First-time Home Buyers
Little Known Advantages of Blogging Realtors - Santa Barbara and Montecito CA.
Categories: Buyer's Resources, First-time Home Buyers, Real Estate News, Seller's Resources
A few years ago blogging was almost an unknown in the real estate business. Here and there a few Realtors and other real estate professionals were blogging, but not to the extent that is seen today. In the Santa Barbara and Montecito CA areas, there is currently very little blogging done by Realtors.
To me this is very interesting since the use of the Internet continues to expand as THE MAIN TOOL (an often the main starting point) for buyers and sellers to search for homes, gather information about areas, learn real estate tips and meet potential real estate agents.
For most buyers and sellers, I feel that working with a Realtor who blogs and blogs regularly (say 2-3 times per week) gives them many advantages.
Advantages for a buyer or seller of working with a Realtor who Blogs!!!
#1 - You as the consumer get to know the real estate agent and get to establish a rapport with them even before you meet them personally. Through their blogging, a buyer or seller will learn about an agent’s values, their style, their knowledge, their interests etc. Ultimately the consumer can then decide if they are someone they trust to help in achieving their real estate goals. There will be a definite comfort level achieved before you even begin.
#2 - You gain a definite insight into what the Realtor actually knows about their particular role in the real estate market they are in. Are they writing about short sales and foreclosures…if not, then most likely they don’t know much about them. Are they writing about oceanfront property and high-end property…if so, then most likely they do know about this market. No one knows everything about their particular business, but what they do know they tend to write about.
#3 - You will learn if the Realtor is an expert is your neighborhood of interest. If they have never written about Santa Barbara neighborhoods such as The Mesa, San Roque, Downtown, Oceanfront in Montecito, view homes and so on, then most likely they are not comfortable with those areas or markets for whatever reason. A Santa Barbara Realtor that blogs about certain areas demonstrates their knowledge of the area.
#4 - Does the Realtor cite facts and figures to support their points that they are making? Are other posts and websites they refer to in their own posts helpful as well? If this is all done clearly and of help, then the Realtor is taking their time to do their research. A definite criteria that any good Realtor should have.
#5 - The presence that a Realtor has online is extremely important these days with the Internet becoming THE MAIN TOOL in researching real estate. If you are looking for an agent to help you sell your home, make 100% sure that they have a good Internet presence and knowledge of how to market your property online. If you Google them for example, will they show up all over the place or are they hidden on the Web? If they are hidden, then most likely any online presence of your home being sold will also be hidden. If they are everywhere, then most likely your home will have a very good online presence.
#6 - Is their writing clear and precise. If so, then most likely your transaction with them will be smooth with good communication. This is obviously very important during any transaction. Through well thought out good writing you can learn how a Realtor thinks and communicates.
#7 - Lastly, a huge advantage of working with an agent that blogs is that you can learn about their character. Are they ethical and professional? Do they seem to have integrity and your interests at heart? Are they responsible, knowledgeable, likable and do they communicate clearly? You will learn about many advantages that a Realtor can bring to you as a client and into a transaction through their blogging.
As an active Real Estate Agent and Real Estate Blogger here in the Santa Barbara and Montecito CA areas, I feel that I am enabling the consumer with better transparency of information. I believe that the quality of the information is also extremely important. I also believe that by blogging I am more consumer focused and therefore a better Santa Barbara Realtor.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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Is My Realtor a Santa Barbara Neighborhood Specialist in My Area?
Categories: Buyer's Resources, First-time Home Buyers, Seller's Resources
Sometimes buyers and sellers will hire a real estate agent who works outside of an area because of friendship or thinking they could save money since this Realtor will give them a “kick-back” on their commission. From my experience, working with an agent who does not have intimate knowledge of the neighborhood you are looking to buy or sell in can hurt you in many ways…financially speaking. Therefore, if you choose to want to work with someone you know who does not know your area well, have them team up with a Realtor who does know the area.
Here is a sample list of some crucial information that a Santa Barbara neighborhood specialist will undoubtedly know, whereas an out-of-area real estate agent most likely will not:
- The history of the neighborhood and the homes, who lived where, when etc.
- Which homes were previously sold outside of the MLS, FSBO etc.
- What makes certain homes on a street worth more than the other homes
- Which streets in each neighborhood are considered more desirable than others
- Neighborhood nuisances such as loud pets, traffic etc. and their influence on value
- How to accurately price certain homes to determine specific values
- Which agents tend to take listings at market and who takes overpriced listings and for what reasons
- Listing agent’s individual reputations and how to negotiate and work with these agents
- Pending legislation, assessments or neighborhood changes and regulations
- How to potentially get inside information out of a listing agent because they know how a certain agent works
- New inventory that is not yet on the market but will be coming…or sellers that would sell if an offer was brought to them
Further Reading: The 2 Major Steps in Buying a Home in Santa Barbara CA
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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5 Reasons I Should Buy Into Santa Barbara Real Estate Today!!
Categories: Buyer's Resources, First-time Home Buyers, Santa Barbara
Many true buyers are sitting on the sidelines these days deciding on when to get into the real estate market. Ultimately this decision for each individual will be based on many different factors. If your own personal reasons are leading to you wanting to get into the Santa Barbara Real Estate market right now, here are 5 factors today that should be a part of your thoughts.
1) You can not time the bottom of the market. Timing the bottom of the market is incredibly hard to do and often harder to resist. With current inventory at a decent amount and mortgage rates very low, find a perfect place with your Realtor and then try and bargain. Even if the selling price seems to be very good, offer lower…if it is not accepted you can move on.
2) Low mortgage rates. Most economists agree that financing will become more expensive in the future. By now we have all heard our share of stories about financing woes even for well qualified people. Currently, the 30 year loan is now roughly at 6.1% and most economists see it reaching 6.5% by the end of the year and up to a 7% forecast sometime in 2009. So even if home prices do fall some more, there will most likely be a penalty to pay with higher interest rates.
3) Rates on “larger conforming mortgages”, which is almost a given for most buyers in the Santa Barbara area, won’t be dropping much. Even though the conforming amount has risen to $729,000 in the Santa Barbara area, investors are shunning these big jumbo loans. Because of this, these larger loans are unlikely to see a drop in rates in the coming year and then the program for these “jumbo conforming” loan amounts are set to all disappear.
4) Don’t just by for a cheap price, buy in a good area. Sure you might get excited about that great foreclosure price, but when you are buying a home, you are also buying the neighborhood. If more than a few foreclosures have come up in one area, there most likely will be more. They tend to be bunched in particular areas and this might not be the best recipe for stability in a neighborhood. An old rule of thumb is to buy the worst house on the best block…not the worst house on a bad block.
5) Work with a great Realtor that has experience and who you personally have a good connection with. This I think just needs to be accepted since times are tough for many Realtors. Make sure your Realtor is not desperate and just steering you into a home to finally make a deal. Sit down with your agent, express your needs and plans and get a good sense of whether they are looking out for you or just looking to get paid.
Further Reading: The Positives of FHA Loans here in Santa Barbara, Goleta and Carpinteria areas, The 2 Major First Steps in Buying a Home in the Santa Barbara area
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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The Positives of FHA Loans Here in the Santa Barbara, Goleta and Carpinteria Areas
Categories: Buyer's Resources, First-time Home Buyers
Here is a great list of positives about an FHA mortgage that I picked up from First Capital that I felt buyers should know about…
- Common sense underwriting
- Maximum loan amount $729,750
- No declining market appraisal issues. Lenders are not reducing the loan to value if a home is in a “declining market” whereas all traditional loan programs are being cut by 5% loan to value
- Buyer can put as little as 3% down of which all may be gifted
- Seller may contribute 6% credit to buyer - 3% for closing cost and 3 % for down payment
- Buyer may not need money out of pocket with some assistance programs
- An employer / parent may co-sign and qualify for the loan as a non-owner occupant co-borrower
- Flaws in credit history are allowable
- Debt to income ratio of 31% / 43% or higher
- Interest rates are generally at or below market - full documentation required for most loans
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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My Home has Declined in Value…Can My Property Taxes be Lowered as Well?
Categories: First-time Home Buyers, Real Estate News
With the decline in the Real Estate market here in the Santa Barbara area and thus the value of our homes in the last several years, I have been asked several times about the possibility of having property taxes reduced. For those who bought at the peak of the market or close to it, I would definitely contact the Tax Assessors office about your situation. Most likely there is a good chance you can have your property taxes reassessed.
2 Easy Steps to Take:
1) Contact your Realtor and ask them to send you a list of comparable properties that have sold around your home in the last 6-9 months.
2) Call your local Tax Assessor’s office and set up an appointment to meet with them and bring your data of recent sales.
Here is an article I came across that talks about this topic.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to comment below with any thoughts.
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Plan for your Santa Barbara Remodel Now, so that you don’t go Crazy Later
Categories: Buyer's Resources, First-time Home Buyers, Seller's Resources
Many of us have heard our share of drama stories and even read articles about the drama involved with many Santa Barbara home remodels. Whether it is a simple kitchen make-over or a complete addition to your Santa Barbara home, here is a quick planning strategy to hopefully save you wasted time, energy and money.
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Start with a wish list, even if this will have to be dwindled down in the future. This is surely one of the most fun activities in the entire remodelling process, so have a great time and get creative. Keep all of your notes, drawings and cut-outs from magazines in a folder.
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Rather than just guess at a budget, consult with a financial planner or a CPA about your plans. See where you are at financially based on your situation today as well as your future plans and determine your ceiling with regards to costs…stick to this!
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Pull a street file or city file on the property to help in determining what you can or can not do. Also, ask your Realtor how much they know about your neighborhood and if they have their own personal tips and knowledge. Just looking at precedent in the neighborhood (such as a second story) does not always guarantee that you can do the same. The permitting process and building codes here in Santa Barbara can and do change.
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Hire your architect of choice and ask for some preliminary sketches of your plans. From the start, make sure that these plans are aligned with your budget. Check to see that your architect hopefully has some experience with drawings in your neighborhood.
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Interview several contractors that you know of or whom have been referred to you. Most of your money and time will be spent with the contractor so make sure that your vision and personalities align with each other. Hiring your contractor will be the single most important decision in the entire remodelling process. Finally, have your contractor lay out a schedule of drawings, permitting, time-frame for completion of various phases of construction and ultimately costs. It is important to know that the lowest bidder at the beginning is not necessarily the best choice for you. Quality work, adhering to a time-frame and personality will go a long way towards the ultimate satisfaction of your completed Santa Barbara remodel.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to comment below with any thoughts.
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Further Reading: 2 Major First Steps in Buying a Home in Santa Barbara, 5 Crucial Tips to have your Santa Barbara Home Ready for Sale
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Potential Negatives to Buying Santa Barbara Homes in Foreclosure
Categories: Buyer's Resources, First-time Home Buyers, Santa Barbara
Most buyers that get lured to looking only at Santa Barbara homes in foreclosure are often thinking about a cute cottage with a white picket fence, priced well below market price, located in a good neighborhood, needing simply a little work because the unfortunate owner has fallen on hard times. Although this is a rosy picture for the investor or first-time buyer (not for the owner), the reality is often very different.
Condition of Foreclosed Homes
I have read article upon article about foreclosures the last several months as well as spent several days looking at homes in foreclosure that are on the market here in the Santa Barbaraand Carpinteria areas. The condition of most of these units on average range from fair to make sure you hire a contractor.
1) Potential issues for prospective buyers on Santa Barbara homes in foreclosure is that home inspections are not always allowed. Even a home that looks at first glance in good condition might have some major issues that cost money. The price you therefore get for the home, might not compensate you for paying for all the repairs to bring the home up to your standards. Make sure your Realtor contacts the listing agent to see if this is the case. A home inspection is such an important part of a normal transaction, that if the buyer chooses not to do a home inspection, the Realtor must always get the buyer to sign off that they were advised to do so.
2) If the property is not vacant, the new owner will most likely be responsible for moving the current tenants. Be aware that this could be a tough situation if the current tenants are related to the past owner, have no where to go, etc. Frustrated and scared with their current situation, the current tenants could potentially retaliate and destroy parts of the property.
3) Those appliances that looked “oh so nice” upon writing the offer may not be there when the property is handed over to you. Often with homes in foreclosure, the owners are in a tough financial situation and will remove the appliances and whatever else is possible and try and sell these to recoup some money.
4) If something major breaks a few weeks after moving in, often you as the new owner to your home will be responsible for this. There are generally no warranties on most items.
Buying a Santa Barbara home in foreclosure may not always be the best way to “get a deal”. Work with a Realtor that knows the Santa Barbara market and ask questions about everything. A few items that slip through the cracks might end up costing you, the buyer, a lot of time and money.
Kevin Schmidtchen - Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to comment below with any thoughts.
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Further Reading: Any Great Deals on Homes in Foreclosure
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