What Happens During A Final Walk Through?

Your final walk-through to-do list

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You put a lot of effort into finding the right house, and now that your closing is just days away, you're finally ready to start calling your new place home. Before this can happen, however, you should do a final walk-through of the property.

What is a final walk-through? 
final walk-through isn't a home inspection (that typically takes place in conjunction with your offer). It's not the time to request new repairs, either. Instead, this is an opportunity to make sure the condition of the home is as expected. Specifically, you'll want to confirm there haven't been any unexpected or unwanted changes made to the property.

What should you look for? 
Make sure there isn't any move-out damage and that all your requested repairs have been made. You'll also want to check that no extra furnishings have been left behind and that everything included in the home price -- items like appliances, light fixtures or window blinds -- are in place and in good condition. Use a checklist to guide you through this process.

When does it take place? 
The final walk-through can happen anywhere from a few days prior to your closing to just a few hours before.

Finally, be sure to bring a copy of your contract along for reference and consider asking your real estate agent or a home inspector to help you double-check everything and verify repairs. Remember, this is your last chance to give the property a good once-over before you legally claim it as your own.

Article received from Arin Dunn @ Nationwide Capital

Posted on August 7, 2019 .

New AirBNB rules being enforced in LA

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Since 1st July, the new home-sharing regulations are now in place for the City of Los Angeles. It drastically changes the way hosts from Airbnb and other sites, can book short-term rentals and vacation stays.

 

Enforcement of these draconian regulations begins on 1st November 2019.

 

Here’s what hosts need to know:

 

  • Hosts must register with the City planning department and pay an $89 fee.

  • Only the host’s primary residence, where a host lives for at least 6 months per year, can be rented out.

  • Renters can’t home-share without prior written approval of their landlord.

  • Rent-controlled units are not eligible for home-sharing, even if you own your own rent-controlled unit.

  • Hosts may not register for or operate more than one home-sharing rental unit at a time in the City.

  • Hosts cannot home-share for more than 120 days in a calendar year, unless they have registered with the City for ‘extended home-sharing’.

  • The ‘extended home-sharing’ option allows hosts to rent out residences for an unlimited number of days. To get approval from the city, hosts have to pay an $850 fee. To qualify, they need to be registered with the city for at least 6 months or hosted for at least 60 days. Hosts who have received a citation in the past 3 years will be disqualified, unless they pay a $5,660 fee to have their case reviewed.

  • Non-residential buildings and temporary structures are not eligible for home-sharing; that includes vehicles parked on the property as well as storage sheds, trailers, yurts, and tents.

  • Hosts are responsible for providing a Code of Conduct to all guests, with rules about amplified sound and evening outdoor congregations.

 

About 23,000 housing units are available for rent in the City of LA on short-term rental platforms, with about 10,000 units primarily used for short-term rentals.

 

Here’s a link to the 9 best alternatives to AirBnB:

https://www.curbed.com/2016/12/13/13933554/airbnb-vacation-rental-alternatives

 

Posted on August 2, 2019 .

SOLD!

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SOLD! The Lashley Group helped our buyers through the transaction of purchasing this sweet condominium in Lake Forest, Orange County. Are you looking to buy or sell a house? The Lashely Group can help! Contact us today: jamie@thelashleygroup.com or ian@thelashleygroup.com

Posted on May 9, 2019 .

Is Your Dream Home in a Cell Phone Dead Zone?

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By Jennifer Pattison Tuohy

Posted on Apr 2 2019 - 11:31am by Housecall

House-hunting is exciting, but it can be an exhausting process. Choosing where to live should be driven by factors like location, neighborhood and curb appeal. The last thing you should worry about is cell phone reception. If your dream home turns out to be in a cell phone dead zone, you can either switch carriers or boost the performance of your existing service.

Related: Neighborhood Amenities to Look Into Before Purchasing a Home

The best solution in most cases is to switch to a carrier that has good coverage in your new home, as dealing with bad service will get frustrating. Here are four factors to consider when switching:

Find the best coverage. Since service can sometimes be affected by factors like building materials and nearby landmarks, you can't always rely on coverage maps to know which cellular provider will work best in your new home. The easiest way is to ask around—the current homeowners can tell you which network they use, and you can ask your new neighbors which provider works for them.

Narrow down your choices. Once you've determined which providers work in your neighborhood, use coverage maps to decide which one is the best choice for your new home. For the fastest speeds, look for a provider that offers the best 4G coverage. This map by RootMetrics also lets you zoom in to a specific area and choose from different carriers.

Shop around for the best value on plans. Switching carriers is a great way to save some money on your monthly bill, too. Once you've found the best network coverage, see if any Mobile Virtual Network Operator (MVNO) providers are available in your area. An MVNO is a company that resells service from the major carriers, generally at a lower price.

Confirm you can port your number. When switching to a new cellular provider, you'll want to make sure you can bring your old number with you. Carriers are required by law to let you port your number to your new provider; however, if you are moving to a new area code, you'll need to give up your current number if you decide to switch carriers.

If switching carriers is not an option or you can't find a cellular provider that offers good service in your new home, some technical fixes are available that can help you deal with bad reception. Consider these three potential solutions for bad cell phone service:

Enable WiFi calling and texting. WiFi calling routes your calls or messages using an internet connection rather than a cellular network. If you have broadband internet in your new home, you'll be able to make and receive calls, even if you have bad or no cell phone service. It works in the same way as messaging apps, only it's baked into your phone's operating system, so there's no need to launch a separate app. WiFi calling works with both free and paid Wifi connections.

Purchase a femtocell. A femtocell—also called a small cell or network extender—works like a mini cell phone tower in your home. It routes all your calls over the internet, so you'll need broadband and the ability to connect the femtocell to your router. Femtocells are carrier-specific and will only work on the network you use. Friends and family will still be in a dead zone if they use a different carrier, and only authorized users can connect to it.

Buy a signal booster. If you have a decent signal in one area of your house, you can buy a signal booster. These work by amplifying the cell signal from a good location and re-broadcasting it to the area with poor reception. Signal boosters are carrier-independent and will work on any cell phone, but you need good reception somewhere nearby for this option to work.

Buying a new home should never depend on your ability to make and receive calls. The good news? Whether you opt for a new carrier, use WiFi calling or buy hardware to boost your current signal, you're bound to find a solution for your poor cell phone reception.

Jennifer Pattison Tuohy is a freelance writer and contributor for Xfinity Mobile. She writes about smart home and mobile phone technology, consumer tech, small businesses and green living for a variety of newspapers, magazines and online publications.

Posted on April 14, 2019 .

Redfin: 2019 is shaping up to be a good year for homebuyers

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In February, more American homes experienced a price drop than any other winter in recent history, according to new data from Redfin.

Source: HousingWire

“More than any time in the past few years, 2019 is shaping up to be a good year for homebuyers,” Redfin writes. “One way the market has shifted to buyers: More price drops. As of mid-February, more than one in five homes for sale had a price drop—the largest February rate in at least 10 years.”

Notably, Redfin highlights that on average, two-in-five homes in Fresno, California experienced a price drop. This means in February alone, 40.4% of homes in Fresno’s housing market dropped their price.

“Price drops are a highly cyclical measure, typically peaking late in the year and falling dramatically to start each new year, and this year is no different,” Redfin writes. “However, even though the share of homes with price drops is down quite a bit from the fall and isn’t up year-over-year as much as it was then either, it is starting 2019 at a much higher level than the past several years.”

Redfin notes that price drops are climbing nationwide, rising frequently and larger in metros like Las Vegas, Seattle and Albuquerque. In these housing markets, home prices declined by 13.6 points, 12.8 points and 12.2 points, respectively.

 “Many sellers listed their homes late last year just as rising prices and mortgage rateswere starting to price out their core pool of potential buyers,” Redfin Agent Jennifer Brockman said. “Meanwhile, some buyers are starting to think that waiting to purchase a home could pay off, especially as listing inventory continues to rise.

Posted on March 11, 2019 .

Online Home Value Estimates Are NOT Appraisals

This blog was originally published on June 29, 2017.  It has since been updated to reflect new data.

Consumers who are seriously in the home buying and home selling market should be mindful of a variety of competing home price estimators. Solely relying on just one price estimate is likely to skew the views of what a particular property will actually transact for. When it comes to online home value estimates, however, the number one caveat for consumers is that these estimates are not a substitute for formal appraisals, comparative market analyses, and the in-depth expertise of real estate professionals. Nonetheless, it is important to know the different sources of Automated Valuation Models or AVMs and home value estimates available online, so that members can help clients and potential clients understand these estimates in their proper context.

Where are these home value estimates coming from? The prevalence of technology can give anyone more access to a broad spectrum of information on the internet. In real estate, access to property details and values is easier due partly to low-cost immense computing power. AVMs spit out a price for a property based on computer algorithms and calculations that take different sets of property data and look for patterns and relationships between property value and the input data. There are websites that will have a home value estimate available by just searching an address, while others may provide an estimate only upon request.

The most popular sources of home value estimates online are those that use AVMs. These estimates have varying levels of accuracies and may not take into account the unique qualities of a home, a neighborhood, and local markets. The main sources of AVM estimates are:

 

  • Realtors Property Resource® (RPR®): RPR® has two home value estimates, their AVM estimate and the Realtors Valuation Model® (RVM®) estimate. The difference between the two is that RVM® uses the same data as the AVM plus Multiple Listing Service (MLS) Data. Both AVM and RVM® show the accuracy level of the estimate by giving estimate ranges and confidence scores. This resource is available for REALTORS® only and allows a significant amount of expert customization, making it a useful tool for members, especially when working with well-researched clients.
  • REALTOR.com®: Realtor.com® uses tax assessment records, recent sale prices of comparable properties, and other factors to estimate home values. This estimate is free and publicly available.
  • Redfin: Redfin is a web-based real estate brokerage that gives the Redfin estimate for the property, which is based on market, neighborhood, and home-specific data, including MLS data on recently sold homes. Redfin cites that their estimates for properties currently on the market are more accurate than estimates for off-market properties. This estimate is free and publicly available.
  • HouseCanary: HouseCanary has two main services: valuations and forecasting. Their estimates use property level data from public records and the MLS. Their accuracy will vary across markets depending on the availability of data. This estimate is available with subscription to their services.
  • Homes.com: Homes.com’s estimate mainly uses public records. They test and benchmark the accuracy of their estimates. This estimate is free and publicly available.
  • Zillow: Zillow has the Zestimate, which is their home value estimate for properties and is computed using public and user-submitted data. Their estimates have different accuracy levels depending on the data of the property and location. This estimate is free and publicly available.
  • Eppraisal.com: Eppraisal.com uses property records, home sales data, and local market data for their estimates. Their accuracy depends on the accuracy and completeness of public data. This estimate is free and publicly available.
  • Trulia: The estimate from Trulia is likely to be very similar to Zillow’s zestimate since it is part of the same Zillow Group. Having a separate Trulia price estimate is more a marketing gimmick to give the impression to consumers that there is more competition, though it is just the same company trying to establish a greater market power, hence the ability to extract a higher fee from real estate professionals.

There are also websites that provide home value estimates by request only or estimates using user inputs: ForSaleByOwner.com, GuaranteedSale.com, HomeFacts.com, HomeLight.com, HomeValues.com, SmartAlto.com, ValuemyHouse.com, and ZipRealty.com. Some banking and financial institutions, such as Chase Bank, Bank of America, the Federal Housing Finance Agency, Fifth Third Bank, and PennyMac, also provide estimates to accompany their other financial services. Some real estate agents and brokerages also share their estimators through their websites. Again, it is important to know that these estimates have varying levels of accuracies. These sites may or may not use Automated Valuation Models, but can be another source of property and home value data that anyone can access.  Additionally, there are also data companies, such as Attom Data Solutions and CoreLogic, that market propriety AVMs.

As technologies advance and more data becomes available, the number of sites that provide home value estimates may grow. With the knowledge of where to find home value estimates online, it is important to note that these home value estimates are not interchangeable with formal appraisals, comparative market analyses, and they cannot be used as a basis for a loan. Most of these sites, if not all, reiterate the importance of consulting the expertise of real estate professionals to receive an in-depth and in-person analysis of the property and the local market.

 

Blog courtesy of National Association of Realtors

Posted on August 21, 2018 .