There are four requirements for a valid contract:
- Competent Parties
- Mutual Agreement
- Lawful Purpose
There are four requirements for a valid contract:
In a general sense, your property’s value
will increase and decrease along with the overall economy and market conditions. No one has any control over that; it just depends on what the dollar is worth, on inflation, on the amount of unemployment here and in the rest of the country, etc.
Still, the specific value of your home only matters when you want to sell it or borrow against it. The rest of the time its value is just on paper, and the exact worth is anybody’s guess. In real dollars, your property is worth exactly what a buyer is willing to pay and what you are willing to accept at the time you sell it – not more and not less, not sooner and not later.
So realistically, no one can tell you, “I don’t care how much people are paying; it’s not worth that much!” If buyers ARE paying it, and lenders are supporting it, then it HAS to be worth that much. (And if they aren’t, it isn’t!) The other major factor affecting the value of a property is the reason for selling. Not a “stated” reason, mind you, but the seller’s actual reason. The stronger the reason, the more realistic the price and the more likely the sale. However, the weaker the reason, the higher the price and the less likely the sale.
What does this mean for you? Simply call or email and let me give you some realistic guidelines as they pertain to your own unique circumstances.
Begin Rant …
The other day a potential home buyer asked me to take them to view a home for sale. Before setting the appointment I asked for a lender pre-qualification or proof of funds. When he was offended, my red flags popped up.
When I take you into a home for sale, I’m vouching for you to both the other agent and their client the home seller that you are ready willing and able to buy this home if it suits your needs after viewing it. How can I do that if I don’t know anything about you?
For that first step, I’m asking you to spend 10-15 minutes on the phone with a lender and produce some basic documentation including a picture ID. If you don’t have a lender, I’ve got several that I’m happy to recommend. Feel free to shop around several different lenders to choose the one who seems right for you.
Why is this so important? There are obvious benefits to you that you can find articles about all over the web. If you aren’t concerned why should I be?
Well – I’m concerned about my safety. I’m concerned about the safety and security security of the home I’m allowing you access to you and about the safety and security of those homeowners. I’m concerned about wasting the seller’s time, the listing agent’s time and my time.
A reputable lender will protect the privacy of your documents. Once he reviews them I’m glad to take you out shopping for the home of your dreams. But not until … so get qualified.
A house that “sparkles” on the surface will sell faster than its shabby neighbor, even though both are structurally well maintained.
From experience, REALTORS® also know that a “well-polished” house appeals to more buyers and will sell faster and for a higher price. Additionally, buyers feel more comfortable purchasing a well-cared for home because if what they can see is well maintained, they assume that what they can’t see has probably also been well maintained. In readying your house for sale, consider:
Before putting your house on the market, take as much time as necessary (and as little money as possible) to maximize its exterior and interior appeal.
In preparing your home for the market, spend as little money as possible. Buyers will be impressed by a brand new roof, but they aren’t likely to give you enough extra money to pay for it. There is a big difference between making minor and inexpensive polishes and touch-ups to your house, such as putting new knobs on cabinets and a fresh coat of neutral paint in the living room, and doing extensive and costly renovations, like installing a new kitchen.
Your REALTOR® is familiar with buyers’ expectations in your neighborhood and can advise you specifically on what improvements need to be made and which improvements are most effective. Don’t hesitate to ask for advice.
When preparing to put your home up for sale, your first concern is the home’s exterior. If the outside, or “curb appeal” looks good, people will more than likely want to see what’s on the inside.
Here are some tips to enhance your home’s exterior and curb appeal to buyers:
You want your home to look as spacious, bright and clean as possible. Also the home should look neutral – without a lot of your personal and sentimental objects – so buyers can begin to imagine living there.
Here are some tips to enhance your home’s interior appeal to buyers:
How does your home match up with what buyers are looking for? Most buyers like sparkling new kitchens and baths. So you’re thinking, “A-HA! I should put in a new kitchen — granite, travertine, stainless steel!” If that’s what you want to live in — go ahead. The sky’s the limit. But if you’re planning to recoup your investment with an improved sale price right away, you might want to think again. Based on this information, repair or replace the roof and polish up those hardwood floors.
This doesn’t mean that you should put your house on the market without having done any maintenance for the last 30 years and expect an average or better price. Leaks, dripping faucets, peeling paint and cracked windows will turn off the average buyer in a big hurry. You will get low-ball offers from vendors looking to flip the house. They’ll offer you about 60-70% of the going rate for you home. If that’s what you want to to accept, call me. I’ve got several of those investors just waiting for your home to come along.
When should you buy a home? When you want one and can afford one. Interest rates are at historic lows. While prices seem to go up and down a bit, the historic truth is that all Real Estate goes up over the long term. The sooner you buy – the better. So called “timing the market,” to find the absolute best time to buy really doesn’t work. Look at some very prominent “Deal Makers” who have declared bankruptcy more than once.
The home buying process might seem a little confusing if you haven’t gone through it before. However, it can actually be a lot easier than you think, particularly if you’re working with someone who’s got a lot of experience helping people with their real estate needs. I’ve been helping first-time home buyers realize their dreams for years. I can speed up your home search, help arrange financing, help you negotiate a good deal, and make sure everything’s signed, sealed and delivered on the closing date.
So if you’re interested in finding out more, please call or email me any time.