Working With Appraisers

After the buyer and seller come to a "meeting of the minds" on the price of a house, there is one more person who must be convinced that the house is worth the selling price--the mortgage company's appraiser. The appraiser looks for three similar houses that have sold in the same area within the last several months, and compares the selling prices of these homes with the one that is now on the market. The appraiser makes adjustments to account for the differences in each property, and averages the adjusted prices of the other three homes to arrive at a final opinion of value. In subdivisions or condominium projects where there are many similar properties and numerous recent sales, the appraiser's job is relatively easy. In neighborhoods of older homes that have been renovated or remodeled over the years, it can be like comparing apples and oranges. If the appraiser's evaluation is lower than the selling price, it can stall the transaction because the lender may decline the buyer's loan because of the discrepancy. A real estate agent can work to minimize potential delays associated with the appraisal process by helping the seller to price the home as close to fair market value as possible.

THE ELEMENTS OF LOCATION

When you are in the market for a home, how should you evaluate the properties that appeal to you? There is an old cliché about the three most important factors of a piece of property--location, location and location.
Some neighborhoods have a certain distinction that attracts buyers, but there are other factors to take into account. A house in a good location may have a few points subtracted if it is located on a busy street. There are buyers who would like to be close to schools, shopping, and churches, but don't want to live across the street from these facilities. You may want an easy commute to your job, but would not consider a location close to the "on" ramp of the interstate. A location close to an airport would be convenient if you are a commercial pilot, but might make it difficult to sell even the most wonderful house.
As you balance all of the factors, remember that a location liability that gets you a great house at a reasonable price will probably require you to pass a similar savings on to future buyers.
Anne is an award-winning full-time professional real estate broker in Apex and Wake County.For professional advice on all aspects of buying or selling real estate, please call Anne Cain at Keller Williams, 919-303-3588, or visit her website at www.annecain.com.

THE ELEMENTS OF LOCATION

When you are in the market for a home, how should you evaluate the properties that appeal to you? There is an old cliché about the three most important factors of a piece of property--location, location and location.
Some neighborhoods have a certain distinction that attracts buyers, but there are other factors to take into account. A house in a good location may have a few points subtracted if it is located on a busy street. There are buyers who would like to be close to schools, shopping, and churches, but don't want to live across the street from these facilities. You may want an easy commute to your job, but would not consider a location close to the "on" ramp of the interstate. A location close to an airport would be convenient if you are a commercial pilot, but might make it difficult to sell even the most wonderful house.
As you balance all of the factors, remember that a location liability that gets you a great house at a reasonable price will probably require you to pass a similar savings on to future buyers.
Anne is an award-winning full-time professional real estate broker in Apex and Wake County.For professional advice on all aspects of buying or selling real estate, please call Anne Cain at Keller Williams, 919-303-3588, or visit her website at www.annecain.com.

Don't Panic! "Buyers' Remorse"

Many homebuyers have experienced the alternating waves of excitement and regret that can occur when the real estate agent presents your offer to the sellers and they accept it. At first you will probably feel ecstatic--unless you wake up the next morning, covered with a rash and asking yourself, "What on earth have I just done?"Occasionally agents get a morning-after call from buyers who will do anything to get out of the commitment they just made. If you are purchasing a home and find yourself in this condition, there are two important things to remember. First, your rash accompanies a very common condition called "Buyers' Remorse". Almost everyone who buys a house experiences this feeling, with varying degrees of intensity, sometime between making the inital offer and finalizing the sale. Second, you should know that the anguish of buyer's remorse is almost always temporary. If you experience a sudden panic attack over your home purchase, call your real estate agent immediately. Postpone making any radical decision about backing out of the contract until you have considered things carefully and rationally with your agent.

Sales Professionals

A real estate agent's job is to sell your home for the best price, in the shortest time. Another important part of the agent's responsibility is to make the sales process as easy as possible for you, the seller. Your real estate agent can eliminate much of the hassle involved in selling your home, while providing you and your family with the "peace of mind" you need during this sensitive time. Your agent can help you avoid the inconvenience of having buyers stop by unannounced to see your home or your wasting time with those who are not financially qualified to buy your home.
When you list your home with a sales professional, you get an array of valuable services, including the widest possible exposure through Multiple Listing Service. This is the best vehicle to get the most qualified buyers to see your home.

MAKING INTELLIGENT PRICING DECISIONS

Pricing your home is one of the most important decisions you must make when selling your property. Some sellers want to price their home based on the return they would like on their initial investment, while others will base the price on what they need to buy their new home. Location, condition, and accessibility are three other variables that will affect the price of a property.
It is crucial to price your home correctly from the beginning because it will not sell if it is overpriced. Don't make the mistake of thinking that you can reduce the price later because you will have already lost many potential buyers. The motivation of the seller is another very important factor. The higher the seller's motivation, the lower the price, and low motivation will mean a higher price.
The state of your local real estate market is one of the strongest determining factors when pricing your home. A professional Realtor will be able to guide you through the pricing pitfalls with a written market analysis that includes the selling prices for similar homes in your area.
Anne is an award-winning full-time professional real estate broker in Apex and Wake County.
For professional advice on all aspects of buying or selling real estate, please call Anne Cain at Keller Williams, 919-303-3588, or visit her website at www.annecain.com.

Scents and Home Sense

Prospective buyers may react to the way a home smells. Cigarette smoke, strong disinfectants, insecticides, kitty litter, and french fries have all been known to dampen the enthusiasm of buyers who might otherwise respond positively to a house that would meet their needs.Be sure that your home passes the sniff test when it is on the market. Many people have a particular reaction to smoke and pet odors, so consider a temporary smoking ban inside your home while it is on the market. If you have a cat box, be meticulous about cleaning it. If your new puppy has ruined a chair, replace the stained chair with a spot-free one. There are cleaning services which specialize in stain and odor removal. They may suggest carpet steaming and other techniques to remove the offensive smell. Even if buyers are themselves smokers or have pets of their own, they will react differently to the same odors lingering in a home they are considering.Contact me today for lots more tips on getting your home ready to sell.

Buyer Agency

In the history of the real estate industry, there has been a single approach to working with a real estate agent. If you wanted to purchase a home, an agent showed you properties on behalf of the sellers of those homes. As a buyer, you were not represented by anyone other than yourself. Negotiation over price and terms were entirely your responsibility.Now there is another way to handle buying property. With buyer agency, your real estate sales associate acts on your behalf in all negotiations. That agent is committed to being your advocate in finding and purchasing your next home, and at no cost to you.In many cities across the United States, buyer agency is used in the majority of home purchases. With buyer agency, all fiduciary duties are owed to the buyer, not to the seller. The buyer has the freedom to discuss personal finances, negotiating strategies and the value of properties with their buyer agent. The buyer can ask for the opinion of the buyer agent regarding the condition of the property, the effect of improvements, the seller's motivation for selling and a variety of other information that the seller's agent cannot provide.