It never ceases to amaze me at how many agents are still out there doing business as if we were in a seller's market when we are CLEARLY in a buyer's market.... let me explain.
I went on a listing appointment with a couple who had their home recently listed by another agent for the past 6 months. Their listing agreement had expired and so I was calling on them to see what I could do to sell their home ... rather than just "list" it. It was evident from the beginning that the home was overpriced for the area and although it was immaculately kept and remodeled and had many lookers while for sale... still no offers. Not one.
As we discussed pricing the home for selling it this time around, I recommended a price that I knew was not going to make them happy and still, it was the truth based on the market. I was astonished to hear that they had shared with their previous agent what they felt the home would sell for and the agent advised them it would sell for more... and listed it for more!
Needless to say, 6 months and one price reduction later... it didn't sell at all. I am not sure what Realtors are thinking when they advise sellers to price their home at a price that it will not sell and in many cases, not even get shown!
We are in a buyer's market ... face the facts! If you are reading this and you are a home seller... be wary of those agents who quote a price your home would "sell" for without backing it up with statistical FACTS!
And once more... that the statistics are for areas and homes that compare to yours... Two or three years ago, we could have stuck a price on a home way over it's current value and the market would have caught up with it and it would sell. Now, when pricing too high, the values are going the opposite direction and you are going to get left in the dust! Believe me... this is as much the fault of the real estate community as it is the sellers themselves.
REALTORS.... Get out of denial and tell the truth!!!
Friday, January 30, 2009
Thursday, January 15, 2009
Living in Lakeway/Lake Travis
I have done a lot of reflecting lately out our move to Austin and how we landed in the Lakeway area near Lake Travis.
When we moved from Oklahoma City to Naples Florida, we were so at home there and we loved living in Naples. There were a lot of restrictions and city ordinances relative to both residential and businesses. As a matter of fact, until after hurricane Wilma blew through we didn't know what half the shopping centers had in them because they were so well hidden by the palm trees and natural landscape. The signage was very limited and everything was kept immaculate and beautified.
Now, living in Lakeway, I hear people complain from time to time about how strict the city is and how long it takes to get permits for certain things, but I have to tell you... I am glad that they are so particular. Lakeway is perfect for people like us who want to live in a beautiful city that takes great care of it's streets, parks, sidewalks, landscaping, buildings, natural resources, and people. One of the first things I fell in love with about Lakeway is all the sidewalks, walking trails, golf courses and greenbelts.
When I first took a walk through Smith greenbelt near Lakeway police station and City Hall (see photo below), I felt like I was in my own private natural sactuary. The creek, trees, rocks, natural trail, and the deer that ran across my path reminded me of my childhood hikes on my grandpa Clinton's farm in Oklahoma. Recently, I took advantage of a beautiful 70 degree day and took a hike on the trails that run along the canyon rim near the Lakeway swimming pool . On that day, I took Digger, our border collie and she loved it too. Had it not been getting dark, I could have stayed and enjoyed nature for a couple more hours.
Of course my favorite thing about Naples was the beach and the water... the same is true for Lakeway and Lake Travis. Lake Travis is a beautiful lake and even with the water level down like it is right now, it is still a peaceful and welcoming place to visit. Our boat is at Rough Hollow Yacht Club and Marina just a short drive from our house and of all the marinas we visited, Rough Hollow is by far the nicest and aesthetically most reflective of the Lakeway lifestyle. The people that work there are so cool and we love being there.
Speaking of people... that is one distinction I must make between living in Naples and here in Lakeway. Naples was a melting pot with people from many different places and not much of a sense of community. With it being highly seasonal in Naples, many were there for more of a vacation lifestyle vs. that of a close knit community. In Lakeway, people are "at home" here and so the sense of family is very prevalent. People in the service industry go out of their way to make your experience positive and I have never been to a store or restaraunt where I left without feeling served at a high level. It is easy to strike up a conversation with someone I have never even met and walk away having made a new friend.
I recently joined The Lakeway Church right on Lakeway Blvd. after having attended a few times and going to a Sunday school class on Women of the Bible. My experience was so overwhelming as Alice took me by the hand and introduced me to so many nice people. After only a few Sundays it feels like home already.
Oh... I forgot to mention my daughter's school orientation experience. Last summer when she and I attended the Lake Travis High School's new agent orientation, they broke us up into student groups and parent groups so I didn't have the same program she had. Afterward when we met back up I asked her what she thought (this was her 3rd high school after moving from Oklahoma) and she said, "Mom, they like new kids here!" The smile on her face was enough for me to feel great about our decision to move to Lakeway. No regrets!!
So, if anyone is thinking about moving to the Austin area... definitely check out all that Lakeway has to offer. It is really a unique place!
For a free CD about Austin and information about Lakeway, email me at nikki@SellingALifestyle.com and I will be happy to provide it.
When we moved from Oklahoma City to Naples Florida, we were so at home there and we loved living in Naples. There were a lot of restrictions and city ordinances relative to both residential and businesses. As a matter of fact, until after hurricane Wilma blew through we didn't know what half the shopping centers had in them because they were so well hidden by the palm trees and natural landscape. The signage was very limited and everything was kept immaculate and beautified.
Now, living in Lakeway, I hear people complain from time to time about how strict the city is and how long it takes to get permits for certain things, but I have to tell you... I am glad that they are so particular. Lakeway is perfect for people like us who want to live in a beautiful city that takes great care of it's streets, parks, sidewalks, landscaping, buildings, natural resources, and people. One of the first things I fell in love with about Lakeway is all the sidewalks, walking trails, golf courses and greenbelts.
When I first took a walk through Smith greenbelt near Lakeway police station and City Hall (see photo below), I felt like I was in my own private natural sactuary. The creek, trees, rocks, natural trail, and the deer that ran across my path reminded me of my childhood hikes on my grandpa Clinton's farm in Oklahoma. Recently, I took advantage of a beautiful 70 degree day and took a hike on the trails that run along the canyon rim near the Lakeway swimming pool . On that day, I took Digger, our border collie and she loved it too. Had it not been getting dark, I could have stayed and enjoyed nature for a couple more hours.
Of course my favorite thing about Naples was the beach and the water... the same is true for Lakeway and Lake Travis. Lake Travis is a beautiful lake and even with the water level down like it is right now, it is still a peaceful and welcoming place to visit. Our boat is at Rough Hollow Yacht Club and Marina just a short drive from our house and of all the marinas we visited, Rough Hollow is by far the nicest and aesthetically most reflective of the Lakeway lifestyle. The people that work there are so cool and we love being there.
Speaking of people... that is one distinction I must make between living in Naples and here in Lakeway. Naples was a melting pot with people from many different places and not much of a sense of community. With it being highly seasonal in Naples, many were there for more of a vacation lifestyle vs. that of a close knit community. In Lakeway, people are "at home" here and so the sense of family is very prevalent. People in the service industry go out of their way to make your experience positive and I have never been to a store or restaraunt where I left without feeling served at a high level. It is easy to strike up a conversation with someone I have never even met and walk away having made a new friend.
I recently joined The Lakeway Church right on Lakeway Blvd. after having attended a few times and going to a Sunday school class on Women of the Bible. My experience was so overwhelming as Alice took me by the hand and introduced me to so many nice people. After only a few Sundays it feels like home already.
Oh... I forgot to mention my daughter's school orientation experience. Last summer when she and I attended the Lake Travis High School's new agent orientation, they broke us up into student groups and parent groups so I didn't have the same program she had. Afterward when we met back up I asked her what she thought (this was her 3rd high school after moving from Oklahoma) and she said, "Mom, they like new kids here!" The smile on her face was enough for me to feel great about our decision to move to Lakeway. No regrets!!
So, if anyone is thinking about moving to the Austin area... definitely check out all that Lakeway has to offer. It is really a unique place!
For a free CD about Austin and information about Lakeway, email me at nikki@SellingALifestyle.com and I will be happy to provide it.
Monday, January 12, 2009
Sunday, January 11, 2009
Home buying process
HOME BUYER CONSULTATION & NEEDS ANALYSIS
This all begins with an initial consultation to establish what the clients are looking for not only in a home, but also in a lifestyle. Every person and family has a unique set of for buying the home they ultimately choose. It is a Realtor's goal to seek out those thoughts and feelings that go into the process of deciding on that perfect home.
PROFESSIONAL GUIDANCE & CONSULTATIVE APPROACH
From the initial consultation through the close of the transaction and thereafter, your Realtor provides professional guidance and consultation to his or her clients. This guidance begins with of a Buyer Representation Agreement that establishes the working relationship between Broker and client and continues through the home search, contract negotiations, and closing process. Realtors are prepared to assist you with making decisions about what to offer on homes, how to negotiate closing costs and terms, what is customary and what is not, and which inspection, closing, pest control and other common service providers are the best in their fields.
PROACTIVE HOME SEARCH
Proactive searches include regular scanning of the Multiple Listing Service for new and existing properties that fit the client’s specified criteria, previewing homes on the market, staying aware of new listings both through other Brokers and those privately offered for sale, and networking with other associates for unique homes coming available. As a part of the proactive process, a good agent will maintain daily contact with clients throughout the search process in order to communicate new listings and asses the client’s ongoing needs.
EASY EXIT AGREEMENT
If your agent feels strongly that you will be pleased with the services they provide, they may offer a no-obligation guarantee...the “Easy Exit” agreement. If at any point in the pre-contract phase you are not 100% satisfied with their services, you may exit the relationship with no questions asked. Most associates won’t guarantee their services; much less allow you the opportunity to fire them if they aren’t measuring up... only the best will.
The Initial Consultation with your agent:
Your first step toward buying your new home will be to analyze and document your needs. Your agent should meet with you in person (when possible) to get a clear picture of exactly what you want your new home to look like and how it should function for you and your family before going out looking at property. If your agent is a "pop tart" agent meaning they just jump and run to show you a home on the first phonecall, they are probably not the right agent for you!
1. Write down the reasons you are looking for a new home. For example, are you currently renting and would like to have a home where you can begin building equity? Maybe you recently got married and have outgrown your current residence. Or maybe you have just gotten a promotion that requires you to move to a new city. These factors will all have a bearing on how we approach your home search.
2. Establish at timeframe that you would like to stay within for buying your home. Depending on your reasons for wanting a new home and the current state of the market in the area you are looking to buy, we should be able to come up with a rough guideline, which you can finalize at a later time.
3. You most likely have a mental picture of what you would like your house to look like and what features it should have. It’s very important to write these ideas down to avoid any ambiguity later in your home search.
4. We suggest you make at least two lists. The first one should describe your dream home in as specific detail as possible. For example, how many bedrooms and bathrooms should it have? One story or multi-level? What about closet and countertop space? Does it have a fireplace or a swimming pool? The other should list the features of the home that are an absolute must have in order to buy it. In a perfect world, your new home would fulfill both lists 100%. It is more likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying process. This is a natural and evolutionary process as you get clearer about what you want and what is available.
5. Ask your agent if they have a Homebuyer Survey to help begin the process. Write down all your thoughts about what you would like in a new home and bring this questionnaire with you during your initial consultation. You will also need to bring a copy of your mortgage pre-approval or pre-qualification letter, if you have one. This will help your agent to complete the Estimate of Expenses related to your home purchase.
Don't settle for a mediocre agent! If your agent is not listening to you and/or isn't asking you a lot of questions that will insure that you are communicating fully... move on! This is a big investment and you cannot afford to settle for a weak agent!
For more information on buying a home http://www.thebuckelewgroup.com/
This all begins with an initial consultation to establish what the clients are looking for not only in a home, but also in a lifestyle. Every person and family has a unique set of for buying the home they ultimately choose. It is a Realtor's goal to seek out those thoughts and feelings that go into the process of deciding on that perfect home.
PROFESSIONAL GUIDANCE & CONSULTATIVE APPROACH
From the initial consultation through the close of the transaction and thereafter, your Realtor provides professional guidance and consultation to his or her clients. This guidance begins with of a Buyer Representation Agreement that establishes the working relationship between Broker and client and continues through the home search, contract negotiations, and closing process. Realtors are prepared to assist you with making decisions about what to offer on homes, how to negotiate closing costs and terms, what is customary and what is not, and which inspection, closing, pest control and other common service providers are the best in their fields.
PROACTIVE HOME SEARCH
Proactive searches include regular scanning of the Multiple Listing Service for new and existing properties that fit the client’s specified criteria, previewing homes on the market, staying aware of new listings both through other Brokers and those privately offered for sale, and networking with other associates for unique homes coming available. As a part of the proactive process, a good agent will maintain daily contact with clients throughout the search process in order to communicate new listings and asses the client’s ongoing needs.
EASY EXIT AGREEMENT
If your agent feels strongly that you will be pleased with the services they provide, they may offer a no-obligation guarantee...the “Easy Exit” agreement. If at any point in the pre-contract phase you are not 100% satisfied with their services, you may exit the relationship with no questions asked. Most associates won’t guarantee their services; much less allow you the opportunity to fire them if they aren’t measuring up... only the best will.
The Initial Consultation with your agent:
Your first step toward buying your new home will be to analyze and document your needs. Your agent should meet with you in person (when possible) to get a clear picture of exactly what you want your new home to look like and how it should function for you and your family before going out looking at property. If your agent is a "pop tart" agent meaning they just jump and run to show you a home on the first phonecall, they are probably not the right agent for you!
1. Write down the reasons you are looking for a new home. For example, are you currently renting and would like to have a home where you can begin building equity? Maybe you recently got married and have outgrown your current residence. Or maybe you have just gotten a promotion that requires you to move to a new city. These factors will all have a bearing on how we approach your home search.
2. Establish at timeframe that you would like to stay within for buying your home. Depending on your reasons for wanting a new home and the current state of the market in the area you are looking to buy, we should be able to come up with a rough guideline, which you can finalize at a later time.
3. You most likely have a mental picture of what you would like your house to look like and what features it should have. It’s very important to write these ideas down to avoid any ambiguity later in your home search.
4. We suggest you make at least two lists. The first one should describe your dream home in as specific detail as possible. For example, how many bedrooms and bathrooms should it have? One story or multi-level? What about closet and countertop space? Does it have a fireplace or a swimming pool? The other should list the features of the home that are an absolute must have in order to buy it. In a perfect world, your new home would fulfill both lists 100%. It is more likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying process. This is a natural and evolutionary process as you get clearer about what you want and what is available.
5. Ask your agent if they have a Homebuyer Survey to help begin the process. Write down all your thoughts about what you would like in a new home and bring this questionnaire with you during your initial consultation. You will also need to bring a copy of your mortgage pre-approval or pre-qualification letter, if you have one. This will help your agent to complete the Estimate of Expenses related to your home purchase.
Don't settle for a mediocre agent! If your agent is not listening to you and/or isn't asking you a lot of questions that will insure that you are communicating fully... move on! This is a big investment and you cannot afford to settle for a weak agent!
For more information on buying a home http://www.thebuckelewgroup.com/
Monday, January 5, 2009
Increasing Your Home's Appeal
Remember the 60-second rule:
That's all the time you have to create a winning first impression. Here are some simple to significant ways to maximize your home's appeal.
Exterior
* Keep the grass cut and remove all yard clutter.
* Weed and apply fresh mulch to flower beds.
* Apply fresh paint to wooden fences.
* Tighten and clean all door handles.
* Clean windows inside and out.
* Powerwash home's exterior.
* Ensure all gutters and downspouts are firmly attached and functioning.
* Paint the front door.
* Buy a new welcome mat.
* Place potted flowers near the front door.
Interior
* Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the room appear smaller. Consider renting a storage unit to move items off-site.
* Clean and organize cabinets, closets and bookshelves.
* Clean all light fixtures and ceiling fans.
* Shampoo carpets.
* Remove excessive wall hangings and knick-knacks.
* Repair all plumbing leaks, including faucets and drain traps.
* Make minor repairs (torn screens, sticking doors, cracked caulking).
* Clean or paint walls and ceilings.
* Replace worn cabinet and door knobs.
* Fix or replace discolored grout.
* Replace broken tiles.
* Replace worn countertops.
Special details for showings
* Turn on all the lights.
* Open all drapes and shutters in the daytime.
* Keep pets secured outdoors.
* Buy new towels for bathrooms.
* Buy new bedding for bedrooms.
* Replace old lamps or lampshades.
* Play quiet background music.
* Light the fireplace or clean out the ashes and light a candelabrum.
* Infuse home with a comforting scent, such as apple spice or vanilla.
* Set the dining room table for a fancy dinner party.
* Vacate the property while it is being shown.
That's all the time you have to create a winning first impression. Here are some simple to significant ways to maximize your home's appeal.
Exterior
* Keep the grass cut and remove all yard clutter.
* Weed and apply fresh mulch to flower beds.
* Apply fresh paint to wooden fences.
* Tighten and clean all door handles.
* Clean windows inside and out.
* Powerwash home's exterior.
* Ensure all gutters and downspouts are firmly attached and functioning.
* Paint the front door.
* Buy a new welcome mat.
* Place potted flowers near the front door.
Interior
* Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the room appear smaller. Consider renting a storage unit to move items off-site.
* Clean and organize cabinets, closets and bookshelves.
* Clean all light fixtures and ceiling fans.
* Shampoo carpets.
* Remove excessive wall hangings and knick-knacks.
* Repair all plumbing leaks, including faucets and drain traps.
* Make minor repairs (torn screens, sticking doors, cracked caulking).
* Clean or paint walls and ceilings.
* Replace worn cabinet and door knobs.
* Fix or replace discolored grout.
* Replace broken tiles.
* Replace worn countertops.
Special details for showings
* Turn on all the lights.
* Open all drapes and shutters in the daytime.
* Keep pets secured outdoors.
* Buy new towels for bathrooms.
* Buy new bedding for bedrooms.
* Replace old lamps or lampshades.
* Play quiet background music.
* Light the fireplace or clean out the ashes and light a candelabrum.
* Infuse home with a comforting scent, such as apple spice or vanilla.
* Set the dining room table for a fancy dinner party.
* Vacate the property while it is being shown.
Creating Your Home Wish List
Create Your Home Wish List
Before the home search begins, your real estate agent will want to know as much as possible about the features and amenities you desire. To help your agent better serve you, analyze what you want and what you need in a home’s features and amenities.
Features:
Age: Do you prefer historic properties, newer ones, or new construction?
Style: Do you have a special preference for ranches, bungalows, Tuscan, or another style of construction?
Bedrooms: How many?
Bathrooms: How many? Are they updated?
Living and Dining Areas: A traditional, formal layout, or a more open, contemporary plan?
Stories: How many?
Square feet: How much space?
Ceilings: How high?
Kitchen: How big? Recently updated? Open to other living areas?
Storage: Big closets, a shed, an extra-large garage?
Parking: A garage or carport? Room for how many cars? Golf cart?
Extras: Attic or basement?
Amenities:
Office
Play/exercise room
Security system
Sprinkler system
Workshop/Studio
In-law suite
Fireplace
Pool
Hot tub
Sidewalk
Patio, deck, or porch
Laundry room
Lot:
Lake view
Golf course
Trees or no trees
Large or small
For a complimentary consultation regarding staging your home to sell contact The Buckelew Group at info@thebuckelewgroup.com
Before the home search begins, your real estate agent will want to know as much as possible about the features and amenities you desire. To help your agent better serve you, analyze what you want and what you need in a home’s features and amenities.
Features:
Age: Do you prefer historic properties, newer ones, or new construction?
Style: Do you have a special preference for ranches, bungalows, Tuscan, or another style of construction?
Bedrooms: How many?
Bathrooms: How many? Are they updated?
Living and Dining Areas: A traditional, formal layout, or a more open, contemporary plan?
Stories: How many?
Square feet: How much space?
Ceilings: How high?
Kitchen: How big? Recently updated? Open to other living areas?
Storage: Big closets, a shed, an extra-large garage?
Parking: A garage or carport? Room for how many cars? Golf cart?
Extras: Attic or basement?
Amenities:
Office
Play/exercise room
Security system
Sprinkler system
Workshop/Studio
In-law suite
Fireplace
Pool
Hot tub
Sidewalk
Patio, deck, or porch
Laundry room
Lot:
Lake view
Golf course
Trees or no trees
Large or small
For a complimentary consultation regarding staging your home to sell contact The Buckelew Group at info@thebuckelewgroup.com
Practicing Good Seller's Etiquette
Let's face it... When your house goes on the market, you're not only opening the door to prospective buyers, but also sometimes to unknown vendors and naïve or unqualified buyers. As with any business transaction, there is an expected protocol to how sellers, buyers and their respective agents interact. Should you find yourself in a sticky situation, alert your agent so he or she can address and remedy the problem.
The aggressive agent
When your agent puts your house on the market, typically all promotional materials state clearly that your agent is the primary contact for buyers and buyers' agents. However, sometimes a buyer's agent will contact a seller directly to try to either win over their business or cut the seller's agent out of the deal. This is not reputable behavior and you should report it to your agent immediately if it happens to you.
The unscrupulous vendor
Have you ever started a business or moved into a new house and suddenly found your mailbox full of junk mail? Unfortunately, this also can happen when you put your house on the market. When you sell your home, it necessitates all kinds of new purchasing decisions and less-than-ethical vendors are keenly aware of this. Though MLS organizations enforce rules on how posted information is used, some companies have found ways to cull information from various sources to produce mass mailing lists. If you find yourself regularly emptying your mailbox of junk, let your agent know. He or she can tap the appropriate sources to prompt an investigation into the matter.
The naïve buyer
Yard signs, Internet listings and other advertisements can generate a lot of buzz for your home. Some prospective buyers - particularly first-timers - will be so buzzed to see your home that they'll simply drop by. If this happens, no matter how nice these unexpected visitors are, it's best not to humor their enthusiasm by discussing your home or giving an impromptu tour. Instead, politely let them know that your real estate agent is in charge of scheduling tours and provide them with the agent's contact information. If you attempt to handle these surprise visits on your own, you might inadvertently disclose information that could hurt you during negotiations down the road.
For more information on the details about the home selling process, contact The Buckelew Group at Keller Williams Realty at info@TheBuckelewGroup.com
The aggressive agent
When your agent puts your house on the market, typically all promotional materials state clearly that your agent is the primary contact for buyers and buyers' agents. However, sometimes a buyer's agent will contact a seller directly to try to either win over their business or cut the seller's agent out of the deal. This is not reputable behavior and you should report it to your agent immediately if it happens to you.
The unscrupulous vendor
Have you ever started a business or moved into a new house and suddenly found your mailbox full of junk mail? Unfortunately, this also can happen when you put your house on the market. When you sell your home, it necessitates all kinds of new purchasing decisions and less-than-ethical vendors are keenly aware of this. Though MLS organizations enforce rules on how posted information is used, some companies have found ways to cull information from various sources to produce mass mailing lists. If you find yourself regularly emptying your mailbox of junk, let your agent know. He or she can tap the appropriate sources to prompt an investigation into the matter.
The naïve buyer
Yard signs, Internet listings and other advertisements can generate a lot of buzz for your home. Some prospective buyers - particularly first-timers - will be so buzzed to see your home that they'll simply drop by. If this happens, no matter how nice these unexpected visitors are, it's best not to humor their enthusiasm by discussing your home or giving an impromptu tour. Instead, politely let them know that your real estate agent is in charge of scheduling tours and provide them with the agent's contact information. If you attempt to handle these surprise visits on your own, you might inadvertently disclose information that could hurt you during negotiations down the road.
For more information on the details about the home selling process, contact The Buckelew Group at Keller Williams Realty at info@TheBuckelewGroup.com
8 Steps to Selling Your Home
1. Define your needs. Write down all the reasons for selling your home. Ask yourself, "Why do I want to sell and what do I expect to accomplish with the sale?" For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you'd like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.
2. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It's often difficult to remain unbiased when putting a price on your home, so your real estate agent's expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. Remember: You're always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
3. Prepare your home. Most of us don't keep our homes in "showroom" condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It's time to break out of that owner's mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much "personality" is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer's first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
4. Get the word out. Now that you're ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
5. Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.
6. Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
7. Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer's agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
8. Close the deal. "Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a "to do" list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner's manuals and warranties for all conveying appliances.
2. Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It's often difficult to remain unbiased when putting a price on your home, so your real estate agent's expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. Remember: You're always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.
3. Prepare your home. Most of us don't keep our homes in "showroom" condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It's time to break out of that owner's mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much "personality" is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer's first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.
4. Get the word out. Now that you're ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.
5. Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.
6. Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.
7. Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer's agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.
8. Close the deal. "Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a "to do" list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner's manuals and warranties for all conveying appliances.
Sunday, January 4, 2009
Yes...You can have a second home!
I was reflecting this morning back on the previous 7 days while my son was visiting from Oklahoma. He is 17 years old now and lived with me until he was 14... we moved from Oklahoma and he stayed there to live with his dad. Anyway, like me as a child and young adult, he had not had many opportunities to get out of his little reality in Oklahoma. The last few years have virtually forced him to see the world outside of his comfort zone which is defitely small town (more on that in an entirely different post). This week I took him with me to preview a home that is just down the street from our marina, ROUGH HOLLOW. The home is just amazing and listed at 2.6 million. It was when we were on our adventure that he said once again, "IT'S NOT FAIR." Definitely not words that he learned from me! He isn't the only one that has said that, I'm quite sure and yet coming from my son's mouth it is very disconcerting. Now granted, having been in real estate sales for almost 20 years now, I have had the question no less that 1000 times, "Who is able to buy those places? What do they do?"
Here is what I know now that I have ventured out of my little comfortable world in small town America. People who own those homes are just like you and me. They are people who had a plan and then worked the plan. They are people who started at the bottom and worked their way up... they are people who had a dream and made the dream a reality. I am sure you are thinking, well... they are probably doctors, lawyers, actors and actresses, celebrities, rock stars, high level executives, trust fund babies and rocket scientists.... YOU'RE RIGHT! .... AND there are others!
You know, even those people who have "made it big" didn't start out with much. What they did start out with was a burning desire... a fire in their belly if you will. They had a passion for what they were doing... whatever that was... and they made a decision to do it better than anyone!
I have read a number of books over the years and have come to the realization that the "it's not fair" mentality is pervasive in people who are just looking for excuses to not be all that they are capable of being. In case you would like to overcome some of your own limiting beliefs, here are some books you might want to think about reading.... The 4 hour work week by Timothy Farriss, Rich Dad Poor Dad by Robert Kiyosaki, The Millionaire Next Door ..... Now reading the books may be helpful in altering your mindset and creating a newfound excitement about life's opportunities, but it will not be a MAGIC PILL!
This would be a good time to mention that there is NOT A MAGIC PILL! I wish it were true and that all you had to do is order the Carlton Sheets program by dialing a toll free number NOW, but it just isn't the case. Even the Carlton Sheets program requires that you take action and work a little to get where you want to go. Amazingly, people often miss that part of the infomercial!
This is the simple truth.... Create a plan... work the plan... be accountable to the plan. As a coach, it is my job on every coaching call I have to make sure that my client is on track to hit their goals. There are days that I am amazed when clients I am talking with don't even REMEMBER the plan... much less know if they are doing the activities necessary to carry it out! That is why they hired a coach I suppose.... that is why I need one. Oh, and did I mention that EVERYONE digresses from time to time and loses sight of the goal. Life happens for all of us and so when you realize that you are off course, you just recalculate and get back on track!!!! DO NOT ABANDON THE PLAN!!!!
Back to my son and his limiting beliefs.... Part of my plan is to help stretch his mind so that he knows he can do whatever he sets his mind to do. That doesn't mean that he can BE whatever he wants to BE ... we are all blessed with different God given gifts and talents. I just know that if he chooses to be wealthy, be fit, be the best parent, be a great golfer, or whatever it is... his MINDSET must be right and then he must MAKE A PLAN and WORK THE PLAN. That 2.6 million dollar second home is just a few years away IF HE WANTS IT!!!
Here is what I know now that I have ventured out of my little comfortable world in small town America. People who own those homes are just like you and me. They are people who had a plan and then worked the plan. They are people who started at the bottom and worked their way up... they are people who had a dream and made the dream a reality. I am sure you are thinking, well... they are probably doctors, lawyers, actors and actresses, celebrities, rock stars, high level executives, trust fund babies and rocket scientists.... YOU'RE RIGHT! .... AND there are others!
You know, even those people who have "made it big" didn't start out with much. What they did start out with was a burning desire... a fire in their belly if you will. They had a passion for what they were doing... whatever that was... and they made a decision to do it better than anyone!
I have read a number of books over the years and have come to the realization that the "it's not fair" mentality is pervasive in people who are just looking for excuses to not be all that they are capable of being. In case you would like to overcome some of your own limiting beliefs, here are some books you might want to think about reading.... The 4 hour work week by Timothy Farriss, Rich Dad Poor Dad by Robert Kiyosaki, The Millionaire Next Door ..... Now reading the books may be helpful in altering your mindset and creating a newfound excitement about life's opportunities, but it will not be a MAGIC PILL!
This would be a good time to mention that there is NOT A MAGIC PILL! I wish it were true and that all you had to do is order the Carlton Sheets program by dialing a toll free number NOW, but it just isn't the case. Even the Carlton Sheets program requires that you take action and work a little to get where you want to go. Amazingly, people often miss that part of the infomercial!
This is the simple truth.... Create a plan... work the plan... be accountable to the plan. As a coach, it is my job on every coaching call I have to make sure that my client is on track to hit their goals. There are days that I am amazed when clients I am talking with don't even REMEMBER the plan... much less know if they are doing the activities necessary to carry it out! That is why they hired a coach I suppose.... that is why I need one. Oh, and did I mention that EVERYONE digresses from time to time and loses sight of the goal. Life happens for all of us and so when you realize that you are off course, you just recalculate and get back on track!!!! DO NOT ABANDON THE PLAN!!!!
Back to my son and his limiting beliefs.... Part of my plan is to help stretch his mind so that he knows he can do whatever he sets his mind to do. That doesn't mean that he can BE whatever he wants to BE ... we are all blessed with different God given gifts and talents. I just know that if he chooses to be wealthy, be fit, be the best parent, be a great golfer, or whatever it is... his MINDSET must be right and then he must MAKE A PLAN and WORK THE PLAN. That 2.6 million dollar second home is just a few years away IF HE WANTS IT!!!
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