Monday, June 30 2014
Wasn’t it just yesterday that we seemed locked into a classic home buyer’s market in Evansville? Bad economy, bad job numbers, tanked real estate values were all we heard about…until it eventually shifted. Over the past year or so, it’s become a very different landscape. If you’ve been out looking to become a home buyer, it’s possible that you’ve found yourself putting in offers on multiple houses…and also possibly watching from the sidelines as another home buyer walked away with a deal. If this isn’t a true seller’s market, to you the difference may not be apparent.
In any case, when a prospective home buyer in Evansville finds themselves vying for one of the plum homes that are now appearing in this summer’s listings, there’s no need to passively watch as others get the nod. If you are sure of the value of the property you are going for, there are straightforward tactics for improving your chances of winning the day:
-Offering at or above list price is the time-tested way to give you the best shot of getting your contract accepted over bidders who offer less than list. Real estate prices are again on the rise, increasing your likelihood of being able to recoup the extra money if you decide to sell several years down the road. Look at the comps with your agent to determine what an aggressive—yet realistic price—will be.
-Ask your real estate agent what the recommended earnest money amount would be; then double or triple that deposit amount. It’s a sure way to signal that you’re a serious and financially able home buyer. This tactic has the advantage that it doesn’t really cost you anything in the long run, assuming you hold up your end of the contract. It is a way to stand out from other home buyers without actually spending more.
-In a buyer’s market, it’s almost expected to ask for add-ons like fixing a staircase or leaving the swing set. But in a seller’s market, you can beat the competition by not asking for extras beyond what is offered in the listing. Home sellers may be fully occupied with many outside details (like looking for their own next home!) and often assign high value to an offer that looks uncomplicated.
-Along the same lines, another way to set yourself apart from every other home buyer is to offer to give the seller more than the usual time to move out of their house. Many other bidders won’t think of this—but it can make the deal if the sellers are having to cope with difficult deadlines for their own move.
Above all, don’t let yourself get discouraged. The right house is out there, and you will get an offer accepted! Particularly in a seller’s market, any home buyer will be rewarded by just remaining patient and cool-headed. First step if you will be looking to buy this summer: call me today to get started! You can reach me on my cell phone 812-499-9234 or email Rolando@RolandoTrentini.com
Thursday, January 31 2013
After the holidays, buyers tend to start getting more aggressive with their house hunting. Search activity usually peaks around March or April in most states, according to a new study of home searches from 2007 to 2012 conducted by Trulia.
In September, searches slow down. By December buyer searches ebb to their lowest point of the year.
“Home-search activity swings with the seasons in every state,” says Jed Kolko, chief economist of Trulia. “Buyers and sellers can use these ups and downs to their advantage. Sellers looking for the most buyers should list when real estate search traffic peaks. Buyers, however, should think about searching off-season, when there is less competition from other searchers.”
The study revealed seasonal patterns of search activity state to state. Here are the months when online real estate searches peak in every U.S. state:
Source: “Trulia Reveals Best Home-Searching Season,” HousingWire (Jan. 29, 2013)
Wednesday, January 18 2012
Scammers have targeted delinquent borrowers during the past few years, hoping to take advantage of their desperation and financial inexperience. Their approach typically involves posing as a representative of a nonprofit or government agency who can help with a loan modification or some other form of assistance.
Sheri Stuart, education manager at Springboard Nonprofit Consumer Counseling, says she frequently encounters consumers at courses offered by her organization who have been victimized by these scams. Stuart says she recently met a couple from Southern California at one of these events who’d paid $3,000 to a fraudulent company in an attempt to keep their home out of foreclosure.
“It’s disconcerting,” she says. “It has a ripple effect. It not only affects the home owners, it affects the communities as well.”
To keep more consumers from being taken in by these scams, Stuart offers the following four red flags to help determine whether borrowers’ knight in shining armor is actually a swindler on the make:
1. They ask for money up front. “That’s usually an indication that someone has an ulterior motive,” Stuart says.
2. “Phantom help” appears out of nowhere. If a consumer hasn’t proactively contacted anyone about missed mortgage payments, but suddenly gets calls and mail about getting help for missed mortgage payments, it’s probably a scammer.
3. They present phony credentials. Many companies that claim to offer assistance will have official-looking seals from credentialing institutions on paperwork, promotional materials, and Web sites. Research those organizations to make sure they actually exist.
4. They make promises they can’t deliver. If they make ambitious guarantees about being able to modify loans or halt foreclosures, that should set off alarm bells. “Nobody can promise you a loan mod,” Stuart says.
If your clients suspect they have been or are being targeted, point them to Loanscamalert.org to get more information and report the scammers.
By Brian Summerfield, REALTOR® Magazine http://realtormag.realtor.org/daily-news/2012/01/13/4-ways-id-borrower-assistance-scammers
Tuesday, December 13 2011
CNNMoney.com reports that construction permits saw a modest boom in October.
According to the article, new construction permits sat at a seasonally adjusted annual rate of 653,000 for October. This marks a 10.9 percent increase from September’s revised rate of 589,000. The numbers were gathered from the Commerce Department.
Doug Roberts, the chief investment strategist of Channel Capital Research said that even with the jump, the numbers are only speculative. Builders may still be holding back.
“Getting a permit and actually beginning to build a house is the difference between getting engaged and getting married,” said Roberts in the article. “What you have is builders thinking the market might be coming back, so they’re getting permits to make sure they are ready to build if it does.”
A government report supported Roberts’ opinion, showing that new home construction was a bit lower in October. The number of new homes fell slightly by 0.3 percent to an annual rate of 628,000 that month, according to the Commerce Department. The revised annual rate for September was 630,000 units.
“Builders thought they were going to be able to get out there and get some houses done, but then they found that they didn’t necessarily want to make the stone cold commitment and want to put anything in the ground,” Roberts said. “The demand wasn’t there, so they weren’t willing to bet a serious amount of money.”
If there is an increase in demand and the number of forecloses decreases, the article said that more permits could mean more construction.
“But that’s a big ‘if’,” Roberts added.
Even with the prevailing misanthropy of many in the housing market, both permits and construction have seen increases from last year, new construction rising 16.5 percent over October 2010 and building permits rising by 17.7 percent for the same period.
Read more: New Construction Permits Increase By 11 Percent | REALTOR.com® Blogs
Monday, October 10 2011
Whether it’s a new house or an old house, people like hardwood floors better than carpet, especially on the main floor.
Looking at the stats for North King County, a home without hardwood floors is about 2X as likely not to sell, especially at a price point of $400,000 or more for the home. About 24% to 26% of homes that “expire”, or homes still on market and not sold, do not have hardwood floors. Compare that to only 14% of SOLD homes without hardwood floors and you see that 86% of recent home buyers chose a home that had hardwood floors.
Wide plank, narrow plank, light oak, dark finish…lots of variances as to preference of TYPE of hardwood floor. But hands down, even if the new buyer refinishes the floors to a different color, they choose homes with hardwood floors that they can refinish over homes that would need hardwood floors installed.
While “What type of carpet to use to sell your home?” has not changed much…the better answer for the main living areas is hardwood…hands down.
The “new” preferred color of hardwood is less red than the once popular Brazilian Cherry, darker than the blonde tones of yesteryear, but not quite as dark as the short lived chocolate brown craze that lasted about a millisecond.
A warm chestnut brown is the color of the day.
It’s great for the floors…but a little dull for the kitchen or bathroom cabinetry. The new warm chestnut brown hardwoods are best used when the kitchen and main floor baths are a light colored ceramic tile or a laminate floor that blends the color.
Armstrong calls the color “gunstock”. It’s darker than light…lighter than dark…and solidly BROWN vs orange or red tones. Much easier to decorate a room without clashing with the tone of the hardwoods when using this color in many and varied rooms in the house. As a matching cabinet color choice though…I don’t think that trend will last. It’s just too darned dull to have as a kitchen cabinet color.
If after reading this you have any questions as to the color I am talking about…just visit any new model homes…it’s all the rage…and they are pretty much ALL using it in their model homes.
Thursday, July 07 2011
Now that you're ready to purchase a place, you want to make sure it's the right one for you. Follow these tips to find a home that's a perfect fit for you:
Wednesday, February 23 2011
Home warranties can be attractive to home owners or buyers who are looking at purchasing a property. These service contracts can cover all of a home’s major systems, such as the furnace or air conditioner, and will cover needed repairs if the appliance breaks or damaged.
Wednesday, February 09 2011
Most home owners opt to add some upgrades to a new home, which can be rolled into the mortgage opposed to paying for them later on their own. But the choices of what flooring, lighting, or other upgrades to choose can be overwhelming.
Tuesday, February 08 2011
First-time home buyers once set out to buy a “starter home,” which refers to an entry-level property that is affordable and often needs some updating. But new buyers are forgoing the “room for improvement” home, and are getting more choosy in their home shopping.
Eighty-seven percent of first-time home buyers said they want to purchase a home that is move-in ready, according to a survey from Coldwell Banker Real Estate, which surveyed 300 first-time home buyers in the last year. First-time home buyers made up half of the market in 2010, according to the National Association of REALTORS®.
"There's a real 'aha' moment for sellers revealed by this survey that the condition and quality of their home matters a great deal to first-time home buyers," says Diann Patton, a consumer real estate specialist with Coldwell Banker Real Estate LLC. "On top of that, our agents have reported that on average, first-time home buyers now look at more than 11 homes before making decisions, which is higher than in the past. They can be choosy about what appeals to them and are recognizing the benefits of the low prices and wide selection of homes in many areas."
Location is a key deciding factor when looking for a home: 78 percent of new buyers said the home had to be in an area convenient to shops and services, according to the survey. What’s more, three-quarters of buyers said it was important to be near their workplace, and nearly two-thirds said it was important to be close to "highly rated" schools.
Many first-time home buyers said the current real estate market offered them more opportunity than they had expected. For example, half of new buyers said they found a home in a more desirable neighborhood than they expected; 61 percent were able to get the home at a better price; and 40 percent got more space than expected.
Source: “Coldwell Banker Real Estate Survey: First-time Buyers Demand New Kind of ‘Starter Home,’” Marketwire (Feb. 8, 2011) http://www.realtor.org/RMODaily.nsf/pages/News2011020801?OpenDocument
Tuesday, December 28 2010
Michele Lerner, author of Homebuying: Tough Times, First Time, Any Time, offers reasons why real estate is likely to improve in 2011. Here are five reasons she thinks consumers should consider a home purchase next year:
Friday, October 15 2010
Nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released today by the NATIONAL ASSOCIATION OF REALTORS.®
Friday, September 11 2009
Homebuyers contemplating purchasing a condominium should review a long list of documents and other information to make sure that the property they are considering is a solid buy in this challenging market.
The following information is a the top of the must-consider list:
Source: Chicago Tribune, Lew Sichelman (08/23/2009)