Home buyers regularly turn to real estate agents to ask how much to offer. After all, their agent works that neighborhood, understands the trends and real estate markets, knows what kind of offers are likely to get accepted and can advise them every step of the way, right?
Right and wrong.
As many home buyers will attest, the question of "how much to offer" is commonly met with resistance by real estate agents. What? Why? Is there a reason a real estate agent will not tell you how much to offer? This practice probably doesn't make sense to you, does it?
There are circumstances under which I will advise my buyers on pricing, and also circumstances under which they need to make a decision based on the information provided. Here is what your agent might not tell you: read more
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©2007 Elizabeth Weintraub
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Monday July 9, 2007 | permalink | comments (0)
The National Flood Insurance Program & Why You Need It
Although you may not live in a designated flood plain, chances are you still need a flood insurance policy.
Two days after my husband I moved into our 1898 Victorian in Minneapolis, it flooded. Kids were surfing on Emerson Avenue. It was a freak rainstorm. Water poured down the chimney, broke through our basement windows.
I thought, "What are the odds?" Because 15 years earlier I had survived another flood disaster. My home on the Rincon in Ventura, CA, fell into the ocean. I didn't expect it then, either, but I should have because at least I lived on the ocean where these things happen. One doesn't expect to get flooded downtown Minneapolis.
It's strange what you think about saving. In 1981, when the ocean waves rose to pound my house in Ventura, I grabbed my IBM typewriter, along with my guitar, photo albums, jewelry and furs. But I couldn't find my cat. And the fire department would not let me back inside the house to find him, regardless of how much I screamed and pounded on the fire chief's chest. He said pets have a way of surviving . . . read more
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Friday July 6, 2007 | permalink | comments (0)
A Comparative Market Analysis Benefits Home Buyers, Too
It doesn't matter if you're a home buyer or a home seller, you should get a comparative market analysis -- referred to in industry lingo as a CMA -- before buying or selling a home.
A comparative market analysis is an absolute essential before listing a home, but many home buyers are unaware that they can ask their own agent to prepare a CMA. After all, how you can possibly make an intelligent purchase offer if you don't know how many homes are presently on the market in your price range, the types of homes under contract and the prices of recently sold homes? Without this information, you're shooting in the dark, plucking figures from thin air and hoping for the best.
Properly prepared CMA reports will compare apples to apples, not mini mansions to fixers. You want to compare homes with similar square footage, about the same age, condition and location, among other factors. While a real estate agent can make adjustments to a CMA to bring almost any property's price up or down, you'll fare much better if you look at true comparable sales. Here is an explanation of a CMA and how to understand the data: read more
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Wednesday July 4, 2007 | permalink | comments (0)
Senior Living in Active Adult Communities
As home owners move closer to retirement age, it's common to start thinking about downsizing or making alternate housing arrangements for senior living.
For the next 20 years, experts predict we will see record numbers of baby boomers moving into active adult retirement communities. These are not nursing homes, assisted living or government subsidized high-rise buildings. These communities are like Disneyland for grown-ups, an around-the-clock amusement park offering a cornucopia of fun-filled activities for the 55-plus age group.
It's almost like 60 is the new 40. Few baby boomers plan to grow old gracefully; they're going to fight the aging process every step of the way and enjoy life to its fullest. As a result, active adult communities are springing up all over the country, and they cater to the desire to remain young and vibrant. OK, maybe more vibrant than young, but you get my drift.
Many homes in retirement communities are designed for entertaining family; they sport guest rooms suitable for grandchildren sleepovers and offer work space for those seniors who plan to start a new career or hobby. In addition to featuring tennis courts, spas and adjacent golf courses, these communities . . . read more
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Monday July 2, 2007 | permalink | comments (0)
Home Selling Tips for Pet Owners
It's hard enough to command full-price offers in buyer's markets today, but sellers who are home selling with pets face a distinct disadvantage.
Because I care for a number of pets myself, I realize that it's next to impossible to pry home sellers away from their pets. Snakes, lizards, hamsters, birds, cats, dogs and rabbits -- they all distract from the sale of a house and possibly cost home sellers tens of thousands of dollars. Why? Because buyers often offer less for homes where pets reside.
Some home buyers are allergic, others dislike pet odors and smells or are afraid of animals, yet sellers refuse to board their pets during home showings. If that's not bad enough, some pets bolt and never return when real estate agents open the front door.
To find out how you can increase the safety of your pets during house showings; how to overcome objections to pets, eliminate pet odors and stains; and deal with dirty cat boxes and barking dogs to get the sale, here is advice on how to get top dollar for a home with pets in residence: read more
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