Thursday, November 28, 2013
27 Tips You Should Know To Get Your Home Sold Fast and For Top Dollar
27 Tips You Should Know To Get Your Home Sold Fast and For Top Dollar
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"...discover how to protect and capitalize on your most important investment.."
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Because your home may well be your largest asset, selling it is probably one of the most important decisions you will make in your life. To better understand the homeselling process, a guide has been prepared from current industry insider reports. Through these 27 tips you will discover how to protect and capitalize on your most important investment, reduce stress, be in control of your situation, and make the most profit possible.
1. Understand Why You Are Selling Your Home
Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set your asking price at to how much time, money and effort you're willing to invest in order to prepare your home for sale. For example, if your goal is for a quick sale, this would determine one approach. If you want to maximize your profit, the sales process might take longer thus determining a different approach.
2. Keep the Reason(s) You are Selling to Yourself
The reason(s) you are selling your home will affect the way you negotiate its sale. By keeping this to yourself you don't provide ammunition to your prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage in the negotiation process. When asked, simply say that your housing needs have changed. Remember, the reason( s) you are selling is only for you to know .
3. Before Setting a Price - Do Your Homework
When you set your price, you make buyers aware of the absolute maximum they have to pay for your home. As a seller, you will want to get a selling price as close to the list price as possible. If you start out by pricing too high you run the risk of not being taken seriously by buyers and their agents. If you are pricing too low it can result in selling for much less than you were hoping for.
Setting Your Home's Sale Price
If You Live in a Subdivision - If your home is comprised of similar or identical floor plans, built in the same period, simply look at recent sales in your neighborhood subdivision to give you a good idea of what your home is worth.
If You Live in An Older Neighborhood - As neighborhoods change over time each home may be different in minor or substantial ways and you will probably find that there aren't many homes truly comparable to yourown. In this case you may want to consider seeking a Realtor ® to help you with the pricing process.
If You Decide to Sell On Your Own - A good way to establish a value is to look at homes that have sold in your neighborhood within the past 6 months, including those now on the market. This is how prospective buyers will assess the worth of your home. Also a trip to City Hall can provide you with home sale information in its public records, for most communities.
4. Do Some "Home Shopping" Yourself
The best way to learn about your competition and discover what turns buyers off is to check out other open houses. Note floor plans, condition, appearance, size of lot, location and other features. Particularly note, not only the asking prices but what they are actually selling for. Remember, if you're serious about getting your home sold fast, don't price it higher than your neighbor's.
5. When Getting an Appraisal is a Benefit
Sometimes a good appraisal can be a benefit in marketing your home. Getting an appraisal is a good way to let prospective buyers know that your home can be financed. However, an appraisal does cost money, has a limited life, and there's no guarantee you'll like the figure you hear
.
6. Tax Assessments - What They Really Mean
Some people think that tax assessments are a way of evaluating a home. The difficulty here is that assessments are based on a number of criteria that may not be related to property values, so they may not necessarily reflect your home's true value.
7. Deciding Upon a Realtor®
According to the National Association of Realtors, nearly two-thirds of the people surveyed who sell their own homes say they wouldn't do it again themselves. Primary reasons included setting a price, marketing handicaps, liability concerns, and time constraints. When deciding upon a Realtor® ,consider two or three. Be as wary of quotes that are too low as those that are too high.
All Realtors® are not the same! A professional Realtor® knows the market and has information on past sales, current listings, a marketing plan, and will provide their background and references. Evaluate each candidate carefully on the basis of their experience, qualifications, enthusiasm and personality. Be sure you choose someone that you trust and feel confident that they will do a good job on your behalf.
If you choose to sell on your own, you can still talk to a Realtor®. Many are more than willing to help do-it-your-selfers with paperwork, contracts, etc. and should problems arise, you now have someone you can readily call upon.
8. Ensure You Have Room to Negotiate
Before settling on your asking price make sure you leave yourself enough room in which to bargain. For example, set your lowest and highest selling price. Then check your priorities to know if you'll price high to maximize your profit or price closer to market value if you want sell quickly.
9. Appearances Do Matter - Make them Count!
Appearance is so critical that it would be unwise to ignore this when selling your home. The look and "feel" of your home will generate a greater emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell even though you may have priced your home to sell.
10. Invite the Honest Opinions of Others
The biggest mistake you can make at this point is to rely solely on your own judgment. Don't be shy about seeking the honest opinions of others. You need to be objective about your home's good points as well as bad. Fortunately, your Realtor® will be unabashed about discussing what should be done to make your home more marketable.
11. Get it Spic n' Span Clean and Fix Everything, Even If It Seems Insignificant
Scrub, scour, tidy up, straighten, get rid of the clutter, declare war on dust, repair squeaks, the light switch that doesn't work, and the tiny crack in the bathroom mirror because these can be deal-killers and you'll never know what turns buyers off. Remember, you're not just competing with other resale homes, but brand-new ones as well.
12. Allow Prospective Buyers to Visualize Themselves in Your Home
The last thing you want prospective buyers to feel when viewing your home is that they may be intruding into someone's life. Avoid clutter such as too many knick-knacks, etc. Decorate in neutral colors, like white or beige and place a few carefully chosen items to add warmth and character. You can enhance the attractiveness of your home with a well-placed vase of flowers or potpourri in the bathroom. Home-decor magazines are great for tips.
13. Deal Killer Odors - Must Go!
You may not realize but odd smells like traces of food, pets and smoking odors can kill deals quickly. If prospective buyers know you have a dog, or that you smoke, they'll start being aware of odors and seeing stains that may not even exist. Don't leave any clues.
14. Be a Smart Seller - Disclose Everything
Smart sellers are proactive in disclosing all known defects to their buyers in writing. This can reduce liability and prevent lawsuits later on.
15. It's Better With More Prospects
When you maximize your home's marketability, you will most likely attract more than one prospective buyer. It is much better to have several buyers because they will compete with each other; a single buyer will end up competing with you.
16. Keep Emotions in Check During Negotiations
Let go of the emotion you've invested in your home. Be detached, using a business-like manner in your negotiations. You'll definitely have an advantage over those who get caught up emotionally in the situation.
17. Learn Why Your Buyer is Motivated
The better you know your buyers the better you can use the negotiation process to your advantage. This allows you to control the pace and duration of the process.
As a rule, buyers are looking to purchase the best affordable property for the least amount of money. Knowing what motivates them enables you to negotiate more effectively. For example, does your buyer need to move quickly. Armed with this information you are in a better position to bargain.
18. What the Buyer Can Really Pay
As soon as possible, try to learn the amount of mortgage the buyer is qualified to carry and how much his/her down payment is. If their offer is low, ask their Realtor® about the buyer's ability to pay what your home is worth.
19. When the Buyer Would Like to Close
Quite often, when buyers would "like" to close is when they need to close. Knowledge of their deadlines for completing negotiations again creates a negotiating advantage for you.
20. Never Sign a Deal on Your Next Home Until You Sell Your Current Home
Beware of closing on your new home while you're still making mortgage payments on the old one or you might end up becoming a seller who is eager (even desperate) for the first deal that comes along.
21. Moving Out Before You Sell Can Put You at a Disadvantage
It has been proven that it's more difficult to sell a home that is vacant because it becomes forlorn looking, forgotten, no longer an appealing sight. Buyers start getting the message that you have a another home and are probably motivated to sell. This could cost you thousands of dollars.
22. Deadlines Create A Serious Disadvantage
Don't try to sell by a certain date. This adds unnecessary pressure and is a serious disadvantage in negotiations.
23. A Low Offer - Don't Take It Personally
Invariably the initial offer is below what both you and the buyer knows he'll pay for your property. Don't be upset, evaluate the offer objectively. Ensure it spells out the offering price, sufficient deposit, amount of down payment, mortgage amount, a closing date and any special requests. This can simply provide a starting point from which you can negotiate.
24. Turn That Low Offer Around
You can counter a low offer or even an offer that?s just under your asking price. This lets the buyer know that the first offer isn't seen as being a serious one. Now you?ll be negotiating only with buyers with serious offers.
25. Maybe the Buyer's Not Qualified
If you feel an offer is inadequate, now is the time to make sure the buyer is qualified to carry the size of mortgage the deal requires. Inquire how they arrived at their figure, and suggest they compare your price to the prices of homes for sale in your neighborhood.
26. Ensure the Contract is Complete
To avoid problems, ensure that all terms, costs and responsibilities are spelled out in the contract of sale. It should include such items as the date it was made, names of parties involved, address of property being sold, purchase price, where deposit monies will be held, date for loan approval, date and place of closing, type of deed, including any contingencies that remain to be settled and what personal property is included (or not) in the sale.
27. Resist Deviating From the Contract
For example, if the buyer requests a move-in prior to closing, just say no and that you?ve been advised against it. Now is not the time to take any chances of the deal falling through.
Friday, November 15, 2013
For Sale by Owner 10 Inside Tips for Selling Your Home Yourself
For Sale by Owner 10 Inside Tips for Selling Your Home Yourself
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"...selling a home on one's own can be challenging as many home sellers will attest to."
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If you ask anyone who has ever tried to sell their home themselves they'll tell you that from the moment the "For Sale by Owner" sign goes up, the phone begins to ring. Unfortunately, many of those calls will not be from prospective buyers, but rather from real estate agents looking to obtain your listing. Obviously the idea of not having to pay a commission to a real estate agent is attractive to any home seller. But because of all the issues involved in the process, selling a home on one's own can be challenging as many home sellers will attest to.
The key is to be properly prepared. If you are not, your home could remain on the market longer than you expect because you are not attracting and getting offers from qualified buyers. This can be a point where many homeowners become frustrated and consider giving up their dream of selling their home themselves. However, there are sellers who accomplish selling their own homes, very well. You can be one of them.
This industry report has been especially prepared to assist home sellers, such as yourself, understand the elements involved so you, on your own, can sell your home quickly and for the most amount of profit. To help you prepare, here are 10 inside tips that you should be aware of before you make the decision as to whether or not this is the right approach for you.
1. Price it Right
Correctly setting your asking price is critical. Setting your price too high can be as costly as setting it too low. Home prices are determined by fluctuations in the marketplace not by your emotional attachment or by what you feel your home is worth. In order to establish a realistic price for your home, objectively compare the price, features and condition of all similar homes in both your neighborhood and other similar ones which have sold in recent months. It is also important for you to be familiar with the terms of each potential sale. Terms are often as important as price in today's market. Carefully budget your selling costs and prepare a net proceeds sheet to calculate your best estimate of what you will take away from your home sale. Prospective buyers may also request this kind of analysis of buying costs.
2. Prepare Your Home for Sale
First impression is crucial. Make sure your home makes a positive statement by carefully inspecting all details and viewing it through the objective eyes of a buyer. Don't gloss over needed repairs and fix-ups, as your prospective buyers won't. Your job is to ensure that your home stands out favorably from the competition.
3. Prepare Yourself With All Necessary Legal Documentation
Not surprisingly, there are many important legal contracts and documents which you must assemble, complete and understand. A partial checklist of forms that you will require for prospective buyers and for legal documentation is as follows:
• Mortgage Payoff
• Loan Application
• Deposit Receipt
• Property Profile Fact Sheet
• Buyer's Cost Sheet
• Closing & Settlement
• Personal Property
• Exclusion List
• Property Survey
• Sellers Statement /Plot Plan of Representation
4. Market Your Home Effectively
Beyond the sign you will put on your lawn, you should find effective ways to spread the word about your home. Local buyers can be reached through the newspaper, but this is only a small part of the market you are after. Be sure you include the many buyers who could already be working with a Realtor®. To locate them, target as many top agents as possible in your market to see if the criteria of their buyers matches that of your homes. Because out-of-town buyers are also an important target, you should create a strategy to reach these people as well. Above all, you should be very service minded and make it easy for pre-qualified buyers to view your home. Ensure that there is always someone available to answer the phone, pick up messages promptly, and be ready to give qualified prospects a tour of your home as soon as possible.
5. Remain Objective During a Showing of Your Home
Keep emotion out of the sale of your home, and the best way to do this during a showing is to remain physically in the background. If a prospective buyer says something negative about your home, it is better to counter-balance this point of view by illustrating the positives rather than becoming defensive.
6. Pre-Qualify Your Prospects
Don't waste your time entertaining buyers who could never afford your home. Research their financial steadiness with respect to job security, salary, debts, liabilities and credit standing.
7. Negotiate Effectively & Knowledgeably
There will be many details to resolve before a sale can be considered final: price, terms, inspections, possession date, buyer concerns and objections. Make sure you fully understand the contract you have drawn up so you can in turn explain details and ramifications to the buyer and make any amendments to the sale that are necessary. The contract you use should be thoroughly examined by your real estate attorney. Some real estate brokers may be willing to help you do this. While this is going on, manage the buyer's interest in your home so that it doesn't wane during negotiations.
8 . Know Your Buyer
Your objective during negotiations is to control the pace and set the duration. Try to determine what your buyer's motivation is. Does he or she need to move quickly? Do they have enough money to pay your asking price? Knowing this information will give you the advantage in the negotiation because you will know up front, what you will need to do in order to get what you want.
9. Don't Move Out Before You Sell
Studies have shown that it is more difficult to sell a home that is vacant. It looks forlorn, forgotten, simply not appealing. It could even cost you money. If you move, you're also telling buyers that you have a new home and are motivated to sell fast which can, of course, give them an advantage at the negotiating table.
10. Know Why You're Selling and Keep it to Yourself
The flip side of "understanding your buyer" is to "understand yourself". Your reasons for selling will affect everything from your list price to how much time and money you will invest in getting your home ready for sale. Your motivation will help you determine what is more important to you: the money you walk away with, the length of time your property is on the market, or both. Different goals will dictate different strategies. As someone who wants to sell without a real estate agent in an effort to save the commission, it is likely that money is one of your primary considerations, (see, "How to Assess Your Net Gain" below). Whatever your reasons, however, it is very important to keep them to yourself so as not to place yourself at a disadvantage at the negotiation table. When asked, simply say your housing needs have changed.
How to Assess Your Net Gain
To analyze whether or not you will end up ahead by choosing to sell on your own, consider the fact that most buyers do use a real estate agent because it doesn't cost them anything for this service (i.e. the seller pays the agent's fee). Be cautious as buyers, investors and speculators who seek out For Sale by Owners are typically those in search of a bargain. The low-ball offers from these types of buyers will often net you much lower in the long run. What you will have to judge for yourself is the following:
1. Be as prepared as possible with your marketing, negotiations, evaluations, showings and all legalities.
2. Consider what it will cost you to effectively market your home and assemble all necessary materials from the "for sale" sign to any contracts.
3. What price will a buyer offer you as a For Sale by Owner minus the costs identified in point 2 above? Is this net price higher than the price an experienced agent could net for you minus his/her commission?
Tuesday, January 3, 2012
Several Housing Markets Head for Appreciation in 2012
Several Housing Markets Head for Appreciation in 2012
DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 03, 2012
A boom in farm prices has caused many Midwest cities to emerge as leaders for some of the strongest predictions for housing appreciation in 2012. Kansas City, Kan., came in the top spot in HousingPredictor’s annual survey, forecasting an appreciation of 5.8 percent for this year.
“The recovery is starting in housing with these cities and will eventually spread to other communities throughout the nation as the U.S. recovers from the worst collapse in real estate since the Great Depression,” according to HousingPredictor.
Here are the top cities expected to have housing appreciation in 2012 and by how much, according to HousingPredictor’s latest report:
1. Kansas City, Kan.: 5.8%
2. Topeka, Kan.: 4.7%
3. Charleston, W.V.: 4.5%
4. Oklahoma City, Okla.: 4.3%
5. Minot, N.D.: 4.2%
6. Overland Park, Kan.: 4.2%
7. Wichita, Kan.: 4.1%
8. Huntington, W.V.: 4%
9. Wheeling, W.V.: 3.9%
10. Bismarck, N.D.: 3.6%
11. Casper, Wyo.: 3.5%
12. Lake Charles, La.: 3.4%
13. Rapid City, S.D.: 3.2%
14. El Paso, Texas: 3.2%
15. Cheyenne, Wyo.: 3.2%
Source: “Best Housing Markets 2012,” HousingPredictor (January 2012)
DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 03, 2012
A boom in farm prices has caused many Midwest cities to emerge as leaders for some of the strongest predictions for housing appreciation in 2012. Kansas City, Kan., came in the top spot in HousingPredictor’s annual survey, forecasting an appreciation of 5.8 percent for this year.
“The recovery is starting in housing with these cities and will eventually spread to other communities throughout the nation as the U.S. recovers from the worst collapse in real estate since the Great Depression,” according to HousingPredictor.
Here are the top cities expected to have housing appreciation in 2012 and by how much, according to HousingPredictor’s latest report:
1. Kansas City, Kan.: 5.8%
2. Topeka, Kan.: 4.7%
3. Charleston, W.V.: 4.5%
4. Oklahoma City, Okla.: 4.3%
5. Minot, N.D.: 4.2%
6. Overland Park, Kan.: 4.2%
7. Wichita, Kan.: 4.1%
8. Huntington, W.V.: 4%
9. Wheeling, W.V.: 3.9%
10. Bismarck, N.D.: 3.6%
11. Casper, Wyo.: 3.5%
12. Lake Charles, La.: 3.4%
13. Rapid City, S.D.: 3.2%
14. El Paso, Texas: 3.2%
15. Cheyenne, Wyo.: 3.2%
Source: “Best Housing Markets 2012,” HousingPredictor (January 2012)
Tuesday, November 1, 2011
Price it right when selling in today's market
We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.
The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low.
If you have the luxury of waiting for a better market, stay put for now. Be sure to check with a knowledgeable real estate agent before you make a decision to move forward -- one who knows the local market well.
HOUSE HUNTING TIP: It is an advantageous time for move-up buyers, who may have to sell for less than they would have a few years ago. But, they may also pay a lot less for the home they buy.
A seller usually has an advantage selling when there isn't much competition from other listings. Even though the listing inventory was low in some areas at the end of 2007 and the beginning of 2008, anticipate that there will be more listings coming on the market in April and May -- the traditional home-selling season.
Today's home buyers are extremely price-conscious. If there is a lot to choose from, price will certainly be a big factor. A price that's too high for the market won't bring the desired result.
Homes don't necessarily lose value at the same rate in a soft market. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises.
The homes that have what most buyers want tend to hold their value better in a down market than do homes that have an incurable defect. Here a few examples of defects that can't be cured: an awkward floor plan that can't be fixed, a location next to a noisy freeway or a house that is either up or down a lot of stairs.
Homes with defects that can't be corrected are easier to sell if there's low inventory, and it's a seller's market. We are now in a buyer's market. This doesn't mean you can't sell your home if it has an incurable defect. However, you will need to account for the deficiency in the price. Keep this in mind when you compare your home with one that sold recently that had level-in access, a livable floor plan, and wasn't on a busy street or next to a freeway.
The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that has deferred maintenance. But, you will sell it more quickly and for a better price if you can repair defects and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price.
It's difficult to hit the market price for a property if there haven't been many recent sales in the neighborhood. If you miss the target and find that you're home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market.
THE CLOSING: Letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline.
By Dian Hymer
The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low.
If you have the luxury of waiting for a better market, stay put for now. Be sure to check with a knowledgeable real estate agent before you make a decision to move forward -- one who knows the local market well.
HOUSE HUNTING TIP: It is an advantageous time for move-up buyers, who may have to sell for less than they would have a few years ago. But, they may also pay a lot less for the home they buy.
A seller usually has an advantage selling when there isn't much competition from other listings. Even though the listing inventory was low in some areas at the end of 2007 and the beginning of 2008, anticipate that there will be more listings coming on the market in April and May -- the traditional home-selling season.
Today's home buyers are extremely price-conscious. If there is a lot to choose from, price will certainly be a big factor. A price that's too high for the market won't bring the desired result.
Homes don't necessarily lose value at the same rate in a soft market. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises.
The homes that have what most buyers want tend to hold their value better in a down market than do homes that have an incurable defect. Here a few examples of defects that can't be cured: an awkward floor plan that can't be fixed, a location next to a noisy freeway or a house that is either up or down a lot of stairs.
Homes with defects that can't be corrected are easier to sell if there's low inventory, and it's a seller's market. We are now in a buyer's market. This doesn't mean you can't sell your home if it has an incurable defect. However, you will need to account for the deficiency in the price. Keep this in mind when you compare your home with one that sold recently that had level-in access, a livable floor plan, and wasn't on a busy street or next to a freeway.
The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that has deferred maintenance. But, you will sell it more quickly and for a better price if you can repair defects and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price.
It's difficult to hit the market price for a property if there haven't been many recent sales in the neighborhood. If you miss the target and find that you're home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market.
THE CLOSING: Letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline.
By Dian Hymer
Dwayne Wyatt
Wyatt Real Estate
323-718-8953
323-588-2181
dwyatt@dwaynewyatt.com
www.dwaynewyatt.com
New Los Angeles Real Estate Website Features Listings, Rental Property, & Vacation Properties
Los Angeles, California - November 1 2011 - Los Angeles, CA Real Estate Website Features Homes & Information for First Time Buyers, Sellers & Investors. Residential and Commercial Rental Property, & Vacation Properties Serving the Southern California cities of Los Angeles, Carson, Compton, Torrance, Watts, Bell, Bell Gardens, Gardena, and the surrounding area this Los Angeles real estate website offers unique features, full service and a perspective on the Los Angeles, California Real Estate market.
Los Angeles, California - Los Angeles real estate agent, Dwayne Wyatt is pleased to announce the launch of his new Los Angeles real estate website: www.DwayneWyatt.com The newly designed website is designed to bring those interested in Los Angeles, California real estate a wealth of information through a single online point of access. The user-friendly website provides information, insights and listings for prospective property owners and real estate investors covering all aspects of Los Angeles, CA real estate including, homes for sale, buyer’s, sellers, first time home buyers, bank owned properties, condos for sale in Los Angeles and foreclosure properties in the Los Angeles California area.
The interactive real estate website features on www.DwayneWyatt.com include complete and searchable Los Angeles real estate listings for Los Angeles, California real estate, Gardena California real estate, Carson California and Compton California, and all of the Los Angeles California area. There are also unique articles on www.DwayneWyatt.com that help and give advice on all the steps on the selling, moving and the home purchase process. Wyatt Real Estate is a full service company that deals with first time home buyers, home sellers, investors, bank owned properties, foreclosures, condos and town houses. Wyatt Real Estate continuously strives for excellence and the satisfaction of their clients. The enhancements to www.DwayneWyatt.com reflect their continued commitment to finding better ways to serve clients and prospects.
Wyatt Real Estate is a family owned firm that was originally started by Mable L Wyatt. Wyatt Real Estate has been a fixture in the Los Angeles community for over 40 years. Located just south of downtown Los Angeles and currently operated by Dwayne Wyatt, Wyatt Real Estate offers assistance with the purchase and/or sale of residential and commercial property. Our full service website, www.DwayneWyatt.com offers free helpful information and advice for sellers and buyers. There is also information for first time buyers, foreclosures and general articles of interest. It also features a fully searchable database of homes for sale.
# # #
Wyatt Real Estate
323-718-8953
323-588-2181
dwyatt@dwaynewyatt.com
www.dwaynewyatt.com
New Los Angeles Real Estate Website Features Listings, Rental Property, & Vacation Properties
Los Angeles, California - November 1 2011 - Los Angeles, CA Real Estate Website Features Homes & Information for First Time Buyers, Sellers & Investors. Residential and Commercial Rental Property, & Vacation Properties Serving the Southern California cities of Los Angeles, Carson, Compton, Torrance, Watts, Bell, Bell Gardens, Gardena, and the surrounding area this Los Angeles real estate website offers unique features, full service and a perspective on the Los Angeles, California Real Estate market.
Los Angeles, California - Los Angeles real estate agent, Dwayne Wyatt is pleased to announce the launch of his new Los Angeles real estate website: www.DwayneWyatt.com The newly designed website is designed to bring those interested in Los Angeles, California real estate a wealth of information through a single online point of access. The user-friendly website provides information, insights and listings for prospective property owners and real estate investors covering all aspects of Los Angeles, CA real estate including, homes for sale, buyer’s, sellers, first time home buyers, bank owned properties, condos for sale in Los Angeles and foreclosure properties in the Los Angeles California area.
The interactive real estate website features on www.DwayneWyatt.com include complete and searchable Los Angeles real estate listings for Los Angeles, California real estate, Gardena California real estate, Carson California and Compton California, and all of the Los Angeles California area. There are also unique articles on www.DwayneWyatt.com that help and give advice on all the steps on the selling, moving and the home purchase process. Wyatt Real Estate is a full service company that deals with first time home buyers, home sellers, investors, bank owned properties, foreclosures, condos and town houses. Wyatt Real Estate continuously strives for excellence and the satisfaction of their clients. The enhancements to www.DwayneWyatt.com reflect their continued commitment to finding better ways to serve clients and prospects.
Wyatt Real Estate is a family owned firm that was originally started by Mable L Wyatt. Wyatt Real Estate has been a fixture in the Los Angeles community for over 40 years. Located just south of downtown Los Angeles and currently operated by Dwayne Wyatt, Wyatt Real Estate offers assistance with the purchase and/or sale of residential and commercial property. Our full service website, www.DwayneWyatt.com offers free helpful information and advice for sellers and buyers. There is also information for first time buyers, foreclosures and general articles of interest. It also features a fully searchable database of homes for sale.
# # #
Saturday, September 19, 2009
Price it right when selling in today's market
We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.
The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low.
If you have the luxury of waiting for a better market, stay put for now. Be sure to check with a knowledgeable real estate agent before you make a decision to move forward -- one who knows the local market well.
HOUSE HUNTING TIP: It is an advantageous time for move-up buyers, who may have to sell for less than they would have a few years ago. But, they may also pay a lot less for the home they buy.
A seller usually has an advantage selling when there isn't much competition from other listings. Even though the listing inventory was low in some areas at the end of 2007 and the beginning of 2008, anticipate that there will be more listings coming on the market in April and May -- the traditional home-selling season.
Today's home buyers are extremely price-conscious. If there is a lot to choose from, price will certainly be a big factor. A price that's too high for the market won't bring the desired result.
Homes don't necessarily lose value at the same rate in a soft market. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises.
The homes that have what most buyers want tend to hold their value better in a down market than do homes that have an incurable defect. Here a few examples of defects that can't be cured: an awkward floor plan that can't be fixed, a location next to a noisy freeway or a house that is either up or down a lot of stairs.
Homes with defects that can't be corrected are easier to sell if there's low inventory, and it's a seller's market. We are now in a buyer's market. This doesn't mean you can't sell your home if it has an incurable defect. However, you will need to account for the deficiency in the price. Keep this in mind when you compare your home with one that sold recently that had level-in access, a livable floor plan, and wasn't on a busy street or next to a freeway.
The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that has deferred maintenance. But, you will sell it more quickly and for a better price if you can repair defects and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price.
It's difficult to hit the market price for a property if there haven't been many recent sales in the neighborhood. If you miss the target and find that you're home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market.
THE CLOSING: Letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline.
By Dian Hymer
The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low.
If you have the luxury of waiting for a better market, stay put for now. Be sure to check with a knowledgeable real estate agent before you make a decision to move forward -- one who knows the local market well.
HOUSE HUNTING TIP: It is an advantageous time for move-up buyers, who may have to sell for less than they would have a few years ago. But, they may also pay a lot less for the home they buy.
A seller usually has an advantage selling when there isn't much competition from other listings. Even though the listing inventory was low in some areas at the end of 2007 and the beginning of 2008, anticipate that there will be more listings coming on the market in April and May -- the traditional home-selling season.
Today's home buyers are extremely price-conscious. If there is a lot to choose from, price will certainly be a big factor. A price that's too high for the market won't bring the desired result.
Homes don't necessarily lose value at the same rate in a soft market. In the current environment, buyers are more cautious about what they buy because they know that the property they buy might drop in value before it starts appreciating. They buy for the long term and are less prone to make compromises.
The homes that have what most buyers want tend to hold their value better in a down market than do homes that have an incurable defect. Here a few examples of defects that can't be cured: an awkward floor plan that can't be fixed, a location next to a noisy freeway or a house that is either up or down a lot of stairs.
Homes with defects that can't be corrected are easier to sell if there's low inventory, and it's a seller's market. We are now in a buyer's market. This doesn't mean you can't sell your home if it has an incurable defect. However, you will need to account for the deficiency in the price. Keep this in mind when you compare your home with one that sold recently that had level-in access, a livable floor plan, and wasn't on a busy street or next to a freeway.
The condition of your property will also be scrutinized more carefully in the current market than it would have been a few years ago. You can sell a property that has deferred maintenance. But, you will sell it more quickly and for a better price if you can repair defects and have the property looking great when it hits the market. If this is not possible, take this into consideration in your list price.
It's difficult to hit the market price for a property if there haven't been many recent sales in the neighborhood. If you miss the target and find that you're home is priced too high, lower it as soon as possible. A price reduction is no longer a stigma in this market.
THE CLOSING: Letting a listing sit on the market too long at a high price sends the wrong message to buyers and could result in a lower sale price if market prices in your area continue to decline.
By Dian Hymer
Timing is key to making a fortune in real estate
Knowing when to buy, hold and sell property is the key to making a fortune in real estate. For homeowners, however, making a home purchase or sale decision is complicated by the fact that the investment involved is also the place you will call home.
To further complicate matters, timing your real estate transaction may be governed by factors beyond your control. Your boss could issue transfer orders at a time when the market is soft. It might not be the best time to sell. Or you could be expecting and discover that you're going to have twins. Before you know it, your two-bedroom home is too small so you decide to move. Perhaps the market is hot and you'll have no trouble selling. But, because the market is hot, you'll pay a premium for your replacement home.
The real estate market, like any market, tends to be cyclical. Ideally, you want to buy when the market is low and sell when the market is high. Recently, the real estate market in many areas around the country has been on an upward trend, with record sales volumes and appreciation rates running in the double digits in some areas. But, the market won't go up indefinitely. At some point, it will cool off.
It's usually recommended to plan on holding real estate for 5-10 years. This way you can ride out a dip in the market and sell when the market is on an upswing. However, after a couple of years of appreciation in the 10 to 20 percent range, it's tempting to sell and take the profit.
Before you make such a move, consider the following. Currently, the federal law governing capital gains on primary residences is a boon to homeowners who experience a lot of appreciation in a short time period. Once every two years, a homeowner who sells a primary residence is entitled to claim up to $250,000 of tax-fee gain. The exemption amount jumps to $500,000 for a married couple filing jointly. That is, providing that the homeowner has claimed the property as his primary residence for two of the last five years.
So, regardless of the recent appreciation rate, it usually makes sense to postpone a move until you've passed the two-year holding period. Check with your accountant if you're transferred before you reach the two-year deadline. You may be entitled to a portion of the tax-free gain exemption.
Another factor to consider if you're thinking of selling relatively soon after buying is the costs of sale. There are costs going in and costs when you sell. You may have earned good appreciation in a short time period. But, when you factor in the costs of sale, you may find that you barely break even. Unless you've found a great property that better suits your long-term needs, or you're paying a discounted price on the new place, you may be better off staying put.
Market value issues can affect the feasibility of a profitable sale for owners who bought relatively recently. After only a short period of ownership, the market may not support a price that's high enough to pay off your mortgage and cover closing costs. In a down market, you may have to dip into savings to make up the difference between the selling price and your costs of sale.
THE CLOSING: Even if you find a buyer who's willing to pay a high price for your home, you may have trouble getting it appraised for the price. The sale could be in jeopardy if there aren't any comparable sales in the neighborhood to support your high selling price.
To further complicate matters, timing your real estate transaction may be governed by factors beyond your control. Your boss could issue transfer orders at a time when the market is soft. It might not be the best time to sell. Or you could be expecting and discover that you're going to have twins. Before you know it, your two-bedroom home is too small so you decide to move. Perhaps the market is hot and you'll have no trouble selling. But, because the market is hot, you'll pay a premium for your replacement home.
The real estate market, like any market, tends to be cyclical. Ideally, you want to buy when the market is low and sell when the market is high. Recently, the real estate market in many areas around the country has been on an upward trend, with record sales volumes and appreciation rates running in the double digits in some areas. But, the market won't go up indefinitely. At some point, it will cool off.
It's usually recommended to plan on holding real estate for 5-10 years. This way you can ride out a dip in the market and sell when the market is on an upswing. However, after a couple of years of appreciation in the 10 to 20 percent range, it's tempting to sell and take the profit.
Before you make such a move, consider the following. Currently, the federal law governing capital gains on primary residences is a boon to homeowners who experience a lot of appreciation in a short time period. Once every two years, a homeowner who sells a primary residence is entitled to claim up to $250,000 of tax-fee gain. The exemption amount jumps to $500,000 for a married couple filing jointly. That is, providing that the homeowner has claimed the property as his primary residence for two of the last five years.
So, regardless of the recent appreciation rate, it usually makes sense to postpone a move until you've passed the two-year holding period. Check with your accountant if you're transferred before you reach the two-year deadline. You may be entitled to a portion of the tax-free gain exemption.
Another factor to consider if you're thinking of selling relatively soon after buying is the costs of sale. There are costs going in and costs when you sell. You may have earned good appreciation in a short time period. But, when you factor in the costs of sale, you may find that you barely break even. Unless you've found a great property that better suits your long-term needs, or you're paying a discounted price on the new place, you may be better off staying put.
Market value issues can affect the feasibility of a profitable sale for owners who bought relatively recently. After only a short period of ownership, the market may not support a price that's high enough to pay off your mortgage and cover closing costs. In a down market, you may have to dip into savings to make up the difference between the selling price and your costs of sale.
THE CLOSING: Even if you find a buyer who's willing to pay a high price for your home, you may have trouble getting it appraised for the price. The sale could be in jeopardy if there aren't any comparable sales in the neighborhood to support your high selling price.
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