Tag Archives: tips

commitment, Communication, education, Inspiration, tips

YARD SIGNS, JUST FOR LOCALS?

April 28, 2014 Bettina Settles Leave a comment

I was in the southern part of Indiana just recently and had a free moment to cruise through a small tourist town I was visiting. I thought it might be a great place to invest in local Real Estate.

This town was seeing a steady increase in the job market rate with small mom and pop stores and small businesses doing most of the hiring. While investigating the town I found it has a great development plan which shows that the town board is willing to put their money where they mouth is.

It did not take me long to find 4 potential properties just after quick searches and site visits.

While writing down the agent’s info that was available on their Real Estate sign in front of the property I noticed one common trend in this town with all the Real Estate companies. There was NO full phone numbers on their sign. Just the xxx-xxxx and no area code at all. I know the area well, but even I would have to try to find the correct area code and that could be difficult due to the vicinity of two other states and different area codes commonly used in the area.

What happens when an out of town, state, or country drive by visitor that sees the sign and wants to call immediately? The chance that this type of buyer is doing the legwork that it now takes to find the full number is slim to none. There was not even a web address on the sign. Just the company, agent name, and their number. Also, the flier box was empty.

buying, commitment, Communication, education, Inspiration, planning, selling, Team work, tips

ARE YOU LOOKING AT THE RIGHT HOUSE FOR YOU?

April 25, 2014 Bettina Settles Leave a comment

question mark 2 Many individuals who are making out their wish list for buying a home many times just think short term and not about resale. Many of us list our needs and wants and try to match the home we are looking at only to our wish list.

Each type of home has its advantages or disadvantages and there is no truly right or wrong. It does help when you go home shopping to not only think about the short term satisfaction but also long term outcome when deciding on buying a certain style of home.

A good example could be a single individual looking to buy their first home for their residence. Many times they just look at a one bedroom, 1 bathroom, and 1 car garage cottage, or a bungalow style home or maybe a small condo not anticipating that they might start dating and possibly have a growing family a few years down the road. When it comes time to sell their small bungalow the number of buyers that may be interested in their small home or condo may be a lot of smaller than with another type and somewhat larger home.

When looking to buy a home consider thinking long term. Sometimes it might be better just to rent for a while rather than buying till you know your plans for your future such as your career dreams. These type of decisions may lead you to move to another state.

If you decide you would consider your long term plans such as a life partner or a growing family, you might consider a larger home with more garage space, more bathrooms and bedrooms. In the beginning you could use the bedrooms as an exercise room, office space, pool room, or guest room that could easily be turned into bedrooms if needed. On the other hand you might anticipate that after your children have grown and left the home you may have aging parents that need to move in with you due to health or other circumstances.

Finding a new home that fits your needs is very exciting. Just think long term when choosing which home on which you would like to make an offer to buy.

Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

Can I sell my home right now or should I wait a little longer?

April 14, 2014 Bettina Settles Leave a comment

In several corners of the US, the housing market has started to pick up but in the majority of the US you can feel the anticipation in the air of sellers who are ready to make the move to put their home on the market. However, they may be holding off because they don’t know where to turn for answers to their questions.

We all know different areas have been hit by the downtrend in home sales somewhat harder than others and the home prices have been low. There are many areas who have not seen a home sale in over 6 months. This makes things a bit interesting for everyone wanting to sell.

When you have made the decision that it is time to put your home on the market, or maybe you were put in a situation forcing you to sell, the first thing I recommend is to interview several real estate agents to help you in the process.

During the interview you should try to learn about the qualifications of the agent. If those qualifications are suitable try building a relationship with the agent. Keep in mind that the relationship with this agent could last a long time through the selling process and you are building the relationship with the agent, not the company they work for. I have personally seen homes that received an offer after 4 days of being put on the market, but did not close for another 5 to 6 months. There have been homes on the market for 6 to 8 months but closed in less than 2 weeks.

You can tell what the sales market is like in your neighborhood by watching how many sales signs there are and how long they are posted in front of the homes. Homes that have signs posted in their yard for longer periods of time may indicate that the market is not good at the present time and you may need to wait to put the house on the market. Yes, the interest rates are still low and there are buyers out there who want to buy. But sometimes you need to bide your time and wait just a little longer, unless of course your situation does not allow you to wait.

If you need to sell due to your circumstances, it is especially important to have a solid relationship with the agent you work with. Keep in mind that there are some agents that are better a buying and others that are better at selling. The one you used to buy your home might not be the right one to help you sell it. This is not always the case but you need monitor this when using the same agent. During the interview you need to find out the agents experience with a slow market as well as their experience with lenders and short sales. This is useful in case you receive an offer that is less than the amount needed to cover your mortgage.

buying, commitment, Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

SHORT SALES ARE STILL PART OF TODAY’S MARKET

April 7, 2014 Bettina Settles Leave a comment

Even in today’s market there are many homeowners who are still considering selling their home through the short sale process due to personal hardships they are facing.

Hardships can take on many forms. The loss of value in a home or not budgeting your income well enough are two examples that can lead someone to decide to short sell their home but they are not really hardships. To qualify for a lender approved short sale you need to have a valid hardship such as a divorce or death for instance. There are many more valid hardships.

Some homeowners will decide strategically (voluntarily) to default on their mortgage even so they do have the ability to make their monthly payment and don’t have a valid hardship. They do this with the intent on achieving approval for a lender approved short sale. Just because you voluntarily default on your mortgage does not mean you will receive approval for short sale. You will still need to prove the validity of your hardship prior a lender approving you for a short sale.

As buyers and sellers we need to be informed of the ins and outs of a short sale while keeping in mind, that when you as the seller opt to sell your house through a short sale, you might not be able to buy anther home for about 2 -3 years. This would be at the discretion of the servicer and what type of mortgage you had previously.

As the buyer you might need to have some patience during the closing process because it is the seller’s lender who has the final say so on the sale of the house and not the seller. You also need to be willing to be pre-approved (not pre-qualified) for a loan. Many homes are being sold “ASIS”. You can have your home inspection but most of the time the seller is not able to make any repairs.

For additional information about short sales or selling real estate in general feel free to contact our office.

commitment, Communication, education, Inspiration, organizing, planning, selling, Team work, tips

HOW DO I PRICE MY HOME?

April 4, 2014 Bettina Settles 1 Comment

Q: I’m about to put my home on the market. What factors should I consider when determining a listing price?

A: The ten main factors that influence the value of your home are:

1. Interest rates: The lower the interest rates, the more buyers can afford to pay.

2. Supply and demand: Are ’for sale’ signs springing up all around the neighborhood? If there are a number of homes similar to yours on the market, consider them your competition. What can you do to set your home apart and make it potentially more desirable than the other listings? This will attract more buyers. On the other hand, a small number of homes for sale can result in competing bids that drive prices up.

3. Economy: Is the economy improving or sliding? This will affect buyers’ confidence in their ability to manage debt.

4. Location: Are you in a desirable neighborhood, with key services such as schools, doctors, and shopping nearby? Are there factors that make your neighborhood less desirable, such as environmental issues or traffic problems?

5. Condition: Do you have an older home that needs updating to modern standards? Have you kept up with repairs? Is the house clean? Does your house make a good first impression? (This is called “curb appeal.”) How much can you reasonably do to fix it up and still get your fix-up investment back in the sale?

6. Timing: Do you need to sell quickly or can you wait for a better time in the market?

7. Size: Will your home appeal to a growing family or to those who are downsizing?

8. Amenities: Does it include features that are popular, such as low-maintenance landscaping or granite counter tops?

9. Terms: How flexible are you with respect to the sale? What’s excluded? If you are downsizing and have substantial equity, have you considered offering financing? Carrying financing can make your home very appealing to someone who cannot get approved for a loan and also help you sell for the maximum price.

10. Attitude: How committed are you to selling now?

To determine your home’s value:

Research the housing market in your area. Browse the Internet, local newspaper ads and free ’For Sale’ publications. Visit open houses in your neighborhood to get a general idea of the current market.
Get a comparative market analysis (CMA) from a REALTOR®. A CMA compares homes that are currently available and those that have sold in your neighborhood in the past year. The more similar the features — square footage, number of rooms, lot size, etc. — and the more recent the data, the more accurately it reflects the current market. Don’t confuse listing price with sold price — the most important factors in the CMA. REALTORs® usually do CMAs for home sellers at no charge.
Have your home appraised. An appraisal estimates your home’s market value. A lender will require an appraisal to finance a prospective buyer. For residential properties, a professional appraiser will either compare your home to similar properties that have sold in the area or, for new properties, estimate how much it would cost to replace the existing structure if it were destroyed.

To maximize your home’s value:

Eliminate clutter and clean. The more you can clean your home and keep it tidy, the easier it will be to show, and more buyers will see it at its best.
Paint and repair. First impressions count. Improve the appearance of your home with a coat of fresh paint. Take the time to fix any dripping taps, broken tiles or cracked widow panes.
Consider hiring a home stager. A professional home stager can help you enhance the selling potential of your home by showing you how to arrange your home to appeal to buyers. Whether it’s rearranging furniture, minimizing belongings, lending you accessories or renting furniture, they work with you to show off your home’s best features. Many will also coordinate hiring professionals to do cleaning, painting and minor repairs should you choose to do this.

What’s the right price?

Generally, aim for your list price to be between 2.5 to 5 percent higher than what you expect the selling price to be. Pricing strategies vary with the market. If it’s sluggish, price lower. If it’s active, price close to your expected selling price to stimulate competing offers.

Remember, your home is easiest to sell when it’s first listed. During the first couple of weeks, you’ll get a flurry of interest on the part of agents eager to preview it for their clients. If you price it too high and they can’t sell it, your home may linger on the market and become old news. Prospective buyers may think you’re becoming desperate and lower their offers. As a result, you could end up having to accept less than you normally would have received.

commitment, Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

EASY NO COST SELLER IDEAS TO SELL YOU HOME WHEN YOU ARE IN TROUBLE.

April 3, 2014 Bettina Settles Leave a comment

Money is tight and you are faced with having to sell you home but you do not have any money to fix or repair the home? The home then will have to be sold AS-IS.

Here are several things you can do to give your home the best chance to sell quickly, even if it needs repairs.

Think of what you can do rather than what you cannot do.

None of the ideas listed below cost you any money and it is possible they may make you some money! (OK one maybe will but only if you have no other option).

In the sellers disclosure identify what needs to be repaired. Better to disclose than to hope they will not see.
Start clearing out and selling items you do not need. Look in every nock and cranny.
Take down all your personal pictures and notes from the walls, desks, tables and refrigerators. Buyers are not interested who is in the house. They want to know about the house.
Vacuum all the carpets in the house including under the bed, couch, and chairs.
Deep clean all of the bathrooms, and the Kitchen. Do not forget behind the stove and under the refrigerator. People will pull the shower curtain to see how clean the shower is.
Take a damp sponge and clean the finger smudges off the walls by the light switches and other places you can find. Don’t scrub hard. Be very gentle.
Clean out overstuffed closets, and if you can, put the excess into storage or sell it.
Organize your kitchen. Get rid of the junk drawer. We all have one.
Clean off the kitchen counter top. If you keep it cluttered, you tell buyer that you do not have enough room to store your items, or the other message you might give them is it will take me months to move out! Or I have too much stuff to move!
Clean out the garage and once again, when you have to store or sell some of the items you have, then do so! Once again, do not use the garage as storage unless you are planning on telling the buyers that the house is too small and does not have enough storage.
Clean up the yard. It will have better curb appeal.
Mow the yard and keep it trimmed.
Ask friends or family members if they maybe have some plants you could plant in your yard when you have none.
Clean your windows and open the curtains to let light in.

All these ideas, unless you need to put stuff in to storage, will cost you no extra money. All what this will cost you is your time and effort to get it done.

The faster you can sell your home the faster you can get back on track and the faster you might be able to get into a new home. The longer it takes the larger your shortfall will be. In this case time is money.