I recently spoke with Rayce Lucas about real estate as it pertains to homeowners.
Rayce has been in the real estate industry for about 40 years now, and his wife and business partner has been in it for about 35 years, bringing 75 years of total experience. During his time in the industry, Rayce has worked in financing (mainly in single family homes and small multi families of up to 12 units), construction (flipping single family homes), mortgage underwriting, and real estate sales.
What conversations do you have with clients who have outgrown their home?
Rayce likes to have a conversation with homeowners to get a full picture of their wants and desires. For some homeowners, the best solution may be to complete an addition to their existing home to best fit their needs, while others may need to find an existing property and home to fit their needs, and yet others may be best suited for building a custom home. Many factors go into these decisions and it’s always great to talk these through to find a best fit for each individual. Additionally, many of Rayce’s clients have decided to sell their California home and move out of state, where their proceeds can go much further in buying land and homes. Rayce added that there are predictions of 52% of current home owners in the San Francisco Bay Area will sell their Bay Area home in the next 10 years and move into different parts of California or even out of state. This may make it increasingly more difficult to sell a current home and buy a larger home in the same geographic regions.
What value does having an Accessory Dwelling Unit (ADU) bring to your property?
ADUs can bring a varying level of value to one’s property. These units can provide much needed housing for extended family, with significant savings in sharing resources. Other units may bring in rental income, whether used as short term or long term rentals. And yet other units may be seldom used for full time living accommodations and may be used as home office space or game rooms. Because of these various uses, value to each property will be viewed differently. The property value may increase more in regions that have a high number of rental units vs regions where an ADU is used for home offices or game rooms. Many appraisers will factor the actual use in when determining a value of a property with an ADU, often times discounting the square footage value as compared to the primary residence value.
What is the outlook on home values given the current shelter in place directives?
Rayce believes the housing market is stable and will remain stable throughout this time.
How can Rayce assist home owners?
Rayce strongly believes in talking through the options and communicating the reality of various decisions, and providing clients with possible solutions. Rayce is attentive to their needs and desires and can be a great source of references to help their team for any upcoming project. Rayce can be found on Facebook by searching @Rayce.KristenLucas or by phone at 530 368 2375.
