There is a positive and a negative to everything in life. Social media is no different. Social media (Facebook in particular) is great for staying connected to friends and family. Keeping a pulse on the goings on. There is a negative, and it's based on the fact that everyone sees what you post.
WHY IS THAT A NEGATIVE?
Here's a very simple example of the "ouch" factor of Facebook:
You have a couple that you are good friends with, and have socialized with, off and on when you can. You find out, through a personal means of communication, that they are expecting a baby. Yippeee! This is great news. And they thought to share it with you one on one, personally. You start to think of the wonderful thing you can make the new arrival for the baby shower, that will no doubt be in three to four months. After all, these are good friends and deserve a handmade gift. And then...
Months later you see on Facebook that the baby shower comes and goes. There are the pictures. You've seen all these people before at other social functions with this couple. And somehow, you were not invited. OUCH! Were you simply overlooked or excluded. Considering your attendance would have meant another gift, at an expensive time in this couple's life, it sure feels like excluded.
This is where social media gets awkward. Because everything we post is available for all our "friends" to see, we need not be surprised when a friend turns up with hurt feelings after being excluded from an event.
Outlets like Facebook can really exaggerate that feeling of exclusion. And yet, while you may not ever be invited to attend another social function with that "friend", they were happy to accept your Facebook friend invite. Must just be jacking up the friend numbers on Facebook.
Chris Ann Cleland, Realtor- Licensed in Virginia, GRI & Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155. To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.
You Think Your House is Worth WHAT? Pricing Your Home to Sell
O.k., so you've looked on the Internet, you've checked the Real Estate Weekly - and you've talked to your Neighbors. You're pretty sure you know what you WANT your home to be worth. Next step? You call the Realtors in.
Everyone says you should interview 3 Realtors - so that's what you do! And sceptically you await their Verdicts! Does the highest Bid (because that's what it often is) win your Vote? Well it shouldn't and let me tell you why.
BUT Your neighbor's house just sold for XXXXX!
First of all, Realtors have access to the same information Online. By doing a CMA (Comparative Market Analysis) they should be able to come very close to the Range of Your Home's Value. They will see which homes are currently Listed, those that will be in direct competition with Your Home; they will see which comparable homes have Sold recently; and they will ALSO see which homes have 'Expired'....(Listed But Not Sold). That's the Starting Point!
If you use a Local Realtor - which is what I Recommend- they'll also be able to take into consideration different factors about your neighborhood - like development, schools, safety, proximity to transport etc.
BUT Your House has been upgraded!
Now where no 2 homes are exactly alike - chances are we've seen most of the homes for sale in your area and have an inside view that you may not have seen. Even online photos won't give you a complete view of how these homes compare.
In many ways - it's the Buyer that ultimately determines the value of your home. A house is worth what somebody will pay for it. It's important to try and anticipate what MOST buyers will pay for it. If the price is too high - you may just end up remaining THAT Buyer! If your home should by some chance sell for more then the estimated value, remember the home still needs to be Appraised for the Buyer's Bank, and if it's overpriced it just may not!
BUT That's What INEEEEEEEED to Get for My Home!
There is the odd time that a home is unusual and there are not direct comparables, sometimes this requires a trial and error strategy where we have to gage potential buyer responses in order to fine tune the price.
Another factor is the current 'Real Estate market'. Is it a Buyer's market or a Seller's market - or is it balanced? What kind of standing inventory is in the market in your price range. These will all factor in to your pricing.
The value of a home can also be estimated in part by using the price per square foot calculation. But you do have to use a sliding scale of adjustment. The 'core' of the home is worth more then the peripheral square footage. ie. the price per sq. foot for a 1000 sq. foot rancher will be higher then that of a 3000 sq. ft. basement home.
Should you start higher - after all - you can always come down??? No! If you do that you should be charging your competitor a fee for helping them sell THEIR home!
Remember the most critical time for selling your home is in the first 30 days. Longer then that you can bet your bottom dollar, (and unfortunately that's probably what it will end up being) that the Buyer will be paying attention to your 'days on market' when making both their buying decision and price point!
How do you know if your house is priced right? Feedback! Your Realtor will be calling to get feedback on showings from both the Buyer and their Realtor. If you've had over 6 showings and have been on the market for 3 or so weeks that should give you some idea of what the market thinks. Unusual or high end homes could be the exception here though.
Sometimes the most important factor is YOUR motivation. How motivated are you to sell? I know a lot of Seller's like to tell us that 'they don't HAVE to sell'.......and in most cases that's true - you don't! But if you do want to sell your home call a Realtor that knows your market and will be honest with you - because that's what a professional does - they Help you Price Your Home to Sell!
Brick, Split Bedroom Plan. Wood flooring. 9' Ceilings. Custom shower. Chef-delight kitchen with tons of cabinets and countertop space. Breakfast bar. Fireplace with gas logs. Formal dining. Nice front porch. Professionally landscaped. 5 year extended warranty. Photo is representative sample only!!!! Corner Lot.
Should your life stop just because you're buying a home? Truthfully, you never know what affect actions you take today will have on the mortgage you apply for. Even if you don't plan on refinancing or purchasing for another three to six months from now.
Something as simple as transferring money from your savings to your checking account can create hassles in the mortgage process. I know it may seem a bit much, but lenders are paying closer attention to mortgage transactions today. Sure, the transfer of money seems simple enough.. and maybe it is. But when lenders see a large sum of money transferred into an account, they want a paper trail to know where the money came from and be sure that all accounts balance.
There are at least six things that should be avoided when purchasing a home or refinancing your existing mortgage. Even if you are already 'pre-approved', you should wait until the loan has closed.
Buying, Leasing, or Refinancing a Car - Many people are inclined to 'improve their social standing' by purchasing a car and buying a home at the same time (yes, this includes leasing a vehicle). There's nothing wrong with the concept itself, but buying the car before buying a home can affect what the lender determines you can afford for a home. Since a car is such a big ticket item, it can greatly raise your debt-to-income ratio, which lenders use to determine the amount of home you can afford. Ultimately, it will affect how much home you can purchase. Refinancing your automobile can affect your credit scores. Even though you are probably lowering your payments, the refinanced loan is considered new debt when calculating your credit score.
Becoming Self-Employed or changing jobs - Either of these could have a negative impact on your loan application and overall approval. In most cases, lenders want to see at least 2 years of self-employment. Keep in mind that this means 2 years worth of tax returns, which really means you probably have to be self-employed for more than 2 years in order to provide a full 2 years worth of returns. ** also, income is determined based on the 'Adjusted Gross Income' (after your deductions) ** Wait until after buying a home to become self-employed.
Changing jobs to a 'sales' environment is also risky while you are considering a home purchase. Even though the position you accept is not considered 'self-employment' is it still sales based. If you were receiving a salary prior to your new 'sales' job then you will need to show 2 years worth of sales income. Being in a sales position has similar considerations as being self-employed.
Moving Money Between Accounts - I mentioned this in an example above. When a lenders underwrites your loan to determine your eligibility, they will request complete statements (yes, even the blank pages) from your accounts that contain liquid assets. When you move money around between these accounts, especially if they are large amounts, you will have withdrawals in some and deposits in others. The lender will want to see documentation for these transactions. Most people do not keep all of this paperwork, so it's much easier to leave the money in the accounts until after you have purchased or refinanced your home.
Change Banks - This pretty much ranks up there with 'moving money'. It just creates additional paperwork for you and the lender. The more paperwork, the more likely issues could arise for your home purchase. Not only could there be questions/concerns from the lender, but it could cause unnecessary delays in closing your loan. Stay with your current bank until the mortgage process is complete.
Make a Large Purchase - A large purchase is not just about a car or boat. Now that you are moving into a bigger place, you will probably want to fill it with furniture... and that 'One Year Same As Cash' deal sounds really tempting. Resist the urge to purchase that new sofa set until after you have obtained the mortgage. Again, this is for two reasons. First, it could affect your credit scores and debt-to-income ratios. Secondly, remember that you are not done buying a home until the loan closes. There are no guarantees until that happens. Unfortunately, there are a number of things that could happen which results in a declined loan application. Contact your local mortgage professional to help you avoid any costly mistakes.
Apply For a Credit Card - Although this is the last item I mentioned, this is equally as important. The new credit card won't hurt your credit score too badly if you already have good credit, but it will cause the to question your financial stability for buying a home. For the time being, don't apply for no interest credit cards or department stores. After you are settled into your new home, there will be plenty of time for shopping.
In summary, when you are buying a home or refinancing your current mortgage, it is best to stay away from anything that will look as though you don't have your finances under control. The items above are just a few examples that could cause such a determination.
If you live in the state of Texas and are looking for a reliable Mortgage Professional to assist you with the loan product that best fits your financial situation, give me a call. We do not charge upfront fees to run scenarios or charge unnecessary application fees.
Do you want to know all of your options? Call me today and let's discuss them further.
Always available for your Frisco Texas Mortgage needs!
INTERESTED IN BUYING A HOME? Fact is, you may not be able to play today if you didn't pay yesterday!
A GOOD CREDIT RATING IS A CONSUMER'S MOST VALUABLE ASSET. The Tax Credit and low interest rates have inspired many folks to consider buying buying a home who never seriously considered that alternative to renting. After all, it's the thing to do these days. Or is it??
Fact is, you can't play if you didn't pay. . . OR, until you pay.
Inspired by a timely post by Ellen & Coc Stephens about credit repair, I suspect that many ActiveRain agents and loan officers have had contacts from consumers who want to buy, but are just simply not credit worthy. Hardly a day goes by that I do not receive a phone call from a consumer who has paid $Thousands of Dollars to a "credit repair" company only to find that their credit has not improved.
Working with a competent loan officer who will tell folks what they really need to do to be able to qualify for a mortgage loan is the best way. Or, if they really need the structure of a service to manage their money, consider. . . .
CONSUMER CREDIT COUNSELING. If it's really out of the consumer's hands, CCC is the only way to go. They are non-profit and a mortgage loan can be obtained with CCC as a credit reference.
Folks just have to understand that bad credit didn't happen to them, they made it happen. They have to clean it up.
Many folks have filed a Chapter 7 bankruptcy in past years to liquidate their bad debt. Sadly, their credit report shows late payments in the past 6 months. WHAT?????
AFTER BANKRUPTCY. Yes, you can obtain a mortgage loan after bankruptcy. 2-4 years following discharge, a consumer can obtain a mortgage loan IF, THEY HAVE. . .
Established new credit
Made payments on time
Have no late payments
Qualify for the payment
Write a good explanation for the cause of the bankruptcy
More depending on your individual cause of the bankruptcy.
No, it isn't automatic. If you have damaged your credit in the past, you will have to earn the ability to obtain a mortgage loan. Folks who filed bankruptcy because of medical expenses will find it easier than folks with discharged consumer credit debt.
If you sold your home through a short sale in the past year, it is unlikely that you'll be able to get a mortgage loan today. I have received several calls with this scenario, often within months of a Short Sale. Not likely to happen.
WHAT TO DO.
Stay out of the mall.
Make credit card and other payments when they come in the mail, not a day before the due date.
Don't shop for automobiles while considering buying a home.
Don't co-sign for anything for anyone.
Develop a plan for saving that extra money rather than spending it.
Stay out of the mall.
GOOD LUCK!! There can be a wonderful home owning experience in your future.
Brick, Split Bedroom Plan. Wood flooring. 9' Ceilings. Custom shower. Chef-delight kitchen with tons of cabinets and countertop space. Breakfast bar. Fireplace with gas logs. Formal dining. Nice front porch. Professionally landscaped. 5 year extended warranty. Photo is representative sample only!!!! Corner Lot.
This spacious home is complete with 4 bedrooms, each with bath. Walk-out basement has den or rec room, kitchen, 2 bedrooms, 2 baths. Upstairs are kitchen, formal dining area, family room, 2 bedrooms, 2 baths. Across the back is screened porch...perfect for entertaining. Garage features storage space. 8.4 acres offers added privacy. Spacious, convenient, and classy best describe this home. Check out Scotts Hill today. A quaint little town just down the road from the TN River.
Well, here it is Friday night, and I'm realizing I didn't have a particularly stellar week in real estate. Hmmmm....what's going on?
Times like these tend to put a damper on my attitude, confidence, and enthusiasm, but I always try to find some sort of motivation to get me back on track. I found it just a little while ago.
I met some buyers of mine at the house we're set to close on in two weeks. They just wanted to take some measurements and take another look around. The sellers came home while we were there, and the four of them struck up a friendly conversation about each of their plans. It was one of the most cordial meetings I've ever seen between buyers and sellers.
As we were leaving, my buyers thanked me for my time, and then she added, "Thank you for everything."
It's funny, but as happy as I am that we found "the" house for them and as satisfying as it is to see and hear their excitement, I have to admit I'm a little bummed that two weeks from now, this transaction will be closed. No more regular contact. Sure I'll add them to my mailing list and connect with them regularly just as I do with all my past buyers and sellers, but it's not the same.
The opportunity to meet and work with the Jasons and Micahs in this world remind me why I do what I do. And they always provide that motivation to get back on track -- to improve my attitude, grow my self-confidence, and be enthusiastic about all the opportunities I am given.
All four of the variables go together to create the "perfect sale." Each aspect must be taken into consideration if you want a property to sell.
1. Price fixes everything! Don't let anyone tell you different. When the buyer perceives there is a value because of the price, they will buy the home.
The other three varibles always can effect the price.
There are circumstances where a buyer has lost the ability to qualify for a traditional loan because of a foreclosure or bankruptcy and the buyer needs owner financing. With Owner carry Terms that particular buyer may be willing to pay more because they have ownership with possibly a small down payment.
Conversely, if the Condition is bad the price will have to be reduced to reflect a value in the home where a buyer will have to come in and do repairs or cosmetic updates.
Location is the toughest variable in the sale to compensate for. Most people have heard about in Real Estate the terms Location, Location, Location. If the location is bad.. ONLY price will sell the property possibly combined with terms so exciting that a buyer will not be able to pass up the deal.
2.Terms. If the Terms are attractive, sometimes a seller can get more money for the home. For example: a home with a value of $325,000 listed with owner carry terms of $25,000 down and no bank qualifing might be able to sell at $350,000 because of the terms.
Under any owner carry situation, it is important the seller speak with their accountant and attorney before accepting any contract and agreement to finance. The seller should be completely aware of the liability and consequences in owner financing.This is just an example how price can increase with the right terms.
3. Condition is a key factor in selling a home. When the property is in top condition, looking like a show home the seller may get top market value for the property. In times where homes are selling at a slow pace, in order to procur a sale, the home should be the BEST property at the Lowest price to get to the closing table.
Taking a seller on a preview tour of the homes in the area similar to their property can save months of discouragement with a home not selling. When a seller can see the competition and accepts the fact their home needs to be the Best house at the lowest price to sell, the home will sell and the seller will see what they are up against in comparison.
Carpet or paint allowance does NOT work in selling a home. If the home needs carpet, put it in. If the home needs painting, get it painted. Many times this can cost a seller $5,000 to $8,000 to do those upgrades. Investing, yes, investing is the correct term, for getting the house sold. The money invested will come back in the form or a quick sale at full market value.
A picture is worth a thousand words so think about how the property looks and even take some pictures to see what a buyer is looking at. Sellers should look at the pictures like they were a buyer and ask, "would I buy this house in this condition for this price?" Are the kitchen counters cluttered? Are the closets a mess? What does the front door look like and the yard when people drive up to the house?
A seller has 8 seconds for a buyer looking at a home to decide if they really like the house and if it will go on the A list. The buyer starts the decision making process when driving up to the home while looking at the surrounding properties and the entrance to the home.
There are many agents are trained in "staging" a home and there are "staging services" which help a seller to understand what needs to be done to create a "marketable product." Listen to these people if you want to get the house sold.
The seller needs to separate from the house and see it as an investment or product that needs to be sold. The seller needs to take all the emotions out of the happy memories in the home if they are serious about selling.
4. Location is the only variable which cannot be changed. A bad location, is a bad location so only price and terms are going to help this situation.
It does not matter that the same model home across the street sold for thousands more, because it was ACROSS THE STREET and did not back to the highway. A seller needs to get a reality check on location and think about when they purchased. If the seller got a good deal when they bought because it had a bad location then they have to give the new buyer the same good deal to sell.
Sellers should take all the emotion out of the business of selling a home and treat the transaction as an investment decision.
If the goal is to get the home sold then listen to the professionals and let them do their job.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
You have a couple that you are good friends with, and have socialized with, off and on when you can. You find out, through a personal means of communication, that they are expecting a baby. Yippeee! This is great news. And they thought to share it with you one on one,
Becoming Self-Employed or changing jobs - Either of these could have a negative impact on your loan application and overall approval. In most cases, lenders want to see at least 2 years of self-employment. Keep in mind that this means 2 years worth of tax returns, which really means you probably have to be self-employed for more than 2 years in order to provide a full 2 years worth of returns. ** also, income is determined based on the 'Adjusted Gross Income' (after your deductions) ** Wait until after buying a home to become self-employed.
Make a Large Purchase - A large purchase is not just about a car or boat. Now that you are moving into a bigger place, you will probably want to fill it with furniture... and that 'One Year Same As Cash'
Or, if they really need the structure of a service to manage their money, consider. . . .
1. Price
;)
;)
