Why NOT to use open houses to price your home

Question: “Hey Gary: We stopped in at an open house at the home at XXXX XXXX. It’s listed at $700,000. We weren’t impressed with it compared to ours. We assume the main draw for that house is location and it’s on a bigger lot. Have you seen it? What’s your opinion?  It makes us think
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Should I buy a home with an unpermitted addition?

Question: “I was looking at a home that had one of those California Rooms built without a permit.  Is there a downside to buying a home with an unpermitted addition?” Answer: (A California room is typically a patio style room with many windows. FYI, in Florida they call these Florida Rooms!) Three possible issues come
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How to make an offer on a home with value range pricing

Question: “We made an offer on a home listed for 725-800K with value range pricing. We offered 730K and the seller wouldn’t go below 770K, so we didn’t get the house. Isn’t it illegal and misleading to say 725K was their lowest price, but not accept an offer over 725K?” Answer: First of all, contrary
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Do you charge a fee for your home or property estimates?

Question: “When someone is considering selling and if they want to speak with you regarding how much their property is worth, do you charge a fee for this or only give them a guesstimate? I want to make sure I understand…They have to get a separate appraisal since the value you provide isn’t considered THE appraisal, right? 
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Why do so few condos offer VA financing?

Question: “I’ve been trying to buy a condo using VA financing, but so many are not offered VA. Why do you think that is?” Answer: Great question. There are a few reasons… Many condo complexes are not VA approved. It requires lots of paperwork to get approved. And there’s not always a motivated party to
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What is the cost to sell a home?

Question: “Hi Gary, besides the Realtor fee, what is the cost to sell a home?” Answer: There are several categories of items that you should be aware of: Standard Seller Closing CostsThese include your portion of the title and escrow fees, the county transfer tax, and other fees. These tend to total .5% to 1%
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Why wasn’t my offer accepted?

Question: “My dad and I are looking for a house in Escondido. We found the perfect one after a couple of weeks. The list price was $515,000, and we told the Realtor to offer $450,000. She said we had nothing to lose and made the offer. But the seller rejected it and now their agent
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What home price can I afford?

Question: “My husband and I own a P.B. condo and we really want a house with a yard for the kids and a double garage.  Our condo is worth about $700,000, so we should net $300,000 after expenses and paying off the loan. How much house can we afford to buy?” Answer: Down payment is
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Where in San Diego is the best appreciation rate?

Question: “Where’s the best place to buy a home in San Diego to get the highest appreciation rate?” Answer: People ask me this all the time. Call me a boring theorist, but my answer is always this: All other things being equal, all parts of San Diego should appreciate at about the same % rate
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How often should my agent hold an open house?

Question: “How many open houses should my agent do?” Answer: Somewhere between zero and who knows. Yes, that’s pretty broad. The truth is that while open houses never hurt, they’re only one small tool in the toolbox of an agent to sell your home. Contrary to popular belief, only about 2% of homes sell from
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