Don’t Miss Doggie Photo Day on April 14

You’re invited to Doggie Photo Day on April 14 in Viking Park! Get a free picture of you and your dog and enjoy treats and prizes.  

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Today, I’m joined by miniature Schnauzers Trixie and Savannah, (and a guest appearance by my daughter Hannah) and we want to invite you to Doggie Photo Day here in Viking Park-Porter Ranch. Join us on Saturday, April 14, from 9 a.m. to 11:30 a.m. There will be a professional photographer, prizes, donuts, coffee, and treats for your four-legged friends.

There will be costumes for you and your dog. You can get a complimentary picture of just your dog or take a family portrait.

 Join us on Saturday, April 14 from 9 a.m. to 11:30 a.m. for Doggie Photo Day!

We’ll also be raffling off prizes every 30 minutes, including: a gift basket from Nectar of the Dogs winery, a local winery that donates a portion of their proceeds to local pet charities; a custom graffiti dog collar by Debbie Wubben, a local artist; and a $30 gift card from Petitude, a local pet store. So make sure you come visit us this Saturday, April 14, and bring your four-legged friends! We look forward to seeing you! For more information click here.

What Should You Be Discussing With Your Insurance Agent?

There are a few factors that can affect your homeowners insurance policy in ways you might not expect, which is why you should discuss these things with your insurance agent. 

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Now more than ever in our Southern California region, it’s important that you talk with your insurance agent about how much coverage you have in case disaster strikes. For Zachary Schneiderman of Schneiderman Insurance Agency, most people he works with or who call him for a quote just end up asking him to match their current coverage. The problem with this, though, is your current coverage isn’t always correct, and a lot of people don’t know how much insurance they really need to rebuild their home. According to Zach, the purpose of having a homeowners insurance policy is based on the idea that if something was to happen, how can an agent such as himself replace your home as it was and get you back to normal? As time goes by and you make upgrades and renovations to your home, those changes change the value of what it would cost to rebuild that home. That’s why it’s never a bad time to call your agent and ask them to give you an updated cost estimation of your home and verify that you have the right amount of coverage. Another issue to consider is how long you’ll be out of your home because of how long it takes to rebuild. Depending on the size of your loss, you can be out of your home longer than expected. It doesn’t seem like it would take that long to rebuild a home, but for a large loss, you’re looking at a rebuild of anywhere from 18 to 24 months.

 It’s never a bad time to call your agent and ask them to give you an updated cost estimation of your home.

Another problem is a lot of insurance carriers out there only offer 12-month loss of use coverage. If you have to move your whole family, that might not be enough to rent the kind of home you need while your original home is being rebuilt. Oftentimes in this case, people end up paying out of pocket. Also keep in mind that when you have a loss, you’re still paying the mortgage on your home—the insurance company just pays for the additional expenses you wouldn’t normally incur.

If your home is older, building code changes can also affect your insurance policy. The standard coverage of a homeowners insurance policy is meant to rebuild the home in the manner it was built. If you don’t have a policy with sufficient code upgrade coverage, you’ll have to pay out of pocket to make certain changes. The costs of these changes can be substantial, so make sure you have coverage that allows you to get by without paying more than what your deductible was in the first place.

If you have any other insurance questions or you’d like to have your policy reviewed, you can give the Schneiderman Insurance Agency a call at (818) 322-4744.

If you have any real estate needs, feel free to give us a call or shoot us an email anytime. We’d be glad to help you.

Interest Rate Changes to Be Aware of in 2018

Though interest rates have risen, the introduction of new lending programs and the loosening of lending guidelines mean now is a great time to buy or sell a home. 

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One of the most common questions we’re getting right now is how interest rates are affecting buyers and sellers in our market, so I’ve once again brought in our preferred lender Brandon Moss to shed some light on this topic. 

Interest rates have gone up by roughly 0.5% since the start of 2018, and they’re still sitting in the mid-4% range for 30-year fixed mortgages. Stocks have also continued to hit all-time highs, and the 10-year yield nearly reached 3%, which is the highest point it’s been in four years. 

According to Brandon, this means it’s a great time for buyers and sellers to get off the fence while affordability is at an all-time high. If you’re a seller, you can get top dollar now while buyers can still qualify for higher-priced homes and afford low interest rate payments.  

There have been some notable changes to conforming loans that are advantageous to buyers. Their guidelines have become more flexible, and their limit was raised from $634,000 to $679,000. This helps buyers qualify for higher loan amounts with less of a down payment and, due to rising prices in LA County, increases their purchasing power. 

It’s a great time for buyers and sellers to get off the fence.

If you’re a buyer, Fairway Mortgage is offering some new programs this year that you might be interested in, including programs designed for self-employed buyers who can’t show enough income to qualify, reduced documentation programs, and reduced down payment programs.

Though interest rates have gone up, the introduction of these new programs and the loosening of lending guidelines has opened up more doors for buyers and made now a great time to get a loan and buy a house.

“You’d be surprised what you might qualify for nowadays and how easy it might be to get a loan,” Brandon says.

If you have any lending questions for Brandon, you can call him at (818) 256-4330. If you have real estate questions for me or you’re thinking of buying or selling a home, feel free to give me a call or send me an email. I’d be happy to help you.

10 Terms First-Time Homebuyers Need to Know

Today, I want to share a list of the top 10 terms that all first-time homebuyers should understand.

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If you are buying a home for the first time, there are 10 important terms that you need to know: 1. Fixed-rate mortgage: This is a mortgage with a fixed-rate term. If you have an interest rate of 4.5%, you typically have a five-, 10-, 15-, or 30-year time period on your mortgage, and your interest rate won’t change unless you refinance. 2. Adjustable rate mortgage: This is the opposite of a fixed-rate mortgage. With the adjustable-rate mortgage, you’ll have a shorter term for your loan, maybe five to 10 years. Once that term concludes, your interest rate will adjust according to other interest rates charged by the bank. This can get confusing, so I always recommend that you talk to a lender if you want more clarification. 3. Pre-approval: This is different from a pre-qualification. When you’re pre-approved, that means you’ve talked to a lender and given them all of your paperwork, including tax documents, bank statements, your W-2, and other documents the lender may require so they can verify whether or not you are qualified to buy. If you make $10 an hour, you’re probably not qualified to buy a $1 million home. If you earn $1,000 an hour, then you probably are. 4. Conventional loans: These loans typically carry a 15- or 30-year time period. You generally need a 650 FICO score to qualify for a conventional loan and a 20% down payment. The average down payment for a first-time buyer is only about 5%, so if you don’t have 20% down or a high credit score, there are a lot of other loan programs out there. 5. FHA loan: This is a great loan for anyone who has gone through some credit dings. FHA stands for Federal Housing Administration, and with this loan, you can put down a minimum of 3.5%. You will have to carry mortgage insurance, but you can take that off later down the road.

Closing costs are usually 2% to 5% of the purchase price.

6. Appraisal: An appraisal is when a third-party company, working on behalf of the bank, analyzes your property and compares it to comparable properties within a certain radius. The home’s condition, style of the property, and lot size are just a few of the factors taken into consideration. If you offer $500,000 for the home and the appraisal comes in at $475,000, either the purchase price has to come down or you have to bring another $25,000 in cash to make the deal work. 7. Mortgage insurance: This type of insurance exists to protect the bank. If you don’t want mortgage insurance, you have to put at least 20% down. If you don’t put 20% down, you will get anywhere from 0.03% to 1.15% mortgage insurance tacked onto your rate. There are always ways around it and plenty of programs out there that don’t require mortgage insurance, so again, make sure you talk to your lender. 8. Closing costs: What you pay in closing costs depends on you and what third-party vendors you may have brought in for expenses such as escrow, title, lender fees, and inspections. Whatever it may be, you can expect closing costs to be between 2% to 5% of the purchase price. 9. Buying down the rate: If your credit score isn’t great or it’s not where you want it to be and you have a lot of cash on hand, then you have the opportunity to take a high interest rate and reduce it. You are literally paying to buy a better interest rate. 10. Escrow: This means that you are at the table and signing away. An escrow account is a locked account that holds the buyer’s deposit so the seller can’t pull it out and the buyer can’t spend it. It’s kept safe through non-conflicting instructions regarding the buyer and seller releasing that cash, and that’s usually when the deal ends. I hope you found this top 10 list helpful. If you have any questions about buying a house or real estate in general, just give me a call or send me an email. I would be happy to help you!

Do Fewer People Want to Buy Homes Since the Tax Reform Bill?

Will The Tax Cuts and Jobs Act keep more San Fernando Valley buyers on the fence? C.P.A. Issam Aljaber is here to discuss this and other concerns about tax reform.

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Today I’m joined by C.P.A. Issam Aljaber to discuss some of the concerns we’re hearing from home sellers about the new tax reform act. 

Do buyers really want to buy a home right now after the tax reform act? 

Issam believes that buyers will still want to buy a home regardless. Although there may not be as much of a tax incentive to buy a home, homeownership is still exciting. We haven’t seen any less buyer demand in our market. The tax deduction was more of an incentive rather than a dealbreaker for people planning on buying a house. 

That said, there are a few points in the tax reform act that buyers and sellers in California should know about. 

One of them is the mortgage interest deduction. Under the previous tax law, up to $1 million of mortgage interest was deductible for the personal income tax. The new limit is $750,000. 

If you are buying in the $1 million range and putting 20% down, Issam believes you are still safe in that range and able to deduct mortgage interest. Once you are over that price point, a lot of the homes sold in that price point are often cash transactions anyway. 

Although there is less of a tax incentive to buy, people still want to become homeowners.

Price points under $900,000 are not affected that much by this change. People used to feel more of a tax savings when they bought a $200,000 or $400,000, so there is not much of an incentive there anymore. Like we mentioned earlier, though, tax incentives are not necessarily make-or-break for those planning to buy a home. 

Finally, sellers have also been asking if the capital gains exemption was affected by the tax reform. 

Although there were talks in earlier versions of the bill about changing the capital gains tax exemption, no changes were made in the final bill. If you are thinking of selling your house, single taxpayers can still get up to $250,000 in capital gains tax-free, and married couples can still get up to $500,000 in capital gains tax-free.  

If you have any other questions about the tax reform act, you can contact Issam Aljaber at (818) 383-8029. As always, if you have any real estate questions, just give me a call or send me an email. We would be happy to help you!

What Happened in the 2017 Real Estate Market?

What can you expect from the 2018 real estate market? Let’s take a look at the 2017 market recap and see which market trends may continue this year.

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It’s time to recap what happened in the 2017 real estate market. I also have a forecast of what you might be able to expect in 2018 for Porter Ranch and the San Fernando Valley. 

2017 started off with very low inventory. There were only about 47 properties for sale out of 11,600 single-family units. We ended the year with slightly less inventory. That low inventory really fueled the market—not just here in Porter Ranch but all over Southern California. 

When you look at the inventory in 2017, it stayed very low the first half of the year. In June, as spring transitioned into summer, inventory doubled from what it was at the beginning of the year. Still, it just wasn’t enough to satisfy buyer demand. Even though inventory increased in the summer, that inventory got gobbled up. 

From the beginning of 2017 to the end of 2017, inventory decreased by 24% and the average price in San Fernando Valley went up 13% in most neighborhoods. 

In most neighborhoods, there is only two to two and a half months of inventory in most areas. As a result, most prices are going up. 

Low inventory really fueled the 2017 real estate market.

In order to have a healthy market, there need to be about 7,500 homes for sale in the San Fernando Valley. If you look at the total amount of inventory at the end of 2017, we only had about 1,700 homes for sale. That is down from the 2,200 homes for sale at the end of 2016. 

You can see more details about the 2017 real estate market in these charts. 

So, what can you expect in 2018? 

I think the 2018 market will be more of the same. There is very little inventory and economic growth in the San Fernando Valley as a whole economically. A lot of people are priced out of areas like the West Side, Pasadena, Glendale, and the South Side of the Valley. As a result, more people are moving up to the North Side of the Valley, where they can get more house for their dollar. Homes are moving quickly in this area because they are more affordable and there is a lot of competition. I predict that we will see about 5% to 9% growth in both neighborhoods. 

If interest rates go up, that could have an impact on our market. We’re also keeping an eye on how the new tax reform bill will impact real estate here in the San Fernando Valley. We’ll have more information about that in our next video. 

Do you want to know how much your home is worth in the 2018 market? You can get a free market evaluation here. 

As always, please don’t hesitate to reach out to me with any other real estate questions. I would be happy to help you!

How Does the California Pool Safety Act Impact Real Estate Transactions?

How does the California Pool Safety Act affect the home buying process? Keith Morgan from Property Inspection Consultants is here to help me explain.

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I hope you all had a happy holiday season. Today, I’m joined by Keith Morgan from Property Inspection Consultants to discuss the California Pool Safety Act and how it affects buyers and sellers. 

These changes were made on October 11, 2011, when Governor Brown signed Senate Bill 442 into law. This law modifies the business professionals code as it applies to the home inspection profession. 

At this point, any time a home inspector conducts an inspection of a single-family residence that has a pool on the property, that inspector has to identify a certain number of pool safety access provisions. It doesn’t matter whether the home inspector conducts an investigation of the pool in addition to the home inspection or not. A minimum of two safety items must be included on the home inspection report in order to pass the general home inspection. 

This law is in place to prevent as many child drowning deaths as possible.

Here are seven possible safety items that could be included in the home inspection report: 

1. An enclosure that isolates the swimming pool or spa from the private single-family home, i.e., a fence or wall. 
2. Removable mesh fencing. 
3. An approved safety pool cover that prevents someone from entering the water. These are not the same as pool heating covers, which offer no safety protection. 
4. Exit alarms on the private single-family home’s doors that provide direct access to the swimming pool or spa. A typical home security system does satisfy this requirement. 
5. A self-closing, self-latching device with a release mechanism placed no lower than 54 inches above the floor on the doors providing direct access to the swimming pool or spa. 
6. An alarm that, when placed in a swimming pool or spa, will sound upon detection of an accidental or unauthorized entrance into the water. 
7. Other means of protection verified by ASTM or the American Society of Mechanical Engineers (ASME). 

It is the inspector’s job to point out these items and let you know which safety features are available for the pool. 

If you are a homebuyer looking at properties with pools, make sure that you work with an inspector who is aware of and conversant with the new requirements. This law does not require you to make corrections or upgrades. You simply need to be aware of the pool’s safety features. 

At the end of the day, the California Pool Safety Act is there to prevent as many child-drowning deaths as possible. 

Thank you to Keith for stopping by today. If you have any questions for him, you can give him a call at (818) 363-6670.

As always, if you have any real estate questions, just give me a call or send me an email. I would be happy to help you!

Is It Better to Build or Buy?

When it comes to choosing between buying and building a home or between buying a new or resale home, there are a lot of variables to consider.

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Is it better to buy or build a house? Or is it better to buy a new or existing home?

One of the pros of building a house from scratch is that you’re allowed to pick out the details of the home, such as the floor plan and other certain amenities. 

Personally, however, I always think it’s a little more expensive to build a home, and I wouldn’t look forward to picking out the thousands of details necessary to build a house. These include all the building codes and regulations from the city that you have to deal with. 

More importantly, with all the recent natural disasters in Florida, Texas, and California, I believe that hiring people to build a home will be more expensive than normal. Due to the shortage of supplies created by these natural disasters, the cost of materials will be more expensive as well.

I wouldn’t look forward to picking out the thousands of details necessary to build a house.

When it comes to buying a new or existing home, buying new construction is like buying a new car because it’s a brand-new property. No one has ever lived in it before, and projects like landscaping will need to be done after the fact. If you can find a similar home that’s maybe three to 10 years old in a similar neighborhood, you’ll find that projects like that have been taken care of. 

When buying a brand-new property, landscaping can cost anywhere from $25,000 to $75,000. Adding upgrades to the home itself can also cost you thousands of dollars. If you buy a resale property, there’s a good chance those upgrades will already have been done. Because that resale home isn’t brand new, the list price will also be lower too.

There are a lot of variables to consider, so what’s best for you depends on what your specific needs are and what you’re willing to do and pay for. 

If you’re trying to weigh the options of each of these scenarios or you have any other real estate questions, feel free to give us a call or shoot us an email. Until then, have a happy new year and we look forward to seeing you again in 2018!

How WiseOceans Is Working to Restore the Coral Reef

I recently talked to Hannah Harries from WiseOceans about their Reef Restoration Project. Learn more about how they are working to reverse the effects of climate change.

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The Seychelles is composed of 115 scattered islands in the Indian Ocean. This tiny nation finds itself at ground zero of climate change. 

The sea level has risen almost a quarter inch each year.  El Niño’s warmer sea patterns are killing the coral, which usually prevents beach erosion. 

However, one local organization is trying to make a difference. 

Today, I’m joined by Hannah Harris, a Marine Educator at WiseOceans. 

A lot of people don’t know this, but 70% to 90% of the world’s coral reefs have been destroyed over the past year thanks to climate change and El Niño. 

El Niño is a global weather event which occurs every two to seven years. It causes a shift in temperature patterns in the equatorial Pacific, which has global repercussions. El Niño is the warm phase of the cycle. Higher-than-average sea temperatures are bad news for corals. 

70% to 90% of the world’s coral reefs have been destroyed.

WiseOceans is working hard to reverse the damage done to the coral. 

WiseOceans has been based in the Seychelles for five years now. They are dedicated to raising awareness about the fantastic marine life in the area. Getting people up close to the fish is an important step in getting them to care about the environment. 

About two years ago, WiseOceans launched their Reef Restoration Project. The aim of the project is to restore an area of reef within the bay. Guests at the Four Seasons hotel can come out and snorkel in the bay to see the wildlife, and WiseOceans educates them about restoring the reef. 

WiseOceans has a coral nursery to grow new coral. They take corals that have broken off naturally from the reef (“We call them corals of opportunity,” says Hannah) and place them in the coral nursery. There, the coral can grow and thrive in a protected area. After a few months, the coral will reach a healthy, reasonable size. From there, they are transplanted straight onto the rock. 

People can sponsor their own corals in the nursery and sponsor the reef. 

This process is very time consuming, which is why a project director is there to look after the coral day in and day out.

Sign in the capital Victoria says in Creole, "Climate change is already here."

Guests can get involved in the Reef Restoration Project, as can the local community. The education provided by WiseOceans helps people understand how vital the reefs are to us as human beings. 

WiseOceans gets everyone they can involved. Hannah says, “We have workshops, talk at the local schools, run youth groups, take people snorkeling—the more local people we can get to care about the environment, the better.” 

I would like to thank Hannah Harries for taking the time to educate us all about the Reef Restoration Project. You can visit www.WiseOceans.com to learn more about how you can help give back and protect your environment, and for more information visiting Seychelles, visit the official website of the Seychelles Tourism Board www.seychelles.travel.

As always, if you have any real estate questions, just give me a call or send me an email. I would be happy to help you!

Is Now a Good Time to Take Advantage of Current Interest Rates?

Interest rates are low right now, but they won’t stay that way for long. Whether you’re a buyer or a seller, take advantage of them while you still can.

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What are interest rates like in our current market?

According to Brandon Moss, our preferred lender, 2017 has been a great year for interest rates. We’ve seen them hover just above historic lows the entire year. 30-year fixed rates are still right around 4%, and fixed-rate adjustable-rate mortgages (or ARMs) are in the mid-to-lower 3% range.

However, the Federal Reserve is scheduled to meet this December, and there is a very good chance they’ll hike up interest rates. Because of this, Brandon suggests that all buyers and sellers get out there and take advantage of these rates while you still can. 

Right now is a great time to be a seller,  because more and more buyers are jumping off the fence and entering the market. It’s also a great time to be a buyer because you won’t face as much competition due to the season. 

You don’t need a large down payment to get into a property these days.

Another question we often get from buyers is, “Do I really have to come in with 20% down?”

No, you do not. There are a lot of great mortgage programs out there that don’t require you to put 20% down. If you’re a first-time homebuyer, you can put as little as 3% down. If you’re a move-up buyer buying a jumbo property, you can put down just 5% or 10%. Even investors can get in with just 15%. You don’t need a large down payment to get into a property these days. 

If you have any more questions about loan programs, feel free to give Brandon a call at (818) 256-4330. If you have any other questions about our Southern California market, don’t hesitate to give me a call or send me an email. I’d be glad to help!

Don't Miss out on the Fall and Winter Marketplace

Whether you’re looking to buy or sell, there are several advantages to doing so in the fall or winter months.

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Today, I’d like to give you an overview of the top reasons to buy or sell in the fall or winter months.

First, I’d like to start with some of the advantages of selling at this time of year:

1. Less competition on the market. During this time of year, the inventory is down. This contributes to less competition, putting you in a better position by default.
2. The house is show-ready. Because kids are in school during these later months, houses tend to be a little cleaner. In turn, this means that houses require a lot less preparation before a home showing.
3. Vacations are over. With people having returned from their trips and outings during the warmer months, more buyers are back in town.
4. Buyers are more serious. Buyers who are on the market at this time of year aren’t just looking for fun. These buyers are genuinely committed to finding and purchasing a home.
5. The appeal of fall decor. Who doesn’t love fall decor? The change of colors adds some natural beauty to any property, and fall decorations on the interior of a home can make buyers feel cozy and warm.
6. It’s cooler outside. Why would anyone want to move when it’s hot out? The colder weather is perfect for the moving process.

Some of the best deals of the year are done in the fall and winter months.

Now, I’d like to move on to the advantages of buying during fall and winter:

1. Good deals are available. Some of the best deals of the year are done in the fall and winter months, especially for properties that have been sitting on the market for quite some time.
2. It’s a lot easier to look at houses during school season. When the kids are in school, it’s easier for people to go out and browse the market freely.
3. Fewer multiple offer situations. Since many of the homes on the market have been sitting for awhile, there is less competition for certain types of properties.
4. Year-end sales for furniture. The later months of the year are a great time to take advantage of sales, which will aid you in furnishing your new home.
5. It’s easier to contract necessary services. Since there tends to be less activity on the market at this time of year, booking contractors won’t be as difficult.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

A Market Update for San Fernando Valley Real Estate

We’ve seen some great trends in the real estate market so far this year. Here’s what we’re keeping an eye on.

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It’s been awhile since we’ve given you a market update for Porter Ranch and the San Fernando Valley. There are a few statistics we’ve been tracking that we wanted to give you an update on.

Back in March, the median price in the San Fernando Valley jumped to $671,500. It’s been sticking around that level since then. We’re still seeing a lot of low inventory, which is keeping the market very strong.

Back in June, we saw a spike in inventory. In the three months since, we’ve seen a considerable drop as buyers continue to take advantage of the opportunity to buy with a low interest rate. We had 92 properties for sale in Porter Ranch in June, but we only have 75 on the market right now.

The average time for a home to sell for the San Fernando Valley as a whole is 39 days, but it only takes an average of 32 days in Porter Ranch. The key to a quick sale is pricing. If a home is priced right, it should be sold within a week or two.

The key to a quick sale is pricing.

Only 2% of home sales in the San Fernando Valley are coming from foreclosures these days. With that being the case, you’re starting to see certain neighborhoods hit their pre-2007 highs in terms of home values. The California Association of Realtors predicts a more healthy appreciation of 2% to 4% this year. 

That’s all we’ve got for now. If you have any questions about the market or anything else related to real estate in the meantime, don’t hesitate to give me a call or send me an email. We can’t wait to hear from you.

Answering Your Questions About Home Warranties

Having a warranty on your home can make life easier for homeowners, landlords, and tenants. Watch this short video to learn how.

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Today, I have the pleasure of being joined by Heidi Marshall with First American Home Warranty as we discuss the most important things you should know about home warranties.

Here’s what Heidi has to say:

One of the biggest benefits of having a home warranty is the peace of mind. You don’t have to do research to find, for example, a plumber or an AC company. With a home warranty, it covers your major appliances—the air conditioner, electrical, plumbing, and so on. If there is a claim that needs to be placed, you just call the number and can have any questions about repairs answered.

Another great thing about having home warranties is that there is no charge for replacement refrigerant or freon if your AC unit isn’t functioning properly. Normally that can be very pricey.

It can also be a great option for rentals, which includes all parties. Landlords won’t need to worry about a phone call in the middle of the night about a leak in the bathroom. Tenants can call the warranty company 24/7, place the claim, and the landlord won’t have to worry about finding an emergency plumber.

One of the biggest benefits of having a home warranty is the peace of mind.

And we’re all over—if you have a rental in Los Angeles, Orange County, or Nevada, you can place your claim in any of those areas. It makes life easier both on you, and on your pocketbook.

Many clients over the years have been able to take advantage of their home warranties, whether it be for replacing a water heater or other important home appliance.

It’s very important that when your agent writes the contract, they put in the proper coverage. Make sure that those things that are important to you are covered, such as an air conditioner or a pool. Personal appliances that you bring in the home should also be covered.

If you have any questions about home warranties, please contact Heidi by phone or email and if you have any real estate questions, please contact us at the Scott Himelstein Group. Thanks again for watching our video blog.

How Can Insurance Prepare You for Disasters?

In light of the recent natural disasters that have been happening around our country, I want to talk today about the importance of being properly insured.

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In light of the recent natural disasters in our country, I wanted to talk today about how you can be prepared for these kinds of happenings.

To help me cover this subject, I recently met with Zachary Schneiderman of Schneiderman Insurance. Having insurance coverage is just one of the many ways you can prepare for potential disasters.

Something Zachary suggests to everyone is to ask for an annual review. To do this, call your insurance agent and make sure that your home is insured to its current replacement value. 

This is especially important given the fact that a study recently revealed a high percentage of homes to be uninsured based on their current replacement values.

Make sure you are properly insuring your home and its contents.

If you are underinsured by over 20%, certain insurance policies will carry clauses stating that they may only insure you for a percentage of the loss.

Making sure you are properly insuring your home and its contents is critical. It’s also always a good idea to review your other insurance policies, as well. It is much better to be safe than sorry. 

Even small, preventative measures can make a big difference. For example, you should absolutely save your insurance agent’s number into your phone. Also, store your policy number somewhere that is easily accessible. 

Being able to contact your agent at a moment’s notice will become greatly helpful in the event of an emergency. However, remember to talk to your agent before filing a claim. An insurance agent will help you determine whether the claim is appropriate to file. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The Modern Way to Meet Your Neighbors

Have you heard about Nextdoor? It’s a social networking site for neighborhoods and today we’re discussing some of its features.

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Recently I had the opportunity to speak with Karilyn Thibodeau from the social networking website Nextdoor. 

If you aren’t already familiar with Nextdoor, the main thing you need to know is that it’s a networking site for neighborhoods.

Since the trend of introducing yourself to the neighbors in person has become less and less prevalent, Nextdoor’s goal is to connect communities. 

The thing that sets Nextdoor apart is that everyone must be verified. If someone is shown as living in a home on Nextdoor, that information is verified by the site to ensure that you know who you’re really connecting with. 

Additionally, everyone must upload their real name and photo. Putting a face and name to your neighbors can make a big difference. 

Nextdoor has also recently added a new Pet Directory feature. In fact, one major use people have found for Nextdoor is communicating with their neighbors to find lost pets. 

Putting a face and name to your neighbors can make a big difference.

When you upload your pet’s information on Nextdoor you’re not only taking preemptive steps in case they’re ever loss, you’re also letting your neighbors get to know you a little better. 

Many people have been in a situation where they’ve approached a neighbor on a walk to ask their dog’s name. With Nextdoor’s Pet Directory feature, you’ll already know. 

Karilyn was also excited to let me know about another exciting feature coming soon to Nextdoor—a real estate section. Homeowners understand that listings in their neighborhood directly affect the value of their own homes.

When you live in a neighborhood, it’s natural to be curious about what’s going on in the world of real estate as it relates to your community. 

The real estate section in Nextdoor is different because, as with everything else on the site, what you are able to see is always specific to your neighborhood. You’ll be able to see what listings are priced at, what agents are working with those listings, and more. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

What Is a Pocket Listing?

Pocket listings can relieve a great deal of stress from the seller. However, there are several things to consider before listing in this way.

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Today I wanted to talk to you a little bit about pocket listings. A pocket listing is one that the seller intends to sell but hasn’t yet officially listed or put into the MLS. 

Therefore, these listings won’t be found anywhere online. When it comes to a listing like this, the seller has often met with an agent who they’ve asked to find them a buyer. 

Pocket listings have their own set of advantages and disadvantages. One of the biggest advantages is that you can maintain your privacy throughout the sale.

Since pocket listings aren’t readily available to just anyone in the public, you have a lot more control over who sees your property and who sees your home. 

Pocket listings can work very well depending on your circumstances.

This also means you have fewer buyers and fewer showings to deal with. Days on market is much less of an issue for this kind of listing since they aren’t on the MLS. 

When my team and I work with these kinds of properties, we put them on something called the off-market property list. As soon as a person tells us they’re interested, we do our best to match the listing with homebuyers who we’re working with. 

This has been very successful for us and many of our sellers. However, there are clear disadvantages to pocket listings. While fewer buyers do mean less stress, it also means that certain benefits associated with higher exposure are greatly reduced. 

With pocket listings, our full, aggressive marketing package doesn’t work. These kind of listings naturally see less activity and foot traffic. 

Ultimately, pocket listings can work very well depending on your circumstances. The decision whether or not to list in this way is really up to the seller—as only they can truly know and understand their individual situation. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

A New Website to Connect the Whole Valley

Today I wanted to talk to you about this great new website that the Valley Relics Museum has set up for residents of the Valley.

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Today I’m joined by Oscar Urrutia, the vice president of the Valley Relics Museum. Today we’re going to talk about their new website.

The Valley Relics Museum began over 30 years ago when Tommy Gelinas, the founder and curator of the museum, began collecting artifacts from iconic places in the Valley area. As places began to close down, he went out and grabbed these artifacts himself so that they could be enjoyed by generations to come. This museum is open to the public every Saturday from 10 a.m. to 3 p.m. with free admission. 

The museum’s new website, MyValleyPass.com, was created to bring you a curated list of all the arts and entertainment events happening in the San Fernando Valley. The website now has some of those events posted, so be sure to check it out to plan your weeks ahead.

What’s so great about this website is that it puts all the events on one page so that you don’t miss ones you wouldn’t have known about because you live in a different part of the Valley. 

The Valley Relics Museum is open to the public every Saturday.

The Valley Relics Museum also has their own events planned in the coming weeks, including the San Fernando Valley Summer Drive-In Nights, where they will be showing locally-filmed movies including "E.T." and "The Karate Kid." You’ll be able to listen to the movie through your car stereo when you drive up, and there will be a live band performance before each movie—so be sure to show up early.

The museum has also set up a new historical film bus tour that will be starting in September, where participants will be taken to historic film locations around the San Fernando Valley. There will be two tours available for you to choose from, so look out for news of those tickets going on sale as well.

If you have any other questions about MyValleyPass.com, you can contact Oscar at 818-678-4934 or through their website.

If you have any questions for me or you’re looking to buy or sell a home in the area, give me a call. I’d be happy to help.

Southern California Real Estate Market Update

How is the market doing in the San Fernando Valley area? I’ve got the recent numbers in my latest video.

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How does the summer market look in our area? Before we launch into the update, I wanted to let you know that we have a couple of links for a list of all the local fireworks shows happening on July 4th. 

Inventory has increased since April. That’s fairly typical of this time of year, where we see an uptick in inventory as the spring season moves into summer. The properties are still selling, but the inventory numbers have definitely increased. 

In the end of April, we had about 2,200 homes for sale in the entire San Fernando Valley, and now we’re looking at almost 2,700 properties that have been listed. In Porter Ranch, there were 65 properties for sale in April, and now you’re looking at closer to 90 properties.

With these numbers, the inventory is still quite low.

With these numbers, the inventory is still quite low. Obviously there is more to choose from for buyers than there was a few months ago, but that inventory is still quite tight. Furthermore, even though we’re seeing more properties come onto the market, it doesn’t make much of a difference in inventory because demand is so high. 

You can really see that reflected in the amount of closed escrows, which is up 30% from this time last year. In May of this year, we saw over 1,700 closed escrows in the San Fernando Valley, which is up from 1,300 in May 2016. 

The other big news is that the Fed raised the interest rate again, but the rates really haven’t been that affected. We’re actually hovering around 4.5%, and buyers are currently qualifying with rates between 3.75% and 4% interest. 

Right now the market is still very strong and properties are selling if they’re priced correctly. If you have any questions or you’re looking to buy or sell a home, please give me a call. I’d be happy to help you!

3 Questions You Should Ask Yourself Before Listing on Airbnb

Are you thinking about buying or listing an Airbnb property? There are a few questions you should ask yourself first.

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You’ve probably heard of the property website Airbnb before. You may have even stayed in an Airbnb property before. My own family has stayed in Airbnb properties all over the world. It’s a great way for homeowners and investors to make a little bit of extra money, and more buyers are purchasing properties lately to use for this sole purpose.

If you’re thinking of listing your current home on Airbnb or buying a rental property to use as a rental property for Airbnb, there are a few questions you should ask yourself to know if you’re making the right choice.

First, have you picked a good location? As the first rule of real estate goes: location, location, location. In order to be a successful investment, demand for lodging has to exist in your specified area. It wouldn’t make sense to have an Airbnb property in a place that has very little tourism. Your property should be close to attractions and transportation. A good view helps, as well. 

For your Airbnb to be a successful investment, it has to be in the right area.

Second, how much time and energy are you willing to invest? Airbnb properties don’t rent themselves. You’re expected to provide a clean space, and guests will expect certain things like clean towels, tourist information, and a way to reach you in case they have any problems. Hosting can be difficult and time consuming. You can hire a service to remove some of that burden, but that doesn’t come cheap. 

Third, are you hosting Airbnb by the book? In places like New York and San Diego, they’re cracking down on properties because they’re greatly affecting the hospitality industry. Laws and regulations are always changing, so you need to make sure you’re following all of the rules and paying all necessary taxes in your area. 

Renting out your place on Airbnb may not be a full-time business endeavor, but make no mistake—it requires effort and attention to detail. Consider that before buying or renting a property on Airbnb. 

If you have any questions about Airbnb properties or want to take a look at some Airbnb properties on the market, feel free to give us a call or shoot us an email. We look forward to helping you.

What Are Some Important Tips for Purchasing a Fixer Upper?

Buying a fixer upper can be a stressful task, but there are certain tips you can follow to make sure the process goes smoothly.

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We’ve all seen those shows on HGTV where a lovable team of construction-savvy husbands and wives, fathers and sons, or siblings and business partners buy a rundown house and in 30 minutes of TV time turn it into a masterpiece and create tens of thousands of dollars of instant equity. 

While that scenario is certainly possible, these shows gloss over some of the most stressful parts of actually buying a fixer upper. Lots of people overlook the expenses that are involved and the expertise needed to handle so many different facets of the process. In the end, though, the allure of a fixer upper can be irresistible. If you budget your renovations right, you can get a steal of a deal on a rundown house and customize it in any way you desire. 

Do your homework before embarking on a fixer upper.

Here are some tips to be mindful of if you’re going down the fixer upper path so you can be prepared for what’s ahead:

1. Get a home inspection. This will help you find out what you’re in for behind the scenes, such as the plumbing system, electrical framework, and the HVAC units. You may have been able to turn on the water and flip on the lights when you made the offer, but the electrical system could be a recall, or the HVAC might be on its last leg. Older homes might not be up to code with electrical systems and could have dangerous materials in them. If you don’t know about these things up front and deal with them, it can come back to bite you. 
2. Bring in an architect and/or contractor. Many buyers of fixer uppers want to make big structural changes, and an architect or contractor can help you with this kind of thing. They can estimate the cost involved and help with design elements. Do your research when hiring contractors—the cheapest is rarely the best option. A good contractor can give you an honest estimate for your projects and help you stay on schedule.
3. Check the zoning. This isn’t the most fun process, and you rarely see it on TV, but zoning can go a long way in determining what is and what isn’t permitted to do on a property. Zoning laws vary from city to city, but you can do a lot of research about it online. 
4. Look into some tax incentives. Depending on the area you live in, you might be eligible for a tax abatement or a tax credit for improving a property’s value. 

A fixer upper can be a long and stressful project, but if you have the patience to research what you need to research, you can find yourself in your own custom dream home with a good amount of free instant equity. 

If you’re considering buying a fixer upper or have any other questions, don’t hesitate give us a call. We’d be happy to help you.