We’ve seen it time and again. A seller eagerly lists their home, finds a buyer with a serious offer but chooses to wait things out and see if other (better) offers come along. While it can happen and it does sometimes, the problem is that there is a process usually followed by buyers and along with it a pipeline. Here is a look at how they lead up to making an offer and how by the time the first buyer seriously considers your home they are likely the most viable one.
Buyers Are More Educated
With the advent of technology, the entire real estate industry has changed. Gone are the days when buyers would rely solely on their agent to find a home to suit their needs. Today, the Internet has taken over. In fact, studies show that over 90% of buyers spend weeks online searching for their perfect home before even talking to an agent.
So by the time a buyer is at your doorstep with an offer, there is a good chance they have thoroughly researched every aspect of the local market. They are fully aware of your competition, have weighed all pros and cons of your home and are seriously interested in your property. After countless open houses and obtaining plenty of education about the real estate market in their area, they know when they see a property that suits their needs. In many cases they are waiting for the perfect one to become available so the minute it does, they make an offer.
By the Time They Make an Offer, They Are Well Into the Process
Where sellers go wrong is to want to wait for more offers. In the process, those very serious buyers that have already made their interest in your home known will likely find another home to suit their needs. Buyers today are savvier than ever before – and with that education that they so readily find and absorb from various sources (the Internet, other publications, their peers, professionals) they have an acute knowledge of the market.
In the process of selling your home, it is critical to keep all factors in mind. Factors such as the condition of the market, your agent’s recommendations, current inventory levels, the number of days most properties remain on the market before being sold and of course prices. Putting all of that into play will change how you handle that first buyer but remember – the first buyer will almost always be your best buyer.
For a consultation that is customized to your needs, contact us today. We look forward to serving you!
Many sellers are unsure whether or not to wait until next spring before listing their home. The confusion comes with a combination of age-old schools of thought that predict the spring season as being almost the only season for homes to sell successfully. Not true.
A lot of homeowners are under the impression that homes are not selling at all, whereas in our own experience, time and again we continue to see completely the opposite results. So much so, that we are defying the myths of never ending days on market statistics with many properties going under contract in approximately two weeks. Here’s why.
There are so many buyers in the marketplace right now that are eager to lock in the phenomenal interest rates and market conditions that continue to allow a very significant amount of buying power. The interesting thing is that while it is a strong buyers’ market in that sense, sellers are still enjoying an edge with the lower inventory that comes with it being this time of year.
Regardless of which side of the fence you are on, either way you look at it the market is strong. People are out there buying. If there are fewer homes available on the market, then that only means that there is less selling competition. This of course translates to top dollar and incredibly quick, hassle-free transactions in which everyone comes out a smiling winner.
So to answer one of the most frequently asked questions I am getting these days, it IS a great time to sell your home. Sure, you could wait till spring. But keep in mind that so will countless other sellers and by the time springtime blooms are back out, so will equally as many more “for sale” signs, competing with you.
By listing your home now, you can harness the power of the buyers that are striving to find that perfect property before the holidays kick in.
Contact us today if you’d like a custom, home valuation report detailing exactly what we expect your home will sell for in today’s marketplace. Our team looks forward to hearing from you and helping your real estate goals come to fruition.
The other day my husband brought home a copy of Reader’s Digest. As I was looking through it, I came upon an article entitled “13 Things Your Real Estate Agent Won’t Tell You”. Well, THAT piqued my interest. What am I not telling people? Am I not doing my job correctly? Do people think I am hiding things from them?!?
Let me tell you, I was in a real snit (until I actually read the article). First of all, the author asked Realtors from across the country to contribute to the story. She was not just some writer set out to bash the real estate community because she had a bad experience either buying or selling.
Every point made was valid and should be shared with both Buyers and Sellers.
There are actually 23 “things” that were mentioned either in the article itself or in the on-line, expanded version located at www.rd.com. In order to keep this blog short, I will just paraphrase some of the ideas that I found the most relevant for today’s market:
If you are a Seller, don’t be offended by a low-ball offer. Work with it. You may have a better chance of coming to an agreement than finding another buye
I know it’s heart-breaking, but the fact that your house was worth a lot more a few years ago is simply not relevant in today's market. In order to sell your home, you have to be realistic.
Watch out for agents who overestimate your home’s worth. They are hoping you chose them over other agents who will price your home more realistically. Choosing that agent will only guarantee that your home remains on the market for a long time. Some buyers won’t even look at your house if they think there is no hope of negotiating a fair price.
If someone wants to look at your house on short-notice, if at all possible, LET THEM! It may be inconvenient to you, but that person may be the buyer you are waiting for.
If you are a buyer and you want to check the value of a property, you can utilize programs such as Zillow.com. However, don’t lock in on that figure. Websites such as Zillow only assess nearby homes with similar square footage that have sold. These programs do not take into consideration things such as the type of home (split-level, ranch, etc.), the level of upgrades, or the location (on a busy street, backs to park, close to shopping, etc.)
Commission is always negotiable up front, before you sign a contract. Sometimes, if you and a Buyer (or Seller) are unable to come to an agreement, you could ask the agents involved to reduce their commission in order to get the deal to come together. Although, you must keep in mind the next point:
The total commission does not go only to the List Agent. The funds must be shared with the Selling Agent (if there is one). After that split, there is money owed to the brokerage companies and sometimes, if the agents are part of a team, that team gets a cut as well. Agents have to pay for marketing, board dues, lockboxes, signage and more.
I hope you will keep in mind this blog when you are ready to either buy or sell a property. I also hope that when that time comes, you will consider working with me. Because after reading the article and writing this blog, I have come to the conclusion that I am doing my job properly and to the best of my ability! I always try to touch on these points at some point in my relationships with buyers and sellers alike! When the time is right call me, Marti McEvoy, at 402.670.0193.
1. Renting isn't such a great deal. Demand for rentals the past few years has increased -- a function of foreclosures and fewer existing renters making the decision to buy. That factor is pushing up rental prices. And rental prices are expected to continue to rise.
2. Prices are not continuing to decline. From the market peak in 2006 to the huge price declines we have seen over the past few years we are now in a very stable market that seems to be picking up. So if you think you are waiting for prices to get even better it is time to stop waiting.
3. Mortgage rates are at historic lows. Assuming rates will stay where they are at, or even fall some more, seems a risky bet. Fannie Mae expects the 30-year fixed rate will rise slightly throughout 2012 to 5.4 percent or so. The 2012 forecast is 5.7 percent, more than a full percentage point above where we're at today.
4. Less competition. There may be some “tire-kickers” at open houses these days, but the market is definitely picking up. We are starting to see multiple offer situations again and homes selling a lot quicker than over the past few years. However, Springtime is historically the time when the majority of buyers really start getting serious about buying so you will be forced to compete with more buyers the longer you wait.
Put yourself in the best situation possible to get the home of your dreams at a price you want to pay and start looking today. However, when you find that home don’t waste anytime otherwise you will most likely put yourself in a competitive situation and possibly set yourself up for disappointment.
For information on the Home Buying Process or a list of some of the best deals on the market today please contact me at 402.612.6693 or Tasha@OmahaREG.com.
As an Omaha area home seller you might be wondering if you should put your home on the market NOW or wait till Spring? Since you have always heard that the best time to put your home on the market is during the spring months April-May. As a Omaha Residential Real Estate Expert that is one of the questions I get asked quite often from home sellers. DO NOT WAIT! If you are truly interested in selling your home put it on the market TODAY!
Why, You May Ask???:
Less competition: Most home sellers are waiting for the Spring to begin. By putting your home on the market early, buyers will have less to choose from and your home will stand out.
Interest Rates: They are still at historical lows. Buyers are out looking at homes now and taking advantage of these terrific interest rates
Buyers are out home shopping now: The market is up over 30% from this time last year. This means that Home Buyers are out in full force. I’ve seen more multiple offers on homes in the past several weeks then in the past six months. As a seller take advantage it! Be first to have all these anxious home buyers tour your home.
If you’re a home Seller and are serious about selling your home don’t wait! Remember to price it right, have it staged to sell and make your home easily accessible to prospective buyers! If you do these things then you need to be ready for all the buyers you will have! Sell your home now before your competition hits the market!
If you are thinking of selling your home or what to get a FREE Comparative Market Analysis (CMA) to learn the value of your home. Please give me a call at 402.612.6693!
Have you wondered if there is a better time or season to buy a home? For the most part the Omaha areas real estate sales slow down in the winter months and sellers will be more open to offers they may not have considered in the spring or summer markets.
The summer is the time most people will purchase a new home. This means that the sellers can increase prices a little, and/or be less willing to negotiate as much. Sometimes your situation will not let you choose what time of year you want to purchase your home, and in those cases you may have to purchase when the market is a little stronger.
In our market December-February tend to be the slowest months of the year for real estate. During these months, buyers have more leverage than usual, and can ask the seller to come off the asking price by a larger amount and have a greater chance of the offer being accepted.
Keep in mind that when you are trying to figure out when the best time of year to sell your home that most of you will be buying a new home and taking out a mortgage on that property. If you decide to wait 6 months until the time of the year is usually better for your specific area that mortgage interest rates will change during this time you wait also. Interest rates have been holding at extremely low rate but there is always the chance that you may end up having to accept a much higher interest rate by waiting to sell your home and buy a new one. So making an extra 5 or 10k from the sale of your home and accepting an interest rate that is considerably higher because you waited to put your home on the market may end up costing you more in the long run.
For all of your real estate questions contact Tasha Moss of the Omaha Real Estate Group at 402.612.6693 or email Tasha@OmahaREG.com.
Just like with many professions the real estate business is full of people that are extremely successful, those that do what it takes to get by and those that should not even be in the business. The truly successful and great real estate agents probably only make up about 10% of all agents in a community.
So what is it that makes these agents great? There is no special formula or class or even an app that you can download on your iPad to give you what it takes to be successful. It is not even really something that you can learn. You either have it or you don’t and it can probably be summed up with TWO words…DRIVE and PASSION. This is probably the 2 things that make all the great people in any profession great at what they do.
A great real estate agent has to truly have the passion to be the best agent out there and then the drive that it will take to get him/her there. All of the rest of it is the stuff that can be learned by anyone. You can learn the contract side of the business, technology and how to be a genius marketer. However, if you don’t have the drive and the passion to push through during the hard times to learn new things and do things differently than it is going to be hard to be GREAT.
The last few years have been tough in real estate. During these times buyers and sellers need people with PASSION and DRIVE more than ever. They need the people that have pushed through the hard times and have come out on top. They need an agent that is truly GREAT.
If you or anyone you know is looking to buy or sell or has a real estate related question please have them call Tasha Moss at 402.612.6693 or email Tasha@OmahaREG.com.
Lately I’ve had a lot of people ask me about what exactly the consequences are after going through a foreclosure, short sale, or bankruptcy…specifically in terms of re-qualifying for a new loan. So I thought I’d compile some of the facts here…however, (I try to squeeze one disclaimer into each of my blogs ) always talk directly to a mortgage broker , bank, or attorney as these can vary over time and location. Keep in mind as well, it may be different for special types of loans like FHA, I’ll keep this focused on Conventional Loans
In the case of foreclosure or deed in lieu of Foreclosure:
7 years from the date of the completion of the Foreclosure
3 years from the completion of the foreclosure if it was the result of “extenuating circumstances”, and you must have 10% down and buying for your primary residence.
**Extenuating Circumstances are generally defined as: non-recurring events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.
In the case of a Short Sale:
7 years from the date of Short Sale for a loan with less than 10% down
4 years from the date of Short Sale with 10% or more down
2 years from the date of Short Sale with 20% down, or allowable with 10% down if there are “extenuating circumstances”.
In the case of Bankruptcy:
4 years from the date of discharge with re-established credit paid as agreed
2 years from the date of discharge is sometimes allowed if caused by “extenuating circumstances”
2 years from date of discharge with re-established credit paid as agreed
The bottom line with any of these events is that you can recover, maybe sooner than you thought. You’d be surprised if you saw a list of all the people who have experienced one of these….it’s a long one and it includes people of every demographic and financial status. Two important things to remember as our country is digging itself out of hard times…invest smart and invest within your means.
If you have any questions about real estate or if you know about anyone looking to buy or sell in the Omaha area please call Brady Bock at 402.630.0055.
One of the most important parts of the home-buying process is getting an inspection of the condition of the home and this should be included in your purchase contract as a condition of closing the sale. A professional inspector should look for defects or malfunctions in the building's structure, such as the roof, plumbing, or foundation, and detect pest infestations or dry rot and similar damage.
It is typical for a buyer to have the inspection after they're in contract to buy the property. The deal is commonly made contingent on the buyers' approving the results of one or more inspections. The buyer arranges and schedules the inspections and typically your agent will accompany the buyer for the walk through with the inspector.
Be sure you hire an ASHI certified home inspector to inspect all major house systems, from top to bottom, including the roof, plumbing, electrical and heating systems, foundation, and drainage. This will take two to four hours and will cost you from $200 to $500, depending on the location, size, age, and type of home. The inspector will write everything down on the report and will typically walk through with you at the end of the inspection for an hour to point out areas that mat need attention and give you maintenance tips.
It is important to understand that these inspectors do not inspect for things such as mold and radon. If these are things that you would like to have tested then that is a separate inspection that you will also need to make your contract subject to and it will also cost you anywhere from $100-$400 more depending on if you are just doing part of or all of the inspections.
For any question you may have regarding a real estate transaction and what to expect contact Tasha Moss, Owner of the Omaha Real Estate Group, at 402.612.6693.