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Seller's Tips

At first the task seems daunting: You haven't sold a home before, the market looks complex, and what worked for owners 10 or 20 years ago seems inappropriate today.

What steps should you take? Here's a baseline list to get you started.

Contact a REALTOR®. The industry and the laws have changed. You need the protection of a professional who you know will be on your side, and guide you and protect you through the entire process.

You Can Do It. Some 5.5 million existing homes are expected to sell in 2009, more than 15,000 a day. Other owners have done it and so can you.

Define Your Goal. Do you want the highest sales price -- or the biggest check at closing? They're not necessarily the same. Imagine that two homes sell for $300,000, but one owner pays 2 points and agrees to replace the roof. The owner who sold without such costs got a bigger check at settlement. The bottom line: To have a successful sale you need to look at both price and terms -- you must have a strong negotiator in your corner.

Times Have Changed. Today's real estate marketplace is radically different when compared with 10 years ago. Purchasers now use the Internet, receive seller disclosure forms, get home inspections, and are routinely represented by buyer brokers. The result is that buyers can be better prepared than in the past.

Sparkle And Shine. Imagine going to a supermarket and seeing dusty fruit or aisles filled with old shelving and cans. It doesn't happen because the grocery store knows how to present its goods. Sellers must do the same. Get rid of things you don't want to move, organize closets and storage areas, and clean everywhere.

Mechanics Count. Buyers expect everything to work. Home inspections are now entirely common and what buyers miss home inspectors will catch. Fix and paint things now and they won't be an issue in the future.

Think Broadway. When buyers see your home, it's showtime. They want an environment where they can see themselves. Given them a show where everything is painted, arranged, and attractive, a home where the only issue is when to move in.

How's The Market? Real estate is local. Your broker can explain current market trends in your community, including what's selling, what isn't selling, and why. This information is central to getting the best possible price and terms.

Know Your Rivals. Your property will be competing with other homes for buyer attention. Ask your broker how to be competitive -- and how to have an edge.

What Time Is It? Markets differ by location and time. When interest rates are low and the local job base is growing, it's great to be a seller. But when times are slack and mortgage rates are rising, homes also sell. In 1981, when the prime rate topped 20 percent and the population was smaller, 2.4 million existing homes were sold. The trick is to be realistic, to get as much as market conditions will allow.

Understand The Plan. Real estate marketing involves far more than a sign in the yard and an ad in the paper. Successful brokers use a variety of methods to attract and qualify prospects, including the latest Internet and communication advances.

Buyer's Tips

Smart Buyers avoid the most common mistakes made by normal buyers.

1) Unknowingly participating in a mortgage loan that may not be in your best interest.
A professional mortgage officer knows in excess of 50 ways to finance your mortgage. Everyone’s personal situation is a little different. As an example, your mortgage can be designed to reduce your payoff term and increase your equity with virtually the same monthly payment. Why wouldn’t you choose this type of alternative, because, you simply did not know. A Smart Buyer is a person who wants to know! We believe that is YOU.

2) Waiting until after the contract to process their mortgage, or just obtaining a pre-qualification letter before submitting a contract.
Pre-approval benefits you more than you can imagine. By starting your loan process and obtaining loan pre-approval, not just pre-qualification, will place you be in a much better position to negotiate with a seller who knows you are financially prepared.

Additionally, you can solve any obstacle, no matter how small, without delaying the closing as many buyers do by processing their loan after placing a contract on a home.

3) Not having a thorough market analysis prepared for the home that you choose.
With Realtor’s computer capabilities, agents have complete information, and you should have all the facts as well. Knowing details regarding comparable sales and active competition will increase your knowledge when you are negotiating the price and terms of your home. (Some buyers do pay top dollar for their home, but it shouldn’t be without knowing where they stand.)

4) Not having complete cost estimates based on the specific home contracted for, not just an estimate done at loan application.
Each home has specific costs associated with it, such as taxes and insurance. These can vary dramatically in different areas.

5) Settling for weak negotiating. This can cost you a few hundred or thousands of dollars.
Many buyers and agents settle for that “let’s just get a deal done” scenario. Think about it sincerely; would you rather just make a deal, or do you want your representative to do the very best possible negotiating on your behalf?

6) Not being selective - trying to see everything in and out of their price range, (or being too selective.)
Seeing homes in the proper price range and areas gives you a better feel for the market, and educates you while you look. Your area has a variety of neighborhoods and property types. Make sure that you see what you need to be comfortable with your decision. These statements are not contradictory; you should see all that fits you without wasting time on homes that won’t.

7) Not previewing schools, shopping, and other neighborhood amenities.
Take the time to know the convenience of your area, and whether the schools, shopping and amenities will help you attract the next buyer.

8) Not requiring the proper inspections.
It is money well spent, and paying attention to the results will let you know the condition of the home that you plan to make yours. In addition, making sure that a home warranty is in place can save you unexpected expenses.

If you have any questions on the above information or would like to begin the pre-approval process, please call Glenn today.