| Welcome to my web site. |
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Whether you are just browsing, or have specific real estate needs, I hope you find the tools and content here helpful.
Please take your time to look around, and I sincerely hope to hear from you, or answer any questions you have regarding real estate in the Bay Area.
Sincerely,
Faye Weng |
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Tenant suffers damages in plumbing remodel
Thu, 28 Aug 08 00:00:00 -0700 |
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Homeowners, is your estate planning in order?
Thu, 28 Aug 08 00:00:00 -0700 |
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Employer willing to buy out tenant's lease
Thu, 28 Aug 08 00:00:00 -0700 |
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Get rid of 'buyer's block'
Thu, 28 Aug 08 00:00:00 -0700 |
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Eliminate heat loss through floors
Wed, 27 Aug 08 00:00:00 -0700 |
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Refi canceled after surprise changes
Wed, 27 Aug 08 00:00:00 -0700 |
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Don't rely on agent's choice for loan, title services
Wed, 27 Aug 08 00:00:00 -0700 |
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Home inspection nightmare: Attic access denied
Tue, 26 Aug 08 00:00:00 -0700 |
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Better choice: fund IRA or pay down mortgage?
Tue, 26 Aug 08 00:00:00 -0700 |
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Not married? Buy home as tenants in common
Mon, 25 Aug 08 00:00:00 -0700 |
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Why do most lenders sell their mortgages?
Mon, 25 Aug 08 00:00:00 -0700 |
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Must I contract with agent showing open house?
Mon, 25 Aug 08 00:00:00 -0700 |
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| I am a realtor who believes in continuous education, and I am committed to perfecting my services. Here are some of the on-going awards and designations I’ve earned: |
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| Browse Blogs |
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Seller FAQ |
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Pricing the House to Sell |
How do you prepare a house
to sell?
How does someone sell
a slow mover?
How is the price
set?
Is a low offer a good
idea?
What are the standard
ways of finding out how much a home is worth?
What
are the two most important factors when selling
a home?
What is the best time
to buy?
What is the difference
between list and sales prices?
What
is the difference between list price, sales
price and appraised value?
What is the difference between market
value and appraised value?
Where
do I get information on housing market stats? |
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Question: How do you prepare a house to sell?
Answer: Doing
whatever you can to put your house's best face
forward is very important if you want to get
close to your asking price or sell as quickly
as possible. Short of spending a lot of money,
here are several ideas for making your home show
better:
- Sweep the sidewalk, mow
the lawn, prune the bushes, weed
the garden and clean debris from the
yard.
- Clean the windows (both
inside and out) and make sure the
paint is not chipped or flaking. And
speaking of paint, if your home was built
before 1978, new federal law gives a
buyer the right to request a lead inspection.
If you think you might have some problems,
do the inspection yourself beforehand
and make any fixes you can.
- Be sure that the doorbell
works.
- Clean and spruce up all
rooms, furnishings, floors, walls
and ceilings. It's especially important
that the bathroom and kitchen are spotless.
- Organize closets.
- Make sure the basic appliances
and fixtures work. Get rid of leaky
faucets and frayed cords.
- Make sure the house smells
good: from an apple pie, cookies
baking or spaghetti sauce simmering on
the stove. Hide the kitty litter.
- Put vases of fresh flowers
throughout the house.
- Having pleasant background music playing
in the background also will help
set your stage.
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Question: How does someone sell a slow mover?
Answer: Even
in a down market, real estate experts say that
price and condition are the two most important
factors in selling a home.
If you
are selling in a slow market, your first step
would be to lower your price. Also, go through
the house and see if there are cosmetic defects
that you missed and can be repaired.
Secondly,
you need to make sure that the home is getting
the exposure it deserves through open houses,
broker open houses, advertising, good signage,
and listings on the local multiple listing
service (MLS) and on the Internet.
Another
option is to pull your house off the market
and wait for the market to improve.
Finally,
if you who have no equity in the house, and
are forced to sell because of a divorce or
financial considerations, you could discuss
a short sale or a deed-in-lieu-of- foreclosure
with your lender.
A short sale is
when the seller finds a buyer for a price that
is below the mortgage amount and negotiates
the difference with the lender.
In
a deed-in-lieu-of-foreclosure situation, the
lender agrees to take the house back without
instituting foreclosure proceedings. The latter
are radical options. Your simplest, and in many
cases most effective, option is to lower the
price. |
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Question: How is the price set?
Answer: It's
very important to price your home according to
current market conditions. Because the real estate
market is continually changing, and market fluctuations
have an effect on property values, it's imperative
to select your list price based on the most recent
comparable sales in your neighborhood.
A so-called
comparative market analysis provides the background
data upon which to base your list-price decision.
When you prepare to sell and are interviewing
agents, study each agent's comparable sales report
(the data should be no more than three months
old).
If all agents agree on a price range for your home, go with the consensus. Watch
out for an agent whose opinion of value is considerably higher than the others |
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Question: Is a low offer a good idea?
Answer: While
your low offer in a normal market might be rejected
immediately, in a buyer's market a motivated
seller will either accept or make a counteroffer.
Full-price offers or above are
more likely to be accepted by the seller. But
there are other considerations involved:
- Is the offer contingent
upon anything, such as the sale
of the buyer's current house? If so,
a low offer, even at full price, may
not be as attractive as an offer
without that condition.
- Is the offer made on
the house as is, or does the buyer
want the seller to make some repairs
or to lower the price instead?
- Is the
offer all cash, meaning the buyer
has waived the financing contingency?
If so, then an offer at less
than the asking price may be more attractive
to the seller than a full-price
offer with a financing contingency.
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Question: What are the standard ways of finding out how much a home is worth?
Answer: A
comparative market analysis and an appraisal
are the standard methods for determining a home's
value.
Your real estate agent will be
happy to provide a comparative market analysis,
an informal estimate of value based on comparable
sales in the neighborhood. Be sure you get
listing prices of current homes on the market
as well as those that have sold. You also can
research this yourself by checking on recent
sales in public records. Be sure that you are
researching properties that are similar in
size, construction and location. This information
is not only available at your local recorder's
or assessor's office but also through private
companies and on the Internet.
An appraisal, which generally
costs $200 to $300 to perform, is a certified
appraiser's opinion of the value of a home
at any given time. Appraisers review numerous
factors including recent comparable sales,
location, square footage and construction quality. |
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Back to top |
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Question: What are the two most important factors when selling a home?
Answer: Price
and condition are the two most important factors
in selling a home, even in a down market. The
first step is to price your home correctly. Use
comparative sales information from your agent,
or pay for a professional appraiser (usually
$200 to $300), to objectively evaluate your home's
worth. Second, go through the house and repair
any obvious cosmetic defects that could deter
a buyer.
In a down market, you may
have to consider lowering your price and/or
making a major repair, such as replacing the
roof, in order to lure a buyer. Also, make
sure that your home is getting the exposure
it deserves through open houses, broker open
houses, advertising, good signage and a listing
on the local multiple listing service or online
listings provider.
If
this isn't happening, take it up with your
agent or agent's broker. If you are still not
satisfied you are getting the service you need,
you may have to switch agents. |
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Question: What is the best time to buy?
Answer: Because
many buyers prefer to move in the spring or summer,
the market starts to heat up as early as February.
Families with children are eager to buy so they
can move during summer vacation, before the new
school year begins.
The
market slows down in late summer before picking
up again briefly in the fall. November and December
have traditionlly been slow months, although
some astute buyers look for bargains during this
period. |
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Question: What is the difference between list and sales prices?
Answer: The
list price is how much a house is advertised
for and is usually only an estimate of what a
seller would like to get for the property. The
sales price is the amount a property actually
sells for. It may be the same as the listing
price, or higher or lower, depending on how
accurately the property was originally priced
and on market conditions.
If you are a seller,
you may need to adjust the listing price if
there have been no offers within the first
few months of the property's listing period. |
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Question: What is the difference between list price, sales price and appraised value?
Answer: The
list price is a seller's advertised price, a
figure that usually is only a rough estimate
of what the seller wants to get. Sellers can
price high, low or close to what they hope to
get. To judge whether the list price is a fair
one, be sure to consult comparable sales prices
in the area.
The sales price is the amount
of money you as a buyer would pay for a property.
The appraisal
value is a certified appraiser's estimate of
the worth of a property, and is based on comparable
sales, the condition of the property and numerous
other factors. |
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Back to top |
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Question: What is the difference between market value and appraised value?
Answer: The
appraised value of a house is a certified appraiser's
opinion of the worth of a home at a given point
in time. Lenders require appraisals as part of
the loan application process; fees range from
$200 to $300.
Market value is what
price the house will bring at a given point
in time. A comparative market analysis is an
informal estimate of market value, based on
sales of comparable properties, performed by
a real estate agent or broker. Either an appraisal
or a comparative market analysis is the most
accurate way to determine what your home is worth. |
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Question: Where do I get information on housing market stats?
Answer: A
real estate agent is a good source for finding
out the status of the local housing market.
So is your statewide association of Realtors,
most of which are continuously compiling such
statistics from local real estate boards.
For
overall housing statistics, U.S.
Housing Markets (meyersgroup.com) regularly
publishes quarterly reports on home building
and home buying. Your local builders association
probably gets this report. Finally, check with
the U.S. Bureau of the Census in
Washington, D.C.; (301) 763-3199; census.gov .
The Chicago Title company also has published
a pamphlet, "Who's Buying Homes in America." Write
Chicago Title 601 Riverside Ave., Jacksonville,
FL 32204; (888) 934-3354; ctic.com . |
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HOME VALUATION |
| Monitor the value of your property, get an
idea of what your home is worth today. |
 Contact
Faye Today |
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LETTERS FROM CLIENTS |
| Nothing makes me more proud and satisfied
to know that I've served my clients well. |
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All |
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FEATURED PROPERTIES |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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N/A |
| Asking Price |
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$549,000 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,434 |
| Asking Price |
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$698,500 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,024 |
| Asking Price |
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$486,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1213 |
| Asking Price |
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$535,000 |
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Virtual Tour |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
| Sq ft |
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1312 |
| Asking Price |
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$775,000 |
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Virtual Tour |
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| City |
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Redwood City |
| Bed/Bath |
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5/3 |
| Sq ft |
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N/A |
| Asking Price |
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$1,399,950 |
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Virtual Tour |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
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1,254 |
| Asking Price |
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$750,000 |
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Virtual Tour |
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| City |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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1,130 |
| Asking Price |
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$935,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
| |
4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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S. San Francisco |
| Bed/Bath |
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4/.3.5 |
| Sq ft |
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2,783 |
| Asking Price |
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$1,275,000 |
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Virtual Tour |
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Contact Faye |
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