Did you know? The “flip rate” in the U.S. just reached 10.9% of all home sales. That’s because flipping today is less risky and less speculative than it was a decade ago, and more corporate flippers are entering the market: 41.2% in 2018 compared to just 11.4% in 2005. Learn more
– The Geek
We found a flipped home at a great price. What should we know before deciding to buy?
A home that looks shiny and new can capture a buyer’s gaze, and in this competitive market, offers can easily become impulse decisions. That’s why it’s important to slow down and do your diligence! Request a list of recent renovations from the seller and check the permits. Find out who did the work and check their references. Read the seller’s inspection report closely and ask questions when you have them. Check the title report for any liens. And if you need more, have a look here and here.
When it comes to renovated properties, the level of experience, professionalism, craftsmanship, and attention to detail can vary greatly. When I’m in a home being sold by a flipper, I pay close attention to the details, like the edging on a paint job around the baseboards. It’s not hard to notice when a seller has cut corners to put “lipstick on a pig.” Just don’t get distracted by the color of the lipstick. Like Pearl says, ask a lot of questions and make sure you don’t end up in a money pit.
A small town with big lots, epic estates, and a popular network of horse trails, the Town of Woodside is one of the wealthiest communities in the United States – an exclusive list that also includes San Mateo County neighbors Atherton, Hillsborough, and Portola Valley.
Woodside has boasted a number of rich and famous residents over the years, including singer-songwriter Joan Baez, tech giants Larry Ellison and Steve Jobs, 49ers Hall of Fame Coach Bill Walsh, and award-winning actress Michelle Pfeiffer, along with numerous Silicon Valley CEOs, venture capitalists, business magnates, and – currently – 6 billionaires!
Woodside is also home to a number of open space preserves, including the Purisima Open Space – part of the Midpeninsula Regional Open Space District – which allows both horseback riding and bicycling.
Learn more in the Neighborhoods section of our website.
Our life is sweeter because of you. Thank you for supporting us and our business. Happy Valentine’s Day to all!
Did you know? Rising Valentine’s Day sales over the past 10 years point to increasing consumer confidence and a growing, robust economy. How does that affect the real estate market? Find out more
How can we avoid paying too much – or paying at all?
You typically run into HOAs when buying a condo, townhouse, or single family home in a PUD (Planned Unit Development). HOAs are governed by Covenants, Conditions, and Restrictions (CC&Rs), which define the requirements and limitations of what you can do with your property based on standards agreed upon by the homeowners in the development. The goal of CC&Rs is to protect, preserve, and enhance property values in the PUD. Homeowners pay HOA fees to have a say in the rules and for collective maintenance of the community.
Ironically, HOA dues can go up if the HOA itself is poorly managed, especially in a self-governed community. As a buyer, you should look carefully at the governance of any HOAs you encounter in your search. For a quick stress test, check to see if they have a reserve fund or other contingency plans. It’s also common for self-governed HOAs to misforecast or underestimate future costs for maintenance, security, and other neighborhood concerns. All of this can lead to higher fees and more headaches. Here’s some more helpful info.
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