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Luba Muzichenko San Francisco Real Estate

San Francisco SF Realtor

Archives for November 2007

Donald Trump Reminds Us That Real Estate is a Solid Investment

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I guess everyone has a blog these days, including Donald Trump. Now, this man may not know a thing about hair! But I’m pretty sure we can all agree that he knows a thing or two about real estate.
I was just checking out his blog today, and found an interesting little post about the doom and gloom articles out there. Writer Gary Eldred, PhD reminded us that historically, real estate has been a great investment. And that while there have been times when prices have flattened out, or were driven down by outside forces such as job layoffs, real estate always makes a recovery.
But all the while, there have always been doom and gloom writers telling us what a horrible investment real estate is. To give you a rough idea of how real estate has performed over time, in the 1940’s in the Sunset district, you could buy a brand new home for about $5000 (which in today’s money is about $55,000). That same home today is worth anywhere from $650,000 to $800,000 or more. Even if you take inflation into account, that’s about a pretty nice return on your investment if you ask me.
Anyhow, the author of the blog post shared some of the doom and gloom passages that have been published throughout the years, and I thought I’d share them here with you too. Hope you enjoy, and hope you take the bad news from the media with a grain of salt.

“The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline.” (Time, December 1, 1947)

“The days when you couldn’t lose on a house purchase are no longer with us.” (House Beautiful, November 1948)

“The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs about $28,000.” (Business Week, September 4, 1969)

“The median price of a home today is approaching $50,000 . . . Housing experts predict that in the future price rises won’t be that great.” (Nations Business, June 1977)

“The era of easy profits in real estate may be drawing to a close.” (Money, January 1981)

“In California . . . for example, it is not unusual to find families of average means buying $100,000 houses . . . I’m confident prices have passed their peak.” (John Wesley English and Gray Emerson Cardiff, The Coming Real Estate Crash, 1980)

“If you’re looking to buy, be careful. Rising home values are not a sure thing anymore.” (Miami Herald, October 25, 1985)

“Most economists agree . . . [a home] will become little more than a roof and a tax deduction, certainly not the lucrative investment it was through much of the 1980s.” (Money, April 1986)

“The baby boomers are all housed now. They are being followed by the baby bust. By 2005,real housing prices will sit 40 percent below where they are today.” (Harvard Economist, Gregory Mankiw, “The Baby Boom, the Baby Bust, and the Coming Collapse of Housing Prices,” Journal of Regional Economics, Fall, 1989)

“Financial planners agree that houses will continue to be a poor in­vestment.” (Kiplinger’s Personal Financial Magazine, November 1993)

“A home is where the bad investment is.” (San Francisco Examiner, November 17, 1996)

“Your house is a roof over your head. It is not an investment.” (Ev­erything You Know About Money Is Wrong, 2000)

“But the real question is, how will [housing prices] look longer term? As I’ve said in the past, I do not think that housing values will be higher five to ten years from now.” (Yale Economist Rob­ ert Shiller, quoted in Newsweek, January 27, 2005)

So if you’re on the fence about San Francisco real estate because of all of the negative predictions, it might be ok to jump off and take an honest look at what’s really going on in the SF housing market. At least, that’s my humble opinion.

Forbes Says San Francisco Real Estate Still Performing Well

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ribbons.jpgREALTOR Magazine did a nice job of summarizing a recent report provided by Forbes magazine showing that San Francisco real estate is still performing, and in fact is one of the 10 best performing markets in the market.

Here are the top 10 best performing housing markets, according to Forbes magazine, their third quarter median home sale prices and the percentage that prices have risen compared to third quarter 2006.

Salt Lake City; Median Home Sale Price: $246,700; Percent Change: 14.1 percent
Charlotte, N.C., $220,000, 11 percent
San Jose, Calif., $852,500, 9.4 percent
San Francisco, $825,400, 8.6 percent
Raleigh, N.C., $229,500, 7.5 percent
Austin, $188,200, 7.2 percent
Pittsburgh, $127,700, 6.1 percent
Seattle, $394,700, 6 percent
San Antonio, $154,700, 5.7 percent
Portland, Ore., $299,700, 5.2 percent

Source: Forbes, Matt Woolsey (11/21/2007)

What does this mean to you?
Well, if you’re a seller – this is good news because that means your home likely hasn’t lost its value. If it’s on the market now and isn’t selling, don’t fret. This time of year is always tough for real estate here in the City. By spring (if not sooner), the market should be back in full swing again.
If you’re a buyer, don’t be afraid to jump into the market – especially right now. Inventory levels are low, but there are several good values out there – and I mean several. If you want to find out more about what’s out there now and worth buying, let me know. I’m happy to tell you about the deals out there right now. But don’t hesitate too long, because these deals won’t be around forever. It’ll be a few months at most before, San Francisco homes will be selling like hotcakes again (and some still are!) so you really should think about striking while the iron is HOT!

Over, Under, At – SF Home Sales: November 17-November 23, 2007

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up-down.jpgWelcome back to the “Over, Under, At” weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price.
*Just a reminder that new construction sales are rarely included in this list since they don’t get posted on the MLS.
As I predicted last week, sales number are slipping. Single family homes are still closing for over asking, while condos took a make hit in the “Under” category. This may be a sign that if you’re in the market for a San Francisco condo, you might be in luck, and just might be able to find yourself a deal.
Of course, keep in mind we’re just looking at one week of activity in the crazy San Francisco Real Estate market, so next week’s “Over, Under, At” numbers might jump in a totally different direction… but if you’re a condo seller, you might want to take into consideration that the condo market isn’t as strong as it has been in previous years. I’m personally seeing fewer buyers out there in that “middle” price range of about $650K-900K which means you MUST price realistically if you want your home to sell. For the serious condo buyers out there, talk to your REALTOR immediately! You might be able to pick up a decent property at a good price (and I don’t mean cheap folks… SF homes just aren’t cheap, period.)
Here’s a quick breakdown of closed sales for the week from November 17 through November 23, 2007:
Single Family Homes –
27 Homes Sold

  • 13 Sold OVER Asking Price
  • 9 Sold UNDER Asking Price
  • 5 Sold AT Asking Price

    • Condos/Lofts/Co-ops’s –
    17 Homes Sold

  • 2 Sold OVER Asking Price
  • 15 Sold UNDER Asking Price
  • 0 Sold AT Asking Price

    • TIC’s –
    1 Home Sold

  • 0 Sold OVER Asking Price
  • 1 Sold UNDER Asking Price
  • 0 Sold AT Asking Price

    • Why Plastic Bags are Gone from San Francisco Supermarkets

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    plastic-bag-in-tree.jpgI guess I haven’t been grocery shopping in a while. When I walked into my local Safeway a few days ago, I looked around and saw Supermarket Plastic Ban Goes Into Effect in San Francisco“>nothing but brown paper bags (and the few canvas and reusable plastic bags that a small number of shoppers had brought with them).
    There are several reasons why plastic bags are bad for the environment. Plastic bags litter the streets and choke marine life. They are not reusable. They are not recyclable. And frankly, they’re not even great for getting the groceries home. (I’ve had my fair share of mishaps when a sharp edge of some random package ripping the bag and causing my canned green beans to go rolling down a hill and into the abyss.) With three dogs, I can’t even count of plastic grocery bags to scoop the poop… I’ve been faced more than once with the hand straight through the bag trick (luckily, it’s always happened to me BEFORE scooping poop and NOT during!!!) In a nutshell, plastic bags were horrible all around…. so SF Supervisors got rid of them.
    So, with the ban on plastic bags, stores were given the option of using paper bags or biodegradable startch based plastic bags.
    According to PlasticNews.com, “Among the superior attributes of the biodegradable bags, which are typically made of starches from potatoes and corn:
    — They’re stronger. “The days of double-bagging your loaf of bread would be over,” said Supervisor Ross Mirkarimi, author of the compostable bag ordinance.
    — They can go straight into the green recycling bin. They would be clearly marked as biodegradable.
    — They’re versatile. Today, far too much food waste heads to the landfill because of what some recycling advocates call the “ick factor.” With a biodegradable bag, you could scoop the food scraps into the bag, then, quickly and neatly, plunk it all into the green bin.
    — They’re environmentally friendly. Plastic bags are a huge nuisance: they pose a threat to marine life, they gum up recycling machines and they consume landfill space. ”
    And they’re right. But unfortunately, the reality is that that plastic bags cost about a penny each, paper bags cost about five cents, but compostable plastic bags made of starch cost 10 cents each, and supermarkets aren’t buying into it. And so supermarkets have opted to ditch plastic all together rather than cough up some extra dough for the compostable plastic bags.
    While this does lead to less litter, and save marine animals, it does result in a greater use of paper bags – which leads to cutting down more trees. 🙁
    So how can you help? Bring your own reusable canvas or reusable plastic bags to the grocery store with you. You can usually buy reusable plastic bags for about a dollar at your local grocery store, or you can spend about $3 for a canvas bag at the stores that do stock them… OR, you can contact me! I’ve puchased a few hundred canvas grocery bags and am giving them away to friends, family and clients. If you’d like one for yourself, drop me a line and ask for one and I’ll find a way to get it to you. Of course, I don’t have a limitless supply – so hurry if you want one!

    I apologize, but I am no longer shipping the bags outside of the San Francisco Bay Area.  (I actually no longer ship the bags – I either drop them off locally, or leave them at my office for people to pick up.)

    The bags are to help people “go green” but the amount of energy it takes to ship something as small as a canvas bag across the country is very wasteful, as is the packaging required to ship it.

    I hope you understand and I apologize for any inconvenience.

    Over, Under, At – SF Home Sales: November 10-November 16, 2007

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    up-down.jpgWelcome back to the “Over, Under, At” weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price.
    *Just a reminder that new construction sales are rarely included in this list since they don’t get posted on the MLS.
    The number of closed sales took a dip from last week all across the board, however, that’s a typical pattern for San Francisco Real Estate (the market always slows down around November and December, so do expect the next several weeks to also have low number). Most single family homes still closed above asking price, while more than half of the condos closed under asking. Not a single TIC, however, closed under asking this week.
    Here’s a quick breakdown of closed sales for the week from November 10 through November 16 2007:
    Single Family Homes –
    26 Homes Sold

  • 17 Sold OVER Asking Price
  • 7 Sold UNDER Asking Price
  • 2 Sold AT Asking Price

    • Condos/Lofts/Co-ops’s –
    33 Homes Sold

  • 14 Sold OVER Asking Price
  • 18 Sold UNDER Asking Price
  • 1 Sold AT Asking Price

    • TIC’s –
    7 Homes Sold

  • 4 Sold OVER Asking Price
  • 0 Sold UNDER Asking Price
  • 3 Sold AT Asking Price

    • Give Your Credit Score A Boost

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    house-money-pen.jpg

    I was planning on writing an in-depth post of how to boost your credit, but I also believe in efficiency, and a colleague of mine, Ben Miller, at Mortgage and Realty Professionals in San Diego, forwarded me this article from the Novemeber 2007 edition of “YOU Magazine”.
    I found some great tips on how to increase your credit score to get a loan for that perfect San Francisco home you’ve had your eye on. Read on for some awesome advice!

    Give Yourself Some Credit:
    Easy Ways to Score Points with Underwriters

    (YOU Magazine) – We all know the phrase “buy low, sell high.” Many of you may be wondering if now is the time to “buy low” in the real estate market. Prices are down, inventories are up, and interest rates are near historic lows. This month YOU Magazine looks at how a smart investor or homeowner can become loan ready, and prepare his or her credit profile to take advantage of the buyers’ market. Whether you are looking to invest, buy, or refinance now or in the coming months, your credit is going to play a more significant role in today’s tight-fisted credit environment than it has in the past. This article will help you put together the kind of sound credit profile that any underwriter can appreciate.

    In general, underwriters analyze your overall creditworthiness from three angles: your credit score, your income, and your assets. Let’s take a closer look at these three elements.

    Credit Score
    Your credit score represents your willingness or ability to repay debt. Scores can range from 350 to 850. When arriving at your score, the credit scoring system analyzes various elements of your current credit situation, including your debts, payment history, and credit types. It’s important to note that payment history accounts for only 35% of your overall score, so it takes more than paying your bills on time to increase your score. In today’s market, a score of 620 or below would be cause for concern, because even a small difference in your credit score can cost you big. In fact, Fannie Mae recently announced that effective March 1, 2008, any loan in which the borrower’s FICO score falls below 680 will incur either higher interest rates or fees charged at the time of closing of up to 2.00%. For example, on a loan amount of $200,000, a borrower with a FICO score of 619 or lower, would be required to pay $4,000 or experience a higher interest rate. This means clean up your credit now or pay a higher price later.

    But here’s the kicker. Nearly 80% of all credit reports contain errors of some kind. Recent studies also indicate that about one-fourth of these reports contain mistakes so egregious that applicants could actually be denied credit. With this mind, the first step to putting your best foot forward is making sure everything in your credit report is accurate. To do this, visit www.annualcreditreport.com and get a free copy of your credit report right away. (Note: free credit reports do not include credit scores. Scores can either be purchased online or pulled by your mortgage professional.) Once notified of a mistake on your report, a credit bureau has thirty days to investigate and respond. If the information can’t be confirmed, the item should be removed.

    While you’re online, be sure to visit www.optoutprescreen.com as well, and avoid the hassle of being bombarded with unsolicited mortgage offers, and make life a lot easier throughout the mortgage process. Finally, ask your mortgage professional to pull your credit for review as well and make sure that everything is accurately reported.

    And what about those of us with a credit history we would rather forget? All is not lost. For individuals with spotty credit a lot can be accomplished with a professional credit improvement company. If you do decide to utilize a credit professional, plan on about 90 to 180 days for maximum results. An experienced mortgage professional can share other insights into the ins and outs of credit scoring.

    Income
    For an underwriter, your income is another tool to help calculate the overall risk of loaning you money. Let’s be honest: If you’re looking to get a loan in the next 6-9 months, it’s unlikely that your income is going to change drastically in that period. However, whether you’re self-employed or salaried, there are a number of tax decisions you can make today that could negatively affect your debt-to-income ratio (the amount you make each month and the amount you owe), which affects how much you’re qualified to borrow. (See Your Finance for more information.)

    In other words, talk to a mortgage professional about the common guidelines that allow for debt-to-income ratio (DTI). While some loans have been approved with ratios exceeding 50%, many conventional guidelines state that DTI should not exceed 36-40%. Depending on your overall profile, DTI may be able to reach as high as 45-50%, but it’s best to keep this number as low as possible.

    Finally, although it is still possible to get loans without income documentation, these loans are almost impossible to obtain without great credit scores, particularly if you’re looking to secure a jumbo loan.

    Assets
    The more money you have available after closing, the less risk you pose in the eyes of an underwriter. This means any assets available above and beyond your down-payment. And down-payments are back in style. That’s because 100% financing programs, while still in existence, are scaled back, and the costs for obtaining a loan with no equity have increased. In addition, many loan programs, particularly those that don’t require income documentation, will now require that after closing you have ample reserves or certain liquid assets that are congruent with the income you say you are making.

    If you’re even thinking about buying or refinancing real estate in today’s market, it’s important to talk to your mortgage professional before making any financial decisions that could affect your loan profile, including opening or closing any credit accounts. More importantly, you have to act now. Timing the so-called bottom of the market is a very difficult task, even for the experts. Great deals on real estate are available in just about every market right now, and interest rates are still very attractive. If you are looking to purchase a home, think long term and don’t focus on the next 12-18 months. For those trying to sell a home, now is the time to be realistic about the current market cycle and take action. Remember, anything you give up on the sale side will be captured on the buy side. Bottom line: Do what’s right for you today, and it will be right for you tomorrow.

    October 2007 Sales Data is Here!

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    The latest market report is here. Prices are still UP from last year, and on par with last month. And “days of market” is STILL lower than last year, albeit not by much.
    I’m not the type of REALTOR that’s out there trying to paint a rosy picture for you. But, I’d like to point out that it’s not all as bleak as it appears in the “doom and gloom” articles.
    A client of mine, after reading about the “gloom and doom” to come stated that:

    “we have our eyes open for a realistic deal but we expect it to be April at the earliest before the market has adjusted. There is a guy down the street from us trying to sell a light-starved, ground floor condo directly across from the firestation. He listed it in early August at $750K. It has been open every weekend Sat and Sun since then. And he still has it listed at $750K. I’ll make a prediction. By April of next year he will be struggling to get $500K for it.”

    My response was:

    “I too agree we have a market correction happening, but I can’t imagine that a condo in Eureka Valley or Duboce Triangle or Noe will lose a third of its value in 6 months time. However, a ground floor condo across the street from the fire station may not have been worth $750K to begin with. What we have are a lot of unrealistic sellers that result in some drastic price reductions.

    I do think that you’ll definitely be able to pick something decent up in the next few months. And I don’t think we’re immune from downward price pressure. I definitely do foresee corrections in the 5-10% range on certain properties that were bought at the peak and are being sold just 2 years later in areas that just aren’t “hot.”

    I think the right place will come along for you eventually…. But you can’t time the market like you time waves (I don’t surf, but I kayak, and waves come in odd numbers). I think we’ll get a sense of where the market will be at in January. It’s typical that November and December are slow months and that things pick back up in January. In fact, last year around this time, interest rates had crept up, and there were plenty of gloom and doom articles around then too, and SF didn’t spiral into a decline at that time either. I try to keep a balanced perspective of the market, so trust me, I’m not all optimistic and doe eyed about the market, and I don’t see properties appreciating drastically over the next year or two. In fact, if you bought in the last year or two, I highly suggest you wait at least another year or two before selling (ideally 3 or 4 more years).

    I think time will tell what will happen!”

    And I’ll tell you all the same thing… the sky isn’t falling out of the real estate market in San Francisco. But things are changing, and not every property sells in 3 weeks with multiple offers for exorbitant amounts over asking. Check out the statistics… the changes that economists have been predicting still haven’t kicked in. But I promist that I’ll let you know if they do.

    Oil Spills Suck (and ways to help out)

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    Ocean Beach, originally uploaded by thegirlinthecurl.

    I’ve been out of it a bit this week. A few health issues I had needed to be taken care of, nothing major… I’m back and getting into the swing of things but, meanwhile, all around our local Bay and beyond, we’ve had our own health crisis in our local waters.
    By now, you know all about the Cosco Busan Oil Spill and the damage it has caused and is still causing.

    And I know that you, like many others want to help. You can get updated information on training, the status of the oil spill, etc at SanFrancisco.about.com
    In addition to the updates, you can find a list of ways to help.
    Below, you’ll also find a summar of some ways you can participate:

    SAN FRANCISCO TRAINING TO CLEAN UP OIL

    The Environmental Protection Agency (EPA) will provide training to certify volunteers for participation in San Francisco and Bay Area beach cleanups. The training will include instruction and safety guidelines necessary for successful cleanup of beach-related hazardous waste operations. The certification training will allow volunteers to take part in organized beach cleanups for the duration of the recovery effort. Volunteers who participate in beach cleanups must be able to lift five pounds and be comfortable working on their feet for extended periods.

    Light supper will be provided at the training.
    Saturday, 11/17: 8am-noon | Location: County Fairground’s Hall of Flowers, GG Park, 9th & Lincoln

    Saturday 11/17: 1pm-5pm | Same as above

    BEACH CLEAN-UP

    The public is still urged to avoid oil impacted areas and wildlife that are affected, as untrained people can cause further damage to the environment and stress on the wildlife. The public is also reminded that allowing your dogs to run on impacted beaches will create even greater stress for injured wildlife by forcing birds back into the cold water. Concerned citizens should call 415-701-2311 to report any sightings of oiled wildlife.

    WILDLIFE RESCUE

    The rescue of oiled wildlife requires significant training to avoid further injury to birds, other animals or volunteers themselves. The state wildlife rehabilitation center in Cordelia has limited opportunity for volunteers (in Cordelia only) for tasks such as cage cleaning, and other general support of rehabilitation processes. Volunteers must be at least 18 years of age and in good health, and are required to participate in training. Information regarding these opportunities can be found at http://www.owcn.org or by calling 800-228-4544.

    Approaching oiled animals will often result in driving them back to contaminated water where they are exposed to greater risk and out of reach of rescuers. You CAN help affected wildlife by immediately calling 877-823-6926.

    DONATE

    Another way to help is to donate to organizations at work to support cleaning up this event. Visit the International Bird Rescue and Research Center at http://www.ibrrc.org/donate.html
    San Francisco’s Animal Care and Control (ACC) is one of the agencies transporting the oiled wildlife. They need clean towels and sheets. After checking your closets, if you have any, please drop them off to the ACC. Their address is:

    Animal Care and Control
    1200 15th Street
    (at Harrison Street)
    San Francisco, CA 94103
    (415) 554-6364

    This may not sound like much; however, every little bit helps.

    Over, Under, At – SF Home Sales: November 3-November 9, 2007

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    up-down.jpgSo it’s the second week of the new “Over, Under, At” weekly feature. It’s a simple breakdown taken from MLS data that shows the number of closed sales that sold Over Asking Price, Under Asking Price or At Asking Price. I’ve gotten some feedback on it, and decided to keep condos, lofts and co-ops (a rarity in San Francisco real estate) as one group and to give TIC’s their own group, because they are, after all, unique little createures.
    Also, a reminder that I should add that a colleague of mine pointed out, “…very few, if any of the MLS condo sales reports include all of the the new development activity at places like the Infinity, One Rincon Hill, Millenium, Arterra, etc.” You can add the Hayes, the Potrero and all the other new San Francisco developments to the list.
    Here’s a quick breakdown of closed sales for the week from October 29 through November 2007:
    Single Family Homes –
    35 Homes Sold

  • 15 Sold OVER Asking Price
  • 13 Sold UNDER Asking Price
  • 7 Sold AT Asking Price

    • Condos/Lofts/Co-ops’s –
    35 Homes Sold

  • 13 Sold OVER Asking Price
  • 16 Sold UNDER Asking Price
  • 6 Sold AT Asking Price

    • TIC’s –
    54 Homes Sold

  • 6 Sold OVER Asking Price
  • 4 Sold UNDER Asking Price
  • 1 Sold AT Asking Price

    • 7 Tips for Buying a Fixer-Upper

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    So… you think the real estate market in San Francisco is a buyer’s market? Well, not just yet. But, you might be able to find a deal out there if you’re diligent and know your stuff.
    For the record, I’m NOT telling you to go out there and start “flipping” houses. I don’t think that this is the market for “flipping.” There’s a whole lot of speculation about where the SF Market is heading (not to mention the national economy). And while I’m optimistic about the market, I’d be a fool to advise you to try to turn a quick profit in a market where appreciation is no longer at a rate of 10% or more a year.
    But no matter what happens in the market, if you are looking for a home and you are on a budget, and don’t mind doing a bit of remodeling, taking advantage of someone else’s turn-offs and buying a basically sound house and then updating the cosmetics is a profitable thing to do in almost any market. But if you’re not careful about your purchase, it can bite you in the ass later when it comes time to sell.
    Here are 7 things to ponder when selecting a fixer-upper:
    1. PRICE: This is tough to do in SF… but the typical rule is that you should purchas a home that is at least 30 percent below the market value of comparable nearby homes.
    2. LOCATION, LOCATION, LOCATION!: You can’t pick up a house and move it. Well, you can, but you might hurt your back. Ok, bad joke. But seriously, choose a location with a low crime rate, good schools, and quiet streets. There isn’t anything you can do to cure a poor location.
    3. SIZE MATTERS: Get your mind out of the gutter. Smaller homes are tough to sell when the time comes. There isn’t much of a market for studio units or 1 bedroom condos or TIC’s. Aim for a 2 bedroom, but if you can afford a 3 bedroom, it will always pay off when you do sell someday.
    4. KEEP YOUR EYE ON THE PRIZE: Stay away from homes needing major repairs – these include wiring, major plumbing, foundation repairs or a new roof. Spending money on these basics doesn’t add value and costs a hell of a lot.
    5. THINK SMALL: Find a home that needs profitable cosmetic improvements like new cabinets (think IKEA or other inexpensive but off-the-shelf cabinets), fresh paint inside and out, new light fixtures, new carpets and flooring, and fresh landscaping.
    6. KEEP IT LOCAL: Don’t buy a fixer-upper that is far from your current home because it is important to visit everyday while the renovation work is being done. And if you’re doing the work yourself, you’ll be grateful that you don’t have a long drive home day after day after day!
    7. FIND THE REASON: Look for sellers who are motivated to sell and who want to make the sale happen. Your REALTOR® can help you to do your homework and find out the seller’s motivations.
    And don’t expect to make a quick buck. Our market has been doing funny things unless you’ve got the “hot” house in the “hot” neighborhood. But if you buy a fixer, you not only get to make it your own, but your elbow-grease (or your cash if you’re not handy enough to do it yourself) will definitely help you grow your equity much faster than it would otherwise.