Have you ever overdressed for an event? Perhaps you understood the dress to be formal, but when you arrived in your sequin dress or black tuxedo, everyone else was wearing jeans and turtlenecks. You may recall how everyone stared as you entered the room, looking a bit out of place.
That happens to homeowners too, but it's not called overdressing - it's called over-improving. It happens when property owners remodel a home to the point where its new value far exceeds all others in the neighborhood.
Let’s say that your family has grown, and you begin your improvements by adding a wing with two more bedrooms and another bath. You expand to a three-car garage, and install an outdoor deck. In the process, you add $55,000 in improvements to your $100,000 home.
As long as you continue living in the home, that's not a problem. When it's time to sell, however, you'll face an unexpected challenge. You’ve spent $55,000 on improvements, but buyers are unlikely to be impressed as they compare the prices of other homes in the area, and expect yours to be in line.
Before beginning a major project, determine the impact on your home's value. Consider “upgrading” to a larger home vs. remodeling, getting advice from a lender and a real estate agent. When it's time to sell, you'll be glad you did.
Michael Sinton, CRB, e-Pro
Broker/Salesperson
For more information, contact Michael Sinton, CRB, Broker/Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at MSinton@Assist2Sell.com or on the web at http://www.WeSellCentralNJ.com.
Although there is still speculation regarding the overall health of the real estate industry, there are signs that we are nearing the bottom of the market. If you are considering a purchase, either as your primary residence or strictly as an investment, you can easily capitalize on current conditions if you are educated and prepared.
While no one can say with absolute confidence that prices won't drop any further, some people simply must and will buy a home. Let me share some suggestions to help you avoid pitfalls and take advantage of today's opportunities.
First, shop for an appropriate mortgage and secure a letter of prequalification. Then you’ll know exactly what price range is within your reach, and you’ll stand more strongly when making an offer.
Explore Real Estate Owned properties, or REOs, which are held by banks after foreclosure, and be willing to compromise if you find a truly exceptional value. These homes are often offered well below market value, and if you are willing to hunt for bargains and negotiate, you'll be able to take advantage of high inventories and languishing listings.
Finally, assemble a top-notch team of professionals, including your lender, inspector, and attorney. Most importantly, find a real estate agent to coordinate all the activities of the other professionals who are key to the transaction. Protect your interests with trusted representation.
Michael Sinton, CRB, e-Pro
Broker/Salesperson
For more information, contact Michael Sinton, CRB, Broker/Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at MSinton@Assist2Sell.com or on the web at http://www.WeSellCentralNJ.com.
Foreclosure has a negative impact not only on homeowners, but also their neighborhoods and local economy and housing market. One way to avoid foreclosure is with a "short sale," in which the lender is willing to accept a payoff that is less than the balance of the loan. Such a sale still benefits the lender, supports home values, and helps the seller maintain a level of credit.
Because "short selling" is a different process for different types of loans, the expertise of a real estate agent adds value to these complicated transactions. A "normal" sale involves at least two agents, the seller, the buyer, the buyer's lender and other professionals. A short sale involves all of them, plus the seller's lender, counselors, lien holders, insurers and more.
The National Association of REALTORS® has worked to help agents understand and solve the problems involved in short sales, including the piles of paperwork, overextended loss mitigation departments, and appraisals that don't reflect seller duress or recent foreclosures in the neighborhood.
You might consider speaking with an agent about a short sale if you meet three basic criteria: you're behind on payments, you can prove legitimate hardship, and have little equity. With the expert knowledge and guidance of a real estate professional on your side, you have an opportunity to salvage your credit and avoid the pain of foreclosure.
Michael Sinton, CRB, e-Pro
Broker/Salesperson
For more information, contact Michael Sinton, CRB, Broker-Salesperson, Assist-2-Sell, America's leading discount real estate company, directly at 732-364-7434, via email at MSinton@Assist2Sell.com or on the web at http://www.WeSellCentralNJ.com.
Jackson, NJ, March 2009 -- According to recent research by the National Association of REALTORS®, 81% percent of home buyers say photos and detailed property descriptions are the most useful features when searching for homes online.(2) Assist-2-Sell Realty Brokerage Group is taking advantage of this trend for its clients with its commitment to enhance all properties it markets with multiple photos and customized property descriptions on the #1 real estate site(1), REALTOR.com®. With changing real estate market conditions, Assist-2-Sell is giving consumers what they want most online and providing another reason why home sellers and buyers must insist on using Assist-2-Sell Realty Brokerage Group.
Listings on REALTOR.com® with multiple photos are viewed 330% more often, on average,(3) and rise to the top when searched by number of photos. Assist-2-Sell enhances all of its clients’ properties on REALTOR.com® with multiple photos and detailed property descriptions. These properties also receive this high-impact placement within the real estate sections of MSN®, the Wall Street Journal online, and over fifty additional real estate and franchise sites, helping reach the largest audience of home buyers for its clients.
Assist-2-Sell understands that it is vital to reach the over 5.7 million consumers each month¹ who, on average, spend 78% of the time they search for a home online on REALTOR.com®.(4) With 80% of all home buyers using the Internet at some point in their search for homes(2), Assist-2-Sell is working to make sure its clients’ homes are promoted where more consumers are searching online.
For more information, contact Michael Sinton, CRB, e-Pro, Broker/Salesperson at Assist-2-Sell, America's Leading Discount Real Estate Company, directly at 732-364-7434, via email at MSinton@Assist2Sell.com or on the web at http://www.WeSellCentralNJ.com.
1 Media Metrix – Number of unique users on REALTOR.com® each month of 2007
2 2006 National Association of REALTORS® Profile of Home Buyers and Sellers
3 Compared with non-showcase listings (listings without multiple photos). Based on REALTOR.com® internal analysis of Showcase Listing Detail Page Views per Listing vs. Non-Showcase Listings Detail Page Views per Listing, for May 2007
4 Net ratings – Based on reporting of the time online users spent during September 2006 on REALTOR.com® and other comparable real estate aggregation sites and excluding sites of franchisors/brokers
All of us often turn to professionals when we need critical services performed or important guidance offered. Of course, the buying and selling of property is one such example, and the selection of a representative should be pursued carefully with interviews and research.
The same applies when choosing another professional who is crucial to the real estate transaction - the appraiser. But who orders the appraisal? Most often, it is the lender, who uses the report to confirm a property's value before approving financing. Sometimes, either the buyer or the seller will order an appraisal in order to secure an independent opinion of said value.
If you hire an appraiser, be sure he or she is licensed and certified. Most states provide those qualifications through an appraisal board, and you can also refer to the federal Appraisal Subcommittee's website at www.asc.gov, although only current - not past - disciplinary actions are listed there.
Once you've ordered an appraisal, how can you be sure of its accuracy? Begin by selecting an independent appraiser who was not chosen by the lender, and use your common sense. If the home across the street just sold for $150,000 and your appraisal reports at $250,000, you may have reason to seek a second opinion, which may be provided in a Competitive Market Analysis (CMA) performed by a real estate agent.
Michael Sinton, CRB, e-Pro
Broker-Salesperson
For more information, contact Michael Sinton, CRB, e-Pro, Broker/Salesperson at Assist-2-Sell, America's Leading Discount Real Estate Company, directly at 732-364-7434, via email at MSinton@Assist2Sell.com or on the web at http://www.WeSellCentralNJ.com.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved