Wheeling West Virginia Real Estate Blog, Broadwater Properties

2011-2012 Cost vs. Value: Which Remodeling Projects Pay Off the Most?

2012-02-02T10:07:00.003-05:00

When tackling home remodeling projects, you’ll find some projects pay off more than others at times of resale. Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.

Overall, the trend right now is replacement over remodeling–swapping out the old for the new rather than doing a total gut job, which can be much more costly.

This year’s Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70 percent or more of the costs of the project at times of resale.

The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale:

1. Replacing the entry door to steel

Estimated cost: $1,238

Cost recouped at resale: 73%

2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)

Estimated cost: $50,148

Cost recouped at resale: 72.5%

3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)

Estimated cost: $19,588

Cost recouped at resale: 72.1%

4. Garage door replacement

Estimated cost: $1,512

Cost recouped at resale: 71.9%

5. Deck addition (wood)

Estimated cost: $10,350

Cost recouped at resale: 70.1%

6. Siding replacement (vinyl)

Estimated cost: $11,729

Cost recouped at resale: 69.5%

Written By - By Melissa Dittmann Tracey, REALTOR® Magazine

(re-posted from Realtor.org) Thanks!

Where have all the down payments gone?

2012-01-11T14:45:00.004-05:00

Where have all the down payments gone?

By Lou Barnes - Inman News®

It is an election year. In addition to the distorted economic "analysis" offered by the ever-cheerful stock market channels, CNBC and Bloomberg, political interests will add their garbled gabble all year long.

Today's reports of 200,000 new jobs in December and unemployment down from 8.7 percent to 8.5 percent were greeted with happy bugles from the usual suspects. Ignore that, and watch the markets themselves.

Interest rates rise on legitimate good news; today's 10-year Treasury-note yield has fallen to 1.94 percent, and mortgages are near 4 percent again. The stock market rises on good news, and today it is flat to down.

The addition of 200,000 jobs is good news, but year-over-year earnings have risen only 2.1 percent. A few are back to work, but it's not the job that it was. And even if employment growth persists at that level, and new unemployment claims stay down as they were in December from 400,000 weekly, it's not enough to dent the job losses since 2007.

Part of the tepid response from markets today is derived from ongoing concern for Europe. Perhaps the best indicator for markets this winter will be the pace of recession onset in Europe. Genuine economic turn depends on housing. Many self-deceiving financial-market types in the last weeks have announced discovery of a housing turn; although there is none in the actual market, there is one in public policy.

The Federal Reserve is very reluctant to lecture politicians (because of its perpetual political peril), but has done so this week. Fed Chairman Ben Bernanke shot a very well-done paper at congressional committee leaders, laying out damage by insufficient credit, by pinched and self-destructive attitude at the regulators of Fannie Mae and Freddie Mac, and by exposing the total absence of administration policy.

Today, Bill Dudley, president of the New York Federal Reserve, fired off another:www.newyorkfed.org/newsevents/speeches/2012/dud120106.html.

President Obama and Treasury Secretary Timothy Geithner have been so completely detached from housing that even a blast from the Fed may not get their attention. But I can hope.

We have 4.2 million homes in terminal delinquency, not yet foreclosed, and another 600,000 REO (real estate owned or bank-owned properties). The annual rate of sale of existing homes is a little over 4 million -- one-third of that in distressed resales, barely moving the newly distressed, with no net gain.

That absorption conundrum is bad, but masks a tough and unusual phenomenon in the ordinary, nondistressed market: an odd freeze descending.

Here in my Denver backyard, the listed for-sale inventory dropped by one-third last year, ordinarily the precursor of rising prices. Maybe that will happen here -- we led the nation in foreclosures way back in 2004 -- but there is another force in play: down payments.

Where to get one? The most common source is rolling over the equity in a current home to buy a new one. Right. Roger that. Although we do not have the underwater inventory that Zillow "fantasizes," with local prices roughly the same as 2001 and price-appreciated equity a memory, there are fewer and fewer owners both wanting to move and with equity to roll. Thus, fewer and fewer listings.

Other than appreciating value, nothing but loan amortization builds equity. See entry for "glacial," and kids can Google Rip Van Winkle.

If you're not an owner, down payments come by saving money. Good, healthy discipline. However, in prior times your savings earned something. Even in a bank. In the 1990s the stock market might have doubled your savings every other year.

Another reliable source of down payment: bonuses. As I ask clients about that, today I get a lot more wry chuckles in response than happy answers. Same for stock options, proceeds of initial public offerings, or growing commission income. And there are sad answers to the prospect of help from tapped-out families.

If mortgage credit began to flow on reasonable terms, and somebody running for office told the American people that modestly rising home prices are in the national interest, and we got a 5 percent or 10 percent rise in prices, we would unlock the entire economy.

You might ask a nearby politician about that.

Rate of home sales:

Long way to go:

The most painful part: those forced to take part-time "survival" jobs:

CREDIT-
By Lou Barnes - Inman News®

Why Landlords Charge High Security Deposits

2012-01-03T13:09:00.002-05:00

Why Landlords ChargeHigh Security Deposits

DATE:JANUARY 3, 2012 | FROM- www.Zillow.com

If you’re renting an apartment andyou wonder why the landlord chargesa high security deposit, it could be because they’ve been burned byinconsiderate tenants who trashed rental units, moved out in the middle of thenight or perhaps left an awful mess in what is considered an importantinvestment by the owner. Landlords don’t take too kindly to that, andoften charge higher security deposits to cover the possibility of it happeningagain. However, this is not the only reason landlords charge highersecurity deposits.

The main reason alandlord may charge more is if a tenant throws up red flags to the landlord or property management companyduring the application process. These red flags may or may not beintentional, but can include:

· Not properly fillingout or completing all of the application fields. Incomplete informationon an application can come across to the landlord as the tenant might be hidingor avoiding something.

· Details aresketchy. If you’re not exactly sure of dates or how long you lived inyour last rental property, don’t guess at it; be sure and accurate.

· The previous landlordreferences won’t divulge any information… good or bad.

· The tenant has alreadystarted off requesting renovations to the property or making demands for lowerrents if they do the renovation work, when they haven’t even turned in theirapplication yet. This is a sign that the tenant may not be able to afford theplace.

This is all inaddition to the obvious reasons of misrepresentation of facts, embellishmentsand other white lies, big and small. To some, this might seem like anautomatic denial of a tenant’s rental application. However, when themarket is tight, sometimes a landlord has to take a chance on a flawedapplication in order to get the property rented and get their vacancy ratesdown. To mitigate risks, the landlord will charge a high security deposit, inthe chance that the red flags end up as real issues.

Whether or not alandlord has been burned or even if there are no red flag warnings coming fromthe tenant, there might be other reasons that a landlord will ask for a doublesecurity deposit. They may include:

· The landlord justremodeled the rental unit and they’d like to protect their investment.

· The tenant might havepets.

· Possibly the tenanthasn’t been on their job a long time, or they may be in a temporary status thatis not secure employment.

· The landlord may havebeen burned by the previous tenant. This is a tough situation for thecurrent/new tenant moving into the unit. It may not seem “fair” but thelandlord has a right to do so.

Ultimately, thereasons for a high security deposit could be for nearly anything and thelandlord doesn’t necessarily have to tell the tenant why they are charging morein most states. As a landlord, if you feel you have to explain, it cangenerally be summed up with reminding the tenant that the security deposit isfully refundable. As the tenant, you need to remember that as well. The deposit is refundable and all parties need to make sure that the leasestates as such.

Both landlords andtenants should be familiar with their state’s landlord and tenant laws. It is typical that there is a cap on how much security deposit a landlord cancharge or hold, such as no more than two month’s rent. There are alsoother important things to watch for in state or city laws, such as time framesthat a landlord has in refunding a tenant’s security deposit or itemize damageswithheld.

The bottom line isthat with a security deposit, no matter how large or significant it may be, itis most likely refundable. As a tenant, do your part, take care of theunit, pay your rent, fulfill the terms of the lease and chances are you’ll getyour money back.

AUTHOR:JESSICA HICKOK

DATE:JANUARY 3, 2012 | FROM- ZILLOW.COM/BLOG

FHA Keeps Funding Flips, Investors And Buyers Rejoice

2011-12-29T14:42:00.002-05:00

FHA Keeps Funding Flips, Investors AndBuyers Rejoice
December 29, 2011 · BroadwaterProperties
http://www.travisbroadwater.com

From our friends over at ForeclosureRadar.

In a move that willundoubtedly make investors stand up and cheer, the Department of Housing andUrban Development (HUD) announced today that the Federal Housing Administrationis extending a temporary waiver of its “anti-flipping” rule. Thewaiver is a boon for investors who rely on rehabbing and selling properties ina short timeframe, and homeowners who rely on FHA-insured financing to buy.

The pool of buyers whorely on FHA dramatically increases the investors’ ability to quickly sell. FHAresearch finds that in today’s market, it takes a real estate investor lessthan 90 days to acquire, rehab, and sell a property. Before the initial waiver in February 2010, FHA did not allow potentialbuyers to purchase properties that had previously been purchased within thelast 90 days to protect its mutual mortgage program from losses on homes thatwere not rehabbed, but flipped at inflated prices.

The waiver is subjectto certain restrictions, including that transactions must be at arms-length,meaning that the deal must be made between separate parties who would not gainfrom the buying or selling of the property.

The waiver was set toexpire on January 31, but now will be in effect through December 31, 2012.
This is great news forthe thousands of potential homeowners who are first-time buyers or those wholack the down payment required on a conventional loan, as well as real estateinvestors that have built a business around rehabbing properties and selling toFHA borrowers.
Fromour friends over at ForeclosureRadar.

Existing-Home Sales Continue to Climb in November

2011-12-22T12:45:00.002-05:00

From Realtor.org 12/22/2011
Washington, DC, December 21, 2011

Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.

Although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. There are no changes to home prices or month’s supply.

The latest monthly data shows total existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.

Lawrence Yun, NAR chief economist, said more people are taking advantage of the buyer’s market. “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing,” he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 3.99 percent in November from 4.07 percent in October; the rate was 4.30 percent in November 2010; records date back to 1971.

NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said housing affordability conditions have set a new record high. “With record low mortgage interest rates and bargain home prices, NAR’s housing affordability index shows that a median-income family can easily afford a median-priced home,” he said.

“With consumer price inflation rising by more than 3 percent this year, consumers are looking to lock-in steady payments by taking out long-term fixed-rate mortgages. However, the problem remains that some financially qualified families who are willing to stay well within their means are being denied the opportunity to buy in today’s market by the overly restrictive mortgage underwriting situation,” Veissi said.

An elevated level of contract failures continues to hold back a broader sales recovery. Contract failures2 were reported by 33 percent of NAR members in November, unchanged from October but notably above a year ago when it was 9 percent.

Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including lower conforming mortgage loan limits, home inspections and employment losses.

Also released today are benchmark revisions3 to historic existing-home sales. The 2010 benchmark shows there were 4,190,000 existing-home sales last year, a 14.6 percent revision from the previously projected 4,908,000 sales. For the total period of 2007 through 2010, sales and inventory were downwardly revised by 14.3 percent. The revisions are expected to have a minor impact on future revisions to Gross Domestic Product.

“From a consumer’s perspective, only the local market information matters and there are no changes to local multiple listing service (MLS) data or local supply-and-demand balance, or to local home prices,” Yun explained.

A divergence developed over time between sales reported by MLSs and sales determined by a U.S. Census benchmark; the variance began in 2007. Reasons include growth in MLS coverage areas from which sales data is collected, and geographic population shifts. “It appears that about half of the revisions result solely from a decline in for-sale-by-owners (FSBOs), with more sellers turning to Realtors® to market their homes when the market softened. The FSBO market was overwhelmed during the housing downturn, and since most FSBOs are not reported in MLSs, national estimates of existing-home sales began to diverge based on previous assumptions,” Yun said.

NAR consumer survey data in 2000 showed FSBOs accounted for a 16 percent market share, which fell to a record low 9 percent in 2010.

“In essence, Realtors® began to capture a greater market share. In addition to a decline in FSBO transactions, more builders began marketing new properties through real estate brokers that weren’t completely filtered from the existing-home data,” Yun said. “Some property listings on more than one MLS, and issues related to house flipping, also contributed to the downward revisions.” The new independent benchmark was discussed with government agencies and outside housing market experts, and will allow for annual revisions in the future.

Total housing inventory at the end of November fell 5.8 percent to 2.58 million existing homes available for sale, which represents a 7.0-month supply4 at the current sales pace, down from a 7.7-month supply in October. “Since setting a record of 4.04 million in July 2007, inventories have trended down and supplies are moving close to price stabilization levels,” Yun said.

The national median existing-home price5 for all housing types was $164,200 in November, down 3.5 percent from a year ago. Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 29 percent of sales in November (19 percent were foreclosures and 10 percent were short sales), compared with 28 percent in October and 33 percent in November 2010.

All-cash sales accounted for 28 percent of purchases in November; they were 29 percent in October and 31 percent in November 2010. Investors make up the bulk of cash transactions.

Investors purchased 19 percent of homes in November, little changed from 18 percent in October and 19 percent in November 2010. First-time buyers accounted for 35 percent of transactions in November, up from 34 percent in October and 32 percent in November 2010.

Single-family home sales rose 4.5 percent to a seasonally adjusted annual rate of 3.95 million in November from 3.78 million in October, and are 12.9 percent above the 3.50 million-unit level in November 2010. The median existing single-family home price was $164,100 in November, down 4.0 percent from a year ago.

Existing condominium and co-op sales were unchanged at a seasonally adjusted annual rate of 470,000 in November and are 6.8 percent higher than the 440,000-unit pace one year ago. The median existing condo price6 was $164,600 in November, which is 0.2 percent below November 2010.

Regionally, existing-home sales in the Northeast jumped 9.8 percent to an annual pace of 560,000 in November and are 7.7 percent above a year ago. The median price in the Northeast was $240,200, which is 0.1 percent below November 2010.

Existing-home sales in the Midwest rose 4.3 percent in November to a level of 960,000 and are 15.7 percent higher than November 2010. The median price in the Midwest was $133,400, down 4.0 percent from a year ago.

In the South, existing-home sales increased 2.4 percent to an annual pace of 1.74 million in November and are 12.3 percent above a year ago. The median price in the South was $143,300, which is 2.1 percent below November 2010.

Existing-home sales in the West rose 3.6 percent to an annual level of 1.16 million in November and are 11.5 percent higher than November 2010. The median price in the West was $195,300, down 8.4 percent below a year ago.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

From Realtor.org

Mortgage Rates Stay Low Helping to Keep Housing Affordability High

2011-12-08T10:21:00.001-05:00

MCLEAN, Va., Dec. 8, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS(R)), showing average fixed mortgage rates largely unchanged and near their record lows helping to keep housing affordability high for those borrowers who are in the market. The 30-year fixed dipped to 3.99 percent, and at 3.27 percent, the 15-year fixed averaged just slightly above its all-time low of 3.26 percent on October 6, 2011.

News Facts
30-year fixed-rate mortgage (FRM) averaged 3.99 percent with an average 0.7 point for the week ending December 8, 2011, down from last week when it averaged 4.00 percent. Last year at this time, the 30-year FRM averaged 4.61 percent.
15-year FRM this week averaged 3.27 percent with an average 0.8 point, down from last week when it averaged 3.30 percent. A year ago at this time, the 15-year FRM averaged 3.96 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week, with an average 0.5 point, up from last week when it averaged 2.90 percent. A year ago, the 5-year ARM averaged 3.60 percent.
1-year Treasury-indexed ARM averaged 2.80 percent this week with an average 0.6 point, up from last week when it averaged 2.78 percent. At this time last year, the 1-year ARM averaged 3.27 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac."Thirty-year fixed-rate loans have declined 0.62 percentage points from a year ago, and median sales prices on existing homes are off 4.7 percent in the year ending with October. These low rates and home prices have pushed housing affordability to record highs this year. For instance, the National Housing Affordability Index, which dates back to 1971, reached another all-time record high in October for the sixth time in 2011, according to the National Association of Realtors®. Monthly principal and mortgage interest payments accounted for a mere 12.6 percent of median family incomes that month. This level of affordability likely contributed to the rise in conventional mortgage applications for home purchases over the week of December 2nd to the most in nearly a year."
Get the latest information from Freddie Mac's Office of the Chief Economist on Twitter: @FreddieMacFreddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

SOURCE Freddie Mac
RELATED LINKS
http://www.freddiemac.com

Understanding Mortgage Points, Rates and Fees

2011-12-07T08:40:00.001-05:00

Not only do you have to understand what type of mortgage you should choose, you have to understand the costs associated with your mortgage. All of these costs will be paid upon closing your mortgage.

Purchase Points
Purchase points, also known as a "buy-down" or "discount points," are an up-front fee paid to the lender at closing to buy-down or lower your interest rate over the life of the loan. Each point is equal to one percent of your total loan amount. If you have a $100,000 loan, one point would equal $1,000. The more points you buy, the lower your interest rate, but the more money you'll need at closing.
How do you decide whether you should buy points and if so, how many? Well, the decision should be based on how long you plan on living in your home and what you can afford to pay each month toward your mortgage. If you plan on living in your home for more than five years, it's probably a good idea to purchase points. The longer you live in your home, the more you can save on interest over the life of the loan.

Interest Rate
When you get a mortgage, you are charged an interest rate. This is the rate which the lender charges you for using their money to buy a home. It determines how much your monthly payments will be. Generally speaking, the higher the interest rate, the higher your monthly payment.
Mortgage interest rates change constantly. Daily, even hourly. If you speak to a lender and are quoted a specific interest rate, that's not to say you'll necessarily get that rate when you close on your loan. Not unless you formally lock-in that rate with the lender. Locking in an interest rate will guarantee you get your loan with a particular interest rate. Lenders will allow you to lock in for 15, 45 or 60 days. But the longer you lock in, the more expensive it will be, since it's more of a risk to lenders.

Fees
There are always fees associated with getting a mortgage, these fees cover the cost of processing and underwriting the loan. These fees can include charges for ensuring the title to the home is free and clear; paying for a land survey; or paying for a home appraisal which gives you the estimated value of the property (lenders require an appraisal to close on your mortgage).
Deciding which mortgage to get may depend on what each lender does because different lenders may charge different amounts. Some may charge lesser closing fees to lure you in, but may charge you a higher interest rate, which means you may pay more in the long run. But everyone has different needs.you may or may not be able to afford to pay more at closing and are willing to pay more over the long term.
Before it comes time to close, do your homework, make sure there are no hidden fees, and ask your lender lots of questions so that you understand all the costs involved with your mortgage.

*Please consult your tax advisor.

Pending Home Sales Jump in October

2011-12-06T14:06:00.001-05:00

Pending Home Sales Jump in October

Washington, DC, November 30, 2011
Pending home sales rose strongly in October and remain above year-ago levels, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this is indicates more buyers are taking advantage of the excellent affordability conditions,” he said.

“Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market,” Yun added.

The PHSI in the Northeast surged 17.7 percent to 71.3 in October and is 3.4 percent above October 2010. In the Midwest the index jumped 24.1 percent to 88.7 in October and remains 13.2 percent above a year ago. Pending home sales in the South rose 8.6 percent in October to an index of 99.5 and are 9.7 percent higher than October 2010. In the West the index slipped 0.3 percent to 105.5 in October but is 8.1 percent above a year ago.

“Although contract signings are up, not all contracts lead to closings. Many potential home buyers inadvertently hurt their credit scores and chances of getting a mortgage through easily averted actions, such as cancelling an old credit line while taking on a new one,” Yun said. “Such actions could unwittingly prevent buyers from obtaining a mortgage if their credit score is close the margins of qualifying, or they might get a loan but with less favorable terms.”

NAR encourages consumers to be aware of their credit score and actions which could hurt or enhance it. HouseLogic.com, the association’s consumer website devoted to all aspects of homeownership, offers tips for improving credit scores at http://buyandsell.houselogic.com/articles/7-tips-improving-your-credit/.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

How Much House can you Afford?

2010-07-16T15:40:00.001-04:00

Your lender decides what you can borrow but you decide what you can afford.

Lenders are careful, but they make qualification decisions based on averages and formulas. They won’t understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected – for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.

Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent. (In Canada lenders apply similar formulas to determine how much a buyer can afford. The Gross Debt Service ratio, or GDS, is not to exceed 32 percent of the buyer’s gross monthly income, and the Total Debt Service ratio, or TDS, is not to exceed 40 percent of the buyer’s total debt load.) As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.

Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.

Nine Steps to Becoming a Home Owner

2010-07-16T15:33:00.001-04:00

Step - 1 Make the Decision to Buy

It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

Step 2 - Seek Professional Guidance

We'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
At this time, we will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.

Step 3 - Begin the Hunt

After our initial meeting, we'll search all my resources for houses on the market that fit your criteria. We'll preview these houses to eliminate the duds. Then, we'll schedule appointments to tour the houses at times convenient to you.
As we tour houses, we'll point out positive features and negative features. We'll ask you to tell us what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, we'll refine our search criteria to narrow in on the house of your dreams.

Step 4 - Know the Market

Our knowledge of the local market is an essential factor in the house search. We'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.
As we tour houses, well let you know when the asking price has negotiating room and when the house is "priced to sell". Our unique market knowledge will keep you a step ahead of the "house hunting competition".

In a "seller's market", it is not unusual to see multiple offers on a property, full-price offers, and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

Step 5 - Find Your Dream House

We're confident we'll find your dream house. When we do, we'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).

Step 6 - Negotiate the Deal

It is not uncommon to receive a counter-offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. We'll gather the necessary property information your lender will need to close the loan.

Step 8 - Close the Deal

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. We will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates we believe to be low.

Step 9 - Move In

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. We'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.

Checklist for Staging Your Home

2010-07-16T15:21:00.002-04:00

Remove all clutter from the house.
-Are countertops free and clear?
-Have you removed unnecessary furniture throughout the house?
-Remove the art gallery and coupon collection from the refrigerator.

Check the bathrooms.
-Are the surfaces clean and clear?
-Are shower curtains and doors hung properly?
-Is the flooring clean and fresh?
-Are towels neatly hung?

Check the walls.
-Is paint and wallpaper fresh and clean?
-Are the walls free from holes?
-Are there any colors or objects on the walls that need to be removed?

Check the floors.
-Is the carpet clean and free from stains?
-Are hard surface floors clean and free from stains?

Check windows and window coverings.
-Are all the windows clean?
-Are draperies and blinds clean?

Pet check.
-Are there any signs that this is a pet's home? Be sure to clean and remove kitty litter, pet toys and bedding.
-How's the aroma?
Try to air out the home prior to showings.
If air freshener is necessary, use well before showings as a consideration to those with allergies.

Set the mood prior to showings.
-Open draperies and blinds.
-Turn on the radio to a classical music station, set the volume on low.
-If you have time, cook a batch of cookies to have the warm, welcoming aroma permeating the home.

Selling Your Home in Eight Steps

2010-07-16T15:08:00.004-04:00

Selling Your Home in Eight Steps
This is an "overview" of the selling process.

1.Define your needs. Write down all the reasons for selling your home. Ask yourself, "Why do I want to sell and what do I expect to accomplish with the sale?" For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you'd like to sell your house within a certain time frame or make a particular profit margin. Work with your real estate agent to map out the best path to achieve your objectives and set a realistic time frame for the sale.

2.Name your price. Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It's often difficult to remain unbiased when putting a price on your home, so your real estate agent's expertise is invaluable at this step. Your agent will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars. Remember: You're always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.

3.Prepare your home. Most of us don't keep our homes in "showroom" condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It's time to break out of that owner's mindset and get your house in tip-top shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. Your real estate agent can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. * A home with too much "personality" is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs. * Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer's first impression. * Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knick-knacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.

4.Get the word out. Now that you're ready to sell, your real estate agent will set up a marketing strategy specifically for your home. There are many ways to get the word out, including: * The Internet * Yard signs * Open houses * Media advertising * Agent-to-agent referrals * Direct mail marketing campaigns In addition to listing your home on the MLS, your agent will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.

5.Receive an offer. When you receive a written offer from a potential buyer, your real estate agent will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and your agent will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following: * Legal description of the property * Offer price * Down payment * Financing arrangements * List of fees and who will pay them * Deposit amount * Inspection rights and possible repair allowances * Method of conveying the title and who will handle the closing * Appliances and furnishings that will stay with the home * Settlement date * Contingencies At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with your real estate agent right away.

6.Negotiate to sell. Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Your agent also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items: * Price * Financing * Closing costs * Repairs * Appliances and fixtures * Landscaping * Painting * Move-in date Once both parties have agreed on the terms of the sale, your agent will prepare a contract.

7.Prepare to close. Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Your real estate agent can spearhead the effort and serve as your advocate when dealing with the buyer's agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing. Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.

8.Close the deal. "Closing" refers to the meeting where ownership of the property is legally transferred to the buyer. Your agent will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he or she can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present. After the closing, you should make a "to do" list for turning the property over to the new owners. Here is a checklist to get you started. * Cancel electricity, gas, lawn care, cable and other routine services. * If the new owner is retaining any of the services, change the name on the account. * Gather owner's manuals and warranties for all conveying appliances.

Ten Questions to Ask Your Realtor When Selling a House

2010-07-16T15:00:00.004-04:00

Ten Questions to Ask Your Realtor When Selling a House

1.Are you a full-time professional real estate agent? How long have you worked full time in real estate? How long have you been representing buyers? What professional designations do you have?
Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.

2.Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?
It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people.
You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?

3.Do you have a Website that will list my home? Can I have your URL address? Who responds to emails and how quickly? What's your email address?
Many buyers prefer to search online for homes because it's available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent's Website or on their company's site. By searching your agent's Website you will get a clear picture of how much information is available online.

4.What do you do that other agents don't that ensures I'm getting top dollar for my home? What is your average market time versus other agents' average market time?
Marketing skills are learned, and sometimes a real estate professional's unique method of research and delivery make the difference between whether or not a home sells quickly. For example, an agent might research the demographics of your neighborhood and present you a target market list for direct marketing purposes.

5.Will you give me names of past clients?
Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.

6.Do you have a performance guarantee? If I am not satisfied with your performance, can I terminate our listing agreement?
In the heavily regulated world of real estate, it can be difficult for an agent to offer a performance guarantee. If your agent does not have a guarantee, it does not mean they are not committed to high standards. Typically, he or she will verbally outline what you can expect from their performance. Keller Williams® Realty understands the importance of win-win business relationships: the agent does not benefit if the client does not also benefit.

7.How will you get paid? How are your fees structured? May I have that in writing?
In many areas, the seller pays all agent commissions. Sometimes, agents will have other small fees, such as administrative or special service fees, that are charged to clients, regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of costs from any agent you contemplate employing.

8.How would you develop pricing strategies for our home?
Although location and condition affect the selling process, price is the primary factor in determining if a home sells quickly, or at all. Access to current property information is essential, and sometimes a pre-appraisal will help. Ask your agent how they created the market analysis, and whether your agent included For Sale by Owner homes, foreclosed homes and bank-owned sales in that list.

9.What will you do to sell my home? Who determines where and when my home is marketed/ promoted? Who pays for your advertising?
Ask your real estate agent to present to you a clear plan of how marketing and advertising dollars will be spent. If there are other forms of marketing available but not specified in the plan ask who pays for those. Request samples or case studies of the types of marketing strategies that your agent proposes (such as Internet Websites, print magazines, open houses, and local publications).

10.How will you keep in contact with me during the selling process, and how often?
Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent's systems.

Wheeling Median Sales Price up 5.5%

2010-07-14T11:06:00.004-04:00

Wheeling median sales prices have risen from last year by almost 5.5% to $105,000. The increase reflects the improving market in the Ohio Valley. Below is a chart borrowed from Zillow.com illistrating the increase.

Median List Price

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More Wheeling Home Values

If you have any question about the Wheeling WV real estate market you can reach me by phone/text/email anytime! Buying or selling, I can help you succeed! Visit http://www.travisbroadwater.com for more info/to view all homes for sale in the Ohio Valley!

Wheeling WV July 4th Fireworks on Suspension Bridge

2010-07-06T07:52:00.000-04:00

Guide to choosing replacement windows

2010-06-25T06:31:00.003-04:00

If you are planning to install new energy-efficient windows in your home there are three factors to keep in mind: frame, glass and installation.

First, the frame can be constructed out of a variety of materials, including aluminum, vinyl and wood. Aluminum is not a practical choice in most areas because the metal conducts temperature and can fluctuate between hot or cold, however, because of its durability, aluminum may be the best option in coastal areas or rainy climates. Vinyl is inexpensive and practical, but may be limited in choice of color. Wood-framed windows are the most insulative, but they require more upkeep than aluminum or vinyl.

When it comes to glass, the most often-selected option is an argon-filled, double-paned window with Low-E glass. To understand a window's performance, check its energy-efficiency label. The "R" value is the measure of how well it prevents heat from passing through; it ranges from 2.4 to 4.5, and the higher the better. Conversely, the "U" value measures how much heat actually passes through and this number should be low.

Finally, if your windows are not properly installed, they will not perform effectively so be sure to hire a reputable professional. Broadwater Properties in Wheeling WV can provide you with a list of reputable window installation companies in the Tri-state area, just give us a call or visit us online at http://www.travisbroadwater.com.

Is Buying a Short Sale Right for You?

2010-06-20T18:09:00.000-04:00

Is Buying a Short Sale Right for You?

A short sale is a pre-foreclosure property owned by the current owner that may or may not be in default, but needs to sell their property as a result of financial problems. The sale must be approved by the seller’s lender first because the lender has to write off the difference between the sale proceeds and what the seller owes on their mortgage. Because of declining home values, many homeowners are upside down on their mortgages. Short sales save the lender, seller and buyer money. The lender does not have to institute foreclosure proceedings. The seller does not have to go through the costs of a formal foreclosure process. The buyer gets to purchase a discounted property at or below market prices.

Short Sale vs. REO

So is a short sale right for every buyer? If you have the time and patience then the answer is yes. However, if you sold your home and must move into another one right away or are participating in a 1031 tax exchange, then a short sale is not the right investment for you. First of all, short sales take at least 3-6 months if not longer to get approved. There is no guarantee that the seller’s lender will even accept your offer. They may counter or not respond at all if the seller has assets and does not qualify for a short sale. Most of the time, buyers get tired of waiting and cancel after a few months. This can work to the benefit of the next buyer though if the lender has pre-approved the short sale based upon the first buyer’s offer. A pre-approved short sale can close quickly. So if you find a pre-approved short sale, you can expect it to close within 30-60 days. A pre-approved short sale improves your odds because you already know the price the bank wants, and the bank wants to close quickly and get their money. If you have cash, you have a much better chance of getting your short sale approved as well.

REO’s (real estate owned) properties are also good investment choices. They are already owned by the bank, and close quickly. You don’t need cash to purchase an REO, although it gives you an advantage. REO’s are also sold at discounted prices like short sales. However, the advantage of buying a short sale over an REO is there are fewer buyers interested in short sales because they take longer, and there is uncertainty as to whether or not they will get approved. Both are good investment opportunities though.

Should You Buy Now!?

2010-06-16T14:36:00.001-04:00

Should You Buy Now?

Even though the federal tax credits have expired, it is still wiser to buy now than rent. You get a tax write off and build appreciation instead of throwing money away each month. Home prices are so affordable today it is a good time to take advantage of the buyer’s market conditions with low interest rates and an abundance of properties to select from. Buyers can find great deals on distressed short sales, foreclosure auction properties and REO’s (real estate owned), including single-family homes, multi-family dwellings, townhouse, condos and commercial apartment buildings in all areas and price ranges.

If a large down payment is preventing you from buying, you can purchase an owner occupied property (single-family home -4 units) with an FHA loan that only requires a minimum of a 3.5% down payment. However, if you are going for traditional financing or buying non-owner occupied investment property, then you will need at least a 20% -30% down payment and good credit. If you have less than perfect credit, you may want to investigate seller financing or a rent to own program.

So the first decision you need to make is what type of property you want to buy and how you intend on using it. Intended uses including:

· Residing in the property
· Renting it out
· Holding on to it
· Flipping it
· Lease optioning

Be sure to line up your financing right away so you are ready to make an offer when you find the right opportunity.

Timing is everything in buying and selling real estate, and right now is a great time to buy, especially foreclosure real estate. Foreclosures are sold at discounted prices, and you get a property with built in equity. One thing for certain is real estate appreciates over time. With affordable prices, all time low interest rates and abundant inventory, there is no reason not to buy.

Travis Broadwater
Broadwater Properties

115 Westgate Drive, Wheeling, WV 26003 - presented by Travis Broadwater

2010-05-05T09:52:00.000-04:00

115 Westgate Drive, Wheeling, WV 26003 - presented by Travis Broadwater

Opera Browser Coming to iPhone

2010-02-11T11:33:00.000-05:00

Opera Browser Coming to iPhone

If you want to browse the web on your iPhone (or iPod Touch or the upcoming iPad), the only option is the built-in Safari browser because Apple, until now, won’t approve other browser apps in their iTunes store.

Opera, hoping that Apple will change their policy, has developed a version of the Opera Mini browser for the iPhone and they’ll showing a preview of this iPhone App during the Mobile World Congress that happens in Barcelona next week.

An email from Opera PR says:

“We are thrilled to offer journalists and partners an exclusive preview of Opera Mini for iPhone during the year’s biggest mobile event,” said Jon von Tetzchner, Co-founder, Opera Software.

Safari vs. Opera for iPhone

Opera says Opera Mini for iPhone offers up to six times faster download speeds than Apple’s own browser, and up to 10 times smaller data traffic.

The Opera Mini for iPhone will only be shown to members of the press but Apple will have to approve the app for everyone else to experience Opera on their iPods and iPhones.

That may not happen anytime soon as Opera is yet to submit their Opera Mini iPhone App to the Apple App Store for approval.

2010-02-11T09:03:00.002-05:00

Finding The Time To Blog

Dear Blog,

I must apologize for my lack of commitment lately. Between prospecting for new clients and trying to keep my closings on track I just haven't had time to fill you in on my day-to-day activities. I promise I can change, can you forgive me?

Sincerely,

Travis

Now that I have taken care of the apologies, lets get to the point! I often find myself "blogging" great topics in my head, unfortunately I must admit, not even half make it to my laptop and ultimately to the internet where they belong. My problem lies in finding the time to actually sit down and just get to work.

Well this year I have finally decided to make blogging a priority as so many of you already have. In my "planning" I have made a list of three ideal times and places where I might be able to sneak a few paragraphs without effecting my day dramatically and I would like to share them with you. Please feel free to comment with your preferred "quick blog" places as well, I need all the help I can get!

1. On an airplane/trip- Use those dreadful hours in the air to get ahead on your blog. (I'm on a plane back to Pittsburgh right now, so it works!)

2. Meals out- Anytime you find yourself eating lunch or dinner alone, take your laptop or net book along. Many area's and restaurants provide free wifi. That means when your finished blogging (& eating) you can publish it immediately. Instant gratification.

3. Waiting- Blog while waiting on clients, kids, or your spouse. Especially in the car, trade in those 5 min of mediocre radio play for 5 minutes blogging whats on your mind. It makes the time fly by and does not cut into your daily schedule.

With some simple planning blogging can be a quick and easy method to advance your career and hopefully land some clients as well. So get out there and blog already!

Travis Broadwater

How Many Social Networking Sites Could There Be?

2009-03-11T15:54:00.000-04:00

How Many Social Networking Sites Could There Be?

Most agents in today’s market are participating in a never-ending battle to “keep up” with the changing technology and internet networking sites that seem to just keep coming. As many agents have found out the hard way, at some point you must draw the line, or at least somehow become more efficient online or you will simply run out of hours in your day!

One of the things I try to keep updated is my “status” on multiple social networking sites. “Travis is holding an Open House today, 1-2pm” or “Travis is waiting on your call, who needs a new home!” are some examples of my day-to-day status updates. I like to let everyone know that I am in Real Estate as often as I can, so hopefully they call me first when they need to buy or sell. The task of changing my status on Facebook, Twitter, Myspace, LinkedIn, Ect… can be very time consuming, until now.

I was recently introduced to a free service that saves me tons of time and helps me market myself daily. It’s called ping.fm, and as the site states, “it’s a simple way to update all your social networks in one easy step.”

You can sign up for a free account at ping.fm and be up and running in no time. It just takes a few moments to go through the list of over 35 social networking sites and indicate which ones you belong to. You add your username for each site and ping.fm does the rest!

After setup, you simply go to the ping.fm website and you can enter a status update, blog entry, photo, or even a video. Then ping automatically posts this information to ALL your desired networks! You can even “ping” from your cell phone, email, or instant messenger.

This service may not be for everyone, but it saves me time everyday. Check it out and keep networking!

5 Mistakes We Can't Let Sellers Make

2008-10-08T10:34:00.000-04:00

5 Mistakes We Can't Let Sellers Make

This is a list of the top five mistakes I have seen sellers make in the current market. I make a point to go over this list with all of my sellers when they list with me.

Mistake #1: Overpricing
Everyone knows the right price sells a home faster than any other factor. When you list a home at more than 5-10 percent over market value, the price will discourage potential buyers that think they can't afford to look. Buyers that do see your overpriced listing know they can get more for their money elsewhere.

Mistake #2: Fixer upper/as-is
Today's market is very competitive and most buyers do not even want to consider a home that needs multiple improvements. Buyers want a home that is neutral, clean, and in move-in condition. Even when a buyer decides he can tackle the fix-ups, they automatically subtract the cost they think it will cost them from the price they're going to offer. Either way sellers save nothing and likely delay the sale.

Mistake #3: Dark dated colors
The best dollar-for-dollar investment sellers can make is fresh paint. Fresh neutral paint makes a big difference in the feel of the home. Also, carpet is on the way out - replacing it because of condition or color can really help the sale price. If your sellers do not want to spend the money
to re-paint the entire house, have them focus on the kitchen, the master bedroom, and the garage. These areas tend to be inspected first during a showing, and if they aren't up to par, forget landing a buyer.

Mistake #4: Treating buyers as the enemy
Sellers sometimes forget that when we're at the negotiation table everyone wants the same thing - the house to sell. Make sure the sellers put down their dukes and come to a negotiation with a positive mind frame. Tell sellers to leave the discussions regarding price, terms, possession, and other conditions up to you. It's our job to get them the best deal.

Mistake #5: Delayed offer response
One of the most important mistakes sellers make is delaying their response to an offer. Be clear when explaining to your sellers that when buyers make an offer they are, right then, in the mood to buy. We all know how fast a mood can change and you don't want to lose a sale because your seller stalled the reply.

10 Smart Tips For Savvy Homeowners

2008-10-08T10:31:00.001-04:00

10 Smart Tips For Savvy Homeowners

Here are some tips that I give my sellers when listing their house. It's a mix of domestic wisdom and selling secrets!

1Keep candles in the refrigerator for several hours before use to slow down dripping and make them last longer.

2Have you tried baby wipes on carpet stains? They work so well you will be wondering why no one told you sooner!

3To eliminate strong cooking odors (fish, fried food, bacon, garlic, ect.) heat white vinegar in an uncovered pot on the stove. (Don't boil) Remove after 30 minutes. The light vinegar smell dissipates quickly, taking odors with it.

4After your next party, share flat, leftover beer with your garden. Plants love the yeast.

5Ants hate anything spicy. Sprinkle ground pepper, cayenne, even cinnamon, in their path, and you'll stop them in their tracks.

6Fill nail holes with a paste made from cornstarch and water. Works just as well as putty!

7Your chimney will stay clean if you throw a handful of salt on the fire.

8When a wooden door or gate sticks, bring out the hair dryer. By blowing hot air directly on the wood where its sticking, you will remove the moisture and the swelling will go down.

9Squeaky doors? For a drip less solution, use petroleum jelly on the hinges instead of oil.

10Simmer a sliced apple and a couple cinnamon sticks in water on your stove. Your whole house will smell like apple pie. This one is great for open houses!

The 4 Major Factors That Sell An Expired Listing

2008-10-08T10:25:00.001-04:00

The 4 Major Factors That Sell An Expired Listing

As a real estate professional in the current market you are bound to run into your share of expired listings. Weather it is your listing that has expired, or a competitors, here are four major areas to address with the seller to get the listing back and get it sold-

1. Communication-
Teamwork and communication between the seller and agent is key to know how to alter a marketing plan for success. Inattention to a listing can be a factor, but rarely is the core issue. Make sure you let your sellers know that you want any feedback they can provide and that you will offer the same to them. The seller is the key source for information regarding changes in the neighborhood and property condition that affect the property's salability. The more you work together, the faster a sale will be closed.

2. Price-
This is the obvious most common culprit for the lack of a sale. An incorrectly priced home attracts the wrong buyers or worse, none at all. When working with a previously expired listing be sure to prepare an up-to-date competitive market analysis, the market conditions have probably changed since it was initially listed. Activity without offers often indicates overpricing. Remember, any home, no matter what the condition is, will sell for the right price.

3. Condition-
A home in like-new condition sells faster and gets the best price because it outshines the competition. Make sure your sellers fix all the little squeaks and drips, paint neutral colors where needed, brightened up and concentrated on outside curb appeal. I suggest having a few other agents from your office take a tour of the home with you and allow them to point out the areas that need to be addressed to make a sale happen. Make sure you relay any information that might be useful to the seller.

4.Marketing-
The saying goes, "Advertising doesn't sell homes, agents do." The secret to success is a carefully crafted marketing plan that exposes the property to the widest possible pool of prospective buyers. Some elements you might like to include in your plan: direct promotion to other agents/brokers, brochures and flyers, listing in an area wide internet website and MLS, broker open and buyer open houses if appropriate; and any other activities designed to capture buyers.

As a rule of thumb, make sure the home is in buyer-ready condition before you re-list it. If it didn't sell the first time around, don't just hope for better luck this time; make sure the necessary changes are made to inhibit a fast sale. Your sellers will thank you for it at the closing!