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Buyer/Seller Tips

Buying

 

 

 

 

How to Choose a Neighborhood for Your Home Search

Narrow your home search by identifying neighborhoods that are right for you. This helps keep your search focused and efficient. WE can offer neighborhood information to guide you in your search.

When evaluating a neighborhood you should investigate local conditions. Depending on your own particular needs and tastes, some of the following factors may be more important considerations than others:

  • quality of schools
  • property values
  • traffic
  • crime rate
  • future construction
  • proximity to schools, employment, hospitals, shops, public transportation, prisons, freeways, airports, beaches, parks, stadiums and cultural centers such as museums and theaters

Neighborhood Search Strategies for Limited Budgets

If you’re a first time-buyer with limited financial resources, it's wise to buy a home that meets your primary needs in the best neighborhood that fits within your price range. You can maximize your home purchase location by incorporating some of the following strategies into your neighborhood search:

  • Upcoming neighborhoods: Look for communities that are likely to become "hot neighborhoods" in the coming years. They can often be discovered on the periphery of the most continuously desirable areas.
    Check for planned future development such as additional transit; new community services such as pools and theatres; and chain stores planning to move in.
    Look for a home in a good neighborhood that is a bit farther out of the city. If commuting is a concern, purchase a home that is close to public transportation.
  • Neighborhood demand: Look at the neighborhood demand by asking your real estate agent whether multiple offers are being made, whether the gap between the list price and sale price is decreasing and whether there is active community involvement. You can also drive around neighborhoods and see how many "sale pending" and "sold" signs there are in a particular area.
  • Co-ownership: Look into purchasing a condominium or co-op, rather than a house, in a desirable neighborhood. This way you still may be able to purchase in a prime area that you otherwise could not afford.
 
 

How to Choose a Home

Here are some tips to help determine which house is best for you.

Once you've settled on a couple of preferred neighborhoods for your home search, it's time to pick out a few homes to view. Having a house features “wish list” keeps you focused on which features are most important to you.

When narrowing down your home search, consider the following:

  • know what types of home you want to buy
  • determine what age and condition of the house you want to buy
  • consider resale potential
  • use a features wish list to keep focused
  • use a home search comparison chart to keep organized
  • act decisively when you find the right home

Determine What Type of Home You Want to Buy

There are several forms of home ownership: single-family homes, multiple-family homes, condominiums and co-ops.

Single-family homes: One home per lot.

Multiple-family homes: Some buyers, particularly first-timers, start with multiple-family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.

Condominiums: With a condo, you own "from the plaster in." You also own a certain percentage of the "common elements" - staircases, sidewalks, roofs, etc. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowner’s association administers the development.


Decide What Age and Condition of Home You Want to Purchase

Weigh your needs, budget and personal tastes in deciding whether you want to buy a newly constructed home, an older home or a "fixer-upper" that requires some work.

Consider Resale Potential

As you look at homes, you may want to keep in mind these resale considerations.

  • One-bedroom condos are more difficult to resell than two-bedroom condos.
  • Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore have less appreciation potential.
  • Homes with "curb appeal," i.e., well-maintained, attractive and with a charming appearance from the street, are the easiest to resell.
  • The most expensive houses on the street, or ones with anything unusual or unique are not suited for resale. The best investment potential is traditionally found in a less expensive, more moderately sized home.

Use a Features Wish List to Keep Your Search Focused

Make a features wish list to clarify which features are most and least important to you when looking for a home. Using this features wish list will keep your house hunt focused and effective.

Use a Home Comparison Chart to Keep Your Observations Organized

While house hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Use a home comparison chart to help you keep track of your search, organize your thoughts and record your impressions.

Act Decisively When You Find the Right Home

Before you begin the home buying process, resolve to act promptly when you do find the right house. Every REALTOR® has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then said, "We always promised my Dad we'd sleep on it, so we'll make an offer tomorrow." Many times the story had a sad ending - someone else came in that evening with an offer that was accepted.

Resolve that you will act decisively when you find the house that’s clearly right for you. This is particularly important after a long search or if the house is newly listed and/or underpriced.

 

 

Take Charge When Buying a Home

If you approach the home buying process intelligently and with confidence, you are much more likely to buy a house you'll be proud to call home.

Approaching the task of buying a home can be overwhelming; there's so much to consider:

  • How much house can I afford?
  • How can I find the best loan?
  • Where will I come up with a down payment, and how much will I need?
  • Should I buy a new or resale home, and which will go up in value?
  • Should I work with an agent or look at homes on my own?

And these questions are just the beginning. Buying a home is one of the largest financial transactions in your lifetime - do your research so you know what you’re doing.

Here are the two most important things to remember no matter where you are on the road to home ownership:

1. You can and should understand everything that is happening in the home buying process.

There is nothing that is so complex that it can't be easily explained to anyone with average intelligence. Just because you don't apply for a thirty year mortgage once a week doesn't mean you have to take the first one that comes along. You'll need to learn some new terms, apply some new concepts and take the time to understand what you're getting into.

If, at any point, something happens that doesn't make sense to you, simply demand a full and complete explanation. If it still doesn't make sense, seek help from someone you trust like your CPA, your banker or maybe an online real estate columnist.

2. In the world of real estate sales, YOU are the most important person in the entire process.

It's easy to think that everyone else carries more weight than you. The agent talks fast and has an answer for everything. The lender may decline your loan application, and on and on.

But the truth is that you, the buyer, are the one person in the transaction that makes it all happen. If you decide to not buy, the entire process comes to a grinding halt.

So flex your consumer muscle and take command of this process. Surround yourself with a team of professionals that you have confidence in and make them work for you.

Approach home buying with intelligence and confidence, and by doing your homework, and you are more likely to buy a house you’re happy with and to know that you made the right decision.

 

 

The Basics of Making an Offer

A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but also all the terms and conditions of the purchase. For example, if the seller offered to help with $2,000 toward your closing costs, make sure that's included in your written offer and in the final completed contract, or you won't have grounds for collecting it later.

WE have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you.  Your REALTOR® will guide you through the offer, counteroffer, negotiating and closing processes. In many states certain disclosure laws must be complied with by the seller, and the WE will ensure that this takes place.

If you are not working with a real estate agent, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your area.

After the offer is drawn up and signed, it is usually presented to the seller by your real estate agent, by the seller's real estate agent, if that's a different agent, or often by the two together. In a few areas, sales contracts are drawn up by the parties' lawyers.

What is in an Offer?

The purchase offer you submit, if accepted as it stands, will become a binding sales contract (known in some areas as a purchase agreement, earnest money agreement or deposit receipt). So it's important that the purchase offer contains all the items that will serve as a "blueprint for the final sale." The purchase offer includes items such as:

  • address and the legal description of the property
  • sale price
  • terms: for example, all cash or subject to you obtaining a mortgage for a given amount
  • seller's promise to provide clear title (ownership)
  • target date for closing (the actual sale)
  • amount of earnest money deposit accompanying the offer, whether it's a check, cash or promissory note, and how it's to be returned to you if the offer is rejected - or kept as damages if you later back out for no good reason
  • method by which real estate taxes, rents, fuel, water bills and utilities payments are to be adjusted (prorated) between buyer and seller
  • provisions about who will pay for title insurance, survey, termite inspections, etc.
  • type of deed to be given
  • other requirements specific to your state, which might include a chance for an attorney to review the contract, disclosure of specific environmental hazards or other state-specific clauses
  • a provision that the buyer may make a last-minute walkthrough inspection of the property just before the closing
  • a time limit (preferably short) after which the offer will expire
  • contingencies, which are an extremely important matter and that are discussed in detail below

Contingencies - “Subject to” Clauses

If your offer says "this offer is contingent upon (or subject to) a certain event," you're saying that you will only go through with the purchase if that event occurs. Here are two common contingencies contained in a purchase offer:

  • The buyer obtaining specific financing from a lending institution: If the loan can't be found, the buyer won't be bound by the contract.
  • A satisfactory report by a home inspector: for example, "within 10 days after acceptance of the offer." The seller must wait 10 days to see if the inspector submits a report that satisfies the buyer. If not, the contract would become void. Again, make sure that all the details are explicitly stated in the written contract.

Negotiating Tips

You're in a strong bargaining position, that is, you look particularly welcome to a seller, if:

  • you're an all-cash buyer
  • you're already have a pre-approved mortgage and you don't have a present house that has to be sold before you can afford to buy
  • you’re able to close and take possession at a time that is especially convenient for the seller

In these circumstances, you may be able to negotiate some discount from the listed price.

On the other hand, in a "hot" seller's market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other early offers.

It's very helpful to find out why the house is being sold and whether the seller is under pressure. Keep the following considerations in mind:

  • every month a vacant house remains unsold represents considerable extra expense for the seller
  • if the sellers are divorcing, they may want to sell quickly
  • estate sales often yield a bargain in return for a prompt deal

Earnest Money

This is a deposit that you give when making an offer on a house. A seller is understandably suspicious of a written offer that is not accompanied by a cash deposit to show "good faith." A real estate agent or an attorney usually holds the deposit, the amount of which varies from community to community. This will become part of your down payment.

Buyers: the Seller's Response to Your Offer

You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance. If the offer is rejected, that's that - the sellers could not later change their minds and hold you to it.

If the seller likes everything except the sale price, or the proposed closing date, or the basement pool table you want left with the property, you may receive a written counteroffer including the changes the seller prefers. You are then free to accept it, reject it or even make your own counteroffer. For example, "We accept the counteroffer with the higher price, except that we still insist on having the pool table."

Each time either party makes any change in the terms, the other side is free to accept, reject or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side's proposal.

Buyers: Withdrawing an Offer

Can you take back an offer? In most cases the answer is yes, right up until the moment it is accepted, or even in some cases, if you haven't yet been notified of acceptance. If you do want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don't want to lose your earnest money deposit or find yourself being sued for damages the seller may have suffered by relying on your actions.

Sellers: Calculating Your Net Proceeds

When an offer comes in, you can accept it exactly as it stands, refuse it (seldom a useful response) or make a counteroffer to the buyers with the changes you want. In evaluating a purchase offer, you should estimate the amount of cash you'll walk away with when the transaction is complete. For example, when you're presented with two offers at the same time, you may discover you're better off accepting the one with the lower sale price if the other asks you to pay points to the buyer's lending institution.

Once you have a specific proposal before you, calculating net proceeds becomes simple. From the proposed purchase price you can subtract the following costs:

  • payoff amount on present mortgage
  • any other liens (equity loan, judgments)
  • broker's commission
  • legal costs of selling (attorney, escrow agent)
  • transfer taxes
  • unpaid property taxes and water and other utility bills
  • if required by the contract: cost of survey, termite inspection, buyer's closing costs, repairs, etc.

Your present mortgage lender may maintain an escrow account into which you deposit money to be used for property tax bills and homeowner's insurance. In that case, remember that you will receive a refund of money left in that account, which will add to your proceeds.

Sellers: Counteroffers

When you receive a purchase offer from a would-be buyer, remember that unless you accept it exactly as it stands, unconditionally, the buyer is free to walk away. Any change you make in a counteroffer puts you at risk of losing that chance to sell.

Who pays for what items is often determined by local custom. You can, however, negotiate with the buyer any agreement you want about who pays for the following costs:

  • termite inspection
  • survey
  • buyer's closing costs
  • points paid to the buyer's lender
  • buyer's broker fees
  • repairs required by the lender
  • home protection policy

You may feel some of these costs are none of your business, but many buyers - particularly first-timer buyers - are short of cash. Helping them may be the best way to get your home sold.

 

How many homes should I look at before I make an offer?

You may find your dream home on your first visit or your fifth, there's really no set number. The more homes you visit the better feel for the community and the homes styles you will get. You'll know when the time is right - there's always that special feeling you get when you set foot in YOUR next home.

Should I Hire a Professional Home Inspector or Structural Engineer?

An inspection is almost a "must" if you are purchasing an older home, even if you are buying in "as is" condition. A good inspector will be able to tell you the age of the home and also be able to tell you what different aspects of the home might need replacing in the next few years, such as the roof, appliances, or other mechanical systems.

What is an Adjustable-rate mortgage (ARM)?

This is a type of loan in which the rate changes anywhere from once in six months to once in five years to reflect interest rate changes. To sell an ARM, a lender will offer a lower initial rate than on a fixed loan.

What is Private Mortgage Insurance (PMI)?

Lenders usually will require you to obtain private mortgage insurance if your down payment is less than 20 percent of the property's cost, which protects your lender if you default on the loan. The cost varies depending on the loan amount and the loan to value. Make sure that you can cancel the private mortgage insurance policy when you've paid your loan to less than 80 percent of your home's value.

 

Important Facts For Home Buyers

If you are considering buying a home or have spent many years saving in preparation of buying a home, the questions and process involved in buying a home can be extremely stressful. As exciting as it is to begin looking for your new home, there are many unexpected costs and details to be considered before contacting a real estate agent. Home buyers should be aware of every aspect involved in purchasing a home before they take that big step towards home ownership.

You will want to get the most value possible for your money. You should be aware of every detail in regard to the home you wish to purchase. Home inspections can reveal many hidden flaws and problems that could cost you thousands of dollars in repairs. Be aware of your right to a home inspection and contact a professional, licensed home inspector.

Compare the mortgage terms and interest rates offered by various mortgage lenders. Even a slight difference in your interest rate can add up to thousands of dollars over the length of your mortgage. A pre-approval from the lender of your choice will not only give you added confidence when shopping for a new home, but could give you added leverage when bargaining with the seller. A pre-approval will let you know the exact amount you are approved for and will save you time after your offer has been accepted by the seller.

Using a buyer agent is an excellent way to help protect your interests when shopping for a home. A buyer agent will be responsible for helping you get the best deal possible on your new home. While shopping for a home, be aware that certain features can adversely affect the resale value of the home. Detached garages and swimming pools can actually lessen the value of the property. Protect your investment by educating yourself on the home buying process and the way property is appraised.

You can make the home buying process fast and painless if you take some precautions along the way. Choose your lender carefully. Interest rates and closing costs vary from lender to lender and the difference could mean thousands of dollars over time. There are numerous flexible loan programs available. Finding the loan that will best suit your long term needs will be of great value to you when it is time to sell the home. Just a half point difference in your interest rate will translate into a lot of money over the years.

Keep in mind that there are additional costs involved in purchasing a home. Homeowners association fees, furniture, annual heating and cooling costs, and homeowners insurance need to be considered when planning to purchase a new home. Buying a new home does not have to be stressful and frustrating. Make sure you know the facts and your home buying experience will be quick and painless.

If you have any questions about this article or anything regarding buying or selling your home just Call me 7 days a week at 720-232-3219.

 

So You're Ready to Buy Your First Home…Check This Out to Make Sure!

Buying your first home can be a roller coaster ride for your emotions. Between finding the right place, securing the loan and finally moving in, many first home buyers make numerous mistakes that are frustrating, painful, and often end up costing money. For most of us, the first time home purchase is the largest investment we've ever considered. The emotions of purchasing something so expensive and personal can often cloud our business judgment.

More home purchasers than you'd think do little or no research before they invest their nest egg. Wouldn't you prefer to be as completely informed as possible before you buy your first home? This article will help you avoid 10 common and critical mistakes many new home buyers make. Additionally, don't forget that the right real estate professional can help you make good sound business decisions based on your personal situation.

  1. Inspect, Inspect and Inspect - Go over the inspection report with a fine tooth comb. Make sure the report was done by a professional organization. For condo purchases go over the CC&R's, By-Laws, and Association Fees. Don't take anything for granted... inspect everything! If you have a question about any part of your inspection, ask a professional and certainly get a second opinion on anything that seems atypical.
  2. Imagine the Property Vacant - This is difficult for many home owners especially if the location you are looking at is decorated in a different style or if the walls are painted a strange color. Don't be swayed by beautiful furniture; it leaves with the owner! Remember that it is your furnishings and decorations will be the ones filling this new residence.
  3. Income Lifestyle = Mortgage Payment - Sit down with your professional real estate agent and honestly discuss your income level and living expenses. Planning ahead or at least contemplating future considerations such as children, add-ons, amenities, and fix-ups will help your professional understand your needs. Be realistic about what you can afford. While your dream home is certainly worth a sacrifice you don't want to give up your entire future.
  4. View Several Homes - See at least 7-10 properties. Don't move too slow but don't move on the first property you see. With your agent's help you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property all the leg work will be worth it. Don't jump into a contract if you aren't sure about the home - properties can't be returned to a store!
  5. Utilize Your Group of Professionals - By aligning yourself with the right real estate professional you will have an entire team at your disposal. Utilize your lender, title rep and agent. Each of them should work hand in hand for your benefit. Explore all the options before you sign.
  6. Ask a Million Questions - Well not literally but make sure to check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance and home owner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during your walk-through so you can inspect everything in working order (turn on faucets, flush toilets, etc). Be aware of little details and ask lots of questions - even those you may think are obvious.
  7. Do a Final Walk-Through - Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
  8. Be Ready to be Flexible - Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don't let these delays upset or frustrate you. Know what your contract says about the people moving in your house and your new home. Are there costs for staying extra days? What about the moving company? These types of circumstances are not uncommon in a real estate transaction so be ready for a change of plans if necessary.
  9. If It's Not In Writing, It Doesn't Exist - All promises and discussions should be in writing. Don't make any assumptions or believe any assurances. This relates to number 8 above too. Just because the sellers say they will move out on a certain day doesn't mean they will. Even the best intentions can be misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get the seller's written approval on all agreements.

If you have any questions about this article or anything regarding buying or selling your home just Call me 7 days a week at 720-232-3219.

 

Tips For First Time Home Buyers

First time home buyers face many challenges in understanding the process of purchasing a home, obtaining a mortgage, and knowing which type of loan will best suit their needs. Advice from well meaning loved ones can be helpful, but buying a home is a major financial commitment and you would be wise to educate yourself on the home buying process before taking the first step.

When you make the decision to purchase a home, talk with a real estate agent who can give you expert advice and valuable information. The purpose of this initial meeting is not to sign a representation agreement with the real estate agent, but instead to make yourself aware of local real estate customs in your particular area. If the agent has no time to discuss the home buying process with you, then keep looking until you find one who will. A good real estate agent will offer you information on the local real estate market and give you an idea of the types of mortgage products that are available to you. A mortgage broker or lender can also give you valuable information when you decide to buy a home.

The questions you should ask the real estate agent or mortgage broker include how to make an offer on a home you wish to purchase and the specifics involved in between making your initial offer and the final acceptance of the offer from the seller. Ask about the settlement costs, the down payment amount that you may need, and the length of time involved between the acceptance of your offer and the final closing date.

Make sure you understand your credit situation and what it means to you as far as applying for a mortgage. Down payment requirements and the interest rate you will receive are directly related to your credit score. You should be aware of exactly what is on your credit report before beginning the home buying process.

These tips will give you a good start in making wise decisions when you purchase your first home. Keep in mind that buying a home can be stressful at times and that a calm attitude and the ability to cope with any issues that may arise calmly will make the purchase of your first home a more pleasant experience. Buying your first home is one of the most exciting events in your life. Give yourself the information you need and take the advice of experts when you begin the home buying process. The experience will be less stressful and you will benefit from the knowledge you have gained.

If you have any questions about this article or anything regarding buying or selling your home just Call me 7 days a week at 720-232-3219.

 

8 Tips to Guide for Your Home Search

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.

 

 

 

 

 

 

Selling

How do I determine a price for my house?

You need to research and find out what other houses have sold for in your area and what your competition has their houses listed for in your area. Armed with this knowledge you can then come up with a realistic price for your house. Realistic is the keyword. If your house is overpriced it just won't sell and you'll get very frustrated. Your Realtor can supply the sold and for sale information to you and help you to come up with a realistic price.

How long will it take to sell my house?

There are many things that determine how quickly a house sells including price, terms, condition and location as well as the general market conditions for the area. Most houses will sell in 30 to 180 days but check with your Realtor, they have access to the market statistics and will be able to tell you what the average days on the market are for your specific area.

What makes a house sell?

There are many things that affect the sale of your house but the primary considerations are: price, terms, condition, location, and exposure. You can't always control all of these so sometimes you have to overcompensate in one area to make up for a disadvantage you face in another area.

When is the best time to sell my house?

Anytime! If you need to move for whatever reason it's time to sell. In some areas of the country late spring and early fall may be preferable because houses show better at that time but you will also have the most competition since many others will be taking advantage of those prime times as well. The most important thing is to make sure you leave yourself enough time to sell. If you're rushed it will probably cost you some money as you'll be tempted to reduce the price to get a quick sale. Give yourself three to six months to sell. In most markets this should be adequate but market conditions change so be sure and check with your Realtor to get the most up to date market conditions.

 

Eleven Costly Mistakes to Avoid When Selling Your Home

Selling your home can be an exhausting experience, but it is imperative to be aware of the mistakes a seller can make that could cost them thousands. Last minute walk-throughs, inconvenient calls, price adjustments and the possibility of being stuck with two mortgages are indeed real concerns. If you are not completely prepared you could end up losing hundreds, even thousands, of dollars in profit.

A fine line is all that separates a profitable smooth transaction and a break even, miserable experience. In the majority of cases it all comes down to the subtle knowledge of your real estate agent. By utilizing the knowledge of a well-trained real estate investor, the sale of your home will be quick and profitable. Familiarize yourself with these common costly mistakes and you'll be ensured a rewarding home-selling experience.

  1. Refusing to Make Profit Inducing Repairs
    It always costs you more money to sell 'as is' than to make repairs that will increase the value of your home. Minor improvements can yield larger results than most sellers think. Consult your real estate agent to find out what improvements will increase the selling value of your home.
  2. Provide Easy Access for Showings
    Accessibility is a major key to profitability. A lock box makes your home the most accessible, while appointments-only makes your home the least available. Remember that the more people that you show your home to, the more likely you are to find someone willing to pay your asking price. You never know if the one that couldn't get a viewing was the one that got away. If your lifestyle keeps you away from home with work or travel, developing a trusting relationship with an agent will allow he or she to show your home with your best interests in mind.
  3. Priced Too Low/Priced Too High
    If the property is priced too high it will sit and this could not only ruin your plans but mark it as a "problem property". If it's priced too low it could cost you considerable profits. The real estate market has subtle nuances and market changes that should be re-evaluated by your agent every 10-14 days to help you maximize your return.
  4. Relying Solely on Traditional Methods To Sell Your Home
    A sign in the front yard is certainly not enough. Having a real estate professional who is innovative and willing to offer new strategies of attracting home buyers is often the key. Demand around the clock advertising exposure, innovative lead generation methods and lead accountability. These services exist and should be offered to help you sell your home quickly for a good profit.
  5. Market Timing/Seasonal Selling
    Just as a broker who continually follows the trends of a stock, your real estate professional continually follows trends of your home market. They will know if the market cycle is poised to net you the most money. Avoid believing that property sales are seasonal... property is always selling.
  6. Refusing to Make Cosmetic Changes
    The prospective home buyer's first impression is the most important. Many buyers walk away from a perfectly good home due to unkempt lawns, cluttered rooms, bad stains, or unpleasant odors. Imagine you were the home buyer and clean your place from top to bottom... military style. Think of packing up books, movies, kids toys or other clutter to make rooms more spacious.
  7. Wasting Time With An Unqualified Prospect
    Your representative's responsibility is to screen a prospect's qualifications before valuable time is lost. Be sure to align yourself with the right professional and eliminate negotiating with unqualified prospects.
  8. Don't Test The Market
    Never put your property on line to sell unless you are serious. The right professional will find you buyers and if you are harboring indecision... you will blow the sale.
  9. Believing You are Powerless to Make a Difference Be a part of the team! Take an active role with your real estate agent to see what you can do to facilitate your sale. Networking with professional peers and personal friends often results in the sale of a home. It's surprising how many homes are sold this way.
  10. Not Considering Other Financing Terms
    Cash is not always the most advantageous transaction. Income level, tax benefits and current legislation are all critical factors when considering purchase terms. Professional Real Estate Investors are experts at home transactions and can lead you down the path that will give you the highest yield.
  11. Believing All Realtors, Brokers & Others are the Same
    With all the intricate details and critical decisions to be made concerning your home sale, why should you rely on anyone but an experienced real estate investment professional? Your home sale is a time consuming, difficult task. Maximize your profit by utilizing a experienced real estate agent and don't listen to friends or family members who had agents that did not meet their expectations. In fact, meet several agents if necessary to find the one that is just right for your needs - in the end, it will be worth the effort.

If you have any questions about this article or anything regarding buying or selling your home just Call me 7 days a week at 720-232-3219.

 

Renovations, Repairs, and Improvements - Suggestions Before you Sell

When a homeowner decides to sell their home, they must decide what renovations, repairs or improvements should be done to fix their property. Often homeowners fall into two extreme groups: those wanting to do nothing or those wanting to fix everything. Usually, neither of these extremes is the right choice.

The first step for most homeowners is to decide whether they want to sell in "mint" or "as is" condition. "Mint" condition means near "move-in" condition. Usually this includes neutral colored paint and carpet, no wallpaper, and electricity, plumbing, and fixtures that have been updated or replaced. The entire home should be fresh, clean, and immaculate. "As is" condition can be anything from dirty, to broken down and in need of repairs, to outdated carpet, paint, or fixtures.

The truth is that homes that are in mint condition will sell for more money than homes that need to be fixed up. The reason for this is fairly simple - most buyers don't have the time or energy to do the work. They also might not have the money to finance a major renovation or perhaps they simply don't want to do it. This is not to say that you need to renovate everything possible to reap the most benefit out of the sale of your home. Instead, you simply need to clear away the clutter, look at the bare bones of your home, and do what is possible and necessary before you sell your home.

Choosing Your Renovations and Repairs Wisely

Before you run out and start pricing new carpet and bathtubs, look at what renovations are wise when preparing to sell your home. Many renovations may not return 100 percent of your investment, so deciding which repairs to do can be difficult. Exterior repairs you might want to consider are things such as repainting the exterior, repairing broken steps, replacing broken windows, fixing the roof, or replacing gutters. Interior renovations to be considered could include cosmetic changes (like replacing carpeting or repainting), household repairs (fixing hinges or tightening doorknobs), or replacing old or broken appliances. Things you shouldn't try to fix are gutting a bathroom or remodeling your kitchen. These things can not only be costly but may take months and you certainly won't have the chance to enjoy using the new amenities. Rather than big, costly projects focus on changes that cost relatively little yet dramatically increase the value of your home.

Look at the Walls and Carpets

What color are my walls and carpet? Are there signs of leaks or wear and tear? Some of the best money you can spend can be by painting the walls, taking down colorful wallpaper, or replacing worn carpet. When it comes to colors, stay neutral (whites, creams, eggshells, and light grays).

Check to Make Sure Everything Works

Does every light turn on? Does every electrical outlet work? Do any of the toilets run or do the sinks leak? Make sure to test, the disposal, air-conditioning, heat, ceiling fans, and every appliance. Potential buyers love to turn on the lights including closets and hallways so make sure every light has a bulb that works.

How About the Kitchen and Bathrooms?

Are the kitchen cabinets updated? Does the refrigerator and dishwasher work? How are the floors in both the kitchen and bathrooms? Is the grout in good shape? Do the tub and shower drain properly? Do the tiles need repair? There is plenty that you can do to brighten up these spaces without spending too much money. Perhaps paint your cabinets or add new, shiny hardware. Regrouting the shower and putting a new glaze on the tub can do wonders for the bathroom. If the floors have seen better days, think about replacing them with fresh tile or linoleum.

Finally, Glance at Your Curtains and Window Treatments

Do the mini-blinds work? Are they clean? Are the window treatments outdated? As long as you are neutralizing your home, consider getting rid of heavy, dark-colored window treatments and replacing them with inexpensive mini-blinds. Be mindful of blackout shades or shutters that could make your home dark and dreary.

Overall, renovations, repairs, and improvements can help raise the appeal of your home for potential buyers. Remember that each home is different and what needs to be done will depend on what you are willing to spend and the time you are willing to dedicate to doing the work. Talk to your broker to find out what is normal and standard in your area and in your price range. In the end, a little work can have a large payoff.

If you have any questions about this article or anything regarding buying or selling your home just Call me at 720-232-3219  7 days a week.

 

Curb Appeal - Attracting Buyers from the Street

Curb appeal is the term that brokers use to describe how a home looks from the street or curb in front of the home. The term mostly applies to single-family homes rather than townhouses or condos since most condo associations care for surrounding exterior and common areas of the condos. The street presence and curb appeal of your home is extremely important since it must impress prospective buyers. If a buyer likes what he or she sees from their car or from the sidewalk, they will be more likely to go up and take a closer look or perhaps even take a walk through your home.

Don't Take Your Curb Appeal For Granted

If you've lived in your home for a number of years, you may need to take a step back from the stoop to realize that you might be taking your home's curb appeal for granted. Taking a look at your home as an objective buyer rather than as the owner will allow you to see the cracks in the foundation, the peeling paint on the side of the house, or the missing roof tiles. If you have failed to account for these mishaps in your listing price, you might realize why your home is not selling while others on the block are.

Carefully reviewing the curb appeal of your home is important because homes often take on the personalities of their owners. Whether its that amazing flower garden, the knick-knacks on your windowsills or the color of your walls, your personality will definitely show through the years you've spent at your home. While distinctive personalities are fine, you must also be aware that it can narrow the appeal of your home. A dark colored home with bad lighting and poor ventilation can make your home dreary, cluttered, foul-smelling, and entirely unappealing.

Take A Step Back And Be Objective

Even if you go in and out of your house numerous times on any given day, you should take the time to walk to the curb, look back , and take a fresh look at your home. What do you see? The house should have a neat and trim appearance and be warm, open, and inviting. The exterior paint should be fresh or at least clean (consider using a power washer for vinyl siding). If your home looks drab or dreary, consider repainting it white-the color many brokers say sells the fastest. To perk it up, add a brighter color to the trim and window frames.

Next, look up to the roof and the gutters. The roof should be in good condition with no torn or missing shingles. The gutters should be clean and the downspouts should be in good repair. If it is spring, summer, or fall, or if you live in a warm climate, consider putting out wicker chairs, some potted plants, or a basket of hanging flowers. Make sure the mailbox looks clean and is in working order. The porch should look inviting so that prospective buyers can envision themselves relaxing there on a Saturday afternoon.

Maintain Your Curb Appeal

Finally, maintaining and enhancing the landscape of your home is incredibly important to the curb appeal of your home. Your lawn should be cut and manicured regularly. Bushes should be trimmed and flowers should be planted. If you are selling during winter, remember to shovel your walk and driveway after every snowfall so that buyers can not only get to your home, but so that they won't slip and fall on the way. Consider painting the fence, adding flower boxes, cleaning up that overgrown garden. In the end, making the curb appeal of your home better will only help it to sell faster after you decide to list it.

Just remember that cultivating a charming exterior won't sell your home if the interior is a mess. But certainly, it should at least help get those prospective buyers across the threshold.

 

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http://homesinsouthdenver.com

Greg Foster
Foster & Associates
9055 East Mineral Circle
Centennial, CO 80112
Office: 303-694-1111
Direct: 303-850-0238
Mobile: 720-232-3219
Fax: 303-740-8525
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