Folsom Living

For Better or Worse

Denise Aquila — Tue, 01 Nov 2011 23:54:21 +0000

Many people currently believe their children won’t do as well as they have done. That is a drastic change from the previous opinion prior to the current recession. The best thing we can do for our children is to live within our means and not try to “keep up with the Joneses”. Now is the time to spend more time with family and friends developing relationships that a recession can’t take away. Instead of purchasing that new Mercedes or Coach purse put the money towards the children’s college. You could even encourage them to save too.

Having a home is still the American dream but in spite of the reduction in prices people still believe it is much harder to purchase a home today than it was 10 years ago.

So, every day be thankful for what you have, set your personal and family goals and move toward them regardless of what the newspapers or daily news on TV says. You can control your own destiny if you choose.

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Pros and Cons of reduced property taxes

Denise Aquila — Tue, 25 Oct 2011 19:12:05 +0000

Don’t be caught unaware of an increased tax bill you weren’t expecting. While it is great to have your property taxes lowered because the value has diminished you need to be aware of what that means. It does mean your taxes will be less than originally expected but it also means your taxes can increase more than the levels as dictated under Proposition 13. In a nutshell it means that as long as the values are below your original purchase price if the assessor determines the value has gone up the taxes can go up to any amount determined to be the current assessed value until such time it reaches the Prop 13 original purchase level.

So, you need to make sure you are aware of this and if you receive a tax bill that is high you will understand why. Of course, you can always make a call to your local county assessor for an explanation.

In a nutshell, if possible it is wise to save the original property tax amount so you won’t be caught short.

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Realtors and Dentists

Denise Aquila — Fri, 05 Aug 2011 23:27:55 +0000

I know you are probably wondering what Realtors and dentists have in common. I recently broke my tooth and had to see my dentist to get a crown. As I was sitting in the chair I reflected on the relationship I have with my dentist. I have been her patient for over 30 years. As I thought about my relationship with my real estate clients I was thinking about the similarities in her relationship to her patients. While she doesn’t send me items of value or call me from time to time she does let me know she has updated the way she does business to today’s standards. Because of that I feel not only do I benefit from her experience she is utilizing the latest technology in her business as well.

When you interview a Realtor make sure the Realtor not only has experience but uses today’s tools to assist you in obtaining your goal. Remember, your home is the largest investment you will ever make so you want to make sure you are working with someone that understands that investment and is there to make sure your goal is achieved.

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Strategy for successful home purchase

Denise Aquila — Sun, 19 Jun 2011 17:48:53 +0000

As a buyer there are some things you can do to increase your odds for a successful purchase.

1. Meet with your agent and develop a plan of how to obtain home you want.

2. Be prepared – have your pre-approval letter in place so when you find the home you want you can include that with your offer.

3. The more money you have for a down payment the better you look to a seller a a serious buyer.

4. Depending upon the situation write the best offer you can. Your Realtor should be able to find out various needs of the seller and partner them with your needs.

Once you have a ratified offer position yourself to make sure you are getting what you are paying for. Do this with inspections and careful review of disclosures. If you feel comfortable the home is everything you think it is continue moving forward with the purchase to a successful close of escrow.

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Home Mortgage Interest Deduction

Denise Aquila — Fri, 17 Jun 2011 22:33:37 +0000

It is no secret the economy is not doing well. As a result all government entities are looking for money as in ways to raise more either through fees or additional taxes. You may want to consider writing your Congress person about the mortgage interest deduction. I have been selling real estate for well over a decade and every year the deductability of the mortgage interest we pay comes up as something the government seriously considers either doing away with completely or severly limiting it.

Below are some facts that can be used as justification for keeping our mortgage interest deductible.

1. 85% of all taxes are paid by homeowners.

2. Every home that is sold generates approx. $6o,000 spend over time for home improvement and related items.

3. A robust housing market is good for the economy leading us out of 6 of the past 8 recessions.

4. 15% of the Gross Domestic Product is housing related.

5. Housing creates jobs in both the private and public sector.

Would you be able to afford your home if the interest you pay to the bank isn’t deductible? What do you think that would do to the price of your home? And, of greater importance who would purchase homes for rentals (where would the other 15% of the people who don’t want to be homeowners live)? It is something to think about. It would only take a minute to email your elected officials. The home you save could be your own.

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Successfully Selling a Home

Denise Aquila — Mon, 16 May 2011 16:47:58 +0000

You want to sell your home, what do you do?

1. Choose a Realtor and together develop a selling and marketing plan.

2. Prepare your home for sale – declutter the house, freshen up the yard, perhaps complete deferred maintenance.

3. Price the home according to the market, what has sold and the quality of the home itself. Overpricing means you will lessen your chances of an offer at your asking price and ultimately means you will receive less for your home than you would if you priced it correctly in the first place.

4. When you receive an offer remember it is a business transaction and isn’t personal. Remember the buyer is purchasing a house and it doesn’t have any reflection on you as a person.

5. Sweeten the deal a bit making it easier for the buyer to purchase the home if keeping the home will cost you more in the long run.

Happy Selling. Selling a home can be a stressful experience so be sure you have a good Realtor you are working with to help guide you through the process.

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Home Market Update

Denise Aquila — Mon, 25 Apr 2011 21:48:06 +0000

You may have noticed the number of “For Sale” signs are getting smaller and smaller. There is some evidence we may have reached bottom. While local unemployment continues to lag behind the national average most people have changed their spending habits and are doing a better job of living within their budget. Regardless of the situation people would prefer owning to renting and it has now reached the point where renting is more expensive than owning. So, reconsider purchasing a home.

In the near future interest rates will begin to rise and if you couple that with fewer homes for sale the prices will begin to get more competitive. While I don’t have a crystal ball I do think in the near future we will again return to a balanced market with a slight benefit for the seller. As interest rates rise affordability decreases so you may see buyers act sooner rather than later in making their purchase. We are already experiencing that with homes that are priced correctly and are in good condition. They are selling sooner than overpriced listings and often at or slightly above the asking price.

However, with the market making such a drastic the past 5 years it is still possible for the market to take 5-10 years to regain the “perceived” value that was lost. That means people who purchased in the past 7 years and can afford to keep their homes will do so to recapture equity while those that had their homes for a longer period of time will undoubtedly consider selling depending upon their situation.

Overall it is always a good time to buy and sell real estate – one simply needs to match their needs with the market they are presented with and everyone benefits!

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Owning a home

Denise Aquila — Fri, 15 Apr 2011 03:42:15 +0000

Owning a home is still the desire of the vast majority of people. In spite of housing crash people still want to know the roof over their head is theirs. First-time homebuyers are the largest group of new homeowners, followed by single women. So, if you are thinking of selling you may need to keep that in mind when doing upgrades. However, regardless of who the purchaser is the most important improvements one can make to their home is in the energy efficiency area.

Dual pane windows and new doors will lead to the highest return on investment regardless of whether or not you sell your home. If you are doing the improvement for yourself you will benefit from lower heating and cooling bills. For the buyer the energy efficiency can be translated into money saved not only from the point of view the improvement is done but also from utility bill savings.

As we move forward the HERS rating of a home will be extremely important. I will discuss more about that later. As always, make sure when choosing a Realtor you talk to more than one and make sure that person is aware of all the latest developments in real estate sales.

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Murer Foundation

Denise Aquila — Wed, 13 Apr 2011 22:43:08 +0000

Something very exciting is happening in Folsom. The Murer Foundation is working on opening the John Murer house and grounds for tours. What a great opportunity to learn not only some of the history of Folsom but some Italian history and learn about Italian traditions. The property was put into a 40 year trust to be used as a historical site. Currently the house and grounds are under the Parks and Recreation Department but volunteers work on the property donating their time and/or money to maintain the buildings and grounds. The public you can rent space for classes or use the grounds for small events.

The grounds and house will be open during the Folsom Garden Tour being held April 3oth and May 1st. Be sure to stop by and enjoy a little piece of history. By the way, donations are always welcome!

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When should a home be purchased?

Denise Aquila — Wed, 30 Mar 2011 04:06:52 +0000

Buyers often ask when is the best time to purchase a home. The correct response should be “when you are ready”. So much goes in to purchasing a home – mental readiness, financial readiness, housing need and buyer goal. One doesn’t purchase a home like you purchase a winter coat. It is generally something that requires much thought and preparation. Not only does the buyer need to be financially prepared but the need to know where one wants to live is just as important. Purchasing a home is a decision that should be made with a long-term plan in mind. It is not something you generally keep for three or four years then trade in like a used car. Some people do that for financial reasons but many people purchase a home and stay there for decades.

When deciding whether or not to purchase be sure as a buyer you and your Realtor devise a good plan that will help you in accomplishing your goals. Set realistic expectations and fully participate in the process. Even the best of Realtors can’t help you get a home if you don’t do your part, i.e., financing, “wish list”, location, etc. Regardless of whether or not you are a first-time buyer or have purchased and sold numerous homes the process is never the same twice so ask questions and make sure you have a full understanding of the transaction.

Good luck and happy house hunting.

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