July 14, 2011

Selling Your Home? How to Price It Right!

Posted to Christine Nagy, Real Estate 101

  1. Get a CMA from a LOCAL realtor. Some sellers choose real estate agents who are family or friends that are not familiar with the area in which the seller's home is located. A local realtor more likely knows the area and is familiar with the other homes that are under contract and have recently sold - sometimes they have even listed or sold these comparable homes and have first hand knowledge of the sale.
  2. Research the other homes for sale in the area - there's a lot of information available - go to open houses. If you were a buyer, would you choose your home over other homes in the same price range?
  3. Evaluate the current market conditions. Are homes selling in your local area or are they tending to linger longer on the market than other areas? How are interest rates? Watch home prices in the area. Are they going up or down?
  4. Don't price your home according to what YOU want for it. Your home is only worth what a ready, willing and able buyer will pay for it. No one cares how much your home was worth last year, how much money you put into it, or how much money you need for a downpayment on your next home.

Posted by:  Christine Nagy

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May 09, 2011

Open house safety

Posted to Real Estate 101

When conducting an open house, safety is very important. If possible you should have a friend or family member accompany you. Always let your broker know where you are and how long you will be there.

Another tip is to always walk behind your clients. Let them enter the room first so that you are closer to the door for a quick exit. Make sure that you have an escape plan in place. Make sure you can escape through all the doors and fences that surround the property. Never take your pocket book into the open house. Leave any valuables in the car, but of course always have your phone in hand with 911 already programed into your phone. Be safe.

Posted by:  Marie LaQuaglia

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April 19, 2011

Signs That You're Ready to Buy a Home

Posted to Christine Nagy, Real Estate 101

1. You know the market.
If you've been paying attention to how much houses are listed for and sell for in the neighborhoods that you want, and are realistic about much a house will cost you, you're in good shape. As an informed buyer and knowledge of the local market, you set yourself up for success.

2. You have the money for a down payment and closing costs.
Down payments usually range from 3 to 20 percent of the property value. Also, you may be required to have Private Mortgage Insurance, if your down payment is less than 20 percent. Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. You can expect to pay between from 2 to 7 percent of the property value.

3. You know how much you can afford.
Your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income. Also, your income, debt and credit history will determine how much you can borrow. As a general rule, your debt and credit card bills, car loans, housing expenses, alimony and child support should not be more than about 30 to 40 percent of your gross income.

4. You know the additional expenses that come owning a home.
This includes homeowners insurance, utility bills, maintenance costs such as roofing, plumbing, heating and cooling.

5.Your credit is good and your credit report is accurate.
Potential lenders will view your credit history to determine whether they'll give you a loan. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.

6. You haven't made any recent major purchases.
If you have made a recent purchase, you may have a harder time getting a loan or it could potentially lower the amount you'll be approved for.

Posted by:  Christine Nagy

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