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If You Want to Sell Your House This Year, Start Doing These Things Now

4/27/2015

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With home prices recovering and interest rates still low, now may be the time to act. Here are 8 things successful sellers need to know.

In part one of our Spring Real Estate Guide, we told you what to do if you want to buy a home this year. In today’s part two we’ve got tips for sellers. Stay tuned for part three, with advice for those who want to say put and add value with home improvements.

If you haven’t sold a house in the past decade, brace yourself. Today’s buyers are demanding. They’re savvier about market dynamics and data and want to see houses on their own schedule, says Redfin’s chief economist, Nela Richardson. “We’re finding that buyers want access to your house when it works for them,” she says. “They don’t want to wait for the open house.” Baking cookies won’t cut it anymore.

​Your Action Plan

Sell first, then buy. The dilemma most sellers face is whether to buy a new place at the same time. In general, it’s smarter to sell before you buy—there’s nothing worse than having to carry two mortgages at once. You may be able to re
nt your house from the buyer for a few months, or at least find a short-term rental elsewhere. The one thing you don’t want to do is try to buy a new place with the contingency that you have to sell your old place first. Nothing kills a deal faster, especially if you’re up against other bidders.

Don’t just list your home—market it. Gorgeous photographs, video walk-throughs, perfect floor plans—buyers want it all. You need an agent who can develop a full-blown marketing plan, including social media. “People are doing so much more research ahead of time, going through listings online, and weeding out properties before they see them,” says Benjamin Beaver, an agent with Coldwell Banker in San Angelo, Texas. That’s especially true of millennial first-time buyers, who have grown up with information on demand.

And a top-flight agent can help pay for himself. Redfin found that listings with photos taken by a professional got 61% more views, and homes listed between $200,000 and $1 million sold for $3,400 to $11,200 more than similarly priced homes. A video tour including views of the neighborhood (parks, restaurants, main street) is another great tool. “If your photos capture an interested buyer, the video can help boost their interest,” says Rae Wayne, a real estate agent in Los Angeles. Plus, a video can help drive additional traffic to your listing.

Negotiate with your agent. Bernice Ross, the CEO of RealEstateCoach.com, has a brilliant method for testing a potential agent’s bargaining skills: Ask her for a reduction in her commission—and then think twice about hiring her if she agrees. “If they can’t negotiate a full commission on their own behalf, how are they going to negotiate the best price for you?” she says.

Don’t “test” the market. Pricing right is an art these days. The last thing you want to do is accidentally list too high out of the gate. Not only does it require cutting the price—in many cases to less than the estimated value—but it also means more time on the market. “It’s not like the old days where you put in a 10% buffer,” says Jacquie Sebulsky, a broker with Cascade Sotheby’s International in Bend, Ore. “People are savvier, and many agents won’t even show a house if it’s overpriced.” According to Zillow Talk: The New Rules of Real Estate, a house that is priced right will sell in about half the time of one that is overpriced.

Another reason to price right: traffic. In the first week a listing goes on the market, it gets four times as many visits as a month later, Redfin found. Moreover, if you do end up dropping your price, says Richardson, it sends a signal to buyers that you’ll come down more. “One agent described it to me as ‘blood in the water,’ ” she says.

To help you arrive at a price, your agent should show you up to 10 comparable active, pending, and recently sold (in the past three months) listings and sales. The most recently sold and the ones that are pending are the best; six or even four months ago may not reflect today’s market, says Brendon DeSimone, a broker in New York City and the author of Next Generation Real Estate. Automatic valuation tools, such as from Zillow and Trulia, are definitely great sources of intelligence. They’ll show you how quickly houses are selling in your market, how close they are going to asking price, and more. But data can tell buyers only so much. “The computer can’t see the inside of the house,” says Ross, “and it can’t see if your house has a view.”

Go green. With homes selling at a healthy pace, you probably don’t need to make any major pre-sale upgrades. One that does pay off: the front lawn. A 2012 Texas A&M survey found that curb appeal increases sales prices by up to 17%. “Green grass is huge, whether that means new sod or just fertilizer and lots of water,” says Wayne. Sustainability and low maintenance are the top trends for residential landscape projects, according to the 2015 Residential Landscape Architecture Trends Survey, so you might add simple native plants. You don’t have to spend a lot. See what’s on sale at Home Depot. It only has to be green, not gorgeous.

Fix what’s broken. Paul Reid, a Redfin agent in Southern California, recommends getting a home inspection and fixing any problems before you list the house, despite the out-of-pocket costs. “First-time homebuyers in particular don’t want to come in and do a ton of work,” he says. “They’re making a huge financial commitment and don’t want a money pit. I’ve seen it time and again where a buyer will get in escrow, have the inspection, and back out because the list is overwhelming.”

Go clean. Ten years ago it was mostly upper-end sellers (and maybe desperate ones) who went to the trouble to “stage” their home. Now, the idea that you need to clean out your closets, clear off the counters, take down your photos, and pare down the furniture and accessories is Real Estate 101. That said, you don’t need to hire anyone (though you may need to find someplace to store all your junk). Two areas not to forget: the entrance (that expression about not getting a second chance to make a good first impression is true) and the bathrooms. “I like to say that big, fluffy, white towels can add $10,000 to the price of a house,” says Sebulsky.

Give yourself a deadline. It’s true that houses tend to sell faster in spring and summer (in large part because families want to be settled before the new school year begins). And if your home is still sitting come Labor Day, think twice about keeping it on the market into the fall. “By then a lot of people have made their choices, and if your house has been on the market for six months, people automatically assume something is wrong,” says Sebulsky. Every market is different, of course, but winter may actually be a better option. There’s less competition from other sellers, as well as some pent-up demand after the holidays. Bonus: Anyone trudging through open houses during the winter “tends to be pretty serious about finding a house,” Sebulsky says.


From: Time.com by Daniel Bortz
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20 Questions: Finding Your Dream Home

4/13/2015

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When you’re ready to buy a home, you’ll probably remember those three important words we always hear about real estate: location, location, location.

While the geographic location is important, it’s also the amenities around the location that make a house a home. Every buyer is different in what they desire, so you need to find a neighborhood with the location and amenities that fit your desires — and, just as importantly, your budget.

Here are 20 questions to ask your real estate agent or new neighbors:
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Home Buyer's Guide to Choosing a Neighborhood

4/13/2015

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    When you’re ready to buy a home, you’ll probably remember those three important words we always hear about real estate: location, location, location.
While the geographic location is important, it’s also the amenities around the location that make a house a home. Every buyer is different in what they desire, so you need to find a neighborhood with the location and amenities that fit your desires — and, just as importantly, your budget.
Here are a few points to consider, as well as questions to ask your local real estate agent and potential new neighbors.

Affordability

Location is one factor that will heavily influence the price of a property. You don’t want to shop in locations you can’t afford — even though it might be fun.

The first task in your home purchase process is getting pre-approved by a bank or mortgage lender so you understand the ballpark within which you will be playing ball. Inform your real estate agent about your price range so they can identify the locations where you can afford to purchase.

Neighborhood type

You also need to figure out what works for you when it comes to the type of location you like: urban, suburban, or rural. Many people live in and love high-density areas where retail, restaurants, gyms, and grocery stores are all within a few blocks’ walk. It’s nice to be able to walk to everything — but with that comes lots of cars, people and sometimes noisy neighbors.

Other home buyers prefer quieter suburban developments that are probably going to require driving for one’s commercial and entertainment needs.

Then there are rural folks who want full quiet and no nearby neighbors. Make sure before you shop that you are shopping in the right type of area for you.

School district

Schools also make a big difference for many buyers, and a buyer will certainly pay for the best school district. School quality is one of the top items on a parent’s mind when looking for property. You can search the Internet for school ratings and check with the city or county for more information.

Of course, if you don’t have children, it’s not as big a deal.

What’s next door — or could be

You should also always consider what is next door to the property you buy. Will you be living among lots of single-family houses, or big apartment buildings?

It’s also important to know if there are currently or once were gas stations or chemical plants nearby. Drive around and look, plus check Natural Hazard Reports to see what is or was in the area.

Additionally, be cautious about empty developable lots or empty retail/warehouse properties nearby, as you never know what might end up being built there.

It’s also smart to understand the zoning on your property, as it might let the single family home next door be torn down and developed into a 4-plex rental property. That might or might not be okay with you, but you should be aware if it’s a possibility.

Holdability

One more important item to consider regarding location is your chances of owning the property a long time. If you are not sure you’ll  be happy staying a while, you’re better off passing on buying for the time being.

Considering all these issues — as opposed to making a quick purchase decision based on what your heart is telling you — should help you buy a home that is a good fit, will serve you well, and will be a good investment for your future.

Source: Zillow.com
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Ask the Expert: 5 Tips for First Time Home Buyers

4/6/2015

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Buying Your First Home – 5 Tips

There are few purchases more exciting, and more unnerving, than the purchase of your first home. You probably have a lot of anticipation about the possibilities in front of you, and a bit of trepidation about the mortgage and buying process. Fortunately, you are not alone in your hopes and fears. Every first-time home buyer goes through what you are going through, and most of them make it through the process successfully!

Over my twenty years as one of the top real estate agents in Medway MA, I have emphasized to my clients that the biggest obstacle in front of them is education on what it takes to buy a home. The following tips will provide you with a good start on the process, and point you in the right direction for where you can dig deeper, and learn what you need to learn, to be a successful home buyer.

Learn About Your Credit
Unless you are fortunate enough to have a substantial savings or income from some outside source, chances are you are going to need to get a mortgage to buy your first home. The financing process is complex and challenging for most people when they first go into it, but if you find the right lender that is willing to help you understand your options, it does not have to be overwhelming. However, you will discover that your mortgage options center around your credit. You need to learn what goes into your credit score, and how you can change that score, to get the best mortgage options – or any mortgage at all.

There are plenty of resource out there that can teach you about your credit. You want to know what your credit score is, but it is even more important that you know what affects that score. You may get pre-approved for a mortgage, but if you do something to knock your credit score, you could find that you are denied when you actually go to get the money for your home.

If you discover that your credit is not as great as you need it to be, take heart. You can repair it and get yourself in a good position. It will just take time, patience and discipline. By learning about your credit now, before you ever start home shopping, you will be taking care of the biggest factors in your home buying process. Once you own your first home it is critical to understand how one missed mortgage payment can affect your credit score. Keeping your credit in the best possible shape is always a smart consideration as it is a major factor in the interest rate you get on every major purchase that's financed.

Get pre-approval For a Mortgage
It only makes sense to learn what you can spend before you start house hunting. By going to a lender, or talking to several different lenders, you can get an estimate on what amount you can get for a loan. When you know what your mortgage options are, you can then shop for homes within your price range. Keep in mind that different lenders offer different options, so it is worthwhile to shop around for a bit and see if you can find one that offers you the ideal mortgage for your needs.

Find a Realtor That is a Good Fit
While you can certainly look through listings and shop around for a house on your own, you will quickly find that house hunting can become overwhelming and exhausting. There is so much to learn and so many mistakes you can make – costly mistakes – that hiring a Realtor will seem like the most obvious way to increase the efficiency of your buying process and to protect yourself. But don't just go out and hire any Realtor. Like any job, there are some people that are great at real estate, and some that just want your money.

You should interview three or four Realtors, get references from recent clients, etc. Kyle Kiscock, a Real Estate agent from Rochester NY, does a great job explaining how to interview a buyers agent. You want to ask about not only how many homes the Realtor sells, but what price they sell for. You want an agent that knows how to price a home right the first time. The better the agent you hire, the better your home buying options are going to be.

Know What You're Looking For
There are so many houses out there for sale. Just deciding you want a 3-bedroom is not enough to help you make sure you buy what you actually want. You need to take some time and consider all the things you want in a home, including location, size, amenities, etc. It can be helpful to think about what you want to use the home for – working on cars, doing art projects, raising children.

When you have a detailed description of what you want - both what is a necessity, and what you would really like to have – then you can talk to your Realtor and get an idea of your options. Chances are you won't be able to have it all, but you can often get close if you know what you are looking for.

Be Financially Prepared
Owning a home is more costly than many first-time buyers realize. There is no landlord to fix the broken water heater, for instance. You need to not only have enough money for the down payment and to pay the mortgage, but also to deal with possible emergencies. Talk with your real estate agent about how much you should have set aside for emergencies based on the type of home you are going to purchase. Real Estate agents like to call this being fiscally responsible when buying a home.

It is okay if you don't have a huge savings to deal with every eventuality, but you do not want to be one of the first-time home buyers who has nothing set aside should something go wrong. Even a small savings can make a major difference, and help you avoid going into further debt, if you need to fix something in your new home.
From: Mortgages.com By Bill Gassett
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This Old House: Sandy and The Jersey Shore | Jersey Shore Rebuild

4/1/2015

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Months after Superstorm Sandy wreaked historic destruction on the Jersey Shore, Kevin, Norm and Richard find three homeowners determined, despite the seemingly insurmountable challenges, to stay and rebuild: stronger, smarter, and up out of harm's way. In Bay Head, Point Pleasant, Manasquan, and communities like them along this hard-hit barrier island community, there's nowhere to go but up.
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