Stavrosgroup

Low Home Inventory: Why It’s Important to Have a Well-Connected Real Estate Agent

Do you often think to yourself, “Boy, I sure have a lot of extra time and extra money to waste”? If you, like basically everyone else looking to buy or sell a home, want to maximize your investment and minimize the time and stress involved in your real estate transaction, then the first and perhaps most important step is to find your agent. Preferably an experienced, well-connected agent!

This practical guide to real estate agent skills and responsibilities will help you choose an agent capable of delivering tangible results in the most efficient, effective manner. In a competitive market, relying solely on old-school information from sources such as MLS databases or word of mouth is not going to get you the best possible results.

Real Estate Agent Skills: Marketing Matters

If you are selling your property, then a big part of your real estate agent’s responsibilities should include a comprehensive marketing plan. This is needed to maximize your listing’s exposure to prospective buyers.

A few key components of your agent’s marketing strategy should include:

1. Home staging to maximize visual appeal and desirability — not required, but recommended if your time-frame and finances allow
2. High-quality, professional photographs utilized in digital and direct advertising campaigns
3. Virtual tours to offer convenience to both the buyer and the seller
4. Open houses that are strategically scheduled and well-promoted

The success of these marketing initiatives is largely correlated to how well-connected your agent is. What good are shiny new photographs or beautifully staged open houses if the right eyes don’t see them?

The same goes for the other side of the coin, too. If you’re on the hunt for your next home or investment property, a well-connected agent is an absolute must. This is especially true in a low-inventory market as exists in Orange County. Your agent will be vital in helping you find exactly what you’re looking for, and making a strategic offer before the listing is scooped up by your competition.

A savvy real estate agent also understands that the best marketing campaigns don’t only showcase their properties; they also showcase the agent. If you’ve lived in your community for a while, what names come to mind when you think of real estate? Chances are that if they stand out in your mind, they stand out in the minds of others, too. Take note — this is a sign of a well-connected agent.

The Importance of Relationships with Other Industry Professionals

Put simply, the more well-connected an agent is, the more resources they have at hand to offer you.

Your real estate agent should have a broad network of industry connections to streamline the entire buying or selling process from start to finish. This includes different industry professionals and services, such as attorneys, mortgage brokers and lenders, inspectors, contractors, appraisers, stagers, painters, moving companies and more.

It will save you a wealth of time to have referrals to reputable, high-quality service providers that you’ll need rather than having to seek out each from scratch. At the Stavros Group, we go the extra mile by scheduling and coordinating all the vendors and their work, while you sit back and relax.

The most important industry connections for a successful real estate agent are with other agents. Whether they are within your own team or brokerage or community, other local agents can serve as your eyes and ears, your “boots on the ground.” They can provide valuable feedback after showing the home, and close agent relationships are particularly helpful when trying to buy or sell an off-market property. Agents talk and share information about current active and upcoming listings. This information is absolutely invaluable.

In a low-inventory, fast-paced real estate market, an agent who is well-connected with other agents can make the difference between securing the property of your dreams or missing out on it entirely. Every agent has a style and a process, so it’s helpful to hire an agent who both knows his or her colleagues well, and is held in high regard by the real estate community. These seemingly small professional connections can make all the difference in your transaction.

The Role of Relationships Within the Community

An in-depth understanding of the local community enables your real estate agent to effectively match your needs to the most suitable properties. This applies to things like desired neighborhoods, proximity to particular amenities, schools and more. A well-connected agent is especially helpful if you are not very familiar with the neighborhoods where you’d like to buy a home.

As recently described in Forbes, “there is no way to put a monetary value on the expert advice of an agent who actually lives and breathes real estate in the neighborhood their business is focused on.”

A real estate agent creates an ecosystem of trust and communication through a strong presence and good rapport with other local businesses, organizations and professionals. They are able to cultivate valuable word-of-mouth referrals and connections, all of which helps in making your transaction a quicker and more successful endeavor.

Never Underestimate the Power of the Internet

To be a well-connected real estate agent these days means being active across a multitude of social media platforms. We’re talking Facebook, Instagram, Linkedin, Twitter, Pinterest… the more, the merrier!

But it’s not just about your agent’s number of social media followers; even more important is their responsiveness and online activity. Are they posting regularly and staying at the top of the feed? Do they reply to tags, comments, and questions? This sort of online etiquette is akin to responding to phone calls and emails. It contributes to (or detracts from) an agent’s overall reputation.

Are You Looking for an Agent Who Ticks All the Boxes?

Real estate agent skills and duties are expansive and varied. Picking the right, well-connected real estate agent to work with can truly be a make-or-break moment for your entire buying or selling process.

There is no such thing as a one-size-fits-all approach. A real estate agent’s role is multifaceted, but it should always include an expansive network of industry and community connections.

If are considering buying or selling a home in the Orange County area, connect with us. See how our local, experienced and well-connected team can exceed your expectations. Let’s talk strategy!

How to Improve Your Credit Score for an Orange County Home Purchase

When you are looking to buy a home in Orange County, the first step in the process should be evaluating your finances to determine just how much house can I afford? If you haven’t always had a clean payment history or have significant debt, you may be asking how to improve your credit score. Because a credit score is extremely important to lenders, this is an area for immediate attention. Credit scores affect lending rates, the amount you are eligible for, and often the payment terms. With a low score, you will be at a disadvantage when looking to secure funds for a new Laguna Beach or Newport Beach home.

While there are many prospects when considering Orange County homes for sale, the reality of the situation is that the cost of living in California is high and the better your credit, the higher budget you will most likely have to work with. When consulting with a real estate agent, like myself, we will try to get you the most for your max allowance in terms of a price point, but you need to be certain that you will be approved for the needed funds. There are few things you can do to improve your overall credit score before looking to buy a home in Orange County.

Avoid Late Payments

Your overall score is determined by several areas, but the history of how you pay your bills is the most significant impacting factor. Your bill payment history is equal to about 35% of your total credit score. Making monthly payments for outstanding debt on or before the due date will do a lot to increase your score.

Check Your Credit Score

There are several sites that offer free credit score reporting, and by staying on top of the activity, you will know how to address any problems. This can keep your score from developing errors.

Correct Errors in Reporting

If your score has dropped, look at the different areas and find out why. You can sometimes contact your company and ask them to remove reported late payments. You can even open disputes on items that are incorrect.

Reduce Your Level of Debt

The second largest area making up your credit score is the debt ratio. This is equal to about 30% of your score and takes several factors into consideration. This will look at the number of open accounts you have and the amounts that have been utilized for each account. The rule of thumb is to keep your credit accounts 30% or below the available limit.

Keep a Strong Credit History

As the saying goes, there are many things that improve with age, and your credit score is one of those things. The longer your accounts remain open and in good standing, the higher your score will go. It is hard to keep something on your history, such as a car or house that has been paid off, but some of your revolving credit accounts can be of help to your financial situation. This category determines approximately 15% of your total score.

Balance Your Types of Credit

Install loans and revolving credit are the two types of accounts reported. By having both loan types on your credit, it displays a sense of familiarity with the lending and payment process. This improves your score and establishes credibility for lenders.

Reduce Credit Inquiries

Every time you open a new account or apply for financing, it puts a mark on your credit score. These marks will drive down your score. It is suggested to only make an inquiry once every six months or so.

Use a Personal Loan

If you are looking for a quick way for how to improve your credit score, getting a personal, secured loan might be the answer. With a lump-sum loan, you can pay off higher-interest debt accounts and manage payments. This still leaves you with credit history but allows you to remove negatively impacting accounts.

By improving your credit score, you become desirable to lenders. Not only will they provide a favorable loan rate, you will have increased access to higher limits and offers. This extension of funds will go a long way in ensuring you are able to purchase the Orange County home of your dreams. If you’d like to discuss your options in the Orange County real estate market, please feel free to give me a call!

The Best Bold Kitchen Trends for Your Orange County Home

They say that the kitchen is the heart of the home. It’s where traditionally families come together to cook and eat the majority of their meals. Now, due to the recent trend of open concept in Orange County homes, it has become one of the focal points of the home and a place where people spend much of their time, serving as the hub of the home. While all white has dominated the kitchen decor market for some time, there seems to be a recent trend to the opposite side of the spectrum in darker colors. Recently, homeowners are getting bolder in their choices of design features and even bringing back some vintage trends. Whether on the hunt for a new home in Newport Beach or making updates before putting your Laguna Beach home for sale, we’re sharing some of the latest bold Orange County kitchen design trends that could give your cooking space a whole new style.

Get Creative With Backsplash

Backsplashes have been popular for a while now, but the way homeowners are using them to vamp up their kitchen is evolving. Rather than just a small slab behind the counter, people are becoming adventuresome by extending them all the way up the wall. The portion of the wall in which tiles are used isn’t the only thing increasing in size — we now see larger slabs of tiles as well as a variety of textures and patterns taking over. If you’re looking to add a pop of color to your cooking space, this may be the way to do it, as you can pick from virtually any color tile to complement your kitchen area. Large slabs, such as quartz, marble, wood, glass, and stainless steel, are also becoming increasingly popular. With the endless amount of color, texture and material options, it’s no surprise that backsplashes are causing such a big, well, … splash.

Darken the Mood

Another decor trend that provides a multitude of options to be creative and have a little fun with is with paint colors. Slowly we see homes doing away with all traditional beige or grey walls, instead leaning towards more darker, moodier colors like navy, black and dark green. Check out our recent blog post about some of the hottest paint color trends to help spur your inspiration. Although pristine white kitchens are still popular at the moment, we’re seeing more and more people get in touch with their darker side, as well. If you’re looking for a bold update to your kitchen space, try a dark green wall or navy cabinets with gold hardware. It’ll surely make your space pop.

Add a Pop of Color

Remember the days that having all stainless steel appliances was the new, modern craze? Though their popularity still remains high, as they provide a sleek, modern look, some homeowners are becoming a bit more daring and opting for bold colored appliances such as red or blue. This 70’s era trend may not be for everyone, but for those looking to liven up their kitchen area a bit, going with one or even a few bolder appliances may provide the pop that you are looking for. Have fun with it a little and start with a blue or green toaster. If you find you like it then take the next step by replacing one of your larger appliances. One thing to remember, though, is that you want to ensure that your love for that red refrigerator will remain intact for the life of the appliance!

What are your thoughts on where kitchen trends are going? Do you like the bolder, more textured and patterned designs that are taking place or do you prefer the sleek, white, clean kitchen aesthetic? Whatever your preference, here at the Stavros Group, we aim to locate the perfect home for you, complete with either the kitchen of your dreams or a space you can envision once you add your personal touch. If and when the time comes for you to buy or sell, we would love to be of service!

When Is the Best Time to Buy a Home in Newport Beach?

As an Orange County real estate professional, I am often asked when the best time to buy or sell a home in Newport Beach is. It is no secret that the Spring and Summer months are when the real estate market booms — with, statistically, the most homes being purchased and sold in the month of May. There are many reasons for this, including the warmer weather, longer days and kids being out on summer break, that lead to a spike in real estate in these months. While these ‘prime’ months are no doubt a great time to make your big move in the real estate arena, this time of year isn’t the only good time to put your Laguna Beach home on the market and even purchase one of the beautiful Newport Beach oceanfront homes for sale you’ve been dreaming of. There are a variety of considerations that you should factor into your decision that are specific to each family, before determining when is the appropriate time to embark on the next chapter of your lives. We’re breaking down a few of the notable factors you should take into account before making this big life decision.

Finances

Thinking about where you are financially may be one of the biggest driving forces in determining when the right time for you to buy or sell is. When thinking about buying a new home in Newport Beach, some of the questions you may want to ask yourself are:

-Do I have the income and credit score I need to qualify for the loan I want?

-Do I have a down payment saved?

-Can I afford the extra costs that come with homeownership, like property taxes and maintenance?

Another thing to consider are the costs that come along with moving. You may want to take into account whether you’re just moving from one home in Newport Beach to another, or if you’re moving cross-country to a new home in Orange County. According to the American Moving and Storage Association, the average cost of a move within the state is $2,300, while moving across states costs, on average, around $4,300. Buying a home is a major life decision that should carefully be thought out so that you’re not starting out the new chapter of your life on the wrong foot.

Major Life Changes

However hard you try, it’s not always possible to precisely calculate when you plan to buy a home in Newport Beach. Life often gets in the way, and sometimes plans get disjointed. But what is the right homebuying process or timeline for one family might not be the perfect one for you, which is why it’s critical to take all matters into account and think through if your family may be going through any major life changes in the near future. Some such life events include:

-A new baby: do we need more room to accommodate a growing family? (Or on the flip side, do we want to downsize for the retirement phase?)

-A new job: will I be required to move to be closer to my new job and if so, will this be my forever home or just a temporary position?

-Relocating to provide better schooling opportunities for my children

-Relocating to be closer to relatives in need

Seasonality of the Real Estate Market

As mentioned before, the Spring and Summer months are statistically when most people tend to buy and sell homes. The days are longer, the weather is generally warmer, you’ve recently been issued your tax returns, and kids are out on summer break. Due to these reasons, there is typically a flock of buyers on the hunt during these months, making it a slight seller’s market. However, the fact that sellers may have a slight advantage shouldn’t dissuade buyers from coming out during these months, as there are also numerous benefits to buying during this time. Because of the high demand, there, in turn, are also generally more homes on the market, as well. Depending on the market you’re in, buyers could actually have some bargaining power if the saturation of homes is great enough.

Generally speaking, the winter months tend to be a slight buyer’s market, as there is not as much demand during this season, giving the buyer a bit more advantage. If you are extremely flexible about when you are able to sell your home and/or buy a new home in Orange County, then taking these seasonal trends into account might be key for you. However, life typically makes things a bit more complicated, so while it may be beneficial to take note of these trends, it shouldn’t be your driving force.

Local Market Trends

One of the final factors a potential seller or buyer should take into account is what the real estate market looks like in your area. Interest rates are unpredictable and are a factor you should probably not make your decision based solely on, however, can be a beneficial (or unfavorable) factor in your decision, so should be considered in the process. Are interest rates at an all-time low and expected to rise in the next year? If so, it might be the time to buy property in Orange County! Or vice versa. Interest rates may be extremely high and are predicted to improve over the next year or two, so you’ve been holding off on your home purchase dreams.

Whatever considerations you take into account, the best time to begin house hunting will be unique to each potential homebuyer. If you find that now is the best time for you and your family to buy or sell a home in Newport Beach, Laguna Beach or Corona del Mar, then I’d love nothing more than to help you accomplish your real estate goals, obtaining the best profit on your home and placing you in the new home of your dreams. Please contact me today so we can discuss a plan that best fits your family.

How To Increase The Value of Your Orange County Home for Sale

The time has come to put your Orange County home for sale. You most likely know that your home will increase in value due to inflation over time, leaving you with more money in your pocket than what you paid for it. But many homeowners want to put their best foot forward when selling their home, offering their home in peak condition by completing renovations and in turn increasing their resale value. So how can you increase the value of your Newport Beach or Laguna Beach home for sale so that you’re able to walk away with even more of a profit? Read on to find out what home projects are going to be most advantageous in getting you a higher resale value.

A study conducted by Porch surveying 781 homeowners who have sold a home in the past 5 years found that sellers, on average, got around 7% more than their desired asking price when they did some sort of home renovation project before putting their house on the market. The project that was found to lead to the highest resale value? Construction. The data shows that those who chose to do construction on their home got an impressive 21.1% above their desired asking price when sold. Other popular renovation projects that were cited as adding value included updating multiple bedrooms or bathrooms (14% more than desired asking price), purchasing new appliances (11.5% more), kitchen renovation (8.2% more) and painting the exterior (6.2% more).

See the breakdown of the home renovation projects and just how much value they can add on the graph below, generated by Porch.

Image Source: Porch

The study also surveyed 22 real estate experts, gathering their input on things such as pre-listing project recommendations and where to focus your home renovation energy and budget. According to the majority of the experts, the project that agents are most likely to suggest to clients is painting the interior of their home, as this is one of the least costly projects, yet it can still go a long way by transforming the aesthetic of any space.

If you’re willing to tackle more full-on home renovation projects, the experts recommend refreshing the kitchen or bathrooms. These are some of the rooms that buyers are attracted to first and where updates will go the farthest. It is important to keep in mind that renovation projects can get quite costly, though, so if you’re not wanting to overhaul an entire room, remember that there are smaller projects you can do to a space to still spruce it up. Replacing only the cabinets, for one, can still give your kitchen quite the facelift. Or change out some of those dingy appliances you’ve had for years to some shiny new stainless steel ones. Smaller touches like these still go a long way and are sure to add more value to your home. If you’re smart about where and how you budget your home renovation projects, your return on investment could be quite worth it.

Regardless of the magnitude of the renovation you put into your home before putting it on the market, one of the most important pieces of the puzzle is pricing accurately. When it comes time to put your Orange County home for sale, you don’t want to overprice your property for fear of driving potential buyers away. However, if you undervalue it you could be walking away with less money in your pocket than it’s actually worth. It’s a tricky situation knowing how to accurately price your Newport Beach or Laguna Beach home for sale, which is why it’s imperative to have a knowledgeable real estate professional by your side through this process. Here at the Stavros Group, we would be honored to be that guiding hand through the process of selling or buying. If and when the time comes for you to buy or sell, we would love to be of service!