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Being The Nicest Home On The Block

June 9, 2008

A quick note on a busy day:

Being the nicest home on the block is really not the best thing in term of your home’s value.

Think about it this way: would you rather pay for a $200k home in an area of $100k homes, or would you rather buy a $200k home in an area surrounded by $400k homes?

The fancy name for that is the Principle of Regression: basically, all the homes around your home are either helping you or hurting you.  So if you’re the best home around, every one else is keeping you down!

And a nice desert vista from North Tucson:

Is Guadalajara Grill Moving Down the Street?

June 6, 2008

Spotted this Guadalajara Grill Coming Soon sign over near Prince and Mountain in Central Tucson.  I’m guessing they’re moving to new digs soon, given the existing location is near Prince and Campbell.  Still - the best tableside salsa.  I hope there’s a good patio space in this new location.

Using All Sources To Value A Home

June 4, 2008

More and more, as the local MLS becomes merely one option as a place to list your home for sale, it becomes important to check other sources when you’re trying to value a home for sale or find comps to write an offer.

Especially in the high end market, many of those sales happen from word of mouth, are not listed in the Tucson MLS, or may have been listed in other services where it can get more exposure to that high end buyer.

In the regular folk price range, there are always sales that aren’t entered into MLS by the agent, or were sold by owner.

If we want to get a full picture of the value of a property, I think it’s important to check all sources - not just the local Tucson MLS. 

One of those important sources is the Pima County Recorder.  Hopefully, anytime a property transfers ownership, that Buyer and Seller had the sale and the deed recorded.  Luckily, I have pretty easy access to that through a system called CRS, which aggregates public data from sources including the recorders office.  Now, it may take a little bit of time for CRS to get updates from the Recorder’s office, but usually, I can see recorded sales within a few weeks of them happening.

Because Life Changes

June 3, 2008

There’s a part of our residential resale purchase contract that says:

Taking title may have significant legal, estate planning, and tax consequences.  Buyer should obtain legal and tax advice.

I was in a class the other day and we were reviewing ways owners can hold title to property.  The instructor went through some scenarios that were intended to drive home the point that people really need to think carefully about how they hold title.

For example. 

Let’s say two people get married.  Let’s say the husband has kids from a previous marriage.  So the man and woman get married, buy property and hold title as Community Property with Right of Survivorship, and they each make out a will that says whichever of them dies last will leave the property to his kids from the previous marriage.

But then the husband dies, the property is transferred immediately to the wife because of the right of survivorship, and sometime after, Wife marries a man with whom she has kids.  And rewrites her will to pass the property to her kids, and not the first husband’s kids.  Who are now left with nothing.

Or how about this:

A husband and wife buy a property and hold title as Joint Tenants, which comes with a right of survivorship.  Things go badly in their marriage, and husband has a mistress on the side.  Husband gets sick, and before he dies, he deeds his share of the property to his mistress.

So now wife and mistress have equal ownership - and equal right to posses - the same house.  I’m sure that’s going to work out well when mistress knocks on the door and demands to move in, according to her rights as an owner.

And I know thinking about how to hold title to a property isn’t the most fun thing on earth.  It’s mostly about what happens when you die, or when your life changes drastically.  But it is a decision that deserves some thought.  Since I’m not a lawyer or an estate planner, I can’t really give you advice about how to hold title.

But - If you’d like to talk to an expert about your estate and the best way for you to hold title for your specific situation, I’d be happy to refer you to one!

Also, Title Security has a document about some common ways to take title.

Photos Matter. A Lot.

June 1, 2008

I was at a new listing with my photographer the other day.  He takes the photos, and I play assistant: holding flashes, stopping ceiling fans, opening blinds, clearing counters, holding the pool cleaner hose out of the shot, that sort of thing.

So I’m hiding in a nook with my Seller in the kitchen, just outside of the photographer’s shot, ready to spring into action to move something on or off the counter, and my Seller turns to me and says:

This sure is different from what the last agent did.

Turns out, the last agent came over with a disposable camera, snapped a few shots, and went on their merry way.

So yeah, I can see how this would be different.

I think having good house photos when you’re trying to sell is one of the most important things.  If your home doesn’t look attractive and inviting in photos, then no one is going to want to come and see it. 

Good real estate photos takes some skill too.  Personally, I know the kind of shots that I want, but I don’t have the camera equipment or the patience to learn how to do it.  I hire out my photography, and it’s hardest working money I spend on a listing, hands-down.

I won’t post the old agent’s photos to protect the (not so) innocent, but I think my photographer’s work stands alone, even without showing you the other photos for comparison purposes. 

I don’t care if you’re selling yourself or if you’re listed with another agent.  Demand good photos.  I don’t care about the list price of your home either.  Every home needs superb  photography, from the $90,000 condo to the million plus mansion. 

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