If you’re interested in a home, what should you offer for it? Today, I’ve got some key tips.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value Report When you see a house you’re interested in as a buyer, what should you offer? It’s easy to wonder when you see a list price whether you should offer more, offer less, or offer at the asking price. This is where your Realtor comes in. They will help you determine the best course of action.One of the first things you should consider is the length of time the house has spent on the market. If a property has been on the market for a long time, don’t offer more than they’re asking. In fact, you should probably offer less. Before coming up with a price, you also need to look at comparable properties. Look at homes that are similar in size, bedroom count, bathroom count, and other important aspects. What are they selling for? The patterns you might notice across these homes could help you formulate your offer. The right Realtor will help you determine the best course of action. But you can’t just look at the comparable properties. These properties are ones that sold in the past. You also need to look at what’s currently selling. Consider the level of interest being shown in those homes and in the one you’re interested in. The more people interested in a given home, the higher the price it will sell for.This is what a good agent will do for you. They’ll consider all of these aspects and will also talk to the listing agent for you. 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.

San Francisco Real Estate Podcast with Durwin Cheung

What Price Should You Offer on a Home?

Year over year, prices increased in our third quarter much in the same way we’ve seen over the past decade.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportHow do the numbers from our third quarter market stack up against the numbers we saw from the third quarter of 2016? Let’s take a look at the latest data. The median sales price for single-family homes rose 6.8% from $1.3 million to $1.4 million. For condos and lofts, the median sales price rose 11.4% from $1.1 million to $1.2 million. These increases are typical of the pattern we’ve been seeing in our market over the past 10 years or so, which is a healthy indication. The average days on market for single-family homes dropped 18.1% from 36.3 days to 29.8 days. For condos and lofts, the average dropped 0.4% from 54.6 days to 54.4 days. The price per square foot for single-family homes rose 6.1% from $857 to $909. The price for condos and lofts rose 2.2% from $1,038 to $1,061.The median sales price for single-family homes and condos and lofts rose once again. The number of sold listings for single-family homes rose 2.3% from 571 units to 584 units. For condos and lofts, the number dropped 15.5% from 663 units to 550 units. Single-family homes typically sell faster than condos here in San Francisco because there is only so much land to go around, and you can’t just build them on top of each other the way you can with condos. The list-to-sale price ratio for single-family homes rose 4.5% from 111.4% to 116.4%. The ratio for condos and lofts rose 1.3% from 104.2% to 105.6%. Lastly, the supply of inventory for single-family homes dropped 35.1% from 2.8 months to 1.8 months. For condos and lofts, the supply dropped 26% from 3.4 months to 2.5 months. This low level of inventory explains why prices are staying strong. If you have any more questions about our San Francisco market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d be glad to help you. 

A Year Over Year Breakdown of Our 3rd Quarter Market

What is the difference between a home warranty and home insurance? I’ll explain today. Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportHome insurance is very different from a home warranty. The difference is similar to the difference between car insurance and a car warranty. If you get in an accident driving your car, insurance will cover it. If something is broken in the car, then your warranty will cover it. The same can be said for home insurance and home warranties. For example, if there is a fire and your house burns down, or if there is a water leak in your property, home insurance will cover the repairs. A home warranty will give you peace of mind for the first year of homeownership. A home warranty covers things like appliances or plumbing in your unit. If those items were to fail, you wouldn’t have to pay out of pocket for repairs. One of my clients bought a house and a month later the waste line under the garage burst. He called the home warranty company and they came out and got that fixed for him. Without the warranty, he would have had to pay $3,000 out of pocket. A home warranty is very important for that first year after you purchase your home. They only cost around $500 to $550 tops and they give you peace of mind. If you have any other questions about home warranties or home insurance, just give me a call or send me an email. I would be happy to help you!

What’s the Difference Between a Home Warranty and Home Insurance?

If you want to reinforce your offer as a buyer, write a “love letter” to go along with it to let the seller know who you are and why you’d be a great candidate to buy their house.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportWhenever one of my buyers writes an offer for a house, there’s a “love letter” attached to it. What is a real estate love letter, though? Why should you consider writing one when trying to buy a house?This kind of letter tells the seller who you are—your background, why you’re interested in the house, etc. Sometimes, I even see pictures attached to these types of letters. This way, the seller gets a better idea of who’s buying their house, whether or not they’ll be able to take good care of it, and other things of that nature. This letter is all the more important nowadays because buyers and sellers don’t meet as often as they used to. Without a love letter, all a seller sees is a purchase agreement and its terms. Just to be clear, the purchase price and terms are the most important parts of an offer, but you should still write a love letter because it might give you the nod over another prospective buyer in a multiple offer situation. Without a love letter, all a seller sees is a purchase agreement. For example, if you and another buyer write two offers for the same property and the prices and terms are the same, the seller might accept yours because they know who you are and know you spent the time to write the letter in the first place. In their eyes, you probably care about the house a little bit more. These letters don’t need to be five-pages essays. Just write a simple, one-page letter and you’ll be fine. If you have any questions about this topic or you’re thinking about buying or selling a home in the San Francisco area, don’t hesitate to give me a call or send me an email. I’d love to help you. 

Why Include a “Love Letter” in Your Offer?

 Do you think you’re cut out for a career in real estate? Whether you’ve got experience or not, my team and I are looking for passionate individuals who want to join us and do great things.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportHave you ever wondered if you have what it takes to become a real estate agent?The first thing you need to do is ask some honest questions about yourself. Consider if you’re a hard worker, if you are persistent, or if you have any sales skills.Even though having previous experience in sales isn’t absolutely necessary, it will definitely give you a boost in a real estate career. What’s actually more important is having service skills. Personally, I think real estate is much more of a service business than a sales one. You’ve really got to know how to talk to people, how to negotiate, and how to keep pushing forward to make great deals. These things are very important.Real estate is much more of a service business than a sales one. Also, remember that real estate transactions are usually some of the biggest and most significant transactions people will make in their lives. Representing people in this position means you’ll need a lot of integrity. Right now, my team and I are seeking out passionate individuals to fill a role in our group. We’re considering people both with and without experience, so we’d love to hear from you.If you’re interested in working together and doing great things, if you have any other questions, or if you would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Do You Have What It Takes to Work in Real Estate?

What makes a successful real estate agent? Today I’ll lay out the most important qualities a successful agent should have.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportThis is a common question that I’m asked.We’re not talking about getting a license and becoming a real estate agent, but about what it takes for you to become a successful Realtor.The prevailing myth is that you take your clients out to show them a few properties and boom— you sell them a house and you’re done. That scenario makes up only 10% of what an agent does. To even get to that point, you need to first get clients. How are you going to find these clients? You need to display some qualities that will attract these clients. The first is that you need to show people that you actually care for their welfare as your client, and that you aren’t just looking for a quick commission check. This means that you’re there to protect them from any issues along the way.You need to show clients that you care about them, not just a commission check. If you’re representing a buyer, you want to make sure that the house you’re showing them is the one that they’re looking for. You also need to be ready to negotiate on their behalf if something is wrong with the home or it needs repairs. If you’re representing a seller, you’re there to help them sell their home for top dollar. You need to be sure that you can demonstrate that you have the marketing skills to find them the right buyer who will pay the right price for their home.It’s not easy to be a successful real estate agent, but it’s achievable with hard work, integrity, and demonstrating that you care for your clients and will represent them to the best of your ability.If you have any questions about this topic or you’re looking to buy or sell a home, please give me a call. I would be happy to help!

What Does It Take to Become a Real Estate Agent?

Are you looking to determine the true value of your home? Don’t trust Zillow to do that for you. Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportEveryone knows what Zillow is; it gets millions of clicks every day. Everyone goes there to figure out how much their property is worth or to look for houses, but there’s a problem with that. Those home values aren’t always good. Their estimates are based on tax records or recent properties that have sold, and that information could already be dated and therefore inaccurate.One of the things that Zillow will never know is the exact condition of a home. Zillow doesn’t know if you’ve updated the kitchen or the bathroom, or if the inside has been remodeled, and won’t be able to count for that value. They only base the value on the tax records and square footage.So let’s say both you and your neighbor’s houses are 2,000 square feet, but your house has been updated on the inside and your neighbor’s has not. Since Zillow hasn’t seen the inside, you may see the same value for both houses, even though yours should be valued at a higher price.Additionally, the estimates are inaccurate because Zillow uses old data that may be lagging behind by three to six months. The estimate tool on Zillow is more of a starting point. It gives you an idea of what your home might be worth but ultimately, you have to talk to your Realtor to get your home’s true value.The estimate tool on Zillow is more of a starting point. Have your Realtor go out and compare properties that are on the market now, not look at stuff that was sold three months ago. Have your agent talk to you about what’s selling right now. Zillow will never know what the price is in this current market.If you don’t believe me, do a little bit of a research. In fact, there’s a woman in Illinois suing Zillow over their estimate feature, and people are jumping on this thing. It’s turning into a class action lawsuit because of how inaccurate this estimate feature really is. Sit down and talk with your Realtor so that you can be sure that the value you get for your home is correct.If you have any other questions about this topic or you’re looking to buy or sell a home, give me a call. I’d be happy to help!

Why Zillow Shouldn't Be the Place to Get Your Home's Value

Home inspections are an important and common part of the home buying process. However, if you get the inspection report back and find issues that weren't disclosed by the seller, things can get complicated.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportAn inspection is an important part of the home buying process. So, what do you do when you get the inspection report back with an issue that wasn't disclosed by the seller? It could be an issue with a leaky roof or termites, for example.Your first step is to talk to your Realtor to find a professional who specializes in a given area who can give you a proper bid on the cost of repair for the damages. So say you get a bid to repair a roof for $3,000. At that point, your agent would ask the seller's agent for either a $3,000 credit or a price reduction. Typically, I don't want to ask the seller to repair the issue because they usually won't want to do that. Usually, they just want to sell the property and move on. Even if they agree to take on the repair, they probably won't find the best person for the job like I can.Sellers usually just want to sell the property and move on, not make a bunch of repairs. If the seller says no to your credit request, you can start negotiating. For one, you could say you won't buy the house if they don't provide the credit. Many times, it won't go that bad; the buyer and seller will often meet somewhere in the middle to find a credit amount that's agreeable to both parties. Ideally, you'll have a strong Realtor on your side who can negotiate as much as possible for you to get the most money back.If you have any questions about this topic or you're thinking of buying or selling a home here in San Francisco, give me a call or send me an email. I'd be glad to help.

What Happens If an Inspection Reveals Undisclosed Issues?

What’s changed in the San Francisco real estate market over the last three months? We’ll look at home prices and inventory today.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportWhat’s changed since our last market update? First of all, let’s look at inventory. Inventory in the San Francisco area is pretty stable. There is not a whole lot of inventory, but we’re not exactly experiencing a shortage either. Right now, we are in a flat market. In my opinion, that’s a good thing in the long run. When the market shoots up quickly, it will dive down just as fast, if not faster. How fast are homes selling? Right now, I have four listings. Two just went under contract, and one actually sold for more than asking price. The other sold for a little below asking price. Our market is in an interesting place because certain pockets are selling for over asking price while others are not. Condition and location determine whether or not a home will sell over asking price. One of those two listings had been completely remodeled, but the other was in a slightly better area. The one in the better area sold for over asking, while the remodel went for just below asking. A couple of years ago, homes sold above asking price all the time. In our current market, the sales price really depends on where the property is and what kind of condition the home is in. Homebuyers today are looking for turnkey properties. We also have a nice, two-bedroom condo in a great area that, as of this recording, is still available, so let me know if you would like to learn more about it. Overall, prices are stable in our current market. Some homes are selling for more than the asking price but that really depends on location, location, location. If you have any other questions about our current market, please don’t hesitate to reach out to me. I would be happy to help you!

The Latest Trends in Our Real Estate Market

A buyer consultation does many things. It saves you time and makes the search process easier to name a few.Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportWhy is a buyer consultation such an important step in the home buying process? The biggest thing a buyer consultation does is save time. When I’m able to sit down with a buyer and ask them about their wants, their needs, their must-haves in a home, and all their different wish lists, I can narrow down the search considerably. Most times, I can narrow things down to a list of the five to 10 properties that match your criteria the most. In order to know which listings you’ll like the most, I use a number of different methods. I take a look at all the available listings on the MLS, of course, but I can even look for properties that aren’t even on the market. These off-market properties are purchasable, but they aren’t listed for sale. A lot of times I hear about these homes from other Realtors, clients, and friends in the business. When I know exactly what you’re looking for, I can use that information to try and match you with an off-market property if possible. Off-market homes are great because there usually aren’t many buyers for you to compete with. I might be able to match you with an off-market property. Finally, a buyer consultation is a good chance to determine if you’re compatible with your agent. I want to be able to talk to my clients, not just about their transaction, but about their day and their life in general. I like getting to know my clients on a personal level, and that has resulted in a lot of great friendships over the years.If you have any questions about what a buyer consultation does or you’re interested in buying or selling a home yourself, give me a call or send me an email. I look forward to hearing from you.

The Importance of a Buyer Consultation in the Home Search Process

Ideally, you should only remodel your home before listing it if you have the budget and time frame. However, there are also certain situations where you’re better off not updating it. Buying a San Francisco Home? Search All Homes For SaleSelling Your San Francisco Home? Get a Free Home Value ReportShould you remodel your home before selling it?Unfortunately, there is no hard and fast rule to answer that question. If you have the time and the budget, though, I say go for it. Typically, the more money you put into a remodel project, the more money you get back when you sell your house. Bathrooms and kitchens are the two most important rooms to focus on for remodeling because they only take a month or so to upgrade and they generate the biggest return on investment. In San Francisco especially, they can generate a return of almost 200%. That means if you invested $10,000 in either area, you would get back $20,000 or $30,000 easily. You should also consider investing in an outdoor living space. If you have a backyard, you could add a deck or build some decking material. I’ve seen this addition generate a return as high as 300% and even 400%. Make sure you have the budget and time frame before remodeling your home. Lastly, consider painting as part of your remodeling. You can improve your curb appeal by painting the exterior of your home. On the inside, people love colors that are warm and neutral. It will likely cost you a couple thousand dollars, but you get so much more in return. We’re already into the selling season, so if you could remodel your home now and put it on the market in May, that would be fantastic.Is there ever a situation where you shouldn’t remodel your home, even if you have the budget? Yes. If your home is in terrible shape or it’s a fixer-upper and you’re in the type of market where people are looking for fixer-uppers to buy, don’t bother. If you were to try to renovate the place on your own, it may take as long as an entire year. By that time, the market might shift on you. Like I said, we’re in a seller’s market, so you want to put your home on the market now instead of waiting a year and seeing what happens. If you have any questions about this topic or are looking to buy or sell a home in our market, don’t hesitate to send me an email or give me a call. I’d be happy to assist you.

To Remodel or Not to Remodel Your Home Before Selling It

What does a good offer look like? There are three things you should look out for if you’re receiving multiple offers.Buying a San Francisco Home? Search ALL Homes For SaleSelling Your San Francisco Home? Get a FREE Home Value ReportThere are three things that sellers should keep an eye out for when deciding between offers in a multiple offer situation: 1. Terms. Look at what kinds of terms are on the contract offer. Are they doing an inspection? If so, how long is the inspection contingency period? Anywhere from seven to 14 days is normal. Any longer than that is unnecessary. 2. Disclosures. When you sell a property, you will have to fill out disclosures to present to the buyer to know if there are any issues within the house. The buyer should sign off on these disclosures when they make an offer. It minimizes the chances of them coming back with a problem with the home that they didn’t know about before.“These items will give you a better idea of what to look for. ” 3. How strong the buyer is. To find that out, have your agent contact the buyer’s lender and talk to them directly to discuss things like their down payment, credit history and score, and more. All of these items will give you a better idea of what to look for when selling your home. If you have any other questions for us or are looking to buy or sell a home, give us a call or send us an email. We look forward to hearing from you.  

What Should You Look for in a Multiple Offer Situation?

Today we’re discussing the top tips for staging your home. Homes that are staged and show well almost always sell faster and for more money. Buying a San Francisco Home? Search ALL Homes For SaleSelling Your San Francisco Home? Get a FREE Home Value ReportToday we wanted to talk about a special topic when it comes to getting your home ready for the market: Staging.To start, remember to think about creating a great first impression. When a potential buyer sees your house for the first time from the outside, you want to make sure it’s freshly painted, is clean, and looks welcoming. You’ll never get another chance to make a first impression, so make sure everything looks clean and fresh.Secondly, make sure your home is always show-ready. Buyers might want to see your home at any point throughout the day, so make sure the blinds are open to let light in. At night, make sure all your lights are turned on as well. Get rid of clutter, because nothing is worse than your home looking smaller because there’s clutter everywhere.Thirdly, be sure to focus on your kitchen and bathrooms. These two rooms are very important, so much so that many times, you’ll get more money back than what you invest in them. Statistics show focusing on the right updates can return 200% on your investment with things like painting the cabinet doors and replacing the fixtures and hardware with more modern steel or chrome.Upgrading your kitchen and bathrooms can net you a 200% return on your money. For example, I recently had a client who sold her condo that was built in the 90s. The fixtures were outdated and the cabinets were worn out, so all she had to do was paint the cabinets and add some new chrome fixtures. She also replaced the backsplash. Thanks to these simple items, we sold her condo for top dollar and even set the new high comp in the building.Next, make sure your house is free of personal and family photos. When buyers come in, you want them to focus on the space, not your photos.Finally, keep your home free of pet accessories. Dogs and cats are wonderful and cute, and most people love them. However, some buyers are very picky or they might be allergic to animals. Get rid of these things so buyers don’t have to worry about them or focus on a smell or dander that could trigger their allergies.If you have any other questions about staging your home or anything else related to preparing your home to sell in San Francisco, give me a call or send me an email soon. I’d be happy to help.

5 Staging Tips to Increase Your Home’s Sale Value

What’s going to happen in the San Francisco market in 2017? Today I have a market forecast that will give you an idea of where we’re headed.Buying a San Francisco Home? Search ALL Homes For SaleSelling Your San Francisco Home? Get a FREE Home Value Report A lot of people are curious what’s going to happen in the San Francisco market in 2017. Today, I wanted to give my market forecast for the upcoming year.According to Realtor.com, interest rates are expected to rise. They won’t rise too much; the forecast is for rates to rise to about 4.5%. Many people were worried about rates after the election, but I think the Fed will keep things pretty stable.Another thing many people are worried about is whether people will still buy and sell homes in our market. The short answer is yes. In fact, the average number of transactions is predicted to rise about 5.5%. Compared to last year, more people will actually be buying and selling. That indicates good overall health in our market.“The health of our market should continue to improve in 2017. ” Lastly, what’s going on with prices? Will they go up along with volume and interest rates? According to Realtor.com, the average home value is expected to increase by 4%, which is good news as well.Hopefully, this helps give you a better idea of what to expect from out market in 2017. If you have any questions I can help you with or you’re looking to buy or sell a home, shoot me a text or send me an email soon. I’d be happy to help.

What Will Happen in Our Market This Year?

 The Durwin Group wanted to thank you for your support and wish you a safe and happy holiday season. Buying a San Francisco Home? Search ALL Homes For SaleSelling Your San Francisco Home? Get a FREE Home Value ReportI wanted to take a moment today  wish you a very happy holiday on behalf of The Durwin Group.Thank you so much for your support throughout the year. I wish you all the best for 2017 and a safe and happy holiday season.  Thanks again and Happy Holidays! 

Happy Holidays From The Durwin Group!

If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from the Durwin Homes Group- your professional San Francisco Real Estate Agents.

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San Francisco Real Estate Podcast with Durwin Cheung

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