Posted in Uncategorized

Why Isn’t My Home Selling?

Poor Condition of Your Home

Check out your competition. If 90% of the homes in your market are not selling, then your home needs to outshine the top 10%. Look at the homes that are pending sales because that’s your current indicator. Sold comps could be two to three months in arrears of market movement. If you want to know what is happening right now, the pending sale data will tell you which homes are selling.

Apart from preparing your home for sale, consider its condition. Perhaps you should consider adding updates or doing repairs before selling. If the top 10% of the market has new carpeting and your carpeting is worn and dated, your home is not going to sell. Replace the carpet. But ask your agent first because 9 times out of 10, today’s buyers prefer wood or wood-like laminate over the carpet.

 Paint the walls neutral — not white. Check its curb appeal.

Not Enough Photographs or Badly Shot Photographs

Homes in MLS that have one photo are passed by. Homes with dozens of photographs get noticed. Take quality photos or, for optimum marketing, hire a professional photographer. Shoot wide angles with plenty of light showcasing your home’s best features.

You Haven’t Paid For Extensive Marketing and Advertising

No single aspect of marketing sells a home. It’s a combination of marketing efforts. If your online media outlet makes a mistake and lists your home under the wrong section, don’t panic — homes have sold to buyers who found them in the wrong place. For that reason, consider placing an ad under several classifications.

You Hired the Wrong Listing Agent

You want to work with an agent who is competent, experienced and honest.

There are a variety of ways to find an agent but the easiest way is through referrals from friends and family. If you desire full-service and want an agent to spend tons of money on the listing, hire a full-service brokerage and interview several agents. To find the best listing agent, don’t base your decision solely on the suggested sales price or how much the agent charges you because there are other considerations. Discuss home pricing and commission negotiations last. First, find out the agent’s strategic marketing plan.

You Haven’t Priced Your Home to Sell

Sellers say, “But I don’t want to give away my house.” Of course, not. You want to sell it. To sell your home, the price must be right. Don’t “test” the market or ask an inflated figure because if you do, your home will probably sit on the market and the DOM will continue to tick. Dated listings (homes that have been on the market too long) don’t generally sell for list price.

To avoid overpricing your home, examine the sold comparable sales. Adjust for square footage, if necessary. If your home has a bad layout or is located in a bad location such as next to a school, on or near a busy street or bordering a liquor store, you’re not going to get the same price as homes with a good layout and in a good location.

For example, if the last three homes sold at $400,000 but you feel they are not comparable to yours because they don’t contain updates — but they were located on a quiet street and your street is noisy — your home is probably worth about the same. A plus-$50,000 adjustment for the updates could wash out the minus-$50,000 for the busy street.

In a buyer’s market, price your home a minimum of a percent less than the last comparable sale. If you can’t live with that price, then don’t put your home on the market and set yourself up for disappointment. Overpricing is the worst mistake a home seller can make.

SOURCE: The balance

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Posted in Uncategorized

5 Rules for What You Can—and Can’t—Take When You Sell Your House

1. If it’s nailed down, bolted, or mounted, it probably stays behind

While most buyers and sellers probably know that “fixtures”—immovable elements of a home such as built-in furniture, fences, or, yes, a storage shed—must stay behind, there can still be some confusion-“It becomes a real battling point with buyers and sellers if it’s not specifically referenced,”

Generally, if a house has been modified for an item, it’s probably a fixture.

With that said, you want to avoid “arguably”, “probably”, or “most likely” when it comes to selling your home, “cautions Be specific and firm.“If you want it, say so upfront,”

2. Leave Mother Nature alone

Unless the property listing specifically mentions that you intend to take the prized rose patch your Aunt gave you, sellers cannot remove any landscaping.

You want to be specific with your agent and have a requests to take certain things that might have been a special gift,” “Otherwise, you can’t just dig up a plant and take it with you; it’s part of the property.”

3. Hands off anything anchored in the ground

Other backyard items are also potential sources of misunderstanding between buyers and sellers.“Technically, if a basketball hoop is cemented into the ground, then it’s considered to go with the house. Freestanding ones sitting on the lawn, however, would be something buyers could take with them,”

4. Let go of your lighting fixtures

Even if you’re attached to your show-stopping dining room chandelier, don’t pack it up and leave electrical wires hanging when you leave. And if you’re thinking about swapping out that chandelier right before closing—and hoping the buyer won’t notice? Forget about it.

“When you buy a property, you’re buying what you saw the day you saw the property and wrote the offer on the house, so for sellers to change something out after that date is illegal,” Yes—illegal. 

You can declare your intention to remove it, but be aware that excluded items often become sticking points between buyers and sellers.

“Instead, take that chandelier out before you list your house, and put something else there,”

5. Window treatments stay, too

You may have spent a fortune on those custom blinds in your living room, but technically, you’re supposed to leave ‘em hanging.

“Curtains are always considered personal property because they just slide off,” “Rods and blinds, on the other hand, are considered part of the house because they’re affixed and attached.”

Mirrors are another murky area, easy to figure out: If they’re hung like paintings on a wall, they’re personal property. Bolted to the studs? They’re fixtures.

Don’t be petty—or you might tank the sale

Often, the littlest things cause the most heated debates or even the derailment of the sale itself.“In real estate deals, some people take it out on the buyer by nickel-and-diming on stuff,” “Especially if they don’t feel the sale has gone exactly the way they wanted it to, or they have resentment towards the buyer.”

 

Posted in General, Home Buying

8 Real Estate Documents to Keep—and What Happens If You Don’t

1. Buyer’s agent agreement

When you choose a real estate agent, you sign a buyer’s agent agreement—a contract between you and the brokerage, stating that the agent represents you in the purchase of your home.

This agreement outlines the terms of the relationship with your agent—including who pays the agent’s commission (in most cases, the seller), the length of the agreement (90 to 120 days is standard in most markets), and the terms for terminating the agreement.

2. Purchase agreement

Every home sale starts with a real estate purchase agreement—a legally binding contract signed by home buyers and sellers that confirms that they agree to a certain purchase price, closing date, and other terms.

3. Addenda, amendments, or riders

These types of documents alter or amend the terms of your purchase contract. For example, if a survey reveals that there’s an encroaching fence built by a neighbor, and you’d like the fence removed, the sales contract has to be formally amended.

4. Seller disclosures

Sellers are required by law to disclose certain problems with the home, both present, and past, that they’re aware of that could affect its value. While laws vary by state, these disclosures might include lead-based paint, pest infestations, and renovations done without a permit.

5. Home inspection report

After your home inspection, your inspector should produce a report with detailed notes on the condition of the home and any potential problems.

6. Closing disclosure

Mortgage lenders must provide borrowers with a closing disclosure (also called a CD) at least three business days before settlement. This document spells out things such as your loan term (typically 15 or 30 years), loan type (a fixed-rate or adjustable-rate mortgage), the interest rate, and closing costs, among other financials.

7. Title insurance policy

Title insurance offers protection against any competing claims to a home. As part of the process, the insurer will run a title search of public records, seeking loose ends such as liens against the property or fraudulent signatures on ownership documents.

8. Property deed

When you take the title and become the sole owner of the property, you’ll receive a deed—a legal document that confirms or conveys the ownership rights to the home.

Typically, the property deed is mailed to you after the title transfer documents are recorded in your county’s public records office.

Why you should keep it: Presenting a property deed is the only way to show someone you legally own the home you’re residing in. Because the deed is sent to you directly, neither your mortgage lender nor title company is required to keep a copy of it.