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The Dangers of Overpricing Your Orange County Home

Whether you’re in Newport Beach, Laguna Beach, Corona del Mar, or elsewhere, the dangers of overpricing your home are the same: It just won’t sell. Simple enough, no? Well, if you’re still curious, then read on to explore the reasons that pricing your home too high for the coastal Orange County market is perhaps the worst thing you can do when trying to sell.

Say you love the old tile smattered over your split-level floor plan. You feel the pool you installed for six figures was an excellent investment. Your afternoon naps simply wouldn’t be the same without those blaring trains. You love everything about your home, so it must be worth a little extra, right? Not necessarily.

An all-too common mistake by those selling a home in coastal Orange County (and literally everywhere else) is that they overvalue their property. Maybe they want to recoup their investment on costly improvements. Maybe their personal taste doesn’t match with market trends. Maybe they did some misguided research, or maybe they’re just going with their gut. Whatever the reason for an unrealistic sense of their home’s value, they can all be deadly to a listing’s chances.

Inevitably, a portion of sellers will heed poor advice from agents who will say anything to sign a listing. Others may scorn the advice of a good agent. But what really happens when a home is overpriced?

More is Less

Ironically, if your listing is overpriced, it’s more likely to sell for less than if you had priced correctly at the outset. Buyers are often reluctant to offer a “lowball” price to an overpriced listing, for fear of wasting their own time or possibly offending the sellers. Sure, some bold buyers might decide (or be convinced by their agent) to bid low, but many more of them won’t even bother.

When a listing is priced too high, buyers will move on to spend their time and energy on the reasonably priced listings in the area. They don’t want to waste their effort. That leads to decreased competition for the overpriced listing, and in the end a lower sales price. Good agents can spot an overpriced listing from a mile away. When they spot one, they will know that their clients needn’t worry about getting stuck in a bidding war. A seller who has overpriced should expect to see lower bids and fewer of them.

Losing Steam

Your first days and weeks on the market are the most crucial. When your listing goes live on the MLS, it triggers a cascade of events meant to help drum up interest in your property. Notifications are sent to buyers and agents through automated MLS alerts and search websites like Zillow, when a home that meets their criteria hits the market. If your listing is overpriced, those alerts won’t get a second look. In fact, if your pricing is way off, those alerts won’t even go to the “right” subset of buyers at all. Either way, you’ve wasted an opportunity.

As soon as your listing goes live, open houses and broker tours will populate on search sites, and your agent’s marketing plan should be in full swing. Snail mail, email, social media, agent networking—everything is full-speed ahead to supercharge your entry into the market. But, if you’ve priced too high, then you’ve stymied that effort from the get-go. Overpricing is an exercise in self-sabotage.

Going Stale

Once the initial marketing period is over, an overpriced listing will continue to linger on the market. And linger. And linger. And linger… you get the point. “Going stale,” in industry lingo, means being confronted with two options. First, you can simply wait. Perhaps you have the time to wait for conditions to improve. You’re not in a rush, and at the very least inflation will catch up to your unrealistic expectations eventually, right? Some sellers choose to pull their home off the market, but many don’t have that kind of time to spare, or they don’t want to live in listing limbo.

Your second option is a price drop. Sometimes, a price drop is a perfectly reasonable course of action; if it’s spurred because of a shift in market conditions, then you’re at least somewhat insulated by the fact that everyone else is floating in the same ebbing tide. However, if you must drop your price due to your own initial mistake, then you’ll turn into easy prey. Much like the lion that hunts the sickly gazelle, buyers will identify your listing as fundamentally weak. Offers will come in low, and buyers who see multiple price drops will just wait around for the next one.

Hitting the Sweet Spot

The dangers of overpricing highlight the importance of finding an agent who you trust. You deserve a real and honest discussion. At the Stavros Group, we apply our experience in Newport Beach, Laguna Beach, Corona del Mar and beyond to fit your needs, and we offer guidance based on the realities of the market—good or bad, up or down. We are your trusted advisor in selling or buying a home in coastal Orange County. If you’re considering making a change, reach out to start the no pressure conversation and we’ll discuss all your options.

No Green Thumb? No Problem: 7 Easy Houseplants to Liven Your Living Space

If you’re buying Newport Beach real estate, staging your Laguna Beach home to sell, or if gloomy fall weather starts getting you down, then you could stand to benefit from some bright and lively houseplants!

Houseplant History

For thousands of years, people have been bringing a little piece of the outdoors into their homes. According to the legend, King Nebuchadnezzar II of Babylon commissioned the fabled Hanging Gardens for his wife, Queen Amytis, way back in 600 BC. The Greek scribe Berossus noted that the queen was not native to Babylon, so the Hanging Gardens were filled with familiar foliage to help her feel at home in a foreign land.

Historical findings have also documented houseplants in ancient Egypt, Greece, Rome, and among eastern civilizations. Roses and violets in marble or terracotta pots could be seen bestrewn about the homes of wealthy Roman citizens, eager to display the tallest and brightest flowers. Miniature potted plants such as the Japanese Bonsai and Chinese Penjing first appeared around 200-500 CE.

Throughout the Middle Ages after the fall of Rome, houseplants largely fell out of practice, surviving mainly in monasteries by monks who grew practical plants like herbs and vegetables. When the Renaissance came around, interest in houseplants was revitalized, and wealthy individuals paid handsomely for exotic specimens procured by explorers such as Christopher Columbus. Suffice it to say that humanity has long known the value of the humble houseplant!

Green Living

Aside from simply looking nice, houseplants have some great additional benefits. First and foremost, plants purify the air around us. The hungry buggers gobble up our exhaled carbon dioxide, and they release fresh and clean oxygen for us to breathe in—all at the low cost of a little water and sunshine. Plants also clean volatile organic compounds (VOCs) from the air in our homes, although at such a small scale that it doesn’t make much difference.

Additionally, houseplants have shown various health benefits in clinical trials. In one example from the Department of Horticulture, researchers found that hospital patients recovering from surgery in the presence of houseplants had lower blood pressure and less anxiety, pain and fatigue. Patients reported that the plants “brightened up the room environment, reduced stress, and also conveyed positive impressions of hospital employees caring for patients.”

These effects can be realized in the home or workplace by adding plants of your own! If you have a home office or even occasionally work from home, consider adding a plant or two in view. A study by researchers at Washington State University found that workers with a potted plant in their line of sight saw increases in productivity of up to twelve percent.

Houseplants Made Simple

You may be interested in houseplants to liven up your home’s decor or to reap the health and other benefits covered above. If you’re new to taking care of plants, however, you’re likely wary of making a purchase just to see it die in the weeks or months that follow. But fear not, as there are plenty of options for those less floriculturally-inclined.

Here are just a few plants that DON’T require a green thumb to keep alive and well:

Aloe Vera

This hardy succulent only needs to be watered every couple of weeks. Allow soil to dry completely between waterings. As an added benefit, you can cut a piece and apply the latex it secretes to ease sunburns and minor cuts.

Snake Plant

Another plant which doesn’t need frequent watering, this succulent’s thick and waxy leaves store plenty of moisture. No need to stress while you’re away on a two-week vacation!

Spider Plant

This popular houseplant is perfect for newbies. A mainstay of homes around the country, and for good reason, the spider plant can withstand plenty of neglect. Just keep them watered and in indirect sunlight.

Pothos

Although tropical in origin, this viney plant’s heart-shaped leaves thrive even in cooler and drier climates. They don’t mind lower light or humidity levels, making them an easy and beautiful option for any home around the country.

Cactus

A symbol of the dry desert, cacti are the quintessential low-maintenance plant. Allow soil to dry between waterings; roughly a week if your pot has drainage holes, longer if not. As you might have guessed, these do require lots of sunlight, so place them in a brightly-lit space.

Cast Iron Plant

This lush evergreen is as resilient as its namesake. It is known to survive drastic shifts in temperature, and it doesn’t need a whole lot of sunlight or water to thrive.

Tillandsia (Air Plants)

As their name suggests, these beauties don’t even require soil to grow! As “epiphytes,” plants which extract nutrients directly from the air around them, you can hang tillandsia from the wall or ceiling as an attractive decorative piece. Just place them in bright sunlight and mist them occasionally to prevent drying, with frequency depending on the season.

Boost Your Quality of Life

As local real estate experts, we aim to show your listing in the best possible light. Just like a fresh coat of paint, a few well-placed plants can revitalize a room, so we love to use them when staging a home! The truth is that you don’t need a green thumb to enjoy the mood and health benefits of indoor plants. Give some of these houseplants a shot, and let us know how you fare! We’re always happy to hear from you.

The Art and Science of a Listing Price

Selling real estate is a unique career. Agents come in all shapes and sizes, with diverse backgrounds ranging from business management to entertainment to homemaking to everything else under the sun. Given these vast differences in abilities and past experience, your process working with a real estate agent can vary dramatically from one to the next. And yet among every single agent, there’s one skill that matters more than all the others. One skill which can make or break your sale. One skill which is truly the heart and soul of an agent’s work.

“So, what is it?” you say. “Spit it out! What’s the most important skill that every agent needs?”

Well, since you asked so nicely: It’s setting the listing price.

Buy Low, Sell High

We all know that negotiations are the name of the game when buying or selling a home. You want an agent who will apply force to every lever of a deal, fighting at every opportunity to save you money or boost your closing price. What you may not know is that a properly priced listing can earn you more money right from the outset. Conversely, an agent who can spot an improperly priced home might just snag you a deal.

In nautical terms, setting your listing price means choosing where to drop anchor. Once you’ve settled on a location, you throw out your bait to see what house-hunting fish swim in for a nibble. Yet no matter how tasty the bait or how shiny your lure, if you price too high, you simply won’t get any bites.

This metaphor is particularly apt when you consider broader business strategies. An “anchor price” is a widely used tactic that companies use to establish a psychological baseline for their products. If the shoe store says some boots are worth $200, then you’re getting a great deal when they’re on sale for just $100, right? (Even if they cost the store just $5.) While it’s exceedingly rare to see a home listing’s price drop anywhere near 50%, real estate is still affected by this psychology—with very real effects.

Bigger Might Not Be Better

Those effects are most clear in an overpriced listing. If you list too high, you’ll be subject to lowball bids, upturned noses, and open houses as empty as a ghost town. New listings tend to see the most activity and buyer interest within their first few weeks on the market. When your listing is overpriced, you’ve essentially wasted the most crucial days of your home’s marketing period.

After a few lonely weeks with too few or too poor of offers, you’ll likely consider a price reduction. Mind you that price reductions are a completely valid tactic in many cases, as markets can shift during the listing period for a myriad of reasons which may be impossible to foresee. However, it’s not a fun thing to do, if the lack of interest stems from simply pricing too high for the current market at the time of listing.

Ultimately, an overpriced listing is one of the great tragedies of real estate. The reverse, however, is not so dire. Let’s look at underpriced listings next.

How Low Can You Go?

An under-priced listing is not nearly the same catastrophe as an overpriced listing. In fact, setting your home’s listing price below its current market value can be a compelling strategy. Like a Black Friday sale, a low listing price can draw folks out of the woodwork to take a look at your home. Remember that the first few weeks of a new listing are the most important—a low listing price can pack those weeks with open house visitors, agent showing requests, and “saves” on sites like Zillow and Trulia.

That’s not to say that pricing low doesn’t come with risks. If your home still garners less than the critical mass of interest needed to boost offers and counters above market value, you’ll wind up in another sad state of affairs. In a worst case scenario, the market may shift under your listing and (like current interest rates) you’ll have little room to maneuver the lows any lower amidst an economic downturn.

The safest bet for most sellers and agents, especially those with less experience under their belts, remains to price a listing right around market value.

Finding the Sweet Spot

So how does an agent find exactly the right price to drum up the most interest and highest offers on a listing? The best tools at an agent’s disposal are the recent sales around your home.

When you first meet with an agent, they’ll likely provide you with a CMA, or Comparative Market Analysis, detailing the price and statistics of recent listings in your area. Much like an official appraisal, CMAs compare the sold homes in your area, their features, amenities, and the dates they sold, against your own. They’ll also compare the homes that are active and pending right now, more indicators of your current local market conditions.

By comparing and contrasting your home with other listings in your neighborhood, your agent can triangulate a ballpark figure for your home’s value. That’s the science of setting a listing price. Popular home search tools like Zillow have grown that science into complex algorithms which claim to output estimates within a few percentage points of error.

Then there’s the art of pricing a home. Like painting a masterpiece, it takes years of experience and a profound professional insight to obtain an organic sense for pricing. Through dozens of transactions and persistent study of the local market, consumer tastes, national trends and lender criteria, a seasoned agent has the acumen to see beyond the comparables. Even in a subdivision with identical floor plans, every home is unique. To assess every variable and produce a strategic, targeted price is a talent which not every agent possesses.

Your Local Experts

At Stavros Group, we’ve been working in your neighborhood for years. We know what works, what sells and how much it sells for. If you’re thinking of buying or selling a home in Newport Beach, Laguna Beach, and greater Orange County, let us know. We’d be happy to discuss your options during a free, no-pressure consultation. Real estate is our passion. We’re excited to share that passion with you, to match you with the great results that you deserve!

The Best Apps to Make Your Orange County Home Search Easier

With over 3,000,000 people living in Orange County, the competition for homes for sale in Orange County is high. This constant struggle for housing means that the old ways of looking for properties are out. Looking for signs in the yard or reading the local paper no longer gets you the house you are looking for, and house hunters have now turned to technology to aid in their search.

As your Orange County real estate expert, it’s our mission to match you with the perfect home. That’s why we scour the market every day, attend private tours, and maintain a wide professional network of local realtors. We understand that sometimes during the house hunting process it’s only natural for buyers to want to browse the market themselves. There’s no doubt that looking through the gorgeous Laguna Beach or Newport Beach oceanfront homes for sale is exciting. With all kinds of real estate apps available these days, it makes it easy for our house hunting clients to browse through the inventory and bring ideas to us. Although nothing replaces the knowledge, experience and personal customer service that you gain from working directly with a realtor, there are some benefits in utilizing these apps in conjunction with your agent.

Since you may be inclined to browse the market in your spare time, we’ve listed some of the key features of the most popular home-search apps. Have a look:

Zillow

Many people consider Zillow to be the best home searching app. Zillow provides what it calls a Zestimate, which allows you to see the estimated worth of the property you are interested in. (Read a comparison we did on a few online home value estimators.) Bear in mind that this is just an estimate, so it’s always smart to work with a realtor to come up with the most accurate home value based on the current market and your needs. Tools on this app also give you the opportunity to look up various statistics and even search properties based on certain specifications, such as property type, price, region, and features. You can create your own account on Zillow to keep track of your searches and the information you gather.

Redfin

This app is helpful because of its holistic nature. The app updates every 15 to 30 minutes to keep you on top of the game. You can also draw a box around the area you are searching, and only see homes within that perimeter. Search on Redfin for homes for sale in Orange County, and get a thorough list of short sale alters, foreclosures, and sale-by-owner properties. Discuss your favorites with friends, family or your realtor by using the sharing tools that the site provides.

Realtor.com

The National Association of Realtors designates this app as its official search engine. Additionally, the organization has various connections with Multiple Listing Systems, meaning the app updates faster and lists more properties. Connect to your Google Chromecast through this app and stream information to your television. Filter your search based on price, square footage, or even schools in the area.

Trulia

This app is a great choice for those actively seeking to buy an Orange County home. The tools that the app provides have the sole purpose of helping you find the perfect home to purchase. One tool, for example, allows you to filter for very specific features, such as type of flooring. You can also utilize the mortgage calculator as you become more serious about a property, as well as take a thorough look at the home through the various photos and immersive video tours.

LoopNet

This option is great for those looking for properties with multiple units. It provides a wider range of detail about these properties than many of the other apps. LoopNet offers data on traffic, financial details, street views, and geography of Orange County real estate. The app allows the opportunity to consider these commercial or multi-unit properties whether you live in the area or not.

HomeSnap

This app is especially useful for buying a home with your partner or getting input from family and friends. HomeSnap has special features specifically designed for sharing and messaging not only home listings but also home features and details. The app also has the capability of displaying details of a home from just a quick photo of the exterior. Take a picture and see the estimated home value, related schools and ratings, taxes, interior photos, and more.

While nothing compares to the personalized experience you get from working with a seasoned Orange County real estate agent, in certain situations utilizing these apps may be beneficial in helping you get ideas on the type of home, price range, and the area you want to target. Having an idea of what you are looking for, whether it be one of the gorgeous Laguna Beach ocean view homes for sale or a brand new Corona del Mar home, although not a requirement, often makes the job of the real estate agent easier in locating your dream home, as well. Whatever step you are at in your house hunting process, we are honored to help you get you where you want to be. Please don’t hesitate to contact us today so we can discuss your home buying plan and get you into the Orange County home of your dreams!

5 Reasons To Sell Your Orange County Home in 2019

32 N La Senda Dr

The world of real estate can be confusing to those on the outside who don’t spend every day studying the latest trends. When it comes to selling something as valuable as a home, however, it’s important to make as informed of a decision as possible, because a mistake can cost you dearly in your final sale price. If you’re considering selling a home in the near future and you want to know what the real Orange County real estate market is saying, it’s very simple — the time to sell is now! We are currently in a slight seller’s market, but there are signs that a change is not too far off. We’ve broken down a few of the top reasons why it may be a good idea to put your Orange County home for sale sooner rather than later.

1) The Room For Profit Remains High

At the end of the day, the goal in real estate is a pretty basic one: You want to sell your home for a healthy profit over what you paid for it and invested in improvements. The good news is, for current homeowners, it is highly likely that there is a great deal of profit waiting for you if you sell your home. Over the past decades, there has been a great deal of growth in Orange County real estate. The market has been strong since recovering from the latest recession, as well, which means your home is likely worth a good deal more than you paid for it, even if you’ve only owned it a few years.

2) Mortgage Rates Are Down

At the end of 2018, interest rates were on the rise, and it looked like the buying market was beginning to cool. Since then, there’s been a surprising turn of events in Orange County real estate: So far in 2019, rates have crawled their way back down. That means that house hunting is more appealing to potential buyers, who can now make a higher offer while getting the same practical cost over the course of their loan. While the year started off as a slight buyer’s market, lower rates pushed the market back into balance by the end of February, and into what the slight seller’s market we have today.

3) The Competition Is Coming

As of now, the inventory of homes on the market in Orange County is not currently keeping up with the demand. While interest rates remain low, new homes on the market are getting scooped up in bidding wars fast, and the competition among sellers is low. In such an appealing selling market, however, this trend will not continue forever. More and more homes will be listed in the months to come, as more sellers realize the time is right. Acting now lets you beat the rush of competition in the Orange County real estate market.

4) Millennials Are Ready to Boost the Buyer Pool

There are few consumer groups more misunderstood than Millennials, and that often leads to missed opportunities by those in sales. While it’s often reported that Millennials are not interested in a lot of the traditional rites of adulthood prior generations have been known to pursue, the reality is that the economic landscape they entered following the recession simply moved them behind schedule. Now, not only are young Millennials ready to own their first homes, but older Millennials who were hit hardest by the recession are also in a position to shop, meaning an influx of new buyers will hit the market in 2019.

5) The Next Recession Is Coming

While there are many reasons that the Orange County real estate market is so appealing to sellers right now, perhaps the strongest reason to think about selling your home in Newport Beach is what the market is shaping to look like in the not-too-distant future. All good things must come to an end, and economic experts believe that the current strong economy is ready for a downturn—sooner rather than later. While there’s no knowing exactly when it will happen, it’s widely believed that another recession will hit within a few years. If you’re not planning to stay in your current home long enough to ride out the next downturn, 2019 may be the last chance you get to sell in a hot Orange County real estate market.

If you’re a local to Newport Beach, Laguna Beach or Corona del Mar and you’ve considered putting your Orange County home for sale in the next few years, then there is simply no time like the present. The current market is a great one for sellers, and it is likely to become less lucrative the longer you wait to sell. As your dedicated Orange County real estate professional, it’s my honor to help navigate you down a pathway to profit. Don’t hesitate to reach out to discuss how I can help you today!

What Are The Tax Benefits of Buying a New Home in Orange County?

Tax season might be over this year, but it’s never too early to start thinking about how events in your life now may affect your tax benefits for next year. Purchasing a new home in Orange County could arguably be one of the biggest financial decisions in your life. It’s also one that is known to potentially come along with multiple tax breaks. We’re breaking down a few of these potential benefits, along with changes under the recent tax reform, that you should familiarize yourself with before buying a new home in Newport Beach or putting your Laguna Beach home for sale.

Aside from the obvious gains of mere pride and joy that come with owning your own property, home ownership can offer multiple financial benefits, such as home tax deductions, tax credits and other breaks that shouldn’t be overlooked. If you plan to purchase a new home in Orange County this year, it would be wise to familiarize yourself with current tax laws, as they have undergone changes in the past few years, which may affect how that house purchase benefits you.

As a recap, the federal Tax Cuts and Jobs Act (TCJA) underwent a significant tax reform, which Congress enacted in December 2017 and is currently scheduled to go through December 2025. Below we have broken down a few of the tax benefits that you may receive if becoming a first-time homeowner this year, as well as changes implemented by the new TCJA that you should be aware of if buying or selling a home for the first time since January 2018.

Mortgage Interest Deduction

One of the biggest benefits of owning a home is the fact that mortgage interest expenses are deductible. Under the TCJA, homeowners can deduct the interest you pay on a loan on up to $750,000 from your income taxes. Although this limit used to be $1 million (the TCJA reduced the limit and made modifications on how a home equity line of credit could be used), this benefit should not be overlooked. This deduction could still provide you with massive returns come tax season next year. Homeowners with new loans could especially benefit from this, as interest charges on mortgages are normally higher at the beginning of the mortgage’s term.

Homeowners should keep in mind that this tax deduction limit only applies to those who itemize their personal deductions. For those that choose not to itemize deductions, the standard deduction for individuals or married couples filing individually is $12,000, if you’re the head of household it’s $18,000, and for those married filing jointly it’s $24,000. It is worth speaking with a financial advisor to determine which method of filing is ultimately most beneficial for you.

Tax-free Capital Appreciation

One benefit that is going unchanged even with the TCJA is the capital gains you receive tax-free after the sale of your home. Homes appreciate in value during the life of your ownership, so when it is time to part ways with that Newport Beach home you’ve lived in for years to move to one up the road in Laguna Beach, you can relish in the profits of your sold home without worrying about being taxed. Under the TCJA married homeowners can retain up to $500,000 in home appreciation profits from the sale of their home, or $250,000 for single filers. There is a catch, though. You have to have used your home as your primary residence for at least two years out of the five years before the sale date to qualify for this exclusion.

Property Tax Deductions

Another tax benefit from being a homeowner is the ability to be able to deduct portions of your property taxes. Although prior to the TCJA you could deduct the entirety of your property taxes, all is not lost, as you are still able to deduct up to $10,000 ($5,000 if married filing separately) under the new law. Under the TCJA, the deduction was changed from solely property taxes to a combination of property taxes and either state and local income taxes or sales taxes under the $10,000 limit.

While being a homeowner in 2019 offers a variety of tax benefits, with the overhaul of tax laws in the past few years, it is wise to evaluate your choices to determine what is best for you and your family. It is worth noting, as well, that many of these recent changes may end in 2025, so it’s always good to be knowledgeable about how tax changes could affect your returns. Whether looking for a new home in Newport Beach or thinking of putting your Laguna Beach home for sale, we would love to help you with whatever Orange County real estate needs you may have. Please do not hesitate to give us a call here at The Stavros Group!

Home Buyer’s Remorse: Who’s Having It and How to Avoid It

Making the jump from renting to owning an Orange County home is a big step. Many Americans are eager to take the leap into homeownership because it’s one of the factors that embodies the “American Dream”. Unfortunately, many people don’t go into this huge undertaking with the knowledge and information they need to fully understand what they’re getting themselves into. Because of this, new research shows that many new homeowners are suddenly having home buyer’s remorse. Read on to discover why certain people are feeling this way and what you can do to ensure you’re happy with your Orange County home purchase!

A recent Bankrate survey shows that 44% of all Americans have some regrets when it comes to their home purchase. What’s even more surprising is that, when broken down generationally, a whopping 63% of millennials regretted buying their home. A few of the main reasons for this included the size of the house not meeting their needs, bad location, and mortgage payments being too high. However, their biggest gripe was related to unexpected maintenance costs.

Often times, new homeowners are unfamiliar with the extent of the costs required to maintain a home, including utilities, taxes and insurance, and unexpected repairs or replacements. As any seasoned homeowner will tell you, surprises are unavoidable, so it pays to be prepared. Whether you’re a new or prospective home buyer, we’ve provided a few helpful tips to hopefully take away any unexpected costs along the way — take heed and spare yourself the trouble down the road!

What? There’s more?

So you reserved a huge chunk of your savings for that large down payment — great! But you’re not quite done yet… Be prepared for closing costs that’ll range from roughly 2% to 5% of the home’s purchase price.

Maintaining your Home and your Happiness

It’s just a fact of homeownership that things are bound to break or give out, and they eventually will need repairing or replacing. It may be tough after a down payment and closing costs, but expecting the unexpected by keeping a reserve for repairs can make the difference between heartache and happiness. It’s recommended to save 1% of your home’s purchase price each year for upkeep costs. Take some time each month to inspect the pain points around your home and you can rest assured.

Don’t Forget Those Taxes

One of the biggest mistakes millennials make is only factoring in the cost of their mortgage into their monthly budget. Property taxes and insurance can be a hidden cost that can create an extra burden if you’re not prepared. Avoid this by remembering when Property Tax is due in your area!

Don’t Get Stuck in the Dark

New homeowners often times come from situations where they were living in a smaller space or renting somewhere that many of the utilities were covered for them. This leads to unexpected costs when maintaining the utilities of your home. It is good to keep in mind that you will typically be paying for electric, gas, and water, some of which may be higher than what you’re used to paying depending on if you’re upsizing or not.

Home ownership should be an amazing and rewarding experience, a dream come true for most Americans. Buying a home puts your monthly payments to work as an investment, by building your own equity instead of your landlord’s. And, as a homeowner, you have total freedom to make the choices you want and live the life you envision for yourself and your family! Just keep in mind that a prepared homeowner is a happy homeowner. While we can’t rid you of property taxes, at The Stavros Group we promise to find you an Orange County home that’s a perfect fit for your lifestyle and your budget! Let us know how we can help.

How to Quickly Spruce up Your Orange County Home

Putting your home for sale in Laguna Beach and want to stage your home to sell quickly? Or just looking to spruce up your Corona del Mar home a bit? There are lots of things you can do to a space to liven it up — buy new furniture, add some unique or colorful decor touches, update fixtures — but probably the one that creates the most dramatic change is adding a fresh coat of paint. For far less than the cost of a major renovation, painting your walls a new color will make your home feel modern, current, and refreshingly new. Whether you’re just moving in, looking to refurbish your existing space, or trying to sell your Orange County home quickly, here are a few of the trendiest interior paint colors that are sure to transform any room in your house.

Metropolitan AF-690 from Benjamin Moore

Voted Benjamin Moore’s Color of the Year for 2019, their Metropolitan AF-690 is a neutral gray that is stylish yet comforting at the same time and seemingly pairs well with everything. Shades of gray are very in right now, due to their calming nature and their ability to add an air of class and sophistication to any space. According to Benjamin Moore’s Director of Strategic Design Intelligence, Ellen O’Neill, “Metropolitan AF-690 emanates nuance, harmony and extravagant ease. Always adaptable, it softens to matte or shimmers with sheen. It’s neutral. It’s understated. It just is. This is color, off-duty.”

This color would look great in any room of the house, from the kitchen to the bedroom. To give you even more reason to love it, this Metropolitan AF-690 was also featured on Consumer Report’s list of Hottest Interior Paint Colors of 2019. According to Consumer Report’s Paint Ratings, they recommend using either the Benjamin Moore Aura or the Benjamin Moore Regal Select, both slightly pricier options but are environmentally-friendly, and only one coat is needed to cover your walls.

Blue Tequila from Behr

To add a calming, beachy vibe to your home, a color like Behr’s Blue Tequila is the perfect shade of blue-green to compliment a room. A more modern take on seafoam, this paint can add the perfect touch of color as an accent wall in any living area or bedroom, or coat your entire kitchen in it to transform your cooking area. Pair with a classic eggshell white for a quintessential beach feel, or pair with shades of taupes, browns and even orange to give a more rustic feel. This is another color that is extremely versatile and is bound to look good in whatever capacity you use it!

Peppercorn from Sherwin-Williams

Often people shy away from darker colors, but Sherwin-Williams Peppercorn is a charcoal gray that packs a punch while retaining that neutral elegance. Darker walls make colors pop, especially if accompanied by lighter crown-molding or furniture to contrast with the bold walls. If you’re hesitant to turn your entire living room or bedroom this dark of hue, then start by playing around in the bathroom. A hall bathroom is a great place to try out bolder colors and decor choices since this isn’t a room you’re constantly using. Then, if you happen to love it, you can expand beyond to more areas of your house!

Reflecting Pool from HGTV Home by Sherwin-Williams

For those looking to add a pop of color to their homes, Reflecting Pool by HGTV Home by Sherwin-Williams may be a perfect option. This beautiful shade of teal is bold enough to add spice to a dining room or living room, but also modern enough to give a sophisticated and elegant feel to the home. This was another color that made it onto Consumer Report’s list of Hottest Interior Paint Colors of 2019, which recommends using HGTV Home Infinity by Sherwin-Williams or the HGTV Home Showcase paint for this color, both ranking high in their Paint Ratings. Pair it with navy and a yellow hue if you’re aiming for more of a fun and playful look, or with greys and creams if you want just a pop of color. This hue would be a great option when updating a modern or mid-century modern style space.

Ella Rose from Magnolia Home Paint

An unexpected color that you may not have thought of incorporating into your home is pink. Most people associate shades of pink with youthful, “girly” rooms. However, the right shade of pastel pink or dusty rose can add a bit of charm to any shabby chic or traditional home. Ella Rose from Magnolia Home Paint by Joanna Gaines is a beautiful pale neutral pink with accents of peach. It has a softer, sweeter touch to it that will translate to your home. It’s the perfect shade if you want a graceful and timeless color with a fresh twist.

Blueprint S470-5 from Behr

Behr’s Blueprint is a deep hue of beautiful slate blue that would compliment a bedroom, living room or kitchen. Voted as Behr’s 2019 Color of the Year, this color would especially compliment a modern or mid-century modern aesthetic home. Shades of blue are always popular, as they are calming and usually very versatile. However, this shade adds a bit more dimension to a room and can make lighter-colored furniture or cabinets really pop. This was another color that made it onto Consumer Report’s list of Hottest Interior Paint Colors of 2019. They recommend using Behr Marquee, Behr Premium Plus Enamel, or Behr Premium Plus Ultra for this color, all ranking high in their Paint Ratings.

Magnolia Green from Magnolia Home Paint

If you want to recreate the rustic Fixer-Upper look that Joanna Gaines is so famous for creating, then Magnolia Green from Magnolia Home Paint is a perfect place to start. This gorgeous olive green color can be used as an accent or to fill an entire room. It’s extremely versatile and, although you might not initially think it at first glance, it can look amazing in any room of the house. Pair it with creams and grays to complete that enchanting farmhouse look.

I hope these colors have given you some inspiration to get you started on that renovation or home facelift you’ve been dreaming about. Whatever decor choices you make, what really matters is that you make it feel like you. If you get to the point where your current house no longer feels like home and you’re yearning for a bigger change, I’d love to help you find that perfect Orange County property that truly is the home of your dreams.