Are you thinking of buying or selling a home but you're not sure if this is the "right time"? Talk with a Realtor for expert advice on your local market.
Real Estate Cycles
Real Estate Cycles are no different than any other cycles that effect consumers. It is subject to the laws of supply and demand. A shortage of homes, also known as a sellers market, generally means that prices will rise. Likewise, a surplus of homes, also known as a buyers market, means that houses stay on the market longer creating downward pressure on prices.
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About the Author
David C. Recker is a Top Producing Realtor licensed in North Carolina. Dave works at RE/MAX Point East and serves Edgecombe, Nash, and Wilson counties in North Carolina.
Dave's website, http://www.ncrealestateweb.com/ , is one of North Carolina's top real estate websites and you can read frequently posted Articles and Blogs by Dave at NCRealEstateWeblog.
Many homeowners believe that to maximize their profit on a home sale they should sell it themselves. At first glance, they feel selling a home is simple and why should they pay a broker fees for something they could do themselves? In fact, close to 9% of all the homes sold last year were sold for sale by owner (FSBO).
However, close to half of the FSBO's said that they would hire a professional next time they sold. Thirty percent said they were unhappy with the results they achieved by choosing FSBO. Why?
Many FSBO's told us that the time, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions. For others, the financial savings were even more disappointing. By the time they figured the amount of fees paid to outside consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing, advertising... they would have been better off having paid the broker's fee which would have included many of these charges up front.
Before you decide to sell FSBO, consider these questions and weigh the answers of assuming the responsibility versus employing a professional. A little time spent investigating up front will pay off tenfold in the end.
Do I have the time, energy, know-how, and ability to devote a full forced effort to sell my home?
One of the keys to selling your home efficiently and profitably is complete accessibility. Many homes have sat on the market much longer than necessary because the owner was unwilling or unavailable to show the property. Realize that a certain amount of hours each day is necessary to sell your home.
Am I prepared to deal with an onslaught of buyers who perceive FSBO's as targets for low balling?
One of the challenges of selling a home is screening unqualified prospects and dealing with lowballers. It often goes unnoticed... how much time, effort and expertise it requires to spot these people quickly. Settling for a lowball bid is usually worse than paying broker commissions.
Am I offering financing options to the buyer? Am I prepared to answer questions about financing?
One of the keys to selling, whether it's a home, a car... anything, is to have all the necessary information the prospective buyer needs and to offer them options. Think about the last time you purchased something of value, did you make a decision before you had all your ducks in a row? By offering financing options you give the home buyer the ability to work on their terms and open up the possibilities of selling your home quickly and more profitably. A professional real estate agent will have a complete team, from lenders to title reps for you to utilize...they'll be at your disposal.
Do I fully understand the legal ramifications and necessary steps required in selling a home?
Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your states disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, a professional would be a wise choice.
Do I have the capability of handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented?
Ask yourself if you are well versed in legalese and if you are prepared to handle disputes with buyers. To avoid any disputes it is wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated.
Have I contacted the necessary professionals....title, inspector (home and pest), attorney, and escrow company?
Are you familiar with top inspectors and escrow companies? Don't randomly select inspectors, attorneys, and title reps. Like any profession there are inadequate individuals who will slow, delay and possibly even cost you the transaction. For more information visit http://www.m3fsbo.com/
About the Author
David C. Recker is a Top Producing Realtor licensed in North Carolina. Dave works at RE/MAX Point East and serves Edgecombe, Nash, and Wilson counties in North Carolina.
Dave's website, http://www.ncrealestateweb.com/ , is one of North Carolina's top real estate websites and you can read frequently posted Articles and Blogs by Dave at NCRealEstateWeblog.
If you own real estate in the Greater Rocky Mount Area of North Carolina that you're thinking of selling, I would be happy to provide you with a FREE Market Analysis. I can help you decide if now is the best time to sell your home. Selling your home without the right agent can be time consuming, stressful, and costly. Contact me to learn how my strategic marketing plan and my expertise will successfully price, market and sell your home in a way the is convenient, simple and affordable to you!
Whether you are buying or selling a home, hire someone like me, who wants to earn your business. I invite you to contact me as I'd be happy to assist you with this important transaction.
About the Author
David C. Recker is a Top Producing Realtor licensed in North Carolina. Dave works at RE/MAX Point East and serves Edgecombe, Nash, and Wilson counties in North Carolina.
Dave's website, http://www.ncrealestateweb.com/ , is one of North Carolina's top real estate websites and you can read frequently posted Articles and Blogs by Dave at NCRealEstateWeblog.
Things being equal it's almost always better to own your home rather than to rent. After all, you build equity and get to write off your mortgage interest. And if you meet the guidelines, when you sell you'll be eligible for one of the best tax breaks around.
There are many issues that influence whether buying or renting is right for you. That said, home ownership has a significant tax advantage. When you sell married couples can earn up to $500,000 in gains on home sales tax-free, while singles get $250,000. The chart below demonstrates the amount of accumulated money renters are paying that could be building equity in their own homes.
WARNING!!! |
Renting Is Hazardous To Your Wealth! |
LOOK BELOW! To see how much you are losing every year! |
Your Monthly Rent | After 3 Years | After 5 Years |
$500.00 | $18,000.00 | $30,000.00 |
$750.00 | $27,000.00 | $45,000.00 |
$1,000.00 | $36,000.00 | $60,000.00 |
$1,200.00 | $43,200.00 | $72,000.00 |
$1,500.00 | $54,000.00 | $90,000.00 |
$2,000.00 | $72,000.00 | $120,000.00 |
$2,500.00 | $90,000.00 | $150,000.00 |
$3,000.00 | $108,000.00 | $180,000.00 |
$3,500.00 | $126,000.00 | $210,000.00 |
Other Factors
Of course, buying a home isn't strictly a financial decision. For most folks, the thought of constantly worrying about losing their security deposit every time they pound a nail or paint a wall isn't particularly appealing. Here are some other things to consider before making your purchase:
This may sound simplistic, but first and foremost you should find a neighborhood and a home that you just plain like. "You're not going to wake up in the middle of the night and say 'Wow! Look at my tax deduction!'" .
Moreover, you should check on the sales price trends of homes in that neighborhood. If it looks like the area is declining in value, then avoid commitment: You may be better off renting.
Finally, don't forget that even with the tax-breaks of home ownership, you will still be incurring out-of-pocket costs that you wouldn't encounter as a renter - from the cost of ripping down wallpaper to repairing a leaky roof. So before you buy, estimate how much those costs will be. After all, you don't want to live hand-to-mouth - even if it is in your own home.
Why Are You Still Renting?
Call me at 252-442-2687 today to receive a FREE Buyers Analysis!!
About the Author
David C. Recker is a Top Producing Realtor licensed in North Carolina. Dave works at RE/MAX Point East and serves Edgecombe, Nash, and Wilson counties in North Carolina.
Dave's website, http://www.ncrealestateweb.com/ , is one of North Carolina's top real estate websites and you can read frequently posted Articles and Blogs by Dave at NCRealEstateWeblog.
Dave Recker Recognized as Contributing Author to Real Estate in 2008 Book of Top Ideas for the Challenging Market of 2008
Dave Recker, one of the premier Realtors in Rocky Mount, NC recently joined hundreds of top agents as a contributing author to Real Estate in 2008.
Rocky Mount, North Carolina - January 31, 2008 - Dave Recker, a top Realtor in Rocky Mount, NC joined with hundreds of top real estate agents around the country to write Real Estate in 2008 in less than a month.
Real Estate in 2008 (http://www.realestatein2008.org/) helps buyers, sellers, and agents succeed in a challenging 2008 market by providing hundreds of ideas from top agents. Chapters include ideas on how to find motivated buyers, how to convince buyers to buy, how to get sellers to price/position their homes and creative ideas from around the country. These are ideas from top real estate agents who collaborated in an industry-wide effort which was launched during the National Association of Realtor's (NAR) conference in November 2007.
Dave provides a number of ideas as to why buyers should buy in 2008 and how sellers can prepare, price and position their homes to be sure they get sold in 2008. "It takes more than a sign in your yard, and an ad in the paper to get a good offer," said Dave.
Click Here to read the entire Press Release
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