What Successful Buyers are doing!

What Successful Buyers are doing!

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area.

NAR’s (NATIONAL ASSOCIATION OF REALTORS®) annual survey of recent home buyers and sellers provides insight into detailed information about experiences with this important transaction. Here are highlights from the latest report.

 

In today’s Housing market, buyers still as always look for location.

Location, Location, Location

The survey showed that while neighborhoods are important to buyers, neighborhood choices varied according to family composition. Homes that are close to work are a growing priority for many home buyers today.

Highlights from the latest report shows:

·                Sixty-six percent of recent home buyers were married couples—the highest share since 2001.

·                For 42 percent of home buyers, the first step in the home-buying process was looking online for properties and 14 percent of home buyers first looked online for information about the home buying process.

·                The use of the Internet in the home search rose slightly to 92 percent.

·                The typical home buyer searched for 12 weeks and viewed 10 homes.

·                Eighty-eight percent of buyers purchased their home through a real estate agent or broker—a share that has steadily increased from 69 percent in 2001.

·                Eighty-eight percent of sellers were assisted by a real estate agent when selling their home.

·                Two-thirds of home sellers only contacted one agent before selecting the one to assist with their home sale.

·                The share of home sellers who sold their home without the assistance of a real estate agent was nine percent. Forty percent knew the buyer prior to home purchase.

As you can see, in today’s housing market, the need to eliminate the competition
so you can find and get your “DREAM HOME” calls for you to have a qualified, savvy Realtor at your service:

 More then ever, in today’s market it is extremely important to have an informed, Savvy REALTOR who knows and understand this market.

   

                                - Contact me -                                                               

Theodore “Ted” Corbett when BUYING your Home

 

7 Reasons Your Home Isn’t Selling and What To Do About It.

7 Reasons Your Home Isn’t Selling and What To Do About It.

As a Realtor I often see listings that linger on the market for months or even years – while others sell in a matter of months or even days.

Price and local inventory play a big part in a home not selling in a timely manner, there are as many other reasons as there are homes that are sold daily and yes, homes are bought & sold everyday, and in all areas.

I will highlight 8 reasons a home don’t sell, as well as what you can do about it.

1 – Selling Price

The price of any home that is not getting showings or offers is usually the main factor. Whatever is wrong with the home, it can usually be overcomed by adjusting the price!

2 – Tacky or Dated Décor

Everyone’s taste is different, so less is more when it comes to décor at sale time. Loud patterns and bold colors can be big distractions. Do I need to say anymore?

3 – Poor Condition

If a home looks as if it’s going to cost half as much to repair or renovate as it does to purchase, it’s going to take a long time to move. Just think about it  - “why should I buy this house, when there are houses around that don’t need as much work”?

4 – Bad Location

A wonderful house can’t always overcome a bad location. Houses that are close to a power plant, waste-treatment facility or busy freeway will sit, unless the seller is willing to take a major hit on the price.

Also, when a neighborhood has disintegrated, pushing values down & crime up, it’s hard to find a buyer who wants to purchase there, and owners are forced to rent out the house.

5 – Bad Design

In some cases, it’s a matter of functional obsolescence, when a dated design no longer serves today’s population, such as older houses where you have to walk through one bedroom to get to a second bedroom.

6 – Over Improved House

While it certainly feels nice to have the largest most elegant home in the neighborhood, it won’t do you any favors when it comes time to sell. People are paying not only for the house, but also for everything around it. If the houses around yours don’t mirror yours in size or polish, you might have a hard time getting a luxury price.

7 – “Sloppy” House

If a seller don’t bother to spruce up the outside area, or cleanup, clutter, debris or simply make the house appealing to the eye – the house will be a challenge to sell – it will be hard to impossible to get the asking price, or sell, period.

4 Tips for Selling Your House Fast:

1 – Be realistic about the selling price. Experience shows that the main reason a property stay on the market without selling in a timely way is the price is too high.

As I mentioned earlier, “Price will overcome any objection”. Look at comparable sales, paying special attention to those in similar condition.

2 – Everybody’s taste is different, so don’t stage your home as a showcase of your own bold or traditional style. Buyers want a minimalist picture in which to see themselves in their “home”.

Hiring a Realtor to stage your home can achieve this!

3 – Post eye grabbing photos. Your Realtor can do this important task and more for you. Your Realtor can post photos on MLS and other Real Estate sources that promote and showcase your property’s features  that are true selling points.

4 – Your home should look as good as it can from the minute it hits the MLS.

More then ever, in today’s market it is extremely important to have an informed              

 REALTOR who knows and understand this market     

                                                                 - CALL -                                                                       

   Theodore “Ted” Corbett when SELLING your home!

Home Remodels Can Strain a Relationship

Remodeling a home can be stressful, and for some couples, it can lead to plenty of bickering back-and-forth. For some, it can even lead to heart-break.

Would you believe that 12 percent of couples admit to considering separation or divorce in the middle of a home remodel, according to a recent survey conducted by Houzz, a home remodeling and design social network.

The remodeling and redecorating process was found by 46 percent of those surveyed to be “frustrating” as a couple. The survey found the reason for all of the tension is they can’t agree on a design style, the survey finds.

A third of respondents say they don’t like their significant other’s design style. The household items irking them the most: Old furniture, posters and artwork, antlers and other hunting trophies, wood paneling, and old magazines.

While 42 percent say they’ve gotten stuck with items they hate in their home because of their significant other, other respondents say they aren’t as willing to sacrifice in a home remodel for the sake of their relationship. Twenty percent of those surveyed admitted to going ahead and removing a significant other’s item without telling them.

And when you can’t agree during a remodel, some say they’ll just proceed without telling the other person. Twenty percent of those surveyed say they’ve made a significant decision during the remodeling process without telling their partner — decisions like tearing down walls, choosing furniture, or picking out a paint color for the walls.

For couples who can’t see eye-to-eye on a home remodel, Houzz offers up some of the following tips to help keep the peace:

• Share ideas: Have a date night to share one another’s design ideas. See if you can find any commonalities in the styles. For inspiration, Houzz offers a large library of professional photos that can be sorted by style and room.
• Give and take. If she gets her way here, he gets his way there. If he isn’t willing to let something go there, she gets to keep something he’s not a fan of either.
• Set a budget. Research costs beforehand and commit to staying on a budget.
• Agree on when to agree. Before starting the remodel, agree to a list of items that each person will need to approve before proceeding, such as the wall color and appliances. Then, no one can ever say he or she was left out of an important decision in the process.

For couples who do embark on a home remodel, they can still have a happy ending. . Houzz notes, even if they don’t necessarily fall in love all over again afterwards, at least they’ll love their home more, some couples are happier afterward. The survey did show that 41 percent report more happiness with their significant other following a remodel. Eighty-four percent say they want to spend more time at home after a remodel.

More then ever, in today’s market it is extremely important to have an informed, REALTOR who knows and understand this market    - CALL -                                    Theodore "Ted" Corbett when SELLING your home!

Housing Bargains Can Still Be Found

 

 

Housing Bargains Can Still Be Found

Foreclosures have fallen by 35 percent nationwide in the last year, according to data from RealtyTrac. However, where such proceedings must first get approved by the courts—which are known for having a lengthy process—foreclosures have climbed 34 percent overall. In New Jersey foreclosures have soared 103 percent, followed by Florida (up 100 percent), Maryland (up 94 percent), New York (up 66 percent), and Illinois (up 65 percent), according to RealtyTrac.

In some states, foreclosures remain abundant, and foreclosures tend to sell at discounts. Many of these properties will likely enter the market in the next six to 12 months, says Daren Blomquist, vice president of RealtyTrac. 

“If you missed the bottom of the housing market, this might be the last chance to get a bargain on one of these foreclosure homes,” he says.

However, finding big housing bargains these days has become trickier “because there’s been such a recovery,” says Bradley Hunter, chief economist of Metro Study, a Houston-based housing market research firm. I say a tremendous recovery in New York. But he says those willing to choose developments that were built in the late part of the housing boom that are furthest from urban hubs and schools may find the biggest deals. “If you’re willing to make a bit of a commute, you may be able to save more money. In 2005, the motto for those looking for a new home was ‘drive 'til you qualify.’’

More then ever, in today’s market it is extremely important to have an informed, REALTOR who knows and understand this market - Theodore “Ted” Corbett help you realize the American Dream of HOMEOWNERSHIP!



Is it now a Buyers or Sellers’ Market? – It’s Win/Win

 

With the current shortage of inventory in the housing market across the country, many Buyers are facing the challenge they haven’t dealt with in a long time. It is fast becoming a market where getting Buyers to buy is not the challenge, but getting homes on the market for them to buy.

Nationally, the median age of inventory, i.e. how long a home is on the market, was 78 days in March 2013, down 20 percent from February 2013, and approximately 88 days on the market just a year earlier.

This shortage of housing inventory has sparked bidding wars, leading to Buyers paying more than otherwise. A managing broker at Coldwell Banker Danforth and the state director for Washington Association of Realtors, recently is “down to 1.7 months of inventory within the city limits, and there is no end to the shortage in sight.” He further stated that “recently a Buyer offered $520,000 on a $450,000 home that was just three days on the market.”  Further stating, “That Buyer lost out to one of 13 other offers.”

The problem for many would-be Sellers is that they just can’t afford it – many still owe more on their mortgage than they can sell their home for on the open market.

 

Today’s market can be a win - win for both Buyers as well as Sellers – the inventory shortage should be used to your advantage. NOW, is the perfect time to sell – before everyone else comes back into the market and the new flood of supply drives prices down.

Contact Ted Corbett NOW to take advantage of this market.

 

 

 

Can you afford to BUY a home?

Thinking that you can’t afford to BUY a home?

Are you unsure about becoming a HOMEOWNER?
Are you worried about whether home buying is a good INVESTMENT?
Buying a first home can be an intimidating process. But the first step is deciding asking if: I want to own a home; I can afford to own a home; owning a home makes sense for me financially and emotionally. If you are still struggling with those decisions, here are some facts that might help you take that first step towards becoming a homeowner.
You Can’t Afford NOT to Buy a Home!
Over the last ten years, the cost of rental housing in the U.S. has increased an average of 3.5% per year. If that trend continues, that means that an apartment renting for $1,000 to $1,600 per month will cost more than $1,300 to $1,900 a month in ten years. If you rent the same home for ten years, the total amount you would pay for rent will exceed $140,777 to $225,000.
Tax Advantages of Owning a Home Result in Savings –
None of that $140,777 to $225,000 is returned to you, either through savings or as an investment. Homeownership, on the other hand, has tax advantages over renting a home, and those advantages can help you save money. For many homeowners, part of the monthly mortgage payment “comes back to you” in tax savings. Here’s an example: You purchase a home that costs $200,000. Your down payment is $10,000 (plus closing costs – expenses incurred to actually process the transaction). You finance the balance with a 30-year fixed rate mortgage at 5.5 percent interest. Your monthly payments (not including utilities, maintenance, insurance, etc.) are:

Monthly Mortgage & Tax Payments

mortgage $1,079

property tax (@1.25% tax rate*) 208

Total Monthly Payment $1,287

tax savings per month (assuming a

25% income tax bracket)

mortgage interest tax deduction $216

tax deduction for property tax 52

Total Monthly Tax Savings $268

Total Monthly Cost After Tax Savings $1,019

*property tax rates vary by city and county.

Becoming a Homeowner definitely has advantages and may be for you. If you’re ready to make the move to being a Homeowner, call me, Theodore “Ted” Corbett, I have helped others realize the “American dream” – that of Homeownership.