Top Ten Facts to Know in the World of Real Estate...(buyers and sellers, this is for you!)
1. The first 90 days is the BEST time to get the BEST price for your home on the market. So it's important to price RIGHT from the beginning. Sellers who don't HAVE to sell have the common misconception that they can wait for "the right buyer." But let me put it this way: When I bring a buyer client to a house listed on the market for three plus months, the first thing the buyer mentions is the seller's high negotiability factor bc the house has been on the market for a while. The result is lower offers. Don't you want to get multiple offers when you're still the hot new listing priced more compellingly than the other houses in the 'hood?
2)Hiring an expert home inspector is key. I understand a buyer's need to save money wherever he/she can by hiring a family friend, etc., but once you own the house, the own-ness is on the BUYER for any repairs or surprise discoveries post-sale. For example, my buyer client used a family friend for the home inspection, who advised them that the house had foundation issues based on a slanted ceiling on second floor and that the house would continue sinking well into the future. If he had simply measured the main level and seen that the house was level on that floor, other option could've been examined so the buyers could move forward on the house they loved instead of having to resume the hunt once again. Bottom line: the $500 you spend for a qualified home inspection could save you time and money in the long run.
3)Did you know that a simple coat of paint and an attractive front door can raise the perceived value and attractiveness of one's home, giving it a fresh, current look to prospective buyers? A freshly painted door adorned with a beautiful, decorative wreath can say "Welcome Home" before the buyers have even stepped foot inside the home...
4) Did you know that, because of the Sonyma loan offered through certain mortgage lenders, can assist buyers with 3% towards the down-payment of a new home? Which may not be to be paid back if the buyers are in the new house for 10 years or more....only a handful of lenders offer this program (mine does!) so pls contact me if you have any questions at all!
5) For-Sale-By-Owners beware: Did you know that every call made to a prospective buyer after his/her visit to your open house can cost you on average about $10,000 off of a subsequent offer amount? When you hire a realtor, he/she is EXPECTED to call prospective buyers after their open house visit. However, when the seller calls directly, the buyer prospect gains the advantage. Whomever receives the call typically has the advantage.
6) Kitchen Magic...according to a recent Newsday article by Maura McDermot title "What Buyers Want: Mint Condition," the kitchen is the main cosmetic selling point for a buyer. If the kitchen is drastically in need of renovation, a buyer sees multiple $$$'s and tends to over-estimate the cost of such renovation. So....if there's one feature to invest in, the kitchen might be it. If you can't part with the funds for such renovation, a price that's right may often be the attractive component you need to sell quicker.
7)The secret power of property taxes...did you know that, for every $1,000 in property taxes above or below your recommended pre-approved amount, your purchase power for a home is affected roughly $15,000.....so if you are pre-approved for a home for $400,000 with taxes at $10,000, then a home for $400,000 with taxes at $12,000 will actually lower your buying power for that home to $370,000.
8) Always know where the realtor's allegiances lie. Naturally, many prospective buyers believe that the listing agent for a home is working for the buyer if the realtor is meeting with them to show them his/her listing. However, the listing agent's fiduciary responsibility is always to his/her client, the seller. So in matters of purchasing a new home, it's always beneficial to procure the help of a buyer broker whose utmost responsibility to negotiate for YOU, the buyer.....which can always ease the stress of the exciting yet challenging process of buying a home.
9) Oh Lawyers....a good real estate attorney is imperative to the success of any real estate transaction. I once heard that 80% of deals that fall through are due to the ineptness of an attorney involved in the process. Communication is one factor to consider: if an attorney takes more than two business days to return your phone call, strongly reconsider employing them. A solid, reputable real estate attorney will make it a priority to return a client's phone call even if he/she is busy. Aren't we all busy at a given time?
10) Finally, to round off my top ten list, NEVER underestimate the value of a home your considering making an offer. For example, a previous client of mine pondered over whether to make an offer of a property in badly need of renovation, assuming that no one else would ever see the value in the house. Sure enough, another couple saw the property, the value, etc., and make a compelling offer while my buyer client's decided to play the waiting game. And they lost what they later referred to as "the one that got away." Bottom line: once you find a house you can see yourself making a home, consider the factors carefully as recommended, but move on the house in a timely fashion. Know that market we are currently in. If it's a sellers market, then there's more buyers than homes available...and the time you take to ponder every aspect of the process, another buyer could be making a move on the house that you may later refer to as "the one that got away."
Okay, I hope you found this helpful....stay tuned for another blog soon. Stay motivated, be informed, and BE MOVED.....
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