Real Estate Journal - August 03, 2020

AUGUST 3, 2020 ISSUE | REJGUAM.COM

Life is at home.

So is your bank.

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Properties to love

Member FDIC

A room with a view The right stuff Staging your home for sale

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The doctor is in Painting

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Need to know Buying a home during an economic crisis

t INDEX PROPERTIES TO LOVE....................................................4 THE RIGHT STUFF...........................................................6 PROBLEM PREVENTION..............................................10 THE DOCTOR IS IN.........................................................11 PROFILE..........................................................................12 NEED TO KNOW.............................................................13

This Santa Rosa property has stunning ocean and valley views.

Photos courtesy of Today’s Realty.

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PROPERTIES TO LOVE

THE REAL ESTATE JOURNAL

THE SKINNY 334 MT. SANTA ROSA, YIGO TO LET AT $3,000 PER MONTH Inside • Single family rental • 3 bedrooms • 2 and ½ bathrooms • 2 stories • 1,667 square feet of living space • Laundry Outside • Rooftop patio deck • Breezy location What’s cool • Amazing ocean and valley views • Ideal for entertaining friends and family • All modern executive conveniences How to make this your own (quickly) Contact: Suzanne EU Naputi Call: 648-1327/482-6426 Email: suzanne.naputi@ guamhome.com This two-story property has 1,667 square feet of living space.

The tiled floors complement the decor.

Photos courtesy of Today’s Realty

A roof top patio deck is ideal for parties and relaxing.

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THE RIGHT STUFF | S TAGING YOUR HOME FOR SALE

THE REAL ESTATE JOURNAL

Setting the scene When prospective homeowners go house hunting, they look for a place that checks all the boxes of their desired home. For sellers, this means making sure their property looks and feels appealing, even from the curb.

Setting up a home for sale is all about minimalism and tidiness.

The house should be properly maintained, with everything in

The kitchen is one of the important rooms of a home that potential homebuyers usually look at.

working order, and lightly furnished so as to leave some imagination for the buyer. Local cleaning services can get the job done in wiping the property clean, but the homeowner must do a bit of legwork to get the home to look presentable.

Jeffrey Crytser, broker and realtor of Heritage Realty Guam, said there are a lot of doable tasks sellers can start with to get decent curb

appeal, such as applying fresh paint of a neutral color, waterblasting the exterior to remove mold and mildew and picking up debris around the yard. Cutting grass and pruning plants are other tasks sellers can do that are already part of a home routine.

Setting up the interior of the home can be a bit tricky, but the best bet is to not overthink it.

“Over-furnished can make the home look smaller than it actually is. Declutter as much as possible,” Crytser said. “Use minimal and modern-looking furniture, just enough to help a buyer imagine themselves living in the space. Do not over-personalize.”

Simplistic décor should be considered throughout the home to give ideas, not direction. Out of all

THE REAL ESTATE JOURNAL

THE RIGHT STUFF | S TAGING YOUR HOME FOR SALE

When setting up your home for sale, it is best to keep furnishing to a minimum, with neutral colors.

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The kitchen is one of the important rooms of a home that potential homebuyers usually look at.

20-FHB-MobileBanking_July-Aug_MBJ_7.5"X10"FC.pdf

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6/29/20

2:57 PM Photos by Guam Homefinder

the rooms, Crytser said the kitchen and bathrooms are usually the most important rooms to be featured in a home viewing, so sellers should be keen on presenting these spaces as best they can. It is also worth pointing out any special features of a home, he said, such as a deck, outdoor shower, gardening area or a nice view.

The atmosphere of a home can also be transformed by modifying the aesthetics of the house’s light fixtures and water sources, like sinks and showers.

“A relatively inexpensive way to improve aesthetic issues can be replacing all old light fixtures with new and modern fixtures.

Replace old electrical receptacles and switches with new white ones. You can also replace faucets, showerheads and shower handles,” Crytser said.

Aside from the aesthetics, it is important that the home’s infrastructure is also properly maintained, as potential homeowners may ask about them.

Sellers can hire a certified home inspector to take an extensive look at the home to make sure everything is in working order and provide a report that will be readily available to the inquirer.

The International Association of Certified Home Inspectors, a large organization that offers education and training to home inspectors, has a general guideline for its members to follow when looking at a home. Inspectors assess the physical structure as well as installed components, like its heating and cooling systems, electrical circuits and plumbing, to spot potential defects that the seller should consider addressing.

There are currently four home inspectors on Guam who are members of the International Association of Certified Home Inspectors. More information on them can be found at nachi.org/ certified-inspectors. p

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PROBLEM PREVENTION | INVES TING IN INSURANCE

THE REAL ESTATE JOURNAL

Protecting your home and belongings With a house being one of the most expensive investments in a person’s life, the extra step to enroll in insurance to protect properties from unforeseen damage should not be a difficult choice to make.

Insurance works like a safety net in the event a homeowner suffers from financial loss due to either a natural disaster or domestic matter.

The type of insurance one can get varies, and it is best to reach out to a consultant to weigh options.

Brent Butler, general manager of Nanbo Insurance Underwriters, said the best recommendation for insurance is one that covers loss from natural disasters — especially ones that affect Guam the most.

“Homeowners have several options available for natural disasters. Our homeowner’s policy has earthquake and typhoon coverage. With regards to flood, we can assist homeowners to secure coverage through [the Federal Emergency Management

Agency] under the National Flood Insurance Program,” Butler said.

Recently, FEMA has allowed private insurers to offer flood insurance, so that can be another option for homeowners, he added.

This insurance may also be required as part of the mortgage contract, depending on where the home is located. A homeowner can determine whether or not flood coverage is required for their property by speaking with their insurer or visiting fema.gov.

“Floods are the nation’s most common and costly natural disaster and cause millions of dollars in damage every year,” according to FEMA. “Floods can happen anywhere — more than 20% of flood claims come from properties outside the high-risk flood zone.”

Flood insurance can only be bought from private insurers who are participating in FEMA’s National Flood Insurance Program.

The federal agency also provides disaster grants that do not need to be paid back, although coverage may not be as significant as with a private insurer.

Homeowners can also opt to cover their personal belongings and contents in the home, Butler said, and landlords can take advantage of unit owner policies, which are modified to fit their needs. With an array of coverage and add-ons to consider, Butler said homeowners must figure out what is right for them.

“One must assess the scope of coverage needed for the individual’s peace of mind and to satisfy the requirements from other third parties, such as banks,” he said. “For example, what is the level of susceptibility of the home to typhoons based on the construction of the house? Is the house located near bodies of water — which makes the property vulnerable to floods?”

Homeowners should also keep in mind that insurance is not a product that covers all situations, which is why consultation with an insurer is necessary. Butler provided the following examples of non-coverage: • certain losses such as mold and wear and tear are not covered; • for contents coverage, there are specific limits for certain types of items, such as jewelry, firearms, money and securities; • many standard home insurance policies exclude coverage for walkways, patios, swimming pools, nonconcrete structures, fences and retaining walls; and • most insurers discontinue issuing home-owners insurance policies to new customers if Guam is placed in Typhoon Condition of Readiness 2. p

Typhoon shutters aren’t the only way to protect your home. Invest in homeowners insurance to help recover financially from natural disasters.

Photo by John I. Borja

THE DOCTOR IS IN | PAINTING

THE REAL ESTATE JOURNAL

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A splash of color A fresh paint job on a home can make any property look like new again, but it is important to follow a proper painting procedure or else the facelift goes south quickly.

The homeowner, granted they follow instructions on the painting materials, can easily paint certain components of a home. But there is a technical aspect to a paint job that requires a professional opinion, such as what type of paint to use and what equipment to use to apply an even coating or remove old paint. In that case, it is better to call a contractor.

“If there seems to be any issues with the current paint job, such as peeling, bubbles, weird textures or stains, it would be best to leave it to a professional,” said Brandon Murphy, a licensed painting contractor and owner of In & Out Painting Guam Corp.

Professional painters are also more in tune with the types of coating used on a home, like oil- or silicone-based coats, and they use

this knowledge when removing or reapplying a fresh coat. The ability to discern low-end paints to highquality paints can also add many years to a paint job.

Home improvement department stores like the Home Depot usually carry a variety of paints suited for specific surfaces, such as concrete, brick, wood and metal. Furthermore, the base of the paint is a clue as to which types of surfaces the paint is best used on.

“Water-based is the best outdoor paint for vinyl siding, masonry and roofs, while oil-based is best for chalky or stained surfaces, woods, metals and surfaces that are frequently touched,” according to the Home Depot customer service department.

In Murphy’s case, his painting experience has him leaning toward tried-and-true methods and materials that get the job down.

The first step to an exterior paint job is pressure washing. Even if the appearance already seems clean,

a good pressure ensures a clean surface necessary for the following steps. After washing, any peeling paint or bubbles need to be scraped off. This tends to reveal bare concrete, which should be covered with a primer or sealer. Murphy cautioned that this should be done separately from the actual paint; some products claim to be a two-inone paint and primer, but they may not be enough to cover concrete.

“I usually recommend using a satin sheen or higher paint as they are washable and more durable than flat paint. I only use flat paint for ceilings. Over time some colors will fade, but a quality paint job will last for years,” Murphy said.

Colors are mainly dependent on the preferences of the homeowner.

Murphy said his clients often ask for themes of dark and light browns or dark and light grays. White tends to be the popular choice for trims and doors, as they help enhance the color of the walls. Accent walls are also popular because they give

a nice “pop” of color in the home interior. A single accent wall can be a focal point in the living room, but some of Murphy’s clients have requested an accent wall in every room.

“A helpful tip for homeowners choosing colors is to purchase sample size containers of each possible color and a small, cheap throwaway brush to paint a larger sample on the wall. Many colors look different on a wall and in certain light than they do on sample cards,” Murphy said.

For application, he prefers using an airless sprayer to paint. However, most Guam jobs opt for the brush and roll methods. Some hacks Murphy recommended to save time are to attach extension poles on paint rolls to reach high places and to use four-inch mini roller frames with covered end roller sleeves to paint corners and other hard-toreach areas. p

The exterior paint work of Carabao Brewing in Hågatña done by contractor Brandon Murphy.

Pressuring washing is a great way to ensure a clean surface before adding coats of primers, sealants or paint.

A fresh paint job can make a home look like new.

Photos courtesy of In & Out Painting Guam Corp.

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REAL ESTATE PROFILE | HOME VENTURES REALTY

THE REAL ESTATE JOURNAL

Real Estate Profile — Home Ventures Realty

HOME VENTURES REALTY YEAR FOUNDED ON GUAM: June 1, 2019 PRINCIPAL BROKER: Clare Delgado NUMBER OF REALTORS: 11 WEBSITE: www.homeventuresguam.com PHYSICAL LOCATION: 341 S. Marine Corps Drive Suite 105, Tamuning AREAS OF EXPERTISE: REO’s (foreclosures), development, property management, military relocation, broker price opinions, luxury homes, construction, working with sellers, working with buyers, working with landlords and tenants.

Home Ventures agents are certified in military relocation and the brokerage also has agents specialized in Pricing Strategy Advisement.

INVESTMENT TIP: “Take advantage of the low mortgage rates; use a realtor when finding your next home or selling/ leasing your property.” — Clare Delgado ADDITIONAL COMMENTS FROM CLARE DELGADO: “This is a new company that Clare Delgado, CJ Sachdev, Geri Cordova, Noli Villaverde and Jhoy Navarro founded. We used to work together at another real estate company and decided we wanted to start a new venture. The outcome was deciding to open our own real estate firm. Many of us have been in the business for close to 15 years. One of our agents has been licensed for over 20 years. Collectively, we have close to 30 years of real estate experience. We felt the opportunity was there and the conditions were right to form our own corporation.”

REAL ESTATE PICK OF THE MONTH: Two-story home in Latte Heights for $550,000. The centrally located home is 2,500 square feet with 4 bedrooms and 3.5 bathrooms. Physical address is 308 Atgidun Street in Mangilao.

Photos courtesy of Home Ventures Realty

NEED TO KNOW | HOME BUYING

THE REAL ESTATE JOURNAL

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Buying a home during an economic crisis Financial markets around the world have taken significant hits from the COVID-19 pandemic, creating an atmosphere of uncertainty on when, if at all, things will return to normal.

Consumers are becoming more frugal with their spending as the fear of job loss and lack of financial assistance weighs on their savings.

Because of this, buying a home may not be the first thing on a person’s mind.

However, there is a silver

lining in house hunting during an economic crisis.

“If someone were to ask, ‘Why buy now?’ I would tell them to take advantage of the low interest rate,” said Clare Delgado, principal broker of Home Ventures Realty and president of the Guam Association of Realtors.

As of July 28, the annual percentage rate of a 30-year fixed mortgage was at 3.20%, lower than the current national average of 3.35%. Delgado said that people

are actually taking advantage of the current lower rates because she observed that home buying is still brisk, despite an inventory shortage.

Data from the Multiple Listing Service as of June 2020 showed a median sold price of about $365,000, up from the previous month where the median was at $340,000. For active listings, the median price rose from $467,000 to $489,000 in the same time span.

This data suggests that people are

still buying and selling homes at this time — homes that are on the more expensive side of the scale.

Social distancing is greatly taken into consideration, as real estate agents are moving to online resources.

“Realtors have also adapted in keeping homebuyers safe by making it easier to shop around for homes using virtual tours, virtual open houses and initial meetings continued on page 18

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NEED TO KNOW | HOME BUYING

THE REAL ESTATE JOURNAL

PUBLISHER Maureen N. Maratita EDITORIAL COORDINATOR Morgan Legel CONTENT COORDINATOR John I. Borja CREATIVE CONTENT MANAGER Vikki Fong DESIGN & PRODUCTION Conrad Calma Luisa Joy Castro Sean Davis Vandrick Veloria SENIOR MEDIA SALES Kevin Iwashita DIGITAL MEDIA SALES Natalie Gilbert ADMINISTRATION Tricia Scott

The Home Ventures Realty website is shown. Buying a home during a rough financial time can be done, but requires some planning and guidance.

DIRECTOR Ken Duenas MANAGING DIRECTOR Marcos W. Fong

The Real Estate Journal — August 3, 2020. Entire contents copyrighted 2019 by Glimpses Media. The Real Estate Journal is published monthly by Glimpses Media.

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Photo by John I. Borja

continued from page 17

via Zoom and other online platforms. Much is done in the comforts of home,” Delgado said.

The use of federal loans and loan assistance programs have also helped keep the housing market active. The U.S. Department of Veterans Affairs or VA home loan program has been consistent in terms of home buying, Delgado said. Additionally, governmentsponsored enterprise corporations have been helping borrowers navigate through their mortgage payments to avoid possible foreclosure. Mortgage relief has also been available through the Coronavirus Aid, Relief, and Economic Security Act. In early July, GSE-based Federal National Mortgage Association, or Fannie Mae, released its June 2020 Home Purchase Sentiment Index, which gauges the general opinion of those surveyed on whether or not it as an opportune time to buy or sell a home. The report showed that interest in buying or selling a home starting dipping in March — then COVID-19 safety measures began, and dropped further in April, but has picked up in the following months. As of June, 61% of those surveyed said it was a good time to buy a home and 41% thought it was a good time to sell. p

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W: 671.649.4361 | F: 671.646.0832 | 1700 Army Dr, Ste 101, Dededo, GU

Entire contents, including but not limited to content, design and concept Copyright ©2020 by LG&G Corporation. All rights reserved. Anthony R. Godwin • Principal Broker SCAN ME