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DiMaggio Betta Group • Home Selling •
January 4, 2022
Home Selling Checklist
One of the biggest investments in a one’s lifetime is owning a home; this is why it is crucial to properly prepare your home for market when the time comes to sell.
The following is a quick home sellers checklist our team assists each client with when they hire us to sell their home.
- Paint. Painting both interior and exterior to create a fresh, clean slate.
- Update Light Fixtures. I like to say, lighting is jewelry to the home. Light fixtures make a big impact with very little investment.
- Staging. Staging allows the buyer to see the home rather than look at the furniture. It is very difficult for a home buyer, even a Realtor, to imagine what a home could be if it is currently occupied by a seller as a buyer tends to dwell on “their” things rather than home.
- Landscaping. You get one chance to make a good impression and the first thing a buyer will see is the front of the home.
- Window Washing & Detailed Interior Cleaning. I always tell my clients after they purchase a home to remember to have their windows cleaned inside and out, yearly. It makes such a difference.
Beyond the shortlist, and depending on condition here are 5 additional improvements that can be made.
- Kitchen Refresh: Paint kitchen cabinets, replace countertops, and replace knobs & pulls.
- Bathroom Refresh: Paint bathroom cabinets, replace the mirror, update lighting and replace knobs & pulls.
- Flooring: Replace carpet
- Refinish hardwood floors
- Replace sewer lateral
Allow the home to be presented in its best light.
Prior to any work being done, we like to gauge the condition of the home thereby generating the following reports. Depending on the market you are buying or selling a home varies as to whether the Buyer or the Seller will assume responsibility for any of the reports provided by a Seller. In the Bay Area market, for the most part, these reports and inspections and any work to be done on the home being sold will be passed onto the Buyer. In order to compete in a multiple offer situation, a Buyer has to put his/her best foot forward and that will include a very clean offer without any contingencies.
- Pest Inspection
- Home Inspection
- Sewer Lateral
- Roof
- Fireplace/Chimney
- Foundation Inspection (as recommended by the Home Inspector) and any others the home warrants further investigation
and depending on current market conditions a home is located and whether it is a Buyer or Seller’s market — the work to be done as is outlined in each report will either be passed onto the Buyer — as is the case in our area, however, if you are selling in a Buyers market – a credit towards repairs may be likely.
We cannot emphasize enough the importance of properly preparing a home for market in order to gain the maximum return on investment.
Today, Buyers begin their search online. If a home fails to sparkle online there is a good chance many Buyers will not contact their agent to preview the home nor attend any of the public open house opportunities. Depending on what a Buyer sees online, a decision will be made in seconds whether to preview or skip it. Buyers are busy at work, travel, and play— we live in busy times. If a home misses out on being seen by potential Buyers an opportunity is missed. In order for a home to sell over the asking price that entails multiple bidders.
In conclusion, don’t short-change yourself or cut corners and leave money on the table; allow your home to shine online and make it readily and easily available for homebuyers to preview. Should you seek further advice and information please do not hesitate to contact us.
Debbi, Adam and Chase
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DiMaggio Betta Group • Home Buying • Investment Property •
December 31, 2021
Investing In Your Future
Top Tips For Buying A Profitable Investment Property
Buying an investment property is a great way to launch a small business venture. Many people start off with one or two small houses or multi-family units, like apartments, townhouses, or condos, and grow their operations as their rentals become more profitable. Getting started requires a general knowledge of how real estate investment works, as well as insights into best practices around property management and small business operations.
Seasoned Realtors with the DiMaggio Betta Group, can help you get started on the right path when it comes to purchasing your first property. In the meantime, check out the following tips.
Getting Started
Before buying your first investment property, it’s important to consider the market in the location you’re considering. Rental properties in tourist and college towns are typically in high demand, whereas rural areas can be a little more difficult. Look at occupancy and average rental rates to get an idea of how easy it is to attract and retain tenants, and compare the average cost of other similar properties. According to Regions, you’ll also want to factor in things like local property taxes, and proximity of properties to amenities and transportation. Understanding crime rates and the quality of local schools is also important, especially if you’re looking at single family housing options.
What Can You Afford?
In addition to qualifying for an investment property loan, you’ll also need to show you have cash reserves and/or an established rental agreement in-hand. According to Money.com, a lender will require you to meet basic credit and income criteria, while also feeling secure that you’ll be able to pay the mortgage, regardless of whether you have tenants in place. You will want to ensure you have the funds to make repairs as necessary, to manage the property, or hire a management company, as well as advertise the property, screen tenants, and cover vacancy periods.
Finding The Ideal Fit
To appeal to a wide range of potential renters, it’s wise to choose a property that’s in good condition, is in a median rental range for the geographic area, and has basic amenities that will appeal to a variety of people. For example, a single story house with three bedrooms, two baths, and a garage is fairly standard. Extras, like a fenced yard, garage, or attic space, ample storage, and appliances can help sweeten the deal for renters. Having amenities like a swimming pool may allow you to charge a little more for rent, but will also add to your overall upkeep and maintenance costs, so keep that in mind when looking at properties.
Considering An Estate Property
You may have the option to purchase an estate property as an investment. An estate sale occurs when a homeowner passes away, or relocates to a nursing home, retirement facility, or assisted or skilled nursing facility. Proceeds from the sale typically go to the heirs of the estate, but if no heirs are named, a probate court may appoint a trustee to oversee a probate sale. While buying a property through this process may take a bit more time than a standard sale, you may be able to get a good deal on the house, especially if the home is sold via auction.
Managing Your Property
Once you purchase an investment property, you can hire a property manager to screen tenants, collect rent, field maintenance calls, and make repairs, or do the work yourself. If you live in another region, it may be easier to hire a representative who is in close proximity to the property. In either case, creating an LLC California, or limited liability company, is a wise move. This can protect you from some forms of liability, give you flexibility, and make it easier to file taxes. You can do the legwork yourself, pay an attorney, or utilize an online formation company to do the work for you. LLC formation regulations vary from state to state, so learn about yours in advance.
Buying an investment property can be a good strategy for creating a passive income stream. Many of your associated costs are tax deductible, and as long as property values remain steady or increase, you’re likely to see your investment go up in value over time. Consulting a real estate professional well-versed in investment property sales can help you make informed decisions.
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We look forward to helping you with all of your real estate needs.
Giving Back •
December 4, 2021
Season of Giving
Join us this holiday season as we give back to two of our favorite charities during this special time of year.
Toys for Tots and the Alameda County Food Bank. We thank you in advance for your generous support.
Click image to donate. Wishing you and yours a very happy holiday season.
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In The News •
November 16, 2021
Is the Bay Area Market Showing Any Signs of Slowing Down?
Q and A as seen in SF Gate and the San Francisco Chronicle’s weekly Sound Off with a Realtor.
Over the past few months Adam and I have been responding to their questions about the status of the real estate market as well as providing our opinions and insight regarding to the various aspects that make up our fast-paced, multi-faceted business.
Q: Is the Bay Area Market Showing Any Signs of Slowing Down?
A: I decided to get a pulse on the market by reaching out to a few agents in our Corcoran Global Living East Bay offices, formerly Highland Partners, to get their take. The quote I chose to include from Gene Della Maggiora is what I too am experiencing:
“It seems that the market is slowing down in terms of inventory but demand is still high. Buyers are getting picky again with the good houses going very high, while others sit or sell closer to the list price. Rates are inching up.”
Buyer fatigue, vaccinations, the ability to travel and work outside the home this quarter has also removed some buyers from our fast-paced market.
With that said, we have recommended that our sellers wait until the new year to go to market as we are nearing the holidays, and historically, buyers get busy winding down for the holidays. If a seller can wait, it’s probably best to capture fresh buyers.
The DiMaggio & Betta Group had an extremely busy year in 2020 and 2021 as did many sellers reaping the rewards of high sales prices due in part to travel restrictions and so many working from home.
As for 2022 I feel confident our East Bay micro market will get back to a flood of buyers, over-asking sales prices and more inventory just as seen in years prior.
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We look forward to helping you with all of your real estate needs.
DiMaggio Betta Group • Home Selling • Sellers •
November 7, 2021
Preparing A Home For Sale
How the DiMaggio & Betta Group prepares a home for market. A Convenient Checklist: Preparing a Home For Sale, Excerpt from Debbi DiMaggio Blog.
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Real estate has many aspects. One of my favorites is when a seller surrenders their home to me and my team so we can take their home from “lived in” to “staged to sell.” As a professional Realtor, it is one of the services I provide. However, if you wish to do it yourself, here is a brief recap of what I recommend.
Planning: I begin with a walk through, assessing the property and home with a keen eye. What I scrutinize: curb appeal, gardens, walkways, light fixtures, paint, floors, carpet, appliances, hardware, rooms and bathrooms, fireplace, electrical, furnace, the basement and, finally, the foundation. I inquire about systems you cannot easily see like the roof and the sewer. I take it all in, commit to memory, and visualize a plan. Window washing, a detailed cleaning and staging are the finishing touches after we complete the mini, or not so mini, makeover.
Preparation: Whether we are working on the transformation together, or should you decide to do it on your own, obtaining bids is the next step. I have a team of amazing service providers who will meet with me at a moment’s notice, so I am able to line up everyone over a one or two-day period in order to obtain our estimates. Upon receiving the bids, I then sit down with the sellers and review … how much we will do, what makes financial sense, and highlight what is mandatory. Then we prioritize, together. Preparing a home for market, depending on the amount of work to be done, on average can take between 10 days and three weeks. This also allows time for me to create the advertising and online presence before the home goes to market.
Transformation: A commitment from the homeowner and attention to detail is critical as there is much work involved. Typically this entails removing clutter, exchanging old furniture for new, and adding beautiful accessories. There are many talented stagers and designers who are wonderful to work with during this process. I’ve also been known to make a dozen trips to various supply stores to find just the right appliances, fixtures or hardware for a client. By partnering with my wonderful resource providers, we can create a flawless transition. From “lived in” to “staged to sell”, the transformation is exciting each and every time.
The Risk: Clients love their home so much, sometimes they want to stay. Take a look at a few Before and After images.
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Connect with The DiMaggio Betta Group, A Partner of Corcoran Icon Properties
We look forward to helping you with all of your real estate needs.
