Buyers • March 4, 2024

Mastering Bidding Wars

by Kirsten "Kris" Jardino

Title: Mastering Bidding Wars: Essential Strategies for Homebuyers

A diverse group of bidders holding auction paddles

If you’ve been contemplating the leap into homeownership, you might have hoped that the surge in interest rates would put a damper on bidding wars. However, despite economic fluctuations sidelining some buyers, the reality is that bidding wars are still very much a part of the current real estate landscape.

While it’s tempting to view multiple offers as the new norm and an unavoidable hurdle for buyers, the truth is that bidding wars are not a recent development. Real estate dynamics, primarily shaped by supply and demand, continue to foster these competitive situations, making them an ongoing challenge.

Regardless of market conditions, buyers must equip themselves with strategies to navigate bidding wars effectively. Here are three key tactics for those finding themselves in the midst of fierce competition:

Demonstrate Financial Strength: Ensure your ability to pay by obtaining a recent pre-approval from a reputable lender. If you’re a cash buyer, substantiate your financial capability with solid bank records, showcasing your accessibility to funds.
Act with Urgency: Avoid procrastination when it comes to property listings. Visit any potential homes of interest promptly and submit a well-drafted offer without delay. In a market where time is of the essence, swift action can make a significant difference.
Craft a Strong, Competitive Offer: Be prepared to present your best and final offer when requested by the seller and their Realtor. Base your offer on a fair assessment of the property’s value and your comfort level with the amount. Minimize contingencies without compromising on your risk tolerance, ensuring a competitive edge.

Although bidding wars may feel like a new reality, they have been a persistent aspect of real estate. Buyers should proactively prepare and act swiftly, as the potential for a bidding war exists in any market where homes are appropriately priced. Exploring areas with more housing supply, targeting overpriced properties, and considering less in-demand price ranges can provide viable alternatives for those seeking to sidestep bidding wars altogether. Mastering these strategies will empower homebuyers to navigate the competitive landscape with confidence and success.

Buyers • Home Owners • February 21, 2024

Setting up your bathroom in a new home

by Kirsten "Kris" Jardino

Setting up the bathroom in a new home requires careful attention to detail. Follow these steps to ensure a well-set-up space:

Setting up the bathroom in a new home

Check Plumbing Fixtures: Verify that all plumbing fixtures are in working order. Test faucets, showerheads, and the toilet to confirm proper functionality. Adjust the layout and decor based on your personal preferences to create a bathroom tailored to your needs.
Clean Thoroughly: Before unpacking or arranging anything, thoroughly clean the bathroom. Wipe down surfaces, clean the toilet, bathtub, and sink to create a fresh and inviting space.
Essentials First: Place immediate necessities in the bathroom, including toilet paper, hand soap, and a trash bin. Ensure these essential items are easily accessible for immediate use.
Shower Curtains and Liners: Install a shower curtain or liner, choosing a design that complements the overall bathroom decor.
Towels and Hooks: Hang towels on bars or hooks for convenience. Consider placing a bathmat near the shower or bathtub to enhance safety and add a decorative touch.
Toiletries and Storage: Use organizers, trays, or baskets to arrange toiletries and personal care items neatly. If space is limited, consider adding shelves for efficient organization.
Medicine Cabinet/First Aid Kit: Stock the medicine cabinet with medications, first aid supplies, and personal care products. Ensure you have checked the expiration dates during the packing process.
Mirror: If there’s no built-in mirror, consider installing one strategically. A well-placed mirror serves both a functional and aesthetic purpose, enhancing the overall look of the bathroom.
Lighting: Ensure ample lighting in the bathroom. If existing lighting is insufficient, consider adding wall sconces or additional fixtures to improve visibility.
Trash Can: Place a trash can in a convenient location, preferably a small, lidded bin to maintain cleanliness in the bathroom.
Decor and Personal Touches: Add decorative elements such as artwork, plants, or other items that reflect your style and make the space more personalized.
Curtains or Blinds: If the bathroom has windows, consider adding curtains or blinds for privacy and to enhance the overall aesthetics of the space.

Buyers • Sellers • February 20, 2024

Moving & Packing Checklist

by Kirsten "Kris" Jardino

Moving & Packing Checklist

At the Earliest Opportunity:

Acquire moving essentials like boxes, tape, bubble wrap, markers, and wardrobe boxes.

You can start packing for items not immediately needed to declutter before listing your home for sale.

Organize and declutter: Evaluate each room, determining what to keep and what to donate.

Research moving services: Choose a reputable moving company and obtain a detailed cost estimate.

Avoid excessive stocking: Minimize the accumulation of cleaning supplies and pantry items to lighten the load.

Confirm moving arrangements: Finalize your choice of a moving company and secure written confirmation.

Continue packing: Start with items that are infrequently used.

Systematically label: Clearly mark boxes with contents and their designated room. Prepare “essentials” boxes for immediate needs.

Secure valuables separately: Personally transport items such as jewelry and crucial documents.

Update your address: Complete the change-of-address form online at usps.gov.

Please let essential parties know: Inform banks, brokerage firms, employers’ HR departments, subscriptions, newspapers, credit card companies, and insurance providers.

Organize records: If applicable, transfer school and medical records.

Days Prior:

Transfer Utilities

Home Owners • Sellers • February 2, 2024

2024 Home Sale Guide: Key Insights You Should Be Aware Of

by Kirsten "Kris" Jardino

The real estate landscape is ever-evolving, and selling your home in 2024 brings its own set of dynamics, distinct from the experiences of 2023. As you gear up to put your property on the market this year, understanding the prevailing trends is crucial.

Anticipate Bidding Wars: In 2023, the combination of low inventory and high interest rates created a challenging environment for homebuyers. Many opted to wait for more favorable conditions. Now, with a decline in mortgage rates, a surge of previously hesitant buyers is entering the market. This influx may lead to heightened competition for available properties, potentially sparking bidding wars.
Enhance Your Home’s Appeal: In the backdrop of scarce inventory last year, buyers were more lenient, accepting properties that were less than ideal. However, with market conditions improving, more homeowners are expected to list their properties. This increased supply means buyers will have more options. To stand out, invest in upgrading your property – consider refreshing the landscaping or replacing dated fixtures. Making your home as attractive as possible becomes a crucial strategy.
Negotiation Leverage for Sellers: The constrained buyer pool in 2023 made negotiations challenging, often resulting in sellers accepting offers as they were. With an improving market and an influx of buyers, sellers may find more room for negotiation in 2024. This shift in dynamics could empower sellers to secure better offers.

In summary, the 2024 real estate market introduces a landscape where bidding wars, property presentation, and negotiation tactics take center stage. Being aware of these dynamics will position you to navigate the selling process successfully in the evolving real estate landscape.

Home Owners • February 1, 2024

Top Kitchen Colors for Creating the Illusion of a Larger Space

by Kirsten "Kris" Jardino

Did you realize that transforming the color scheme of your compact kitchen can create the illusion of a larger space? Considering the kitchen’s status as the heart of the home, the color you select for this space holds significant importance. The kitchen serves not only as a cooking area but also as a gathering spot for loved ones. Given its central role and the amount of time spent there, choosing a suitable color becomes crucial. Your kitchen color not only serves as a focal point for onlookers but also influences the overall ambiance, needing compatibility with your aesthetic preferences and furniture.

Top Kitchen Colors for Creating the Illusion of a Larger Space

While you’re not restricted to a single color for decorating and painting your kitchen, tackling a small kitchen poses its own set of challenges, especially in the realm of color choices.

To assist you in crafting appealing combinations, we’ve compiled a list of colors that inject vibrancy into the space. Additionally, we present color palettes designed to create the illusion of a more expansive environment for your small kitchen!

Slate Blue, Copper, and Steely Gray create a striking and unconventional palette for kitchen colors. Despite initial reservations, these metallic hues harmonize seamlessly, contributing a modern and dynamic vibe to your color scheme. The interplay of these metallic shades, particularly when varying their temperature, adds an effortless vibrancy to your small kitchen. The versatility of metallic hues allows for endless mixing and matching possibilities.

Consider incorporating stainless steel and copper elements, a popular choice for their successful blend of cool and warm tones. You don’t necessarily have to paint the entire kitchen in these shades; integrating steel gray appliances with copper pots, farmhouse sinks, or pendant lights can achieve a captivating contrast.

To pull the ensemble together, adorn your space with slate blue walls or cabinetry, and introduce a touch of gray countertops for a cohesive and visually expansive effect. This captivating combination will transform your small kitchen, creating an illusion of spaciousness beyond your expectations.

Templeton Gray offers a minimalist yet impactful approach to enlarging your kitchen space. Instead of juggling multiple colors, opt for a deep gray hue and pair it with the timeless brightness of white. This duo works harmoniously to enhance the perceived brightness and depth of your two-toned kitchen.

The combination of deep gray and crisp white generates a visually appealing contrast, effectively brightening and deepening the space. The addition of the white color opens up the kitchen, creating the illusion of increased size. Embrace this simple yet effective color pairing to give your kitchen a spacious and inviting feel.

White, Off-White, and Natural Wood Finishes offer an elegant and space-enhancing choice for your kitchen. If a white kitchen has always been your dream, there’s no need to hesitate – pursuing your vision can contribute to the illusion of a more spacious environment. Contrary to the belief that bold color contrasts are essential for creating a sense of space, lighter colors, especially white-on-white, are remarkably effective in brightening up the area and making your small kitchen feel larger than you imagined.

Optimal pairings for achieving a dreamy white small kitchen involve crisp white combined with either a buttery tone or a gray-toned white. This creates a seamless and cohesive look, avoiding clashes between hues. To maintain an inviting and appealing atmosphere, complement your white palette with warm wood cabinets and floors. The natural wood tones not only soften the clinical aspect of white surfaces but also contribute to opening up the space.

For those who prefer a playful color palette while maintaining the spacious illusion, White, Robin’s Egg Blue, and Yellow present an excellent option. White serves as the ideal choice for walls, ceilings, and backsplashes, reflecting light and causing the perimeter of the kitchen to recede, creating the perception of a larger room.

To introduce playful contrasts, utilize furniture in the kitchen, incorporating powder blue and yellow. Consider powder-coated blue barstools or cherry yellow dishware. Another creative approach is to paint cabinets in a combination of these colors or choose a single color (e.g., blue) for most cabinets, reserving one cabinet in a different color (yellow). This strategic use of color contrast becomes a standout feature, adding vibrancy and personality to your small kitchen.

Buyers • Home Owners • Sellers • January 30, 2024

How can one eliminate PMI?

by Kirsten "Kris" Jardino

For individuals who have purchased a home with a down payment of less than 20%, Private Mortgage Insurance (PMI) is likely to have been added by the lender, contributing to an increase in their monthly mortgage payment. Before delving into how to eliminate PMI, it’s essential to understand what PMI entails.

What is PMI?

PMI serves as insurance that safeguards the lender in the event the borrower defaults on their loan. It’s important to note that PMI does not provide any coverage to the buyer and should not be confused with mortgage protection insurance, which is designed to pay off the mortgage in the unfortunate event of the borrower’s passing before loan completion.

PMI enables borrowers with smaller down payments to secure a loan, as the risk associated with smaller down payments is higher for lenders. The lender mitigates this risk by implementing private mortgage insurance.

Cost of PMI

To illustrate, consider a $1,000,000 home purchase with a buyer possessing a FICO score of 740 or higher. With a 10% down payment, the additional PMI premium is approximately $225 per month. However, if the down payment is reduced to 5%, the premium jumps to around $332 per month.

How to Eliminate PMI

Equity, defined as the difference between the home’s value and the outstanding mortgage amount, plays a crucial role in eliminating PMI. Homeowners should contact their Realtor to ascertain the current market value of their property. Many homeowners who made purchases in recent years have witnessed substantial price appreciation, leading to an increase in their equity.

Once a borrower reaches 20% equity in their home, they should reach out to their lender. The lender may require the borrower to pay for a professional appraiser to assess the current value of the home before considering the removal of PMI. If an appraisal is necessary, the Realtor can assist by providing comparable properties (comps) – recently sold homes in the neighborhood with similar characteristics such as condition, features, square footage, and lot size.

Upon confirmation by the appraiser that the homeowner has achieved 20% or more equity, the lender should proceed to remove the PMI coverage.

Buyers • Home Owners • Sellers • January 29, 2024

What is considered Midcentury-Modern?

by Kirsten "Kris" Jardino

The architectural style known as midcentury-modern is not merely indicative of designs from the 1950s; rather, it encompasses a set of defined principles. Many contemporary architects continue to be influenced by this style.

What is midcentury-modern architecture?

Midcentury-modern is an architectural style that emerged during the middle decades of the 21st century. It should not be equated with a California Ranch, as the latter incorporates more decorative elements, such as paned windows, as opposed to the single-pane windows characteristic of mid-century style. The midcentury-modern style is characterized by a less decorative and more streamlined and simplified aesthetic, often featuring open floor plans. It should not be confused with homes that have recently undergone reconfiguration to eliminate walls and create open spaces. While not particularly popular twenty years ago, these homes have become highly sought after in the last decade.

Frank Lloyd Wright is widely regarded as the most influential figure of this period. His son, Lloyd Wright, followed in his father’s footsteps, and there are numerous examples of Lloyd Wright homes nearby, such as the Gainsbourg House in La Canada (my partner sold years back), the ER Lewis Home and the Derby House both in Glendale.

Buyers • Sellers • January 26, 2024

The Advantages Of Hiring a Major Real Estate Firm Such As Coldwell Banker

by Kirsten "Kris" Jardino

The Advantages Of Hiring a Major Real Estate Firm Such As Coldwell Banker

Collaborating with a large real estate office brings forth numerous benefits, and a significant factor contributing to this is the recent shift in the rules of the Multiple Listing Service (MLS), particularly concerning “Coming Soon” listings. For my dedicated readers of the Los Angeles real estate blog, you may have noticed a change in my content regarding upcoming listings. The reason for this lies in the restriction against advertising listings not yet in the MLS. However, I’ve found a workaround that allows me to share information with my 400+ colleagues at the Coldwell Banker Hallmark offices, affecting the frequency of updates on my Instagram account.

Here are some key aspects related to the “Coming Soon” status:

No Showings: During the “Coming Soon” status, the property remains off-limits for showings until it transitions to the Active status. This means that realtors cannot showcase the property to potential buyers or clients during this initial phase.
Limited Advertising: Listing information is withheld from public-facing real estate portal websites during the “Coming Soon” status. As a result, the Days on Market (DOM) do not accumulate during this period due to the restricted advertising reach.
21-Day Limit: Properties can stay in the “Coming Soon” status for a maximum of 21 days. Beyond this timeframe, the MLS system automatically shifts the listing to Active status. Consider a scenario where a seller faces a family emergency and wishes to delay showings. While possible, the property must be actively listed, and the days on market will start accruing. This becomes particularly relevant during the rainy season, complicating the timing of listings as rain delays staging and photography, causing subsequent backlogs for stagers and photographers.
One-Time Use: Importantly, the “Coming Soon” status is a one-time opportunity. Once the property status changes from “Coming Soon” to any other status, it cannot revert back to the “Coming Soon” status.

Understanding these nuances of the MLS rules sheds light on the intricacies of pre-listing marketing strategies and the considerations involved in maximizing the exposure of a property. Stay informed for more insights into the dynamic world of Los Angeles real estate.

These are just some of the Advantages of Hiring a Major Real Estate Firm

Buyers • Home Owners • Sellers • January 19, 2024

Organizing an Overflowing Closet: A Step-by-Step Guide

by Kirsten "Kris" Jardino

Some people embrace minimalism with capsule wardrobes and only three pairs of pants. However, if your closet is bursting at the seams, it can be challenging to let go of certain items, whether they’re seasonal pieces or cherished investments. To tackle excess clothing without parting with it, reorganizing is crucial. Here’s a guide on how to reset your closet when it’s overflowing.

Organizing an Overflowing Closet: A Step-by-Step Guide

Purge Efficiently:
Professional organizer Rose Pulver advises a thorough purge. Remove everything and evaluate its condition, your attachment to it, and its practicality. Another sweep might uncover hidden items that can be donated or discarded. Don’t forget to eliminate broken hangers and old dry-cleaning bags.

Adjust Shelves or Add More:
Your closet might be more spacious than you realize. Adjustable shelving allows flexibility in accommodating your storage needs. Adding a shelf or two, a cost-effective option for renters, can expand your storage capacity.

Install a Second Closet Bar:
For maximizing closet space, consider adding a second bar. Lindsey Mahanna, a professional organizer, suggests turning a standard closet into a double-hang by easily adding an adjustable rod.

Categorize by Season:
Organize items by season, grouping winter jackets with winter jackets, for better visibility and inventory tracking. Separating seasonal clothing and storing them elsewhere maximizes storage space.

Explore Alternative Storage:
Consider underutilized spaces in other parts of your home for additional storage. Unused closets in guest rooms or extra space in a child’s closet can house items like formal wear or costumes. An armoire is a cost-effective alternative to building a new closet.

Utilize Drawers and Walls:
Not every clothing item needs to be stored in the closet. Fold items like jeans and sweaters and store them in drawers. Utilize open walls for accessories like hats, belts, and handbags. Neatly stacked items and shelf dividers maintain uniformity.

Optimize Hanging Space:
Reserve hanging space for blouses, skirts, slacks, and dresses. If space is limited, explore other areas in your home for coat racks or hat racks to store items efficiently.

Remember, a well-organized closet enhances accessibility and reduces clutter.

Home Owners • Sellers • January 18, 2024

Is downsizing the right solution for you?

by Kirsten "Kris" Jardino

In the not-so-distant past, empty-nesters and retirees often considered a 3,000-square-foot house excessive for two people and chose to downsize. However, a growing number of homeowners are bucking the trend and opting to stay in larger homes during retirement. Downsizing is a significant decision with its own set of pros and cons. The question arises: Is downsizing the right solution for you?
Is Downsizing right for you

If you’re weighing the option of moving to a residence with less maintenance versus staying in your current home, here are four reasons to think twice about downsizing:

Mortgage Rates: Given the current interest rates hovering around 7%, homeowners with lower rates in the twos and threes may find it more financially advantageous to stay put. Moving to a smaller house might result in a reduction in size but not necessarily in monthly payments.
Costs of Selling and Buying: The expenses associated with selling, including agent commissions and closing costs, could offset immediate financial benefits. Market conditions and capital gains tax implications should also be considered, impacting the potential for selling at a desirable price. Additionally, there are costs on the buying side.
Aging in Place: If your current home can be modified to suit your needs, downsizing might not be the most practical choice. Health concerns and mobility issues may necessitate features designed for aging in place, which a larger home can readily accommodate. A bigger home provides more flexibility, including space for live-in help.
Emotional Attachment: Beyond financial considerations, emotional attachment is a valid reason to skip downsizing. Many homeowners have deep sentimental connections to their homes, finding comfort in the memories and history tied to their current space. Retirement is already emotionally challenging, and the additional stress of a move might not be worth it.

For more insights on decluttering and simplifying your living space check out this link.