Ralph E. Fisher III

We, meaning the real estate industry, say, "It's a buyer's market!" Buyers think that means that deals are available out in the big wide world of St Louis homes and condo's for sale. Although that's true, it's not the whole truth. The whole truth is that money pits, bad deals and half-hearted sellers still exist. Without careful consideration, you may not get the deal you expected.

If you're in the market for one of the St. Louis or St. Charles homes or condo's for sale, follow these tips to help you get a great deal:

1. Go back to school. In other words, do your homework. Yes, due to the buyer's market, you have an advantage, but you still need to do your research. Talk with a real estate agent who specializes in the area and look at the prices of homes sold within the past year. The main point of the research is to find out how much homes are actually selling for in the area in which you want to live, and to determine if you can afford to buy there.
2. Line up the home team. Be prepared to jump on a deal as soon as you find it. Get pre-approved for a mortgage. Gather your real estate agent, home inspector and insurance agent. By having this team of real estate professionals on hand, the transaction will be smoother and faster.
3. Look for motivation. There are motivated sellers and not-so-motivated sellers who just "think" they "might" want to sell if "the right buyer" comes along (quotes are so handy, aren't they?). You don't have to guess which is which, however. Has the price been reduced? Is the home vacant? These clues lead to a motivated seller, willing to genuinely negotiate to get the home sold.
4. Don't buy angry. One of the worst mistakes a buyer can do is to get into a war with the home seller. Emotions grab hold and you find yourself in a fierce competition based on who's going to WIN WIN WIN! If you find yourself in this situation, learn how to negotiate and listen to your real estate agent's advice. If you don't, your great deal can turn into a big mess.

There are plenty of St. Louis properties for sale out there and great deals to be had, but being cautious is the best way to get the best deal.

Are you a motivated seller or a buyer looking for a great deal? I can help. Call me now at 314-630-4227

Links:

Pre-approved for a mortgage

http://www.smartmoney.com/personal-finance/real-estate/7-tips-for-getting-a-preapproved-mortgage/

Motivated sellers

http://homebuying.about.com/od/buyingahome/f/022908_MotivSlr.htm

How to negotiate

http://www.smartcreditinfo.com/home_negotiate.html

Home staging has long been a way to sell St Louis homes and condos for sale. In short, stagers come into your home, look the place over and start packing (if it's not already empty). They bring furniture, draperies and other things to make the home look warm, beautiful and inviting to buyers.

The trick is to make St Louis homes and condos for sale inviting in a way that doesn't overwhelm the buyer's personal tastes. It's worked, selling thousands of homes that might not have sold otherwise, and selling them faster than non-staged homes.

For the past year or two, however, virtual (or conceptual) staging has come into the real estate world. Somewhat like traditional home staging, the virtual stager spruces up your home for sale. The differences are where the work is done and what the live house looks like. They may not sound like much, but these two differences have people asking, "Sales method or a snake oil scam?"

Virtual Staging

Home staging came about because the real estate industry realized that most buyers have a tough time visualizing what a place will look like with their unique touch on it. With more tech savvy buyers, however, some may not even visit the home to enjoy the staged view. Many buyers find their potential home online and, once they've viewed the online pictures, contact the REALTOR® listing the home.

Virtual staging provides beautiful images for buyers to look at online using digital enhancement. You may have a home staging team doing the computer work, or it may just be one person with fantastic design software.

Here are the benefits to virtual staging:

•· It may pull in more potential buyers than non-virtually staged homes.

•· It can be cheaper than having a home stager come to your home.

•· If you're worried about vandalism and theft (some sellers have had the staging furniture stolen), it may solve this problem.

But there are potential pitfalls you need to be aware of before you try virtual staging:

• The first and most obvious is not to use virtual staging to deceptively hide imperfections in your home. The purpose of these images is to enhance, yes, but if you hide issues it's not only unethical, but, in some states, illegal.
• The second is to be sure to let the potential buyer know that the home is either vacant or has different furniture than what's shown. You must be transparent and upfront that the images are computer generated. Otherwise, they will feel confused - or even scammed - when they get to the home to see and buy it. This may seem a deal "killer," but it all depends on how this information is presented.

Home stagers have written in favor of real life home staging (putting down virtual staging, of course). Virtual stagers have written the opposite. So which one is better? If you have one of the St Louis homes for sale, consider your budget, your options and what you want to accomplish. As long as you're willing to be upfront about the images, virtual staging may be the right option for you.

Need help preparing your home for sale? I can help. Give me a call today at 314-630-4227 or email me at rfisher@sellshomesfast.com

Links:

Traditional home staging

http://www.hgtv.com/decorating/13-home-staging-secrets/pictures/index.html

Home staging team http://virtualstagingsolutions.com/

In favor of real life home staging

http://www.stagingdiva.com/homestagingbusiness/virtual-staging-or-just-misleading-pictures/

During a slow market, buyers have the biggest advantages of all. That's why now is a great time to buy a St. Louis home or condo. You can haggle without feeling guilty because you have the upper hand. Then, as the market bounces back, you get the extra bonus of rising prices making your home worth more than it was when you bought it.

Even in this buyers' market, you need to be a strong buyer. Otherwise, you could crumble when faced with negotiating prices or needed repairs.

Three ways to be a strong buyer of St. Louis homes or condo's :

• Walk in to any home for sale with a set idea of the value of property in the area. This means taking a little time to do your homework. When you know the prices of the area, you can't be run over by a forceful seller who is determined to convince you his price is firm. This knowledge also helps you deal with sellers who are emotionally attached to their homes and can't price them according to true market value.
• Walk into a home for sale with an experienced REALTOR®. When you have a professional REALTOR® by your side, you are not alone. You do not have to be self-conscious or even be the 'strong one.' Your agent will do all your negotiating for you. You will also benefit from their intimate knowledge of the area and what to look for in a St. Louis home or condo.
• Walk into any home for sale knowing your needs and price range. Going home shopping without a clear concept of what you want and can afford can lead to emotional decisions. That can be hazardous for your pocketbook too.

If you would like more tips on how to be a strong buyer of St. Louis homes or condo's, give me a call today at 314-630-+4227 or email me at rfisher@sellshomesfast.com

LINKS:

Buyers' market http://www.housingpredictor.com/bigbuyers.html

Negotiating prices http://www.newbuyer.com/homes/homeguide/buying/negotiate.html

Experienced REALTOR®

http://www.ehow.com/video_4439934_finding-local-neighborhood-realtor.html

Whether you're looking for an investment property or a home for your family, a foreclosure might be a good deal for you. However, buying a foreclosure is different from buying a home from a seller and requires different considerations.

Before you sign a contract, consider what you should and should not do when buying a St Louis home or condo in foreclosure.

•· DO consider the cost of repairs. Foreclosures are sold "as is." That means the bank will not make any repairs to the [city] home in foreclosure before closing, so you will be responsible for them. For example, if the home needs a new roof, make sure you have enough money to pay for it.

•· DO get a home inspection. In a traditional home sale, the seller is required to tell you about any defects or problems they've had with the home. However, a bank does not have to supply a disclosure statement because they have not lived in the house and do not have any information about defects. Make sure you hire a professional home inspector to check the structural integrity and condition of the home.

•· DO be prepared to wait. Buying a foreclosure usually takes longer than buying through a traditional sale. You will have to look through and sign stacks of paperwork. In some states, banks are required to go through the court system to sell a foreclosure which can take time.

•· DON'T buy a home just because the price is low. Banks like to sell their foreclosures as close to market value as possible. If the price is exceptionally low, there's a reason why. Make sure you know it. Home repairs can easily add up, turning what you thought was a bargain into a money trap.

•· DON'T expect to flip the home for a quick profit. Despite what the get-rich-quick-buying-foreclosures crowd tells you, foreclosures don't automatically mean you're getting a steal, nor can you always quickly sell them. Buy a foreclosure because it's an affordable home for you and your family, not as a way to build an overnight fortune.

When you take your time and do your homework, buying a St Louis home in foreclosure can be a great bargain. I can help you find well-priced foreclosures. Call me today at 314-630-4227 or email me at rfisher@sellshomesfast.com

Links:

Repairs

http://foreclosureavoid.com/foreclosure-blog/foreclosures/common-repairs-needed-on-a-foreclosed-home/

Find a home inspector www.ashi.org/find

Flip the home http://www.answers.com/topic/flipping-investment

C

Sometimes sellers want to try to sell their St. Louis home or condo on their own. That's called selling your home "For Sale by Owner" or FSBO for short.

If you'd like to give FSBO a try, here are some tips:

1. Prepare your home for sale. Go through your St Louis home or condo and make a list of repairs that need to be done. Clean your carpets. Repair the grout in the bathroom. Remove dead plants from your yard. Paint the interior. Wash the windows. Make sure you home looks as good as possible.

2. Choose a fair selling price. Look at what the houses in your area are selling for to get an idea. You should hire a professional appraiser to assess your home. Of course you want to make as much money as possible, but you also have to have a reasonable asking price if you want anyone to look at your home.

3. Advertise your home. Put a sign in your front yard. Create a flyer. Place your home in MLS (Multiple Listing Service) through a realty service. Post information online. Spread the word to everyone you know. People need to know your home is for sale.

4. Get help with the legal issues. Selling a house involves several legal documents. You need someone to help make sure everything is complete and correct. If you don't want to work with a real estate agent, consider hiring a real estate lawyer to handle the paperwork.

5. Know when to ask for help. At some point selling your home on your own may not be a good idea. When you feel like you're in over your head or just frustration, call a professional. A good rule of thumb is to try selling your home as a FSBO for 30 days, then reassess.

If you're ready to get some professional help selling your home, give me a call at 314-630-4227 or email me at rfisher@sellshomesfast.com

Links:

FSBO http://en.wikipedia.org/wiki/FSBO

Real estate lawyer http://www.realestatelawyers.com/