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Table of Contents Message from the Publisher

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FEATURED HOUSES

A new concept in contemporary living! Departments 11

Market Report Your comprehensive look at the trends of the real estate market.

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Hafa Adai! Welcome to the first issue of CasaGuam, Guam’s only real estate listings magazine. Our objective is to bring buyers and sellers together with our convenient, up-to-date publication. With the help of Guam’s Realtors we bring you updated information, including monthly market reports, advice from real estate professionals and current listings of available residential and commercial properties. In each issue you will find a feature about the market today, a look at one of the island’s real estate professionals, contributions from the Realtors and much more. You will also find a comprehensive search map, which will help you navigate the available real estate listings by village, and find exactly what you’re looking for. We have eagerly anticipated the launch of this first issue and hope that you will find it informative, interesting and useful. Please feel free to comment and provide us with feedback on how we can fulfill your needs. We look forward to your continued patronage of our future issues, which will bring you more information on investment properties or if you’re simply looking for a place to call home. We’re here to help. Si Yu’us Ma’ase, Julian T. Cooper-Nurse Publisher

Feature Invest in Guam: The boom is coming... Get ready!

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From the Experts The Power of VA Purchase Guam Real Estate: Preparing your home for “Approved Rental Status” with the Military Market

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Profile Joann Dondoyano

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Closing Guam Association of Realtors Why Use A REALTOR®?

www.CasaGuam.com

June 2008 • Vol. 1 • No.1 Publisher Julian T. Cooper-Nurse Business Sales Manager Jay-R Domingez Traffic Manager/Circulation Manager Josie Redmond Production Manager Mark Burke Editoral Contributors Faye Varias W. Nicolas Captain Angela Camacho Duane Pahl Peggy Araullo Llagas Graphics & Layout Jon Barnhart Special Thanks To Ricardo Delgado Jr. - President PTI Larry Knecht - EVP CasaGuam is Published by:

Message from GAR It has been a phenomenal year for our industry and more notable is the tremendous growth of our REALTOR® family. Arnold Jose • President The influx of more licensed practitioners in real estate presents both a responsibility and opportunity for the rest of us. The responsibility lies in recognizing that, as our new colleagues shape their professional identity, we’re the role models they look to. Having that kind of influence isn’t a thing to take lightly. One of the ways that GAR helps our members connect the dots for us is by providing the resources–first and foremost, the REALTORS® Code of Ethics–to help us make and teach good business decisions. By requiring Code of Ethics training for all new members, the association is making an affirmative commitment to maintaining high standards for all. The opportunity lies in understanding that we all benefit when our new members succeed in business. Certainly, there’s no substitute for the business and life experience of veteran practitioners. But imagine the energy and innovative thinking that our new members can bring to a tried and true endeavor. On behalf of the Officers and the board of Directors, I wish to extend a warm GAR welcome and wish all our members success as they enter the exciting and rewarding industry of real estate. With a deep desire to make a difference, GAR will continue to find ways to give back to the island community we enjoy. We’re strong, dynamic and ready to help you face whatever challenges are standing in your path to success. Finally, we would like to congratulate Yellow Pages Ink for their premier issue of CasaGuam Magazine. ARNOLD C. JOSE 2008 President Guam Association of REALTORS® CasaGuam Advertising Disclaimer All Advertisers agree to hold the publisher harmless and indemnify it against any and all claims, losses, liabilities, damages, costs and expenses (including attorney’s fees) made against or incurred by the publisher, officers or employees with respect to, or arising out of, the content, text, graphics or representations of any ad published herein, including but not limited to the sole negligence and/or fault of the publisher. The publisher is not liable for any claims, losses or damages of any kind, arising from the wording, text, graphics or representations of any ad published herein, or the condition of the articles sold through the publication, or performance of services advertised in this publication. All advertising and/or performance of services advertising and/or submissions become wholly the property of CasaGuam Magazine. CasaGuam Magazine is a registered trademark of PTI Pacifica Inc. Copyright © 2008. All rights reserved. Reproduction in whole or in part in any form without the express written consent of the publisher is prohibited. We reserve the right to edit or refuse any ad and to reprint any photo for promotional use.

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Real Estate Listing By Village

2 CasaGuam â—† June 2008

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Principal Broker: Scott Campbell MLS#07-3298

FOR SALE

MLS#07-3682

$275,000 Yigo: Brand new 3bd 2 ba designer house on Gayinero Road

MLS#08-1720

FOR SALE

MLS#08-895

FOR SALE

MLS#08-892

MLS#07-2745

FOR RENT

FOR SALE

MLS#08-894

$2,000,000 Maite: Very popular 25 unit apartment . Generates excellent income.

MLS#08-861

$175,000

$1,300,000

FOR SALE

$635,000 Tamuning: Fabulous Executive 4bd 3 ba home, well located close to schools, malls, restaurants and Tumon strip

MLS#07-3753

FOR SALE

Tamuning: Location! Location! Location! Commercial Building with large Marine Drive Frontage.

FOR SALE

$1,996.75 Harmon: Commercial space for lease across Micronesia mall. Great for any business.

FOR SALE

Yigo: Nice 3bd 2 ba house on a large half acre lot in a Five Star subdivision.

$625,000

MLS#08-1721

$665,000 Santa Rita: This wonderful executive home boasts of a spacious kitchen and bedrooms, insulated walls & roof, large patio overlooking the ocean…and so much more.

$1,800,000

FOR SALE

Tamuning: Fabulous Executive 4bd 3 ba home, well located close to schools, malls, restaurants and Tumon strip

FOR SALE

Merizo: 34 unit apartment building fronting Route 4

$4,200,000 Harmon: 56 Unit apartment just off Route 16 and well located close to the industrial area.

FOR SALE

MLS#08-429

$499,000 Tamuning: Beautiful 3bd 2 ba home on a ‘Commercial’ zoned land. Ideal for small business. Adjoining land included in sale.

$750,000 Harmon: This two building property fronts Route 16 and is very close to the airport, malls, GPA etc.

FOR SALE

$350,000 Dededo: Brand new 4 bd 3 ba home located just off Route 3.

FOR RENT

$2,300 Tamuning: Live in this cozy 4bd 2.5 ba unit in a gated and secure community that has pool, barbeques and tennis facilities.

REAL ESTATE • PROPERTY SALES • CONSULTATION • INVESTMENTS • PROPERTY • LEASING MANAGEMENT

CALL: 688-INDU (4638) www.CasaGuam.com

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Market Report

Annual Volume & Transaction Number of units sold and average sale price of residential homes for each month for 1st Qtr 2008 (Jan-Mar). 1st Qtr 2008: 156 units sold with a median price of $206,000.

SFD (Homes) The median price for Guam SFD reached a new high in the first quarter of 2008. However, there is only sale of a home more than $500,000. We’re expecting stabilization in the next 12 to 24 months before it’s a wild ride again. During 2006 and 2007, new trends impacted SFD sales figures. New trends include the increase in new construction, which typically increases overall median pricing. Increased consumer confidence and the near elimination of foreclosure activity further supported increasing prices. The near term is expected to reflect continued positive momentum due to strong consumer and foreign investor confidence, relatively low interest rates, a weak U.S. currency and other factors. However, considering the dramatic improvement in market conditions since 2003, intermittent periods of cyclical activity are anticipated.

Condos Many existing projects are still a great bargain, same outlook as above. Guam’s real estate market is in a robust expansion phase driven primarily by military-related economic and population growth projections. Market activity and median prices have increased significantly since the recessionary period of 1998 to 2003. Currently, numerous new projects are under construction or proposed. Considering the significant recent increases in prices, the near term may reflect periods of stabilization or modest growth before market conditions improve during the construction boom projected to commence in late 2009. Future market conditions will reflect supply and demand patterns which are frequently subject to both positive and negative external forces. Number of units sold and average sale price of condominiums for each month for 1st Qtr 2008 (Jan-Mar) 1st Qtr 2008: 71 units sold with a median price of $145,000

Residential Rentals Overall, we estimate that Guam’s rental market includes approximately 20,000 units and an aggregate annual rental figure approximately $172 million. The current market is characterized by slow growth or stabilization in rent and occupancy levels. The recent run-up in prices has tended to lower demand from investors, who previously benefited from relatively high rates of return.

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June 2008 ◆ CasaGuam 11


Norma Macapinlac REALTOR速

777-9624 macnorma2001@hotmail.com


Feature hen it comes to real estate, most people say it’s never a bad time to buy — only a good time and a better time. It’s no surprise with the impending military influx, real estate is a plush market in which to invest. Potential buyers have only increases to look forward to, which experts predict, will skyrocket by the end of next year, as the construction boom begins. According to Kathleen Salas, principal broker for Argent Estates Realty, even though the economy has its dips and peaks, most real estate purchases on Guam are good investments. “Presently, if property is purchased, it usually can be re-sold above the original purchase price, provided the market is still on the upswing,” she says. “If not, the rental market will compensate to carry the owners thru the lull.” It may sound worrisome that there is a bit of a plateau right now. W. Nicholas Captain, president of the Captain Real Estate Group of Companies says the Guam real estate market during the first quarter of 2008 was down by around 40 percent on a transaction-volume basis. However Salas ensures, “Investors are never usually in extreme distress unless they have not fully researched their purchase and understood the tides of the real estate market.”

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Invest in Guam:

Unless you’ve been hiding under a you’d know it’s time to look into r

by Faye Varias

Always a good time According to Captain, the market cooled for a number of reasons, including the significant increases in government fees, infrastructure problems and utility cost increases, not to mention higher construction costs and escrow fees. A depressed mainland market also contributed to this market cooling. However, he says, “Potential investors will buy real estate on Guam if they believe that an acceptable return will be achieved.” Christopher Felix, president of 14 CasaGuam ◆ June 2008

Century 21 Realty Management, says although the present status of the Guam real estate market is flat, “Values have risen sharply over the past two to three years. We have seen many off-island investors invest in Guam … not only from Asia, but also from Hawaii and the [mainland]. This is due to the recession of real estate values in the states which caused investors to look to Guam as a safe and growing market to invest in.” Felix says he

conducted more than 180 sales to investors in Hawaii in the past 18 months alone, who have sold properties in Hawaii and bought in Guam. “There has also been a major investment in land and development properties from Korea. This is driven by the fact that the Korean government has opened up their country and allowed their local companies to buy and invest outside of Korea,” he says. “This has caused Korean companies to www.CasaGuam.com


Feature for the military buildup, real estate will increase in activity and values.”

Awaiting the boom

a rock for the past few years, real estate. The boom is coming. Get ready.

move their funds and invest in Guam and other areas. These investments and developments are expected to continue in the next few years.” Felix believes although there is a temporary slow down in investments caused by the market quick jump in values, it is expected to pick up next year when the military construction work begins. “There are still properties to buy which are considered good values which will appreciate over time,” says www.CasaGuam.com

Liz Duenas, associate broker for Remax Diamond Realty. Even with the market spike, she says land values are still relatively low around ocean-view properties. “I would recommend these properties for investors willing to park their monies until the market picks up in that area.” She adds not too many of the properties on the market are cash flowing as some investors would like, but “as the federal government releases contracts and vendors begin the work

Some experts say some of the best times to invest in Guam’s real estate are behind us. Salas says five to eight years ago, real estate prices were really low. “If you purchased anything in that time frame and sold it today, you could easily double your investment.” “However, there are still opportunities for unique properties and quality developments,” Captain says. “The significantly higher costs associated with real estate investments and developments are likely to result in further declines in transaction volume in the near term. However, we expect another wave of foreign investment to hit Guam in early 2010.” According to Duenas, “Many new homes are currently being built which gives today’s buyer more choices to pick from.” Salas warns, however, Guam has somewhat of a limited market and investors should be weary the economy will soon hit its max capacity, resulting in a plateau and eventually dip. Duenas says, “At one time the 100% Rural Development loans represented the majority of local buyers, however, due to the increase in construction costs and the prices of homes, the inventory for these buyers are limited. We are seeing more military buyers take advantage of VA Loans to purchase homes, which they hope to sell at a profit when their tour of duty ends.” “The main benefit of investing now rather than later is pricing,” Felix advises. “Prices are expected to rise sharply late next year and continue to increase over the next five to seven years. By investing now, an investor can capitalize on this gain and get a much better return on investment. Another June 2008 ◆ CasaGuam 15


Feature reason to invest now is the interest rates offered by the banks are at an all-time low. This creates great investment opportunities and better chances of positive returns on investments.”

Seeking hidden potential W. Nicolas Captian, President, Captain Real Estate Group

So where exactly is the best place to invest? Captain says demand primarily remains in the central areas but believes it will ripple out as the military expansion work commences and the economy improves. He adds, “Unique properties such as oceanfront locations will continue to do well.” Duenas agrees. “Investing in areas near the military bases would be good investments for rental properties. Tumon and Tamuning are also central and very popular for military tenants from both ends of the island.” She says there are also new subdivisions being built in Dededo, Tamuning and Piti which are definitely worth a look. “Smaller developers are building clusters of three to four homes in rural areas. New

16 CasaGuam ◆ June 2008

homes are now ranging from $250,000 and up.” According to Felix, “Residential condos and houses are the safest and most trustworthy investment.” But he says he’s seen a rise in new opportunities with the industrial areas and commercial areas. “Multi family apartments are also expected to become a better and better investment. Some raw land investments, especially in the northern area for residential development, are also beginning.” He observes most developments rising in the northern areas, in Dededo and Yigo, following planned military housing expansion and developments, and thus, values are increasing in these areas. “New developments are popping up all over the island,” says Salas. “Areas that once were not so appealing are being cleared by the masses. … Overall, the pricing on all real estate increased in the past five to seven years. Sellers are pricing property above and beyond the actual market value in hopes the economic upswing will Kathleen Salas help fetch their asking price. Other Principal Broker, Argent Estates Realty areas are being designed for

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Feature executive-style homes with exquisite views, catered more so for those who plan to spend the big money. This is truly a sign things here are getting better.”

From the experts As the military influx looms overhead, Duenas says, “If you are investing today, you will have to be financially stable to weather the negative or break even cash flow until the demand for housing picks up.” Felix says the same. “People who want to invest and receive large rates of returns on their investments immediately will be disappointed and investors who cannot carry negative cash flows may be trouble. I strongly recommend my investors put heavier down payments than required to help ease the negative cash flow possibility and help in Chris Felix getting a better rate of return.” Principal Broker, The increase in fees associated Century 21 Realty Management with investing is one to also

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absorb, according to Captain. “The recording fee for mortgages went up 500 percent, escrow fees are up, utility connection fees are killing numerous deals, real property taxes are up, the infrastructure is awful and the only factor driving investors today is speculation associated with the military build up.” He says for Liz Duenas, Associate Broker, most, it’s best to be very selective. Remax Diamond Realty “My advice to investors is to stay in the market they are comfortable in — both in price and market,” Felix says. “By this I mean that investors used to investing in condos or houses should stay in that market and not try to get into raw land or warehouse investments. Each investment area has become very specialized and requires knowledge.” He also advises investors need to make sure they can handle the payments. “Do not expect quick growth. Look at three to five years as an investment period. I recommend investors work with [real estate agents] who are familiar with the area and properties. Someone they can trust and feel comfortable with.”

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From the Experts

The Power of VA Purchase

Guam Real Estate:

-by Angela "Angie" Camacho REALTOR®, Today's Realty

Preparing your home for "Approved Rental Status" with the military market.

Angela "Angie" Camacho, REALTOR®, Today's Realty

he Veterans Home Loan Guaranty Program is a mortgage loan made by a private lender and guaranteed by Veterans Administration in the event payments are not made as agreed upon. The VA home loan was created under the GI Bill and encourages private lenders to offer favorable home loan terms to qualified veterans. Some advantages of VA home loans are no down payment, no private mortgage insurance (PMI) required and limitations on buyer's closing cost. Notary fees, tax service fees, attorney fees, termite inspection fees and escrow fees cannot be charged to the veteran or military member. In addition to the program’s 100% financing, the VA funding fee may also be financed. Currently, the VA funding fee is 2.15% for first time users and 3.3% for subsequent user. This fee may be waived for compensated disabled veteran borrowers. A VA loan may be used to buy an existing home or condominium unit in a VA-approved project, or to build a home. The veteran must occupy or intend to occupy the property as their primary residence within a reasonable period of time after closing the loan.

T

-by Duane Pahl, REALTOR®, Today's Realty

nvestors? Home owners? This article is for you! Have you ever wanted to know how to prepare your home for a military housing inspection? The first thing that should come to your mind is to work with a Realtor that has experience in dealing the ever growing military market.

I

Here is a checklist that you can use to see if your home meets the minimum requirements:

1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

STEPS TO A VA LOAN: Contact your favorite bank’s mortgage department to pre-qualify for a VA Home Loan. Select a Realtor to work with. Decide on a home you want to buy and make an offer. Once your offer is accepted by the seller, apply for a VA loan and work on the details. Your mortgage loan officer will process your loan application and help you obtain your certificate of eligibility. Close the loan and get ready to move in!

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Duane Pahl, REALTOR®, Today's Realty

11. 12. 13.

Unit must be vacant. Power must be on. Running hot and cold water (must be on). Fire Extinguisher (ABC certified) Smoke detectors (Bedrooms, hallway and kitchen) present. Electrical panel box labeled. Electrical outlet face plate covers in place. Range hood/exhaust system working properly. Air Conditioning in all rooms If dwelling is made of materials other than concrete a structural analysis/certificate of construction must be provided to justify structural integrity of dwelling. Screens in all windows/sliding doors. Accessibility of roadways for emergency vehicles. Unit must be clean and ready for move in.

For a personal evaluation of your home, please do not hesitate in contacting Duane for all of your real estate needs. duane@guamhome.com or call: 679-7777

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Profile

Work Hard, Play Hard Joann Dondoyano rounds off her hard work in the real estate business into her personal life as well.

Joann Dondoyano Century 21 Commonwealth Realty Ginefli'e I Tano 2006 Newcomer of the Year

hen you’re in the midst of a dark pool hall, seeing some of the seasoned players chalk their pool sticks as they plan their next move, don’t be surprised that some of them are on their way to making it big. Joann Dondoyano, Realtor for Century 21 Commonwealth Realty is just that. This 28-year-old says that in the next ten years, “I see myself owning my own real estate company and being a self-made millionaire.” But she didn’t always see herself in the real estate business. “I never saw myself as a Realtor. … I joined real estate to better understand the market to differentiate a good deal from a bad deal when purchasing properties. … I then realized that this is the perfect job for me because I had no boss, no set of hours, no uniforms and able to work freely at home.” When Dondoyano isn’t furthering her real estate portfolio, you can probably find her at the beach or at a pool hall with her family and friends. What most people would be surprised to know is

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Dondoyano plans to go pro in billiards in the next couple of years. “I’ve been training for a billiard tournament, which I want to participate in this year. I am in search of a good billiard trainer.” Although Dondoyano has been a realtor for only a little over two years, she says she realized there is no such thing as a typical day. She says one of her biggest challenges is adapting to different personalities. “Bringing two, often conflicting, personalities to winwin transactions requires a lot of skill and patience,” she says. “I work with determination and passion to help my clients get the best deal possible and help them get their dream home. It makes me happy seeing the end result with a satisfied smile.” It is this positive attitude that landed her the Gine Fli’e I Tano Realtor Award for Newcomer of the Year in 2006 and nominations for Realtor’s Choice and People’s Choice in 2008. She says, “I am just happy to see that many people do appreciate my work.”

Joann Dondoyano REALTOR®, Century 21 Commonwealth Realty Education: Bachelor’s in mass communications from University of Guam, 2002 Hobbies: Billiards, snorkeling, singing, and dancing Most memorable real estate moment: “Attending the award event at First Hawaiian Bank last year, my husband and I were running late, by the time I entered the main entrance, I heard the host Lin Manalo announce my name as the Newcomer of the Year. I was shocked and embarrassed at the same time, because I didn’t expect to win and I was late. Still, I received my award with pride and joy and celebrated that night away.” Business motto: “I love helping people,” “Always do what’s best for your clients,” “Seeing my clients happy, makes me happy.”

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Advertorial

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Advertorial

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Classified Commercial Properties

Land For Sale

Rental Properties

Harmon

Agat

Agana Heights

For Sale - $750,000.00 – Harmon – This two building property fronts Route 16 and is very close to the airport, malls, GPA etc. Call Indu at 688-4638.

Ready to Build? Oceanview Lot for a great price! See this one & make it yours today $40,000 Call Today’s Realty 649-4361

3bd/2ba House, 1,239+/- sf ft. $1900 per month. Call Janine Guevara 777-7653

Maite Perfect for legal, medical, contractor or real estate offices. Great exposure with high visibility. Ample parking with 17 stalls. $925,000.00 (MLS - 08-535)

Dededo

Barrigada Bello Road Oceanview R2 Lot 4,047 Sq. M. $607,050 Call Linda Suda 649-7888/9 Email: lrealty@guam.net

Duplex - well maintained & very clean 3br - 2ba units in Latte Heights area $1500/m Call Today’s Realty 649-4361

Nimitz Hill - Piti

Tumon

Tamuning

1,986 Sq. Mt. Lot Breathtaking Ocean Views $500,000 Luisa Wessling 727-8400

For Sale - $499,000.00 – Tamuning – Own this beautiful 3bd 2ba home on a ‘Commercial’ zoned land. Ideal for small business. Well located close to Mall Theaters, Restaurants etc. Adjoining land included in sale. Call Indu at 688-4638.

Sinajana

For Rent - $2,300.00p/m – Tamuning – Rent this 4bd 2ba Royal Garden townhouse and enjoy the benefits of a nice pool, tennis court, barbecue area and much more! Call Indu at 688-4638.

Tumon Commercial Building 3,500+/- Sq with 1 story 6,200+/- Sq ft. Short walk to the beach, DFS, and hotels. Great opportunity to invest in Tumon. Call Blue Pacific Realty 648-1960

Residential Sales Chalan Pago Apusento Gardens! Spacious 2br/2ba condo centrally located! Renovated from original units with 18” Porcelain Tiles! Must See. $89,900. Call Today’s Realty 649-4361

2 minutes from Agana Shopping Center MLS No. 08-1414 $71,500 Call Earl 787-1103

Tamuning 929 Lot +/Sq. Mt. Call Bobby Sachdej 687-7827

$380,000

Talofofo 1,858 Lot +/- Sq. Mt. Call Glen Biscoe 482-4047

$47,000

3br 2ba Condo for rent $1900 w/ oceanviews. Rarely available. Near beaches, shopping & restaurants. New kitchen and Bathrooms 649-8763 • galvin22@hotmail.com Tumon Vista Condominium For Rent 3br - 2ba, Renovated Appliances $1,700/mo Call Linda at 788-6788.

Yigo

Yigo

Near Bang’s Market 1,800 +/- Sq. Ft. $75,000 A-Zoned Call Dori 727-7188

3bd/2ba Nice & cozy house in a quiet neighborhood. Call Sol Abat 687-0333 MLS#08-961

Dededo House for Sale/Rent 3bd-2ba, 1,322 Sq.Ft. Living Area Rent $1,000/m. Selling Price $165K Available August Call 688-5864 Ysengsong road, easy access to Marine Corps. Drive! This 4 bedroom ranch style has 2000 sf for your extended family. Renovated & updated fenced yard provides lots of privacy & safety for the kids to play. $225k. Call Diane Lee 688-1997

Inarajan Single Family Home Great View 1,115 Sq.Ft. Lot 1,041 Sq.Mt. MLS No. 08-1280 $230K Call Joseph 483-3333

Yigo For Sale – $350,000.00 – Brand new executive 4bd 3ba home located just off Route 3 Yigo. Call Indu at 688 4638. For Sale - $275,000.00 – Yigo – Brand new 3bedrooms, 2bath, and 2 carports home located on Gayinero Road. Currently under Construction. Call Indu at 688 4638. YONA - $385,000 3BR/3BA house on a half acre lot in the exclusive neighborhood of Windward Hills Golf Course. Call Noemi Sukola 727-0700 • 479-8839 www.CasaGuam.com

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Closing Message from the Executive Officer Why Use a REALTOR®?

Peggy Araullo Llagas

ll real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict CODE of ETHICS and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

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But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one: 1. Your REALTOR® can help you determine your buying power–that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders–banks and mortgage companies–offer limited choices. 2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. 3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell? 4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required. 5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and 32 CasaGuam ◆ June 2008

property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date. 6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders. 7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly. 8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle. 9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients. 10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property. 11.Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing–a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, winwin agreement that will be more likely to make it through the process. 12.Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement). www.CasaGuam.com



CasaGuam Vol. 1 Issue 1