REAL ESTATE INQUIRY

The other day an ole-friend ask me about the housing market because he was thinking of selling his house, which is a two-bedroom home in Hanford and buying a newer and larger home before the current rising prices reaches it's peak.  He was thinking of adding some cosmetic touch-ups to enhance the value of his property and to attract more customers or as we call it (curb appeal).  

I advised him that even though this year the housing market has indeed made a upward climb in pricing along with interest rates and perhaps increase cost-of-living escrow fees there is no for sure time or date when the market will reach its highest point before the decline though there had been dozens of speculations from real estate experts that housing and land prices will spiral up in the years to follow because the central valley is slowly running out of space, which could explain the sudden rise of two-story homes (saves timber, plumbing etc.) but I did informed him of a few options and precaution measures:

1) Careful of lucrative additions to your home to enhance value ( for ex. a swimming pool etc.)  You might not get its full value pending on the potential buyer.  

2) You might think of obtaining legal permits if you plan on adding anything (ex. additional rooms, garage or car-port, storage shed etc.) if you want that piece of property documented on the actual appraisal (legal improvements might also hike up the accessed value of the property, thus, increase real-estate or property taxes if you don't sell the following year.) 

3) Location...location...location matters, for instance, a 1500 sq. ft 3-bd, 2-bth home may be higher in quieter places like Clovis, Dinuba or Kingsburg than Fresno or Visalia due to the lack of housing competition or the same goes if the property is in a high-commercialized area or near a school, shopping center etc. likewise sellers  might not get the same price for their home if selling, for instance, in Hanford because of the bad-tasting water etc.

4) Do some research in choosing a real-estate agent remember there is no charge when you are buying, 6% charge for sellers (or less if I'm your broker...uhm..yeah) well anyway also check on title companies, insurances and so.

Whatever you do just keep or bear in mind of the on-going inflation, rising costs of supply and demand, population explosions (which many speculate can occur with the completion of the high-speed rail and legalized foreign migration) and, of course, the uplifting price of land (or lack of) and its accessories.  

So if anybody reading this blog have further questions or comments on the difficulties and controversial issues of the real-estate market feel free to contact me...remember...Like A Good Neighbor "Cruzer" Is There...yuk...yuk!