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- How To Get Top Dollar In Any Market!
The best chance for selling your property is within the first seven weeks. Studies show that the longer a property stays on the market, the less the seller will net. Below are 5 main factors to accomplishing this goal.
Pricing Factor
It is very important to price your property at a competitive market value right when you list it. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. It's interesting, but your first offer is usually your best offer. Here are reasons for pricing your property at the market value right from the start in order to net you the most amount of money in the shortest amount of time. An overpriced home:- Minimizes offers
- Lowers showings
- Lowers agent response
- Limits financing
- Limits qualified buyers
- Nets less for the seller 80% of the marketing is done when we decide on what price to list your home.
Clean Factor
Most people are turned off by even the smallest amount of uncleanness or odor when buying a home. Sellers lose thousands of dollars because they do not adequately clean. If your house is squeaky clean, you will be able to sell your home faster and net hundreds, if not thousands of dollars more. If you are planning on moving, why not get rid of that old junk now so that your house will appear larger? Make more space. Odors must be eliminated especially if you have dogs, cats, or young children in diapers or if you are a smoker. You may not notice the smell, but the buyers do! Most agents have a difficult time communicating to their sellers about odor. If you employ an agent to get the most amount of money for you, please don't take offense if he must confront you about odor problems.
Access Factor
Top selling agents will not show your home if both the key and access are not readily available. They do not have time to run around town all day picking up and dropping off keys. They want to sell homes! The greatest way to show a house is to have a key. When your home is being shown, please do the following:- Keep all lights on
- Keep all drapes and shutters open
- Keep all doors unlocked
- Leave soft music playing
- Take a short walk with your children and pets
- Let the buyer be at ease and let the agents do their job
- Paint & Carpet Factor
Front Yard Fact
Your front yard immediately reflects the inside condition of your house to the buyer. People enjoy their yards. Make certain that the trees are trimmed so the house can be seen from the street. Have the grass mowed, trimmed and edged. Walkways should be swept. Clean away debris. Remove parked cars. This all adds to curb appeal. If a buyer doesn't like the outside, he/she may not stop to see the inside.
7 Selling Mistakes You Don't Want To Make!
Mistake #1 -- Pricing Your Property Too High
Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value.
Mistake #3 -- Forgetting to "Showcase Your Home"
In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.
Mistake #4 -- Trying to "Hard Sell" While Showing
Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.
Mistake #5 -- Trying to Sell to "Looky-Loos"
A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may still even be unsure as to whether or not they want to relocate. Your realtor should be able to distinguish realistic potential buyers from mere lookers. Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing towards the wrong people. If you have to do this work yourself, consider finding a new realtor.
Mistake #6 -- Not Knowing Your Rights & Responsibilities
It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws will affect your transaction? Not knowing the answers to these kind of questions could end up costing you a considerable amount of money.
Mistake #7 -- Limiting the Marketing and Advertising of the Property
Your realtor should employ a wide variety of marketing techniques. Your realtor should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.
Big Mistakes That Cost Sellers Money - What Not To Say To Buyers!
The door bell rings, you grasp the knob, and throw one last glance around. As your daughter quickly puts the vacuum cleaner away, you open the door with a big smile. There stands an agent, with buyers. "Hi! ... How are you?... Come In." Those are probably the last three unsolicited comments that should pass your lips for the remainder of the visit. The real estate field is littered with stories of potential sales that were killed by sellers who inadvertently uttered the wrong thing. Before continuing, you should understand that the types of 'better left unsaid' things discussed here have nothing to do with the "Seller's Disclosure" Addendum, or hiding anything from a potential buyer. To the contrary, all of the suggested "DON'T SAY IT!" topics presented here are based on personal preferences. Being human, sellers often find it difficult, if not impossible, to keep from offering opinions or information that they think makes them appear "credible" to the buyer. Without knowing the life's experiences and propensities of each buyer you see, how can you keep from opening your mouth and inserting your foot? Please don't talk about:
1. How many kids are or are not in the area. (Even if the buyer has children, you have no way of knowing whether or not they want gangs of them banging down their door on Halloween.)
2. The huge stone birdbath in the backyard that is visited by HUNDREDS of birds each year. (How could you know the spouse is deathly afraid of birds?)
3. How great your church is. (They might be of different faith)
4. How quiet the neighborhood is.. (They may want a more social atmosphere, and look forward to making new friends.)
5. The 'newness' of items in the home. ('New' is most definitely a relatively term! What you consider 'new,' may be 'old' to others. For example, an item that is two years-old may be 'new' to someone who has lived in the house for 15 years, but may be 'old' to a buyer who thinks of 'new' as anything in place for less than 6 months.)
6. Information on existing warranties (They may expire before the new owners close on the house, or they may not non- transferable.)
7. How many 'showings' you've had. (Buyers could interpret this as "No one else wanted the home, why do I? or "I wonder what's wrong with this house?") Please do not OFFER the following statements as the reason you are selling:
1. The death of a family member. (Some people have a phobia about moving into home where someone died.)
2. How you've outgrown the house. (If buyers have the same number in their family, they may have second thoughts about their need for such a large home.)
3. How the home is too small for you. (Your comment may give them the push to look for more expensive (bigger) homes.)
4. Your recent divorce. (Potential buyers may be having marital problems. This could easily turn them off.)
5. That you bought another home. (If a buyer knows there is urgency, this can be used against you in negotiating )
If you get the distinctive impression that everything you say to a potential buyer could get you into trouble down the road - then you have correctly interpreted this article. Since you are under contract with a real estate agency, the best course is to make yourself scarce after the greeting. In fact, a good course of action might be to say: "Please take your time viewing my home. And if I do not see you before you leave, thank you for coming. You'll have to excuse me, but: (important phone call, helping kids with project, deadline at work, etc. )" This extricates you from a potential "foot-in-mouth" encounter later, and does not make you appear to be avoiding the buyers' questions.
20 Tips to help sell your home
As a homeowner, you can play an important part in the timely sale of your property. When you take the following steps, you'll help your Macdonald Sales Associate sell your home faster, at the best possible price.
The easiest and most reliable way to improve the appeal of your home is to enlist a quality home service professional. The right professional can help you get everything in order - from repainting the kitchen to providing a thorough cleaning - so you can stay focused on more important things.- Make the Most of that First Impression - A well-manicured lawn, neatly trimmed shrubs and a clutter-free porch welcome prospects. So does a freshly painted - or at least freshly scrubbed front door. If it's autumn, rake the leaves. If it's winter, shovel the walkways. The fewer obstacles between prospects and the true appeal of your home, the better.
- Invest a Few Hours for Future Dividends - Here's your chance to clean up in real estate. Clean up the living room, the bathroom, the kitchen. If your woodwork is scuffed or the paint is fading, consider some minor redecoration. Fresh wallpaper adds charm and value to your property. If you're worried about time, hire professional cleaners or painters to get your house ready. Remember, prospects would rather see how great your home really looks than hear how great it could look "with a little work."
- Check Faucets and Bulbs - Dripping water rattles the nerves, discolors sinks, and suggests faulty or worn-out plumbing. Burned out bulbs or faulty wiring leave prospects in the dark. Don't let little problems detract from what's right with your home.
- Don't Shut Out a Sale - If cabinets or closet doors stick in your home, you can be sure they will also stick in a prospect's mind. Don't try to explain away sticky situations when you can easily plane them away. A little effort on your part can smooth the way toward a closing.
- Think Safety - Homeowners learn to live with all kinds of self-set booby traps: roller skates on the stairs, festooned extension cords, slippery throw rugs and low hanging overhead lights. Make your residence as non-perilous as possible for uninitiated visitors.
- Make Room for Space - Remember, potential buyers are looking for more than just comfortable living space. They're looking for storage space, too. Make sure your attic and basement are clean and free of unnecessary items.
- Consider Your Closets - The better organized a closet, the larger it appears. Now's the time to box up those unwanted clothes and donate them to charity.
- Make Your Bathroom Sparkle - Bathrooms sell homes, so let them shine. Check and repair damaged or unsightly caulking in the tubs and showers. For added allure, display your best towels, mats, and shower curtains.
- Create Dream Bedrooms - Wake up prospects to the cozy comforts of your bedrooms. For a spacious look, get rid of excess furniture. Colorful bedspreads and fresh curtains are a must.
- Open up in the Daytime - Let the sun shine in! Pull back your curtains and drapes so prospects can see how bright and cheery your home is.
- Lighten up at Night - Turn on the excitement by turning on all your lights - both inside and outside - when showing your home in the evening. Lights add color and warmth, and make prospects feel welcome.
- Avoid Crowd Scenes - Potential buyers often feel like intruders when they enter a home filled with people. Rather than giving your house the attention it deserves, they're likely to hurry through. Keep the company present to a minimum.
- Watch Your Pets - Dogs and cats are great companions, but not when you're showing your home. Pets have a talent for getting underfoot. So do everybody a favor: Keep Kitty and Spot outside, or at least out of the way.
- Think Volume - Rock-and-roll will never die. But it might kill a real estate transaction. When it's time to show your home, it's time to turn down the stereo or TV.
- Relax - Be friendly, but don't try to force conversation. Prospects want to view your home with a minimum of distraction.
- Don't Apologize - No matter how humble your abode, never apologize for its shortcomings. If a prospect volunteers a derogatory comment about your home's appearance, let your experienced Macdonald Associate handle the situation.
- Keep a Low Profile - Nobody knows your home as well as you do. But Macdonald Sales Associates know buyers - what they need and what they want. Your Macdonald Associate will have an easier time articulating the virtues of your home if you stay in the background.
- Don't Turn Your Home into a Second-Hand Store - When prospects come to view your home, don't distract them with offers to sell those furnishings you no longer need. You may lose the biggest sale of all.
- Defer to Experience - When prospects want to talk price, terms, or other real estate matters, let them speak to an expert - your Macdonald Sales Associate.
- Help Your Agent - Your Macdonald Associate will have an easier time selling your home if showings are scheduled through his or her office. You'll appreciate the results!
- How To Get Top Dollar In Any Market!
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10 Important Tips To Successful Real Estate Investing!
Be a Real Estate Investor - 10 Important Secrets When it comes to investing, everybody has certain goals and aspirations. However, we have found that there are certain guidelines every aspiring real estate investor needs to know:
1. Compare Property Values and Rents Financial statistics only go so far; the best measure of a property's market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.
2. Be careful - Tax laws may change Don't base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.
3. Specialize in something you Know Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you'll benefit from experience by specializing in one aspect of investment real estate properties.
4. Know the Costs going in! Know the financial statements inside out. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.
5. Know where your tenants are coming from If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants' security deposits at closing.
6. Assess the tax situation Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax advisor.
7. Investigate insurance coverage If seller's coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.
8. Confirm Utility Costs Ask the local utilities to verify recent utility expenses, especially if any of these costs are included in your tenant's rent.
9. Consult Your Accountant Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.
10. Inspect! Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.
5 Secrets To Buying The Best House For Your Money!
1. Get "Pre-Approved" - Not "Pre-Qualified!"
Do you want to get the best property you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one element in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, I always recommended that buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on the answers, the lender pronounces you "pre-qualified" and issues a certificate that you can show to a seller. Sellers are aware that such certificates are WORTHLESS, and here's why! None of the information has been verified! Many times unknown problems can come to the surface! Some of the problems I've seen include recorded judgments, alimony payments due, glitches on the credit report due to any number of reasons both accurately and inaccurately, down payments that have not been in the clients' bank account long enough, etc. So the way to make the strongest offer today is to get "pre-approved". This happens AFTER all information has been checked and verified. You are actually APPROVED for the loan and the only loose end is the appraisal on the property. This process takes anywhere from a few days to a few weeks depending on your situation. It's VERY POWERFUL and a weapon I recommend all my clients have in their negotiating arsenal.
2. Sell Your Property First, Then Buy the House
If you have a house to sell, sell it before selecting a house to buy! Contingency sales aren't nearly as strong as one that comes in with a ready, willing and able buyer. Consider this scenario: You've found the perfect house - now you have to go make an offer to the seller. You want the seller to reduce the price and wait until you sell your house. The seller figures that this is a risky deal, since he might pass up a buyer who DOESN'T have to sell a house while he's waiting for you. So he says OK, he'll do the contingency but it has to be a full price offer! You have now paid more for the house than you could have because of the contingency, and you have to sell your existing house in a hurry! Otherwise you lose the house! So to sell quickly you might take an offer that's lower than if you had more time. The bottom line is that buying before selling might cost you THOUSANDS of dollars.
3. If you're concerned that there is not a house on the market for you, then go on a window-shopping trip.
You can identify possible houses and locations without falling in love with a specific house. If you feel confident after that then put your house on the market. Another tactic is to make the sale "subject to seller finding suitable housing". Adding this phrase to the listing means that WHEN YOU DO FIND A BUYER, you will have some time to find the new place. If you don't find anything to your liking, you don't have to sell your present home.
4. Play the Game of Nines Before house hunting
Make a list of things you want in the new place. Then make a list of the things you don't want. You can use this list as a guide to rate each property that you see. The one with the biggest score wins! This helps avoid confusion and keeps things in perspective when you're comparing dozens of homes. When house hunting, keep in mind the difference between "STYLE AND SUBSTANCE". The SUBSTANCE are things that cannot be changed such as the location, view, size of lot, noise in the area, school district, and floor plan. The STYLE represents easily changed surface finishes like carpet, wallpaper, color, and window coverings. Buy the house with good SUBSTANCE, because the STYLE can always be changed to match your tastes. I always recommend that you imagine each house as if it were vacant. Consider each house on its underlying merits, not the seller's decorating skills.
4. Don't Be Pushed Into Any House
Your agent should show you everything available that meets your requirements. Don't make a decision on a house until you feel that you've seen enough to pick the best one. A decade ago, homes were selling quickly, usually a few days after listing. In that kind of market, agents advised their clients to make an offer ON THE SPOT if they liked the house. That was good advice at the time. Today there isn't always this urgency, unless a home is drastically underpriced, and you'll know if it is. Don't forget to check into the SCHOOL DISTRICTS of the area you're considering. Information is available on every school; such as class sizes, % of students that go on to college, SAT scores, etc. You can get this information from this web site.
5. Stop Calling Ads!
Please note - ads are sometimes created to make the phone ring! Many of the homes have some drawback that's not mentioned in the ad, such as traffic noise, power lines, or litigation in the community. What's not mentioned in the ad is usually more important than what is. For this reason, I want you to be very careful when reading ads. Remember that the person writing the ad is representing the seller and not you! The most important thing you can do is have someone on your side looking out for your best interests. Your own agent will critique the property with an eye towards how well it meets your needs and will point out any drawbacks you should know about. So whether you decide to work with me or not, pick an agent you feel comfortable with and enlist the services of that agent as a buyer's broker. Then you become a client with all the rights, benefits, and privileges created by this agency relationship, and you're no longer just a shopper. Did you know that many homes are sold WITHOUT A SIGN ever going up or an AD EVER BEING PUT IN THE PAPER? These "great deals" go to those people who are committed to working with one agent. When an agent hears of a great buy, who do you think he's going to call? His client, who he has a legal obligation to work hard for you, or someone who just called on the phone and said "keep your eyes open"? So to get the best buy on a property, I always recommend that you hire your own agent and stick with him or her.
9 Questions To Ask A Real Estate Professional Before Getting Into Their Car!
1. How long have you been in residential real estate in our area? If they have not been in local real estate for several years, they have not been involved in the cyclical market that has defined our market to date.
2. What is your procedure for assisting a buyer from beginning to closing? A system designed to serve you as you need, and require it. Also, is a specialist available for each level of the sale?
3. What is your experience with financing alternatives, and what might they be in my situation? Each buyer's situation is different. We can literally put you in a much better financial situation with the same monthly payments just by adjusting the financing? You have lots of alternatives. Don't just depend on the lender. Your agent should lead the way.
4. How do you determine my qualifications and when? You would be shocked at how rare it is for an agent to complete your qualifications right away, but how important it is to already have it done, when you decide on a home.
5. What is your procedure for providing me with information about homes for sale that meet my needs? More often than not, this is just a do it when there is time situation. Our program offers you a consistent, automatic, and dependable resource of information.
6. What is your negotiating philosophy, and how do you apply it to me? We work for you and make sure you get the best value possible. Research and investigation on our part, hard negotiation, and financing put you in the best possible position. Win, Win? NO WAY, we work for you and we work to get you the best deal!!)
7. How do you find the best value for me? How do you make sure it is a good value? Homework! We don't cut any corners. We make sure you know the true value, supported by hard facts, not just that we think it is a good deal.
8. How do you protect me from the extensive costs that lenders, title companies, inspectors and others charge a home purchaser? The typical answer is that these charges are just normal. We know that there are excessive costs involved, and we can save you up to $1,000 by being your advocate with each of these services. Yes you still get top quality service and products.
9. Can you sell us a new, resale or foreclosed home? Most agents will answer affirmatively, but you should follow up with questions about specific builders and areas. Find out the detailed knowledge that the agent has of homes that will fit you.
There are many more questions to ask, this is just a sampling. I Hope it helps.
