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Posts Tagged ‘Buyers’
Selling your home is a commitment, not a whim.
The following examines particular efforts that can elevate your home’s value. If ignored, expect below market offers, asking price reductions, extended time on market, or worst of all, not sell at all. Photographers & Agents are two of your strongest allies in this challenging relocation process. Let’s explore further, with our top “5 Reasons Your Home Hasn’t Sold” …
1. Unrealistic Expectations
- Inflated price points.
- Examine comparable homes for sale within your neighborhood / zip code.
- Reference recently sold homes.
- Price accordingly.
- Incremental price drops overtime.
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strategies [unfortunately] do NOT guarantee profitability.
- Depends on purchase date (& relative proximity to housing crisis).
2. Weak First Impression
- Presentation is crucial.
- Make the small repairs.
- Pay close attention to curb appeal.
- Ex. Front / entry area
- Front door
- Ex. Front / entry area
- Thoroughly clean the house for every showing appointment.
- Professionally staged photography, highly recommended.
- Especially beneficial for 1st impressions online.
- Outdated amenities affect turnaround.
- Be realistic with time & budgeting.
- Homeowners typically recoup 61% of remodeling costs (during sales prep).
- Productive home improvement examples :
- Front door replacement
- Siding upgrades.
- Additional patio / deck.
- Sunk cost examples :
- Home offices
- Additional bathrooms.
- Bottom line : focus on improvements / upgrades that ensure your home is move-in ready.
4. No Agent
- While some can successfully sell their own property ; homeowners are susceptible to critical mistakes in pricing, presentation & marketing.
- A quality real estate agent will expedite your sale.
- This premium will outweigh time & effort spent selling independently.
- Commission Payment
- Percentage is NEGOTIABLE.
- Expect to spend [around] 5% of your selling price.
- Benefits :
- Proper pricing.
- Marketing reach & volume.
- Buyers in place.
5. Overly Personal
- Buyers reluctant to depersonalize the property.
- Prep to attract buyers.
- Neutralize the property for maximum appeal.
- Eliminate quirks & clutter.
- No pets [on-site] during showings.
- No evidence of smoking.
- Neutralize the property for maximum appeal.
- Bottom Line
- Potential buyers want to visualize the home as their own.
- Picture their own life within your property’s walls.
- Make this process easy as possible.
This is brought to you by Philadelphia Real Estate Blog.
To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.
The National Association of Home Builders (NAHB) annouced that 55 million families (half of all U.S. households) can now afford today’s $200,000 median-priced new home. Only 2 years just $38.4 million could afford a home. This is based on data from the U.S. Census Bureau comparing home prices, mortgage rates and minimum income needed to purchase a median-priced home. Thanks to record low mortgage rates and declining home prices a typical family today can purchase a house with $20,000 less in household income and save nearly $500 per month on their principal, interest, taxes and insurance than in 2007.
Great news for homebuyers out there! The Senate just voted tonight to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry.
The tax break was approved without dissent and came on a day in which Obama pushed back pointedly against Republican critics of the legislation even as he reached across party lines to consider a reduction in the spending it contains.
Read the full article.
Intersting article today at NY Times.
Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers. Then, everyone who sat on their down payment savings accounts for a few years too long will kick themselves for not taking advantage of what may turn out to be the buying opportunity of a lifetime for those who can qualify for a mortgage…
You can read the full article here.
You might also want to read my post about timing the market.
The current loan limit for FHA financing is $420,000 set by the 2008 Stimulus Package which was signed into law in February 2008. Effective January 1, 2009 the new FHA loan limits for loan limit for a single family house in Bucks, Delaware, Montgomery and Philadelphia Counties will decrease from $420,000 to $379,500. However, the conventional conforming loan limit will remain the same at $417,000.
If you need to check loan limits for other counties, this is the link: https://entp.hud.gov/idapp/html/hicostlook.cfm
Effective January 1, 2009 the minimum down payment and required funds into the transaction for FHA will change as well. The current required down payment is 2.25% and a total of 3% into the transaction with a maximum sellers assist. Starting January 1, 2009 any deals that do not have the FHA case number ordered by that time will change to 3.5% down and 3.5% into the equation with a maximum sellers assist.
If you are “on the fence” with little down payment money, you will need more money if you wait after the new year.
Keller Williams agents are now able to offer an additional incentive to their seller’s and buyers alike. The Live Free Program allows those who are putting 10% down payment on a home, and using American Home Bank for their financing, to receive three free mortgage payments of principal and interest. In essence, if you settled by the end of November, you would not have a first mortgage payment until March 1!
Keller Williams–Award Recipient
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So you have been hearing Fannie Mae and Freddie Mac on the news a lot lately. What’s this mean really?
Fannie Mae and Freddie Mac were placed into conservatorships on Sunday which means that the government has replaced the CEO’s and Boards of each company. The Treasury will purchase Senior Preferred Stock of Fannie and Freddie to provide capital as needed in amounts up to $100 billion for each company. The financial commitment by the United States Government will substantially increase confidence in Fannie and Freddie and the US housing Market and provide stability.
The US Treasury effectively guaranteed that mortgage backed securities will be backed by the US government which means that rates will likely hold at current levels and/or decline like we have seen past week.
Bottom Line: Rates are incredibly low, and buyers should capitalize on this market.
Because as of September 8th …
1. Rates were just reduced to 5.875 w. 0 points
2. The Feds are offering a $7,500 interest free loan to buyers making less than $75K or couples making less than $150K combined until July 1st, 2009
3. There are a wealth of properties to choose from …www.atacangroup.com
4. Sellers are eager to negotiate
5. Developers are ready to throw in loads of incentives
6. Concessions, repair requests and leave behinds are readily negotiated
7. Rents are rising! There has never been a more expensive time to rent in Philly
8. It’s not Spring. Most people buy and sell in the Spring. Be one of the few to make an offer in the Fall or around the holidays and LEVERAGE
9. Forbes just ranked Philly as the 4th best U.S. city to buy in http://www.forbes.com/2008/07/14/housing-buyers-list-forbeslife-cx_md_0714bestbuy_slide_8.html?thisSpeed=30000
10. And as always… the tax deductions, equity build up, appreciation and pride of ownership are still compelling factors!