relationship with your tenants often goes a long way to ensure rent will be paid on time and that repair requests will be easier to deal with.

4. Screen potential tenants

   It’s worth the time to do a background and credit check on all potential tenants: online tenant-screening services are convenient, and you should be sure to check potential tenants’ credit scores. A credit score alone shouldn’t be the sole reason to accept or deny an applicant, but it is a useful screening tool: For instance, if your renter is fresh out of college with a solid job offer, they may not have enough credit history to warrant a good score—but could be a great rental candidate.

   You should also conduct an interview to make sure you’re comfortable interacting with them, and check references, especially from employers or past landlords. But be advised, it’s hard to find the perfect tenant. According to Casey Fleming, author of The Loan Guide: How to Get the Best Possible Mortgage, it’s important to have a thick skin, and advises people not to buy rental property if tenant shenanigans will “drive you crazy.” Case in point: Fleming once had an evicted tenant break into the house, change the locks, and move back in!

5. Customize the lease

   If you don’t hire an attorney or a property manager, you can use a standard lease form from Nolo, for example, but you should tweak it to fit your situation. For example, if you allow pets, specify how many, what kind, and any rules that apply. Your lease could state that tenants should leash their dogs when outside the fenced-in yard and stipulate that pets should not become a nuisance to neighbors.

6. Inspect the property regularly

   “Have language regarding inspections clearly written in your lease documents,” says Timmi Ryerson, CEO of Smart Property Systems. She suggests taking pictures to establish a baseline (and document the move-in condition) and conducting an inspection at three months. If you find problems, Ryerson recommends that landlords “issue a notice to comply and set another inspection in one week.”

7. Understand this is not a get-rich-quick scheme

   Being a landlord is not just sitting around collecting a big wad of cash each month. You’ll need to spend some money to ready the property for tenants, buy landlord insurance, and pay property taxes. If you’re taking out a mortgage, be prepared to fork over at least a 20% down payment. Think of being a landlord as part of your overall investment strategy and be realistic about your goals — most landlords aim for about a 5% return on their investments.

5 Fall Maintenance Tips for Home Owners | Realtor Magazine

The changing of the season brings several household tasks your clients should perform to keep their home safe as colder temperatures approach. Realtor.com® recently featured several chores to do for fall and winter preparation.

1. Clean the dryer vents. Excess lint in a dryer can pose a fire risk. “A key indicator of a dryer vent needing to be cleaned is if clothes aren’t drying as fast as they usually do, or if it takes multiple cycles to get them completely dry,” says Maria Vizzi of Indoor Environmental Solutions. Homeowners can prevent buildup by emptying out the lint trap after every single load. Estimated cost: Calling in a professional will run you $90-$180.
2. Store the hose. In colder climates, be sure to drain and store the garden hose before the first frost. “Hoses with water in them will freeze and burst,” says Lisa Turner, author of House Keys: Tips and Tricks from a Female Home Inspector. For extra protection, install a foam insulator cover over each external faucet. Estimated cost: Calling in a plumber to fix leaky or damaged faucets could be around $150 to $300.
3. Conduct a thorough fall cleaning. “Open those windows up wide and do a thorough fall cleaning of your home that includes dusting areas that don’t always make the cut, like ceiling fans and ceiling corners,” says home organization guru Marty Basher. Wash draperies, dust blinds, and remove window screens and give them a good wash. Estimated cost: A professional house cleaning service might charge $100 or more, depending on where you live and the size of your home.
4. Seed your lawn. “After a long, hot summer, your lawn could probably use a bit of extra TLC, and seeding is proven to be the most effective way to repair damage,” says Bryan Raehl, general manager of Agronomic Lawn Management in Virginia Beach, Va. Seeding before the first frost will allow the seeds to take root and give your lawn a head start in the spring. Estimated cost: Between $250 and $1,300 for a professional landscaper to winterize your lawn.
5. Clear the gutters and downspouts. These direct water away from your home, and it’s important to make sure they are functioning. Check the gutters for leaf blockages. Clear away leaves, pine needles, and twigs from the gutters. Examine downspouts for any damage or loose pieces. Use a hose to flush out debris and to make sure it’s working properly. Estimated cost: $150 for a more thorough inspection and cleaning.

Mortgage Rates Hit Highest Levels in 6 Weeks | Realtor Magazine

The 30-year fixed-rate mortgage inched upwards this week, averaging 3.85 percent. It’s the highest average in six weeks, Freddie Mac reports.

“After holding steady last week, rates ticked up this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield rose 8 basis points, while the 30-year mortgage rate increased 2 basis points to 3.85 percent.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 5:

• 30-year fixed-rate mortgages: averaged 3.85 percent, with an average 0.5 point, rising from last week’s 3.83 percent average. Last year at this time, 30-year rates averaged 3.42 percent.
• 15-year fixed-rate mortgages: averaged 3.15 percent, with an average 0.5 point, rising from last week’s 3.13 percent. A year ago, 15-year rates averaged 2.72 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.18 percent, with an average 0.4 point, falling from last week’s 3.20 percent average. A year ago, 5-year ARMs averaged 2.80 percent.

 

5 Tips For A Lower Heating Bill | Realtor Magazine

Keeping a home warm during the colder months of the year can prove to be expensive. With energy costs on the rise, many households are facing higher energy bills each year.

Fixr.com, which provides “Cost Guides” of estimates to common household remodeling projects, highlights five projects to help increase a home’s energy efficiency and keep utility bills lower. (Fixr.com also provides cost estimates below of the projects listed.)

1. Find unorthodox heat sources. More efficient sources of heat are available, particularly if the home is in a milder climate or if the home can be broken into zones.

A heat pump can help lower your electric bills by 50 percent if you currently use electricity to heat your home. Heat pumps cost about $7,500, but will pay for themselves with reduced energy costs. Switching to a geothermal heat pump will save you even more. According to Money Crashers, geothermal heat pumps qualify for a tax credit equal to 30 percent of equipment and installation costs, with no upper limit. Pumps are also frequently paired with things like radiant heat flooring in specific areas of the home, as they are more effective at using energy than either baseboards or radiators and can help supplement the heat in smaller spaces.

Radiant heat costs between $6,000 and $14,000 if covering your whole home, but you can often install it in a single room for around $700. Paired with a heat pump, this will keep your home warm while significantly lowering your energy bills.

2. Add extra insulation. The amount of insulation that your home needs is directly tied to the type of heat source you have. Many homes are actually underinsulated for their climate and their heat source, resulting in their furnaces or radiators having to work harder than they need to and causing a spike in energy bills.

Insulating even a single room in your home can dramatically increase comfort and help you lower your thermostat, resulting in smaller bills. Adding insulation to your attic can also help you prevent costly and damaging ice dams as well, saving you even more. The cost to insulate a single room in your home is around $1,200 to $1,800, and will recoup about 107 percent of the cost at time of resale, making this one of the best improvements you can do for your home.

3. Take care of your furnace. Furnaces are one of the most commonly used ways to heat large homes. Unfortunately, they often have a wide range of efficiency that could be costing you more in monthly bills than they need to.

If your furnace is less than 10 years old, make sure to schedule regular maintenance to keep it running at peak efficiency. This involves changing the filter and making repairs as necessary. The most common furnace repair involves replacing the heat exchange, for around $1,000 to $1,700.

If your furnace is older than 10 years, replacing it can dramatically increase its efficiency. Older furnaces only run at around 50 percent efficiency, while newer models can reach rates of 90 percent, making them a much better choice for keeping monthly bills down. A new furnace costs around $3,000 to $5,000, but will pay for itself in lowered bills over time.

4. Make the switch to gas. If you’re currently heating your home with electricity or oil, you’re likely spending more each month than you would if you switched to natural gas. Gas furnaces are much more efficient than oil or electric heaters, which can save as much as 30 percent on energy bills each month.

The cost to install a new gas system in your home is around $6,000 to $8,000, assuming you have ducts already in place. This upgrade makes the most sense if your current heating system is over 10 years old, as you’ll see the largest gains. The typical ROI of a new gas furnace system is around 15 percent, which means that it will pay for itself in just 6 years.

5. Complete an energy audit. Your home may be losing a great deal of the energy you use to heat it, without you even realizing it. An energy audit—or a comprehensive look at how your home uses and loses energy—will help you find ways to make your home more efficient overall.

An energy audit costs about $150, and many times this cost will be rolled into any upgrades you may choose to make, allowing you to save more. Conducting an energy audit before you have any other work or upgrades done on your home can help you make better informed decisions about the space, maximizing your potential efficiency and savings.

Factors Most Influential on Home Values | Realtor Magazine

Buyers have become wiser, researching important facts not only about the houses they’re interested in but also about the communities where the homes are located. Desare Kohn-Laski, broker-owner of Skye Louis Realty in Coconut Creek, Fla., says it’s essential that real estate professionals show their value by keenly understanding the factors influencing home values in order to help and influence those research-savvy clients.

Study these four factors in your market:

1. Location. This is nothing new; everyone knows location is extremely influential on home values. But it might be underutilized in the marketing listings. A great location is something sellers can capitalize on today more than ever, whether it’s a city, neighborhood, proximity to amenities, or the view, Kohn-Laski says.
2. Community statistics. School district performance, crime rates, walkability, and the number of establishments such as convenience stores and restaurants are factors that can influence home values, Kohn-Laski says, also influencing home buyers.
3. Home updates. Improvements and renovations can have a dramatic effect on a home’s value. Take a look at comparable properties in the area to understand which updates will give your clients the most bang for their buck. Changes in flooring, wall paints, doors, and even added rooms will add to the home value and appeal to buyers.
4. The neighborhood. “Home values are volatile,” Kohn-Laski says. “Always do your dose of monitoring neighboring home prices. This way you can properly put a tag price on your own not only for profitable margins but also to be competitive with other homes for sale.”

8 Exterior Renovations to Boost a Home’s Value | Realtor Magazine

Replacing the roof may be the most important upgrade your client can make to the exterior of his or her home, according to the National Association of REALTORS®’ 2017 Remodeling Impact Report. The report takes a look at the cost of the most common exterior and interior renovation projects and gauges how appealing they are to home buyers at resale.

Read more: Kitchen Remodels Offer Big Paybacks at Resale

REALTORS® ranked new roofing, vinyl windows, and garage door as the three exterior projects that have the most appeal to buyers. Based on the potential for return-on-investment, the following exterior projects offer the best chances for the biggest returns at resale, according to the report.

New roofing

• Cost estimate: $7,500
• REALTORS®’ estimated cost recovered: $8,150
• Percent of value recovered from the project: 109%

New garage door

• Cost estimate: $2,300
• REALTORS®’ estimated cost recovered: $2,000
• Percent of value recovered from the project: 87%

New fiber-cement siding

• Cost estimate: $18,000
• REALTORS®’ estimated cost recovered: $15,000
• Percent of value recovered from the project: 83%

New vinyl windows

• Cost estimate: $18,975
• REALTORS®’ estimated cost recovered: $15,000
• Percent of value recovered from the project: 79%

New steel front door

• Cost estimate: $2,000
• REALTORS®’ estimated cost recovered: $1,500
• Percent of value recovered from the project: 75%

New vinyl siding

• Cost estimate: $13,350
• REALTORS®’ estimated cost recovered: $10,000
• Percent of value recovered from the project: 75%

New fiberglass front door

• Cost estimate: $2,700
• REALTORS®’ estimated cost recovered: $1,800
• Percent of value recovered from the project: 67%

New wood windows

• Cost estimate: $35,000
• REALTORS®’ estimated cost recovered: $20,000
• Percent of value recovered from the project: 57%

The 20 Hottest Housing Markets in September | Realtor Magazine

California continued to dominate realtor.com®’s latest rankings of top-performing housing markets. The state boasted 11 metros on this month’s top 20 list for markets that are seeing the quickest sales and most buyer demand online at realtor.com®.

For the first time in several months, Vallejo, Calif., fell from its number-one ranking to third place, while San Jose and San Francisco assumed the top two spots on the list.

Nationwide, the median time on the market for properties at realtor.com® in September was 69 days, which is 8 days faster than a year ago. The median list price is $274,000, 10 percent higher than a year ago.

“Days on the market and the number of new listings coming to market are lower than we typically see in the fall season, while listing views per property continue to move higher,” says Danielle Hale, realtor.com®’s chief economist.

 

The following are the 20 hottest housing markets in September, according to realtor.com®:

1. San Jose, Calif.
2. San Francisco
3. Vallejo, Calif.
4. Fort Wayne, Ind.
5. San Diego
6. Stockton, Calif.
7. Santa Rosa, Calif.
8. Sacramento, Calif.
9. Modesto, Calif.
10. Detroit
11. Columbus, Ohio
12. Dallas
13. Denver
14. Oxnard, Calif.
15. Fresno, Calif.
16. Nashville, Tenn.
17. Boise, Idaho
18. Colorado Springs, Colo.
19. Boston
20. Los Angeles