The fact that residential home prices are increasing substantially in most regions of the country is music to the ears of homeowners. However, if you are in the process of selling your home, make sure you realize the major challenge a hot real estate market creates. Each house must be sold twice; once to a buyer and a second time to an appraiser who represents the bank that will grant the purchaser a mortgage to buy the home (unless it is an “all cash” purchase). In a real market with escalating prices, the second sale may be the more difficult. And a recent survey by Quicken Loans reveals that the gap between what a homeowner believes is the value of their home compared to an appraiser is widening.
This could lead to an increase in the percentage of real estate transactions being challenged by a ‘short’ appraisal (where the appraiser value is less than the contracted price of the home).
Whether you are a buyer or a seller, you must be prepared for this possibility as it may result in a renegotiation of the price of the home.
The results of Fannie Mae’s June 2015 National Housing Survey, were just released showing that more and more homeowners are warming up to the idea that now may be a great time to sell their home. The amount of respondents that stated that now is a good time to sell rose three percentage points to a survey high of 52%; which may translate to a healthier market as more homes are listed in the coming months. At the same time “the percentage of respondents who expect home rental prices to go up rose to 59% – a new survey high.” Doug Duncan, senior vice president and chief economist at Fannie Mae, gave this insight: “The expectation of higher rents is a natural outgrowth of increasing household formation by newly employed individuals putting upward pressure on rental rates.” There is a chance that those who believe rental prices will rise may consider renting their house rather than selling it at this time. However, if you have no desire to actually become an educated investor in this sector, you may be headed for more trouble than you were looking for. Are you ready to be a landlord? Before renting your home, you should answer the following questions to make sure this is the right course of action for you and your family.
Renting out residential real estate historically is a great investment. However, it is not without its challenges. Make sure you have decided to rent the house because you want to be an investor, not because you are hoping to get a few extra dollars by postponing a sale.
Buying or selling a home is serious business. And using the right Realtor can mean the difference between a successful and hassle-free home transaction, or a regrettable experience. Finding any Realtor is easy, but finding a competent,experienced Realtor can be challenging. When hiring a Realtor you wan them to be a full time representative of your home. And the Real Estate Gurus team can do just that...
How long have you been in residential real estate sales? Is it your full-time job? While experience is no guarantee of skill, real estate — like many other professions — is mostly learned on the job.
What designations do you hold? Designations such as GRI and CRS®, which require that agents take additional, specialized real estate training, are held only by about one-quarter of real estate practitioners.
How many homes did you and your real estate brokerage sell last year? By asking this question, you’ll get a good idea of how much experience the practitioner has.
How many days did it take you to sell the average home? How did that compare to the overall market? The REALTOR® you interview should have these facts on hand, and be able to present market statistics from the local MLS to provide a comparison.
How close to the initial asking prices of the homes you sold were the final sale prices? This is one indication of how skilled the REALTOR® is at pricing homes and marketing to suitable buyers. Of course, other factors also may be at play, including an exceptionally hot or cool real estate market.
What types of specific marketing systems and approaches will you use to sell my home? You don’t want someone who’s going to put a For Sale sign in the yard and hope for the best. Look for someone who has aggressive and innovative approaches, and knows how to market your property competitively on the Internet. Buyers today want information fast, so it’s important that your REALTOR® is responsive.
Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. Your REALTOR® should explain his or her agency relationship to you and describe the rights of each party.
Can you recommend service providers who can help me obtain a mortgage, make home repairs, and help with other things I need done? Because REALTORS® are immersed in the industry, they’re wonderful resources as you seek lenders, home improvement companies, and other home service providers. Practitioners should generally recommend more than one provider and let you know if they have any special relationship with or receive compensation from any of the providers.
What type of support and supervision does your brokerage office provide to you? Having resources such as in-house support staff, access to a real estate attorney, and assistance with technology can help an agent sell your home.
What’s your business philosophy? While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals and business emphasis mesh with your own.
How will you keep me informed about the progress of my transaction? How frequently?Again, this is not a question with a correct answer, but how you judge the response will reflect your own desires. Do you want updates twice a week or do you prefer not to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?
Could you please give me the names and phone numbers of your three most recent clients?Ask recent clients if they would work with this REALTOR® again. Find out whether they were pleased with the communication style, follow-up, and work ethic of the REALTOR®.
The advantages of having an agent help you purchase a new home are the same as those for purchasing a resale home. We can provide you with valuable insight into the new construction industry.
The builder has a professional real estate representative who watches out for his or her best interest, and you deserve the same.
Buying a new home is a little more time consuming and difficult than buying a resale home. We can professionally guide you through the process. Having spent years working with builders in the area , the Real Estate Gurus have a rapport with them and a database of information about subdivisions, floor plans, etc.
Contact us today!!! To learn all about New Construction homes and the process to purchase one.
There are two different types of staging, depending on whether a home is occupied or vacant.
One of the biggest tasks in staging an occupied home is reducing the clutter and depersonalizing the place. You'll want to reduce the number of books on bookshelves, paint rooms in neutral colors and remove artwork that may evoke strong emotions, such as religious imagery or pictures of animals.
Furniture may also be moved around in an occupied home. If you have a larger budget, you might want to tackle such tasks as changing the carpet or upgrading the countertops to make the home look more inviting.
A vacant home generally needs more work. To remedy that, a few pieces of rented furniture can give potential buyers more to focus on than the house's flaws. A few plants and freshly painted walls can also help buyers envision themselves living in the property, which can lead to a sale.