Deborah
Myers Real Estate, Inc
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Real Estate Articles By
Deborah Myers
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Staging Your Home For Sale
For the past three months the average selling price of a staged home was 19% above the listing price while the unstaged home was only 15%. The 4% difference more than paid the staging cost. Here are the ten secrets of selling from Marelen Wharmby, a successful home stager: Think of it this way: Your vacation will actually make you money! Please contact me if you need any additional information or advice on how to get a better price for your home.
www.debmyers.com
Bounce Back America "Consumer confidence is the key to the stabilizing of our economy, and that in turn is the key for our national defense to stay strong"- Kay Bailey Hutchison, United States Congresswoman (Texas) As Americans we have been "knocked for a loop". Since September 11th we have barely breathed. Shock, sorrow, anger, fear and mostly fear of the future seems to have a "frozen in time" affect on us . Since President Bush's speech reassuring us of who we are and how we are going to rise above this horrific attack, life in our country is slowly returning to "normal". Even though the stock market re-opened, businesses began doing business, airplanes returned to the sky, we still have been reluctant to return to our plans, hopes and dreams prior to September 11, 2001. For me, my family and my real estate business, it is hard to imagine a successful rebound, however we will, and life will go on. We still have our homeland, we still have our families, we still have the resources to make a living, we must move forward. NOW is the perfect time to invest in real estate. We all need a home, a place to "hang our hat". Interest rates are incredibly low and furthermore, real estate is a sound investment - an investment in land - land in America. People are still getting married, having babies, becoming empty-nesters, moving elderly parents back home, downsizing, and upsizing. In other words, living conditions change and new needs arise - life goes on. Those needs were there prior to September 11th and are still with us. As Americans we need to continue on, continue with our plans and our lives. Re-book those airline tickets, keep those vacation plans, go out to dinner, go to the movies, go shopping, continue looking for that perfect home that you were ready to buy at the beginning of September. The same reasons for purchasing a home are still there. Have confidence in your plans and believe in your future and the future of America. If you have any questions or need advice, please don’t hesitate to email me at debbie@debmyers.com or go to debmyers.com I look forward to hearing from you. Thank you and God Bless America
Realtors Or 'For Sale By Owner?' You, as a property owner, have finally made the decision to sell your property. You think, why don't I try to sell it myself to save on the real estate commission. Yes, the real estate commission is a fairly large amount of money, however, you should weigh both sides before you make that decision. The first decision you must determine is price. How do you determine the fair market value? How should you market/advertise the property? What contract forms should you use and how do you get them. How do you show your home (take time from work)? Are the buyers legitimate? Are they qualified for a mortgage? Can you negotiate without becoming too emotional? Where do you close the transaction? How does the title transfer? These are questions you need to ask yourself if you are considering trying the sell your property yourself. My suggestion is to interview at least 3 different Realtors and choose the agent that best fits your needs. Ask the agent to do a comparative market analysis, also known as, a CMA. The sales price is determined by the comparable sales in the neighborhood within a 5 mile radius. It is fair to look at the sales that have occurred in the last 6 months. The Realtor will calculate the cost per square foot from each sale and divide the total by the number of properties sold. Thus, determining the average cost per square foot. The Realtor will then multiply your home's square footage by the average cost per square foot. That determines the basis of the selling price. If the property is in excellent condition, the price would be adjusted upward and conversely if the property requires updating or repairs, the price is adjusted accordingly. Certainly you as a property owner want the highest sales price especially as a result of all the hard work and maintenance you've put into the property. In other words you are emotionally involved. It is difficult to view the sale of your "castle" objectively. That is the most important reason why a Realtor is so necessary to orchestrate the transaction. We as Realtors, can look at the property, the offers, the negotiations, and the paperwork with unbiased eyes. We offer suggestions on what will make your property more marketable, we schedule our time to show your property, and we market, advertise, and network to create the most exposure. We place the property on the Multiple Listing Service so that 3,000 local Realtors can find it. We build websites so that everyone in the world can find it. We advertise in the local newspapers, the Real Estate Book, mail flyers and postcards to everyone in the surrounding areas. The FSBO'S (For Sales By Owner's) might put an ad in the newspaper and a sign in their front lawn. See the difference? Realtors stay abreast of the constant changing real estate laws, rules and regulations, contract, amendment and addendum forms. We must attend mandatory continuing education just to maintain our license. We stay on top of the latest crisis, i.e. asbestos, lead-based paint, mold, wood-destroying insects to name a few. We know what to look for and what questions to ask during a Home Inspection. We know who to call when repairs are required. We verify and re-inspect when the repairs are complete. We keep ourselves updated on the mortgage loan process and coordinate the closing. There are approximately 26 different entities involved in a real estate transaction. We as Realtors are the ring-leaders. One of the most important issues to think about is that 99% of the property buyers are working with Realtors that represent them. Whether they are relocating from another city, investing or looking to up-size or perhaps down-size, they will contact a Realtor; who in turn will first look at the MLS system for available properties. So when you are thinking of selling your property, weigh both sides. Make your decision depending on how fast you would like to sell, your time and efforts, the expense, the coordination and your expertise; versus listing your property with a professional Realtor. Stay tuned, my next column will cover, offers, down payments, earnest money, option fee and option period. Please e-mail me at debbie@debmyers.com if you have any real estate questions. I'd love to hear from you. Also visit me at debmyers.com
Inspection Reports From a Realtor’s perspective, whether you represent the Buyer or Seller, you really don’t have a contract until the Inspection Reports are finished. My first advice to Home-Buyers on Inspection Day is to look at the “big picture” and not lose site of the end result which is, living in your long-searched-for dream home. You have driven around for days, looked at dozens of homes in the 100 degree weather and have finally chosen the perfect property. Everyone is excited – this is your dream home. You mentally begin placing your furniture; you make a list of everything you need to make this home “your” home. You tell your family, friends, and co-workers about the wonderful new home you’ve found. Then comes Inspection Day. You, your Agent, the Sellers, their Agent, and the Inspector all meet at the property. The Inspector is in a precarious situation because he/she is required by law to report all items that are out of code, in need of repair, or just seem “iffy”. The blatant items in need of repair have already been disclosed in the “Seller’s Disclosure”. It is the unknown that everyone fears. We as homeowners typically do not keep our homes up to the current standard code, simply because the standard code is always changing. We repair the obvious, we maintain, we re-decorate, but we usually do not get an Engineer’s Report every time we see small cracks. The Seller who stays up to date with maintaining their property is confident that the Inspection Reports will prove their hard work. The Buyer is confident that the Inspector, that the they chose, will prove the property to be in acceptable condition. The Agents are holding their breath in fear of the Inspector finding that hidden defect in the property that might “kill the deal”. Real Estate Agents typically have 3 favorite Inspectors that they offer to the Buyer so that the Buyer can chose without implied favoritism. If an Inspector is too negative or too opinionated and reports every flaw, the Buyer will be scared off and the Real Estate Agent will never use the Inspector again. If the Inspector is too lenient then the Buyer could possibly have recourse somewhere in the future if a serious situation arose. Therefore, we are between a rock and a hard place. As a result of my experience, I like to customize the Inspector to the property. If it is an older home, I suggest an Inspector who is familiar with that type of property and area. You wouldn’t want to use an Inspector who usually inspects new homes to inspect a 50 year old house. If it is a newer home then I will suggest an Inspector who is accustomed to that type of property. My favorite Inspector keeps an open-mind and looks for the major flaws, for example: roof, foundation, electrical, or rotting wood. He does not “knit-pick” the property to death. He reports what is required. So remember, after your search, after all the paperwork, after all the negotiations, after the visual furniture placing, don’t start packing until the inspection is completed. Be prepared to see those little R (repair) boxes checked – the Inspector, by law has to disclose everything he sees that is in need of repair. Therefore, DON’T lose site of your initial intention, keep an open mind, (anything can be repaired) and remember the “Big Picture”, to move into and live in the home of your dreams. If you have any questions or need advice, please don’t hesitate to email me at debbie@debmyers.com I look forward to hearing from you.
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