Home Sellers Tips

1. How do you know how much to sell your home for?
   
   Placing the right price on your property is very important. An overpriced home will not attract buyer’s for obvious reasons, but an under priced property isn’t good for the seller either. Here are a couple tips to help you determine the appropriate price to ask for your house.
   1. Ask your real estate agent about a competitive market analysis. A CMA looks at similar properties that were recently on the market to determine the market value of the house.
   2. Have the property appraised to help determine value. If you have an old appraisal, get a new one.
      
      
2. What kind of repairs and remodels would help your house sell?
   
   Try not to spend a lot of money on a major remodel. However, there are certain things that must be fixed. It is also a wise investment to do minor repairs to make the house seem fresh and new.
   1. Make sure there are no leaks in the roof or any of the plumbing and repair any stains.
   2. Consider putting a fresh coat of paint on the ceilings, walls, and trim.
   3. Have the carpet cleaned or install new neutral colored carpet.
   4. Fix any minor repairs to the doors and windows.
   5. Make sure your house has good curb appeal. Go outside and look at it from the road. Does it need another coat of paint? Could it use some landscaping?
   6. Keep the lawn manicured and make sure the front door looks nice.
      
      
3. How do you find the right agent to list your property?
   
   Check around town and talk to some of the local agents in the area. Compare your options and then make a decision. Here are some tips to help you select an agent.
   1. Don’t hire the agent with the lowest commission or the agent that offers to list the highest asking price. Look somewhere in the middle.
   2. Ask about their experience. How many years have they lived in the area? How long have they been involved in real estate? However, be careful not to fully discount an agent that may be new or young. That does not mean they are a bad choice. In fact, they may be more eager to make the sale and go the extra mile than someone who has sold hundreds of homes.
   3. Ask a potential agent about their educational skills. What degrees and certifications do they have?
   4. Choose an agent that communicates well. You want someone who is intelligent and can help you negotiate with potential buyers.
   5. You want someone who networks. Make sure they advertise your property to other agents.
      
      
4. How will an agent sell my property?
   
   Each agent has their own way of advertising. Ask your agent about their advertising methods.
   1. Where will they advertise and for how long? Good advertising is the key to selling your home.
   2. Ask about multiple listing services. The MLS exposes your property to all the area agents and buyers.
   3. Ask about internet advertising. Does the agent have a website where they list properties for sale?
   4. Do they advertise in any local real estate books?
   5. Do they advertise in any local papers?
      
      
5. What can you do to ensure that your house sells?
   
   There are a number of small, minor things you can do to help your house sell both before and during the time your house is on the market.
   1. First, get as many personal items moved out of the house as possible. This gets rid of clutter and makes the rooms appear to be open and spacious.
   2. Clean out everything, including closets, cabinets, and storage areas. Potential buyers typically go through the house opening doors and cabinets to see how much space is inside. You don’t want it to be crammed full of stuff because it makes it appear to be less spacious.
   3. Try to open the house up to showing as much as possible.
   4. Take out the trash to prevent any unpleasant odors from putting off any buyers.
   5. Don’t use strong air fresheners. It may offend some buyers with sensitive noses or allergies.
   6. Keep pet outdoors. If you have a littler box, make sure its cleaned out.
   7. Turn all the lights on and open up all the shades so the house seems bright and open.
   8. Don’t hover around when an agent is showing the house to a potential buyer. It is best to leave altogether so that the potential buyer is comfortable to go through and explore the house.

Home Buyers Tips

1. Buying vs. Renting; why buy a home?
   
   Renting a home is a good idea if you plan to relocate in the near future. However, if you plan on staying in one place for a while, you might want to consider the benefits of owning your own home.
   1. You can finally decorate the way you want! Most people want to buy their own home in order to have the freedom to make their environment into something more personalized to better suit their needs and tastes.
   2. Buying a home is an investment. Real estate appreciates over time which means it increases in value. A homeowner who buys a good piece of property may be able to sell it later at a substantial profit.
   3. You can deduct your mortgage interest and property taxes from your income during tax season.
   4. As your mortgage decreases, your equity increases. Homeowner’s can get home equity loans based off the amount of equity you have in your property.
      
      
2. What kind of home do you want?
   
   Before you go shopping for a home, write down what you are looking for and make a check list to take with you while you look at homes. Here are a few tips to help you keep track of the homes you have looked at.
   1. Take a digital camera with you and take pictures. Start each set of pictures with a shot of the outside front to keep up with which pictures go to which house.
   2. Take notes of anything, good or bad, that catches your eye.
   3. When you leave, give the house a overall rating of 1-10 and write it down in your notes.
      
      
3. What kind of home loan should you get?
   
   There are a variety of different loans to choose from. Your best option is to discuss your situation with your real estate agent. They can help find a lender to work with, but remember to comparison shop. Here are some questions to ask the lenders to help you get the best terms.
   1. What are the differences between a fix-rate home loan, an adjustable rate loan, interest only loans, and negative-amortization loans?
   2. What is the annual percentage rate and the interest rate of the loan?
   3. How much are the fees for loan origination?
   4. Are there any discount points? How do discount points work?
   5. Ask if the lender to guarantee the GFE. Lenders are required by law to supply the borrower with a good faith estimate (GFE) for the total costs of acquiring the loan. However, they are not required to guarantee it.
   6. Are there any prepayment penalties?
   7. How long will it take to process the loan? Make sure your closing date does not conflict with how long it will take for approval. It is wise to seek pre-approval.
   8. If you have an adjustable rate loan, be sure to ask about loan locks.
   9. Ask your lender and your real estate agent if there are any home buying programs that you might qualify for.
      
      
4. What should you consider when making an offer?
   
   Your real estate agent can guide you through this process. Below are some things you should consider when making your offer.
   1. Properties that have been on the market longer and have recently lowered their price are more likely to accept low offers.
   2. Properties that have been listed recently are less likely to accept low offers.
   3. Include a contingency to have the home inspected. If major problems are found with the property, then the buyer can rescind the contract. If repairs are needed, negotiate who pays.
   4. Look at a comparative market analysis before deciding what you will offer to help determine the market value of the property.
   5. Negotiate for any items you might want included in the contract including furniture, appliances, etc.
   6. Clearly state the amount of time the sellers has to respond to your offer.
      
      
5. How do you find good homeowner’s insurance?
   
   The key to finding good insurance at a reasonable price is comparison shopping. Do your research. Asking the following questions will help you get the policy that is right for you.
   1. What does the policy cover?
   2. What does the policy not cover?
   3. How much is your premium?
   4. How are insurance claims handled?
   5. How can you lower your insurance costs?
      
      
6. What should I expect at closing?
   
   Before the date of closing, you should know exactly what you will have to pay out. The costs at closing are largely dependent on what has been agreed upon between the buyer and seller. If you are using a real estate agent, they can help you determine exactly how much money you need for closing. Make sure to read the documents before the closing date and ask your agent any questions that you may have.

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