Selling Your House In A Down Economy

Challenging economic conditions means that the real estate market is ideal for buyers but a graveyard for sellers hoping for a good deal. The housing market in the United States is at its lowest ebb in almost three decades. The Mortgage Bankers Association states that in 2011, 8 million Americans were at least one month behind with their mortgage payments with 5 million of these homeowners two months behind. With huge numbers of houses up for the sale, prices are falling rapidly and sellers are caught in a trap. Below are some tips for selling your home in a down economy for a reasonable price.

Find A Great Realtor

Although you can try and sell the property yourself, it is asking an awful lot to list your house and do all the ground work without real knowledge of the industry. Despite the fact that a realtor will cost you from 3-6% of the selling price, their expertise could easily make up that difference. Find a local agency that’s familiar with your neighborhood including knowledge of comparable properties in the area, school systems etc. Check the realtor’s sales history over the last few years. You want a successful realtor that is not too busy to give your property his full attention.

Marketing Plan

Your real estate agent is responsible for producing a marketing plan but it is your duty to familiarize yourself with the plan as it’s an essential element of driving traffic and getting more people to view your home. Your property must be visible on top internet sites such as realtor.com. The best realtors have their own website so make sure your property is on display there too.

Preparation

This is your chance to shine. Walk through the home with your agent and he should be able to point out things that may turn off potential buyers. The good news is that preparation work for your home can be performed on a relatively tight budget. Take care of the property’s exterior first with neatly trimmed hedges and colorful flowers always a plus. Repair any bricks or handrails that are loose and also ensure the roof is in perfect condition.

Ensure all walls are painted and carpets are professionally cleaned. Remove all odors to leave a fresh smell and move around furniture to make the living space look as large as possible. If you can’t make your property look immaculate by the time the first viewers arrive, your home will remain unsold.

Price

Look at the active listings, pending listings and recent sold statistics of homes that can reasonably be compared to yours. However, be wary when looking at selling prices as those sales could have taken place a few months ago. Economic conditions can change very quickly so you may have to adjust prices to suit the existing market. Pay special attention to listed prices as this is your competition.

Once you have followed the above steps, you need to be quick to follow-up on inquiries. Your realtor generally handles follow-up activity including emails or phone calls from interested parties. Hopefully, you will receive plenty of interest thus enhancing the possibility of receiving a fair price for your home.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Jason Kay

Buying Real Estate in Down Market

When you plan to buy a home in a down market condition, it is very essential that you know all the things that will help you earn great deals from it. When there is a sluggish real estate market, the prices of homes decline. This is the most appropriate time to purchase a property as you will be able to buy it at a cheap price.

It is absolutely essential that you do your homework before buying a property. Know an area well before making any move. Learn about the price range of properties in that area. It will help you in bargaining with the seller and you can get a house within your price range.

You should remember that you are not the only buyer hunting for a particular property. To be sure that you do not have a competitor, get your mortgage pre-approved so that the seller knows that you are financially sound. He will be more interested in selling his property to you.

You should always hire a professional real estate inspector to be sure that everything in the house is in a proper state. It may so happen that the roof or the doors and windows are cracked and that might cost you heavily in the long run. So check everything properly before purchasing a property.

Always take assistance from a professional real estate attorney who knows well the real property law associated with any real estate deal. He can do all the paperwork on your behalf for real estate laws are very difficult for a normal person to understand. It is also advisable to look out for motivated sellers.

A motivated seller will always be motivated to sell his home and that too at a lower price. The motivated sellers have some compelling reasons behind selling a home. It will be helpful for you in making a great negotiation with the seller. By purchasing the property from a motivated seller, you are also helping him at the same time.

While purchasing a property during a down real estate market condition, you need to take care of all these things to crack big deals. Real estate industry is a place where you can make really good investments provided you have ample knowledge and expertise.

You can also take advice from real estate experts as to how they were able to earn profits when the market conditions declined.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Prudence Wong

How Do I Find a Reputable Real Estate Agent?

One of the most important things to do when purchasing a home is to find a great real estate agent to make the process flow smoothly and effectively. A question many people ponder is how to find a good real estate agent. The best agent may not necessarily work at one of the top ten agencies in the area. The agent who will work best for you would be an experienced agent who will listen to your needs, act in a professional and ethical manner and knows the market in your area.

1.)Word-of-Mouth or Referral

Most real estate professionals attract a sizable amount of business because of a satisfied client who recommends them to a friend, family member or neighbour. When you are thinking of purchasing a home, it is a good idea to ask those around you who they have used and ask them to elaborate on their specific experience with the real estate agent in question. Successful real estate agents strive to make customer satisfaction their number one priority and will do everything they can to facilitate a good experience for a customer. Try to find an agent that has a proven track record and reputation for delivering quality service, customer satisfaction, and have experience in the neighbourhoods that you are looking in.

2.) Do an Online Search For Real Estate Agents

There are many online resources available when searching for a real estate agent referral, but this by no means ensures quality. The agents referred online may have paid a fee to the website owner to be listed in the directory. Performing a Google search of the top agents in your area and then reviewing their websites will give you a good list of agents to interview. Agents who have experience in the field will tell you, but a newer agent will more than likely have the extra time to spend working with you. Review any customer testimonials or feedback about an agent you may be interested in retaining.

3.) Visit Open Houses in the Area

You should visit some area open houses where you can actually meet with a potential agent in a non-threatening manner. Here you can see how they work, collect business cards, formulate an opinion and talk with them on a personal basis. If you are thinking about selling a home, pay close attention to how the agent presents the home. Make sure the agent is polite, informative, approachable and professional. Does the agent promote the home by handing out professional looking feature sheets or other related materials? Is the agent trying to play up the features that make the home more enticing? Or is the agent in the corner, back turned and uninvolved in the whole scenario?

4.) Pay Attention to Real Estate Signs

Carefully monitor the real estate signs in your neighbourhood. Observe how long from the day they go up until the home is actually sold. An agent who has a high sales turnover might be a better choice than an agent who has lots of for sale signs but few sold signs. An agent who gets results is what you want.

5.) Why Agents Use Printed Advertising

There are two main reasons real estate agents use printed advertisement. First is to advertise and sell a specific piece of realty. Secondly, advertising is used to promote the agent handling the transaction. By checking the local Sunday real estate ads in your neighbourhood and then checking the agents website, you can find the agents who may specialize in your particular neighbourhood. Contact the agent and inquire about their expertise and ask any other relative questions you may have.

6.) Seeking Recommendations from Other Realty Professionals

Ask around and seek out other real estate agents for a referral. Most agents are happy to refer a buyer or seller to another associate, if the service you require is not a specialty they can provide. Some agents only specialize in resale property, while others work predominantly with the sale of new homes. Other agents work exclusively with commercial or investment properties. Mortgage brokers are a great resource for agent referrals; many brokers have first-hand knowledge and can point you in the direction of a top-quality real estate agent and remember professionals tend to refer like-minded peers. There is also typically a referral fee involved for the referring professional so be careful that they refer you to the best Agent not the one that pays the highest referral fee.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Brad Sage

Rising Home Prices: New – Normal, Or Trend?: 6 Factors To Consider!

Historically, the real estate market, was, somewhat, cyclical, where, Sellers, Buyers, and Neutral Markets, from time – to – time, seemed to hold, the upper – hand! However, we have witnessed, for approximately, the last year (or so), at, or near, record – levels/ rates of increasing prices! Some wonder, whether this will continue, and, if, so, for how long, while others, seem to believe, this will be the new – normal! Since, there are several factors, involved, this article will briefly, consider, examine, review, and discuss, six of the more relevant ones, and why they matter, and the potential impacts, and ramifications,

1. Mortgage rates: Never before, at least, in recent memory, have we witnessed this prolonged period of record, or, near – record, low mortgage interest rates! Even, a slight amount of rate increase, has, reduced interest, to some degree, so, what might occur, when the Federal Reserve Bank, raises the costs of borrowing, as many believe, will occur, at least, by the end, of next year. Since, every, one – percent, increase, in what one pays, increases monthly costs by over $60 per $100,000 – borrowed, per month, it is easy to see, the impact, and potential ramifications!

2. Supply and Demand: Like, most economic matters/ issues, the Law of Supply and Demand, applies, to housing, and real estate activities, etc! When, supply exceeds demand, prices go down, or stay – steady, and when the opposite occurs, rising home pricing, occurs!

3. Inventory: Homeowners create the second principle, by, whether, they are ready, and willing, to put their property, on the market, or not! This creates the degree of so – called, inventory, which begins the Supply and Demand, cycle!

4. Buyer interest/ motivation: It’s essential to differentiate between those, who, enjoy looking at real estate, and, truly, qualified, potential buyers! How much, and how long, a significant degree of motivated, buyer interest, continues, and, at what level, often, determines perceived values, etc!

5. Strength of economy: We have witnessed periods, which were, inflationary, recessions, depressions, and, stable/ stagnant, and few have been able to accurately, predict, the timing of these! How long, any economy stays strong, and/ or, is believed to, has impacts on buying conditions, and any willingness to purchase houses!

6. Perceptions: Often, perceptions are more significant than reality, in terms of the behavior of real estate buyers and sellers! When some perceive certain future possibilities, it often dictates their actions, and behaviors!

Will this ever – rising rate of real estate pricing, continue, or is it, the new – normal? Is it merely a shorter – term, trend, and will we see changing market conditions?

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Richard Brody

How Do You Know Your Home’s VALUE?

Many homeowners, potential qualified buyers, etc, believe they know what a particular house, is worth, but, often, either, over, or under – estimate, its actual VALUE! Homeowners, seeking to sell their home, need to have an accurate idea, so they can ensure, it’s priced right, from the start! Those, who are considering selling, should also, gain this knowledge, in order, to be certain, they are not, over – paying their real estate taxes, etc. Wouldn’t it also make sense, for potential, qualified buyers, to know this, also, so they understand their options, within their price range, etc? Instead of trying to fake – it, it’s wise to be sure! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why it’s an important matter, to consider.

1. Virtues; viable; views/ viewings: Know the strengths and weaknesses of the house, property, location, etc, and realize, which virtues, as well as liabilities, might impact, the value! You need a realistic, viable approach, and solution, so you better realize, if your views, align with others! In the real estate transaction, process, you will need to get quality, qualified viewings, or even the best property, won’t sell!

2. Area; analysis; attitude: Let your attitude, be supportive and helpful, rather than getting in the way, of your best possibilities! Is the area, something, which makes the place, more or less attractive, to others? Instead of guessing, proceed, with the necessary analysis, based on a professionally, designed, Competitive Market Analysis, or CMA!

3. Learning; listen; listing price: Gain knowledge, and commit to learning, as many factors, as possible, which affect real estate values! Effectively listen to the professional, real estate agent, you hire, and begin, by offering it, at the most appropriate, listing price.

4. Unique; usual/ unusual: What are the unique features, or characteristics of a specific property and house, which make it, either, more, or less valuable? A desirable location, pristine, overall property, room layout/ size, etc, might add value, while specific locations, small rooms, or strange – shaped property, might diminish it! Fully consider, both, the usual, as well as unusual advantages, and disadvantages, in a well – considered, manner!

5. Excellence; emphasis; energy: Is the house, energy – efficient, and does it take advantage of any specific, trends, etc? Will you place your emphasis, on introducing the best approaches, and maximizing excellence, etc?

A smart approach, is to know, the true VALUE, in a realistic way! How will you consider these considerations?

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Richard Brody

Apartments That Approve With Bad Credit Or Broken Lease in Omaha

Omaha is the largest city in the beautiful state of Nebraska. This memorable city has for decades been a magnet for those seeking to settle and work, raise kids and even retire. This places a considerable demand on the area rental homes, town homes and even apartment complexes from families and individuals wanting to settle. Apartments in particular are in hot demand since they offer a great way to conveniently move into Omaha while settling at the same time. Apartments in Omaha are easy to find and rent however, if you have a broken lease from your rental history or bad credit, you may find yourself being denied approval. But are there apartments in Omaha that do rent to people with tarnished credit or damaged rental history?

The answer is that although these types of apartments, usually known as „second chance Omaha apartments“, do exist, they may be hard to find owing to the fact that they do not usually advertise. One can easily become frustrated when attempting to pin down their locations. Below are a few places in Omaha where such apartments may exist:

  • Downtown Omaha
  • East Omaha
  • Midtown Omaha
  • South Omaha

As we mentioned, these apartments are not easily located because they do not readily reveal that they do work with people with problematic credit. One of the ways to find an apartment that is willing to work with you despite of your past is to use the Internet. Many an apartment seeker have canvassed the city of Omaha only to collapse exhausted and frustrated because they have not been able to locate a lenient apartment leasing manager. The Internet can quickly and conveniently narrow your search and you can do it from the comfort of your home.

Another way to locate these apartments is to network with people who have been in these types of situations before and have found solace. Friends, co-workers, acquaintances and even apartment locators can do an excellent job and help you narrow your search for second chance housing. Apartment locators can also help. Many them maintain contacts and databases that can help you unearth the locations of these types of apartments in the City of Omaha. Usually for this to work you have to be very open and let the locator in on any information that might help.

Lastly, while these types of apartments may exist, they will ask you to meet a few criteria. One of them is that you must be working and also be able to meet rent. This usually involves proving that you have been at your job at least 6 months and are earning at least 3 times the amount of the rent.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Jimmy Jamm

5 Ways, Lower Rates, Will Probably Affect Real Estate

Although, we have been experiencing, one of the longest, prolonged period, of low – interest rates, and, thus, what’s often, referred to, as cheap money, few individuals, seem to fully appreciate, what this means to the real estate market, and why! Very recently, the Federal Reserve, lowered interest rates, an additional 0.25%, so how might that affect, the overall market – place, and the essentials of the housing markets? With that in mind, this article will attempt to, briefly, explore, consider, examine, review, and discuss, 5 possible ways, this economic reality, will probably, affect, many aspects of this reality.

1. Mortgage rates, availability, etc: When overall rates fall, there is nearly always, and an immediate, or near – immediate impact, on mortgages! This translates to, lower monthly carrying charges, on a monthly basis! When it costs less, it means, buyers are able to purchase, more home, for their dollars! It means, it’s possible to proceed, with purchasing a more expensive house, and making the same payments. Often, this results in rising costs of houses, because, when more people can afford to buy, the economic concept, of Supply and Demand, kicks – in!

2. More house for your payments: Many perceive, this permits them to pay more, and, therefore, do so. They, often, fail to consider, this may, in the longer – run, when/ if, interest rates go up. the value of the particular property, might be adversely affected! One must also, consider, whether we are experiencing, a buyers, sellers, or neutral market!

3. Qualified, potential buyers: Because a major component of the financing qualification formula, used, for securing a home loan, when rates go down, and, thus, monthly installments, do, too, there many be, significantly more, qualified, potential buyers, around. This makes homeowners/ sellers, begin to be, in a more favorable position, because, it increases buyers, and, thus, tends towards a sellers market!

4. Some homeowners might list house, sooner: When prices go up, and demand is boosted, this is often accompanied by, more homeowners, deciding, it may be, a good time, to list their house! In the short – run, there may be one impact, which may be, or not, the same as the one, in the longer – term!

5. More refinancing, more overall use of credit, etc: Many homeowners decide, it’s time, to refinance their home loan, because of the lower rates, and, thus, cheaper money! It may, also, result in, fewer cash – deals, because, it makes more economic sense, to borrow funds, instead!

When rates fall, in most cases, prices rise, and so does demand! A wise consumer, whether buyer or seller, is aware of conditions, and proceeds, accordingly!

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Richard Brody

Navigating The Home Selling Process Like Professionals

As you’ve probably already guessed selling your home is something that you can do own your own. Many people rely on the knowledge and skills of real estate agents when buying or selling properties. Although these professionals can provide effective solutions to complete sales, their services are not required.

In fact, more people are doing the buying or selling process without the aid of agents. With the Internet and modern technology, finding information related to the real estate industry is easier than it has ever been. A word of caution would be that even though it is easier to find all the resources you need online to sell your home the process can still be stressful. Of course the amount of money you could save selling your home without an agent makes it really tempting to try to sell your property without an agent.

Property owners can cut costs, up to thousands of dollars, by selling properties without agents. There are numerous resources that offer valuable information about how to sell a home. Most are available for little to no cost, and offer as much insight as agents might.

Homeowners used to rely on real estate agents for information on listings. These professionals were in the know about the market, recently sold properties, pricing information, competition and more. They still are today, but the Internet has made this information more accessible to all.

There are numerous websites that can be used during this process. These sites allow people to easily upload information about properties, which means listings can be marketed to millions of Internet users within minutes. More potential buyers and offers are expected when listings are well-marketed.

More than ever before, potential home buyers are also utilizing the Internet as a tool. There are trustworthy websites designed for property buyers and sellers. Sellers use them as a platform to list properties and reach a large audience. Buyers use them to browse what is available in a specific area. People who use these as a selling platform are encouraged to be thorough in their listings, including high-quality photos and accurate details.

It can be difficult for do it yourself sellers to determine the right price point, especially without professional help. It is important to research the value of nearby properties, including those recently sold. Keep in mind the condition of the home and details about it that might add to its total value. There are plenty of automated tools that produce pricing estimates, but hiring an appraiser might also be helpful. Consider all these things before setting a price. If a property does not sell after some time on the market, reconsider the price to attract more buyers.

Sellers who do not hire real estate agents to list and sell their property should still consider working with professionals. Real estate attorneys or title companies can help close a transaction by signing off on the final paperwork. Another thing to consider is just because you can advertise your home for sale does not mean that you won’t have to work with a real estate agent to get your home sold. Many times your potential buyer will be working with a real estate agent and it would be highly recommended to offer the buyer’s agent a commission to attract the greatest number of potential buyers. This is often the most complicated step in the process of selling and must be done correctly.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Lawan Dixon

The Origins of the Six Percent Real Estate Agent Commission

The commission paid to the Real Estate agent is a serious amount of money and a concern in any transaction involving the sell of Real Estate. Where did this six percent commission come from?

The idea of a 6% Real Estate commission being paid to the agent originated during the 1940’s when local Real Estate Boards openly engaged in price fixing to establish a standard rate. This process was an out and out case of an unfair practice, but the 1940’s was a time when the attention of the country was directed to some serious external matters and the idea took hold and spread quickly through the industry.

In the early 1950’s, the Supreme Court ruled that an established 6% commission was illegal. Rather than open up commissions to a more competitive and free market system, the Real Estate Boards merely shifted gears with a bit of fancy linguistic footwork and began to call the 6% commission the „suggested“ amount. During the 1950’s and 1960’s, they managed to get away with this practice without much trouble as the majority of real estate agents complied with the suggestion.

In the 1970’s lawsuits brought against the Real Estate Boards effectively put the skids on this practice. The Real Estate agent’s commissions were opened up to competition without the Boards either being able to mandate or even suggest 6% as the carved into stone rate. However, the rate did not alter very much in the years following these court cases. Although the rate may not have been carved into stone, it was pretty much established in the Real Estate market as a standard.

Generally, competitive markets benefit consumers. As long as someone is willing to offer a discounted rate, it would seem that the consumer stood to save money. However, the proponents of a standard 6% rate commission point to such things as health care to argue that the standard rate may actually be helping the consumer by holding the commission down to 6% rather than propping it up to that level. Although the cost of health care is not regulated, the general trend has been straight up off the charts.

Real Estate agents would be quick to point out that if you were to take a close look at just about any service or product being offered or sold in the 1940’s, you would find a very serious increase in cost to the consumer. Except for Real Estate commissions which are still right around 6%. The amount being paid to the agents has increased greatly merely because the value of the property being sold has increased. Today, the internet has been responsible for a few chips in the rock of the 6% commission by offering some straight fee or reduced rate services that allow the sellers to list their own properties. The results are still mixed and the 6% commission is still the standard.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Raynor James

Buying A Real Estate Note Is Like Buying A Boat

When you get right down to it, buying a non-performing real estate note is like buying a boat; the two happiest days are the day you buy it, and the day you sell it! Investing in a non-performing note (NPN-NPL), and cashing out for a profit, are my two happiest days as a note investor.

You have heard the old saying in real estate, the profit is made when you buy. How true that is, especially in the note world! We have found that you have to take into account all the costs you will run into from the day you buy it, until the day you sell it, and use that to make sure you are not overpaying. If not, you can lose money; sometimes a lot, sometimes all of it.

While there are some warm and fuzzy feelings experienced when you own the boat, like taking it out on the water for the first time, you are going to have a lot of ongoing costs. If you store it in the water, there are dock fees, maintenance fees, insurance, and if you financed it, monthly payments. If you store it at home or a parking facility, you will have to protect it from the elements, possibly pay rent, and you could destroy it in an accident towing it to, or putting it in the water.

With NPN’s, finally making contact with a homeowner who wants to stay, despite doing his best to be invisible is equally as thrilling. This usually leads to either attempting to work out a payment plan to get them repaying, or settling for a lump sum to pay it off is a great feeling.

Otherwise, it’s practically death by a thousand cuts.

Sometimes I feel like we are being nickeled & dimed to death by a plethora of service providers; lawyers, note servicers, document custodians, rehabbers, lawn cutters, property preservationists, appraisers, photographers, house cleaners, city agencies, code enforcement, county tax collectors, Realtors, health inspectors, zoning ordinances, Home Owners Associations, utilities, forest divisions, trash haulers, flood areas, etc., that all want to extract as money from you as possible every time they move or type something.

So the most important thing I do now is come up with as many costs as possible before we make an offer to buy a note, so we can factor that into our purchase price. One of the biggest we have found in working out over fifty notes is the expenses are usually higher, and it takes longer to exit in judicial foreclosure states. And now that we know something about rehabbing real estate, we have been equating possible home repair costs into our note buying bids now, so we know if we can still make a profit, or suffer a potential loss.

Now is the time to factor in the old carpenter’s phrase; „Measure Twice, Cut Once.“ With notes, you want to make sure you run the numbers inside and out before you commit to buying a note with „Calculate Twice, Buy Right.“

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Christopher Winkler

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