by California Casualty | Calcas Connection, Homeowners Insurance Info |
The real estate market is usually deemed “hot” when inventory is low and competition is high. Hot markets often mean quick turnover, crowded open houses, bidding wars, and sales that close above asking (and sometimes all in cash). To the surprise of many, we’ve been in a hot market nationwide throughout the pandemic, and there are few signs it’s cooling down.
If you’re planning to buy (or sell!) soon, you’ll want to position yourself well by doing some extra prep work and research than you would in a neutral market. That way, you’ll be able to make smart decisions fast and strike when you see the right opportunity. Follow these pointers to come out ahead.
For buyers and sellers
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- Get a good agent – An experienced agent who knows your local market will be worth their weight in gold. If you’re a buyer, they should know about listings before they come on the market and know how to make your offer stand out. Ask for referrals from your network and social circles.
- Be patient – Especially for buyers, patience is a virtue in a hot market, when you can make many offers before your winning one is accepted. Try not to get discouraged – rather, stay focused on your goal! And if you’re a seller, patience will help you find the right buyer.
- Know what’s going on in your local market – Your agent will know what market trends and events mean for your goals and priorities, but it’s smart to follow the market movements yourself too.
- Don’t get emotional – Letting emotions influence the buying or selling process can lead to bad or regretful decisions. Practice mindfulness or other techniques to stay grounded in those stressful moments of the journey. It’s good to have some thresholds and decisions made ahead of time so you have some “guardrails” at the ready.
- Have your paperwork ready – Whatever papers and documents you’ll need for the process, get as many of them ready as possible beforehand. That way, you won’t lose precious time when the clock is ticking.
- Be ready to move quickly – Speed is the name of the game in hot markets. Things can change overnight, and the perfect opportunity might present itself out of nowhere. When the conditions meet your pre-determined criteria, move quickly.
- Keep your insurance until you close – Don’t make changes to your insurance or cancel it prematurely – no matter how sure a deal seems.
If you’re a buyer
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- Be very clear on your budget. The absolute first step is to know how much home you can afford. Knowing your range is good too but be sure you know where your ceiling is – and stick to it once you start putting in offers.
- Know your must-haves and where you can be flexible. Have a clear understanding ahead of time what attributes your new home must have and what things can be changed, renovated, or aren’t all that important in the grand scheme of things.
- Window shop – Get a handle on the local market by touring homes that would be in your price range and meet your requirements. This way, you’ll gain a sixth sense and sharp instincts for when you start making offers.
- Get financing and a pre-approval letter. Make sure your financing is lined up and you have a pre-approval letter. You’ll want to go with a lender that delivers on their promises and has a track record of closing loans quickly.
- Leverage your agent. Your agent has ways to make you stand out from the rest of the bidders. For instance, they can find out what the seller wants by calling the listing agent or gleaning information from the multiple listings service (MLS), which has more information than public listings.
- Read our guide. If you haven’t already, check out our top tips for your home-buying journey (good for any market, including hot markets!)
If you’re a seller
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- Prep your property. Sellers in a hot market will have more luck selling their home “as is,” but it can pay off to make any needed fixes before listing. This will help you attract more interest and multiple offers (which usually means a better sale price in the end).
- Consider staging. Staging is probably one of the best ways to position your property to sell quickly and at a good price. It puts your home in its best possible light and gives potential buyers a great first impression and good feeling in the space. It will also differentiate your property from others.
- Get the “pre-work” done. Go over what you might need with your agent ahead of time. They might suggest getting an inspection done before listing, lining up a title company, and other due diligence items.
- Manage your expectations. A hot market doesn’t guarantee that you’ll get multiple offers over asking. Each sale is the product of lots of different variables, which is why it’s worth taking extra steps to give your property every advantage.
With the right tools, knowledge, and strategies, you can do well in a hot market. Above all, remember to get a good agent, have patience and get the prep work done before hitting “GO.” Good luck!
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
by California Casualty | Educators |
We know you love your students but right about now you and the rest of our teachers deserve a break from the stress and the daily grind. And that circled-in-red spring break on your calendar is getting deliciously close (or here)!
We invite you to make this break truly count — What are the things you keep wanting to get done but haven’t had time for? Or maybe you’re feeling the need to toss the to-do list, focusing instead on really relaxing and replenishing yourself before you start the next term. Whatever you decide on, make sure it’s not work-related! (and is socially-distanced and safe, of course).
You may have some plans or activities in mind, but if not, check out our tips below and see if they spark some ideas!
1. Move it, move it! Getting your body moving is a surefire way to work out the stress, get to that state of “good tired” and return to a healthy balance. And what a great way to enjoy the spring weather. Whether it’s hiking, biking, running, rock climbing, or walking, you can’t go wrong – pick one or more and get moving.
2. Read for pleasure. If you suffer from Tsundoku, now’s the time — crack open those books that have been staring at you from the shelf or nightstand. Dedicate some time at night, in the morning or on lazy afternoons and give yourself the gift of getting lost in a great book (pssst, no work reading!).
3. Catch up on your binge-watching. Perhaps instead of books, you have movies or shows you haven’t had time for. Go ahead and indulge, sans guilt.
4. Retail therapy. It doesn’t need to be extravagant but treating yourself to a shopping spree can be a lovely re-energizing pick-me-up. If nothing else, it’s fun to window shop. Anything you’ve been needing or had your eye on?
5. Quality time with your family. Balancing family life and work life is always tough – but has been extra challenging for the last year. If you’ve been missing time with your family or kids, take this opportunity to do some fun, leisurely things you usually don’t have time for. Movie nights, crafts, making forts, date nights, sports, time outdoors – the list is endless.
6. Start a new habit. We all know habits take time and repetition to stick. If there’s a habit you’ve been wanting to start (Meditation? Getting to bed earlier? Giving yourself a digital detox?) spring break is a perfect time to do it.
7. Do a day-trip adventure. Perhaps the prospect of a full day of solo time sets your heart aflutter. Maybe there’s a little town nearby that’s perfect for aimless wandering, or you’re close to a beach where you can walk the shore and watch the sunset. Check your map for destinations that are one to two hours away – you’ll probably be surprised at all the choices!
8. Hit the mat. Is there a yoga place (outdoors!) you’ve been wanting to try? Now’s the time to do it. There really is nothing like getting some yoga time in to de-stress, limber up, build strength, and center yourself.
9. Grab a guilt-free coffee – and stay as long as you want. If you’re a café aficionado, spring break is a great time to frequent your favorite outdoor coffee spot – in fact, make it a daily ritual if you like! Enjoy some unstructured time to commune with your favorite hot (or iced) beverage, and maybe a good book … or journal, or sketchbook, etc.
10. Picnic in the park. Spring sunshine was made for leisurely picnics in the park. Gather up some goodies from home (or nearby take-out places), throw them in a basket, and go! Don’t forget a blanket, hat, and sunscreen – and family if they want to join 😉
11. Try new dishes. After too many quick and easy lunches at your desk, take this opportunity to rediscover the joy of food. This might mean trying take-out from new-to-you restaurants – which is a win-win and supports local businesses. Or, if you enjoy cooking, look into tackling some new and exciting recipes at home.
Keen readers will notice that none of these ideas has anything to do with work, ha! Make sure your spring break is all about you – there will be plenty of time for work when it starts up again. Want more relaxation tips? – check ‘em out here. And remember, if your spring break plans include leaving town or venturing out in public, bring extra masks and sanitizer just to be extra safe.
Educators and ESPs, make this Spring Break staycation one to remember – we’re giving away a $10,000 Staycation to one lucky education professional! Click here to enter.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
by California Casualty | Homeowners Insurance Info |
Millions of Americans choose to rent over buying homes and apartments each year, and there are a ton of advantages. For instance, if a window starts leaking or the stove dies, you don’t have to pay for repairs or replacements. You have the flexibility to move when you want (subject to your lease), “try out” new cities, and avoid the big costs that go along with mortgage loans and homeownership.
To be a good tenant and start your rental out on the right foot, here are some important renter do’s and don’ts.
Do’s
Understand your lease – Make sure you and your landlord review the lease together and that you ask any questions you have. For example, does the lease allow subletters? What’s the duration and does it change after the first year?
Write an inventory – Make sure to document and log all existing damage or broken/non-functional items before you officially move in. Take photos and indicate any damage on a floor layout/ diagram. You don’t want to be on the hook for these repairs when you move out.
Understand your responsibilities – As the tenant, you may be required to do things like shovel the walk, keep the lawn mowed or hire a pool service.
Document problems – If there are ongoing issues or needed repairs, make sure you write down what happened, take pictures, etc. Alert your landlord to issues right away so they can take action. Keep a paper trail and keep it all in one place.
Keep it clean – Neglecting to bring the garbage bins in from the sidewalk or to keep the yard clean or tidy can quickly create an enticing environment for pests and rodents.
Check-in with your landlord – For minor repairs or maintenance, such as unclogging drains or replacing caulk or window screens, it’s best to check in with your landlord about how they want to address it (even if you’d like to just take care of it yourself). if you are unsure of anything or have questions regarding the property, like painting rooms or changing landscaping, reach out to your landlord.
Give them a heads up – On things like leaks, structural or foundation issues, and pest problems, alert your landlord as soon as possible so they can act on a problem that could get worse quickly or cause costly damage.
Protect your deposit – Besides treating your place well while you live there, when you move out, do a quality deep clean and don’t leave furniture or anything else behind that they’ll need to deal with.
Be a good communicator (and neighbor) – Good communications can prevent or de-escalate miscommunications and disagreements with your landlord as well as neighbors.
Know your rights – It’s important to know your rights as a tenant. They vary by state and city, so go here to learn more.
Get renters insurance – Renters insurance protects your belongings from theft and damage (nope, your landlord’s insurance won’t cover your things). It’s surprisingly affordable – get a quote today.
Don’ts
Hide a pet – If your lease specifies no pets, stick to the agreement (hiding a pet won’t work over the long term). Also make sure to adhere to animal weight limits, which are often established to allow only cats and small dogs in an apartment complex. Consequences for breaking these rules can include a hefty fine or even lease dismissal.
Undertake big renovations – We all want to make our homes more home-y, but complex projects such as adding ceiling fans or replacing cabinetry should only be undertaken by the property owner.
Fall behind on the bills – Depending on your lease agreement, you may end up being responsible for bills such as utilities, water, garbage, recycling, gardener, pest control or pool maintenance. Keeping those accounts current will ensure smooth maintenance as well as strengthen your credit.
Create a mildew problem – One of landlords’ most frequent complaints is about tenants not keeping moisture levels in check. To prevent mold and mildew formation, make sure to use vents and fans in bathrooms during (and after) every shower.
Cause damage – Treating your rental with care and respect will mean lessening the chances of inflicting damage such as stained carpets, scratches in hardwood, broken windows or fixtures, large holes in the walls, and water damage from plants. It will also ensure you get more (if not all) of your security deposit back. If accidental damage does occur (we’re only human, after all), make your landlord aware of it ASAP.
Landlords choose their tenants very carefully – especially those with nice properties. By taking care of your rental home and maintaining a good relationship with your landlord, you will set yourself apart as a responsible tenant. This will positively affect your credit score, help you get your whole security deposit back, and ensure you have a good reference for that next great rental.
This article is furnished by California Casualty, providing auto and home insurance to educators, law enforcement officers, firefighters, and nurses. Get a quote at 1.866.704.8614 or www.calcas.com.
