Homeowners

Bay Area homeowners insurance to rise?

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Green Escrow Services | American economy

The devastating Los Angeles wildfires have wiped out California’s insurer of last resort – commonly called the FAIR Plan – and Bay Area homeowners will likely be on the hook for part of the $1 billion lost

The FAIR Plan will collect emergency payments from private insurers based on their market share in California who will undoubtedly pass on a portion of the cost to their own clients.

At this point, it’s not clear if homeowners will see a new higher price on their premiums or how long the rate increase will last.

What makes a successful showing?

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Green Escow | Kitchen

The important point to remember is that you want to show off your home’s potential. You want your prospective buyer to visualize themselves living there.

  • Clean, declutter, and depersonalize as much as possible
  • Rearrange furniture as necessary to maximize space
  • Let in the natural light
  • Use fresh flowers or scented candles to build an inviting atmosphere
  • Be as flexible as possible in scheduling showings. You never know what might be “the one.”

Listings down, houses sitting

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Green Escrow | Real Estate Market News

Another week, another shift in house marketing trends. For the week ending August 13th, houses, on average, remained on the market for an extra five days compared with this time last year. This, of course, is welcome news for buyers as it gives them a bit more breathing room before submitting a bid.

On the reverse side of this, the number of new listings declined by 15 percent from last year, meaning there are fewer homes from which to choose.

Finally, the average 30-year fixed mortgage rate dropped to 5.13 percent from 5.22 percent the week before.

Homebuyers regrets

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Green Escrow | Paper Overload

Sure it’s a major part of the American Dream and can be a very intelligent long-term investment but up to 60 percent of homeowners have experienced some degree of buyer’s remorse with a full 25 percent saying they actually regret buying their home.

Some common misgivings include:

  • 30 percent say they were not prepared for hidden costs such as property taxes and utility. bills
  • 32 percent say their home is either too small or is missing essential features
  • 40 percent say their new home is too expensive to maintain

Beware real estate scams

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Green Escrow | buyer regrets

With real estate such a hot commodity these days, it’s not surprising that scams abound. A few to watch out for include:

  • “Private” sales: Direct sales at an amazing price often mean that the “agent” isn’t really an agent and the house may not even be for sale.
  • Title theft: Filing a fake title change with the local government office can allow the fake owner to sell the property quickly.
  • “Holding” deposits: Common in very hot markets, “holding” deposits do nothing to advance a sale and allow the agent to make a little extra money.
  • Foreclosure “relief”: Since public records list homes in foreclosure, scammers often jump in with offers to help for a “service fee” and then quickly disappear.

Securing your new home

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Green Escrow Services | Home Technology

You’ve purchased your new home; now it’s time to keep it safe and secure.

  • Home Security System: Not surprisingly, keeping your home secure starts with a home security system. A smart alarm system can link to your smartphone or digital smart home hub.
  • Motion Detectors:. Motion detectors will flood the area with light.
  • Security Lighting: Light up dark corners but be careful not to overdo it and light up your entire proptery.

Cash-out refinancing increasing

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Green Escrow | Real Estate Market News

Cash-out refinancing has hit its highest level in over a decade, increasing by 42% in 2020 over 2019. Freddie Mac reports that homeowners cashed out $152.7 billion of home equity, the largest amount since 2007.

With mortgage rates so low it’s possible to take out a sizable amount of cash while still lowering monthly payments. Fortunately the value of homes eeps increasing, unlie the Great Recession of 2008 when many homeowners ended up owing more than the homes were worth.

Bigger remodeling projects for homeowners

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Green Escrow Services Tools

Not surprisingly, the past year under the COVID-19 pandemic has seen a sharp rise in home remodeling projects. Now. after a year, the projects are getting larger and many homeowners are turning to professionals to get the job done.

Analysts say there could be as much as a 10.7 percent sales growth in the remodeling industry as these projects get underway.

While this is great for remodeling contractors, there are still some problems from rising costs of building materials to disruptions in the supply chains and a. shortage of skilled labor to get the work done.

Planning for summer

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Green Escrow | Gardening tools

You’ve got ideas for your summer landscaping project. Here are some important facvtors to consider:

  • The budget
  • Available space
  • Time involved
  • Water

Start planting!
Other options to consider:

  • Clean up the lawn
  • Paint the fence
  • Add a fireplace or pit
  • Add a patio
  • Build a custom shed
  • Add outdoor seating

Ways to sell your home

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Green Escrow | Real Estate

There are four main options to consider when selling a home:

  • Real Estate Agencies: Certainly the most common way to sell a home, a qualified agent can help you get the maximum price for your home for a commission.
  • Online Real Estate Platforms: Increasingly popular, they give your home instant exposure. However, be wary as some home estimations can be wildly inaccurate.
  • Private Homebuyers: A good choice if you are in a hurry to sell your home or don’t want to go through the time and expense of making necessary repairs. Straight cash purchases are the norm but will not bring you top dollar.
  • By Yourself: Harder than it looks but a reasonable choice if you are selling in a highly desirable area.