Residential Real Estate Expert Mark Nash to Speak at Library of Congress
Chicago-based real estate author, broker and columnist has been invited by William J. Sittig, Chief of the Science, Technology and Business Division, The Library of Congress, Washington, D.C., on March 21, 2007.
Chicago, IL (PRWEB) February 21, 2007 -- Chicago-based real estate author, broker and columnist has been invited by William J. Sittig, Chief of the Science, Technology and Business Division, The Library of Congress, Washington, D.C., on March 21, 2007 from 11:30 am to 12:30 pm, 101 Independence Avenue South East, James Madison Building, Dining Room A http://www.loc.gov/rr/scitech/events/events.html
Topic: Home buying, selling tips and trends for the 2007 transitional residential real estate market.
Let's begin with tips for home sellers.
-Pricing your home correctly is number one in 2007. Buyers will move on if they perceive your home is not priced right.
-Today's buyers want property in its best possible condition with updated kitchens and baths. Take the time before you place your home on the market to make it show like a model. If you don't, buyers have an abundance of available homes that say "buy me'.
-Market your home on the Internet. Seventy-five percent of home buyers viewed the Internet as a very useful tool in their home search according to The National Association of Realtors(R) 2006 Profile of Home Buyers and Sellers.
-Don't offer buyer incentives. In 2006 some real estate agents and home sellers decided giving buyers; flat-screen televisions, tropical vacations, automobiles, closing costs other freebies that would perk up buyers interest in a competitive marketplace. Savvy buyers feel home prices are raised to cover the costs of buyer incentives.
-Accept home-sale contingencies. The contingent-free contract is now just a memory. If you want to sell your home in 2007, keep an open and flexible mind on contingencies. Many buyers want to "move-up" but need to sell their home first, before they can close on yours.
-Don't ignore how long it could take to sell an attractive and well-priced home. Figure out the absorption rate for your market. This rate will tell you how many months or years of for-sale inventory there is in your market. Three months is fine, six months is okay, nine months is troublesome and twelve-plus is terrible.
-Limit open houses. The open house pendulum has swung from " the house sold in the first day" to "we need to have our house open every Sunday". Desperation is when your home is open every Sunday. Buyers know and track it. Plan on every three weeks to have a public open house.
And tips for home buyers.
-Don't low-ball offers to purchase on a home that is priced right. Potential home buyers wanted deep-discount deals in 2006, even if the house was correctly priced. In most situations they didn't receive them and many times paid more for a home because they offended the seller in their opening offer. Use sold comparable's from only the last six months, that's what mortgage lenders do.
-Took as fact online home valuation web sites opinion of value. Technology is great when it works, but tread carefully with online valuation web sites. Ask yourself how long does it take your recorder of deeds and real estate transactions to record them? The values presented might not accurately portray the real value.
-Investigate Option Adjustable Rate and Reverse Mortgages carefully. Both of these loan products can lead to mortgage fraud by unscrupulous brokers. Option ARMS feature negative amortization, not a good thing in a home purchase and reverse mortgages are not a be all and end all for seniors, and are loaded with high origination fees.
--Research reserve funds and special assessments in all potential condo, townhouse or cooperative purchases. The building or development might look well maintained, but conduct a careful audit of budgets, association meeting minutes and reserve funds balances. Reserve funds are set-aside finances for capital improvements such as new windows, roofs and elevators.
-Consider resale characteristics. Getting out is as important as getting into a new home. The average homeowner stays in their home on average slightly less than six years, according to The National Association of Realtors(R). You might love your new home, but will future buyers? High-traffic, a contemporary home in a neighborhood of colonials, or a tuck-under garage could pose a problem for future buyers.
-Don't skip performing a home inspection. Never waive the right to an inspection, the benefits far out weigh the costs. Performing an inspection could save you numerous headaches and expenses later. Hire a professional, not Uncle Bert. In many states Carbon Monoxide detectors are now the law. Every household should have at least one regardless if a law requires them or not.
-Investigate rates of state, county or local transfer taxes paid by buyers at closing. Some buyers learn too late that they might need large amounts of extra money to pay transfer taxes in the state, county and city where they are purchasing property. Inquire when you start your search what transfer taxes rates are and who customarily pays them.
Additional articles by Mark Nash:
What's, What's Out With Home Buyers in 2007
Top Mistakes of Home Buyers and Sellers in 2006
Decorating Do's and Don'ts for Home Sellers in 2007.
Snoring Rooms Offer Alternative to the Couch.
"Caving" and "My Spaces" Emerging Trend at Home.
Mark Nash, residential real estate author, broker and syndicated columnist is based in Chicago. His books include: 1001 Tips for Buying and Selling a Home, Real Estate A-Z for Buying & Selling a Home, Fundamentals of Marketing for Real Estate Professionals, Reaching Out: The Financial Power of Niche Marketing, and Starting & Succeeding in Real Estate. Nash recognized as a expert by CBS News* has been featured on: Bloomberg Television, Business Week, CNN's Open House, Dow Jones Market Watch, The Early Show, Fox & Friends, The New York Times, The Today Show, USA Today and The Washington Post. Look for his analysis on RealtyTimes.com.
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