Archive for February, 2011

Good Day at the Patch.

Airplane lovers, don’t miss this.

How can a Good Realtor save me money as opposed to selling myself? (edit/delete)

How can a Good Realtor save me money as opposed to selling myself?

If you sell your own home yourself, you will not have to pay a commission. But by doing that will you actually SAVE money?

If your unit is perfect, and you are good at pricing houses, and negotiating terms and conditions, and have the time to market properly, then yes you can save money. But what about the other factors that most home owners never think about?

#1-What are the possible future expansion options of your unit allowed by your town or city that could impact price? If the code says you can expand the living space, what is the value of that factor? Could it be enough to pay the Realtor’s fee alone and make your unit more desirable?

#2- Have you made any alterations since you bought the property and do you have the current C of O? (Certificate of Occupancy) If alterations were made and the contractor or architect did not file the work, that could impact the sale price also. If alterations were made before you purchased in a time of lax appraisals and no inspection by a qualified home inspector, you may think that all is OK until your attorney calls you and tells you “we have a problem.” Sometimes sellers get away with it and sometimes they don’t. You don’t want to be the one that gets caught.

#3- A pre home inspection; What is the value for you the seller to have a pre home inspection? How much do you know about home construction and the present codes? Will some issue cost you at closing? Get the facts before you put your unit on the market and you could save big time.

#4- Is being present at the showing hurting your sale? How can you show your unit and not be present? Sometimes buyers don’t feel comfortable having the owners present when they look at a house. Some sellers are all over the place, showing this and that, actually hurting themselves. A good agent will read the buyers actions and proceed accordingly. Some want to take their time in certain areas and think. Leading the buyers around too soon can kill a sale.

#5- How to answer personal questions. You would be surprised at some of the questions buyers ask. Are you prepared to answer in a way that will not hurt your sale price? After all, that’s the main point of all this. The sale price.

Realtors with experience can help you to avoid most if not all of these issues.

Think about it and don’t be afraid to interview a few good agents in your area.
See more on my new web site where you can search like a Real Estate agent at http://kennethcole.listingbook.com/?&page=home

A job well begun, is half done!

Is that the house they can’t sell?

I wonder what’s wrong with it, it’s been on the market a long time. Maybe there’s a building code violation on it and the bank won’t finance it until it’s corrected.

Ever ask yourself this question?

Sometimes, there is a building code violation and that’s what’s holding up the sale. Any unit that has work not filed with the city, is illegal. Example; when an owner makes an additional alteration and the city has no record of it, the bank is going to reject the mortgage until the violation is corrected. The bank wants to see the home inspectors report as well as the appraisal. It will show up. A clear example is changing the garage into a living space. There was a time when the banks looked the other way, those days are gone.

Just for your own protection, and for a future sale, always get the job done with city or township approval. It’s not only a safety issue but if the job is done incorrectly, you may need to tear it out and redo it. So it’s a monetary issue as well. Ever see Homes on Homes?

So don’t paint yourself into a corner;

because, you wanted to go the easy way, or save money.

A job well begun, is half done!

Website

http://www.kennethcolerealestate.com

See more on my new web site where you can search like a Real Estate agent at http://kennethcole.listingbook.com/?&page=home

Why is pricing your house RIGHT so important?

The biggest problem people have when selling their home is pricing their unit right.

Why is it, that most homes don’t sell at or near full price? Everyone loves a bargain, but not every unit is a bargain.

In my city, we just received our statements regarding our property values for tax notice. Now that’s opening up a can of worms. Folks are calling me asking, “How can my value go up (according to the city) when prices are still falling”?

Or, ZESTIMATE says my home is worth more, or less, then the city says. Another asks, “Why does the city have a big difference in the value of my home when I just had it appraised and the report came back much lower then the city?”

Still another said, “I know the market here.” With all due respect, do you really?

Let’s take a look at some of the factors that affect the numbers.

We are talking about Comparative pricing, that is looking at other units just like mine. We need to understand that we are comparing “apples to apples.” When appraisers look at similar units and add or subtract value accordingly. See my post on Appraisals.

New York City uses a system that estimates the value of your unit based on recent sales of comparable units. However, it does not consider certain factors that might affect the real value, such as if your unit needs updating or repairs that buyers will see when they visit the property.

Consider this example. House A sold for $480,000 a few months ago, that I would have priced lower because it needed about $100,000 worth of repair and updating. My thoughts are that there was something about this unit that the buyers were really interested in to make that offer.

House B also sold around this same time period, also for $480,000. This unit was a cream puff, a doll’s house. Two years ago it would have sold for over $500,000 yet if you looked it up on Zillow before it sold, it would have been quoted lower. Sometimes it’s estimated higher. Now of course if you look it up, it reflects the recent sold price.

There are other examples that I could make the point that pricing can be off as much as $100,000 in extreme cases. Unless you really know the market in a certain area, it’s a guess no matter what resource you use. As I stated above, even the city can be off quite a bit. So it’s a factor of having “incomplete” in information. An agent who know the area, uses several resources for information, visits the insides of properties for sale, and tracks the sales records is the person to go to for expert opinion. Even then, the evaluation can be off a little. The final proof is in the sale price. So if you’re looking to sell, check the agent’s marketing program and sales history to be sure you get the best person to help you.

If you want to see more about how I market homes, please go to my website, or give me a call and I’ll go over all the details with you. My cell number is 917-696-0275

Super Bowl, Fans see how the football is made.
http://activerain.com/blogsview/2100605/football-fans-see-how-wilson-footballs-are-made

NYC Notice of Property Value and Tax

I’ve received a few calls about the recent notice we received in the mail the last few days. Some folks have a few questions about the drop in value of their home, so I made a little slide presentation for you to help with some questions. Click on the link below and turn on your speakers

http://cdn2.goldmail.com/slideShowPlayer-em.swf