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Real Estate and Property Management

A Moreno Valley Virtual Tour Can Attract Buyer Interest

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For many homes that will be listed for sale in Moreno Valley, virtual tours will be part of their prospective buyers’ experience. It’s increasingly common that in addition to the eye-catching still photographs that enhance the online listing, some form of clickable virtual tour is there, as well.

Most frequently found are virtual tours that are actually still shots that can be displayed sequentially—this kind of virtual tour could more specifically called a ‘virtual slide show,’ because the viewer is in control of the speed at which the photos appear. When a one-click ‘play’ symbol is onscreen which triggers automatic playback (frequently with musical accompaniment or even narration), it really does produce an experience that’s like an actual tour. And further enhancements can be added, like pans across (and zooms into or out of) the still shots, creating the feeling of movement. When music or narration are added, the result can be quite effective.

Another Moreno Valley virtual tour is more ambitiously produced: the shots in it consist of some (or all) motion sequences that are created with a video rather than still camera. When the camera is set into motion—as when it moves down a path or through a doorway, it can convey the feeling of actually ‘being there’ more effectively than stills. For the viewer, there is a subtle difference between what is experienced when viewing a computer-created sweep (“pan”) across a still image of a room versus a video camera actually panning across the same scene. In the video, there is more of something like a 3-D experience because the objects in the room shift in relation to one another. Not a lot…but just enough!

So which is the most effective form for a Moreno Valley virtual tour? The answer is…not what you might expect. The format, whether stills, moving stills, or video is really not what makes the greatest difference. It’s vastly more important that in any format, what’s being shown is almost all that matters—or as they say in Hollywood, it’s lights! camera! action!

Lights—blotchy lighting with areas of impenetrably deep shadows may be fine for film noir productions, but for your virtual tour of your area home, it’s a negative. A skilled photographer or videographer will see that most areas are cheerfully, brightly exposed.
Camera—most (if not all) your images will work best when a very wide angle lens is used. It gives the impression of spaciousness.
Action—in both video and slideshow modes, the speed at which images move should be slow enough that viewers don’t find it dizzying, yet fast enough that the pace of the ‘production’ isn’t annoyingly pokey (for example, a virtual tour which zips right along in a progression that makes sense—like an actual tour).

A Moreno Valley virtual tour can provide a genuine boost to your home’s selling campaign when it is attractively produced—and accurate (thus avoiding showings to prospects for whom the property is clearly unsuited). It’s only one of the many tools which can be called into service to draw the interest of the qualified prospective buyers you need to reach. Call me if you’d like to discuss what’s happening in today’s market!

Moreno Valley Homeowners Should Expect Home Remodeling Increase

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7-23-remodelThe number of households belonging to older adults is on the rise across the nation, and (let’s face it) the homes themselves aren’t getting any younger. So states the Harvard University’s Joint Center for Housing Studies’ Housing Perspectives (JCHS), which recently published the projection that, if true, makes it likely that Moreno Valley home remodeling activity will spike in the coming years.

Abbe Will, research analyst for JCHS drew this conclusion:

“Since much of the housing stock is currently ill-equipped with even basic accessibility features, older homeowners aging in place will need to invest in retrofitting their homes in order to age comfortably and safely.” In other words, even for homes which remain in their owners’ hands, home remodeling activity could grow markedly.

Home remodeling is no minor industry. Home improvement expenditures by older homeowners already topped $90 billion in 2013—making it a significant economic contributor. Now the JCHS projects that it could surge by an extra $17 billion annually over the next three years. Welcome news indeed for the construction and design industries, who had been in the doldrums until recently.

But what does this mean for Moreno Valley homeowners who plan to sell in the near future? When considering a remodel, if you want your home to attract potential older buyers, consider the innovations modern designs have made for individuals in that demographic group. That will be the competition.

JCHS’s analysis notes, “… not even a third of (existing) homes have what could be considered basic accessibility features, such as a no-step entry and bedroom and full bathroom on the entry level.” Both young and old can appreciate other features, as well. Wider hallways in a kitchen remodel is one example. Another is bathrooms showers with ‘edgeless’ design, which holds appeal both to Millennial buyers (for the sleek, modern look) and to seniors with limited movement. A bedroom on the main level that can readily be converted to a master if needed can be attractive to older homeowners—and also to anyone looking for a guest or au-pair suite. Investing wisely by thinking long-term when it comes to home remodeling plans is part of strategic home ownership. If you are considering selling your Moreno Valley home at some point, it doesn’t hurt to inform yourself about forward-looking trends.

Wondering what today’s buyers are looking for? I’m here to help with all your Moreno Valley real estate-related concerns: call me anytime this summer!

To Buy or Not to Buy: First Time Moreno Valley Homebuyer Question

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7-23-mortgageHistorically low mortgage interest rates have been a lifeline for many Moreno Valley first time homebuyers in recent years, keeping home ownership within reach for many who wouldn’t have otherwise been able to make the leap. For them, and for all the other than first time area homebuyers, the fact that home values have continued to rise has been an added boon.

But, as just about every mortgage industry expert will tell you, the gig is almost up for those rock bottom rates. Yet the question for many first time homebuyers remains: is it time to buy or not?

It’s a good time to take a hard look a few of the known facts—

According to web giant Zillow, as of Q1 2015, potential home buyers should expect to spend about 15% of their income on a mortgage for an average home in the U.S. When you compare this with the historical averages, it makes today’s rates temptingly low: the typical percentage has been closer to 21%. In terms of dollars spent monthly, that’s a big (and terrific) difference!

At the same time, the historical average has a typical renter shelling out 24% of income. Today, that’s closer to 30%…making first time homeownership that much more inviting.

Taken together, Zillow’s new calculations definitely appear to make finding a home to buy the more affordable option. On the other hand, it’s also true that a number of factors work against first time homebuyers—in Moreno Valley and nationwide. College debt, for one, is far more of an obstacle than it used to be. And the other side of those all-time high monthly rents in many places are making it that much harder for would-be first time homebuyers to save for a down payment. But with the widespread phenomenon of growth in rents outpacing growth in home values, the rental affordability problem isn’t likely to improve any time soon. With mortgage rates likely to be on the increase as early as this fall, the long term outlook may not grow rosier as time passes. The implied takeaway: strike now while the iron is hot!

Whether this real estate foray is your first or tenth, if you’ve been considering taking advantage of this summer’s Moreno Valley home buying bargains, contact me today for an introduction to a qualified mortgage broker—and to discuss whether this might not just be the perfect time to start your search!

What a Deal! Island Homes for Sale at Drop-Dead Discounts!

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7-23-islandThe good news is, yes, you read that headline correctly: there are drop-dead gorgeous oceanfront island vacation homes on sale for you right now—this summer! The bad news, however, (depending on your vacation and travel plans) is that these homes for sale aren’t as convenient (geographically speaking) as some others.

They are in Greece. There’s always a catch, isn’t there?

CNNmoney’s website reported last week that the recent escalation in Greece’s financial trouble has produced a notable increase of interest from foreign investors. Reports indicate that prices are discounted anywhere from 30% in the most popular islands to as much as 50% in less relaxing places. Like Athens.

Alexandros Moulas, who is an Athens-based associate at the global property firm Savills, says that buyers are mostly from Europe, but also the Middle East and Asia. So why not add Moreno Valley buyers to the pack? We like vacation homes, too!

There are reasons why Moreno Valley locals might consider a Greek investment property, aside from the travel benefits. A Greek island home, for example, can be a nice earner. Rental incomes are attractive—but it’s wise to keep in mind that islands like Mykonos are incredibly seasonal, grinding to a complete halt each winter.

The truth is, I can’t actually sell a single one of these stunning, bargain-priced Greek island homes to you. As a licensed real estate agent here in Moreno Valley , I am an expert in Moreno Valley homes for sale, and – while a trip to Mykonos sounds fantastic, the homes for sale in Moreno Valley need me here this summer.

So while there might not be any oceanfront homes for sale in in these parts at a 30% – 50% discount, there are a great many welcoming Moreno Valley homes for sale this summer—and interest rates are still, for the moment at least, temptingly low. Call me anytime this summer to discuss your search!

Moreno Valley Homebuyers’ Credit Score Concerns Often Overblown

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7-16-creditMost Americans have now arrived at the conclusion that it is a good time to buy a home. That’s the top line analysis from one of the country’s major mortgage creators, but there’s a secondary finding about credit scores that could also have a sizeable impact on Moreno Valley real estate activity. Some would-be Moreno Valley homeowners would benefit from learning the information—which is about misinformation.

The second annual “Wells Fargo Homeownership Survey” is a national survey of 2,016 respondents, and the source upon which last week’s Franklin Codel analysis is based. The excellent news for current and soon-to-be Moreno Valley home sellers is that a whopping 72% of respondents think now is a good time to buy a home. Most Americans also agree that “owning a home remains a vital part” of the American dream— and continues to be a key element in the strength of the nation.

Running counter to that upbeat survey result is the finding that despite the efforts of lenders (and the government) to make credit more available to potential mortgage applicants, two misconceptions are widespread enough that they are “holding many potential buyers back.”

The misinformation:

  • The misconception that every buyer must have at least 20% for a down payment; and
  • A belief that credit scores alone determine whether an applicant will land a home loan

Under the heading The legend of the 20% down payment, Wells Fargo’s Codel points out that 36% of the general population (and larger proportions of minority groups) qualify for loans with lower down payment options— some of them as low as 3%.

But equally illuminating is what Codel has to say about the importance of credit scores. He is the head of mortgage production at Wells Fargo, so Moreno Valley home seekers can be expected to pay attention to what he has to say, which is that credit scores are not as all-important as most people think. Because creditworthiness is not determined based on a single factor, homebuyers should do some investigating of their options “before excluding themselves based on credit scores alone.” And when it comes to the actual scores themselves, it’s not true that a ‘good credit score’ has to be above 780. There are multiple models and investor guidelines—and under some of them, more than 660 “is generally considered good.”

If it’s true that Moreno Valley homebuyers agree that now is the time to make a foray into the market, it’s refreshing (and rare) to hear a top mortgage lending insider provide that kind of encouragement. His conclusion is that the cited misconceptions can be overcome with a “better understanding of how credit works”—and that a good lender will use a borrower’s “entire financial picture, not just credit score” to decide whether to issue a mortgage.

The takeaway is for prospective buyers to do some investigating to find out what their home owning prospects actually are: they might be pleasantly surprised. A good place to start: giving me a call!

A Businesslike Decision—Switching Your Moreno Valley Realtor®

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7-16-realtorIt’s true of any commercial offering: sometimes a perfectly saleable item doesn’t move off the shelves as rapidly as predicted. Real estate is no exception—not every Moreno Valley home is sold as quickly as its owner and the property’s Realtor® wish. When that happens, and the term of the original listing expires, an important decision must be made: should the listing be renewed, or should another Moreno Valley Realtor be enlisted to try a different approach?

If you have been dissatisfied with the amount of effort your current Moreno Valley Realtor has demonstrated up to now, the decision will be easier than otherwise—especially if you have already communicated your impression and been less than overwhelmed by the response. You are right to expect that your Moreno Valley Realtor will have posted attractive, accurate listing material for the MLS, has included your property in the advertising program that goes out to the community, and has been diligent and professional in showings and (if it was agreed upon) open house presentations. You should have been able to contact her or him within a reasonable amount of time when communications were called for, been satisfied by the punctuality of appointments when scheduled.

If performance in any of these basics has been unsatisfactory, it’s entirely reasonable to entertain a change in representation. On the other hand, if your Realtor has not disappointed in any dimension, you are left in a problematical situation—one which has no clear-cut solution. Whether or not your inclination is to stick with the team in place, to make the right decision you need more information. The best guidance is—get it!

  • Before you decide whether or not to extend the relationship, ask your agent to review the days on market (DOM) for similar nearby Moreno Valley properties. An analysis will show whether yours is the only slow-moving property, or whether it has simply hit a lull in neighborhood activity.
  • Ask yourself whether you have paid attention to the suggestions offered by your current Realtor. If you have chosen to bypass any of them, this could be an appropriate point at which to reappraise.
  • If you have had many showings with few offers forthcoming, it’s a pretty good sign that your asking price is higher than prospective buyers believe is justified. If that’s the case, changing Realtors alone isn’t likely to have the desired effect. You’ll need to fix whatever problems visitors are seeing…or else lower the price.

If a hard-headed analysis tells you that switching Moreno Valley Realtors is warranted, don’t worry too much about the reaction you will get. Most Realtors are very professional; they know that clients do occasionally change representation for a number of reasons, and that hard feelings are simply not warranted. Be ready to interview several agents and to compare what they offer. Pay extra attention to how they propose to stimulate activity—you are well-positioned to appraise their ideas!

For my clients, in addition to an energetic marketing approach, I put a premium on keeping the highest quality communications flowing at all times. Give me a call whenever you have a Moreno Valley real estate query!

Think Like a Skeptic When Picking a Moreno Valley Home for Sale

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7-16-houseforsaleIf you are among this July’s consumers who are actively shopping for a home for sale in Moreno Valley, you have probably already taken a look at the Moreno Valley listings and most likely jotted down some addresses you’d like to examine in detail. Then, if you find yourself in the happy situation of finding more than one Moreno Valley home for sale that passes your first in-person tour visit, the tough question arises about how to pick between two or more quality homes. Should you depend upon your emotional leanings—even if a few practical details seem to point you in the opposite direction? Or should you simply let price be the determining factor? Or is there some other criterion the most experienced house hunters rely on?

Of all the factors that could go into that decision, truthfully, pointing out which are the most important is always a subjective exercise (all except for one I’ll bring up last). Here are some of the most useful ones:

  • Compare the neighborhoods, and take a close look the adjacent streets. Drive by the properties at different times of the day and at least once on a weekend. See how the neighbors keep their homes. Neglected lawns (or bars on too many windows) are not signs you may want to ignore—just as uniformly well-kept landscaping should count on the positive side.
  • Next visit to the candidates, do a consciously thorough walk-over. Pace the perimeter of the home and lot. Look for fencing issues you might need to address, or even how intrusive neighbors’ windows might be. Check for signs of water pooling anywhere on the lot with an eye to whether drainage problems could become an issue when the rains come.
  • If there is another home for sale on the street, drive the immediate area looking for more. If there is more than one home for sale, check the web to see if there are too many—or enough that it indicates that values are in flux. If it appears there are many—but no reason other than chance—it could be a good sign that your offer will be very welcome!

What is that less subjective factor (the one I said I’d bring up last)? It’s one that calls for becoming more skeptical than you really are: one that has you pretending to be a member of the public at large who doesn’t feel particularly drawn to either of the homes for sale you are comparing.

Put yourself into that mindset—then judge which of the homes will be easier to sell in a future where you have decided to move on. Deep-six your idiosyncratic leanings, and concentrate on elements that the majority of people would agree are those that add or subtract resale value. Experienced house hunters have bought and sold often enough that they are keenly aware of how much easier it is to sell a home that has universal appeal—even over one that’s more personally attractive. Keeping aware of the personal factors that may make you comfortable but which could adversely affect resaleability will help you determine a property’s future value to others (and, many would argue, that is the real value!)…

This summer, we’re fortunate to have a market that offers many Moreno Valley homes for sale offering exceptional value. I hope you’ll give me a call to help find your family’s next home!

Real Estate Investment News Items Reflect Wide Gains

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7-16-real estate investmentLast week’s reporting showed the same kind of upward movement that’s become commonplace for Moreno Valley real estate investment news watchers. A standout: Corelogic’s finding that national home prices in May increased by 6.3%, marking the 39th consecutive monthly year-over-year increase.

Actually, to a lot of us, that looked stronger than expected: the steady increase in U.S. sale prices had seemed to have leveled off in the 5% range for the most part…Corelogic’s own Chief Economist had prognosticated, “We expect house prices in our national index to be up about 5 percent in the next 12 months” just 30 days ago.

Those who track U.S. real estate investment performance for its Moreno Valley implications, two other interesting observations were noteworthy. First, even including distressed sales, prices have now risen to within 8.4% of the April 2006 peak—what is generally considered an unsustainable “bubble.” Yet it’s impossible to find any expert who believes the current price levels are indicative of anything of the kind; nor that the expected continuing rises would expose those making residential real estate investments to equivalent risk levels. Except in a very few localities, there is scarcely any “bubble” speculation to be found—even as national price increases continue to outpace inflation.

Part of the reason is that supply continues to be tight; distressed property sales continue to decline; and overall U.S. economic conditions are perceived to be improving, however gradually. Corelogic also keeps track of sales and momentum for different price ranges, which perform differently, as real estate investment analysts know. The lowest-priced tier, which represents to most modestly priced 25% of homes, has now actually surpassed its pre-crisis peak…and the highest end of luxury residences (the top 25%) are within 5.7% of their peak.

The second point made in last week’s reporting was continuing good news for those whose real estate investment portfolios include rental properties. Apartment vacancy rates “are down to their lowest level since the 1980s” according to Economist Frank Nothaft. “Rents are up, and apartment building values are at or above their prior peaks.”

The robust performance wasn’t confined to multiple-unit housing, either. Following the housing crash—between 2006 and 2013—3,000,000 detached single family homes were added to the nation’s rental stock. They now make up 40% of the market. In terms of their real estate investment performance, the combination of rising rental rates and shrinking vacancy rates are exactly what investors hope to see. For regular homeowners, too—even those with no plans to sell anytime soon—those 39 straight months of steady price appreciation is comforting news.

And if you are watching this summer’s Moreno Valley real estate listings for the investment opportunities they represent, I hope you’ll give me a call!

Moreno Valley Homes for Sale Get Boost from National Forecast

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7-9-homesforsaleSuppose you are a Moreno Valley homeowner who intends to move to a different home eventually, but for the moment, you aren’t under any particular deadline pressure that would dictate when you have to put your home on the market. In that case, you’re likely to keep tabs on overall market conditions, awaiting what looks like circumstances favor those with homes for sale.
Twice a year, the National Association of Realtors® issues their economists’ midyear forecast—it appeared last week. For those with homes for sale in Moreno Valley (or anyone thinking about adding theirs to the homes already for sale), the outlook was heartening.

The forecast was for the greater U.S. economy to improve, bouncing back from the weather-blasted winter stall which made the first quarter a disappointment. Subsequently, consumer spending opened up, causing expectation that the GDP would rise in the remainder of the year. Overall, the forecast for 2015 was positive, though lukewarm. As a whole, the year promises to be “not bad but not great.”

On the other hand, focusing narrowly on the outlook for U.S. housing market activity—homes for sale—the upside momentum was already decidedly more in evidence. The prospects for any single one of the Moreno Valley homes for sale depend upon a combination of factors, but if national activity is any reflection, the latest numbers packed what you could call a “6-7-8-9 punch”:

  • Existing home sales in May notched a high water mark not seen in 6 years (and the 2009 level had been artificially inflated because of an $8,000 homebuyer tax credit).
  • New home sales hit the highest level in 7 years.
  • Housing permits to build new homes registered an 8 year high.
  • Pending contracts to buy existing homes for sale reached a 9 year high.

Examining the demographics behind the figures, it was clear that, for the first time in quite a while, first-time buyers are back. Last year during the same period, only 27% of buyers were first-timers. They now make up a more normal 32%. As prices brought by homes for sale continued to rebound, institutional investors were disappearing from the scene, creating a more typical mix of buyers.

A major part of the reason why homes for sale were fetching “stronger than normal home price growth” had to do with a shortage of inventory—ascribed to the volume of new homes being built (or not being built). The rule of thumb is generally for about 1.5 million new homes to be constructed per year, a mark that’s failed to be realized for a number of years. In 2009, only 550,000 home were built—and the total had barely reached a million through last year. But now, with optimism among homebuilders at newly robust levels, it’s expected that normal output will have fully resumed by 2017.

The other major factor boosting sale prices was the specter of mortgage rate increases. Rising mortgage rates “initially rush buyers to decide”—just the kind of sign that could tip the scales for a homeowner who’s been waiting to add their property to the homes for sale in Moreno Valley. Should you decide that this summer is shaping up to have just the conditions you’ve been waiting for, I hope you’ll give me a call for a no-obligation consultation!

A Property Manager Can be a Landlord’s Key Resource

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7-9-propertymanagerAt first blush, deciding to hire a Moreno Valley professional property manager may seem counter-productive. Whether you bought the property you will be renting out specifically for that purpose, or else are simply holding onto your former home rather than selling it, the expense of employing a Moreno Valley property manager will materially reduce the cash benefit your rental promises to throw your way.

In fact, many new landlords don’t seriously consider hiring a property manager. It’s an offshoot of their own long-time home owning experience. They’ve learned to handle the residential maintenance issues that crop up from time to time, so it seems unnecessary to hire a professional manager for the occasional problems they know how to solve themselves. They may acknowledge that there will be twice as much to handle, it still may seem to be a needless extravagance. After all, the two great benefits of becoming a landlord are to build equity and generate income, so why give away part of the latter?

One cogent reason is the principal difference between managing a rental and your own household. In your own home, you aren’t answerable to any outside entity. When a faucet starts leaking or a circuit breaker blows, you are free to ignore it until the weekend or whenever it’s most convenient. That’s simply not true for a conscientious landlord. Even with a cooperative, understanding tenant, in a way, you almost become your tenant’s employee (or at least it can seem that way when the phone rings at an inconvenient moment). A good tenant rightfully expects his residence to be maintained promptly and diligently; it’s your part of the rental bargain.

Another factor that argues for opting for a reputable Moreno Valley property manager goes to another difference between managing your own residence and a rental. The professional has so much experience in all aspects of property care that he or she is considerably more likely to have dealt with any given situation. Likewise for handling the technicalities of attracting and interviewing tenants, and seeing that contractual issues are completed correctly—tasks that need to be handled with legal exactitude.

There are plenty of reasons that can make hiring a property manager a sensible move, starting with those quality of life issues—your life! For retirees or others with abundant spare time, they may not be as significant; but for fully-employed persons, the time factor and necessity to “be on call” can be crucial. I always recommend giving the professional management option full consideration. Of course it’s always possible for a first-time landlord to test the waters for a while before making the decision—though it’s important to realize that one false step can escalate into costly legal troubles when it comes to national and state civil codes, fair housing laws, and tenant rights. Ignorance of the law will be no excuse for do-it-yourself landlords who are unlucky enough to find themselves on the wrong side of a tenant dispute—so be sure to educate yourself and have access to a reputable Moreno Valley landlord-tenant attorney

If a Moreno Valley income-producing real estate investment opportunity is something you would like to explore, this summer has produced some properties with terrific potential. Give me a call anytime to discuss how best to explore what’s out there!

Moreno Valley

13800 Heacock St. #C-126
Moreno Valley, California 92553
Phone: (951) 924-3600

San Diego

1450 Harbor Island Dr. Unit G10
San Diego 92101
Phone: (951) 313-9275

License Info

Ken Hawkins - #967449 | Amanica - #01523568

Service Areas

Amanica is proud to specialize in and provide property management and real estate services to Riverside County, San Bernardino County, the greater Inland Empire, and San Diego County.

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