The Importance of Setting the Right Price For Your Home

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The price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.

Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:

  • houses in your price range and area that were sold within the last half-year
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  • current inventory of houses on the market
  • features of each house on the market

From the CMA, you will learn the difference between the asking price and selling price for all homes sold, the condition of the market, and other houses comparable to yours.

Also, try to find out what types of houses are selling and see if it applies to your area. Buyers follow trends, and these trends can help you set your price.

Always be realistic. Understand and set your price to reflect the current market situation.

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Recipe: Winter Woods Chili

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Ingredients

  • slices bacon
  • pounds beef stew meat
  • large onion, sliced 1/2-inch thick
  • cloves garlic, minced
  • 28 – ounce cans whole tomatoes
  • 15 1/2 – ounce can navy beans, rinsed and drained
  • 15 1/2 – ounce can red beans, rinsed and drained
  • 2 -3 tablespoons chili powder
  • tablespoons red wine vinegar 
  • Shredded cheddar cheese
  • Snipped fresh oregano
  • Cooked bacon, crumbled

Directions

  1. In 4- to 6-quart Dutch oven cook bacon and beef, half at a time, over medium heat until beef is browned. Drain fat. Return meat to pan. Reduce heat; add onions and half of garlic. Cook and stir until onion is tender.
  2. Add undrained tomatoes, beans, and 1 tablespoon of the chili powder. Bring to boiling; reduce heat. Simmer, covered, for 1 hour, stirring occasionally. Stir in remaining garlic, chili powder, and vinegar. Cook, covered, 1 hour. Add water to desired consistency. Season to taste. Top servings with cheese, oregano, and crumbled bacon. Makes 6 servings.

Nutrition Facts:

Servings Per Recipe 6, Fat, total (g) 23, calcium (mg) 252, cal. (kcal) 546, Potassium (mg) 1352, carb. (g) 31, vit. C (mg) 22, iron (mg) 7, pro. (g) 54, vit. A (IU) 923, Polyunsaturated fat (g) 2, Folate (µg) 81, Monounsaturated fat (g) 9, Pyridoxine (Vit. B6) (mg) 1, sodium (mg) 1222, sugar (g) 7, Cobalamin (Vit. B12) (µg) 4, fiber (g) 8, Thiamin (mg) 0, sat. fat (g) 9, Niacin (mg) 12, chol. (mg) 107, Riboflavin (mg) 1

 

Click HERE for more information about the recipe.

Coastal Premier Properties Welcomes Kim Speed!

Coastal Premier Properties is pleased to welcome Kim Speed! Kim will be working out of our Carmel Valley office.

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Bio:

Reputable and accomplished real estate specialist and business development executive with sales experience in California, North Carolina, South Carolina, and Maryland. Astute marketing professional adept in the Internet, social media, website presence, print media, staging, and photography. Proven ability to be innovative and achieve results in spite of challenges and perceived obstacles.

Real estate skills-set encompasses sales, escrow, marketing, customer service, and business development.

Recognized and rewarded by real estate peers for achieving multi-million dollar sales revenue and for outstanding customer service.

Professional designations of CRS (Council of Residential Specialists), ABR (Accredited Buyer’s Representative) and ALHS (Accredited Luxury Home Specialist).

Click here to contact Kim! For more about Coastal Premier Properties, visit our website!

Restaurant of the Moment: Cafe By the Bay

3510 Ingraham St

San Diego, CA 92109

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Pacific Beach is full of wonderful hidden gem eateries! The next time you’re in Pacific Beach, stop by Cafe By the Bay to taste some of the greatest smoothies and Acai Bowls in San Diego! In addition to their fruity options, Cafe by the Bay offers a wide variety of sandwiches, burritos, salads, and bagels that are made fresh daily. Our personal favorite menu items are the Paradise Blend Acai Bowl and the Cali Turkey Sandwich!

The cafe is open every day from 8am to 4:30pm.

The Pinteresting Five: Warm Metallic Decorations

Many believe metallic decorations make your room feel cold when, in fact, they can really add a nice touch of warmth to your home! Prepare for the cold season just by adding a few of these coppery items in your home. Check out these winter-inspired metallic living room decorations for more inspiration!

All images via Pinterest

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Recipe: Sheet-Pan Garam Masala Chicken

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Ingredients

  • 1 3″ piece ginger, scrubbed
  • 2½ cups whole-milk Greek yogurt, divided
  • 2 lemons
  • ¼ tsp. cayenne pepper
  • 3 Tbsp. garam masala, divided
  • 8 skin-on, bone-in chicken thighs and drumsticks (about 2½ lb.)
  • 2 Tbsp. plus 1¼ tsp. kosher salt, divided
  • 1 head of jumbo cauliflower (about 3 lb.)
  • 3 Tbsp. vegetable oil
  • ½ small onion
  • 1 jalapeño
  • ½ bunch cilantro

Directions

  1. Place a rack in upper third of oven; preheat to 425°. Finely grate 3″ piece ginger into a medium bowl (don’t worry about peeling it). Transfer all but 1 tsp. grated ginger to a large resealable plastic bag, reserving ginger in bowl.
  2. Add 2 cups yogurt to bag with ginger. Cut 1 lemon in half crosswise and squeeze juice into yogurt mixture. Add ¼ tsp. cayenne and 2 Tbsp. plus 1 tsp. garam masala. Seal bag and shake to combine.
  3. Season 8 chicken pieces with 5 tsp. salt. Place in bag, seal, and shake again to cover all the pieces. Squeeze out as much air as you can from the bag, which makes sure that all the chicken is covered with the marinade—this is why marinating in a resealable plastic bag is so clutch. Let marinate at least 30 minutes at room temperature, or keep in the fridge for up to 4 hours.
  4. Meanwhile, prep your cauliflower. Cut 1 head of cauliflower into quarters through stem end. Place quarters cut side down and remove most of the core. The cauliflower florets should fall apart and separate naturally, but you can slice any larger florets in half or into quarters until all florets are about 2″ in size. You want the more or less evenly sized so they’re cook evenly.
  5. Transfer cauliflower to a large foil-lined rimmed baking sheet. (That foil makes for easier cleanup later.) Drizzle 3 Tbsp. oil and 1½ tsp. salt over and toss to coat. Spread cauliflower evenly all the way to edges of pan, making sure that the pieces aren’t too crowded, otherwise they’ll steam instead of roasting—if you ended up with more cauliflower than can fit in a single layer, take some out and save it for something else.
  6. Remove chicken from marinade, slightly shaking off excess. Arrange on baking sheet skin side up, nestling into cauliflower. It’s okay if some marinade clings to the chicken, just make sure it’s not pooling in pan.
  7. Roast chicken and cauliflower, turning pan halfway through and moving chicken around with tongs to ensure even browning, until chicken skin is blistered, meat is tender all the way to the bone, and cauliflower is nicely charred, 35–40 minutes.
  8. Meanwhile prepare your condiment. Finely chop ½ onion, place it in a colander, and rinse it with cold water. (This removes some of the onion’s sharpness.) Add onion to the bowl with the reserved ginger. Finely grate zest of remaining lemon into bowl. Cut lemon in half and squeeze 1 half into bowl; reserve remaining half for another use. Thinly slice 1 jalapeño into rings and add to bowl. Coarsely chop ½ bunch cilantro (stems and all, they’re tender and delicious!) and add to bowl. Season with remaining 2 tsp. garam masala and ¾ tsp. salt. Mix with a spoon to combine, taste, and add more salt and lemon juice if necessary—you want the condiment to be plenty zippy.
  9. Arrange chicken and cauliflower on a platter. Top with lemon condiment and serve with remaining ½ cup yogurt alongside for drizzling.

 

Click HERE for more information about the recipe.

Documenting Your Assets – Verifying Your Down Payment

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When buying a home, it is not enough to just come up with the money. With the exception of no asset verification loans, lenders want to verify where the money for your new home will be coming from. If you can document that the funds are coming from your personal savings, the lender is more confident of your strength as a borrower.

In addition, if you can verify that you have additional assets that are not needed for the down payment, it is important to document those, too. Additional assets are reserves you can draw upon during times of trouble, such as unemployment, medical emergencies, and similar occurrences. Additional assets can also help to document that you have a history of saving money, which makes you a more dependable borrower.

It is extremely important to completely document the paper trail of any funds you use for down payment and closing costs. The sections below provide guidance on both verifying assets and documenting them as a source of your down payment.

Checking, Savings, & Money Market Accounts

The quickest and easiest way to document funds in your bank account is to provide your lender with copies of your most recent bank statements. Most lenders request two months of bank statements, but some still ask for three. Some lenders still send a Verification of Deposit to your bank in order to determine your current bank balances and average balance for the last two months. However, that is the old way of doing business and most lenders nowadays prefer to have bank statements.

If the money you are using for the down payment and closing costs has been in the bank for the entire period covered by the bank statements, you’re fine. These are known as “seasoned funds.” However, if your statements show any large or unusual deposits, the lender will ask you to explain them and document their source.

Stocks, Bonds, Mutual Funds, etc.

Most of those who own stocks get a monthly or quarterly statement from their brokerage. You will need to supply statements for the most recent sixty or ninety days in order to document these assets.

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Though it is rare nowadays, some people actually have stock certificates instead of having a brokerage account. When this is the situation, make copies of the certificates and provide those copies to your lender. You might also want to supply tax records to indicate you have owned these stocks for some time.

 

If part of your down payment will come from the sale of stocks and investments, you will need to keep all documentation that applies to the sale. Provide these copies to your lender as well.

Gifts

Especially when buying a first home, some borrowers need help coming up with the down payment. This help should come in the form of a gift from a close family member. Lenders will require the donors to sign a special form called a gift letter. The gift letter states the relationship between the parties, the address of the purchased property, the amount of the gift, and sometimes the source of the funds used to make the gift. The gift letter also clearly states that the funds are a gift and not required to be repaid.

With most lenders, the donor will have to also provide evidence that they have the ability to make the gift. This can be in the form of a bank or stock statement to show they have the funds available. You should also make a copy of the check used to make the gift and keep a copy of the deposit receipt when you deposit the gift funds into your bank account or escrow.

401K or Retirement Accounts

It is important to provide documentation about your retirement accounts or 401K programs because this is another asset you could draw upon as reserves in case of a problem. It is also another way to show you have a savings history. Just provide a copy of your most recent statement to your lender. Image result for 401k

Many people use these accounts as a source of funds for their down payment, too. Some employers allow you to cash out a portion of the 401K and some allow you to borrow against it. Be sure to keep copies of all paperwork involving the transaction. If they cut you a check, be sure to make a photocopy of that, too, including any receipt for deposit into your personal bank account.

If you are borrowing against your 401K, some lenders will count this as an additional debt to go along with car payments, credit cards and other obligations. This may seem kind of silly because you are borrowing your own money, but from the lender’s viewpoint it is still a monthly obligation that you must come up with and should be taken into account. If you are tight on your debt-to-income ratios in qualifying for a home loan, this could be an important consideration. It may affect whether you choose to cash out the account and pay any tax penalty, or simply borrow against it.

Employers

Some companies provide down payment assistance for their employees. They may feel that Homeowners are more stable and reliable employees, or that providing down payment assistance fosters an environment of higher morale and loyalty to the firm. Just make copies of all the paperwork, including a copy of the check and the receipt when you deposit the funds into your personal bank account. It is important that these funds do not require repayment.

Savings Bonds

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If you have Savings Bonds, remember that they are also financial assets. Since you hold the actual bonds in your possession, the easiest and best way to verify them for your mortgage lender is to make photocopies of them. If you choose to cash them in for down payment or closing costs, you should do this at your local bank. Be sure to keep copies of the paperwork the bank provides because that will establish the current value of the bonds and show that you received their cash value.

Personal Property – Cars, Antiques, etc.

Personal property includes automobiles, vehicles, boats, furniture, collections, heirlooms, antiques, art, clothing, and practically everything you own except for real estate. The mortgage application asks you to estimate the value of these items.

The larger the loan amount, the more important it is for you to provide details on your personal property. This is because larger loans usually indicate larger incomes, and lenders check to see if your personal property matches your income. If it does not, this sends a red flag to the underwriter and they take a closer look at your application.

You are not required to document the value of personal property unless you intend to sell them to come up with your down payment.

Selling Personal Property

For those Homebuyers who do sell personal property in order to come up with their down payment, the verification process can be arduous. Lenders are much stricter about documenting this method of coming up with your source of funds.

Image result for selling your carSelling a car is perhaps the easiest to document. First, you need to photocopy the registration that shows you actually own the vehicle. You will have to provide a copy of the page in the “Blue Book” that shows your model and its value. Then you need to photocopy the bill of sale showing the transfer to another individual and a copy of the check used to purchase the vehicle. Do not get paid in cash because that makes it impossible to show you actually received the funds. Make a copy of the receipt when you deposit the funds into the bank.

Other types of personal property are more difficult because you have to show that you actually own the property and that it actually has the value that you sold it for. This is a little harder to do for most assets than it is for automobiles.

Records showing you purchased the property would be helpful. You could also provide an old inventory that documents ownership. To determine value, you may have to contract with an independent appraiser or a specialist who has the knowledge for that particular type of property.

If you cannot document the item’s value, the lender will not view the sale as an acceptable source of funds. Just like selling a car, you have to prove you own the item, make a copy of the bill of sale, copy the check used to purchase the item, and make a copy of your receipt when you deposit the funds into your bank.