by CRESTICO | Oct 30, 2009 | CRESTICO
Our country’s economy, like many things, is on a cycle and just like the old adage says, what goes up, must come down. We experienced a boom in Real Estate in the early 2000s and we are merely seeing the after effects of that boom now. While perhaps you may not be able to purchase a million-dollar oceanfront property this year, or even next; you will still be able to realize your very own version of the American dream.
The Mortgage Bankers Association issued a statement saying "Sales of existing homes will rise 11 percent in 2010, and sales of new homes will climb 21 percent over this year." This is great news for everyone, particularly future homeowners! What this means is that we are entering a part of the real estate cycle where things will start going back up. Just like everything else, you have to practice patience and good judgment when buying a home. Homes in the lower end of the market, also known as "entry level" or "starter" homes are a great place to start. Buying a starter home will not only ease you into the concept of owning a home, but will also familiarize you with the process of actually purchasing it. Additionally, while living in your new home, you will be able to experience the trials, tribulations and joys associated with being a homeowner.
Having a great real estate agent is the first step in this process. You will need someone to guide you through the market, not only in terms of prices and mortgages but also in terms of choosing a home that fits your lifestyle. Remember, your agent has access to multitudes of customers, buyers and sellers and the best way for you to take advantage of everyone else’s experience is to work with an agent who is experienced!
by CRESTICO | Feb 18, 2009 | CRESTICO
Realtor vs. Real Estate Agent: What’s the difference and How to Choose one?
Before someone can hold him or herself out as a “Real Estate Agent,” he/she must be licensed by the state in which he/she plans to work, either as an agent/salesperson or as a broker. Before a license is issued, minimum standards for education, examinations and experience, which are determined on a state by state basis, must be met. After receiving a real estate license, most agents go on to join their local board or association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORS®, the world's largest professional trade association. They can then call themselves REALTORS®. An agent may still practice Real Estate without being a REALTOR®, however this means that the agent has not completed the steps in becoming a REALTOR®.
A REALTOR® is held to an even higher standard of conduct under the NAR’s Code of Ethics. In recent years, state laws have been passed setting up various duties for different types of agents. As you start working with a REALTOR®, ask for a clear explanation of your state's current regulations, so that you will know where you stand on these important matters. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics (which in many cases goes beyond state law). In most areas, it is the REALTOR® who shares information on the homes he or she is marketing, through a Multiple Listing Service (MLS). Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes.
As a consumer, you are not bound to choosing only REALTORS® or Agents, you may work with either. There are many excellent agents that are not REALTORS®, however read on to discover some strategies in choosing the best REALTOR® or Agent for you. Real Estate Agents, whether REALTORS® or not, are bound by certain legal obligations. Traditionally, Agents must consider and weigh your interests ahead of anyone else's; maintain the confidentiality of your information; obey your lawful instructions; be responsible for reporting anything that may be useful or of consequence to you; and account for any money involved in your transaction
by CRESTICO | Feb 5, 2009 | CRESTICO
Get The Best Deal on A Home
While buying a home can be a stressful process, it can also provide you great sense of achievement and satisfaction. Here is some helpful advice for you to consider when trying to get the best deal.
Vacant Properties are a great way to get good deals. Properties that are vacant do not have anyone living in them and are not making any money for the seller. Often, sellers are very willing to enter negotiations to get these properties off their books. This can be a great negotiation point for you, the buyer.
Do not underestimate the value of a fixer upper! While it may not be the most attractive house on the block today, it very well may be tomorrow. New carpets, a coat of paint and landscaping can turn a seemingly dilapidated old shack into a sparkling new home. Try not to get distracted by things that are easily fixed. If the home has no structural issues and matches your needs, consider the potential when making your decision. Often, homes that are not initially aesthetically pleasing, will turn out to be the customized home of your dreams!
Get an accurate idea of how many homes in the area you are considering, truly match your needs. Having a solid idea of this number will help you determine your negotiating power. The more homes there are that match your needs, the greater your ability to negotiate. Your agent can help you find this information.
Survey the area’s schools. Just because you do not have children now does not mean that you will not in the future or that you should not consider the schools. Schools can be a great negotiating tool, as well. Good schools are an indication of property value that is underlying and potentially long-lasting. Not-so-good schools in the area can give you another bargaining chip when entering negotiations with the seller.
Have a flexible touring schedule. Often, and especially in this market, sellers rent their properties while they are trying to sell them. This means that there may be tenants living in the property, or perhaps there is no lockbox and tours may be on an appointment basis only. While this may seem burdensome, consider this. A home that is not often viewed, is not often made an offer on. As a result, your offer may be taken more seriously. Minimally shown homes do not pull in offers the way open houses do, so the seller may be more willing to entertain and negotiate your terms.
A common point of contention between buyers and sellers is the closing date. Buyers are often eager and want to close as soon as possible to meet their own personal deadlines, be it the opening of school or beginning of summer or recently after a wedding. Sellers are often eager for many of the same reasons as well. However, it would be beneficial to the Buyer to determine the Seller’s deadline when making the offer. This way, the seller may be more likely to accept the offer.
Using this advice and help from the right agent, you’re sure to get the best deal possible!
by CRESTICO | Jan 31, 2009 | CRESTICO
LISTING YOUR HOME AT THE RIGHT PRICE
You have finally decided that you want to sell your home. Where to start? The most important thing you must consider is the price. This is going to be the first impression a potential buyer gets of you and your home. If you price it too high, you risk discouraging buyers and reducing your home’s appeal after only a short time. Industry standards dictate that most listed homes see a reduction in demand and interest after about 3 weeks. Industry practice has also shown that if you price your home too low, market factors will raise the price to market. This is because you will receive multiple offers on a low price and potential buyers will end up bidding more and more to get your home. 2 things you should consider when attempting to determine a price are Supply and Demand. Now, we have all heard these terms in our high school economics and government classes but what do they mean to you, a potential home seller? They mean you must consider how many homes are on the market in your area (supply) and how many people are looking to buy them (demand).
Here are a few other thing to consider when trying to set a sale price for your home:
Comparable Listings. A good starting point is to take a look around your neighborhood. Compare your house to the others on your block (we generally recommend considering homes up to but not further than a 0.5 mile radius from your home). And don’t just look at today’s prices. Do a little research and go back a few months. Look at recently sold as well as currently listed properties. Spend some time gathering information, this will all be useful to you in determining a price base. Compare things like year built, square footage, lot size, pools, second stories, driveways, garages and carports. Look at old listings, expired listings and withdrawn listings to determine the number of days each comparable property was actually on the market. Pay attention to sales price in relation to listing price. Discrepancies in the two may indicate trends in the local area.
When considering active listings, remember these are the homes that buyer looking to purchase in your area will be looking at and mentally comparing to your home. Attend open houses in your area and take tours, check out the competition. Make a note about anything that strikes you and apply your perceptions to your own home’s open houses and tours. We at Crestico have preferred partners that are specialists at Staging. Staging is when you prepare your home in an aesthetically pleasing manner so as to entice and induce buyers.
After you have gathered all the information you need, your next step is to make sense of it and set a price. Another thing to consider would be what type of market it is, buyer’s or seller’s. This seems tricky, but your Crestico Agent will be able to sort it all out with you and explain it in easy to understand terms. Call today to speak with an agent who is ready, willing and able to help!
