The Iacone's Wilmington NC home was listed for 9 months unsuccessfully before listing with local REALTOR, Angela Batchelor. After being listed with Angela & following her strategic plan their home closed in 90 days. Find out more about their customized plan at http://www.sellingyournest.com
Lender Diana Johns of New American Mortgage, shoots a guest video for Wilmington NC REALTOR, Angela Batchelor on the importance of getting pre-approved BEFORE looking at homes. This first step will save you time & money. Get more tips on buying in today's real estate market at http://www.buyingyournest.com
The Woodruff's just closed on their very first home in Wilmington NC! Watch as they share their story of being first time home buyers & working with Wilmington NC REALTOR, Angela Batchelor. For tips on buying your first home visit http://www.buyingyournest.com
Simple, affordable do-it-yourself projects such as cleaning and decluttering and just adding lighting can help increase a home’s resale value, according to HomeGain’s annual home improvement and staging survey.
HomeGain, an online real estate marketing resource, surveyed nearly 600 real estate professionals in creating a list of the top do-it-yourself home improvement projects that offer the biggest return for your buck.
Overall, the home improvement projects that boasted the highest price returns were updates to the kitchen and bathroom–an estimated $3,435 price increase for resale. Painting the outside of the home ($2,222 price increase) also offered one of the highest returns, according to HomeGain’s Home Sale Maximizer study.
Here are six do-it-yourself projects–all under $1,000–that made HomeGain’s list, as well as the estimated increase to the home’s price at resale for each project.
1. Cleaning and decluttering: Remove any personal items, unclutter countertops, organize closets and shelves, and make the home sparkling clean.
Cost: $290
Estimated return: $1,990
2. Light and bright: Clean all windows inside and out, replace old curtains, update lighting fixtures, and remove anything that blocks light from the windows.
Cost: $375 cost
Estimated return: $1,550
3. Staging: Rearrange furniture, bring in new accessories and furnishings to enhance rooms, including artwork and playing soft music in the background.
Cost: $550 cost
Estimated return: $2,194
4. Landscaping: Punch up the home’s curb appeal in the front and backyards by adding bark mulch, bushes and flowers, and ensuring current plants and grass are well-cared for and manicured.
Cost: $540
Estimated return: $1,932
5. Repair electrical or plumbing: Repair any leaks under the bathroom or kitchen sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home’s electrical with new wiring for modern appliances, fix any lights or outlets that don’t work, and replace old plug points with new safety fixtures.
Cost: $535
Estimated return: $1,505
6. Replace or shampoo dirty carpets: Steam-clean carpets, replace any worn carpets, and repair any floor creaks.
Cost: $647
Estimated return: $1,739
This blog post was written by Melissa Dittmann Tracey, and courtesy of REALTOR® Magazine.
Linda purchased a 2nd home in Wilmington while her son attended UNCW. After graduation she decided to sell. Linda gives her take on selling in today's market & her experience with Wilmington NC REALTOR, Angela Batchelor. What should you look for when selling your 2nd home, get details here http://www.sellingyournest.com
In the choppy seas of mortgage finance, you need someone who can navigate the ever changing product guidelines, interest rate environment, and understands your individual circumstance. These professional mortgage originators are worth their weight in gold. Most people enter the maze of mortgages every five years or so, and the industry has evolved so much that it is barely recognizable (and its evolution continues and is likely to appear vastly different five years from now).
The must-have qualities in a loan officer (LO) today are:
Knowing all the nuances of the loan product menu is crucial for a loan officer. How will your ability to be approved, your rate and your fees be impacted by your FICO score, Loan-To-Value, or liquid reserves? Being well versed in loan products and being able to see your personal situation as an underwriter is normally a function of experience.
No one is right all the time. However, I couldn’t imagine working with a loan officer who didn’t have an opinion on where rates are likely to move. Your originator should be in the advice business. They should be able to express their point of view in simple, logical terms. They should site financial data and reports (like inflation and employment data). They should understand the impact of geo-political events. Ultimately, it is your responsibility to decide when to lock in your rate, but don’t you deserve access to the best information possible to make your decision? Shouldn’t your LO provide it?
Your approvability and eventual rate and fees are determined by your Credit Score. You need a LO who knows how to help you get the optimal score. How will paying down a debt affect your score? Should you payoff a collection account before, after or even at all? How about those borrowers with limited trade lines or errors in their credit file?
In today’s landscape, with frequent appraisal challenges and the structuring (and re-structuring) of deals, there needs to be excellent communication between the lender and the agent. Great loan officers have an understanding of the position, the responsibilities, and the psyche of the buyer, seller and the agent. The coordination of everyone toward a common goal is important.
It is not a stretch to say every loan is different. You must search for a loan officer who is attentive and engaged. LOs need to ask questions, sometimes very personal questions. They need to understand your financing objectives, your strategy about this real estate acquisition, your current and future income, credit and so on, in order to truly give you the best advice.
In the world today, too many loan officers are “order takers”. You need an advisor. You need an advocate who knows the programs; who has an educated opinion on rates; who can help you get the best credit score possible; who understands the team dynamic between the agent and the lender and who really listens to ensure that you get the best possible outcome.
For a list of local, trusted mortgage providers in the Wilmington area, email me.
** This blog post is courtesy of our pals at www.kcmblog.com
Today, we have a special treat. Ann Douglas of DoorFly.com is our guest blogger explaining why most would prefer to own. Enjoy!
Renting is a very frustrating way of life. The money you pay every month disappears, leaving you with few benefits other than a roof over your head. Compared to owning a home, renting is a futile exercise that leaves you with nothing after your lease is up. It’s no surprise that people want to get out of the rent race, and here are 10 reasons why people decide to buy a home versus renting.
Homeowner WANTED... Must love ocean breezes, beautiful views, and the convenience of having an oasis in your backyard.
Our newest listing is tucked away in off the Carolina Coast and offers an oceanview, private covered parking, a large community pool, and private beach access all for less than $190,000! It hits the market this Friday, May 6th and is priced to sell.
For additional details on this home by the sea email or call Angela Batchelor at 910-375-9599.
Jessica Pirone of Just Perfect! Home Staging + More shares with us valuable insight on staging. Professionally staged homes sell faster & for more money. In today's market, standing apart from your competition is critical. Professional staging will ensure your home appeals to the most buyers - saving you time and money!
No matter what price range your home is in, or how great your taste, everyone can benefit from professional staging.
The financial turmoil we have experienced over the last five years has definitely taken it’s toll. It has especially been a difficult time for real estate. Nationally, values have fallen over 25% and there may be more softening in prices to come. We realize that this has caused difficulty, and in some cases, heartbreak for many families. People unable to make their mortgage payments have been forced to sell or, even worse, have faced foreclosure.
However, the thing that has continued to amaze us is the country’s steadfast belief in the benefits of homeownership even in these most difficult of times. The vast majority of Americans still realize that the value of a family owning a home goes far beyond just the financial considerations.
There have been three major surveys done in the last 75 days delving into Americans’ current belief in the value of owning a home:
Each showed the country still believes that buying a home makes all the sense in the world. Let’s consider some of the findings:
Survey after survey report Americans believe two things: that there is a value in owning a home and that now is the time to buy!! What are you waiting for?
*This blog is courtesy of our friends and experts at kcmblog.com
One of my favorite things to do on Sunday afternoons is to take the Fort Fisher Ferry to Southport and bring along my bike. Southport is a quaint, old fishing village with tons of charm! Locally owned boutiques, great restaurants on some of the best sunsets in the Southeast.
Ferry boat rides to Southport...
and sunset dining on the Cape Fear River!
If you would like information on the Southport area, send me an email.
Home values are again beginning to fall. What has caused this renewed downward pressure on prices? It can be directly tied to the number of distressed properties in the region which have shredded values in some marketplaces. Foreclosures and short sales impact prices in two major ways.
When a home buyer decides to purchase, price is a major component in the equation. Every buyer wants to make sure they are getting an excellent deal especially after what has taking place over the last five years. According to RealtyTrac, foreclosures, on average, sell for a 41% discount and short sales sell for a 19% discount.
These distressed properties might not be in the same physical condition as the non-distressed properties. However, at sizable discounts, many purchasers are more than willing to do the necessary repairs. Every buyer who buys a distressed property is one less eligible buyer for the other homes. Less demand in a market with an oversupply of houses for sale means lower prices.
We had the honor to speak at the Leading Real Estate Companies of the World Conference and the RELO Direct Corporate Forum last week in Las Vegas. Chip Wagner of A. L. Wagner Appraisal Group, Inc. also spoke. He is a third generation appraiser and an industry icon who will be inducted into Worldwide ERC’s prestigious “Hall of Leaders” in May in recognition of his years of hard work in the field.
At the conference, Mr. Wagner explained:
“Recently appraisers have been accused of prolonging the nation’s real estate downturn by developing value opinions that are below proposed sales prices. Specifically, we have been accused for using distressed properties among the comparable sales used in the valuation process.
If a specific market area has a low amount of distressed listings and comparable sales, it is likely there is little impact on property values, and we may be seeing appreciation taking place. A ‘low amount’ would be under 10% to 15%. In market areas where there is a high amount of distressed market competition, typically greater than 1/3 of the market, this distressed competition has to be analyzed as this is the new ‘norm’ for that market area. Buyers active in that area are looking at all of the competing properties and making their purchase offers and buying decisions based on all of the information available to them. Sometimes the appraisers are using that data, and sometimes they are not. The important thing is that the appraiser properly research and analyze each property, understanding the differences in seller motivations and the condition between the properties.”
These properties sell at substantial discounts. When they are used as comparable sales, they could dramatically impact values.
The number of distressed properties coming to market is increasing and will create downward pressure on house prices throughout 2011.
** This blog post is courtesy of our pals at www.kcmblog.com.
Local Wilmington NC lender, Diana Johns of New American Mortgage, gives us the scoop on what you'll do to start the pre-approval process.
It's important that you get pre-approved with a local, trusted lender BEFORE looking at homes. It will save you time AND money!
That main photo you post of your home for sale on the Internet–you know, the one that always pops up first and often depends if a buyer will click on it to see more–needs to make a great first impression.
What kind of impression would your home make in it's current state?
Curb appeal AND professional photography can make all the difference. Here are some great examples of homes that put their "best photo forward!"
Kitchens are going dark, LED lighting is gaining steam, and trash is getting more attention–all are trends in kitchen designs this year, according to the National Kitchen & Bath Association, which surveyed 100 designers at the end of 2010 to reveal the hottest kitchen trends.
The following is a list of what’s cooking in kitchen trends for 2011, based on NKBA survey results of which kitchen designs are increasing in demand and which are losing favor.
I just received the most exciting news.... my clients are officially under contract on their very first home! I am honored to have been a part of helping them find their home and thrilled to watch as they accomplish the goal of homeownership!
The location, affordibility and the low-maintenance lifestyle Summerlin Falls offers were largely important to my clients. Summerlin Falls is nestled between 17th Street & Carolina Beach Road, just minutes from the conveniences of shopping, dining, and the beach.
The community consists of 70 homes and has a very "courtyard chic" appeal. When you step into the gated courtyard and follow the tree-lined walkway toward the front door you feel right at home. The iron and stone detailing throughout the community contribute to it's appeal.
And no worries if you don't have a green thumb or have little time for landscaping, it's taken care of for you!
Homes in the community offer 2 and 3 bedroom options. My clients opted for a great 3 bedroom home that featured gleaming hardwoods and open floorplan.
Off the living room & eat-in kitchen were 3 large sliding glass doors letting in lots of natural light and making it easy to entertain on the private, beautifully landscaped patio.
It's not too often that you find a townhome that offers a formal dining room, but this one does. The deep neutral tone is perfectly accented by the custom wainscotting, giving this room elegance.
It was difficult to capture all of the reasons why my clients fell in love with Summerlin Falls on camera, but here are a few more reasons they choose to buy their first home here:
Over the next few weeks, myself and my team will be working diligently to get them to closing on time. I am looking forward to handing them the keys to their very first home... What an honor!
Plant a tree to add value to your home and have a positive impact on the local environment.
But every year, 3.2 million acres of forest are cut down, according to the Nature Conservancy. Several million more acres are lost to fire, storm, and disease. That's why planting new trees and protecting the ones we have is so important. You can do your part by
The most tangible bang from your bark comes from energy savings. Three properly placed trees could save you between $100 and $250 a year in energy costs, according to the U.S. Department of Energy. Trees save energy two main ways. Their shade cuts cooling costs in the summer. In winter, they serve as windbreak and help hold down heating costs.
The National Tree Calculator estimates that a 12-inch elm in an Omaha yard can save $32.43 a year on your energy bills; the same tree in Atlanta would save you $11.89 annually. The calculator also breaks down other dollars and cents benefits of your tree, like decreasing storm water runoff, removing carbon dioxide from the air, and increasing property values.In our elm example, the 12-inch tree adds $40.23 to the Omaha home's value and a $57.33 to the one in Atlanta. And as trees grow larger, they can add even more value.
A 2002 study by the USDA Forest Service pegs the value a single tree adds to a property of about $630. Of course, tree value depends on size, species, location, and condition.
Adds Frank Lucco, a real estate appraiser with IRR-Residential in Houston, “On a $100,000 home [in my market], as much as $10,000 of its value could be associated with mature trees.”
That's peanuts compared with the role trees play as the lungs of the planet. A report by the Trust for Public Land estimated that one mature tree takes 48 pounds of carbon out of the atmosphere each year and returns enough oxygen for two human beings.
To get the full benefits from your trees, choose the right one and put it in the right location. Planting a deciduous tree on the west side of a house provides cooling shade in the summer. In winter, after it loses its leaves, the same tree lets in sunlight that cuts heating and lighting bills. On the other hand, an evergreen on the west side blocks sun all year long, making a home colder and darker in winter. Rather plant evergreens, a great choice for blocking icy winter winds, on the north side of your home.
If you're planting a new tree, think about its fully grown size and shape before you dig. Branches from a tree located below power lines can cause outages as it grows. Roots from a tree located too close to a home can damage the foundation or block sewer lines. The wrong tree in the wrong place could actually lower your home's appraised value if it's deemed hazardous, says Frank Lucco, a real estate appraiser with IRR-Residential in Houston.Expect to pay $50 to $100 for a 6- to 7-foot deciduous tree, such as a katsura or evergreen. The same tree at 15 feet will cost $100 to $200, according to Brad Swank of Molbak's Nursery in Woodinville, Wash. The Arbor Day Foundation sells saplings for as little as $8-$15, or less if you're a member.
Since trees cost money, be cautious about any home construction work. "Tree failure can happen seven to 10 years after construction, primarily because the root system fails when the soil is compacted," says Thomas Hanson, a member of the American Society of Consulting Arborists from Kirkland, Wash. Also watch for diseases or pests that can threaten trees in your yard and community.Ensuring that your community has lots of healthy trees doesn't have to be more complicated than a trip to the nursery and a hole in your backyard. Dig it twice as wide as deep. Let kids push in the dirt and help water weekly until the tree is two years old. The Arbor Day Foundation will tell you how to select the right tree for your needs and climate, where to plant it, and how to maintain it.
The foundation also is a great place to look for community and educational programs.Considering everything trees do for you, it's the least you can do for them.
** This blog post is courtest of our pals at www.HouseLogic.com
Stones Throw is convenient to UNCW campus (just .03 miles away), shopping, dining, & the beach! The neighborhood clubhouse & pool are just a few steps away and offer a break from crowded beaches. The low-maintenance lifestyle this community has to offer makes it even more convenient for busy students and professionals, or those looking for a second home. Throughout the community you'll find both single-story as well as 2 story townhomes that offer 1-3 bedrooms.
With an unbelievable price, convenient location and lifestyle - this home sold in record time.
IWhat a fabulous start to the day! I just got to make the most exciting call to my clients and let them know they were officially under contract on their soon-to-be-home.
After a long, unsuccessful search for a home, they came to me. Together, we established what was important for their family in both a home and community. Being able to find a home (a brand new one at that) that fit their budget in the school district they preferred was a challenge, until we toured Deer Crossing.
Deer Crossing is a new eco-community located off beautiful Myrtle Grove Road. It's close to area shopping but still tucked away to offer a private, serene landscape. The planned amenities, such as the dog park, bird sanctuary, wildlife nature trail, butterfly garden and the children's adventure play area, are designed to give back to the natural surroundings. This in addition to the variety of home plans they had to offer and the 100% financing program available made it the perfect fit for my clients.
The list would gone on forever if I listed all the things my buyers loved about Deer Crossing, but here are a few that were at the top of their list:
It will only be a few weeks before my clients get to move in and begin making memories. I am excited to experience their joy of owning their very own home!
Understanding how appraisals work will help you achieve a successful sale or will come in handy when considering refinancing . So read up!
When appraisers evaluate a home’s value, they’re giving their best opinion based on how the home’s features stack up against those of similar homes recently sold nearby. One appraiser may factor in a recent sale, but another may consider that sale too long ago, or the home too different, or too far away to be a fair comparison. The result can be differences in the values two separate appraisers set for your home.
If the appraisal is being used by a lender giving a loan on the home, the appraised value will be the lower of market value (what it would sell for on the open market today) and the price you paid for the house if you recently bought it.
An appraisal being used to figure out how much to insure your home for or to determine your property taxes may rely on other factors and arrive at different values. For example, though an appraisal for a home loan evaluates today’s market value, an appraisal for insurance purposes calculates what it would cost to rebuild your home at today’s building material and labor rates, which can result in two different numbers.Appraisals are also different from CMAs, or competitive market analyses. In a CMA, a real estate agent relies on market expertise to estimate how much your home will sell for in a specific time period. The price your home will sell for in 30 days may be different than the price your home will sell for in 120 days. Because real estate agents don’t follow the rules appraisers do, there can be variations between CMAs and appraisals on the same home.Home prices shift, and appraised values will shift with those market changes. Your home may be appraised at $150,000 today, but in two months when you refinance or list it for sale, the appraised value could be lower or higher depending on how your market has performed.
You may have a reason you must sell immediately, such as a job loss or transfer, which can affect the amount of money you’ll accept to complete the transaction in your time frame. An appraisal doesn’t consider those personal factors.
If your home appraisal comes back at a value you believe is too low, you can request that a second appraisal be performed by a different appraiser. You, or potential buyers, if they’ve requested the appraisal, will have to pay for the second appraisal. But it may be worth it to keep the sale from collapsing from a faulty appraisal. On the other hand, the appraisal may be accurate, and it may be a sign that you need to adjust your pricing or the size of the loan you’re refinancing.
** This blog post is courtesy of our pals at www.HouseLogic.com
Before you put your home up for sale, use the right comparable sales to find the perfect price.
Knowing how much homes similar to yours, called comparable sales (or in real estate lingo, comps), sold for gives you the best idea of the current estimated value of your home. The trick is finding sales that closely match yours.
Your best comparable sale is the same model as your house in the same subdivision—and it closed escrow last week. If you can’t find that, here are other factors that count:
Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners.Even if you live in a subdivision, your home will always be different from your neighbors'. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.
An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).
Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.
Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them to Kansas.How much short sales are discounted from their market value varies among local markets. The average short-sale home in Omaha in recent years was discounted by 8.5%, according to a University of Nebraska at Omaha study. In suburban Washington, D.C., sellers typically discount short-sale homes by 3% to 5% to get them quickly sold, real estate agents report. In other markets, sellers price short sales the same as other homes in the neighborhood.
So you have to rely on your REALTOR’s® knowledge of the local market to use a short sale as a comparable sale.
** This blog post is courtesy of our pals at www.HouseLogic.com.
Downloadable iPhone and Android apps offer ways to maintain, improve, and save money on your home.
If you see a color at a friend’s house that would look great in your home, use Benjamin Moore’s Ben Color Capture or Sherwin-Williams’ ColorSnap, free mobile apps for iPhone, to conjure up a matching paint color and code in a jiffy. Take a photo with your phone, and the app matches the paint as closely as possible, and will display secondary and complementary colors. (ColorSnap is also available for BlackBerry.)
Good Housekeeping magazine has placed all their best stain-removal and cleaning advice into their free @Home app. It also includes decorating ideas and a searchable list of the 5,000-plus products that have earned a Good Housekeeping seal.
If you’re searching for a cheap replacement part, or looking for a deal on slightly-used appliances and materials, eBay’s free Mobile app lets you search the auction site’s entire marketplace from iPhone, Android, Windows Phone 7, and BlackBerry devices. You can also put any of your disused-but-functional household items up for sale and recoup some cash.
For listings close to home, search the popular Craigslist site through the free Craigsnotifica for Android or Craigspro for iPhone.Finding lower prices on electronics and appliances used to mean driving from store to store or scanning Sunday circulars. With the free Price Check by Amazon, you can scan a product’s barcode at a store and compare the price against Amazon and other merchants. (Android and BlackBerry versions are also available.) PriceGrabber has a similar app for iPhone and Android.
For $1.99, the iHandy Carpenter app puts a ruler, protractor, bubble level, surface level, and plumb bob into your iPhone, allowing you to make measurements without lugging out the tool box. It’s perfect for simple jobs like hanging frames and mirrors.
Need just a level? There’s a free app for iPhone from iHandy and for Android from Johnson.Before you approach a home improvement project, use the $1.99 Handy Man DIY to record dimensions of flooring, windows, walls, and more. It calculates how much material you’ll need and gives you a cost estimate.
If you’re in the middle of a home improvement job and need supplies, use the $4.99 Work Shop app to order them from your iPhone. It’s also a great tool for keep track of expenses or plan your budget for a future project.
With the iPhone’s bright display and the super-bright LED flash, you can use it in place of a traditional flashlight to illuminate crawl spaces, attics, cabinet recesses, and other dark spots. There are many apps for this purpose, but two favorites are the 99-cent Flashlight (and 99-cent Flashlight+.
Wonder why certain vegetation isn’t growing in your yard? Landscaper’s Companion provides a reference guide to more than 2,000 plants. You can search for a plant based on your garden’s sun exposure and garden zone, helping to ensure you won’t get any dead leaves after planting. The app costs $9.99.
Using your iPhone’s magnetometer, StudFinderPRO can help you locate studs by locating the magnetic fields emitted by metal objects like screws and nails. The app costs $2.99. A free Magnetic Stud Finder is available for Android devices.
Need decorating ideas for inspiration? Check out Home Interior Layout Designer--Mark On Call for $2.99. Created by an interior designer, the app can help you plan a space and determine if furnishings will fit. Also consider the $4.99 Living Room app for iPad and the 99-cent Dream Home app for iPhone.
** This blog post is courtesy of our pals at www.HouseLogic.com
This duck was different. Instead of waiting for the couples to leave, this duck would wait only until the food was originally delivered. At the moment the staff delivered the food, the duck would race to the table and look up at the people who were about to eat. Surprisingly, every person immediately took something from their plate and fed it to this duck. They fed the duck BEFORE they began to eat.
This duck didn’t settle for scraps and leftovers. He ate the best food off the plate. This duck didn’t fight with dozens of others. He was alone when the customers fed him.
It was truly amazing.
It made me think about the difference in real estate agents. Some will list a house, put it on MLS and hope for the best. Others will represent a buyer by simply checking the MLS to see if a suitable house is available for sale. They are like many agents in the marketplace. They are waiting for something to happen. Just like all those other ducks.
Then there are agents who will take it upon themselves to make something happen. They will diligently search for the buyer of their new listing. They will knock door-to-door looking for the perfect house for their new client who is dreaming of a new home for their family. They are like that special duck. They are not waiting for the leftovers.
In all of nature, some wait for things to happen and others make things happen. When hiring a real estate agent, look for the latter. Don’t settle for scraps.
** This blog is courtesy of our pals at www.kcmblog.com
The success of any landscaping project depends on having a plan and sticking to it.
To figure out how to allocate your landscape dollars, start by picking the brain of a pro. Even if you have a naturally green thumb, a trained professional can save you from wasting money on wrongheaded ideas and open your eyes to possibilities you haven't considered. There are various types of landscape pros, and their expertise is priced accordingly.
If your yard has major issues or you have grand ambitions, consider hiring a certified landscape architect to design a comprehensive plan that includes such things as irrigation, lighting, architectural features, soil conditioning, and, of course, the growing stuff. A verbal consultation costs about $100-$150; a detailed plan can run from $300 to $2,500. The American Society of Landscape Architects offers a state-by-state "firm finder" on its website.
Landscape designers typically charge less than degreed landscape architects and are a good choice for simpler projects that don't require construction. Horticulturists specialize in plants, not necessarily design. Then there are landscape contractors, the design-build firms of yard work. Start by asking friends whose gardens you admire for recommendations. Your local home and garden center is another good source for contacts.
Before you get any dirt under your nails—or hire someone to get dirty—you need to make two lists: a) what you want and b) what your property needs. These aren't necessarily mutually exclusive, but the exercise is important for setting priorities. It would be folly to spend big bucks on an outdoor kitchen before resolving potentially disastrous issues such as a diseased tree or drainage problems.
The first question that a professional will likely ask is: What do you see yourself doing in your yard? Hosting Sunday barbecues? Doing the crossword puzzle in a hammock? Swimming laps? Growing vegetables? Clip pictures of outdoor spaces you like and don't like to clarify the feeling you're trying to achieve.Remember that part of your landscape budget will go toward the "b" list. Those are things that may not lend themselves to sexy magazine spreads but can protect your property value—not to mention enhance your quality of life—by lowering water bills, reducing the need to mow or rake, or blocking the view of your neighbor who hot-tubs in the buff. We're talking about practical considerations such as irrigation, fencing, lighting, equipment storage, privacy, and security.To ballpark costs for materials and labor, think in terms of square footage, which is how landscapers charge. According to Costhelper.com, hiring someone to create a "naturalistic garden" averages $11 a square foot; the cost can double for a formal garden with walls and water features. And don't forget to factor in long-term maintenance such as mowing, mulching, and pruning. (Sweat equity, anyone?)
If you're designing your own plan, start by measuring your property or getting a plat survey from the county. You might even be able to find a topographical map indicating features like slopes and swales. You can sketch the basic layout to scale using old-fashioned graph paper or landscape design software. Prices have come down considerably on the latter, but quality varies widely, so check online reviews before purchasing. A free option: Google's Sketchup, with cool apps for trees, pavers, shrubs, outbuildings, and the like.Once you have the parameters, create a floor plan, marking off different sections just as you would rooms of a house. The front path is the foyer, there might be a "dining room" with a picnic table, a shady "bedroom" for a hammock, a "rec room" with play equipment. Consider the costs for each area of your plan, including materials, equipment, furnishings, greenery, and any specialized labor like irrigation or electricity.If your ambitions exceed your wallet (and whose do not?), go back to your priority list and pick a section or projects to tackle as your budget permits, advises Angela Dye, principal designer/president of A Dye Design, a landscaping firm in Phoenix, Ariz. "What is the absolute most important thing you need to have done?" she asks. "What is bugging you most?"
A carefully conceived plan will keep you on track during this gradual transformation, both in terms of vision and budget. And remember that patience pays off. "Additions or renovations can start losing value once completed," says Jim Lapides, spokesman for the American Society of Landscape Architects. "A landscape literally grows in value over time."
Here are some great photos we found on the web of beautiful landscapes:
You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind—that is, you’re not billed for 2010 property taxes until 2011. But that’s irrelevant to the feds.
Enter on your federal forms whatever amount you actually paid in 2010, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.
For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.
Lenders require home buyers with a downpayment of less than 20% to purchase private mortgage insurance (PMI). Avoid the common mistake of forgetting to deduct your PMI payments. However, note the deduction begins to phase out once your adjusted gross income reaches $100,000 and disappears entirely when your AGI surpasses $109,000.
This deduction may not be as good as it seems. It often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks.
If you met the midyear 2010 deadlines, don’t forget to take this tax credit into account when filing.
Even if you missed the 2010 deadlines, you still might be in luck: Congress extended the first-time home buyer credit for military families and other government workers on assignment outside the United States. If you meet the criteria, you have until June 30, 2011, to close on your first home and qualify for the tax credit of up to $8,000.If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer's certification statement for energy tax credits, insurance company statements for PMI, and lender or government statements to confirm property taxes paid.
If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.
If you made any eligible improvement, fill out Form 5695. Part I, which covers the 30%/$1,500 credit for such items as insulation and windows, is fairly straightforward. But Part II, which covers the 30%/no-limit items such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.
You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.
** This blog post is courtesy of our pals at www.HouseLogic.com. This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.
The most important features of your mortgage loan are its term and interest rate. Mortgages typically come in 15-, 20-, 30- or 40-year lengths. The longer the term, the lower your monthly payment. However, the tradeoff for a lower payment is that the longer the life of your loan, the more interest you’ll pay.
Mortgage interest rates generally come in two flavors: fixed and adjustable. A fixed rate allows you to lock in your interest rate for the entire mortgage term. That’s attractive if you’re risk-averse, on a fixed income, or when interest rates are low.An adjustable-rate mortgage does just what its name implies: Its interest rate adjusts at a future date listed in the loan documents. It moves up and down according to a particular financial market index, such as Treasury bills. A 3/1 ARM will have the same interest rate for three years and then adjust every year after that; likewise a 5/1 ARM remains unchanged until the five-year mark. Typically, ARMs include a cap on how much the interest rate can increase, such as 3% at each adjustment, or 5% over the life of the loan.
Why agree to such uncertainty? ARMs can be a good choice if you expect your income to grow significantly in the coming years. The interest rate on some—but not all—ARMs can even drop if the benchmark to which they’re tied also dips. ARMs also often offer a lower interest rate than fixed-rate mortgages during the first few years of the mortgage, which means big savings for you—even if there’s only a half-point difference.But if rates go up, your ARM payment will jump dramatically, so before you choose an ARM, answer these questions:If you’ve saved less than the ideal downpayment of 20%, or your credit score isn’t high enough for you to qualify for a fixed-rate or ARM with a conventional lender, consider a government-backed loan from the Federal Housing Administration or Department of Veterans Affairs.
FHA offers adjustable and fixed-rate loans at reduced interest rates and with as little as 3.5% down and VA offers no-money-down loans. FHA and VA also let you use cash gifts from family members.
** This blog post is courtesy of our pals at www.HouseLogic.com
One of the primary objectives of owning a home is to let the home appreciate over time and become a pillar of a family’s financial strength. But before we can discuss “wealth”, we need to identify the stages to get there.
Having “Emergency Cash” is the first stage. It’s having $5-7,000 liquid for life’s inconveniences (the boiler breaking down, the car needing work, etc). When faced with the inevitable challenges that arise, many people are forced to run to their credit cards to make it through. They become stuck with high interest rate, non-tax deductible borrowing.
The second stage is the elimination of “Bad Debt”. We define “Bad Debt” as any debt whose interest is not tax deductible. Obviously, those high interest rate credit cards must be the first to go. But we also want to divest ourselves of the borrowing associated with car loans, boat loans, student loans, and personal loans because it typically can be done cheaper.
Shockingly, when you arrive at stage three, you will be considered in the Top 5% of Americans in terms of financial security. Stage three is accomplished when you have 3-6 months of your total expenses in reserves. The average homeowner (who is logically financially better off than the non-homeowner) has less than one month’s expenses in reserve! When life shows them more than a minor inconvenience (like a job loss, an illness/disability, or worse), most people are in a panic situation. With 3-6 month’s reserves, you will have time to weigh options and make better choices.
True financial security is attained when you become “Debt Free”. But not without debt. We consider our clients “Debt Free” when they have enough liquid assets to pay off whatever mortgage they have outstanding. Wealth building almost requires utilizing the tax benefits of having a mortgage in combination with strategies that utilize The 3 Miracles of Money…
Please take the time to investigate all that is possible, by harnessing the POWER of a mortgage to help you move your family towards wealth. Work with a loan officer who can educate you on the power behind properly leveraged real estate via tax savings and reallocation of equity.
** This blog is courtesy of our pals at www.kcmblog.com
There are those currently debating the financial advantages of owning a home. Some are looking at studies and reporting that homeownership has never really been a great investment.
One of these people is Jack C. Francis, a former Federal Reserve economist and professor at Baruch College. He said in a recent CNBC article:
“For generations, parents and grandparents have been telling us that the way to get ahead was to buy a house and keep making payments with a fixed interest rate and after 20 or 30 years it would be way up in value and that was your nest egg in old age. You could either live in it rent free or sell it and use the proceeds to rent an apartment.”
The article goes on to explain the rest of Mr. Francis’ comment:
That was good advice until 2006 when home prices collapsed, he says, and it “may become good advice 10 years from now, but right now it’s not.”
Mr. Francis bases his conclusions on a study he completed which covered the years 1978 through 2008. In his study it showed that home prices increased annually by 5.7% and that the S&P 500 increased by 10.8%. Based on this information, Mr. Francis gives the following advice:
To students who come to him for guidance on whether to buy or rent in the near term, however, Francis has one word of advice: wait. “I keep telling them this is not the time to buy,” he says.
Let’s take a closer look at this conclusion.
Mr. Francis did a study over a thirty year period which did not include the last 3 years. If we look at the same categories since January 2000 (covering one of the worst decades in American real estate history), we find that home values GAINED 42% while the S&P LOST 4.7%. It all depends on which set of data you choose to use.
All of these comparisons claim that putting your money into a different investment vehicle other than real estate might make sense. What they are not taking into consideration is that the investor will still have a housing expense. They will still need money for shelter. They cannot just take their money for shelter and buy other assets with it. A person can’t live in their 401k or their IRA. This leads us to…
Trulia recently came out with their Rent vs. Buy Index. The report shows:
that it is more affordable to buy than to rent a two-bedroom home in 72 percent of America’s 50 largest cities.
For more on this issue including a 50 city breakdown, click here.
The government has driven mortgage interest rates to all time lows. You can still get a 5% rate and guarantee it for 30 years. Both of these opportunities may soon disappear. Mortgage rates will increase as the economy improves and the Fed no longer feels pressure to keep rates low. The 30 year mortgage may soon be a thing of the past if suggested mortgage reforms come to be. You can lock in your housing expense for 30 years if you purchase. Renting is like having an adjustable rate loan with no cap that readjusts EVERY year. Which way do you think a landlord will readjust it?
For more on this, click here.
Last week, Fannie Mae released the National Housing Survey. The survey reported:
There are more and more studies being done on the value of homeownership. We think we will trust in what our parents and grandparents said. Your mortgage payment is money you put into your savings. Your rent payment goes into the garbage.
** This blog post is courtesy of our pals at www.kcmblog.com.
In today’s world, where less than 10% of the available inventory is going to sell this month, you need more than a listing agent…you need a LEADER. As far as I am concerned, there are three components to leadership:
An agent must prove themselves as well versed in many areas in order to ask someone to follow them. Market trends like those discussed in this blog daily, interest rate movements, the changing mortgage landscape, knowledge of your competition (the other homes for sale that are also trying to lure any potential buyers), and being a raving fan of the community are some of the components that make an expert. Additionally, experts have others in their sphere of influence who are experts in other disciplines- mortgage, taxation, estate planning and more.
How can anyone help anyone if they don’t take the time to LISTEN? They need to understand your needs. What’s more important…price or timing? Why are you moving? Where are you going to begin the next chapter of your life? What are the reasons you bought your home (because it might give a clue to your eventual purchaser)? Great agents ask a lot of questions. If you find yourself asking more questions than the agent, you have not found a leader. Leaders listen so they can help their followers get the result that the followers desire. It’s called Servant Leadership.
Once you are comfortable that an agent knows their stuff and that they care more about your result than their pay check, you need an agent who has unique solutions to the problem. Simply stated: How can they get your house to stand out with all this inventory? An agent’s marketing plan is what ultimately attracts potential buyers and, if your agent is just putting you in with all the clutter of the big websites on the Internet, you are doomed for disappointment. Single property websites, text messaging, QR codes as well as geographic, cultural and employment marketing strategies are crucial. Unique Open Houses that incorporate potential repairs, renovations or upgrades with the FHA’s 203K loan could be important as well. Or, you can also try anything else that’s “outside the box”.
Send a text to 88000 and type in code ABR7
As a consumer, it’s okay to follow when you find a true leader- one who is a creative, serving expert. Take it from me…they are rare. However, when you find one, they are worth their weight in gold.
* Much of the content in this blog is courtesy of our pals at www.kcmblog.com with a little help from us with photos and the addition of our creative ideas.
We posted a video a few weeks ago about a home we sold in record time in the Monkey Junction area, 427 Vallie Lane in Wilmington. But we wanted to clarify just how we helped our client accomplish their goal faster than their competitors.
The average days on market for homes that sold in this community over the last 12 months was a whopping 132 days.
In just 56 days, we were able to sell our client's home!
In today's challenging market, the longer your home sits without an offer, typically means the final sales price will be lower than if it had sold more quickly.
Time is money! By selling our client's home 58% FASTER than all other homes that sold in the neighborhood, WE SAVED THEM MONEY! Not only were they able to sell their home for more, but they also were able to move into their new home faster!
You are probably wondering how we did it?? Well, it's no secret... Just very strategic planning! Here are some of the things that helped ensure a quick sale for our clients:
These 3 things paired with a pro-active REALTOR and a strategic marketing plan - get homes SOLD! If you are considering selling, gives us a call - We deliver results that count!
Make sure you have a proper plan and get the best results when selling your home, email me or call 910-375-9599.
Our clients home went under contract just 19 days after they listed their home with us (but had been on the market with another agent for 7 months prior to listing with us) and boy, did it cost them!
While listed with the wrong agent, the seller paid more than 7 months of mortgage payments (lets assume the mortgage was $1400 including home owners insurace. That's $9,800 alone! This doesn't take into consideration the current market... the longer your home "sits" without an offer, the less you can expect to get for it. Now, lets take into account our current market sees a 1 - 1.5% decrease in sales price each 30-45 day period a home goes without selling. If the home was original priced at $175,000 my client lost approximately 12,000 off the sales price.
$9,800 + $12,000 = $21,800 (Could have been saved)
Before the seller signed on with our team, she had made some good decisions (such as staging and professional photographs), but hadn't had the proper guidance in pricing or a strategic marketing plan.
Important Tip: Pricing is the #1 factor that should be addressed when selling your home!
Once working with our team, the first step they made was to have a market appraisal performed. This allowed them to know exactly what they should expect to get for the home. The appraisal was performed by a licensed, local appraiser and was based on recent comparables that had sold within the last 90 days. Why? Well, when obtaining a loan to purchase the home a buyer's lender will use this rigerous system, so it was important to only use homes that hold sold within the last 90 days.
Once they had proper guidance in pricing, a pro-active REALTOR with a dedicated team, & a strategic marketing plan...
Their home went from Listed to Sold in just 56 days!!
Our seller was delighted with the results they experienced once listed with us. Make sure you don't make the mistake of hiring the wrong agent when it comes time to sell - It will cost you BIG TIME!
Call us today at 910.375.9599 or send us an email if we can help you or someone you know sell their home for the highest value possible and in the least amount of time!
Most buyers want to make sure they get a ‘good deal’ when they purchase something. Purchasers of real estate are no different. That is why many decide to buy a distressed property (a foreclosure or a short sale). The National Association of Realtors (NAR) last week reported foreclosures, on average, sell at a 22% discount and short sales at a 17% discount. It sounds like a pretty good decision to buy a property at those levels of discount.
However, the purchaser must realize that there are added obstacles in these type of transactions. Many foreclosures are left in less than pristine condition by the previous owner and some have title issues that must be corrected before they can change hands. Many short sales have multiple loans that must be negotiated before an offer is accepted by all parties to the transaction. This can take months in many cases. Purchasing a non-distressed property will probably have a lot fewer pitfalls.
Does that mean that you shouldn’t consider a distressed property? Not necessarily. Just understand that there is an additional cost to purchasing a foreclosure or a short sale: the cost of time. For some, the 17 or 22 percent discount is well worth the extra time they must spend on the transaction. We like to call that savings your ‘patience equity’. Patience equity will require you to be patient however. Realize going into the deal that there will be obstacles to overcome and make sure you give your real estate professional time to overcome these challenges. Again, patience equity will require your patience.
Buying a distressed property could make sense for you as long as you realize you will need to be VERY patient with your real estate agent throughout the process. If you are, you will own a home that has considerable equity the day you move in.
**This blog post if courtesy of our pals at www.kcmblog.com.
The conventional wisdom when selling a home has always been to wait until the ‘Spring Buying Season’. Over the years, that has seemed to make sense and is now accepted as a good strategy for those who want to sell their house and receive the best possible price. This real estate market has shattered many previously held beliefs. The wisdom of waiting for a spring market is another belief that is about to fall. Here are five reasons why?
Interest rates have spiked up rather dramatically over the last ninety days and are now over 5%. Initially, an increase in rates has a positive effect on the market as it forces buyers off the fence. However, it also eats into a buyer’s purchasing power. As rates increase, the mortgage amount a buyer qualifies for decreases. This will eventually have a negative impact on prices.
If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time.
There is mounting evidence that buyers are coming out earlier this year. A belief that now is a good time to buy coupled with the increase in interest rates has started the buying season early.
Pete Flint, CEO of Trulia:
“We’re seeing a national resurgence of buyer and seller activity on Trulia.com. In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70 percent year-over-year growth. We’ve are now experiencing 100,000 property views per minute.”
The National Association of Realtors just reported that the number of house sales increased 12.9% over last month.
Every year there is an increase of inventory which comes to market as we approach the spring. Here is the number of listings available for sale in 2010.
We believe there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years. You won’t have to worry about this increasing competition if you sell now.
While banks are trying to rectify their foreclosure procedures, there is a large supply of discounted properties which has been delayed coming to market. This inventory will be released sometime in the next few months. Foreclosures sell on average at a 41% discount. When released they will be competing with your house for the buyers in the marketplace. If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.
CNN Money quoted the leadership Of RealtyTrac on this issue:
“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James Saccacio, CEO of RealtyTrac.
“Unfortunately,” he added, “This is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”
“We expect a spike in the first quarter,” said Rick Sharga, a RealtyTrac spokesman.
These are five strong reasons to sell now instead of waiting until later in the year. Sit down with a local real estate professional today and decide the best options for you and your family.
** This post is courtesy of our pals at www.kcmblog.com
The National Association of Realtors (NAR) has been reporting great news recently. Last week’s Existing Home Sales Report and yesterday’s Pending Sales Report both showed consecutive months of increases in the number of homes sold. Finally, buyers are jumping off the fence and taking advantage of one of the most opportune times to purchase a home in America’s real estate history. With an increase in demand, price appreciation can’t be far behind, can it?
Actually, the answer is NO! Prices are not determined by demand alone but in the relationship of demand to available supply. The inventory of homes for sale is still too high and about to surge higher. Along with the news of increased demand yesterday, RealtyTrac released their 2010 Year-End Metropolitan Foreclosure Market Report. The report showed that distressed properties across the country are on the rise:
… foreclosure levels remained five to 10 times higher than historic norms in most hard-hit markets, where deep fault lines of risk remain and could potentially trigger more waves of foreclosure activity in 2011 and beyond.
The report also explained that the foreclosure epidemic is spreading to more and more of our communities:
… foreclosures became more widespread in 2010 as high unemployment drove activity up in 72 percent of the nation’s metro areas — many of which were relatively insulated from the initial foreclosure tsunami.
Here are a few quotes from this week.
The closely watched S&P/Case-Shiller report shows that housing prices, compared year-over-year, have declined nationally for six consecutive months. The downward path suggests that housing prices could, by spring, hit their lowest level since April 2009, said David Blitzer, the index committee’s chairman.
A new slide in housing prices has begun in earnest, with averages in major cities across the country falling to their lowest point in many years.
Barclay’s Bank analyst Theresa Chen doesn’t expect a reversal in housing market trends any time soon, since there is no end in sight to the foreclosure crisis.
“We expect softness to persist,” she said, “as home prices continue to face headwinds from the large pipeline of foreclosures entering the market.”
“… we believe that home prices will continue to weaken on a month-over-month basis until spring, and a year-over-year basis through the end of 2011,” the Radar Logic said.
Prices will continue to soften in the first half of 2011 in most regions of the country. This information should be taken into consideration if you plan on selling your house in the next twelve months.
** This blog post if courtesy of our pals at www.kcmblog.com
The average days on market for homes that sold in Lake Brewster over the last 12 months was a whopping 132 days. In just 56 days, we were able to sell our client's home! In today's challenging market, the longer your home sits without an offer, typically means the final sales price will be lower than if it had sold more quickly.
Time is money! By selling our client's home 58% FASTER than all other homes that sold in the neighborhood, WE SAVED THEM MONEY! Not only were they able to sell their home for more, but they also were able to move into their new home faster!
This home went under contract in just 19 days, after being on the market with another agent for 7 months with no offers. Before the seller signed on with our team, she had made some good decisions (such as staging and professional photographs), but hadn't had the proper guidance in pricing or a strategic marketing plan.
Once she had proper guidance in pricing, a pro-active REALTOR with a dedicated team, & a strategic marketing plan - her home went from Listed to Sold in just 56 days!Finding a buyer is just the first step on the home selling path. If you make 1 of these common seller mistakes, your deal may not close.
Mistake # 1: Ignoring Contingencies.Mistake # 2: Don’t bother to fix things that break.
The last thing any seller needs is for the buyers to notice on the pre-closing walk-through that the home isn't in the same condition as when they made their offer. When things fall apart in a home about to be purchased, sellers must make the repairs. If the furnace fails, get a
professional to fix it, and inform the buyers that the work was done. When you fail to maintain the home, the buyers may lose confidence in your integrity and the condition of the home and back out of the sale.
Mistake # 3: Getting slack about deadlines.
Treat deadlines as sacrosanct. If you have three days to accept or reject the home inspection, make your decision within three days. If you're selling, move out a few days early, so you can turn over the keys at closing.
Mistake # 4: Refusing to negotiate any further.
Once you've negotiated a price, it's natural to calculate how much you'll walk away with from the closing table. However, problems uncovered during inspections will have to be fixed. The appraisal may come in at a price below what the buyers offered to pay. Be prepared to negotiate with the buyers over these bottom-line-influencing issues.
Mistake # 5: Hiding liens from buyers.
Did you neglect to mention that Uncle Sam has placed a tax lien on your home or you owe six months of homeowner’s association dues? The title search is going to turn up any liens filed on your house. To sell your house, you have to pay off the lien (or get the borrower to agree to pay it off). If you can do that with the sales proceeds, great, if not, the sale isn't going to close.
*Used with permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2010.
In today's market, making an offer & getting it accepted is not as easy as it seems. It's hard work, but here are a few tips that can make it much easier!
Here are some tips to keep in mind if you are a buyer:
If you are the seller:
For a full list of recommendations on negotiating, email me. Just be sure to let me know if you are a buyer or a seller!
I am thrilled about the results my out-of-town clients received from the prep work we did prior to touring homes together.
My clients are from Lynchburg, Virginia (about a 5 hour drive from Wilmington). They were looking for a specific type of beach property that would allow them to rent it out weekly during the Spring - Summer months. The area they were most interested in was Carolina Beach. The Carolina Beach market has seen a number of distressed sales due to the BIG boom we saw in the 2nd home market there a few years back.
There were more than 100+ properties that met their general criteria and many that were on the market were in jeopardy of foreclosure (short sales) or were already bank owned.
We talked in depth about what to expect when considering distressed properties and this alone provided reasonable expectations on what would happen if they choose to put an offer in on one of these properties. Since our initial "meeting" couldn't happen in person, I took the time to review our plan over phone, one-on-one. This ensured we were both on the same page and that we had a strong plan to help them accomplish their goal.
Today, I met with my clients at 1:30pm to review a list of specially choosen properties I selected based on their wants/needs. Out of the 100+ properties 5 were all we needed to see to find them the right property!
At 4:00pm today, we had successfully submitted an offer on a property that fit all their needs and their budget. I will keep you posted as they move through the process of getting their offer accepted!
Listening + Knowledge of the market
+
Setting a pace your clients understand
= MISSION ACCOMPLISHED!
