Recently, I’ve had a number of properties that were in some serious need of repairs. These homeowners all asked me what they needed to do to get their homes sold for top dollar.

In most cases, when a seller hasn’t been able to maintain or update their property, they can benefit more from making it look clean, neat, and fresh as opposed to making expensive updates or repairs.

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Kitchen and bathroom remodels are only going to get you 60% to 80% of your money back.

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Something as simple as a fresh coat of paint or new carpet can make a huge difference. Decluttering, depersonalizing, and simplifying what’s in the home to open up the space and make it look as nice as possible will help without spending significant money to do repairs. Many studies have shown that kitchen and bathroom remodels are only going to get you 60% to 80% of your ROI, and that’s a lot of work to put into a property.

I recently sold a property with a bad roof that needed to be completely replaced because it was a rental for 30 years. We were able to get 30 offers for this home without completing any additional work.

We've also sold homes that were in fine condition but were a little dated. Instead of spending money on repairs that you won’t see a return on, cleaning and decluttering is how you maximize the sale price in most cases.

Others may say you need to do a lot of staging and bring in extra furniture, and in some cases that's appropriate. However, for the majority of homes, you can use what's already there for staging.

If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

I’m inviting you to an upcoming “How to Retire Rich in Real Estate” workshop. On Saturday, March 14, at 10 a.m. we’re hosting this workshop with my broker Neil Schwartz, who has been in the business for over 40 years. He’ll share some of the wonderful investment tips and strategies he implements with his agents and clients. This workshop will help you learn how to retire rich in real estate.

The event is at my office: 5150 E Pacific Coast Hwy Ste 770 Long Beach, CA 90804. When you arrive, you can park either on the surface lot or on the street, then head up to the seventh floor. We’ll have light drinks and other refreshments. We look forward to seeing you there!

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Come learn how to invest and retire rich in real estate!

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Please feel free to forward or share this with friends who may be interested in investing in real estate. You don’t want to miss this! Click here to RSVP!

If you have any questions about this event or real estate in general, please call or email me. I would love to speak with you.

Today I’m sharing the importance of cleaning and maintaining your solar panels. I thought that when I got my solar panels, all I had to do was install them, then go about my daily life without a worry!

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The cleaning process doesn’t have to be too complex, and the result is worth it!

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However, I recently found that if you clean your solar panels regularly, you can get up to 12% to 15% more output from them. Obviously, rain does help wash them off, but if there’s a lot of bird droppings, mushy leaves, dust, grime, or even ash, your panels will require a deeper clean than what Mother Nature can provide.

The cleaning process doesn’t have to be too complex. A garden hose and a soft brush usually suffice, but if your panels are at a difficult-to-reach angle, you can play it safe and call a professional solar panel cleaning company to do the job for you.

Sure, it’s one more thing added to your to-do list, but that considerable increase in energy efficiency is well worth the effort. If you have questions about this or any other real estate topic, feel free to contact me by phone or email. I’m always happy to hear from you.

New loan limits are affecting homebuyers. As you may have heard, loan limits have been increased. To clarify, any loan obtained below its limit is a regular conforming loan; any loan obtained above its limit is a jumbo loan.

Increased loan limits mean more buying power for buyers. Here are the exact limits for different types of housing:

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As you may have heard, loan limits have been increased.

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You can get a better interest rate and a lower cost for all loans under these amounts for these properties. Conforming loans can be sold on the market, which makes them more desirable than jumbo loans. Jumbo loans can’t be sold, which makes them more expensive.

FHA reverse mortgages and HELOCs have been increased as well, which opens up more possibilities to draw money from a home. The VA has completely removed the limit for their loan, so VA buyers can buy with 100% financing with no limit. Previously, VA buyers could only use 100% financing up to a certain amount. If they purchased above that amount, they had to pay the down payment.

I know this is a bit of a tricky subject, so if you have any questions about it, don’t hesitate to call or email me. I’d be happy to help.

Though we’re in a softening market, you can still get your home sold quickly, and here are five tips that will help you do it.  Looking to sell a home in Southern California?  Click here for a free Home Price Evaluation Looking to buy a home in Southern California? Click here to perform a full Home Search Though we’re in a softening market, here are five tips you can still use to help get your home sold quickly: 1. Price it competitively. This will open the market up instead of narrowing it. You’ll receive more viewers coming through your home, and the more people coming through your home, the better the chances someone will fall in love with it and write an offer. You might even generate several offers! 2. Make pricing adjustments fairly quickly (if your home is already on the market but you’re not getting any offers). Don’t let your home languish on the market, because as each month passes, prices will drop even further. If one of your neighbors needs to sell their home quickly and they have to drop their price, for instance, you won’t have any control over that. Don’t just drop the price by $5,000, either. If you’re not getting any showings or offers, you’re generally between 3% to 5% overpriced. The more available your home is for showings, the higher the number of buyers who can see it in person. 3. Declutter and depersonalize it. If you haven’t already, take some time to put away the extra items lying around your house. That kind of stuff can distract buyers and make your home seem smaller. You want buyers to be able to visualize themselves living in your home, and decluttering and depersonalizing will do the trick. 4. Make sure it’s available for showings. The more available your home is for showings, the higher the number of buyers who can see it in person. If you can’t show it at certain times, make sure to let your agent know so they can plan accordingly. 5. Offer incentives. You could include closing cost credits or offer furniture or appliances you won’t be taking to your next home, for example. If you live in an HOA neighborhood, you could also offer to pay your homeowners association dues for the first year. Don’t be afraid to get creative. If you have any more questions about how to sell your home in our current market or you have any other real estate needs I can take care of, don’t hesitate to reach out to me. I’d love to help you.

Solar panels can be a great addition to your home, but there are a couple of things to keep in mind if you’re considering purchasing them.  Looking to sell a home in Southern California?  Click here for a free Home Price Evaluation Looking to buy a home in Southern California? Click here to perform a full Home Search For today’s video, I’ve invited Jeanette Coffey of Sunrun to join me to discuss the benefits of installing solar panels on your home and what your purchasing options for them are. First, from a real estate perspective, you need to keep in mind that solar panels only add value to your home if you own the solar panels. Many solar companies, for example, will try to convince you to use HERO or PACE loan programs to buy solar energy, and these loans come with hidden costs. While they don’t require any money up front, they do end up getting added to your tax bill. Also, interest rates are extremely high for these loans, so when the time comes to sell your property, you’ll have paid a lot more than what you expected. One of the main benefits of using solar panels is they provide you with clean, affordable, long-lasting energy. Again, as long as you own the solar panels, that makes them a great investment option if you’re looking to add value to your home. That’s why if you’re considering buying a home that has solar panels, you need to know whether you would own the panels after purchasing or you’d only be leasing them. If your electric bill is $80 to $100 per month on average, you should consider buying solar panels. As we’ve already stated, you can either purchase or lease your solar panels. If you use financing to purchase, instead of paying a monthly utility bill, you’d make a monthly loan payment. That way, every time you make a payment, you’re investing in your home instead of paying a utility company. In this case, you’d pay zero money down and own the solar panels. You can also lease your solar panels with zero-down financing. In this case, you pay the solar company for the power and the energy output is customized and controlled so you know exactly what you’ll pay on a monthly basis. According to Jeanette, the best time to buy solar energy is as soon as possible. Whether you’re better off purchasing or leasing that energy depends on your situation, but if your electric bill is $80 to $100 per month on average, you should consider buying solar panels. If you have any more questions for Jeanette about solar panels or you’re interested in purchasing them for your home, you can call her at (562) 221-1802 or visit her Facebook page “Solar Jeanette.” As always, if you have any real estate questions for me, feel free to call or email me. I’d love to help you.

As we close out 2018, we’re shifting into a more normal market, which is good news for buyers.  Looking to sell a home in Southern California?  Click here for a free Home Price Evaluation Looking to buy a home in Southern California? Click here to perform a full Home Search As we near the end of 2018, what’s the status of our Southern California market? The reality is that we’re at the end of an eight-year, upward-trending cycle. What happens at the end of every cycle like this is a bit of a market decline, and we’re beginning to see the start of this. The seasonality of the market is also causing things to slow down a bit. By no means do we think we’re headed for another crash like what we saw in 2008, though, so there’s no need to worry about that. Market conditions are completely different from the ones that preceded the 2008 crash. Here are some of the latest stats from our entire MLS that illustrate the change taking place: Our average original list-to-sale price ratio is 97%.Our average sale price peaked back in May at $771,000, but now it’s dropped 5% to $733,000. At the end of 2017, there were 46,631 homes on the market, and last month there were 63,596. During December 2017, there were 14,215 pending sales, but last month there were only 12,686 pending sales—a 28% drop. There were 19,058 closed sales during December 2017, but only 17,253 last month, which is an 11% decrease. Our average days on market has increased year over year from 23 days to 43 days.Our year-over-year average list-to-sale price ratio has stayed roughly the same: 99%. If your home isn’t priced correctly, it won’t attract many showings or offers. The real takeaway from these stats is that if your home isn’t priced correctly, it won’t attract many showings or offers. In general, they also indicate that we’re moving into a more normal market. Inventory is growing, which means buyers have more choices, and whenever this happens, prices naturally either flatten or decline. In a situation like this, sellers will price their homes competitively or offer incentives in order to get their homes sold. New builders are also more apt to offer competitive rates and more incentives. Normal homes are also more likely to stay on the market longer under these circumstances, which is why it’s all the more important to price your home correctly and work with a great real estate agent. In a normal market, there’s less profit appreciation. We’ve been very lucky in the Southern California region in that we’ve seen double-digit appreciation over the past decade, but that’s slowed down to a rate of 3% to 5%. Interest rates have risen over the past year, and that’s something that’s affected both buyers and sellers. Lastly, it’s important to note that although we’re shifting into a more normal market, we’re still not quite a buyer’s market yet. If you have any more questions about our market or you’re thinking of buying or selling a home soon, feel free to call or email me. I’d be happy to help you.

The numbers tell us everything, and this time they say that waiting to buy will cost you.  Looking to sell a home in Southern California?  Click here for a free Home Price Evaluation Looking to buy a home in Southern California? Click here to perform a full Home Search I’ve been getting a lot of questions about whether potential buyers should purchase now or wait until later. People are hoping for prices to drop a bit, but since we’re in a rising interest rate environment, it’s actually a good idea to purchase now—even if home prices do drop. Our prices now are not due to a market crash; we’re simply going through a market correction. We’ve seen rapid growth in the last eight years and now things are going back to normal. With this in mind, here’s why you shouldn’t wait to purchase when rate hikes are on the horizon. These figures include principal, interest, and a 20% down payment. I’ve calculated some scenarios to see what rate changes mean for buyers. Currently, a 5% interest rate is standard, which is an increase from 4% last year. They’re planning to raise it four to five times over the next year, so let’s assume the rate will go up another 1% in 2019. A 5% interest rate on a $500,000 home comes to $2,147 a month. With a 5.5% interest rate, the payment is $2,271 a month. At 6%, your payment has jumped up to $2,398 each month. For some perspective, let’s say you’ve held that property for 10 years. At the end of 10 years, a 5% interest rate means you will have paid $203,080 in interest. With 6%, you’ve paid $225,869 in interest. That 1% costs you around $25,000 extra. Even if you pay $50,000 less on a home by waiting, you’ll pay a lot more over time. At 5% over 30 years on your $400,000 loan, you’re paying $373,023 in interest. For the 6% interest rate on a $360,000 loan, you’ll pay $417,017 in interest over 30 years. That’s $43,000 more for just a 1% difference. A lot of single-family homes are going to cost more than $500,000, so let’s look at another scenario. A 5% interest rate on a $700,000 purchase brings a payment of $3,006 a month. At 5.5%, the payment is $3,179 a month. At 6%, it’s $3,357. Let’s say the home price has gone down to $650,000. At 6% you’re paying around $3,117 a month. You’re paying almost as much as you would at 5.5% for the same property. Over 30 years at 5% on a $700,000 home, you’re paying $522,232 in interest. At 6% on a $650,000 home, you’re paying $602,359 in interest. With just this 1% increase in interest rates, you have $80,000 more in interest payments. This is why, even if you pay $50,000 less on a home by waiting, you’ll pay a lot more over time when interest rates increase. If you would like to know more about your own scenario to see if it makes sense to buy now, I’d be more than happy to help you. We can sit down, review it, and find out what works best for you. Feel free to reach out to me at 562-316-2915, and know I look forward to hearing from you.

Today I want to wish you all a happy Thanksgiving and tell you about a way you can help out for the holidays.  Looking to sell a home in Southern California?  Click here for a free Home Price Evaluation Looking to buy a home in Southern California? Click here to perform a full Home Search You’ve Helped Us With Your Business—Here’s How You Can Help Your Community Today’s topic is all about gratitude. We are fortunate to have so many opportunities to help so many great families buy and sell homes this past year. We also got to support a lot of communities in the area, including: Project Self-SufficiencyMusique sur la MerThe Red CrossAIDS/LifecycleBeacon For Him The goal of Project Self-Sufficiency is to help individuals who are highly motivated, low-income, single parents with minor children to achieve economic independence through personal and educational development. This Thanksgiving Week, we at the Elmer Team have chosen to support a family at Project Self-Sufficiency. This organization’s goal is to help individuals who are highly motivated, low income, single parents with minor children to achieve economic independence through personal and educational development. We hope you’ll join us in sponsoring a family this Thanksgiving or Christmas. To become a sponsor, visit www.PSSFoundation.org. As always, thank you from the bottom of our hearts for all your referrals, support, and continued loyalty throughout the years. If you have any questions about these causes or about real estate in general, you can always reach out to us. Until then, have a happy Thanksgiving and holiday season.

If you want to become a successful landlord, you should know that all good landlords have nine traits in common.  Looking to sell a home in Southern California?  Click here for a free Home Price Evaluation Looking to buy a home in Southern California? Click here to perform a full Home Search When it comes to renting out a property, there’s a big difference between just being that property’s owner and being a successful landlord. If you want to be a rental property owner but you don’t want to deal with managing the property, you may want to consider hiring a property manager, because being a landlord involves more than just sitting at home and collecting rent checks. A good landlord knows how to communicate effectively with their tenants and sense their problems before they become problems. That being said, here are the nine traits that commonly make a good landlord: 1. Organization. No tenant wants to hear that their landlord has lost their rental agreement, or worse, their rent payment. A good landlord is well-organized and can access and reference any documents they need to whenever necessary. 2. Being able to keep timely maintenance. Obviously, repairs will need to be made from time to time, so getting them done quickly and doing preventative maintenance is essential to being a good landlord. Maintenance issues are one of the most common complaints tenants make, so you need to stay on top of them. If your work schedule is too busy, it might not be in your best interest to manage your property yourself. 3. Respectfulness. Obviously, no tenant likes a landlord who’s rude, condescending, or judgemental. A good landlord cultivates an atmosphere of respect by acting with complete professionalism, keeping their distance, and being kind and honest. A good landlord has mastered the art of communication. 4. Trustworthiness. Tenants aren’t stupid; they’ll be able to tell if you cut corners. They have to be able to trust what you say, and likewise, you have to show that you trust them. You can’t be constantly checking whether they’ll pay their rent on time or doing what they’re supposed to do. It’s not naive to think that at some point someone may try to take advantage of you, but you have to trust your tenants. 5. Reliability. A solid presence is way more important than you realize. Many landlords end up becoming absentee landlords, and that’s when their properties become run-down. Your tenants need to know that they can rely on you, so answer the phone when they call and remember to call back if you’re unable to. Also, remember to follow through when you make a promise. 6. Transparency. Tenants should always be aware of what’s going on with your property, so don’t try and hide things from them. If there’s a mold or pest infestation, they have a right to know. If this kind of thing happens, just explain what’s going on and how you’ll fix the problem. No one likes to hear that their home has a problem, but they’ll respect your honesty and integrity by trying to solve the problem quickly. 7. Being able to keep an appropriate distance. Your new tenant is not your new best friend, so keep an appropriate and respectful distance from their lives. Even if you share the same space as them, it doesn’t mean you need to be nosy or micromanage their actions. Nobody likes a landlord peeking over their shoulders all the time, so you should only intervene if there’s a pressing problem or the tenants ask you to get involved. 8. Flexibility. It’s important to stick to your contract and hold your tenants accountable to the rules, but that doesn’t mean you can’t also be a little flexible. We’re all human, and a little compassion goes a long way. If you have a renter with a good payment history who suddenly misses a payment because of a family emergency or a lost job, cut them a little slack until they’re back on their feet. 9. Communication. A good landlord has mastered the art of communication, so answer questions quickly, address