Today's Guamhome May 2015 by Todays Realty

CONTENTS 02

SOLD! PROPERTY OF THE MONTH Exquisite Perez Villa Home

MARKET REPORT

WORKING WITH A REALTOR

Residential Market Snapshot from January 1, 2015 to May 1, 2015

Would we benefit from a Realtor if we’re looking to rent? What is the cost? How long does the process normally take?

DOS AND DON’TS OF HOMEBUYER INCENTIVES

Homebuyer incentives can be smart marketing or a waste of money. Find out when and how to use them.

RECENTLY CLOSED LISTINGS

JUST LISTED

Recently listed properties in the market.

ARE YOU READY FOR THE NEW CFPB’S MORTGAGE DISCLOSURE RULES?

Whether you’re a home buyer or seller, real estate agent, lender, or title agency – you’re looking at a big change on August 1, 2015

6 REASONS TO REDUCE YOUR HOME PRICE

Home not selling? That could happen for a number of reasons you can’t control

PROPERTY MANAGEMENT

EXQUISITE PEREZ VILLA HOME Feast your eyes on this Northern beauty. Tucked away in the tranquil community of Perez Villa, this 4 bedroom, 2.5 bath custom home boasts gorgeous features both in and out. Its high pitched roof and numerous windows allow for lots of natural light to flow into the home. Cook up a storm in your new gourmet kitchen with built-in pantry and wine rack and enjoy your meals in the formal dining room. Unwind in your luxurious master suite complete with a jetted tub, enclosed shower, dual sinks, and walk in closet. List Price: $4,400/mo Closed Price: $4,400/mo Days on the Market: 44

RECENTLY SOLD & RENTED LISTINGS 01 Woodland Townhome

Listed: $1,100/mo • Rented: $1,050/mo

This 2 bedroom, 1.5 bath unit is partially furnished to fit your needs. If you’re up for some relaxation or even want to exercise then you can head over to the pool. It’s one of the well maintained units at Woodlands! Days on the market: 21

02 Yona Land

Listed: $57,900 • Sold: $57,900

Lovely 1,043+/- square meter property along Tora Lane in Yona. Many nice homes nearby.

Days on the market: 26

03 Santa Rita Home

Listed: $160,000 • Sold: $130,000

Fixer-upper, this 4bd/2ba neighborhood house on Pahong Drive and very close to Southern High School needs lots of TLC and renovation. Vacant for multiple years, it now deserves to have new owners who can call this house a home. Days on the market: 42

04 Tumon Horizon Condo

Listed: $55,000 • Sold: $53,000

Corner unit studio at Tumon Horizon Condo featuring amenities such as 2 pools, BBQ area and playground for family and friends. Days on the market: 55

A LIST OF RECENTLY CLOSED LISTINGS TO HELP YOU ASSESS THE VALUE OF YOUR PROPERTIES

05 Las Palmas Ph. I Townhome Listed: $195,000 • Sold: $190,000

Chic. Modern. Classy. These are the words that come to mind when you see what the owners have done to this 3 bedroom, 2.5 bath, 2 story Las Palmas unit. And, the quiet location is close to the pool and tennis courts too! Days on the market: 31

06 Yigo Home

Listed: $2,450/mo • Rented: $2,200/mo

Leisurely 5 minute drive from AAFB back gate, you’ll enjoy the floor plan flow as it offers two porches to our great outdoors, partially fenced yard, double vehicle garage, ‘cool to the touch’ coated white roof & much more. 4bd/3ba Days on the market: 75

07 Agana Heights Home

Listed: $2,200/mo • Rented: $2,200/mo

Well groomed home at the end of a quiet cul de sac in SO central Agana Heights. This great two story home has been the sweet domicile of many military families and singles, from Naval Station to AAFB, and of course the Naval Hospital! Days on the market: 37

08 Blue Lagoon Condo

Listed: $$3,200/mo • Rented: $3,200/mo

Free spirited beach front living in Guam’s finest Tumon condominium. Take advantage of this rare opportunity to live in a spacious two- bedroom residence with a dynamic ocean view. Days on the market: 22

JUST LISTED

AVAILABLE LISTINGS RECENTLY ADDED TO THE MARKET

01 North Sabana

Barrigada Heights • $4,400/mo

This 4 bedroom, 3 bath executive home has lots of space and located in Barrigada Heights among other executive houses. Fully fenced and gated Yard with electric gate. Covered Carport. Water storage & pressure pump. Guamhome.com/15-1535

02 Villa De Matua

Tamuning • $219,000

One of the largest condos on the market! 4 very spacious bedrooms, and 3 bathrooms! Nicely done flooring and wall colors! High end appliances, and so many items too list! Guamhome.com/15-1488

03 Ahau Mogfog

Dededo • $1,980/mo

Centrally located. 3bd, 2bath, with new stainless appliances, 4 split AC units & washer/ dryer. Perfect for animal lovers, no carpet home is fully tiled. Completely fenced backyard. Guamhome.com/15-1314

04 Segundo Street

Tamuning • $2,200/mo

You’ll love this shiny, new 3bd/2ba apartment. The unit has a extra large open floor plan, walk in closet, stainless appliances, and lots of covered parking! Parking is gated with security camera surveillance. Guamhome.com/15-1574

S E A R C H O V E R A T H O U S A N D P R O P E R T I E S AVA I L A B L E T O D AY ! 8

VISIT GUAMHOME.COM

ARE YOU READY FOR THE NEW CFPB’S MORTGAGE DISCLOSURE RULES?

hether you’re a home buyer or seller, real estate agent, lender, or title agency – you’re looking at a big change on August 1, 2015 when the Consumer Financial Protection Bureau’s integrated mortgage disclosure rule goes into effect. Put into place to make it easier for consumers to shop for mortgages and protect them from costly surprises at closing, its effects will be far reaching. We can help you prepare for the coming changes! Since it’s inception in July of 2011, the CFPB has published what is called the CFPB Final Rule that consists of 1855 pages and incorporates dramatic changes in the way lenders and settlement agents will be closing real estate transactions. Some of those changes are detailed below:

Forms •

New Loan Estimate form (LE) replaces the initial Good Faith Estimate (GFE) and the Truth in Lending form (TIL) combining the two forms into one.

•

New Closing Disclosure(s)– replaces the HUD – 1 settlement form and incorporates both the Loan Estimate (LE) and Closing

Disclosure (CD) forms. •

New Settlement statements – are being developed by the American Land Title Association (ALTA), including streamlining the naming of fees since the new rules require fees to be listed in alphabetic order. For example, some jurisdictions might name a termite inspection or a pest inspection a wood destroying insect inspection.

Timelines A New Three day rule now specifies that the Loan Estimates (LE) and Closing Disclosure (CD) statements must be delivered to the buyer 3 BUSINESS days prior to closing. If the statement is mailed to the borrower, that period extends to a full six business days in advance of closing.

Evidence of Compliance New rules now require the ability for full transaction documentation and playback including communication between borrower, lender, Realtors and settlement agent.

Loan Application Process Currently a loan application consists of: 1. Consumer name 2. Income information 3. Social Security Number 4. Address of Property being purchased 5. Estimated property value 6. Loan amount requested

6 REASONS TO REDUCE YOUR HOME PRICE Article From BuyAndSell.HouseLogic.com By: G. M. Filisko Published: March 19, 2010

hile you’d like to get the best price for your home, consider our six reasons to reduce your home price.

Home not selling? That could happen for a number of reasons you can’t control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price. These six signs may be telling you it’s time to lower your price. 1. You’re drawing few lookers You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it’s overpriced and are waiting for the price to fall before viewing it. 2. You’re drawing lots of lookers but have no offers If you’ve had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer. 3. Your home’s been on the market longer than similar homes Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you’re pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there’s something wrong with it, which can delay a sale even further. At least consider lowering your asking price.

7. All other information required by creditor in order to complete the application. The Final Rule of the CFPB eliminates item 7, the catch all requirement that helps lenders determine the repayment ability of a potential borrower. Lenders will not be able to require a borrower to submit information verifying income prior to issuing pre-approval (however, banks are allowed to obtain a credit score). The lender cannot take a loan application until the client has selected a property. This will cause challenges to builders and Realtors who previously relied on the pre-qualification process in determining potential buyers credit worthiness. Kim Anderson Young, president of Security Title, has over 30 years of experience in the real estate industry. Contact her at kim@ securitytitle.net or 647.8100.

by Kim Anderson Young PRESIDENT, SECURITY TITLE, INC.

kim@securitytitle.net • 671.647.8100

Finding simple solutions to complex real estate transactions.

4. You have a deadline If you’ve got to sell soon because of a job transfer or you’ve already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It’s not how much money you need that determines the sale price of your home, it’s how much money a buyer is willing to spend. 5. You can’t make upgrades Maybe you’re plum out of cash and don’t have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn’t as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it’s time to accept that buyers expect to pay less for a home that doesn’t show as well as others. 6. The competition has changed If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what’s still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction. More from HouseLogic How to ready your home for sale at little cost (http://buyandsell.houselogic.com/ articles/5-tips-prepare-your-home-sale/) How to review offers on your home (http://buyandsell.houselogic.com/articles/6tips-choosing-best-offer-your-home/) Other web resources More on setting the right price (http://public.findlaw.com/abaflg/flg-4-4a-1.html) G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR&reg; Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics. Visit HouseLogic.com for more articles like this. Reprinted from HouseLogic. com with permission of the NATIONAL ASSOCIATION OF REALTORS®.