Blog on real estate information in Rosenberg Richmond and Fort Bend Area TX real – First Texas Realty

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Help...My Home Won't Sell!

February 8th, 2008 7:52 PM

Help...My Home Won't Sell!

A common cry that many home and property owners express. A very good question, and one that I have had 25 years of selling real estate to answer. Although not an easy answer, there are a number of things that I will address that will greatly improve your chances to sell.

Condition

First check the over the condition of your home. Look at it from a buyer's point of view. Make sure your home is in the best shape possible according to your ability and budget. You would be surprised how far a little paint, flooring and "elbow grease" go.

Just some good old general cleaning and decluttering go a long way as well. Also make sure everything is in working order. If you have a leaky faucet or a hole in the wall, go ahead and fix them. Touch up or repaint any walls that are scuffed up. Change any outdated wall paper and light fixture. Many of the large home improvement stores have free classes you can take on how to do some of these repairs yourself. Check out our page on StagingYourHome(video) which can really help you set the "stage" for a buyer.

Is the Price Right?

The next thing, and I believe the most important is price...no matter what the condition, it comes down to price. Most any property will generally sell at the right price.

The better the condition and location, the better the price you can get.

Price is not determined by how much you need to get out of the property, its not how much you have in it, and it really is not how much your neighbor got for theirs.

Price is determined strictly by how much a willing buyer will pay and a willing seller take.

There is no exact perfect price, because each property is completely different, and every buyer is different in how they value each property. One buyer must have granite counter tops where as the next must have a jacuzzi tub.

The real estate broker CMA (Comparative Market Analysis) and an official appraisal are strictly determined by what other like homes in the general area have sold for in the recent past. Your home or property is unique, and is not exactly like other properties that have sold. No two properties are exactly alike, even if they are the same floor plan, they are in different locations, and generally have different interiors. Neither a broker CMA or an official appraisal are scientific exact values, they are both based on like sales in the area.

When listing your home or property for sale, the best way to establish a list price is a real estate broker/agent CMA, or an official appraisal they both are very good places to start. Since the properties used for the CMA or appraisal are not exactly the same as yours, you the seller must be willing to adjust the price if it is not getting any viewings or offers.

Buyers generally shop for a home by comparing one home to the other, and will usually choose the best one out of a list of properties. If your home is not being shown, usually it means that your home is too high in comparison to other homes in the area that have the same sq/ft and amenities. If it is being show but no offers, it usually means it is the condition, location or floor plan.

Other factors that will effect the price that you may get, is the market condition and the season when you sell. As a seller, you must be willing to make adjustments to your price if you want to get your home sold. Many times a stagnant price will result in a stagnant sale.

Marketing Plan Maps The Way

Once you have established a good list price, it is very important to have a strategic marketing plan Which should be a "road map" to keep you on the right road for getting you the best price possible. A good marketing plan will help you set the proper price, maximizing market exposure, give you regular showing feedback, and keeping you updated on sales and overall marketing conditions in your area.

The Right Agent

Having a good agent that is familiar with your area, market trends, schools, future developments, and growth, is very important. For example, if a new company was planning on relocating to your area in the near future and were going to be relocating hundreds of employees, it could have a very positive effect on the value of your home or property.

For example the agents for our company First Texas Realty, have over 100 years of combined experience in real estate, and a good part of that time has been sales in the Fort Bend, Richmond and Rosenberg area, which is a real asset to sellers in our area.

In conclusion to answering your call for HELP is:

having the best condition possible,
setting a proper price in the beginning,
being flexible in your price,
having a real plan of action
and choosing the right agent

I believe will result in a sale of your home or property.

Sam Orlando, Broker/Owner, First Texas Realty

www.FTXR.com

email: sam@ftxr.net

call: 281-344-0007

If you are considering selling your home First Texas Realty offers a FREE Professional Comparative Market Analysis of your home or property

If you are considering selling your home and just want to get an idea of how much homes are selling for in your area, check out our no obligation easy over the internet or phone valuation: What Is My Home Worth

Posted by Sam Orlando on February 8th, 2008 7:52 PMPost a Comment (0)

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6 Things You Must Know Before Buying a Home

February 26th, 2008 11:49 AM

6 Things You Must Know Before Buying a Home

Get the Right Information

One of the first, and I believe one of the most important steps to began shopping for a home, is to know how much of a mortgage you qualify for. If you have seen the tv commercial about a free credit report, where a young man was expecting to get a nice car, but because of his not knowing what his credit report was, he ended up with a old junker. It is sort of the same thing with buying a home. You need to get a "free loan approval" so you won't end up with a real disappointment.

Whether you are about to buy your first home, or are planning to make a move to your next home, it is critical that you inform yourself about the factors involved.

Industry research has revealed that there are 6 common mistakes that most home buyers make in mortgage shopping that can have a significant impact on the outcome of this critical negotiation. If handled correctly, these issues could result in a mortgage that will cost you less over a shorter period of time.

Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 issues. Effective consideration of these important areas can make your payments work much harder for you.

1. You can, and should, get pre-approved for a mortgage before you go looking for a home

Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Your local lending institution can provide you with written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written pre-approval is as good as money in the bank. It entails a completed credit application and a certificate, which guarantees you a mortgage to the specified level when you find the home you’re looking for.

2. Know what monthly dollar amount you feel comfortable committing to

When you discuss mortgage pre-approval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what monthly dollar amount you feel comfortable committing to. Your situation may give you a pre-approval amount that is higher (or lower) than the amount of money you would want to pay out each month. By working back and forth with your lending institution to determine what this monthly amount is, and what value of home this translates into at today’s rates, you won’t waste time looking at homes that are not in your price range.

3. You should be thinking about your long term goals, and expected situation, to determine the type of mortgage that will best suit your needs

There are a number of questions you should be asking yourself before you commit to a certain type of mortgage. How long do you think you will own this home? What direction are interest rates going in and how quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other questions will help you determine the most appropriate mortgage you should be seeking.

4. Make sure you understand what prepayment privileges and payment frequency options are available to you

More frequent payments (for example weekly or biweekly) can literally shave years off your mortgage. Simply by structuring your payments so that they come out more frequently, will significantly lessen the amount of interest that you will be charged over the term.

For the same reason, authorized pre-payment of a certain percentage of your mortgage, or an increase in the amount you pay monthly, will have a major impact on the number of years you will have to pay and could shorten your payment term considerably.

These two payment options can cut years off your mortgage, and save you thousands of dollars in interest. However, not every mortgage has these pre-payment privileges built in, so make sure you ask the proper questions.

5. Ask if your mortgage is both portable and/or assumable

A portable mortgage, where available, is one that you can carry with you when you buy your next home and avoid paying any discharge penalties. This means that you will not have to go through the entire mortgage process again unless you are making a move up to a much more expensive home.

An assumable mortgage is one that the buyer for your home can take over when you move to your next home. This can be a very powerful tool at the negotiating table making it much easier and more desirable for a buyer to buy your home, and again saves you any discharge penalties.

6.You should seriously consider dealing with a Mortgage Expert

Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make a significant difference in the cost and effectiveness of the mortgage you obtain. For example they can make the process faster thereby avoiding costly. delays. Typically there is no cost or obligation to enquire.

If you are considering buying a home or property, contact us so we can set you up with a loan officer to give you a FREE pre-qualification approval to get you started in your home buying process. Also you will want to sign up for our FREE "Auto Notification System" that will notify you by email, of all new listings from the MLS, in your area and price range.

Sam Orlando

Broker/Owner,

First Texas Realty

email: sam@ftxr.net

website: www.FTXR.com

Posted by Sam Orlando on February 26th, 2008 11:49 AMPost a Comment (0)

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