Any investor will tell you, "it's all about the numbers." If there is profit to be made, either on a cash-flow or fix-and-flip basis, investors will be there. Large spreads between asking price and after repair value or low GRM / high Cap rates is what attracts investors, not nice kitchens and master suites like a traditional buyer.
Requests for repairs are definitely dictated by the home inspection, but the type of market and sale has an affect on what repairs the buyers are asking for. In my experience, on a good deal in a hot market, sellers aren't as willing to make repairs because they have buyers lined up at the door. Buyers wanting to close the deal won't ask for much in repairs or credits because the sellers could just move on to the next buyer. On the other hand, in any market, if a property is priced near the top of the range, looks to be in great condition, and the inspection comes back with issues, there can sometimes be a laundry list of items that the buyer wants fixed.
A scam artist was trying to rent out one of our listings. They put up a craigslist ad for about half what the market rent should be and gave the address. A potential renter drove by, they saw our sign out front, and called to ask why there was a for sale sign if it's a rental. We had no idea what she was talking about, but did a quick search on CL and found the fraudulent listing with our photos borrowed from the MLS. We reported it to the FTC. Good thing she was smart enough to call. It's always a good idea to punch the address into CL to see if there are duplicate listings either for sale or for rent.Here's a great link to an article on Zillow about rental scams and what you can do to avoid them: http://www.zillow.com/wikipages/Beware-of-Scams-and-Other-Internet-Fraud/ and another one on MSN: http://realestate.msn.com/article.aspx?cp-documentid=20482759&page=3
There is so much to consider when buying vacation rental property. Are you buying for appreciation or cash flow? Will you be financing the purchase? If so, cap rates are traditionally low in San Diego, but so are vacancy rates. Expenses that we usually account for are: taxes, insurance, property management, exterior maintenance, HOA fees, interior maintenance, furnishings, marketing, utilities, and vacancy loss (higher if you're planning to stay there during peak seasons). Definitely give an experienced REALTOR® a call to discuss.
Zillow's Zestimate is a good jumping off point if you want a quick valuation for a home, but it does not take into account a lot of factors that real estate professionals adjust for when determining your home's list price. Almost any REALTOR® would be happy to give you a free home price evaluation, give us a call if you'd like. You can also claim your home on Zillow and edit the details if they are not correct. Here's the link: http://www.zillow.com/help/claim-your-home/
The other day, a past client asked what the 2013 real estate landscape might be. I briefly summarized what it might look like for buyers and sellers in 2013.It is always hard to predict Real Estate. The market can suddenly change, and having a knowledgeable REALTOR® to guide you through those changes is imperative. 2013 seems to be a seller's market. With such low inventory of houses for sale, multiple offers and bidding above asking price is a common occurrence. Make sure you have all your ducks in a row before you start looking for a home, that way you're prepared when the timing and home aligns.
Working with a professional REALTOR® when purchasing a home ensures that you will receive from your real estate agent obedience, loyalty, disclosure, confidentiality, accounting and reasonable care. A lot of times the seller is willing to pay a commission to a buyer's agent or you can contract with an agent to represent you exclusively and pay them a commission. Always a good idea to work with an agent, especially if you haven't purchased real estate before.