Peter Tee 626-641-0753

Peter Tee
DRE1091834
Licensed Real Estate Professional
Since 1991
buy sell live well
Mobile # 626-641-0753
E-mail: peter_tee@msn.com

… Ask and you shall receive … Seek and you shall find … Knock and it shall be opened to you …

Knowledge is experience

How to know the market value ?

CMA (Comparative Market Analysis) will take into consideration these four market trends:

Recently Sold Homes: comparable homes that have sold within the last six months.
Pending Home Sales: homes that are currently under contract but have not sold. Time on market for these homes is an important indicator of recent selling trends.
Active Listings: These listings matter only to the extent that they are your competition for buyers.
Off-market/Withdraw/Canceled/Expired Listings: Usually, the reason homes are removed from the market is because they were priced too high.

Pricing Truth:

When you first list your home for sale, that initial marketing time is crucial. The more you overprice, the fewer buyers will come to see it. Remember, buyers have all the data in their hands in today’s real estate markets. Combine fewer showings with optimal showing time, and you can see how a seller can miss out on the best marketing time by overpricing their home from the start.

We try to get maximum value for your home when hits the market. List price is too high until much later, after we lose valuable time on the market. After a price reduction, seller’s will often see another, smaller bump in traffic. The problem with this strategy is that as time on market accrues, even with a price reduction, the home is in danger of becoming what we call, stigmatized. buyers are looking at several homes in the same price range, comparing features to similarly priced homes. When they see a listing that has been on the market for a longer time than the rest of the homes they’ve seen, they naturally question why. “What’s wrong with this house that it hasn’t sold yet?”
A lot of factors can affect the selling price for home. Pricing your home right from the start.

Overpriced house:

A buyers’ response to your ad will probably be slow, since they most likely recognize overpricing. Remember, people buy by comparing like homes, and if they are working with a buyer’s agent, the agent is giving them recent statistics.
Buyers who are interested may be the wrong ones because they’re looking for a home priced the same as yours – but with MORE features. You’ll be missing the buyers who could and/or would buy your house.
Your overpriced home will help buyers make a decision on other homes that are priced fairly.
Very few buyers will even make an offer on an overpriced home. Even in a seller’s market like we see today (low inventory with healthy demand) buyer’s are sensitive to over paying.
After your house has been on the market for several months, buyers will notice the number of days on market and may assume there is something wrong with your house. The seller will most likely end up lowering the price to a point less than they could have gotten if they’d priced the home correctly when first listed. This is called chasing the market down.
If you do find a buyer at your price, the appraisal still has to work; the house has to appraise for the contracted price, or the mortgage lender will not lend the money to the buyer. The contract will have to be re-negotiated to make the deal work.

Appraised Value

An appraised value is an evaluation of a property's value based on a given point in time. The appraiser is usually chosen by the lender but the appraisal is paid for by the borrower.
Appraisers only look at comparable homes sold in the last three months, the average sold price in your neighborhood. Appraisers will focus on the condition of the important parts of the home like the age, square footage, number of bedrooms and baths, the size of the lot, as well as the location of the home. Appraisers will also take a look at the furnace and plumbing. if you don't agree with the final report of value because a lender might choose not to fund a mortgage if there’s a big difference between the agreed selling price and the appraised value.

Understand the price range for your home value and nail down the final “list” price. The first 30 days is very important to attract the right buyer to the home. To get as close to the real market value as possible. Find out the recent history of home values in your area. Depending on market inventory and competing properties. Sell in the shortest amount of time for the highest amount of money.

Property Law, Title and Possession.
Title is legal ownership. Possession is immediate control.
Titles can be issued to depict ownership of both personal and real property.
The different types of real estate title are joint tenancy,
tenancy in common, tenants by entirety,
sole ownership, and community property.

	Tenancy in Common	Joint Tenancy	Community Property	Tenancy Partnership
PARTIES	Any number of persons (can be husband and wife).	Any number of persons (can be husband and wife).	Only husband and wife.	Only partners (any number)
DIVISION	Ownership can be divided into any number of interests, equal or unequal.	Ownership interests must be equal.	Ownership interest are equal.	Ownership interest is in relation to interest in partnership.
TITLE	Each co-owner has a separate legal title to his or her undivided interest.	There is only one title to the whole property.	There is only one title but each owner has a separate interest.	Each co-owner's interest owned in partnership for partnership purposes.
POSSESSION	Equal right of possession.	Equal right of possession.	Equal right of management and control except in the case of personal property used in business.	Equal right possession for partnership purposes. No right of possession for any other purposes except by mutual consent.
CONVEYANCE	Each co-owner's interest may be conveyed separately by it's owner.	A conveyance by one of the joint tenants alone breaks the joint tenancy between the conveying joint tenant's interest and the others, but does not affect the relationship between the remaining joint tenants.	Interest cannot be conveyed separately. Both co-owners must join in conveyance of real property. Either co-owner can transfer personal property.	Partner's individual interest in specific property cannot be conveyed separately. Any authorized partner can convey the whole partnership title.
PURCHASER'S STATUS	Purchaser will become a tenant in common with the other co-owners in the property.	Purchaser will become a tenant in common with the other co-owners in the property.	Purchaser cannot acquire one owner's interest and hold as community property with the other co-owners.	Purchaser can only acquire the whole title unless he or she becomes a partner.
DEATH	On co-owner's death, his or her interest passes to the devisees under will or to the heirs. No right of survivorship.	One co-owner's death, his or her interest ends and cannot be disposed of by will. Survivors have right of survivorship.	On co-owner's death, 1/2 belongs to survivor severalty. In goes by will to descendant's devisees or by succession to survivor.	On partner's death, the partner's interest in specific partnership property vests in the surviving partners. The value realized out of its liquidation is accounted for to the partner's estate.
SUCCESSOR'S STATUS	Devisees or heirs became tenants in common.	Last survivor owners property in severalty.	If passing by will tenancy in common between devisees or by succession to survivor.	Devisees or heirs have no rights in specific partnership property.
CREDITOR'S RIGHT	Co-owner's interest may be sold an execution sale to satisfy a creditor. Purchaser becomes a tenant in common.	Co-owner's interest may be sold on execution sale to satisfy a creditor. Joint tenancy is broken, purchaser becomes tenant in common.	Community property is liable for the debt of either co-owner contracted after marriage. Debtor's interest cannot be separately sold on execution; whole property must be sold to satisfy creditor.	Partner's interest cannot be seized or sold separately by the partner's personal creditor, but the partner's share of profits may be obtained by a personal creditor. Whole property may be sold on execution sale to satisfy partnership creditor.
PRESUMPTION	Favored in doubtful cases except husband and wife cases.	Must be expressly stated, not favored.	Strong presumption that property acquired by husband and wife in community.	Arises by virtue of partnership status in specific property help in partnership.

In property law, a title is a bundle of rights in a piece of property
in which a party may own either a legal interest or equitable interest.

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