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| Mike's Homeowner's and HomeSeller's Tips |
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A little knowledge goes a long way.
Through my many years in the real estate industry, I have learned that there are some routine maintenance tips that can save you money and protect your investment. I have also collected a list of tips for preparing your home for buyers.
Please check below for my suggestions!
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Eight Steps to Selling Your Home
1. Define your needs. Write down all the reasons for selling your home. Ask yourself, 'Why do I want to sell and what do I expect to accomplish with the sale?' For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you'd like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.
2. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It's often difficult to remain unbiased when putting a price on your home, so your real estate agent's expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You're always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
3. Prepare your home. Most of us don't keep our homes in 'showroom' condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It's time to break out of that owner's mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much 'personality' is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer's first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
4. Get the word out. Now that you're ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
5. Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.
6. Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
7. Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer's agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
8. Close the deal. 'Closing' refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a 'to do' list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner's manuals and warranties for all conveying appliances.
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| Seven steps to buying your home
1. Define your needs.
Congratulations on your decision to purchase a new home! Before you go house hunting, it's a good idea to define what kind of home and neighborhood would best suit your desires and needs and make a wish list. Share this list with your real estate agent. The finer the details, the more effective your home search will be. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf.
2. Get prequalified or preapproved.
Now that you know what you want in a home and neighborhood, you need to find out what you can afford. There are two ways to go about this: prequalification or preapproval for a home loan. Your real estate agent can refer you to a mortgage broker to begin the process. In most markets, preapproved buyers are preferred by sellers over those who are pre-qualified.
Your preapproved status lets the seller know:
* You have gone through an extensive financial background check. * A lender is willing to do business with you. * The likelihood of unexpected obstacles regarding financing is minimal.
3. Let the house hunting begin!
Now you are ready to embark on your home search - an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow your real estate agent do the initial scouting for you. Using your wish list as a guide, he or she will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via email - sometimes as often as daily, depending on the available inventory in your market. Let your agent know how you'd like to receive these alerts, whether by phone, email or fax.
You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your dream home, it's important to note that 82 percent of home sales are the result of agent connections.* That means it's more likely your agent will find your dream home through being in the real estate business than you driving around on the weekends.
* National Association of REALTORS(r)
4. Make an offer.
When you're ready to make an offer on a home, your real estate agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent and speak up if anything is not clear to you. It's important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller's changes.
5. Strike a deal.
Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent's experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process - that is, if you have adequate information and you use it in an appropriate manner. Some items you may negotiate:
* Price
* Financing
* Closing costs
* Move-in date
* Repairs
* Appliances and fixtures
* Landscaping
* Painting
Remain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.
6. Prepare for the closing.
When an offer becomes a binding agreement, your real estate agent will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will:
* Conduct a home inspection.
* Get an appraisal and finalize your financing.
* Secure title insurance.
* Shop for a home warranty.
Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. A first-rate real estate agent should be able to serve as your 'one-stop shopping' referral source for service providers. Your agent also should serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs.
7. Close the deal.
Congratulations! The moment you've been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company's or lawyer's office. The closing officer will coordinate all the document-signing and the collection and disbursement of funds. A few days before your closing date, your lender will send a final closing statement that outlines your closing costs, if applicable. Your real estate agent will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you'll need to bring to closing.
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| Do I need a home inspection?
Yes.Buying a home 'as is' is a risky proposition. Major repairs on homes can amount to thousands of dollars. Plumbing, electrical and roof problems represent significant and complex systems that are expensive to fix.
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| How do lease options work and what are the benefits?
A lease option is an arrangement with you and a seller to exercise the option to buy a house after you have rented it for a specific period. A portion of your rent would applied toward the purchase if the option is exercised. This is referred to as rent credit, which most institutional lenders will accept as part of the down payment if rental payments exceed the market rent and if a valid lease-purchase agreement is in effect, a copy of which must be attached to the loan application.
If you are a seller, lease options can give you several advantages, especially in a slow market. These include a monthly rent higher than market rent, top-market value for the property and tax-free use of the option consideration until the option expires or is exercised. Also, the renter is more likely to treat the property like an owner, tax-free use of option consideration until the option expires or is exercised.
Read any lease-option arrangement carefully for details on transferring the option and other important concerns
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| Mike's Homeowner's Tips
As part of my continuing service to you, I have made this easy to follow checklist so you can save yourself money and disappointment when you sell your home.
Click Here for Mike's Tips
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| Freshing Up For Profit
Here you are thinking about selling your home. You don't have a definite date yet, but it's begining to feel like it's time to make a move.
There are some improvements you want to make- painting is needed both inside and outside. The driveway and walkways need repair, you hate the wallpaper in the house and the kitchen floor has been a replacement target for years...
What to do?
Click Here for More on this Topic
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| Preparing Your Home For Buyers
First Impressions: Details are the key to success!
Click Here for 8 Tips for Preparing Your Home
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| Use Curb Appeal to Get More 'Green'
Curb appeal is essential -- not only for making a great first impression -- but also for enticing would-be buyers to step inside. If the landscapnig and exterior are in poor condition, many real estate agents may be reluctant, or even refuse, to show the home to their clients who are looking to buy.
Click Here for More on this Topic
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| It's Never Too Late to Winterize!
Even though September brings plenty of warm days, and winter may be the last thing on your mind, it is a great time to begin preparing for the inevitability of inclement weather. Starting early allows you to do a few tasks that can quickly become overwhelming in the midst of pouring rain or snow.
Click Here for Winterizing Tips
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| Landscaping Can Increase Your Home Security
Your home's landscaping is an integral part of a good home security plan. A stranger who may be checking out the neighborhood will target a house with tall shrubs or trees that provide a place to hide, as well as one with little or no outdoor lighting.
Click Here for More on this Topic
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| What are the two most important factors when selling a home?
Price and condition are the two most important factors in selling a home, even in a down market. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300), to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.
In a down market, you may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage and a listing on the local multiple listing service or online listings provider.
If this isn't happening, take it up with your agent or agent's broker. If you are still not satisfied you are getting the service you need, you may have to switch agents.
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| If Your Home is Getting Inspected
Most homes sold on today's market are the subject of a whole house inspection. A whole house inspection should not create a sense of panic or alarm for you. The inspector is an objective third party who is simply at your home to check various systems.
Click Here for More Information on this Topic
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| Should I Work With A Buyer's Agent? A Seller's Agent? A Dual Agent?
Today, agents either represent the buyer, the seller, or both. If you want to sell your home, you can work with a 'seller's agent.' If you want to buy a home, you can work with a 'buyer's agent.' Most states require real estate agents to disclose to consumers who they represent.
Click Here for More on this Topic
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| And Baby Makes Three
So you're expecting a new addition to your family? Congratulations! Adding a new family member brings excitement, stress, and fun all wrapped up in one. Whether you're expecting or adopting, you might be considering whether you need to upsize your living quarters.
Click Here for Tips on Bringing Baby Home
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| Are you Ready to Buy a Home? Advice for the first-time buyer
The last time you mailed your monthly rent check, did you find yourself wishing that you could put that money toward investing in a home? Ownership does offer certain advantages and fulfills many peoples' dreams. But before you buy, you'll want to ask yourself if ownership suits you, whether it's the right step right now, and whether you can afford it.
Does ownership suit you?
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| 'My-Ville'
You've found the house of your dreams and the price is even within your budget. There's just one problem: the location. The front porch swing happens to face the second-busiest highway in the state.
Fabulous house or good neighborhood?
Houses can be adapted to meet your needs, but neighborhoods take years to change. And there's no guarantee they'll change for the better.
Choosing the right neighborhood is arguably the most important decision you will make, and the whole family needs to be involved in the discussion. Have each member list neighborhood characteristics that are important to him or her. How important is...
Living on a quiet street?
Being close to shops and public transportation?
Having access to quality schools?
The diversity of neighborhood demographics?
Start by focusing on the characteristics you like best about your old neighborhood. Once you have formed a picture of an ideal neighborhood, you can begin to research your options.
Visit the town hall
Find out how the city government works: the tax rate, utility services, trash collection times and methods, and services the town provides. Read the local newspapers to learn about the major issues.
Contact the board of education
Ask the hard questions:
What is the graduation rate?
What percentage of graduates go to college?
How do students perform on SATs or other standardized tests?
What extracurricular activities are offered?
What counseling services are available to help your child make the transition to a new school?
Go for a walk
Drive through the neighborhood, and then walk through --without your real estate agent.
Do you like the way it looks?
Does it feel safe?
Is it noisy?
Is there a lot of traffic?
Try to find out if there is interaction among neighbors, such as crime watches, block parties, or a neighborhood association.
Once you've found a neighborhood that fits your family's needs, all you have to do is find the house of your dreams.
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| Top 10 Signs That It's Time To Own Your Own Home
10. You're ready to stop paying your landlord's mortgage payment, and start building wealth of your own.
9. You could use the property tax and mortgage interest deductions.
8. You want a vested interest in your community.
Click Here for More Signs
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| Top 10 Signs That It's Time to Sell Your Home
1. When you bought your house, you lived in the country. Now you're surrounded by high rises.
2. You can't get any appliances repaired because 'they stopped making those parts years ago.'
3. The swing set in the backyard has sprouted roots.
Click Here for More Tips
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| How to Make Your Move Easier on Your Family
People generally have two kinds of needs during a home purchase. First are the transactional needs, such as searching for a home, obtaining financing, negotiating the terms of purchase, completing paperwork and legal documents, and arranging the move. The second are emotional needs, which can be more stressful than the financial ones. The following are some tips to help ease the stress.
Click Here for Tips on Moving Your Family
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| 10 Biggest Selling Myths Uncovered
Selling a house can be a bit like having a baby -- everyone gives you advice that may or may not be true for you. Here are ten myths uncovered:
Click Here for the 10 Myths
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| Understanding the Buyer
As the seller, you can control three factors that will affect the sale of your home:
* The home's condition
* Asking price
* Marketing strategy
However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.
Location
Unfortunately, the most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.
Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and 'empty nesters,' or couples whose children have grown up and moved out.
Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the 'hot ticket' items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.
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| Get Your Home Ready To Sell
In preparing your house to sell, ask yourself over and over if your house looks like someone else's dream house. Houses in move-in condition tend to be inviting to buyers; houses that are like new typically sell the fastest and procure the best price.
Click Here for More on this Topic
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| Planning for Home Ownership
If you dream of buying a home you came to the right place. Countrywide can make your dream of owning a home a reality.
First things first
Begin your shopping with confidence by knowing what you can afford.Let us pre-approve you for a home. Contact us today to find out your home buying affordability.
Second things next
Here's what lenders must analyze as they consider a loan request: Based on your earnings and debt, lenders calculate your approximate borrowing limit. Mortgage payments, property taxes, hazard insurance, etc. should not exceed 28-30% of your monthly gross income; these are known as housing expenses. All other debts such as car payments, student loans and credit cards are then added to your housing expenses. This sum should not exceed 36-38% of your monthly gross income. If it does, don't panic, it probably will only reduce the amount of mortgage for which you may qualify.
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| Do we dig deep and buy a dream home or settle for a starter home?
Choosing between a smaller house in an affluent neighborhood, an older, bigger house in a more working-class community or a brand-new home is not easy. If you're in this situation, start by examining your priorities and asking the following questions:
* Is the surrounding neighborhood or the home itself the most important consideration?
* Is each of the neighborhoods safe?
* Is quality of the schools an issue?
* Do any of the areas seem to attract more families with children or adult residents? And where do you fit in?
As for the return on your investment, home-price appreciation is hard to predict. In the late 1980s, and again 10 years later, the more expensive move-up housing appreciated wildly. But during the recession that followed, smaller homes tended to hold their value better than more expensive ones.
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| 7 Ways to Get Rid of Pet Odors
When a house you’re trying to sell smells like a pet, there are some tactics that can improve the odor situation. Don Aslett, owner of Varsity Contractors, one of the country's largest cleaning companies, offers up these tips for identifying the source of the smell and then eliminating it:
Use a fluorescent black light (pet-supply stores sell them), to expose odor-producing spots on the carpet, couch, floorboards and even on drapes.
Remove all solids and blot up as much liquid as possible with a clean towel. Apply an appropriate odor neutralizer or cleaner according to directions.
Never use ammonia, which takes on the smell of what it's supposed to be cleaning, can trigger more accidents.
Choose the best product to remove the problem. On water-safe surfaces, try Simple Solution stain and odor remover. The problem area must be thoroughly soaked and left to dry.
Bramton's Oxy Solution Pet Stain and Odor Destroyer can remove odors and stains from surfaces that won’t withstand soaking, but test first in an out-of-the way place.
The most effective and safest disinfectant for use around pets is Chlorhexidine, which is sold under such names as Nolvasan, Chlorasan and Chlorhex by veterinarians and medical-supply outlets. Use these for problems that demand deep cleaning.
When all else fails, temporarily neutralize odors using a product such as Fresh Wave.
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| How to Modernize an Outdated Bathroom
Ceramic tile in shades of green, yellow, blue, or pink, often outlined in black, was all the rage in 1957. But it’s 2007 — and these days, those color schemes don’t look so hot.
Home owners and potential buyers have several options to either rid themselves of an old-fashioned bathroom or modernize its outdated look, including:
Rip it out and replace it. This is the most expensive option — and often it’s harder than it looks. Those old tiles were set in a thick mortar base and getting rid of it can be an ordeal.
Reglaze in a new color. Reglazing with a fresh acrylic coating lasts about 10 years, according to a spokesperson from Miracle Method Surface Restoration. It costs between $500 and $1,800 for the area around a standard-size tub.
Install an acrylic liner. A top-quality custom tub surround can cost as much as $1,800, according to Bath Fitter. Paint. Epoxy paints are better than they used to be, but if the shower is used a lot, the paint will blister, peel, and chip. This solution can work fine in a powder room.
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| How to Make an Empty House Look Lived-In
Whether the sellers have already moved out of their home, or if they're just on a spring break vacation, it's always smart to make a vacant home look like it's lived-in. After all, empty homes are easy targets for theives and other criminals.
The Florida Association of REALTORS® offers this advice for making a home look like it's occupied:
Install timers on interior lights so they turn on and off periodically. Many timers cost less than $25. Some more costly products are capable of varying the time that your lights turn on. Also consider leaving your radio on and tuned to an all-news or talk show station.
Install exterior lights that are controlled by motion sensors to make the home a more difficult target for prowlers.
Discontinue newspaper delivery temporarily. Be sure to give several days notice so the order can be processed in time. Ask someone to collect any free papers or sales materials left near the house.
Have the post office hold mail. This can be initiated by calling the U.S. Postal Service at 1-800-275-8777 and listening to the option for putting a vacation hold on your mail. You can make arrangements up to 30 days in advance.
Ask a friend or neighbor to park a car in the driveway occasionally.
If there's a home alarm, tell the alarm company you will be away. If possible, provide a phone number where you can be reached.
If you're going to be away for two weeks or more, have a friend or lawn service mow the lawn.
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| What is the difference between list price, sales price and appraised value?
The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area.
The sales price is the amount of money you as a buyer would pay for a property.
The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors.
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| How do I get the real scoop on homes I am looking at?
Home inspections, seller disclosure requirements and the agent's experience will help.Disclosure laws vary by state, but in some states, the law requires the seller to complete a real estate transfer disclosure statement. Here is a summary of the things you could expect to see in a disclosure form:
* In the kitchen -- a range, oven, microwave, dishwasher, garbage disposal, trash compactor.
* Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom.
* The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump.
* Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces.
* Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels.
* The type of water heater, water supply, sewer system or septic tank also should be disclosed.
Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems.
The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property.
Also look for, or ask about, settling, sliding or soil problems, flooding or drainage problems and any major damage resulting from earthquakes, floods or landslides.
People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions.
It's important to note that the simple idea of disclosing defects has broadened significantly in recent years. Many jurisdictions have their own mandated disclosure forms as do many brokers and agents. Also, the home inspection and home warranty industries have grown significantly to accommodate increased demand from cautious buyers. Be sure to ask questions about anything that remains unclear or does not seem to be properly addressed by the forms provided to you.
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| Making your home wish list
Before the home search begins, your real estate agent will want to know as much as possible about the features and amenities you desire. To help your agent better serve you, divide your preferences into 'negotiable' and 'non-negotiable.' Here are some details to consider:
Exterior
Type of property (house, condominium, town home, loft):
Age of property:
Preferences in architectural style:
Number of stories:
Type of foundation:
Roof construction:
Lot size and/or location:
Landscape preferences (fencing, built-in sprinkler system):
Pool/spa:
Garage or carport:
Interior
Number of bedrooms:
Number of bathrooms:
Minimum square feet:
Central air/heat:
Wiring:
Electrical or gas appliances:
Security system:
Basement/attic:
Fireplace:
Kitchen amenities:
Formal dining room:
Home office or study:
Laundry room:
Flooring preferences:
How much renovation would you be willing to do?
Must your home accommodate any special needs?
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| How to price to sell and still make a profit
The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your real estate agent's knowledge of the overall market and what's selling - or not selling - will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won't leave money on the table.
Here are some points to consider: Time. Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).
Value vs. Cost. Pricing your home to sell in a timely fashion requires some objectivity. It's important that you not confuse value with cost - in other words, how much you value your home versus what buyers are willing to pay for it. Don't place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops.
Keep it simple. Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.
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| Seven steps to buying your home
1. Define your needs.
Congratulations on your decision to purchase a new home! Before you go house hunting, it's a good idea to define what kind of home and neighborhood would best suit your desires and needs and make a wish list. Share this list with your real estate agent. The finer the details, the more effective your home search will be. To further define your needs, you may want to divide your lists into negotiable and non-negotiable items, so your agent can operate with some flexibility when scouting for homes on your behalf.
2. Get prequalified or preapproved.
Now that you know what you want in a home and neighborhood, you need to find out what you can afford. There are two ways to go about this: prequalification or preapproval for a home loan. Your real estate agent can refer you to a mortgage broker to begin the process. In most markets, preapproved buyers are preferred by sellers over those who are pre-qualified.
Your preapproved status lets the seller know:
* You have gone through an extensive financial background check. * A lender is willing to do business with you. * The likelihood of unexpected obstacles regarding financing is minimal.
3. Let the house hunting begin!
Now you are ready to embark on your home search - an endeavor that can prove overwhelming if not approached with some forethought. The most efficient route is to allow your real estate agent do the initial scouting for you. Using your wish list as a guide, he or she will alert you of new and existing listings that have strong potential. If these listings pique your interest, your agent will arrange home tours at your convenience. Many agents send alerts via email - sometimes as often as daily, depending on the available inventory in your market. Let your agent know how you'd like to receive these alerts, whether by phone, email or fax.
You also can do some research on your own. Read local real estate publications, contact your local neighborhood associations, visit the local chamber of commerce, surf the Internet, or drive around your favorite neighborhoods. While these methods certainly can lead to your dream home, it's important to note that 82 percent of home sales are the result of agent connections.* That means it's more likely your agent will find your dream home through being in the real estate business than you driving around on the weekends.
* National Association of REALTORS(r)
4. Make an offer.
When you're ready to make an offer on a home, your real estate agent will help you determine the offer price by reviewing recent sales of homes similar in size, quality and amenities. With your input, your agent will draft a written contract that outlines what needs to be done by both parties to execute the transaction. If the seller accepts the offer, the document becomes a binding agreement, so it is imperative that you carefully review it with your agent and speak up if anything is not clear to you. It's important to note that if the seller changes any aspect of the offer, it is not a binding agreement until the buyer agrees to the seller's changes.
5. Strike a deal.
Sometimes, you get lucky and the seller accepts your offer as is. However, in most instances, the seller will make a counteroffer. This is where your real estate agent's experience in negotiations will be invaluable. Keep in mind almost everything is negotiable when you are buying a house. This can give you a great deal of leverage in the buying process - that is, if you have adequate information and you use it in an appropriate manner. Some items you may negotiate:
* Price
* Financing
* Closing costs
* Move-in date
* Repairs
* Appliances and fixtures
* Landscaping
* Painting
Remain in close contact with your real estate agent so you can quickly review any changes from the seller. Remember: Bargaining is not a winner-take-all deal. It is a business process that involves compromise and mutual respect.
6. Prepare for the closing.
When an offer becomes a binding agreement, your real estate agent will help you tackle the checklist of action items that you, as the buyer, have agreed to perform prior to closing. Depending on how the responsibilities are divvied up in the agreement, this is typically when you will:
* Conduct a home inspection.
* Get an appraisal and finalize your financing.
* Secure title insurance.
* Shop for a home warranty.
Having these procedures done in a timely and professional manner is a must, as any delays could threaten a successful closing. A first-rate real estate agent should be able to serve as your 'one-stop shopping' referral source for service providers. Your agent also should serve as your advocate, helping to coordinate activities and making sure the vendors have access to the property to perform their jobs.
7. Close the deal.
Congratulations! The moment you've been anticipating has arrived. The closing is where home ownership is legally transferred from the seller to the buyer. It is a formal meeting that most parties involved in the transaction will attend. Closing procedures usually are held at the title company's or lawyer's office. The closing officer will coordinate all the document-signing and the collection and disbursement of funds. A few days before your closing date, your lender will send a final closing statement that outlines your closing costs, if applicable. Your real estate agent will review this document with you to ensure its accuracy, as well as help you gather any necessary documentation that you'll need to bring to closing.
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