Tinker AFB, OK

If you are receiving PCS orders arriving or departing Tinker AFB, and need to buy or sell a home. Here is some useful information for you.

Tips for Buying or Selling a Home in Any Market

Today's consumers face a real estate market that's drastically different from the housing boom of just a few years ago. But while the go-go days of soaring prices, bidding wars and fast transactions may be over, that doesn't mean there aren't good options for buyers and sellers. If you are planning to buy or sell a house soon, you still can develop a winning strategy and master the housing game. It starts with preparation, do your homework. It's best to know the lay of the land before you go in.

If You're Buying

Get pre-approved. Learn all you can about the different mortgaged in your area, and get pre-approved for a loan that fits your financial situation. With credit being so tight in today's market, it's important to know what your credit rating is and what lenders are looking to lend based on those ratings.

Research the market and location. Even though there are national trends, every market and every area is different. Narrowing your choices to specific neighborhoods and getting to know them. Commuting time and cost is a big factor . Most people want their homes to be convenient to work and schools, so look for proximity to the things that matter to you. Spend within your means. Know what you can afford and stick to that budget. A general guideline for a monthly mortgage payment — including principal, interest, taxes and insurance — is 28% of your gross monthly income.

Keep emotions at bay. Don't get too attached to a specific property. Be willing to walk away from a potential "dream home." Having choices can help you take a more disciplined approach and keep you from overspending. Remember: There's a house out there that fit needs as well as your pocketbook

If You're Selling

Avoid sentimentality. Emotionally detaching from your home when you begin contemplating selling. You want to be logical about what you're doing so you can part with your home more easily. More often than not, sellers price their homes base on sentimental values than true market values. Be realistic about pricing. Don’t over price it. There are a lot of choices out there, and you don't want buyers to cast your home aside right away because of the price.

Think like a salesperson. Market where the people are: real estate and social networking websites. Be aware that potential buyers are judging your home from the street or from photos on the Web long before they get a closer look. You want to have good curb appeal and no clutter. Make your home look inviting. Compare it to the competition — the other homes for sale in your area — and do what you can to make it better than the other homes the buyers are seeing. Be flexible. Be willing to offer incentives, such as paying for closing costs, moving expenses, new appliances or upgrades.

Please don't hesitate to call or email me. I can help easing some burden of your family during the transition in the military. Believe me I can empathize with your family. My husband was in the military for many years. I understand the circumstances that you are in.

Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you've found the perfect home.

The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.

However, appraisers are not construction experts and won't find or report items that are not obvious. They won't turn on every light switch, run every faucet or inspect the attic or mechanicals. That's where the home inspector comes in. They generally perform a detailed inspection and can educate you about possible concerns or defects with the home.

Accompany the inspector during the home inspection. This is your opportunity to gain knowledge of major systems, appliances and fixtures, learn maintenance schedules and tips, and to ask questions about the condition of the home.

You hope to sell fast for top dollar. Reality check: You'll probably have to compromise -- with a price that not only satisfies you but also attracts the right buyers and won't exceed the market value determined by your buyer's appraiser.

Agents don't pull a list price out of thin air. To begin homing in on the best price, you should expect that your agent will look at recent sales of homes similar to yours, current listings and pending sales.

For example, looks for at least three sales of comparable houses that have closed within the past 90 days. If the pool of sales is small, checks the county tax records for sales that weren't reported on the regional multiple listing service, such as ones in which a neighbor sold to a neighbor.

If short sales or foreclosures are prevalent in your market, your agent may also factor in their prices. However, given that these houses are often sold in poor condition, their sale prices may not have much of an effect on the pricing of your home, if it's in good shape.

Based on their research, agents will develop a price range for your home. Whether you start at the top, midpoint or bottom of the range is a decision that depends on how quickly you need to sell.

If you start a little lower than your competition, you'll generate traffic, and you can always say no to unacceptable offers. But don't start at the very bottom. Instead, build in room for negotiation so you can come down in price, if needed. Buyers like to feel as if they have won. Padding the price a bit is especially important if you haven't already reduced the price for deficiencies -- say, an outdated kitchen or a poor location.

If you're selling an entry-level home that will attract first-time buyers, you can anticipate that they will want help with their closing costs, which usually amount to 3% to 6% of the purchase price. So you may want to price it a bit higher to start. Keep in mind, though, that a buyer using conforming financing (backed by Freddie Mac or Fannie Mae) or a Federal Housing Administration loan can apply the home buyer's tax credit toward closing costs.

PCSing in or out of Tinker AFB, OK - Low interest rates and low housing prices could be the time to sell and buy a new home. Oftentimes, individuals think they can go it alone and save money on real estate commission in the process. However, not having a knowledgeable agent to navigate the process can end up costing you more money. Agents guide the seller/buyer through a complicated process of legalities and emotional hurdles. The agent also negotiates for the buyer and seller to help them make important decisions.

SELLING A HOME:

The agent will meet with the sellers and evaluate the home and property. He/she will do a market analysis to figure out the best price to list the house based on the neighborhood and comparable sales. The agent may make suggestions for repairs or improvements that can help make the home more attractive to buyers. The agent may present a marketing plan that indicates where the home will be advertised. Follow-up feedback can be offered, which may include information the agent receives by making calls to people who viewed the home or by tracking how many potential buyers viewed the home listing.

Whether you are a buyer or seller, or doing both. Your goal is to get the best financial deal on the home-and often that means having a qualified real estate agent in your corner. Those entering the real estate realm may have misconceptions about what's involved. Even experienced home buyers/sellers may have trouble navigating through all the new rules and regulations. Interview the agent and be familiar with his/her level of experience and knowledge in real estate.

Individuals buying or selling a home can certainly do it by themselves, but real estate agents have the knowledge and provide assistance through the myriad steps of the process, helping you to save time and money in the long run.

Even in a buyer's market, it pays to be prepared. In many places around the country, including here in Oklahoma City, Tinker AFB and surround suburbs areas. The real estate market is considered "soft," with more houses for sale than there are buyers willing and able to purchase them. And while this may cause angst for sellers, it places buyers in an excellent position to negotiate a good deal.

Be informed.

Find out everything you can about the property. Compare the asking price with what other homes in the neighborhood are selling for or have sold for recently. Your real estate agent can get this information with a Comparable Market Analysis. Find out why the owners are selling and how long the property has been on the market. If the sellers already have purchased or made an offer on another home, they might be open to negotiations. Likewise, a divorce, death in the family or other personal situation could raise the willingness of the sellers to accept a lower offer.

Be prepared

Secure pre-approval for a home loan before shopping for a house. You have more bargaining power. Sellers take you more serious. Also, there's no sense in estimating what you think you can afford and entering negotiations if it's not realistic. Making sure your credit is as stellar as it can be when you start the mortgage hunt. You can get a lower interest rate. Go to www.annualcreditreport.com and get a copy of credit report for free once a year. You don't want to get your hopes up for a home if your credit is not up to par or if your income doesn't warrant a home in a certain price range.

Be reasonable

Even with paperwork in order and information in hand, the actual negotiation moment can be intimidating. How important it is to keep anxiety and emotion as low as possible. Leave the emotion out of it as much as you can. Think of it objectively. A willingness to meet the sellers halfway can help, too. For instance, it is acceptable to offer a price from the lower range of the Comparable Market Analysis, but low-balling with an insulting figure can ruin the deal.

Be wise.

No one does your bidding like you do. The real estate agent puts in the official bid, but you are the one who knows what the home is worth to you. Stick with that price. Your real estate agent is your advisor, but you know what you're comfortable with. If you can't see yourself living in the home for five to 10 years, maybe it's not the best thing to do at this time. Get everything in writing. Get a good faith estimate, get closing costs considerations on paper, get every offer spelled out .That's your due diligence.

As Oklahoma City and Tinker AFB, OK is a military community, we often have many PCSing in and out of the city. Stay tune for tips on how to Get the Most for your House when selling it. If I can be of further assistance to you please don't hesitate to call or email me.