When it comes getting that paper, you can keep it real or you can keep it real estate.
Big Brown Dad recently chopped it up with Realtor Vincent Ramos to get an update on what’s happening with housing in the San Gabriel Valley.
It’s November 2020, what trends are you noticing in the San Gabriel Valley housing market?
Great question. But the SGV is a large market with a tremendous range in both price and style of homes. Both have an impact on trends. The San Gabriel Valley includes multi million dollar estates in cities like South Pasadena, La Canada Flintridge, Claremont, Diamond Bar and Glendora to name a few. In those cities properties will sit on the market a little longer and take some real effort on the part of the agent to get them sold. But they do sell.
On the lower side of the spectrum, the SGV also includes entry level cities like Baldwin Park, La Puente, El Monte, Pomona and others. In those cities, properties that are priced appropriately, sell very quickly and sometimes for far more than the appraised value. I’m seeing 20k+ and more on average.
Historically low interest rates continue to drive buyer purchasing power up and up. As the rates go down, the buyer’s affordable sales price keeps going up. (the Fed justdropped the rate again by .25%). We will however see a reduction in the number of homes sold over the next 3 months. That is not to say we will see a price drop. Just less inventory.
It happens every year. Real estate agents go on vacation and stop doing good business over the holidays (the bad ones at least). But, this presents a great opportunity for savvy buyers. Just like the average realtor going on vacation over the holidays, so does the average buyer. That means less competition in the market and a great opportunity to score a deal!!!
2. What’s the most popular misconception prospective buyers have about the purchasing a home?
That you can buy a home for less than you rent today.
I don’t understand why so many of my colleagues continue to perpetuate this myth. You CANNOT buy a home for less than you can rent. Not the same size home in the same market you’re currently renting in. That’s for sure.
Sure, you can buy something in Victorville for about the same as you pay in rent in Alhambra. Maybe. I wish my colleagues would stop with this nonsense. It does a massive disservice to the public.
Having said that, another popular misconception is that buying a home is hard. It isn’t. You just need a plan. After my clients sit down with my lender (or over the phone), they can clearly see the light at the end of the tunnel. I’ve helped some buy their 1st home 3 months after meeting them. They often believe homeownership is out of their reach. It isn’t.
Some see that light is years away. I tell them “Time is going to pass anyway. Either time is going to pass by and you’re going to be ready at the end of it, or time is goingto pass by and you’ll still be in the same situation. The choice is yours.” I’m a no pressure agent. I’ve been doing this for 17 years. I’ll still be doing this for years to come. I’ll be ready when they are.
What was the last home you helped someone sell?
Last property I helped somebody sell was a four bedroom two bath home in La Puente for $555,000. Sold with only two days on the market.
What was the last home you helped someone buy?
Last property I helped Somebody buy was a 5 bedroom 3 bath 4 car garage 3500 square foot property in Riverside for $682,000
What’s a current problem you’re helping a current client solve?
My clients are generally unaware of problems in a deal. Most of the time problems arise from a lack of communication or a lack of experience in real estate. I like to prevent problems more than fixing problems, though i’m good at fixing them as well. It’s important to be clear and transparent from the start. We are not selling pies here. Real estate tends to be the largest financial transaction most people will be involved in. You must be truthful, honest and efficient in any real estate transaction. I’m great at all 3.
Educating the client about the process and the potential pitfalls in any deal goes a long way to preventing potential problems in the first place.
I do help clients solve problems outside of a deal all the time. Problems with their credit or financing tend to be on the top of the list. But just like during a deal, a little education and communication go a long way.
I have been known to out maneuver newer or less experienced agents often. Saving my buyers and sellers thousands of dollars in most cases. These contracts we use to write up offers allows for several places to take advantage of these part time agents. Contingencies, inspection times, request for repairs and many more allow a contract expert like myself the opportunity to provide more value for my clients. I won’t be out maneuvered in a deal.
What’s a tell tale sign your prospective real estate agent doesn’t have her shit together?
- They work for a discount brokerage!! Stay away!!!
- They work real estate part time.
- Check their online reviews.
- See how long it takes for them to return a call or text. Follow up is massive in this business
- Talk to them. You’ll know within minutes if they are full of shit or not. Go with your gut.
If you’re interested in buying or selling a home, reach out to Vince below.
Tell’em Big Brown Dad sent you and he’ll take you out to eat to discuss your options.
FB @TheVRamosMethod
IG @TheVRamosMethod
Remax Top Producers
626.523.1776
Email vramos3@gmail.com