Sherry Lee Cox, REALTOR(R)/ Broker/ Certified Foreclosure Specialist/ePRO

Myth #1: Once a potential buyer sees the inside of your home, curb appeal won't matter.

Truth: If you do not have nice curb appeal, the buyers may never see the inside of your home. Often, buyers and their agents do drive-bys before deciding whether a home is worth previewing. Remember, there's no second chance at a first impression. Always keep the lawn mowed, shrubs and trees trimmed, remove weeds and put toys and clutter away.

Myth #2: Minor repairs can wait until later.

Truth: Most buyers are looking for homes that are move-in ready. If your home does need numerous repairs, the prospective buyers will probably offer less money or ask for allowances to make the repairs. Usually, the cost for you to make the repairs yourselves will be much less than the buyers will ask for in order to hire a professional. Buyers are comparing your home to other homes on the market. Except for bank-owned properties and sometimes short sales, most homes listed for sale are in pristine condition and many times staged.

Myth #3: You should always price your home high and negotiate down.

Truth: You may not receive offers because either the buyers are scared off by the price or their agent realizes that the home is overpriced and won't preview it with their buyers. Also, if your home is priced at $405,000 rather than $399,000, you may miss out on buyers who are looking in the under $400,000 range. By the time your home is at its fair market value, you will have missed the window of opportunity when your home draws the most attention from buyers and agents which is the first 30 days that your home is on the market.

Myth #4: Your home must be every home buyer's dream home.

Truth: Consult with your REALTOR(R) before making expensive home improvements. Compare your home to competing homes in your market. You will not realize a 100% benefit on some improvements such as a built-in swimming pool. Other improvements may make more sense such as kitchen and bathroom remodels. A coat of paint, new draperies and new carpet can go a long way toward making your home competitive in the market.

Myth #5: When you receive an offer, you should make the buyer wait for your response. This gives you more negotiating power.

Truth: You should reply immediately to an offer! When a buyer makes an offer, at that moment in time they are ready and willing to purchase your home. They are emotionally invested. You do not want to lose a sale because you made the buyers wait for your response.

Myth #6: You are better off saving money on the commission by marketing your home by yourself.

Truth: Homeowners who do sell their home For Sale by Owner usually net less than if they were represented by a REALTOR(R). The National Association of Realtors(R) surveys For Sale By Owner listings, including homeowners who succeed in selling their home without an agent, and over 70% say they would never do it again. Remember, this is a serious legal transaction, and there are a myriad of forms that need to be filled out and signed by all parties to protect yourself in the sale. Statistically, most For Sale by Owner home owners start by trying to sell their home themselves only to end up utilizing the expertise of a REALTOR(R) at some time during the process.

If you would like to search the MLS for listings in and around Paso Robles, visit my website. If you have any real estate questions or general questions about Paso Robles or San Luis Obispo North County, please contact me via email or call me at (805) 235-0234 for more information.

It starts with a dream...

To all of you prospective homeowners who have been sitting on the fence, now is the time to purchase a home and quickly! Home prices are the lowest they have been since 2003, interest rates are phenomenal, and Fannie Mae & Freddie Mac are raising their mandatory fees, toughening credit score criteria and down payment rules as of April 1. If you find a home immediately and do a 30-day escrow, you might get in under the wire.

Most major lenders are already tacking on the higher fees.

Under Fannie & Freddie's new guidelines, even if you have very good FICO scores, if you can't come up with a 30% down payment, there will be what they call a "delivery" - aka penalty -- "fee" at close of escrow.

A buyer with a FICO score of 699, even with a 25% down payment, will get hit with a 1.5% delivery fee. A buyer with a FICO score between 700 and 720 will get hit with a 3/4% delivery fee. Even someone with a 739 FICO score, heretofore considered "A" credit, will get hit with a 1/4% delivery fee. Remember, if you are paying a 1% delivery fee on a $500,000 mortgage, that equates to bringing $5,000 more to the table at close of escrow.

Buyers of condominiums who cannot come up with a 25% down payment will have a 3/4% add-on penalty regardless of how good their credit is simply because it is not a detached single family residence.

It looks like the only way to avoid these penalties is to get an FHA loan, which may or may not result in a higher interest rate. Federal Housing Administration mortgages allow down payments as low as 3.5%, and credit scores are not as critical as those required by Fannie Mae and Freddie Mac.

If you plan to purchase a home now, be sure to contact your mortgage professional immediately to discuss lending options...

If you would like to search the MLS for listings in and around Paso Robles, visit my website. If you have any real estate questions or general questions about Paso Robles or San Luis Obispo North County, please contact me via email or call me at (805) 235-0234 for more information.

It starts with a dream...

The Paso Robles Swim & Tennis Club will not be completed until spring, but they will be having an open house at Cafe Vio, 1111 Riverside Road in Paso Robles, on Saturday, February 28th from 11:30 am to 4:00 pm. Saturday is the last day to received 30% off of registration fees, so come meet their staff and enjoy treats and drinks. The plans for the club will also be available for viewing.

Cafe Vio serves delicious soups and sandwiches, smoothies, pastries, lattes and mochas. It is a great place to enjoy friends, relax with a cup of coffee and connect to the internet. (805) 237-2722.

For more information about the Paso Robles Swim & Tennis Club, visit their website or email Sara@pasoroblesclub.com.

If you would like to search the MLS for listings in and around Paso Robles, visit my website. If you have any real estate questions or general questions about Paso Robles or San Luis Obispo North County, please contact me via email or call me at (805) 235-0234 for more information.

It starts with a dream...

The Western Bonanza Junior Livestock Show, hosted by Cal Poly students, is celebrating its 25th anniversary this weekend at the Paso Robles Event Center, and it is free to the public.

350 entrants aging 9 to 21 will be showing five species of animals and competing for $43,000 in payouts and $40,000 in prizes. This is one of the largest junior livestock shows in the Western United States.

For a schedule and further information, visit their website or call (805) 756-5398.

If you would like to search the MLS for listings in and around Paso Robles, visit my website. If you have any real estate questions or general questions about Paso Robles or San Luis Obispo North County, please contact me via email or call me at (805) 235-0234 for more information.

It starts with a dream...