What is a home really worth?

Question: “I’m thinking of selling my home and buying a bigger one. And I’m concerned about asking the right price. Everyone talks about list price, sales price, CMA, appraised value, etc. But what is a home really worth?” Answer: Great question! Recently a young man told me his condo had just appraised at $460,000. But
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What is the difference between a home equity line, an equity loan, and a HELOC?

Question: “Hi Gary. My wife and I want to buy an investment property. We want to conserve our cash, so we plan to borrow against our home.  Can you tell us the difference between a home equity line, an equity loan, and a HELOC?” Answer: A home equity LINE (aka HELOC, acronym for “Home Equity
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Should I take out a reverse mortgage?

Question: “What do you think of reverse mortgages?” Answer: I think they’re a great option for many older people. My parents had one and it allowed them to stay in their home until they passed away. The downsides are the high 15K+ upfront costs and the obvious fact that the equity is slowly used up
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Should I ever overpay a little for a home?

Question: “We found the perfect home. It’s on a culdesac near my sister and her family and just a block to the elementary school. It’s in our price range, but the seller is being stubborn on the price. Two homes like it just sold for $493,000 and $495,000, but they want $500,000. Do you think
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How to plan a move around your escrow closing

Question: “I’m really nervous about rushing to move out the day escrow closes. Escrows don’t always close on time, so how can I be expected to move with very little notice?” Answer: It can be stressful. I handle it for my clients this way: First, I explain to my clients up front that we can’t
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Do people actually read the contracts?

Question: “I recently bought a home and was amazed by all the pages we had to sign. We barely skimmed most of the pages. Do they really expect people to read them?” Answer: Ironically, in an effort to inform people of all they should know when buying or selling real estate, there’s such an information
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Can I trust the median value when pricing my home?

Question: “I live in North Clairemont and an agent told me my house is worth $575,000, but I saw online that the median in my zip is $667,400.  Do you think the agent is lowballing my home value?” Answer: I don’t have enough information to answer that. But here’s what I can tell you… First,
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Is it more difficult to get a loan these days?

Question: “I’ve heard it’s very hard to get a loan because banks just aren’t lending. Is that true?” Answer: Not at all. It’s true that after the wild and irresponsible days of “fog the mirror” and you qualify for a mortgage, the pendulum swung the other way and banks were overly strict on qualifying. So,
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Is it safe to buy a house that had mold?

Question: “We kind of like a house we saw. It’s a cute 4-bedroom with a huge yard. But the agent said it previously had mold that was removed. Do you think it’s safe to buy the house?” Answer: Good question. First of all, not all mold is hazardous. So it depends on what kind of
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Why pricing your home according to market value is important

Question: “I’m thinking of selling my condo and I want to get top dollar. So I’m thinking of starting high to see what happens…” Answer: Hold on a sec. Here’s the rule when pricing your home in anything OTHER than a market experiencing rapid appreciation: “The closer you price your home to market value, the
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