Real Estate Watch JANUARY 2014
Lisa Van Dootingh Licensed in OH & MI Quality Service Commitment Integrity
6 Things Real Estate Agents Wish You Knew, Part 1 Real estate agents see it all. From the unmade beds to the overstuffed garages to the "What were they thinking?" decor. Over the years, they learn a thing or two: Why some houses sell, while others linger on the market. Why some promising buyers never make it to the closing table. How to get a better deal on the mortgage. Even just how much the other agents stand to make on your home. And the good news is, they want to share. Whether you're a buyer, seller or both, here are six things real estate agents wish you already knew.
S E RV IC E
If you are currently working with another agent, please disregard this offer of assistance.
1. Want to sell quickly? Price just under the market. In today's market, sellers are again optimistic on the value and price of their homes -- "but buyers aren't," says Ron Phipps, principal with Warwick, R.I.-based Phipps Realty and past president of the National Association of Realtors. "Your challenge as a seller is to price the house so that it is compelling," he says. What that means in dollar signs: "Set a price slightly below market value," he says. Just "a fraction."
For example: If similar homes in your neighborhood are clustered around $210,000, you might price yours at $200,000 or
$198,000, he says. What the agent wishes you knew:"The longer a house is on the market, the less likely you
Lisa Van Dootingh 419-902-7184 firstname.lastname@example.org www.lvdsold.com
6 Things Real Estate Agents Wish You Knew, Part 1 are to get fair value," Phipps says. "So you really want to position yourself to be the one that sells, not the one that languishes." And that old adage of not wanting to leave any money on the table? Still valid. 2. The pre-approval is just the beginning. For many potential buyers, frugality ends the minute they get pre-approved for a mortgage, Phipps says. That's when they start running up the cards and opening new lines of credit to buy things for their home-to-be. But that pre-approval letter is just one of the first refreshment stations of the home buying marathon, not the finish line. Just before closing, a lender will re-examine a prospective buyer's financial situation --
complete with a recent copy of the credit history and other updated information. If those numbers have changed for the worse (salary decrease, higher card balances, new lines of credit), then the applicant could get clocked with a higher interest rate or even lose the loan. "The number of buyers who get denied is significant," Phipps says. What the agent wishes you knew: Never get new loans or start using credit cards more heavily until after you've actually closed on the home. Even better, retain your frugality until you've been in the home for a few months and have a good sense of how homeownership affects your finances, Phipps says.
And ye, who have met with Adversity's blast, And been bow'd to the earth by its fury; To whom the Twelve Months, that have recently pass'd Were as harsh as a prejudiced jury Still, fill to the Future! and join in our chime, The regrets of remembrance to cozen, And having obtained a New Trial of Time, Shout in hopes of a kindlier dozen.
To be continued next month...
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