San Diego – Page 4

3 Common Inspections You’ll Have When You Purchase a Home in San Diego

August 20, 2018 by Danielle Negroni Leave a Comment

Once your offer has been accepted and you’re in escrow to buy a home, you’ll have a certain amount of time to inspect the property and remove contingencies. Your agent will guide you through what inspections are necessary depending on your unique situation. There are some inspections that are common to almost all home purchases in San Diego and should be completed for peace of mind.

Home Inspection

A home inspector will review the structure of the home and all of its associated systems. The home inspector is often the first person to inspect the home during the escrow process, as they often identify potential problems in the property that will require a follow-up inspection by a specialist. For example, a home inspector may feel that there’s an issue with the plumbing and recommend you call a plumber to see what the problem is, how to fix it, and what it will cost.

The home inspector will give you an inspection report for your review and records. Following the inspection, you have the option to negotiate with the seller the completion of any of the repairs, a credit for the work, or in the alternative pay for the repairs yourself. If none of these options are acceptable, you can elect to cancel the escrow.

If you are securing a loan, on the property, there are some issues a lender will require to be addressed and fixed prior to closing. It’s important to have strong representation at this time of the transaction because many repairs are costly and you don’t want them overlooked.

Termite Inspection

All homes in San Diego should have a termite inspection, unless waived on the purchase contract. If you are getting a loan, most lenders will require a termite clearance (meaning any problems on the property have been addressed and treated) prior to closing escrow.

The seller typically pays for the cost of the termite inspection. The buyer will receive a copy of the termite report, which will be divided into Section 1 and Section 2 items. Section 1 items will need to be addressed in order for the home to close escrow and the seller usually pays for these Section 1 items. Section 2 items are usually covered by the buyer as they are not a requirement for the home to close escrow, but may be something the buyer wants to address in the future. The main difference between Section 1 and Section 2 items is that Section 1 usually refers to remedying active termite infestation or repairing dry rot or damage from termites. Section 2 items usually refer to conditions present in the home that could lead to a future infestation of termites, damage, or dry rot.

Septic/Well Inspection

Some homes in San Diego County have a septic system and/or a well on the property. If the home you are buying has either or both of these, you will want to get them inspected.

When the septic system is inspected, any known issues will need to be remedied by the seller in order to receive a septic system certificate that it is in good working order.

If there is a well on the property, a well inspection company will need to come out and review how the system is functioning. They will also test the water for coliform bacteria and certain metals and minerals that could be harmful to the health of your family or your home. You will receive a copy of all test results.

There are many other inspections available for a home (roof, pool, foundation, mold, sewer lines, roof, windows, etc) but these are three of the most common ones to consider. Every property is unique so it’s important that you work with an agent who has the knowledge and experience to guide you through the escrow process.

Thinking of buying a home in San Diego County? I would be happy to put my expertise to work for you – call (858) 735-5767 today!

8 Can’t-Miss Summer Activities in San Diego

June 24, 2018 by Danielle Negroni Leave a Comment

One of the perks of living in a tourist destination is that there’s always something to do, no matter what month it is. But summer is especially packed with activities that will take you from one end of the county to the other. Besides the obvious like the San Diego Fair, racetrack, and 4^th of July celebrations, here are eight of my favorite activities that should be on your bucket list to experience during summer in San Diego.

Humphrey’s Concerts by the Bay

No summer is complete without taking in at least one concert at Humphrey’s. This outdoor concert venue is situated on San Diego Bay between Humphreys Restaurant and Humphreys Half Moon Inn. The concerts generally take place from April to October, but summer is the ideal time to take in a musical experience at this beautiful venue. The sound is fantastic and because it’s a smaller venue, every concert feels intimate. Check the Humphrey’s 2018 concert schedule and buy tickets here.

Summer Nights at the San Diego Zoo

During the summer, the San Diego Zoo stays open late into the evening. From now through September 3^rd, you can enjoy special after-dark experiences and entertainment that you won’t get during the day. And you’ll also get to see animals that are only active at dusk or after dark. This year’s theme is Africa. Learn more about the Nighttime Zoo here.

Hyatt Rooftop Cinema Club

Want to enjoy a movie in style? The Manchester Grand Hyatt’s Rooftop Cinema Club is a film experience like no other! Take in an iconic movie from your comfy deck chair and don’t worry about the noise from downtown San Diego – all guests are given wireless headphone to use during the film screening. If your attention wanders during the movie, you can take in spectacular views of America’s Finest City and San Diego Bay. Click here to see the full schedule of movies.

Summer Pops

During the summer, the San Diego symphony takes their concert experience outdoors! Enjoy great music while taking in views of San Diego Bay and the downtown skyline. The Start Spangled Pops is the series kickoff event and it concludes with a fireworks display. Or if you prefer classical music, check out Beethoven by the Bay on July 29^th. Most concerts begin at 7:30pm. Click here to see the full schedule of upcoming concerts.

Carmel Valley Rec Center Movies in the Park

Each year, the Carmel Valley Recreation Center offers movies in the park with fun for the whole family. The games, food, and fun start each night at 6pm. On July 21^st, you can enjoy the animated feature film, Coco. On August 19^th, the rec center will be screening Guardians of the Galaxy Vol. 2. Movies start promptly at dusk each night. For more information about the movie nights, contact the rec center.

Sleepovers at the Zoo and Wild Animal Park

While you can spend the night at the San Diego Zoo or Wild Animal Park at other times of the year, there’s no better time to plan a family sleepover than during the summer. You’ll get to learn about the animals, go behind the scenes, talk to the zookeepers, fall asleep to the sound of wild animals, and more. You’ll need to make a reservation for both the Zoo and the Safari Park sleepovers so visit their websites for more information on how to book your overnight.

Cinema Under the Stars Hillcrest

Love classic films? Then you have to check out Cinema Under the Stars in Hillcrest! Films are screened beneath a retractable dome and if the night is a little chilly – they have infrared heating to keep you warm. The next film they are showing is Raiders of the Lost Ark, which will be shown on June 28^th, 29^th, and 30^th and again on July 1^st. All film screenings begin at 8pm. Click here to see the rest of the summer’s schedule.

Del Mar Powerhouse Park Summer Concerts

For one of the most unforgettable concert experiences in San Diego, mark your calendars for one of the upcoming Summer Twilight Concerts at Powerhouse Park. Bring your chairs, blankets, and beach towels and get ready to sing and dance the night away. There are concerts planned for July 10^th, August 7^th, and August 21^st. Opening acts start at 6pm, with the headliners scheduled to come on at 7pm. Learn more here.

What are your favorite things to do during the summer in San Diego? Leave me a comment below!

8 Things to Do When Buying a New Construction Home

June 8, 2018 by Danielle Negroni Leave a Comment

New construction homes have a certain appeal that existing homes don’t. They’ve never been lived in so you won’t have to wonder about the home’s history. You’ll have the opportunity to customize your home from the ground up, rather than trying to modify what’s already there. And you won’t have to deal with an emotional seller.

But if you’ve decided to purchase a brand new home in San Diego, there are a few things you shouldn’t forget to do:

Hire Your Own Agent

Many buyers of new construction don’t think to hire their own real estate agent – but they really should. The sales agent is being paid to represent the builder’s interests, not yours. Plus, since you’re buying the home (not selling) the builder will most likely pay your agent’s commission. So it’s really a no-brainer to hire your own agent to represent you and negotiate on your behalf!

Ask About Extras

Don’t assume that what you see in the model home comes standard. Ask about what’s included and not included in the advertised purchase price. If you want to pay for additional upgrades, prioritize those things you can’t easily change about the home, like square footage and lot location. You can always install different flooring or repaint later and it may be cheaper to hire your own contractor to do the work anyway. Builders often mark up the prices on upgrades. You can ask your agent to give you a ballpark estimate of what a particular update might cost. Or they can refer you to a trusted vendor who can give you an estimate.

Research the Community

Depending on where the builder is in construction, you may not have a clear picture of what the community will be like when it’s finished. Make sure to ask how many total homes will be built and what community amenities will be offered. You should also find out about plans for the land outside the community. If there’s empty space now, what will be there in the future? Find out if any new schools will be built and if there are plans to modify the existing roadways to accommodate the increase in traffic.

Negotiate

While most builders do not want to compromise on price, they may be willing to throw in some extras or make concessions in other ways. It never hurts to ask. Your agent will be instrumental during this negotiation phase.

Ask About Warranties

Don’t forget to ask about warranties for the things that will be installed in the home. You can’t assume because something is new that you won’t have a problem with it. Make sure you understand what’s covered and what’s not and if there’s any special process you need to follow to get repairs done in the future.

Get Everything in Writing

Just as you would if you were purchasing an existing home, get everything you’ve negotiated and agreed upon in writing. Since the home may not be built yet, it’s important that the contract explicitly spells out how the home will be completed and what will happen if the home is not finished on time.

If you don’t understand what you’re signing, this is another area where it pays to have your own agent. Your agent will be able to help explain the contract to you and if there’s anything that stands out as a red flag, they should be able identify it for you.

Shop Lenders

Builders often prefer to use their own lender, but that lender may not be the best choice for you. You should find out if there’s any incentive to use the builder’s lender and meet with them, but you should also talk to one or two other lenders to help you make a decision. Though there may be an incentive now to use the builder’s lender, if you can get a better rate elsewhere that might make better financial sense for your family in the long run.

Get a Home Inspection

Getting an independent inspection of your new home before closing is always a good idea. After all, you want to know what you’re buying and ensure that the work was done properly and up to code. Workers can make mistakes so it never hurts to hire a professional to double-check. You will want to make the time to be there for the inspection so you can hear what the home inspector has to say first-hand.

If you’re thinking of buying a brand new home in San Diego, I would love to tell you about the great new communities that are being built and take you to tour the model homes. And if you find one you like, I’d be happy to represent you on your purchase. Give me a call at (858) 735-5767!

San Diego Free Concerts – Summer 2018

June 4, 2018 by Danielle Negroni Leave a Comment

Looking for something fun and free to do with the whole family this summer? Check out this list of summer concerts happening across North County San Diego!

Carlsbad

Carlsbad TGIF Concerts in the Park

Fridays, 6-8pm

760-602-2090, www.carlsbadca.gov

Stagecoach Community Park: 3420 Camino De Los Coches

JUN 22 Stoney B Blues – Blues

JUN 29 80z All Stars – 80s Covers

JUL 06 Lao Tizer Band – Jazz

Poinsettia Community Park: 6600 Hidden Valley Road

JUL 13 The Detroit Underground – Soul/Motown

JUL 20 The Mighty Untouchables – Top 40

Calavera Hills Community Park: 2997 Glasgow Drive

JUL 27 Jonathan Lee – West Coast Country

AUG 03 Phat Cat Swinger – Swing

Alga Norte Community Park: 6565 Alicante Road

AUG 10 Orgone – Funk/Soul/Afro-Disco

AUG 17 Poncho Sanchez – Latin

Del Mar

Del Mar Foundation Summer Twilight Concerts

Tuesdays, 6pm

858-635-1363, www.delmarfoundation.org

Powerhouse Park: 1600 Coast Blvd

JUN 19 Sully and the Blue Eyed Soul Band

JUL 10 The Pettybreakers – A Tribute to Tom Petty

AUG 07 The Steely Damned 2

AUG 21 The Mighty Untouchables

Encinitas

Encinitas Concerts at Moonlight Beach

Sundays, 3-5pm

760-633-2740, www.encinitasca.gov

Moonlight Beach: 400 B Street

JUL 01 Fan Halen – Rock

JUL 15 Betamaxx – 80s

AUG 05 New Leaf – Reggae

AUG 19 The Pettybreakers – A Tribute to Tom Petty

Oceanside

Oceanside Concerts in The Park

Fridays, 6-8pm

760-435-5041, www.ci.oceanside.ca.us

Rancho Del Oro Park: 4701 Mesa Drive

JUN 15 The Mardels

JUL 20 The Greg Douglass Band

Mance Buchanon Park: 425 College Ave

AUG 10 The Generations Boulevard Band

Solana Beach

Solana Beach Concerts At The Cove

Thursdays, 6-7:45pm

858-720-2453, www.cityofsolanabeach.org

Fletcher Cove Park: 140 South Sierra Ave

JUN 21 Ryan Hiller Duo

JUN 28 Navy 32nd Street Brass Band

JUL 05 Hullabaloo Band

JUL 12 Quartet Nouveau

JUL 19 Collin Elliot

JUL 26 Three Chord Justice

AUG 02 Funk Junkies

AUG 09 Jimmy and Enrique

AUG 16 Sully & The Blue-Eyed Soul Band

AUG 23 Rockadamy and the Special Guests

Where is your favorite place to enjoy a concert in San Diego?

6 Common Home Buying Questions – Answered!

May 15, 2018 by Danielle Negroni Leave a Comment

Even if you’re not a first-time home buyer, it’s okay to admit that you still have questions about the process of buying a home. No transaction is ever the same and the mechanics can change drastically between transactions, especially if it’s been a few years since you purchased a home in San Diego. Below, I’ve answered six common questions I often receive from home buyers:

1) How Much Home Can I Afford?

Affordability is the question on everyone’s mind as home prices in San Diego continue to rise. It’s easy to feel discouraged and wonder if you can afford to buy anything. The truth is, you may not be able to afford the house you want. Yet. Or, you may be pleasantly surprised! The best way to determine how much you can afford is to meet with a lender to get you pre-qualified. You’ll still need to get pre-approved for a loan before you can buy, but getting pre-qualified will give you an idea of what you can afford for a monthly mortgage payment. Of course, you also need to consider the cost of HOA dues, Mello-Roos fees, and contributions to your emergency fund. Once you have these numbers in mind, you can compare them to home prices in the neighborhoods you’re considering.

But, if you realize you can’t buy the home you want in your dream neighborhood, don’t give up! Give me a call, I’d be happy to give you some other options to consider that might realistically fit your budget.

2) What Should I Offer For a Home?

Before you write an offer on a home, there are many things you should consider. What is the seller’s motivation for selling? How long has the home been on the market? What do the comps show? Is the home listed as-is?

I will help you evaluate each home you want to write on and help you craft a strong offer. But be prepared that as San Diego is in a seller’s market, you’re likely going to need to offer near full price or perhaps a little more to secure your home, especially if it’s turnkey and in a desirable area.

3) How (and When) Do I Set Up Home Inspections?

Once we have your home in escrow, I will help you schedule all necessary inspections and make sure we get the appointments set before we need to remove contingencies. The inspections are your chance to investigate what you’re buying so it is important that you be there for as many as you can so you can meet the inspectors and see what they see.

4) How Quickly Can I Close Escrow?

Most escrows can be closed in 30-45 days. If you’re paying all cash for your property or waiving contingencies, you may be able to close in less. However, you or the seller may need a longer escrow for a variety of reasons. We will negotiate the length of the escrow during the offer process and will find a timeframe that works for both you and the seller.

5) If I Want to Do the Repairs on My New Home Myself, Can I Ask For Concessions?

Yes, you can, though the seller may not be inclined to give them to you. A lot depends on their financial situation and the terms of your loan. The seller may be selling their home as-is because they truly cannot afford to pay for the repairs that are needed to fetch a higher price for the property. Certain repairs may also need to be completed prior to closing escrow in order to fund your loan. The lender will be able to advise on specifics, but most loans require the home to be habitable in order to fund.

6) How Much Should I Budget For Closing Costs?

Your actual closing costs will vary, but plan to budget 2% of the actual purchase price. So if the home you’re purchasing is $500,000 expect to pay around $10,000 and in closing costs. The escrow company will provide you with an estimate once you get into escrow, but in addition to your down payment, make sure you put aside money to pay closing costs – most buyers and sellers each pay their own closing costs so don’t expect the seller to cover this for you!

If you still have questions about the home buying process, please don’t hesitate to reach out. I don’t believe in stupid questions – I’m here to help you in any way that I can!

4 Great Places to Shop For Home Decor and Furniture in San Diego

April 22, 2018 by Danielle Negroni

In San Diego we’re lucky to have access to both chain furniture stores and local boutiques. It makes decorating a home a breeze. But while you can always find great pieces at West Elm, Pottery Barn, and Crate & Barrel for your new house, it’s a good idea to mix and match pieces from different stores to avoid having your home look like a catalogue with too many matching sets. I always like to check out our local stores when I get the chance and these four San Diego shops are some of my favorite places to look for furniture and decor for my own home.

Skylar’s Home & Patio

Website

Skylar’s Home & Patio has two locations in San Diego, Carlsbad and Kearny Mesa. They sell high quality furniture for both indoor and outdoor living in a variety of styles. They carry top brands like Dovetail Furniture, Fermob, Kingsley Bate, Polywood Eco-Friendly Furniture, and Hunter Douglas window treatments. They also offer design services if you need help picking out furniture and decorating your home. If you can’t make it in to their store, you can also shop much of their inventory online.

Nativa Interiors

Website

The husband-and-wife team behind Nativa Interiors created their brand with the vision to offer high-quality home furnishings at a fair price. Alongside their own creations, they also carry luxury brands like Lee, American Leather, Stressless, and Gamma Arredamenti. In addition to the beautiful pieces available at their two show rooms in Solana Beach and La Jolla, they also offer interior design services. In their words, “Nativa Interiors is no longer a furniture store where customers came to buy one piece of furniture but rather an exclusive resource where our customers come to work with our interior designers to transform a house into a dream home.”

Kern & Co

Website

Kern & Co is my go-to resource for specialty pieces. They are a high-end furniture and interior design company with two showrooms in Solana Beach and Rancho Santa Fe. Kern & Co offers selections from leading brands as well as custom furniture options, upholstery, window treatments, and kitchen and bath designs through their partnership with Susan Spath Inteior Design. Susan’s team can help you bring your vision for your home to life.

Living Spaces

Website

While Living Spaces has locations outside of San Diego, they’re not as main stream as Restoration Hardware or Z Gallerie. Living Spaces carries many great brands like Magnolia Home by Joanna Gaines and Studio 7 Collection. While some furniture stores have a signature style that infuses all of their offerings, Living Spaces has something for everyone. You can shop for mid-century modern, coastal, transitional, and rustic pieces (among other styles) online or at one of their two San Diego locations. Living Spaces also has great accessories to outfit a home or office.

But remember, while you may be daydreaming about all the new pieces you’d like to buy for your home, make sure you close escrow before making these big purchases. You could jeopardize your escrow by making significant charges to your credit card, which can impact your debt-to-income ratio and affect your loan approval.

If you’re planning to buy a home this summer, I would be happy to meet with you and discuss how we can get you into the San Diego home of your dreams!

5 Things to Consider Before You Downsize

April 1, 2018 by Danielle Negroni

No matter how much you love your home, there will come a time when your house simply won’t fit your needs anymore. Perhaps your home feels too roomy now that your kids have gone off to college. Or maybe you’re just tired of lugging the vacuum cleaner up the stairs and are ready to purchase a smaller, single story home. Whatever your reasons, here are 5 things to consider before you downsize.

1) Know Your “Why”

It pays to keep your “why” firmly in the front of your mind. For most people, downsizing is not an easy task. You’ll likely need to spend a considerable amount of time decluttering and going through all the things you’ve accumulated after years in your current home. Having a strong reason to get to the finish line will keep you motivated when you’d rather throw in the towel.

2) Separate Yours Wants and Needs

As with any other home shopping experience, you’ll need to separate your needs from your wants before you start looking. This will allow you use your time more efficiently and help you avoid buyer’s remorse down the line. For tips on separating your wants from your needs, check out my recent blog.

3) Know How Small is Too Small

It’s important that you don’t get too hung up on purchasing the smallest possible home. Take time to think about the spaces you most enjoy in your current home, your hobbies, and how much time you plan to spend in your new house. You may find that “downsizing” really means downsizing on your monthly costs, not square footage.

4) Consider Your Costs

It seems simple on paper: smaller house = cheaper mortgage = more money in your pocket. But that’s not always the case. Particularly if you’re moving to a condo community, make sure you’ve factored in HOA and mello-roos fees. If your primary reason for downsizing is to save money, you’ll want to keep track of these “hidden” fees to ensure your monthly housing costs will truly be reduced.

You should also take into account how much it will cost to move and furnish a new space. Many times, people who downsize find themselves having to purchase all new furniture that will actually fit into their new space. A visit to a local furniture store can help you estimate your costs.

5) Explore Neighborhoods

San Diego truly has a neighborhood to fit every lifestyle. Just because you’ve spent the last twenty years in the same location doesn’t mean you have to buy another property in the same area. Imagining the possibilities is part of the fun of house hunting. Spend some time checking out communities before narrowing your list down to a couple to focus on during your search.

While it can be difficult to say goodbye to a beloved home full of wonderful memories, downsizing can be a fun and exciting adventure! If you’re thinking of making a change, I’d love to help you through this next step – give me a call to get started!

3 Reasons to Sell Your Home in 2018

March 20, 2018 by Danielle Negroni

“It’s a seller’s market!”

“Now is a great time to sell!”

As a San Diego homeowner, you’ve probably seen this phrase on one piece of real estate marketing mail after another for the last few years. It can be hard to discern if it actually is a great time to list your home or the Realtors who mail in your neighborhood are just saying that to get you to call them.

While it is a seller’s market and a great time to sell, it helps to have context for those statements:

In my last blog post, I took a look at the median sales price of homes in a few different San Diego housing markets. Many local markets are reporting prices we haven’t seen in ten years or more. In some areas, the median price for a detached home has far surpassed its 2006 pre-recession peak. But home values can’t continue to rise indefinitely. I believe we will see a decline in home values in the months to come as interest rates rise and the housing market peaks.

Interest rates have steadily risen nearly every week since the beginning of the year. Bankrate.com shows current interest rates for a 30-year fixed rate mortgage hovering around 4.5%.

As interest rates rise, they limit buyer purchasing power. According to a recent article from Rismedia, “If interest rates rise 1 percent and all other economic factors remain the same, purchasing power for homebuyers will decrease by just over 11 percent; therefore, every quarter-percent (0.25 percent) rise of interest rates reduces homebuyer purchasing power by 3 percent.” This means that someone who might have been able to purchase your home a few months ago might no longer have the buying power to do so, shrinking the pool of potential buyers for your home. The higher the value of your home, the more you will likely feel the effects of that shrinkage. Rising interest rates will help bring down prices at the top end of the market, as homeowners who are serious about selling might find themselves making concessions on price to get their home sold.

Once your home sells, you will likely need to purchase a replacement property. If you wait too long to sell your home, you might find yourself conceding on your sale price AND entering the market with less purchasing power that you would have had just a few months ago.

Finally, if your home is aging, you should keep in mind that you likely have some big-ticket repairs on the horizon. Depending on its composition, your home’s roof will need to be replaced every twenty to thirty-five years. The lifespan of a furnace is about fifteen to twenty years. Most appliances last no more than fifteen years. Waiting to put your home on the market means you could end up footing the bill for these repairs in order to sell the house, taking a hit on price to get your home sold, and then entering the marketplace with a lighter wallet and reduced purchasing power.

There’s one other point you should also keep in mind: the new tax law lowered the mortgage interest deduction from $1.1m to $750,000. In 2018 and going forward, your state, local, and real estate taxes are put into one pool for deductibility purposes. Between the three of them, you only can deduct up to $10,000 total. It’s hard to predict how these tax changes will impact the real estate market, but they do cumulatively place a heavier financial burden on the buyer.

If you’ve been on the fence about selling, it might be time to get off the fence and put a “For Sale” sign in your yard. I’d be happy to meet with you to discuss the specifics of your situation. Give me a call or send me an email to set up an appointment!

Is the Housing Market About to Peak?

March 10, 2018 by Danielle Negroni

If you’ve been thinking about selling your home and either downsizing or purchasing something else, now is a great time to do it! Market indicators are showing that the San Diego housing market is peaking and we are heading for a downturn or softening. Home values can’t continue to rise indefinitely so if you’ve been waiting for the moment to list your home, this is it!

Just take a look at these numbers:

* Home prices in Carmel Valley have reached a fourteen-year high. The median price for a detached home is now $1,215,000.

* In Del Mar, median home prices go up and down depending on the individual homes that have sold. But prices have been lingering around the pre-recession peak for many months now.

* Home values in Solana Beach are up 6% from last spring.

* In La Jolla, home prices have far surpassed their pre-recession peak and continue to rise month-over-month. In February, the median price for a detached home was $2.2 million dollars.

* And across the county, home prices are up 8.1% from last year at this time. The median home price is now $607,765, the highest it has been in fourteen years!

Curious to know what your home is currently worth? Want to know the best way to capitalize on this seller’s market AND get into a new home? Give me a call, I’d love to set up a time to discuss your unique situation!

[All data sourced from Sandicor MLS on March 10th, 2018]

What to Consider When You Have Multiple Offers For Your Home

March 4, 2018 by Danielle Negroni

The current San Diego real estate market is extremely competitive. With more buyers than homes for sale, listing your home in this market could result in multiple offers for your house. While this is a great position to be in as a seller, make sure you look beyond price when weighing the offers you receive. Here a few other things you should consider:

Length of the Escrow

A 30-day escrow is pretty standard in San Diego, but can go longer or shorter if all parties (including the lender) are willing and able.

If you need a quick close, a cash buyer is going to be your best option. Since there’s no loan involved, all the buyer needs to do is verify and inspect their purchase. A 10-14 day close is not outside the realm of possibility for a cash buyer.

But if you need a quick close, cash buyers aren’t your only option. Buyers need to specify the length of the escrow on their offer so make sure you look at what each buyer has offered you.

If you’re not in a hurry to close or are asking for a rent back anyway, a strong offer at the price you want with a 45 day or more escrow could be just as attractive as a cash buyer.

Funds

How much is the buyer putting down and how much of that are they offering as their Earnest Money Deposit (EMD)? These numbers not only paint a picture of the buyer’s financial stability, it also indicates how serious they are about buying your home. The larger the EMD, the more “skin” the buyer is putting in the game.

Contingencies

If an effort to stand out in a competitive marketplace, a buyer might offer to waive the normal contingencies – like the appraisal contingency. This is a bold move for a buyer to make and shows how serious they are about buying your home. As a seller, you want to work with a committed buyer who is unlikely to back out during escrow – leaving you with a house you still have to sell.

Buyer Extras

You should also consider the allocation of closing costs. What is the buyer offering to pay for? Are they covering all of the items that are typically covered by the buyer or are they asking you to pay for any of those items? Maybe they’re offering to pay for some of the items that are typically covered by the seller – which would save you some money.

Contingent Offers

Sometimes you will get offers that are contingent on the sale of the buyer’s current home. If you have multiple offers on the table, it could be tempting to immediately disqualify the contingent offers. But before you do, make sure you have considered the rest of the offer and how well it aligns (or doesn’t align) with your own goals. If you’re not in a hurry and the offer otherwise looks strong and offers the price you want, you might want to seriously consider that contingent offer.

Your agent should be able to tell you how long they think it might take the buyer to sell their home based on the market conditions. Though your agent can’t tell the future, they should be knowledgeable and experienced enough to give a rough estimate of how quickly that home might get into escrow. Your agent is also responsible for communicating with the buyer’s agent to see if there has been any activity on the home or if they might be close to accepting an offer. These are all important things to know when considering a contingent offer.

If you do decide to go with the contingent offer, your agent will talk to you about countering back with a specific timeframe for the buyer to get their current home into escrow. If you give the buyer two weeks to sell their home and it doesn’t happen, you’ll be free to move on to another offer.

You also might find that the contingent buyer’s home is already in escrow – which means less risk to you if you go with their offer. They’ll be motivated to see the deal through since they’ll need somewhere to live when their current home closes.

The Buyer

Finally, it’s important to consider the buyer behind the offer. You should look at both their financial situation and who they are personally.

On the financial side of things, you should make sure the buyer has been pre-approved for a loan. You should also look at what amount they were pre-approved for. If your home is at the top end of the budget, they probably won’t have any more room to go up in price or cover any additional costs that might come up during the escrow. If your home is comfortably within their budget, they might have more capital to play with to close the deal.

On the personal side, who is the buyer? Are they a family? A young couple? An investor? While it might not make financial sense on paper to let your personal opinion of who should buy your home guide you when deciding between offers, at the end of the day, it’s your home and you can choose any of the offers on the table. If you’d rather go with a family who is offering you a little less than a cash investor offering full price, you can do that.

Your agent is there to help you evaluate and decide between the offers you receive. This is where working with an experienced, knowledgeable agent can really benefit you. I have successfully helped many San Diego sellers sell their homes – with and without multiple offers. If you’ve been thinking of listing your home for sale and would like a free consultation, give me a call!