Monday, January 2, 2017

17 Critical Thoughts Concerning Real Estate for 2017


1.  "Price it right...sell it fast!"  Overpricing often leads to much angst for all parties. This can be avoided, if a property is priced to sell.

2.  "Do your homework"  Know your property's value. so that you have an objective number in mind. It's okay to challenge that value with a potential broker/agent. A well informed seller are often the best sellers to work with.

3. "Declutter the interior" Home Staging- Whether or not you decide to stage your home is your decision. you need to create an inviting curb appeal.  Walk through the property as if you were the buyer. Keep what works and store, or remove the rest.

 Staging 101 with "The Staggers" from HGTV

4. "Let it Go" While it can be difficult for sellers, try to detach, as much as possible, your emotional connection to the property. Try to view it from the eyes of the buyer. The Broker/Agent can convey the personal history, and add the nuances that ultimately add value to the property. A skilled agent will ask for this insight as a selling tool, and share it when appropriate. This concept is often referred to "Story Telling".  Every seller/buyer is different. It is our job to highlight your property in the best way to the most suitable buyer.

 The Psychology of Buying and Selling Real Estate

5. "Collaborate" with your agent and strongly consider his/her suggestions. Our goal is to optimize each showing. Leveraging our knowledge with every buyer, as it pertains to the features and benefits of your property are critical in making a lasting impression, and getting a reasonable offer.

6. "Cyber Security"- In today's world of internet hacking and fraud, making sure that all funds "both buyer and seller" are secure is critical. When working with a broker/agent, make sure to ask about the relationship they have with the closing attorney or title company. Has there been a problem or issue with funds transfer in the  past? If so has it been corrected?  Many firms are now updating software to make sure that funds are not diverted, and the loss of funds will not occur.  Unfortunately, in today's world this occurs, and unknowingly the transfer never makes it to the account of the closing office. Fortunately, reliable closing professionals now recognize this issue and are taking measure to ensure the safe transfer of funds. Make sure that your closing office have those measures in place.

 Cyber attacks on Real Estate Professionals, What’s Next?


7. "Do your research!"  Create your own checklist of what you are looking for.  Your agent should provide value added insight during your search, but with the depth knowledge that you have available on the internet, get a head start.  This extra work on your part may open new ideas and properties that you may have never considered.

8. "That is our job" Remember that you should be working with an agent that understands your wants, needs and nuances.  If you feel that they are trying to push product to close a sale...find another agent that understands who you are and what you are looking for.  

9. "Know your price range" before you begin making that initial search.  Most sellers now require some of pre qualifying/approval prior to taking an offer very seriously (if at all).  This is so important for all parties involved. The purchasing process can be daunting, and having the assurance that a buyer is pre approved, or qualified can be a great asset.

10. "Do your pre financing homework"  Just because a lender advertises a very low rate, does not mean that it is the best option for you.  Many variables are attached in the form of fees and add on's that can affect the bottom line.  Make sure that you work with someone someone who understands your situation and knows which loan options make the most sense for you.

11. "Get your property inspected" Make sure to have property inspections included in your offer.  With new homes, this may not be a big issue, as they often a offer warranties, but some builders have been called out on shoddy construction. I never hear of buyers complaining about the benefits of home/property inspections. This is even more critical with older homes. Sellers may not be aware of forthcoming problems, or worse yet, covered them up.  Again, in my opinion, always get your property inspected by a qualified home inspector.  Most lenders will require this, but some cash buyers purchasing "as is" need to adhere to this option as well.

12. "Settlement" - Once the closing has occurred, you should have an agreement for the move in/out already in place.  I have found that it is most helpful to have the agents involved post closing to make sure that neither party is left to fend for themselves just in case of an unexpected delay or confusion in communications. It happens!  There is nothing worse than having representation and feeling that your trusted agent just took their commission and ran post closing.  Sometimes, the smallest changes can create unnecessary friction between a buyer and seller.  When either cannot reach their respective agents, many times something so insignificant can be overblown.

Additional THOUGHTS

13. "Think before you sink" While real estate has historically moved at a slower pace, both in purchase and selling, as well as value changes, the past decade has certainly been a game changer with many winners and losers during this time period.  My suggestion, "Think before you sink". As markets continue to change (in many cases at a faster pace), in most situations, rushing can work against you.  Their are many variables that may require a fast decision such as an auction, fix and flip and distress related sales.  As most of us realize, markets are local in nature and typical home sales are rarely overnight.  Not to say it doesn't happen (especially in hot markets), but most buyers and seller should have time to think things through.  After all, this is usually one of the biggest investments that you will make.

14. "Location, Location, Location" -  I have heard that phrase my entire real estate career and while the definition may have expanded, the concept is key.  Whether you are seeking a home in an "up and coming neighborhood", moving to a city/area that has been defined as a high growth area, seeking properties in prime locations, or finding that one deal in an otherwise much better neighborhood.  The "location" theory continues to play a key role in many real estate transaction.  Think about what and where is important for you.  Have your realtor research value shifts, and that might impact your decision making. Whether you are buying or selling, location will come up during the sales conversation.

15. "Owning vs.Renting" - Years ago, the goal was always home ownership.  That equation has changed for many.  This is due to  multiple factors  including: affordability, mobility, flexibility, etc.  For the most part, buyers and sellers know when it is time either by choice, or other issues that determine whether or not to buy or rent. Whether you are moving up, downsizing, moving across the country or just experiencing a new area in your journey, today,  buying and renting can provide options for both the short and long term.  My personal philosophy is "you will know when it is right".  They both offer very different benefits.  It really is important to consider the options and benefits when making a purchasing or decision to sell.

16. "Real Estate Investing" -  Real estate investing can prove to be a very rewarding experience for so many.  At the same time, it's not for everyone.  For investors, building a portfolio that they can fall back on later in life, or simply buying, holding and flipping in a few short years can yield great returns.  As you think about your investment portfolio, or are considering real estate investing for the first time, like every investment, do your homework, and understand what you are getting into. It can be an excellent strategy if you enjoy real estate as an investment alternative.

17. "Happy Real Estate Buying and Selling for 2017!" My goal was to provide all parties with a list of suggestions for 2017.  This by no means covers the full menu of options, responsibilities, decision making or legal aspects in the buying or selling real estate.  I only hope it provides some insight as you move onto the new year and real estate decisions are a part of your new years objectives.  I hope you have a healthy and prosperous 2017 💰🔑💲🏡🚚🎈😄.

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