Real Estate News Q and A
Top 4 things to focus on when selling your home.
It seems everyone has their opinion of what are the most important aspects of selling your home and where to focus your attention.
1) Pricing is always number 1.
If your home is not priced right than most buyers will not even give it a second look. Buyers today have access to data that will give them a good idea of what a typical property is worth. You don’t want to overprice the home because the most important time of the listing period is when it is new and fresh. You need to take in comparable sales, market condition, interest rates, and time of year.
As a Realtor, we have to look at current properties for sale and assess the competition. We also have to look at the past sales and past listings that did not sell. When an appraiser does an appraisal, they look at past sales and come up with a value. Real estate agents have to examine more factor and see where the market is going and a good price point.
2) Online Pictures
90% of Potential buyers are going to lookup of initially find your home online. If the pictures online are of poor quality, you could possibly lose their interest. If your pictures online are poor in quality, ask your agent to retake them or hire a professional photographer to take them. This means that before you have the agent out to take pictures put in some extra time and make your house top notch.
3) Curb Appeal
I have had many buyers that are turned off as soon as we pull up to a property because the yard is a disaster and not up kept. This will also show up in the picture that are online. I am not trying to say you need to hire a landscaper and pay big money to redo your landscaping. Sometimes a little redesign and landscaping is needed but most of the time it just needs to be groomed and clean. Keep the yard mowed, trash cleaned up, and the bushes trimmed.
If you don’t get people to look at your home than there is no chance you are going to sell. Once you get them in the house, it needs to be clean.
If your house is dirty, it could cost you money. A clean house shows that you care about your home and take pride in it. If the house is dusty and dirty, cobwebs in the corners, crumbs in the kitchen corner, grimy build up on the shower, dirty toilets and anything else you can add. This gives the potential buyer the mindset of what else do they not take care of.
If I go to meet with a potential client that wants to sell their home and they ask what should be done, I will always tell them to make sure their home is clean and in order. It will bring them more money. I might also tell them to make repairs and fix a few thing if needed, but I always tell them Clean, Clean Again, and then Hire someone to clean. You will find things the second time around that you missed the first time, and a professional cleaning company will get EVERYTHING. You might even think about having them come in on a weekly basis so you can enjoy time with your family and not be cleaning all the time.
Interview with Jerry Ferguson on Home Inspections and Code Requirements
Ferguson Home Inspections LLC. Home inspection is not a code inspection.
Home Inspectors quote code ands are required to point out unsafe conditions. Watch the video for an explination.
FHA is tightening up on Flipping of properties. OFFICIAL
The flipping rules will be updated for 2015.
When the market was flooded with REO Properties (bank owned / foreclosures) Federal Lending Guidlines relaxed to help get the properties back on the market for homeowners looking to buy. Now that the market is recovering the FHA guidelines have tightened up. Now a property that has been bought and is now being resold will only be eligable for a FHA loan 91 days after the previous sale.
The waiver was put in place in 2010 but will now be revoked and the 90 day rule will be effective after December 31, 2014
If the property was bought, and it needed a large amount of repairs, this should not be a problem. 60 days for repairs to be completed and then another 31 days for the loan to finalized. There are ways around the 90 day waiting period but I do not feel there is a need to make the transaction any more difficult than it has to be. Below is the official PDF from HUD.gov
Why are listings on Zillow.com and Realtor.com different?
Zillow gets data from a variety of providers. Hundreds of different providers and their data is only as reliable as the data it receives and how the system interprets it.
Realtor.com gets its information from the local listing service. It tends to be extremely accurate. There are times it does get mixed up in the reading of the information but it is less likely to happen than it does on Zillow.
After your Realtor enters the information into the local listing system they should wait a day or so and then check the other sites that the listing is fed to. They will need to check the accurace of the information and make changes as needed.
The most accurate listing information is on the front end of the local listing systems website. Currently in my area it is MIBOR (Metropolitan Indianapolis Board of Realtors). MIBOR does not really advertise to the general public like Zillow, Trulia, Auction.com, Homes.com, and many other sites that make a majority of their money from advertsing or selling leads to Realtors and Real Estate Agents. MIBOR charges a monthly fee to the real estate agent to submit their listings.