My ten years as a financial adviser, leads me to feel that this is perhaps the best time to buy in the past 50 years.
Your buying power is the strongest it has ever been, right now! This is mainly because of ridiculously low interest rates, the lack of buyers currently, and the number of increasing equity sales on a percentage basis.
Let's compare today, with two years ago when the biggest drops in home value occurred in most areas, and the stock market had just crashed.
There are about 50% fewer homes available now than there were then, keeping prices more stable. It was largely the volume of homes, combined with the percentage of bank owned homes on the market in 2009 that caused the dramatic price drops we saw then. The vast majority of homes for sale were REO's, some short sales and a very few equity homes (regular sales).
Things are VERY different now. As an example, if you do a search of Oakland, you will see that there are 1282 homes available for sale today with no accepted purchase contract. Last month there were 1315. in january of 2010, there were 2300! I am not sure what the bottom will be for number of available homes. But this is a very low number for Oakland, and it is the same all over the Bay Area. I didn't record the exact numbers of REOs back then but it was about 60%-70% as I recall, with 10-15% regular sales. The rest were short sales.
We went through a period a year or so ago, where about 50% of the homes on the market were short sales. That has dropped to about 25% today. REO's are down to about 20%. Regular sales are up to about 55% of all sales now!
Where are all these equity owners coming from?
Long time owners have come to realize, things are not going to get better immediately. Short term owners may have lost a little, and may want to sell to get into a better loan situation on a new property, knowing the net will save them money. (Loans were still at 7 percent just 3 years ago for many.) Newest owners may be profit taking after doing enough work to increase value beyond cost of selling. And then there are those in the business of flipping.
As the number of homes has decreased, so have the number of buyers! As we approach the holidays, there are fewer daylight hours to shop, and people are focused on nesting rather than moving. More generally, many first time buyers have already bought and are now mildly underwater, but not enough to consider a short sale. A lot have already bought hot deals and are equity ahead, and happy where they are. Many just don't qualify in this tighter lending climate.
Additionally, there are no government incentives to buy.
All it will take to have prices start to climb again, is for the government to re-incentivize the public to buy, or for lending to loosen a bit. With the number of homes available continuing to decrease, my personal belief is that we will not see another significant drop in prices. demand is still high enough to have multiple offer situations in many bay area communities. Unless things really fall apart in europe, far more than they already have, our leading indicators suggest economic improvement here in the usa. But if things do deteriorate in europe, it will make it even harder to get a loan here, which may impact prices, by making it impossible for many more to buy.
In the meantime, if you are renting...
You don't have the benefit of being in your desired home, nor the tax benefits of same. On a home with a 200K loan, your loan payment at 4% is $954, 42% of which is deductible, as are the taxes of about $165 a month. Just to use round numbers, your deduction is about 6,600 a year. If you are in a marginal tax bracket of only 15% that is about $85 in federal tax savings. If you are at 25%, that is getting closer to $200 a month, because you will also have state tax savings in most states. This brings your net payment down to about 1,015 a month in the short term. (Your net payment will increase as your principle decreases. Over 30 years you will probably pay on average around $13,500 a year for your home.)
Let's compare that with waiting for prices to drop another 10%. Maybe a year or two from now. Let's say that mortgage rates do not go up.
Today, rent costs more than a mortgage for the same house. rent for most 250k homes would average about $1,800 a month, (and rental rates are on the rise). That is $21,600, and if you look at the first years of the mortgage, which offer the most tax benefit, you are talking around $9,000 more in additional cost. It will take only two year and a half years to make up the savings IF your house purchased today drops another 10%. What you gain by buying now is enjoyment of your own home, the opportunity to build equity through improvements to offset a possible drop. Plus you can stop worrying about interest rate risk, rental increase risk, and credit availability risk. To me, that would be priceless. And if prices stay the same, you have saved around $9,000 a year, plus the lost opportunity of that money's growth over time. (Using the rule of 72's, at 5% that would be $36k for each year waited.)
I am not a financial adviser any longer. I am not a tax expert, but this is all simple math. You should consult your CPA or CFP and calculate the true cost of ownership now vs. waiting. I think you will find the majority of Financial Professionals would agree that this is a perfect time to buy.
Tuesday, November 8, 2011
Wednesday, September 21, 2011
Sharing Private Information Securely (and in a super green way, too!)
today i was meeting with one of my favorite clients, who are making their second purchase with me. the time came for them to be pre-approved for a loan on their primary residence, which they will then use as an atm to buy their new residence, for cash.
my client's big concern was passing their info to the loan processor securely. the processor uses gmail and my buyer uses yahoo. neither is a secure site (https) to send credit card info, tax returns, w-2s etc. i used my favorite and free ethernet trick to solve this problem.
i discovered this because i have a big house, and we have computers on each floor i have a ton of docs i have to keep permanently for each client and no desire to store them physically, or even on my hard drive. so when i need to print something in my office, but it's on my upstairs computer, i attach said item to an email as a draft. the great thing is that you can attach as many files as you want to a draft. you can't send a large email, but you can save a large draft, and open it on any computer with matching software.
i also do this when i have a large doc i have to print, and i don't want to do it at my own expense. i can save a doc and print it at my office, and let my company pay for it. they make big money from my efforts; i have the right to ask them to bear the expense of printing a 160 page set of HOA docs for my new owner!
it occurred to me that this is the best way to send something to the cloud, as well. i have an account with my email provider with all my photos, another with my tax returns and yet another with other significant, but less private or important docs.
the beauty of this is that the email that has my very personal financial info, is also available to my CPA. we each have the password to an account created only for this purpose, eg. my2011taxes@.....com. within it, i create a draft with my financial work stored on it for each of the schedules, and another for my income statements- w-2's, 1099's, 1098's . if he has a question he just adds it to the draft's subject. when each schedule is completed, i can attach any supporting docs, spread sheets, scanned receipts etc. i can then send the file to myself, from myself, within the same email address, making a permanent record. i can access it from anywhere, but no one else can except my cpa.
it occurred to me that this has wider applications. anytime you want to share any info with someone else, you can create an account and attach your info to a draft. (legal and legit. purposes only!)
Today my client was being asked to send his personal info, which would allow anyone to completely steal his identity, should his or the recipient's email address be compromised. He balked, fairly.
So we created a new account, and had the recipient create the password, so it could be easily remembered by the person who needed the info. Then we attached a bunch of docs, which were too large to email, onto a draft. we made a second draft for the credit card info. Instantly, the processor who was logged in simultaneously, had all the info at his fingertips. He didn't even have to wait for an email! And, as the transaction progresses, they will have a secure place to send updated statements, etc. it never has to be downloaded onto anyone else's computer either! Plus it can be printed if a hard copy is needed for any reason, without ever storing it. When the transaction is complete, buyer has the option to change the password and have a record of everything all in one place permanently, or just delete the drafts.
It's funny how a situation of inconvenience in my home, became the solution to a really challenging problem!
It also just dawned on me that my previous employer, charged each buyer and seller $330 to do essentially the exact same thing!!!
my client's big concern was passing their info to the loan processor securely. the processor uses gmail and my buyer uses yahoo. neither is a secure site (https) to send credit card info, tax returns, w-2s etc. i used my favorite and free ethernet trick to solve this problem.
i discovered this because i have a big house, and we have computers on each floor i have a ton of docs i have to keep permanently for each client and no desire to store them physically, or even on my hard drive. so when i need to print something in my office, but it's on my upstairs computer, i attach said item to an email as a draft. the great thing is that you can attach as many files as you want to a draft. you can't send a large email, but you can save a large draft, and open it on any computer with matching software.
i also do this when i have a large doc i have to print, and i don't want to do it at my own expense. i can save a doc and print it at my office, and let my company pay for it. they make big money from my efforts; i have the right to ask them to bear the expense of printing a 160 page set of HOA docs for my new owner!
it occurred to me that this is the best way to send something to the cloud, as well. i have an account with my email provider with all my photos, another with my tax returns and yet another with other significant, but less private or important docs.
the beauty of this is that the email that has my very personal financial info, is also available to my CPA. we each have the password to an account created only for this purpose, eg. my2011taxes@.....com. within it, i create a draft with my financial work stored on it for each of the schedules, and another for my income statements- w-2's, 1099's, 1098's . if he has a question he just adds it to the draft's subject. when each schedule is completed, i can attach any supporting docs, spread sheets, scanned receipts etc. i can then send the file to myself, from myself, within the same email address, making a permanent record. i can access it from anywhere, but no one else can except my cpa.
it occurred to me that this has wider applications. anytime you want to share any info with someone else, you can create an account and attach your info to a draft. (legal and legit. purposes only!)
Today my client was being asked to send his personal info, which would allow anyone to completely steal his identity, should his or the recipient's email address be compromised. He balked, fairly.
So we created a new account, and had the recipient create the password, so it could be easily remembered by the person who needed the info. Then we attached a bunch of docs, which were too large to email, onto a draft. we made a second draft for the credit card info. Instantly, the processor who was logged in simultaneously, had all the info at his fingertips. He didn't even have to wait for an email! And, as the transaction progresses, they will have a secure place to send updated statements, etc. it never has to be downloaded onto anyone else's computer either! Plus it can be printed if a hard copy is needed for any reason, without ever storing it. When the transaction is complete, buyer has the option to change the password and have a record of everything all in one place permanently, or just delete the drafts.
It's funny how a situation of inconvenience in my home, became the solution to a really challenging problem!
It also just dawned on me that my previous employer, charged each buyer and seller $330 to do essentially the exact same thing!!!
Monday, July 11, 2011
Before you look for a new home...
Try imagining it!
Your realtor® can't help you, if you don't know what you want!
Let's start with some general questions.
1. How long are you willing to drive to work?
2. Is your home in a development with an HOA to maintain standards, or a house without the need for anyone's approval to make changes?
3. Do you care if you purchase a new construction home (yes, you should have an agent for this), REO, short sale or regular sale?
4. Are schools a personal consideration or only from a standpoint of resale?
5. Where is the nearest park and/or schools?
6. Which is more important, budget or amenities?
Now mentally drive up to your new home -
1. Is it in the city, suburbs, marina, beach or countryside? Does it have acreage?
2. Is it a single story or multi?
3. Is it set back from the street or is it close up with a small patch of grass?
a .Is there a garden in front?
b. A driveway?
c. Statuary?
d. Portico or porch?
4. Garage size? Location?
a. Is there rv parking?
b. Guest or street parking?
5. What is the lot size and characterisics? level or sloped?
6. Is it a corner lot or do you have neighbors on both sides?
7. How old/new is the house? stucco or wood, or something else?
8. Are the windows standard, bay, bow, stained glass?
9. Is it move in ready or an equity builder?
Let's walk in the front door.
1. It's floor plan style? Bungalow, rancher or something else?
2. Are you in an entry hall?
3. Is there crown molding or more of a contemporary feel?
4. What is the flooring? tile, hardwood or carpeting? Is it fairly consistant throughout or will you transition from one type to another as you move around the house?
5. What is the first room you walk into? Does the house have a formal floor plan or more of
a great room, open concept?
Walk through the living areas of the home…How is it laid out? Are there views? Of what?
1. Is there a formal dining room?
2. Is there a family room? on what floor?
3. Kitchen details... where is it relative to the living areas?
a. Is the kitchen a galley or separate room or does it open to the more social areas of the home?
b. Is there an island?
c. Granite counter tops or tile? what color is it?
d. Are the cabinets, white, light wood, cherry or espresso? Glass or solid doors?
e. Is the cooking surface gas or electric?
f. One or two ovens? are they a range or a separate unit?
g. What other appliances? Compactor? Dishwasher? Fridge? Convection oven or microwave?
h. Is there a nook or counter bar?
i. In what room will you eat?
j. Is there a built in desk/ work area?
4. How many bedrooms and baths? Are they on the same floor as the living areas?
5. Is there a full bath on the main floor? A half bath? Both, or more?
6. Are there hallways?
7. Are there stairs? Up or down? Straight, curved or spiral?
a. Where are they in the house?
b. Are they open to the room from which they originate? If so describe the rails- wood or wrought iron or something else?
Now walk into your master bedroom.
1. What floor is it on?
2. Is it one room or does it have a sitting room, nursury, office or retreat?
a. What time of day will you have sun?
b. Are there doors in addition to windows? If so to deck or yard? Are there views? Of what?
c. Are the closets walkin or wall? Is there one or multiple closets? Are they in the main room or more a part of the bath?
3. Does the master bath have a door or open entry?
a. Is there a full shower and a soaking tub, shower over tub combo or just a shower?
b. A water closet?
c. What is the counter surface?
4. Does the house have a jr master as well?
a. What floor is it on?
5. Other bedrooms?
6. Other baths?
7. Where is the laundry? Deep sink and/or counters?
Now let's walk outside. How did you get there?
1. Is the back yard mostly grass? Mostly rock? Planted garden? Covered patio? Deck?
2. Is there a pond or other water feature?
3. Patios? What are they made from, brick, rock, cement, paver tiles?
4. Is there a back neighbor, green belt, dock or park behind your house?
5. Is there a vegetable garden?
6. What can you hear in the distance? Is traffic okay? Trains? Fog horns?
7. Is there a built in barbeque area? Fire pit? Built in bar?
8. Is there a pool? A hot tub? Gazebo?
9. Is there an out building? Man cave, storage shed, guest or pool house?
10. Do you have a dog run?
11. If the next door neighbor has dogs, what kind are they?
If you can answer all of these questions, or provide any other details, your realtor® should have no trouble finding you a home.
The next question will be, can you afford what you find? Be realistic about what you want, based on what you can afford!
Your realtor® can't help you, if you don't know what you want!
Let's start with some general questions.
1. How long are you willing to drive to work?
2. Is your home in a development with an HOA to maintain standards, or a house without the need for anyone's approval to make changes?
3. Do you care if you purchase a new construction home (yes, you should have an agent for this), REO, short sale or regular sale?
4. Are schools a personal consideration or only from a standpoint of resale?
5. Where is the nearest park and/or schools?
6. Which is more important, budget or amenities?
Now mentally drive up to your new home -
1. Is it in the city, suburbs, marina, beach or countryside? Does it have acreage?
2. Is it a single story or multi?
3. Is it set back from the street or is it close up with a small patch of grass?
a .Is there a garden in front?
b. A driveway?
c. Statuary?
d. Portico or porch?
4. Garage size? Location?
a. Is there rv parking?
b. Guest or street parking?
5. What is the lot size and characterisics? level or sloped?
6. Is it a corner lot or do you have neighbors on both sides?
7. How old/new is the house? stucco or wood, or something else?
8. Are the windows standard, bay, bow, stained glass?
9. Is it move in ready or an equity builder?
Let's walk in the front door.
1. It's floor plan style? Bungalow, rancher or something else?
2. Are you in an entry hall?
3. Is there crown molding or more of a contemporary feel?
4. What is the flooring? tile, hardwood or carpeting? Is it fairly consistant throughout or will you transition from one type to another as you move around the house?
5. What is the first room you walk into? Does the house have a formal floor plan or more of
a great room, open concept?
Walk through the living areas of the home…How is it laid out? Are there views? Of what?
1. Is there a formal dining room?
2. Is there a family room? on what floor?
3. Kitchen details... where is it relative to the living areas?
a. Is the kitchen a galley or separate room or does it open to the more social areas of the home?
b. Is there an island?
c. Granite counter tops or tile? what color is it?
d. Are the cabinets, white, light wood, cherry or espresso? Glass or solid doors?
e. Is the cooking surface gas or electric?
f. One or two ovens? are they a range or a separate unit?
g. What other appliances? Compactor? Dishwasher? Fridge? Convection oven or microwave?
h. Is there a nook or counter bar?
i. In what room will you eat?
j. Is there a built in desk/ work area?
4. How many bedrooms and baths? Are they on the same floor as the living areas?
5. Is there a full bath on the main floor? A half bath? Both, or more?
6. Are there hallways?
7. Are there stairs? Up or down? Straight, curved or spiral?
a. Where are they in the house?
b. Are they open to the room from which they originate? If so describe the rails- wood or wrought iron or something else?
Now walk into your master bedroom.
1. What floor is it on?
2. Is it one room or does it have a sitting room, nursury, office or retreat?
a. What time of day will you have sun?
b. Are there doors in addition to windows? If so to deck or yard? Are there views? Of what?
c. Are the closets walkin or wall? Is there one or multiple closets? Are they in the main room or more a part of the bath?
3. Does the master bath have a door or open entry?
a. Is there a full shower and a soaking tub, shower over tub combo or just a shower?
b. A water closet?
c. What is the counter surface?
4. Does the house have a jr master as well?
a. What floor is it on?
5. Other bedrooms?
6. Other baths?
7. Where is the laundry? Deep sink and/or counters?
Now let's walk outside. How did you get there?
1. Is the back yard mostly grass? Mostly rock? Planted garden? Covered patio? Deck?
2. Is there a pond or other water feature?
3. Patios? What are they made from, brick, rock, cement, paver tiles?
4. Is there a back neighbor, green belt, dock or park behind your house?
5. Is there a vegetable garden?
6. What can you hear in the distance? Is traffic okay? Trains? Fog horns?
7. Is there a built in barbeque area? Fire pit? Built in bar?
8. Is there a pool? A hot tub? Gazebo?
9. Is there an out building? Man cave, storage shed, guest or pool house?
10. Do you have a dog run?
11. If the next door neighbor has dogs, what kind are they?
If you can answer all of these questions, or provide any other details, your realtor® should have no trouble finding you a home.
The next question will be, can you afford what you find? Be realistic about what you want, based on what you can afford!
Thursday, July 7, 2011
Getting to Know Your Neighborhood
I have been experiencing a new phenomenon. I have been getting to know new neighborhoods on a really personal level.
Of course I know the neighborhood in which I grew up, in Albany, CA. In fact, I know the whole city very well as many of my friends still live there. I know the neighborhood I live in now. I know much of San Mateo as well, having raised my two children there. Same with the Parkmead area of Hayward. I lived there for 8 years. Twice a week I walked the whole neighborhood. You get to know a lot of neighbors that way! Now I am selling my home there and reacquainting myself with them after several years away.
Now I also know Gearydale, in Pleasant Hill close to as well as any I have ever lived in. How is that? Because I have walked it thoroughly, in preparation to listing a home in that neighborhood. I know what people think of their neighbors, which is really interesting. My perception of said neighbors is not necessarily the same as theirs. They call one lady "the witch". My perception is that she is someone who was raised in a very formal environment, and has not chosen to change with the times. When I invited her to my seller's open house, she said she was "otherwise engaged". You have to be pretty old to have heard that term used on a regular basis. Most people would think it was snooty of her to say that. But my grandmother would have said the same thing, meaning nothing snooty at all. She was just raised to speak that way.
I learned other things about the neighborhood that will be helpful to new buyers. I met many people who they will want to meet as well. In a way, I think the party we had for my seller's neighbors brought all the neighbors closer together. I am hoping that when we are close to closing on the house that we can have a second party so my seller can say goodbye, and the new owners can meet all the neighbors. I have no question that people would come back a second time, especially those who took home leftovers, lol! And who gets to meet their neighbors all at once anymore?
About 4 months ago I started walking a neighborhood in Vallejo's Hiddenbrooke at the request of a buyer that was an internet lead from my company. I had no personal knowledge of him prior. But he believed himself to be interested in a particular floor plan. So I went to all of the homes with that floor plan. There was one that was vacant. A few weeks later, it came on the market as a short sale, and I took my buyer to see it. He didn't like that floor plan after all...
SoIi started knocking on the doors of any house on the street because he wanted that street. I met another neighbor who wants to sell. But before I could connect them together, another neighbor I had not yet met found him on their own, and he is buying their house instead. shucks.
While he and I didn't end up working together, he did motivate me to reacquaint myself with a neighborhood in which in which I have made several offers in the past. It was nice being able to tell a current home owner that the reason his front entry floor was not damaged from the broken front door window (still unrepaired!), was because I cleaned up the glass before it got ground in, thinking that it was going to be my buyer's home. The seller rejected our offer for the type of loan it required, but ended up selling it for far less than we had offered. I think I earned a place in the new owner's heart, lol!
Since I started walking the neighborhood, I have grown to know the different floor plans by name, and have found 3 other homeowners thinking of selling. I have met some really nice people. I am waiting for the one who will let me get theirs listed and then I will invite all the neighbors to their listing party...
I started walking a local neighborhood to me as the result of another internet lead. I thought the subject property was a different one than it was. I ended up approaching the correct owner without realizing that he was the lead. He was REALLY rude to me. In all the doors I have ever knocked on, he was the only one who was rude. Even a little bit. He lives there with his mom and I guess he cares for her. She was the one who made the internet inquiry. Maybe he was just stressed from the responsibility. In meeting several other neighbors on that walk, many commented that all the neighbors were nice, except that one guy. So maybe I dodged a bullet.
Of course I know the neighborhood in which I grew up, in Albany, CA. In fact, I know the whole city very well as many of my friends still live there. I know the neighborhood I live in now. I know much of San Mateo as well, having raised my two children there. Same with the Parkmead area of Hayward. I lived there for 8 years. Twice a week I walked the whole neighborhood. You get to know a lot of neighbors that way! Now I am selling my home there and reacquainting myself with them after several years away.
Now I also know Gearydale, in Pleasant Hill close to as well as any I have ever lived in. How is that? Because I have walked it thoroughly, in preparation to listing a home in that neighborhood. I know what people think of their neighbors, which is really interesting. My perception of said neighbors is not necessarily the same as theirs. They call one lady "the witch". My perception is that she is someone who was raised in a very formal environment, and has not chosen to change with the times. When I invited her to my seller's open house, she said she was "otherwise engaged". You have to be pretty old to have heard that term used on a regular basis. Most people would think it was snooty of her to say that. But my grandmother would have said the same thing, meaning nothing snooty at all. She was just raised to speak that way.
I learned other things about the neighborhood that will be helpful to new buyers. I met many people who they will want to meet as well. In a way, I think the party we had for my seller's neighbors brought all the neighbors closer together. I am hoping that when we are close to closing on the house that we can have a second party so my seller can say goodbye, and the new owners can meet all the neighbors. I have no question that people would come back a second time, especially those who took home leftovers, lol! And who gets to meet their neighbors all at once anymore?
About 4 months ago I started walking a neighborhood in Vallejo's Hiddenbrooke at the request of a buyer that was an internet lead from my company. I had no personal knowledge of him prior. But he believed himself to be interested in a particular floor plan. So I went to all of the homes with that floor plan. There was one that was vacant. A few weeks later, it came on the market as a short sale, and I took my buyer to see it. He didn't like that floor plan after all...
SoIi started knocking on the doors of any house on the street because he wanted that street. I met another neighbor who wants to sell. But before I could connect them together, another neighbor I had not yet met found him on their own, and he is buying their house instead. shucks.
While he and I didn't end up working together, he did motivate me to reacquaint myself with a neighborhood in which in which I have made several offers in the past. It was nice being able to tell a current home owner that the reason his front entry floor was not damaged from the broken front door window (still unrepaired!), was because I cleaned up the glass before it got ground in, thinking that it was going to be my buyer's home. The seller rejected our offer for the type of loan it required, but ended up selling it for far less than we had offered. I think I earned a place in the new owner's heart, lol!
Since I started walking the neighborhood, I have grown to know the different floor plans by name, and have found 3 other homeowners thinking of selling. I have met some really nice people. I am waiting for the one who will let me get theirs listed and then I will invite all the neighbors to their listing party...
I started walking a local neighborhood to me as the result of another internet lead. I thought the subject property was a different one than it was. I ended up approaching the correct owner without realizing that he was the lead. He was REALLY rude to me. In all the doors I have ever knocked on, he was the only one who was rude. Even a little bit. He lives there with his mom and I guess he cares for her. She was the one who made the internet inquiry. Maybe he was just stressed from the responsibility. In meeting several other neighbors on that walk, many commented that all the neighbors were nice, except that one guy. So maybe I dodged a bullet.
Wednesday, July 6, 2011
Pricing Your Home Properly is Part of Being a Good Neighbor
Before iI was an agent, I inherited partial ownership of a beautiful home in the El Cerrito hills. I would have loved to have moved in and raised my children there, but their dad was not interested in commutes that involved bridges. Because we didn't move in, i learned first hand one of the most important lessons anyone involved in real estate needs to discover - whether as an agent or a seller. Unfortunately, I was educated at a cost not only to myself, but to my neighbors as well.
My co-owners and I were not up on supply and demand economics, and in our lifetimes, real estate had only generally gone up. We also only had personally experienced selling of our homes in rising markets. Unfortunately, we chose to sell this lovely house at the bottom of the 90's market. The house had been worth much more in the past than it was at the time we went to sell, and we didn't believe the agent who had the misfortune of representing us when she gave us her opinion of value. We wanted to list at $425,000 and she wanted to list at $385,000. We listed at $420,000. Nine months, and a new agent later, we sold at $335,000. The appraisal came in at $385,000. We lost the $60,000 we might have had, if the correct price had been agreed upon at listing (translation: if we had listened to the agent). We cost our agent a hundred hours of her time, as well as her marketing expenses. Now, as an agent myself, I feel badly about wasting her time. The neighborhood also paid a price in the lowering of the value of their homes in the process.
So when your agent encourages pricing at a certain place, it might be good to consider that suggestion even if you don't like it. Our agent was foolish to allow us to set the price. She should have walked away when we would not listen to her. I have been that same agent, and when I have allowed sellers to set the price, I have invested far more energy in the sales process than I would have, had I held my ground or walked away. When I encounter this in my practice, it is smarter for me to find a different seller who trusts me enough to choose the proper price.
Off the other side, one can also price too low. A house on one street in a neighborhood in which I work, closed last week for $425,000. I felt that this was a damaging price for the neighborhood, because other recent comparable homes had sold for around $465,000. A lower sales commission was part of why it was discounted, because while an agent did do the paperwork, it was really a FSBO. Only because I was very familiar with the buyer's senario did I have this information. A few days ago, some sellers on the same street offered their slightly smaller house for $300,000. Why? It's a short sale and they don't care what it sells for. Tthey have no consequences beyond a spank to their credit, for a decade of using the home as an ATM. (tax records show the many times they refinanced over the years.) But it is devastating to the rest of their neighborhood, for them to offer their home $100,000 or more below comps. It probably won't close at that price, but it messes up anyone else considering selling in the neighborhood.
I have a listing on a house purchased a few years back and have had it priced at an appropriate amount for short sale. It is tenant occupied, and does not show well. While we wait for the tenants to move out, four offers have come in, and several other buyers have wanted me to write offers on their behalf. All of these were significantly under asking. It would not be fair to the neighbors to sell it at the lower price, even though it might be possible. The owners are not being pressured to sell and are willing to wait until the house can be marketed more fairly.
In my opinion, in a declining market, the best price to list is about 5% below value, to generate traffic and create competition. in a rising market, pricing over current comps only adds to the frenzy. You can do that, for your own short term gain, but now we have seen the international cost of feeding the frenzy.
Sellers, when you set your price, please try to remember it is not completely about you! Setting too high a price will most assuredly cost you money in the long run. It is also unfair to the professionals you ask to represent you. However, setting too low a price hurts the people you will leave behind, and all of us in the long run.
In the end, you don't do surgery on yourself: you ask a doctor. Don't try to value your own home. Ask your Realtor® to price your home, and everyone wins.
My co-owners and I were not up on supply and demand economics, and in our lifetimes, real estate had only generally gone up. We also only had personally experienced selling of our homes in rising markets. Unfortunately, we chose to sell this lovely house at the bottom of the 90's market. The house had been worth much more in the past than it was at the time we went to sell, and we didn't believe the agent who had the misfortune of representing us when she gave us her opinion of value. We wanted to list at $425,000 and she wanted to list at $385,000. We listed at $420,000. Nine months, and a new agent later, we sold at $335,000. The appraisal came in at $385,000. We lost the $60,000 we might have had, if the correct price had been agreed upon at listing (translation: if we had listened to the agent). We cost our agent a hundred hours of her time, as well as her marketing expenses. Now, as an agent myself, I feel badly about wasting her time. The neighborhood also paid a price in the lowering of the value of their homes in the process.
So when your agent encourages pricing at a certain place, it might be good to consider that suggestion even if you don't like it. Our agent was foolish to allow us to set the price. She should have walked away when we would not listen to her. I have been that same agent, and when I have allowed sellers to set the price, I have invested far more energy in the sales process than I would have, had I held my ground or walked away. When I encounter this in my practice, it is smarter for me to find a different seller who trusts me enough to choose the proper price.
Off the other side, one can also price too low. A house on one street in a neighborhood in which I work, closed last week for $425,000. I felt that this was a damaging price for the neighborhood, because other recent comparable homes had sold for around $465,000. A lower sales commission was part of why it was discounted, because while an agent did do the paperwork, it was really a FSBO. Only because I was very familiar with the buyer's senario did I have this information. A few days ago, some sellers on the same street offered their slightly smaller house for $300,000. Why? It's a short sale and they don't care what it sells for. Tthey have no consequences beyond a spank to their credit, for a decade of using the home as an ATM. (tax records show the many times they refinanced over the years.) But it is devastating to the rest of their neighborhood, for them to offer their home $100,000 or more below comps. It probably won't close at that price, but it messes up anyone else considering selling in the neighborhood.
I have a listing on a house purchased a few years back and have had it priced at an appropriate amount for short sale. It is tenant occupied, and does not show well. While we wait for the tenants to move out, four offers have come in, and several other buyers have wanted me to write offers on their behalf. All of these were significantly under asking. It would not be fair to the neighbors to sell it at the lower price, even though it might be possible. The owners are not being pressured to sell and are willing to wait until the house can be marketed more fairly.
In my opinion, in a declining market, the best price to list is about 5% below value, to generate traffic and create competition. in a rising market, pricing over current comps only adds to the frenzy. You can do that, for your own short term gain, but now we have seen the international cost of feeding the frenzy.
Sellers, when you set your price, please try to remember it is not completely about you! Setting too high a price will most assuredly cost you money in the long run. It is also unfair to the professionals you ask to represent you. However, setting too low a price hurts the people you will leave behind, and all of us in the long run.
In the end, you don't do surgery on yourself: you ask a doctor. Don't try to value your own home. Ask your Realtor® to price your home, and everyone wins.
Thursday, June 30, 2011
What is a Realtor®?
Did you notice that there is the symbol ®, after the word "realtor"? What exactly does that mean and why is it important?
Largely, it means that the agent bearing the designation has paid a significant sum of money to participate in the three major professional organizations associated with the practice of real estate, from a local level to a national level. Specifically, the benefit of these organziztions to you are as follows:
They provide both education and protection to the consumer, via documentation of protective practices on the part of the Broker, on behalf on their principal- that's YOU,
They establish a professional code of conduct for Real Estate agents to apply to their broker's practice as well as their own,
They fight for your rights and benefits as a home owner/investor at the political level.
The third benefit of these is perhaps the most germane service to you, even when you are not buying or selling, yet one of which few are aware! Right now as an example, there is debate in Congress over the IRS mortgage deduction. The California Association of Realtors®, aka CAR, is fighting to keep this in place, while Congress is considering taking it away. The negative effect this would have on the economy is predictable, but immeasurable! 26,000 agents just wrote in to their representatives to keep this deduction in place.
So, this blog seems to have digressed from the topic, but believe me, I could go on.
Why do you want to hire a Realtor® over a real estate agent? Personally, I have been both. When I first became an agent, the offices I worked in were small and there was no push to participate in the larger arena. Later I went on to larger agencies, where it was required.
What I would say is that the more professional the environment, the more professional the product of that environment! When there is more to protect in terms of reputation, there is more attention to the acts of the representative force. What is expected of me, and what are provided to me are at a higher level of professionalism when I have been contracted as a Realtor®, then merely as an "agent".
If I was to encounter someone who could not say they were a Realtor® who was active in our profession, and seeking my business, I would certainly want to know why they were not a Realtor®! It is the current standard for our industry. And then I would go and find a Realtor®!
Largely, it means that the agent bearing the designation has paid a significant sum of money to participate in the three major professional organizations associated with the practice of real estate, from a local level to a national level. Specifically, the benefit of these organziztions to you are as follows:
They provide both education and protection to the consumer, via documentation of protective practices on the part of the Broker, on behalf on their principal- that's YOU,
They establish a professional code of conduct for Real Estate agents to apply to their broker's practice as well as their own,
They fight for your rights and benefits as a home owner/investor at the political level.
The third benefit of these is perhaps the most germane service to you, even when you are not buying or selling, yet one of which few are aware! Right now as an example, there is debate in Congress over the IRS mortgage deduction. The California Association of Realtors®, aka CAR, is fighting to keep this in place, while Congress is considering taking it away. The negative effect this would have on the economy is predictable, but immeasurable! 26,000 agents just wrote in to their representatives to keep this deduction in place.
So, this blog seems to have digressed from the topic, but believe me, I could go on.
Why do you want to hire a Realtor® over a real estate agent? Personally, I have been both. When I first became an agent, the offices I worked in were small and there was no push to participate in the larger arena. Later I went on to larger agencies, where it was required.
What I would say is that the more professional the environment, the more professional the product of that environment! When there is more to protect in terms of reputation, there is more attention to the acts of the representative force. What is expected of me, and what are provided to me are at a higher level of professionalism when I have been contracted as a Realtor®, then merely as an "agent".
If I was to encounter someone who could not say they were a Realtor® who was active in our profession, and seeking my business, I would certainly want to know why they were not a Realtor®! It is the current standard for our industry. And then I would go and find a Realtor®!
Friday, January 28, 2011
Why am I a Real Estate Agent?
Here is the story of what led me to become a real estate agent... and why I am still at it...
For the first 17 years of my life, my parents were dirt poor. For whatever reasons, my father was not financially successful in his working years. My family struggled for some of the most basic of needs, even though my mother worked long before it was acceptable for women to work outside the home. Yet somehow we managed to own our own home. When I was nine, my mother's best friend got in over her head in a vacation property, and somehow my parents rescued her by becoming silent partners on a second home in the Sierras. They would not have done this if the conception of my "oops!" baby sister had been known at the time. It was hard enough feeding 4 kids already, the oldest of which was 16. My mom could not even afford maternity clothes. But the die had been cast. At 10, I helped my parents on the phone, as we rented out our shared cabin most weekends. It paid for itself, making it affordable to enjoy it ourselves from time to time!
As far as I can tell, my family was the first poor family in my entire family's history that I can find. Believe me when I say I have looked! My grandparents owned 500 acres in Fairfax, CA, some of the most prime real estate in the country. I spent every Sunday of my life, there, and I loved their house and property! This land was funded with my paternal grandmother's inheritance. My paternal grandfather's family was also well landed, at least from what I can prove, and extremely well landed from what I can speculate. My mother's family was also landed- they were farmers. I was raised with the fundamental value that land ownership is the foundation of wealth, and was clearly intrinsic to my family's definition of success.
When I was 17, my grandparents sold their Fairfax property, and things rapidly changed for my immediate family. Today their land is a protected area, now owned by the state of California. At the time, it was not worth a great deal of money considering its size and location. Its ability to be developed, (the measure of land value to investors,) was minimal. The town of Fairfax had closed the door to putting in utilities to make the property more desirable to potential buyers. So the state bought it at the price they wanted to pay, which was not very much! That particular year the IRS allowed for lifetime gifts of $30,000, and from their proceeds, my father's parents gave my parents same, less the total amount of any previous cash gifts my parents over the past thirty years. Yes, my grandparents had actually kept track of every monetary holiday or birthday gift they had ever given anyone.
My mother was a financial genius once she had a little extra cash with which to work. In the course of the next 2 years, she bought 6 single family houses, five of which were in Albany (aka Real Estate Heaven). She gutted each of the six, and turned them into little craftsman dollhouses. She had a knack for color and design. Mom flipped two to increase her immediate cash flow and kept three for ongoing income. The sixth was with my brother in Oakland, near Mills College, where I was in school, and it was his residence for several years. They paid for his Parsons and Harvard educations with its proceeds when they flipped it, too. She had also sold my childhood home in Albany, and bought a bigger home in the El Cerrito hills. This was not for investment purposes but for her own comfort, and the house in El Cerrito grew in value at about the same pace as the one in which I was raised, so it was a wash, financially. It sure made for a lovely setting during my late teens and young adulthood.
Without the cash infusion from my grandparents, my parents would have passed less than 50% in assets to us kids, than they were able to as a result of their gift to my parents. Each of us inherited our own home from her efforts, instead of sharing in just two. Her timing was lucky, yes, but she was smart! Mom started buying at the bottom of the first really big boom in the past 50 years. Three years later, and she would probably not have had nearly the same success.
My dad was a real estate agent, but not a very good sales person. He did what we call CMAs (Competitive Market Analysis) for a fee, (normally a free product) and contributed a bit that way. He called them a Professional Opinion of Value. I am not sure what he did was legal, because appraisers do this but for a lot more money. But dad was good with the stock market. The first exposure I had to Berkshire Hathaway stock was that my dad owned one share, for which he paid about $3,400. This came from my father's inheritance from his parents, which he only enjoyed for a few years before his own passing. He spent the rest of it, anyway. He was quite the giver of gifts and bought a fancy new car too. Typical windfall behavior. But he enjoyed his generousity, and we all enjoyed it as well!
So when both my parents passed away in 1995, my siblings and I, each inherited a pot of money, mostly in the form of real estate. Between us, there was no financial investment genius in evidence. Some of the brokers who had been in touch with my father introduced me to investments that were designed for high net worth, experienced investors only. I was at that time very naive and they sucked me right in. My only investment experience was in real estate, Nordstrom stock and a couple of mutual funds. I immediately lost almost 10% of my inheritance with poor limited partnership investments. I decided I had better learn how to manage money myself, learning quickly that I could not trust those other "professionals" to guide me. I took most of my share in the form of one of my mother's original investment properties, the one with least value, so that I would have a roof over my head while I took the time to learn, how not to lose everything to vultures. I also exhibited typical windfall behavior.
But I did become a Financial "Professional" myself. What that means is that I decided to become a Financial Planner, and as a beginner, they let me call myself a "professional" without any real knowledge, and certainly without any specific education! All I had to do was pass a 3 hour test, which I did quite easily, being a skilled test taker. I passed a bunch more not so easy tests and made a lot of people a lot of money quickly, only to have it a lot of it evaporate in 2,000 with the stock market crash. I chose early on to become a sector trader, and was able to build wealth for clients investing in oil and gold each before they became trendy, against a very uncooperative market.
During my career, I had developed a generic financial plan which had a four prong approach. The most important one was owning real estate as an investment. I had become an investor myself when I was 26 years old. When I was 38, I had a marital net worth of about 200K, in today's dollars, outside of my personal residence. Not a great deal, but more than most, and this was prior to receiving my parents' inheritance. So I guess I had some innate ability for which I should give myself credit, even then. My husband also had the discipline to do a 401k when we were really young and it wasn't a popular idea yet. I was already trying to duplicate my parent's plan, but didn't have a windfall to really launch me. Yet.
The problem with financial planning as a career, is that unless you grow a large enough business to have a personal assistant, you are totally at the mercy of your clients' whims. My most important birthday to date, was spent catering to a client's need for cash, as was my daughter's 21st birthday. And too many other less significant days. I felt like a complicated 24/7 ATM. I wanted out.
I was walking my "client's " plan's walk, at the same time I counseled my clients about Real Estate investment to the extent that I could without a Real Estate license. My personal investment goal up had been to obtain a certain amount in assets by 1/1/20001. I did this quickly, but that was total value, not equity.
My next goal was to have that same amount in actual net worth, a much larger undertaking! In 2006, lack of real estate licensure continued to frustrate me when working with my clients. Plus, over the course of the previous decade, I had personally generated nearly $90,000 in commissions for other real estate companies and Realtors. THAT frustrated me, too! I was giving away pots of money that needed to stay in my pocket! All i needed was an AA in real estate and a test to be licensed as a broker! I loved the idea of the challenge! Just at the time I entered school to acquire my license, my current marital net worth goal was achieved. It wasn't enough to retire, but enough to feel safe and stable. Only about 20% more and we could actually retire, too... sigh... SO close, lol...
Today, of course, things are not at the level they were 4 years ago, when I became licensed. My husband and I still own 4 acres in the mountains and I have separate silent ownership in two other properties. Learned a few things through mistakes, I have to admit. We bought with negative cash flow, and I would never recommend that today. If I had taken the classes I have taken now, before I invested, I would have made much different choices. Even though I bought no real estate without at least 20% down, the market across the board is more than 20% down..
So why, after losing everything in equity and then some, am I STILL in real estate as a career and as a significant part of my own financial future? Why haven't I lost faith?
Because fundamentally, I still believe in the product!
I want to help others achieve financial health and wealth. I can't rebuild my own with out helping others to achieve their dreams along the way! Let's work together to build a future! I bring to the table the lessons of more than 20 years of my own investment experience; I have owned around 20 properties or more, either alone, with my spouse or other partners. Add in the many transactions I've completed since I began actively selling Real Estate. I actively chose not to take the broker's test, because it changes some liability issues, I don't want changed. However, I did complete all the required classes (and then some) with a 4.0 GPA earning the AA.
I certainly want to help you fulfill your dream of home ownership! Today, all it takes is 3.5% down, (and sometimes less, and less than average credit to buy a primary residence, really! I would only recommend this as a foundational strategy in a home you plan to stay in for the long term, as prices may still decline going forward. This is how I bought my first condo. It was financed at around 14%, and we still made money on it in just a few years. That wasn't in good times, either.
If you haven't dipped your toe in the water, you can work towards becoming a millionaire, by investing in real estate now, while both prices and interest rates are still low. Really, you have no excuse with this combination! It could not be a better time!
Either way, you are, like my mother, getting started at the perfect time.
We can do this together!
For the first 17 years of my life, my parents were dirt poor. For whatever reasons, my father was not financially successful in his working years. My family struggled for some of the most basic of needs, even though my mother worked long before it was acceptable for women to work outside the home. Yet somehow we managed to own our own home. When I was nine, my mother's best friend got in over her head in a vacation property, and somehow my parents rescued her by becoming silent partners on a second home in the Sierras. They would not have done this if the conception of my "oops!" baby sister had been known at the time. It was hard enough feeding 4 kids already, the oldest of which was 16. My mom could not even afford maternity clothes. But the die had been cast. At 10, I helped my parents on the phone, as we rented out our shared cabin most weekends. It paid for itself, making it affordable to enjoy it ourselves from time to time!
As far as I can tell, my family was the first poor family in my entire family's history that I can find. Believe me when I say I have looked! My grandparents owned 500 acres in Fairfax, CA, some of the most prime real estate in the country. I spent every Sunday of my life, there, and I loved their house and property! This land was funded with my paternal grandmother's inheritance. My paternal grandfather's family was also well landed, at least from what I can prove, and extremely well landed from what I can speculate. My mother's family was also landed- they were farmers. I was raised with the fundamental value that land ownership is the foundation of wealth, and was clearly intrinsic to my family's definition of success.
When I was 17, my grandparents sold their Fairfax property, and things rapidly changed for my immediate family. Today their land is a protected area, now owned by the state of California. At the time, it was not worth a great deal of money considering its size and location. Its ability to be developed, (the measure of land value to investors,) was minimal. The town of Fairfax had closed the door to putting in utilities to make the property more desirable to potential buyers. So the state bought it at the price they wanted to pay, which was not very much! That particular year the IRS allowed for lifetime gifts of $30,000, and from their proceeds, my father's parents gave my parents same, less the total amount of any previous cash gifts my parents over the past thirty years. Yes, my grandparents had actually kept track of every monetary holiday or birthday gift they had ever given anyone.
My mother was a financial genius once she had a little extra cash with which to work. In the course of the next 2 years, she bought 6 single family houses, five of which were in Albany (aka Real Estate Heaven). She gutted each of the six, and turned them into little craftsman dollhouses. She had a knack for color and design. Mom flipped two to increase her immediate cash flow and kept three for ongoing income. The sixth was with my brother in Oakland, near Mills College, where I was in school, and it was his residence for several years. They paid for his Parsons and Harvard educations with its proceeds when they flipped it, too. She had also sold my childhood home in Albany, and bought a bigger home in the El Cerrito hills. This was not for investment purposes but for her own comfort, and the house in El Cerrito grew in value at about the same pace as the one in which I was raised, so it was a wash, financially. It sure made for a lovely setting during my late teens and young adulthood.
Without the cash infusion from my grandparents, my parents would have passed less than 50% in assets to us kids, than they were able to as a result of their gift to my parents. Each of us inherited our own home from her efforts, instead of sharing in just two. Her timing was lucky, yes, but she was smart! Mom started buying at the bottom of the first really big boom in the past 50 years. Three years later, and she would probably not have had nearly the same success.
My dad was a real estate agent, but not a very good sales person. He did what we call CMAs (Competitive Market Analysis) for a fee, (normally a free product) and contributed a bit that way. He called them a Professional Opinion of Value. I am not sure what he did was legal, because appraisers do this but for a lot more money. But dad was good with the stock market. The first exposure I had to Berkshire Hathaway stock was that my dad owned one share, for which he paid about $3,400. This came from my father's inheritance from his parents, which he only enjoyed for a few years before his own passing. He spent the rest of it, anyway. He was quite the giver of gifts and bought a fancy new car too. Typical windfall behavior. But he enjoyed his generousity, and we all enjoyed it as well!
So when both my parents passed away in 1995, my siblings and I, each inherited a pot of money, mostly in the form of real estate. Between us, there was no financial investment genius in evidence. Some of the brokers who had been in touch with my father introduced me to investments that were designed for high net worth, experienced investors only. I was at that time very naive and they sucked me right in. My only investment experience was in real estate, Nordstrom stock and a couple of mutual funds. I immediately lost almost 10% of my inheritance with poor limited partnership investments. I decided I had better learn how to manage money myself, learning quickly that I could not trust those other "professionals" to guide me. I took most of my share in the form of one of my mother's original investment properties, the one with least value, so that I would have a roof over my head while I took the time to learn, how not to lose everything to vultures. I also exhibited typical windfall behavior.
But I did become a Financial "Professional" myself. What that means is that I decided to become a Financial Planner, and as a beginner, they let me call myself a "professional" without any real knowledge, and certainly without any specific education! All I had to do was pass a 3 hour test, which I did quite easily, being a skilled test taker. I passed a bunch more not so easy tests and made a lot of people a lot of money quickly, only to have it a lot of it evaporate in 2,000 with the stock market crash. I chose early on to become a sector trader, and was able to build wealth for clients investing in oil and gold each before they became trendy, against a very uncooperative market.
During my career, I had developed a generic financial plan which had a four prong approach. The most important one was owning real estate as an investment. I had become an investor myself when I was 26 years old. When I was 38, I had a marital net worth of about 200K, in today's dollars, outside of my personal residence. Not a great deal, but more than most, and this was prior to receiving my parents' inheritance. So I guess I had some innate ability for which I should give myself credit, even then. My husband also had the discipline to do a 401k when we were really young and it wasn't a popular idea yet. I was already trying to duplicate my parent's plan, but didn't have a windfall to really launch me. Yet.
The problem with financial planning as a career, is that unless you grow a large enough business to have a personal assistant, you are totally at the mercy of your clients' whims. My most important birthday to date, was spent catering to a client's need for cash, as was my daughter's 21st birthday. And too many other less significant days. I felt like a complicated 24/7 ATM. I wanted out.
I was walking my "client's " plan's walk, at the same time I counseled my clients about Real Estate investment to the extent that I could without a Real Estate license. My personal investment goal up had been to obtain a certain amount in assets by 1/1/20001. I did this quickly, but that was total value, not equity.
My next goal was to have that same amount in actual net worth, a much larger undertaking! In 2006, lack of real estate licensure continued to frustrate me when working with my clients. Plus, over the course of the previous decade, I had personally generated nearly $90,000 in commissions for other real estate companies and Realtors. THAT frustrated me, too! I was giving away pots of money that needed to stay in my pocket! All i needed was an AA in real estate and a test to be licensed as a broker! I loved the idea of the challenge! Just at the time I entered school to acquire my license, my current marital net worth goal was achieved. It wasn't enough to retire, but enough to feel safe and stable. Only about 20% more and we could actually retire, too... sigh... SO close, lol...
Today, of course, things are not at the level they were 4 years ago, when I became licensed. My husband and I still own 4 acres in the mountains and I have separate silent ownership in two other properties. Learned a few things through mistakes, I have to admit. We bought with negative cash flow, and I would never recommend that today. If I had taken the classes I have taken now, before I invested, I would have made much different choices. Even though I bought no real estate without at least 20% down, the market across the board is more than 20% down..
So why, after losing everything in equity and then some, am I STILL in real estate as a career and as a significant part of my own financial future? Why haven't I lost faith?
Because fundamentally, I still believe in the product!
I want to help others achieve financial health and wealth. I can't rebuild my own with out helping others to achieve their dreams along the way! Let's work together to build a future! I bring to the table the lessons of more than 20 years of my own investment experience; I have owned around 20 properties or more, either alone, with my spouse or other partners. Add in the many transactions I've completed since I began actively selling Real Estate. I actively chose not to take the broker's test, because it changes some liability issues, I don't want changed. However, I did complete all the required classes (and then some) with a 4.0 GPA earning the AA.
I certainly want to help you fulfill your dream of home ownership! Today, all it takes is 3.5% down, (and sometimes less, and less than average credit to buy a primary residence, really! I would only recommend this as a foundational strategy in a home you plan to stay in for the long term, as prices may still decline going forward. This is how I bought my first condo. It was financed at around 14%, and we still made money on it in just a few years. That wasn't in good times, either.
If you haven't dipped your toe in the water, you can work towards becoming a millionaire, by investing in real estate now, while both prices and interest rates are still low. Really, you have no excuse with this combination! It could not be a better time!
Either way, you are, like my mother, getting started at the perfect time.
We can do this together!
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