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Bring 'em on! |
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In a highly competitive industry like real estate, what reasons would a seller have for going it alone? Not surprisingly, the majority of unrepresented sellers choose to sell By Owner in order to avoid paying a commission.
Before traveling the For Sale By Owner route, consider the following question. Would you be willing to pay a commission if a real estate agent brought a ready and willing buyer to you?
Focusing too much on commission might be penny-wise but dollar foolish, especially when you learn that homes sold by realty professionals fetch 16% more than those sold by unrepresented sellers. 16% is roughly three times the fee that many brokerages charge for their valuable service, so it's easy to see how paying for representation is likely to put more money in your pocket, not less.
What's the explanation for the difference in sale prices? Most commonly, it comes down to the fact that unrepresented sellers are showing their home to a much smaller universe of buyers than the one that real estate agents can bring. By exposing your property to the widest segment of qualified buyers, you significantly increase your chances of a full price offer from a genuinely motivated party.
Honestly discuss your concerns about brokerage fees with an agent you trust, who will cooperate with you to create a fair and valuable relationship. |
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Secrets of the garden! |
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It's easy to understand how landscaping can enhance your home's appearance, livability, and resale value. There are many affordable improvements that will boost your curb appeal, but you can begin by investing in just a little elbow grease to trim bushes and prune dead tree limbs.
One simple project that will significantly impact your property's perceived value is planting trees. Proper installation of just three trees can cut energy bills an average of $100 to $250 annually!
Then there's the question of color, and plants like junipers and boxwood provide interest all year long. When planting flowers, you’ll find that red and white colors provide the biggest impact.
Water goes hand in hand with planting and landscaping, and everyone (including the birds) loves the soothing sound of a cascading pond waterfall or fountain. Also consider ways to conserve water in the garden, like xeriscaping with drought-resistant plants.
You certainly don't have to go "whole hog," and you can cut your costs by working in stages. Of course, you can learn more about the most beneficial landscaping by visiting a botanical garden, participating in a local "garden walk," or getting advice from your neighbors.
The most important thing to keep in mind is to have fun. And who knows? Developing your green thumb now may just produce a little more "green" when you sell your home! |
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Double your pleasure! |
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How would you feel if you owned two homes, with two sets of monthly mortgage payments, two sets of taxes and insurance, and the responsibility for the maintenance on both?
When you're ready to buy your next home, it could happen. Let's take a look at why. More often than not, buyers begin looking at prospective new homes before they have sold their existing home. When they find a home that suits their needs, a potentially painful dilemma may arise. How do they make a commitment to purchase the second home when they have not yet sold the first one?
One common solution is to sign an agreement to purchase the second home that is made contingent upon the sale of their existing home. In other words, if the first home doesn't sell, the buyers have no obligation to complete the purchase of the second one.
You can make the most of this situation by remembering one very important concept: work exclusively with the same real estate professional on both homes. Here's why. When you decide on which new home you plan to buy, your agent will help structure the purchase, taking into account your existing home.
By letting the same agent market your present home, both purchase and sale can be coordinated to your benefit, resulting in deep satisfaction rather than a deep dilemma. |
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Facts, not fantasy! |
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Confused about setting an asking price for your home? It's not surprising, considering the mixed signals you might be receiving about the "national" real estate market. First, understand that there is no such thing as a national market - only thousands of individual markets experiencing different conditions.
If you don't have detailed information about local home sales, it's just about impossible to determine your home's value to buyers. Even prices from just six months ago probably won't hold up, so it's critical to have access to real-time information about trends in this market. Details should include the total number of properties currently for sale, the number of both pending and sold units, the average listing time, and the average listing price and sale price. You must compare pending sales and final sales, because the pending transactions really reveal where the market is heading (as opposed to where it was when a sale took place.) Start your pricing decision by contacting a real estate professional, who has access to this information and the experience to interpret the facts. Your representative will not set the price for you - that's your final decision. But don't be surprised if the agent walks away from an overly optimistic asking price, because the agent can't afford to invest time, money and energy in an overpriced listing, and neither can you. |
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Phasing out, phasing in! |
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You're undoubtedly hearing reports in the media about increasing numbers of mortgage defaults. A frenzy of financing in the last few years allowed many buyers to secure loans that were downright inappropriate for them, and now we're experiencing the fallout.
If you're planning to sell or buy a home in the near future, what effect might the number of foreclosures have on your plans? Either way, banks and lenders are beginning to formulate loans more carefully, which can affect both buyers and sellers in the real estate market.
Buyers can certainly expect a tightening of credit. It will be more difficult to secure a mortgage if you have less-than-perfect credit. You'll need to anticipate slightly higher interest rates and/or a larger downpayment to offset the perceived risk on the lender's part.
When buyers have more difficulty obtaining loans, sellers can feel the effects as well. That's because there may be fewer buyers out there, and they might be spending less because of the less favorable mortgage terms for which they qualify. That boils down to the possibility of lower offers.
However, there is always light at the end of the tunnel in every market. Real estate, like the economy, always goes through phases, and always regains its footing. A home is more than a commodity - it's shelter and security, and always a solid investment. |
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