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Nancy Bergman's Blog

By Nancy Bergman | Agent in San Diego, CA
  • Housing prices ended 2013 up 18 percent strong

    Posted Under: Market Conditions in San Diego, Home Buying in San Diego, Home Selling in San Diego  |  March 7, 2014 1:31 PM  |  149 views  |  No comments
  • Showing in the Rain

    Posted Under: Home Buying in San Diego, Home Selling in San Diego  |  February 28, 2014 6:07 PM  |  173 views  |  No comments
    It's raining, its pouring and this is SoCal. 
    Yes, we saw heavy rains, wind and who knows whatelse today, but would you show property to buyers in nasty weather? 
    My answer... YES!
    Bring you rainboots, umbrellas (if you have) and raincoats. A rainy day is the perfect opportunity to show buyers property. 
    Here are my three reasons: 
    1. Buyers will be able see exactly where the low levels of the property are and if there are flooding. Also, buyers will be able to see if there is any standing water in or around the property. 
    2. Leaks in the roof. If there are any, now would be a good time for them to appear. 
    3. In my experience, serious buyers will head out, rain or shine. Buyers who are seriously considering writing an offer, usually write on a rainy day. Less competition....

    So, buyers... if you are thinking of home shopping on a miserable day, think ot the bright side. Its the perfect day to go out. 

    Other agents, dress down, take a towel and have fun. Who knows. the wet weather, may bring you the deal of the century.

    Nancy 
    www.sandiegohomesbynancy.com



  • What's a 1031 Exchange?

    Posted Under: Home Buying in San Diego, Home Selling in San Diego, Investment Properties in San Diego  |  February 17, 2014 8:38 PM  |  144 views  |  No comments

    People are asking, "What's a 1031 exchange?"

    Well... the rules are not easy, that's why you need to have someone help you start the 1031 exchange account, like a title officer. 

    The theory behind Section 1031 is that when a property owner has reinvested the sale proceeds into another property, the economic gain has not been realized in a way that generates funds to pay any tax. In other words, the taxpayer's investment is still the same, only the form has changed (e.g. vacant land exchanged for apartment building). Therefore, it would be unfair to force the taxpayer to pay tax on a "paper" gain.

    The like-kind exchange under Section 1031 is tax-deferred, not tax-free. You have xx amount of time to find "like kind" property. There are no extensions available. If the taxpayer does not meet the time limits, the exchange will fail and the taxpayer will have to pay any taxes arising from the sale of the relinquished property, unless the IRS has expressly granted extensions in specified disaster area(s).

     

    If you are looking to do a 1031 exchange, it doesn't affect the buyer or the seller; however, you should disclose that you are doing an exchange on your offer. In addition, if you are interested in opening an exchange, you should connect an real estate attorney, tax advisor or contact a company like Asset Preservation.http://apiexchange.com/

     

    Nancy S Bergman 

    Realtor - Cal BRE #01893550
    Coldwell Banker - Carmel Valley
    3810 Valley Centre Dr Ste 906
    San Diego, CA 92130
    Cell (858) 617-9449
    Email - nbergman1@live.com
    website - www.sandiegohomesbynancy.com
     
     “Why fit in when you were born to stand out?” 
    ― Dr. Seuss
  • Sacramento Average Sales Price Point Increases Again!

    Posted Under: Home Buying in Sacramento, Home Selling in Sacramento, Investment Properties in Sacramento  |  November 8, 2012 6:35 PM  |  432 views  |  No comments
    Unlike the rest of the nation, Sacramento is one of the top markets in country, rebounding!
    This is a Press Release Just Release... (from Pat Shea - Lyon Real Estate COO).


    10 STRAIGHT MONTHS OF AVERAGE SALES PRICE INCREASES IN
    SACRAMENTO REAL ESTATE
    Sacramento, Calif. – Nov. 7, 2012 – The average sales price for homes on the market in the
    Sacramento area hovered at $211,000 in January, yet are closing out October at a much
    healthier $254,000, enjoying a robust 20 percent increase.
    The median price jumped from $180,000 to $219,000 (21 percent) over the same period.
    “The Greater Sacramento market is absolutely revived and on the rise, said Lyon Real Estate
    President and COO Pat Shea. “Expect continued market appreciation and solid sales numbers
    through the winter months and beyond. Key economic indicators reflect sustained evidence that
    prices have bounced off the bottom in Sacramento while interest rates remain extraordinary.
    There is a steady stream of people searching for a place to call home and likewise, investors
    who want to make money. Both groups are aggressively competing to find what they are
    looking for in our market.”
    The actual breakdown of sold units, pending sales and active listings in Sacramento, Placer,
    El Dorado and Yolo counties supports the forecast. According to Trendgraphix, a Sacramento
    based data aggregator, 2,488 closings were reported in the four county area for October.
    Fifty-five percent were recognized as traditional or equity sales. Thirty-three percent were
    identified as Short Sales and 11 percent REO or “bank owned” properties. New listings came in
    at 63 percent for equity, 24 percent for short and 11 percent REO.
    The shift from distressed property transactions toward move-up, or discretionary sales, appears
    in other areas. Trendgraphix reflects that October sales in the $250,000-$400,000 range were
    40 percent higher than October of 2011. New open escrows were 45 percent higher in the same
    comparison. Upper end, the $750,000 and above market, is starting to flex as well. October
    2012 revealed a 110 percent improvement over October 2011 in closed sales and a 31 percent
    change in new open escrows.
  • Six Tax Facts - Home Sellers Should Know

    Posted Under: Home Selling in Sacramento  |  November 5, 2012 9:09 PM  |  324 views  |  No comments
    Thought this was a cool tip from CAR - California Association of Realtors. 
    Enjoy!
    Nancy 

    one cool thing tax facts
  • Contingencies - What do they mean?

    Posted Under: Home Buying in Sacramento, Home Selling in Sacramento, Financing in Sacramento  |  October 24, 2012 4:07 PM  |  457 views  |  No comments
    Contingency - "A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector."
     In California, you have 17 days from the date of your offer to complete all your inspections, complete loan documents, etc. I recently just completed a transaction when the sellers purchased another home on contingency the day after they were "planning" to close on their current home. It was one of the most stressful sales I had in a while. Why, because everything had to go exactly to plan.
     The buyer was interested in the home, yet we had no bargaining power because the sellers weren't able to back down because they needed to sell the house in order buy their new house. They calcuated to the date of closing and monies they were receiving one on and closing on the other without any delays in the process. There are always delays somewhere, somehow. Its Murphy's Law!
    In addition, I had a lot of trouble getting the buyer's agent to understand that they had to release contingencies. The buyer's agent slipped the clause, "until loan has funded" on the release of contingencies yet not on the original offer. This is a red-flag for any listing agent. For me as the listing agent, this says that the buyers can pull out without any penatly literally under the 11th hour. Doesn't sit well for a seller when they are planning on relocating and realize the buyers still have the chance to back out and they may have to start the whole process again.
     When I am a buyer's agent, the 17 day is important. It tells me and the sellers once you sign the removal of contingencies that your buyers' are serious about the purchase and are willing and can loose their security deposit if they fail to complete the purchase. By this point, I will usually explain to my buyers that this their final chance out backing out, if they wish. I tell my buyers that the sale is at the half way point. If they don't continue with the sale, they can and may lose their deposit.  
    Make sure your clients understand they are signing a legally binding contract. If you or your agent, doesn't understand the contigencies, you may want to seek counsel or have your agent's broker explain the release of contingencies. This could make or break the deal. 

  • Move or Improve - What is better?

    Posted Under: Home Buying in Sacramento, Home Selling in Sacramento, Remodel & Renovate in Sacramento  |  September 15, 2012 10:54 PM  |  465 views  |  1 comment
    To Move or Improve – that is the question! I have been doing a few open houses in the famous Tahoe Park and Land Park neighborhoods recently and this have been a big question. 

    To help you with this age-old dilemma here are a few suggestions that will shine more light on this subject.
    1. The first step is a basic reality check - assess if your remodeling plan is feasible to begin with. Check your building codes and ordinances. Consult with a qualified contractor and/or architect with experience in your area. You’ll also need to know what structural requirements are necessary if you’re planning to build above the ground floor.
    2. The next step is to obtain an estimate of the cost. The very same contractor or architect can help you determine how much you’ll need to spend in order to create the additional space you need. We added almost 700 sq ft about 5 years ago and it cost without a contractor, yes, I did it myself, about $100K and 9 months!
    3. The last step is to investigate the current real estate market and determine what is available that meets your needs. The market is still quite favorable to buyers who are looking to trade up, and you can take advantage of interest rates that remain low. You’ll also find that the market is somewhat softer at the higher end, with a broad selection of homes offering very attractive options to meet your needs. At this level you’ll often find that a new home might give you much more than your current home ever could - even with the improvements you’re planning.
    That’s why it’s essential to know what your project will cost, so you can understand everything that’s involved and what the net gain will be when the dust settles. With this information in hand, you may decide that it’s simply not worth the cost or effort to add on.
    Here are some remodeling cost that I have found: 
    Kitchens - $10K basic remodel - $30K nice remodel
    Bathrooms - small $7K - $10K larger
    Converting Garage in Rooms - $10k-$15K 


    It also helps to keep tabs on the market and look at larger homes as they become available. Knowing what’s on the market will ultimately help you decide whether to stick with your current home and add on, or to trade up to a new home that offers everything you need, right from the day you move in.
    Call me when it’s convenient to discuss this very important stage of home ownership. I look forward to helping you.

    Nancy S Bergman 
    Realtor - Lyon Short Sale Certified 
    DRE # 01893550
    Lyon RE Downtown 
    Primary: 916-400-1355 
    www.sachomesbynancy.com

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