Posts Tagged ‘home selling’

Choosing the Best Realtor as a First Time Home Buyer

January 8th, 2010

Many first time homeowners are intimidated by the entire home buying process and may turn to a real estate agent to answer all of their questions. While a real estate professional can be a valuable resource for your home buying needs, they shouldn’t be the only resource you count on.

Ilyce Glink, author of “100 Questions Every First-Time Home Buyer Should Ask”, encourages homeowners to educate themselves about the prospective neighborhood by doing online research and interviewing several realtors to find the best match. This is a proven strategy for first time home buying success.

You can actually screen out real estate agents to find out which one will service your needs the best. Here is a list of pertinent questions that you can ask to help you decide who to choose:

1. How many years have you been selling houses in this neighborhood? A well-established real estate agent in your target area will be able to give you more details about what are the advantages and any disadvantage of living there.

2. What is the average price of the houses you buy and sell for your clients? It is best to find one who does deals within your budget range and won’t be trying to sell you a luxury home that you may not yet be able to afford.

3. How many home buyers or sellers do you work with at any given time? This question will give you an idea of how much time the agent can devote only to you and keep up with communications.

4. Do you work with an assistant? Communication is a critical part of the home buyer and realtor relationship, so you need to know if you will be working primarily with his/her assistant on a regular basis, or directly with the agent. Make sure you are comfortable with this relationship or setup so you can have all of your questions or concerns taken care of within a reasonable amount of time.

5. What percentage of your business is with first time home buyers? If you know how frequently the agent deals with people who have the similar requirements as you have, it will be an indicator as to their experience, and this can help you make up your mind.

6. How many years have you been with the company? A well-established realtor or agent who can show a strong track record of success with a certain company may be a better match for you than someone who has moved around a lot or has only recently jumped into the business. Don’t be afraid to ask for references from a supervisor to find out if the agent has the experience and skills you need.

It is not an easy task to find the right real estate agent to suit your needs, and you will have to speak to several before deciding which one to choose. You can get immeasurable help in buying your new home with the help of the right agent, as they will give you insights and guidance so that you can find your dream home.

When looking for Minnesota homes for sale, the internet is an invaluable resource. New homebuyers can use the MN MLS to view current listings of homes and real estate throughout the state.

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Things to Look For on the Second Showing For Your First Home

December 23rd, 2009

To be properly prepared for the challenge of buying your first home or another house, you will be able to get a better investment by first conducting intensive research without first seeking the aid real estate agent. One of the important steps involved in buying a house is the showing, and the ideal way to go about it is to have at least 3 showings per house to facilitate proper inspection and do detailed inquiry. Since you are already considering the house after the first showing, take notes while examining each area of the house for any physical defects during the second showing.

In the book, “100 Question Every First Time Home Buyer Should Ask”, author Ilyce Glick states that it is to the advantage of first time home buyers to reconfirm things about the house that they found appealing during the first showing and spot the problems that it may have during the second showing to be able to save time and money. These are some of the elements of the house that you will have to check during the second showing:

Check the roof. You can inquire in detail to the property owner or the agent how old the roof is and if it has ever been repaired or renovated. Roof replacement or repairs are rather costly, so knowing if you have to shell out money for it in the near future will help you make a wise decision. Look for signs of wear and tear inside the house. Crack in the walls, peeling paint, loose steps and other similar defects may not cost a lot to repair, yet it is better to be prepared for it.

Look for signs of wear and tear inside the house. Crack in the walls, peeling paint, loose steps and other similar defects may not cost a lot to repair, yet it is better to be prepared for it.

Check the mechanical systems. Are all the heaters and furnaces functioning well? Is there any sort of insulation that is installed? Get all the details you can about the mechanical system so you can make provisions for repairs or replacements.

Assessing the local neighborhood. Take the time to explore the back yard and gardens in front of the house. Do you like the views? What is the noise level like? These are details that can be hard to assess from online research and pictures alone, and will give you an idea of the overall experience of living here.

Checking for pest damage. Are there any signs of termite or rodents? What about cockroaches and other bugs? Making sure the home is free of pests, and asking about any pest control that the owner has hired will help you determine if you need to make a similar investment.

Visualizing your daily activities. Can you see yourself cooking in the kitchen or watching television in the living room? Will your furniture fit easily in each area? Try visualizing the things you do every day as if you are living in this home and see if it truly ‘feels like home.’

Time spent wisely during the second showing to do the necessary preliminary inspections will already help you trim down your choices. Having a list of the things that you have observed will greatly aid you in deciding which house to buy when you sit down to make your final decision.

Using online is one of the fastest ways to find Homes for sale in Minnesota. Using the MN MLS Listings is one of the best resources for locating homes by price, neighborhood, and other criteria.

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Tips for Selling Las Vegas Real Estate

December 9th, 2009

Some home sellers needlessly struggle like a duck in the desert to find a buyer for their property. While a neighbor two doors up sells their house quickly and easily.

Maybe you can chalk it up to salesmanship. Or the fact some do all they can to produce a faster sale for more money – even ins a soft real estate market. Which might include generating curb appeal, home staging, proper pricing, pre sale inspection, sales incentives and working with a knowledgeable Realtor. Using all or at least most of these tips should produce a sales contract faster.

While the “The Price Is Right” is a game show pricing your house isn’t a game. The first two to three weeks are critical. In a slow real estate market you can’t miss this window of opportunity. The idea is to set the price as low as you can live with without feeling you’re leaving money on the table.

Get the house professionally inspected. This will highlight potential problems before they become a problem identified by the buyers inspector. Plus an inspected house is like a certified used car. Buyers can bank on the fact that a third party says there is nothing materially wrong with your house that hasn’t been addressed.

Hire a professional to help you stage your house to make it stand out. Getting rid of unwanted clutter, painting and depersonalization should be obvious. But having a brutally honest third party to advise and guide you with such things as creating more walkable space inside your house or advising you to replace any carpet past it’s prime falls under the heading of staging. Once you put the “for sale” sign up, the house becomes the product. Go for the ‘Wow’ effect by staging it properly.

Turn on the curb appeal. You want the external appearance, or curb appeal, to dazzle any buyers as they drive up. Things like painting the front door, planting flowers, laying down fresh mulch are proven ways to make the first and best impression you can.

Some turn to financial perks or incentives to help seal the deal. It’s not uncommon to offer to pay closing costs, throw in maid service or a huge HDTV. Just don’t expect such spiffs to compensate for a house that’s over priced. They won’t.

Finally selling in a down market is no time to be working with part timers. You want a Realtor who knows your subdivision and has a solid track record of moving houses. In both up and down markets. They can work with you to find a good price, develop a marketing plan and ease your through the process. For sure you won’t want some one who will over promise and under deliver either.

These six strategies, if applied right, can be effective in clinching the deal. So don’t look to sell any house without having checked each of these off your list.

About the Author: Irish E Danner contributes articles on selling and buying Las Vegas condos, foreclosed property and Las Vegas houses to the popular site, TakeMeHomeToVegas.com. Make a quick visit and you’ll find helpful articles on related topics of interest there.

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How to Calculate Your Reservation Price As A First Time Homebuyer

November 25th, 2009

One of the most important elements of the home buying process involves making the right offer for your home. Experts encourage all homebuyers to take the time to research prices in the area and create their own reservation price, or the highest price they are willing to pay for the home. A reservation price helps you to bid more effectively and stay within your budget, making it easier to negotiate with the seller or seller’s agent when it comes to making the offer.

Barron’s ‘Smart Consumer Guide to Home Buying’ explains that it is customary for buyers to discount their offering price to create some negotiating room when making the offer; there is no rule on how much this discount needs to be, but it will depend largely on market conditions and how much you really like the home.

I will outline here the basic steps in computing reservation price to help you in negotiating for your chosen home’s purchase price.

1. Write down your monthly budget for housing costs. Just write down the amount you can afford to pay every month. The amount may be close to your current housing costs or it can be an amount you are comfortable to pay for monthly.

2. Calculate tax and insurance costs. Barron’s ‘Smart Consumer Guide to Home Buying’ offers the following suggestions for calculating tax and insurance rates. Use a factor of .68 for areas with high tax and insurance costs; .85 if tax and insurance is relatively inexpensive; or use the standard .75 for a rough estimate. Multiplying this rate by the amount in Step 1 will give you your affordable loan P&I payment.

3. Calculate your loan term and interest rate. Record your loan term and interest rate in years. Use the loan payment tables to locate the payment applicable to each loan term and interest rate.

4. Calculate your total loan amount. This will also be found in the loan payment table; you may also obtain this from your mortgage lender.

5. Add your cash on hand for the down payment. This will give you a final calculation of the total amount available to you for purchasing a home.

After completing the calculation in Step 5, you can compare it to Step 1 and see what the difference is. This will give you your negotiating range that you can use when making your offer. If the amount in Step 1 is higher than Step 5, you may be able to secure an offer by bidding a higher price than the seller is offering. If the amount in Step 1 is lower than Step 5, you’ll need to focus on bringing the final price down to a more affordable range.

Figuring out your reservation price will help you in identifying your negotiation options to obtain best possible deal. Use the above calculations for each home you consider buying so that you can negotiate with the confidence that you are dealing within your budget.

Searching the internet is one of the most effective ways to find Minnesota houses for sale. Searching the MN MLS is one of the best resources for locating homes by price, neighborhood, and other criteria.

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How To Attract Real Estate Buyers In A Down Market

September 7th, 2009

There is a lot of information available to real estate professionals on how to survive in this market. Very few of them however, I have looked at the demand side of the equation. Sure, if you position yourself appropriately for real estate leads you may have numerous properties to offer the new exacting customer, but where do you find that New Exacting Customer?

1) Property investors: Although a lot of individuals feel that we have not hit bottom, the opportunity for investments is beginning to heat up. There are a lot of real estate investors are searching for that next opportunity, foreclosure, or discounted sale. Those agents that can help investors with the details of purchasing real estate with less than 100% down, there may still be opportunities to be had. You may want to consider promoting your services and experience to the investment market, either for individual real estate services, or even consultation and guidance.

2) People looking to move: Yes it is now a buyer’s marketplace, but that does not mean that there won’t be buyers. Unlike the previous sellers market, buyers today have their choice of both the property that they want and the agents that they want to work with. To get the focus of these clients, position yourself as an aggressive savings manager with expertise in helping buyers get the best possible deal and the home of their dreams. As for attracting these clients, place ads, co-op market with your local coffee shop, fitness club and small businesses, and host how to buy foreclosure webinars and seminars.

3) Help relocating: Some of the most successful real estate agents are now turning to the relocation market and establishing programs to service that niche. Resources such as the internet, online pages, and even the phone book, or HR department of your closest multinational may be able to connect you with the right people.

4) Specialist in Real Estate Owned properties: Both on the buying and selling side, the agents that deal with the banks have a ready-made inventory on discountable properties. Contact the loss mitigation department of various banks to see if they have inventory that you can sell. Also, if you are familiar with the requirements of the banks to purchase bank owned property, you can position yourself as a specialist for both the investor and the movers looking for a deal.

Join Cammie Xysliion at MLSNI to learn more about real estate and how real estate agents work to attract clients. Cammie currently manages lockbox real estate resources as well as MLSNI.

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