In San Diego, the average home price has dropped a little in value over the last couple of months; but not as dramatically as over the last five years.  Many neighborhoods in San Diego are stabilizing and some have actually seen appreciation according to Glenn Bennett of Cowles Mountain Realty. He has given us an insider report with some important “Tips” for buying and selling your home in today’s market. 

Tip #1:  Look into the credentials of your agent or is your agent just a licensee? A Realtor is held to a higher standard of professionalism through a code of ethics policed by the local, state and national organizations to which a Realtor must be a member. In the event of a complaint from a client or other agent, a hearing will be conducted. An agent who is just a licensee is only held accountable by the CA. dept. of Real Estate, the laws and there is no code of ethics. When interviewing an agent, ask if they volunteer in the community or the industry.  Most good agents do!

Tip #2 for Buyers:  According to Glenn Bennett, in today’s market, there are three types of sellers: 1) those with equity 2) short sale, owner owes more than the home will sell for and 3) bank owned, property that has been foreclosed upon.  Short sales…prepare to be patient!  It can take an average of 90 days to get a response on an offer from the bank.  Bank owned…The response time is quicker but be careful because there is a lack of disclosures since the bank has never lived in the property.  A physical inspection is important in any sale but imperative with bank owned property.  Best money you will ever spend! An inspection reveals everything right and wrong about a property’s plumbing, electrical, appliances and structural integrity.  Even when buying “as is”, you don’t have to complete the purchase if structural issues are found.

Tip #3 for Sellers: Make sure your agent prices it to sell.  Don’t just list your property indefinitely. If the property sits on the market for a long period of time, two things usually happen.  Buyers think something is wrong with the property and may avoid your listing.  OR…You are continuously lowering your asking price which tells the buyer that the property was not priced realistically and the seller has unrealistic expectations as to its value. Look at the comparable properties with your agent when determining a realistic market price. De-clutter your home, keep it picked up and make minor repairs.  All of this should help sell your home faster.

Buying and selling a home is usually the biggest financial decision a family makes.  Don’t cut corners when it comes to insuring your biggest financial asset. Do not cancel your homeowner’s policy until escrow has closed.  When buying, make sure your insurance agent knows you and your home to get the most complete coverage. Make sure your insurance is updated annually especially if any upgrades are made.

We asked Glenn Bennett to share information with us because of his expertise and current involvement in Real Estate. Glenn is on the board of directors for San Diego Association of Realtors and California Association of Realtors with 30 years experience in the San Diego real estate industry. He is the owner and broker of Cowles Mountain Realty.

If you have any questions or would like more information, call Glenn Bennett at 619-583-8894 or Brian McMullen at 858-274-2378. You can also email Glenn at glennbennett@cox.net. 

 McMullen Group Inc keeps our clients informed. We’re not just here to sell insurance, we‘re here to protect you and your home.