Kendra Ruminer's Two Cents of Real Estate

Take A Peek At Los Alamos, New Mexico

Tag: real estate buying and selling (Page 5 of 5)

Using Zillow Responsibly…

July 15, 2020 /

Is there anyone left on this planet who has NOT heard of Zillow? Okay. Maybe planet is a pushing it. Is there anyone in the United States who has not clicked their way around Zillow taking a peek at the housing market in their area? Whether you’re an enthusiastic Zillow user or not, let me give you three tips for using Zillow responsibly in the Los Alamos County real estate market.

Tip # 1 – Pre-Foreclosure Homes Are Not Actually For Sale

That’s something I get a lot of in the real estate business. Especially here in Los Alamos where homes come on and go off the market with a record low number of days on market. I get calls from excited clients who just saw something perfect pop up on Zillow as “pre-foreclosure”. They want to hop in their car and go look at this fantastic property. They’re ready to make an offer! This is the home of their dreams.

Except… Pre-foreclosure is just a term that comes from a homeowner getting slightly behind on their mortgage payments. When this happens, the lender has a legal obligation to file a public notice. It’s an attempt – an early attempt – to collect on a debt. There are a whole lot of steps between public notice and actual foreclosure. In the meantime, the house is NOT on the market. You CANNOT go and take a peek at it. It’s still someone else’s home. No wonder it’s perfect for your family, right?

Tip # 2 – Just Because Zillow Suggests a Home Value, Doesn’t Make It So

This goes back to tip number one. Zillow is a database that gets information from public records. Even on their website they tell you this. Hence the public notice that results in a pre-foreclosure listing on Zillow. But this is where home valuation gets really tricky. New Mexico is a non-disclosure state. That means our home values are not made public record. 

Not that this actually slows Zillow down. The database is filled with what they refer to as “zestimates”. Basically, Zillow has algorithms that come up with what a computer estimates to be the best possible guess for a home’s value. But that isn’t necessarily based on recent sales prices.  A homeowner can go in and input the value of their home, but that’s up to the homeowner. As a realtor I would never make that information public.

Tip # 3 – Don’t Believe Everything Zillow Has to Say About Mortgages

This is not to say that the mortgage calculator on Zillow is wrong. It’s not. It’s actually a very useful tool. Zillow has multiple tools to help you figure out what it might cost to own the home of your dreams. Insurance, HOA fees, mortgage, mortgage insurance, they’ve got a little line item for everything. What I ask people to keep in mind is that this is all perfect world thinking. And no. I don’t believe that the word “perfect” applies to anyone trying to scrounge up a down payment for the home of their dreams. But what this doesn’t take into account is the actual funding process for purchasing a home. This is a complex process that has a lot of variables Zillow can’t anticipate for you.

This is why you call a Real Estate Agent!

Please. Give me a call. If you’ve got questions about your current home’s value or are looking to sell and get something bigger or downsize to something smaller, talk to an actual human being who will walk you through the realities of this process. Sure. Zillow is useful. I would never say that it isn’t. But please use a common sense approach when surfing the Internet for the home of your dreams. It makes the transition from dream into reality a whole lot smoother!

Call or Email Kendra

Could You Quarantine In This Space?

July 1, 2020 /
The Coronavirus Has Changed What Buyers Are Looking For In a House

I think we’ve all come to the honest realization that the world we once lived in is gone. Things have changed. Everything has changed. The way that we hang out with our friends. The way that we hang out with our family… Wait. The way that we ONLY hang out with our family.

All of that togetherness is changing the way people live their lives and the things they value in a home. Let’s look at a few things that are becoming far more important to Average Joe Buyer.

Kitchens

So many times in the past, I’ve seen busy families who purchase homes because of their proximity to a school district or because the bedrooms are big or the garage and driveway has extra slots for the extra cars belonging to a family full of teenagers. Kitchens were useful because they contained conveniences like the toaster over, the microwave, and that mega juicer you just had to have but rarely use.

Now? The lack of restaurant options, especially in small communities like Los Alamos, means that homeowners are using their kitchens in ways they’ve not had to in ages. Even if you’re getting takeout and bringing it home, the kitchen is seeing far more traffic (or the dishwasher is!) than ever before. Suddenly, kitchens matter. Buyers want big eat in kitchens with tons of space, pantries that can handle kids who are no longer eating at school, and up to date appliances. The kitchen has suddenly become important to everyone and not just to a few home gourmets.

Home Office

Telecommuting is the new normal. No doubt about it. And considering the direction things are moving, there’s no doubt that this isn’t likely to change anytime soon. That means the home office has become the most important thing that anyone thinks about. The availability of any space that could be turned into a home office in a pinch has just become your home’s biggest selling point. Have an atrium or a little breakfast nook? Boom! Extra office. Have a spare bedroom? Boom! Instant school room. Yeah. Don’t forget those kiddos. Homes are now doing triple duty. Schoolroom. Workplace. And my personal favorite. Daycare.

Multiple Living Areas

All of a Sudden One Family Room Just Isn’t Enough!

In newer homes in places like Albuquerque, Rio Rancho, and Las Cruces, and even some of the newer housing developments here in Los Alamos County, a second living area or a bonus room is a given. Most of the homes in our community were built long before this was a popular concept. Not that there haven’t been tons of renovations or rehab projects with just that idea in mind, but all of a sudden buyers are VERY interested in homes that boast a second living area. After all, families that live and work together eventually need a break! What a great thing to have a basement or an upstairs loft where you can send the kids to enjoy their screen time while you binge watch Outlander and try to relax from your long day of pretending that you were super productive while working at home in a job that was never designed for a telecommute.

Outdoor Living Spaces

The backyard or side yard in some cases, has become a viable new place to hang out when all of the living space inside becomes either full of kids, or just boring. Patios and decks are suddenly far more attractive to potential buyers than ever before. Want to wow them when they come to view your house? Arrange your outdoor furniture to invite a buyer to imagine lounging after work with a book. Add a barbeque grill and I bet you’ll hook them in a second.

At the end of the day, our lives will never go back to the way that they were. And that means the real estate market – even the one in Los Alamos – is going to have to change too.

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