Make the Most of your Home Inspection

On November 3, 2013   /   Home Inspection, Real Estate News, what to expect from the inspector  
home inspector

By Michele Lerner at Realtor.com

A home inspection is a crucial element of any home purchase. Most buyers make their purchase offer contingent on the results of a home inspection so they can decide not to buy if the inspection reveals significant structural problems. In a market with heavy competition for homes, buyers sometimes waive the home-inspection contingency to make their offer more appealing to the sellers. Even in those circumstances, it’s advisable to schedule an “information-only” inspection so you know what you’re buying.

Your home inspection can cost between $300 and $500, depending on where you live and the size of the property you’re having inspected. It’s worth spending a few hundred dollars to learn about the potential pitfalls of your future home.

What to expect from your home inspector

Your Realtor can recommend a home inspector, but you may also want to get recommendations from your lender and an attorney. Check out each home inspector’s credentials and reputation online and ask how many inspections each has completed. Most home inspectors will provide a written report after the inspection, but you should ask to see a sample report and how long it will take until you receive your report before choosing your inspector.

Prep for your inspection

You should always attend the inspection since this is your opportunity to learn about how to take care of your home.

Before your inspection look over the interior and exterior of the property for potential problems and areas you would like the inspector to review carefully, such as dark spots in the basement or underneath the bathroom sinks that could be water damage. Depending on the rules in your area, the seller may be required to disclose known defects in the home. Ask the seller’s agent, your buyer’s agent, and even the neighbors if they know about any issues with that house or others in the community — such as basements that flood.

Prepare a list of questions for the inspector and bring a notebook or tablet so you can take notes. (Read More Here)

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Take the Stress out of Moving

On October 24, 2013   /   Moving, Real Estate News  
Tags: , ,
moving

Realtor.com Team

Take the Stress out of Moving

Moving is one of the most stressful events in a person’s life. In a recent study, researchers ranked moving as stressful as the death of a loved one or divorce. But it does not have to be that way. With the right kind of planning and care, you can take the stress out of your move.

One of the greatest mistakes people make is failing to plan ahead. Waiting until the last minute — especially during the busy summer season — limits your options and may mean you can’t secure the professional services of a reputable mover on the date you prefer. Poor planning can also lead to less caution in selecting a mover, which can result in a poor moving experience and can increase the risk of being robbed by criminals posing as movers.

We suggest you begin making arrangements at least four to six weeks before the moving date. Consider printing a copy of a moving checklist and consulting other useful advice found on Moving.com.

Most people elect to move during the summer, when the kids are out of school and when vacations are normally taken. This means that from May to September movers are extremely busy. If you can arrange for your move at another time of year, you are competing with fewer potential customers and have a much better chance of securing a high-quality move from the company of your choice. Also, most movers offer better pricing during the off-peak season that generally runs between October and April.

Most people prefer to move at the beginning or end of the month, because most rent and mortgage payments are due on the first of each month. So, if you can move in the middle of the month, you have a much better chance of not only securing the moving professional you want, but also the pickup and delivery dates you require.

The American Moving and Storage Association contributed to this post.

This article originally appeared on Moving.com.

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Your Home’s First Price Should Be Its Best Price

On October 15, 2013   /   Real Estate News  
Tags: , , ,
priced to sell

Realtor.com

If you’re putting your home on the market, especially if you live in an area where prices are going up and buyers are competing for homes, you may be tempted to try listing it at a high price just to see if you can get it.

Don’t do it.

Experienced Realtors will tell you that pricing your home appropriately from the beginning is critical to getting it sold quickly and at the best price. Research shows that overpricing your home and then dropping the price several times while it languishes on the market usually leads to selling it at a much lower price than what you originally should have asked for it. The longer a home stays on the market, the deeper the discount is likely to be off the original price.

For example, according to McEnearney Associates, a McLean, VA, real estate company, homes that sold in August 2013 within their first week on the market sold for an average of 2.08 percent above list price. Homes that lingered on the market for four months sold for an average of 11.53 percent below their original price.

How to price your home correctly

Many homeowners want to set their list price based on what they paid for their home, the balance of their mortgage, or on the profit they want to make so they can move into another home. In reality, your home is worth only what the market will bear. If you price your home too high, some potential buyers won’t want to look at it at all, while others will simply walk away without making an offer.

If you’re interviewing several Realtors to choose a listing agent, you may be tempted to pick the sales professional who suggests the highest price for your property. But sellers, like buyers, need to beware. The Realtor who provides the best comparative market analysis and explanation of how your home should be priced will be more likely to sell your home quicker and for a higher price than someone who tells you only what you want to hear.

A comparative market analysis should include sales prices for similar nearby homes that sold in the last month or two. In addition, many Realtors include prices for homes currently on the market that will be your competition, as well as homes taken off the market because they didn’t sell. Other data Realtors can use to suggest a price range include how many days homes were on the market at various price points and the average difference between the list prices and sale prices on homes that have sold.

Your Realtor can help you estimate who might want to buy your house and what else those buyers are looking at so you can measure your price against the competition.

A knowledgeable Realtor can factor in all of these issues in the context of your local market conditions, including whether home prices are rising or falling and whether it’s a buyer’s or seller’s market.

Choose the right professional to help you with your home sale and then listen to your Realtor’s advice and your transaction is more likely to go through quickly and smoothly from the beginning.

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Why Use a Realtor When Selling Your Home

On October 3, 2013   /   Real Estate News  
Tags: , , ,
real estate agent
Article by: Realtor.com Team
Selling a house can be a complex process. A Realtor can help you at every stage, from setting a price to marketing the property to closing the sale.

Setting the Price The selling process generally begins with a determination of a reasonable asking price. Your real estate agent or Realtor can give you up-to-date information on what is happening in your local marketplace, as well as the price, financing, terms and condition of competing properties. These are key factors in marketing your home and selling it at the best price. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property.

Marketing The next step is a marketing plan. Marketing exposes your property to the public as well as to other real estate agents through a Multiple Listing Service, other cooperative marketing networks, open houses for agents, and so on. In many markets, a substantial portion of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. The Realtor Code of Ethics requires Realtors to use these cooperative relationships when they benefit clients.

An agent will also know when, where and how to advertise — which medium, format and frequency will work best for your home and your market. Though advertising can be valuable, the notion that advertising sells real estate is a misconception. National Association of Realtors studies show that 82 percent of real estate sales are the result of agent contacts from previous clients, referrals, friends, family and personal contacts. (Read More Here)

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Existing-home sales hit highest level in 6 1/2 years

On September 25, 2013   /   Real Estate News  
Tags:
improving market

Teke Wiggin: Staff Writer for Inman

Existing-home sales hit their highest level in 6 1/2 years in August, as fast-rising mortgage rates pushed buyers to close deals, the National Association of Realtors (NAR) reported today.

Existing-home sales rose 1.7 percent to a seasonally adjusted annual rate of 5.48 million in August from 5.39 million in July, and were up 13.2 percent annually, according to NAR.

“Rising mortgage interest rates pushed more buyers to close deals, but monthly sales are likely to be uneven in the months ahead from several market frictions,” said NAR Chief Economist Lawrence Yun. “Tight inventory is limiting choices in many areas, higher mortgage interest rates mean affordability isn’t as favorable as it was, and restrictive mortgage lending standards are keeping some otherwise qualified buyers from completing a purchase.”

Existing-home inventory at the end of August increased 0.4  percent to 2.25 million homes, representing a 4.9-month supply of homes at the current rate of home sales, NAR said.

That’s down from a five-month supply in July and a six-month supply a year before, the trade group said.

 

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