Condo Sales Tips
Help in presenting a home for sale and achieving the best sales price.
5 Steps to Remodeling Done Right
Here are five steps to developing a great relationship with a remodeling contractor.
1. Let the contractor know if you are ready to remodel or just kicking the tires. Gary Palmer, a Charlotte, N.C.-based general contractor, says seeking multiple bids is fine, but don’t waste his or her time by letting the bidding process drag on for weeks.
2. Do your homework. Before seeking bids, develop two files. One should include information, including photos, of what you like. The other should include a list of what you don’t like.
3. Listen to the experts. A good contractor can tell you whether the project is feasible and what the pay off will be.
4. Communicate your budget. Let the contractor know up front how much money you intend to spend.
5. Be realistic and patient. Every remodeling project is messy and all of them are going to be frustrating somewhere along the way.
Source: Charlotte Observer, Barbara S. Russell (10/23/2010)
Easy Tips for Staging a Home to Sell
homey kitchen at Carlyle Towers
If you’ve listed a property that will almost certainly be on the market for the Thanksgiving and end-of-the-year holidays, advise the seller to go easy on the decorations, says Joan Inglis, owner of Lake Wylie (North Carolina) Home Staging.
“Put a holiday centerpiece on the dining-room table and then remove it after Jan. 1,” she says.
Other advice from Inglis includes:
- Store toasters in the cabinet because it is almost impossible to keep them looking clean.
- Take all the magnets off the refrigerator.
- In a pricey home, get rid of any furniture that looks cheap. It interferes with the buyer’s ability to imagine themselves living there.
Source: Charlotte Observer, Allen Norwood (10/15/2010)
To Condo or Not to Condo?
Why choose to buy a condominium?
Condo life is a simplified way of living for those with active and busy lifestyles.
Elegant and Luxurious
There are a lot of reasons as to why people prefer to live in condos than in houses. One would be that some condos do cost less than a traditional single family house, while being able to enjoy many of the amenities/facilities that a person may not be able to afford on his own. And there are single family houses that cost the same as a condo, but of course do not have the amenities that the same costing condo can offer.
A simple condo would offer its residents a pool, a gym and a party room, but a similar priced house would not have these benefits. Condo owners share the cost of maintenance. Exterior maintenance and even lawn care is handled by the condo association, while the expenses to provide that care is already a part every condo unit owner’s monthly fee. There are certain condos that include the utilities included in the condo fee and other condos that share the cost of water but pay their own utilities. Basically, a condo owner can just step out of his room and enjoy a dip in the pool or a good workout at the gym, while the latter would be on the roof cleaning out gutters or frowning down on his bills and writing checks for pay all his utilities.
Therefore the question still remains to be “To Condo or Not to Condo?”
I don’t want to reduce the price of my home.
view of Pentagon City
— Rich Levin, Real Estate Trainer and Coach
It’s true: we’re still in a buyer’s market. I don’t see prices continuing to decline, but there are only two options if you want to sell your home: wait patiently for a buyer to see the value of your home, or lower the price to entice a buyer to act now. In the past, homes were selling for more than what they are worth. Today, they are probably selling for less than what they are worth. If you have the time to be patient, hold out to get your price. If you want to act now, don’t worry too much because if you sell at a low price, you’ll be buying at a low price.
Will Nesbitt
Will Nesbitt is the Principal Broker of Condo Alexandria.
Housing Experts Say Real Estate is Recovering
Gazebo
Some of the nation’s top economists believe the housing market has turned and better days are on the way for the housing industry.
Increases in jobs, credit, and affordable homes will overcome impediments such as rising interest rates, and the expiration of the Federal stimulus program to push the housing market toward recovery, says Dean Maki, chief U.S. economist for Barclays Capital.
“I would bet even odds that we’re at a bottom and that we’re going to see improvement in the coming months,” says Karl Case, co-creator of the S&P/Case-Shiller Home Price Index and a professor of economics at Wellesley College.
“The underlying trend is turning positive,” says Bruce Kasman, chief economist at JPMorgan Chase & Co.
Source: Bloomberg, Kathleen M. Howley and Rich Miller (03/15/2010)
Northern VA Condo Market – Supply Problems?
Here’s an interesting report by Tom Meyer of Condo 1:
The supply of DC area condominiums has dropped below 6000 available units for the first time in five years. And… There are currently ZERO condo starts in the pipeline. This presages a very tight condo market in 2012, says a new report by McWilliams/Ballard.
Of the 4400 multifamily units that are currently under construction as rentals, M/B predicts that between 10% and 40% will ultimately be delivered as condominiums due to the impending lack of inventory.
So hang onto your hats. This real estate roller coaster may suddenly lurch upwards when nobody expects it!
Five Reasons to Hold an Open House
Not all real estate practitioners are enthusiastic about the effectiveness of open houses, but here are five good reasons to consider holding one:
- The odds are low but sometimes open houses lead to a sale.
- Home sellers like them. They like seeing their real estate professional working hard for them.
- Visitor feedback is good for sellers.
- Other real estate practitioners tour open houses and they sometimes produce sales.
- Open houses engage people, including friends and neighbors who might bring in a buyer.
Source: Inman News, Mary Umberger (02/17/2010)
4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
Home on the hill at Belle Haven
- Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
- Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
- Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
- Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.
Will Nesbitt of Condo Alexandria also adds, “The best time to sell is when you need to sell. The worst time to sell is when you’re trying to guess a market.”
Source: McClatchy Tribune, Kate Forgach (02/07/2010)
12 Ways a Realtor from Condo Alexandria Can Help You
1. Your Condo Alexandria Realtor(r) can help you determine your buying power — that is, your financial reserves plus your borrowing capacity. If you give a Condo Alexandria Realtor(r) some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.
Montebello is at the Huntington Metro
2. Your Condo Alexandria Realtor(r) has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.
3. Your Condo Alexandria Realtor(r) can assist you in the selection process by providing objective information about each property. Agents who are Condo Alexandria Realtors(r) have access to a variety of informational resources. Condo Alexandria Realtors(r) can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
4. Your Condo Alexandria Realtor(r) can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
living room at River Towers
5. Your Condo Alexandria Realtor(r) provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your Condo Alexandria Realtor(r) can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Condo Alexandria Realtor(r), title company or attorney can help you resolve issues that might cause problems at a later date.
6. Your Condo Alexandria Realtor(r) can help you in understanding different financing options and in identifying qualified lenders.
7. Your Condo Alexandria Realtor(r) can guide you through the closing process and make sure everything flows together smoothly.
8. When selling your home, your Condo Alexandria Realtor(r) can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
9. Your Condo Alexandria Realtor(r) markets your property to other real estate agents and the public.Often, your Condo Alexandria Realtor(r) can recommend repairs or cosmetic work that will
flower at Montebello
significantly enhance the salability of your property. Your Condo Alexandria Realtor(r) markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your Condo Alexandria Realtor(r) acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The Condo Alexandria Realtor(r) Code of Ethics requires Condo Alexandria Realtors(r) to utilize these cooperative relationships when they benefit their clients.
10. Your Condo Alexandria Realtor(r) will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS(r) studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your Condo Alexandria Realtor(r), you do not have to allow strangers into your home. Your Condo Alexandria Realtor(r) will generally prescreen and accompany qualified prospects through your property.
11. Your Condo Alexandria Realtor(r) can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your Condo Alexandria Realtor(r) can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
12. Your Condo Alexandria Realtor(r) can help close the sale of your home.
View of Masonic Temple and the shady streets of Old Town
Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your Condo Alexandria Realtor(r) is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).
