October 8th, 2009
Your listing price is the most important “ingredient” to consider when deciding to sell your home. In the end, the goal is to make the entire package attractive to buyers, and price is one of the first criteria buyers will use to differentiate properties. Pricing your home appropriately will help you reach that end goal, both more profitably and sooner.
Put the Shoe on the Other Foot
Of course your home means a lot to you: it has most likely been one of your largest investments, and priceless memories have been made there. Now, stop and think like a buyer. They don’t care what you paid or about the life you have lived in that house that makes it so valuable to you: they care about what is valuable to them. Don’t price your home based on sentimental value, price your home according to what like homes in your area have recently sold for.
Get a Feel for the Market
Do some research on your own. See what similar homes in the area have sold for and consider economic conditions, the market is probably not the same as when you bought the home. Studying these factors will help you get a feel for what your home may be worth now.
Overpricing Will Backfire
Assuming you will overprice your home and then maybe get a little more from the “right” buyer often backfires. Keep in mind that buyers do their research too, and they likely know what a fair price is for your home in the current market. An overpriced home decreases the market activity towards your home: the more overpriced the less likely you are to get calls, showings and offers.
Best Way to Price
The best way to price is to assess the value of your home, and price it what it is worth or even a bit less. This strategy increases buyer traffic, and may produce a multiple offer situation, which can serve to drive up the end selling price.
An overpriced home is a tough sell, work closely with your real estate agent to determine the worth of your home, and price it accordingly.
Need help assessing the value of your home? Do you need a real estate agent to help you determine a selling price and get your home on the market? Work with a Sold on Sunday real estate agent: experienced, knowledgeable, and passionate about selling your home.
Call us at (781) 910-7155 or info@soldonsunday.com to learn more about selling your home today!
Tags: MA real estate agents, MA seller agent, pricing your home, selling price, selling your home
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September 29th, 2009
Last week, we discussed the financial benefits of home ownership. This week, we continue with the personal benefits of owning a home.
Personal Benefits
In addition to the outstanding financial benefits of choosing to purchase a home instead of continuing to rent, there are some great personal things to be said about owning your “home sweet home”.
First and foremost, consider the pride of homeownership, of being able to come home to a place that is truly your own. For many, owning a home provides them with a sense of accomplishment, security, and stability.
In addition to the great feeling it gives you, owning your home also allows you to personalize it in any way you wish, without restriction from landlords…you can paint the ways the way you like, hang permanent fixtures, and truly enjoy your space customized to your specific tastes.
Owning your home also gives you a place to start new family traditions. Because the property is likely to be your “home base” for the foreseeable future, it provides a place to gather and create memories with loved ones that you can recollect in their years to come.
Planning for the future is important, especially if you are thinking about or have started a family. Owning a home gives you the chance to start building a legacy for your heirs, something to pass down to the next generation.
We have touched on many of the highlights, both financial and personal, of home ownership. To discuss your own home buying needs, contact an experienced Sold On Sunday real estate agent today by calling (781) 910-7155 or info@soldonsunday.com.
Don’t forget our added benefit - the Buyer Rebate Program, offering a 33% rebate on commission, which could save you thousands on your new home!
Tags: home ownership, MA buyer agent, MA home buyers, owning vs. renting
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September 22nd, 2009
Are you thinking of purchasing your first home? Weighing the pros and cons can be an overwhelming process, but here are some of the benefits of home ownership you will want to consider when making the rent vs. buy decision.
Financial Benefits
The cost of purchasing a home is likely one of the factors you first considered, and perhaps you experienced some sticker shock, but the financial benefits of owning a home vs. renting extend well beyond the price tag.
Purchasing a home actually puts you on the road to building wealth. Instead of writing a monthly rent check for an amount you will never see again, your mortgage payment goes towards building equity in your home, the amount of your home that you own less the debt associated with it. Your home becomes an asset, and provides you with borrowing power, a definite advantage over renting.
As a renter, you may have experienced periodic rent increases, and nothing is more frustrating than paying more and getting nothing more in return. Depending on what type of home loan you acquire, you will have the security of fixed mortgage payments, meaning that your monthly housing costs are guaranteed to stay the same year after year.
Maybe you are concerned about making such an investment in this economy, but real estate is still one of the safest investments you can make for the future. Over the past forty years, real estate has continued to appreciate over the long term, despite changes in the economic cycle.
Finally, you will be really happy you chose to buy come tax time. The government offers homeowners several tax breaks, including deductions for mortgage interest and property tax…do you remember ever writing off part of your rent on your tax form? Just another financial benefit of investing in a home.
Watch for next week, when Sold on Sunday will discuss the personal benefits of owning a home.
Are you considering buying a home in the Greater Boston area? In addition to the benefits listed above, Sold on Sunday also offers homebuyers a cash rebate on selling commissions through our Buyer Rebate Program. Call us at 781.910.7155 or info@soldonsunday.com for more information today!
Tags: benefits of homeownership, MA Buyers Agent, MA homes, MA real estate
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September 11th, 2009
Selling your home is an important decision, and one that your real estate agent is here to help you with. A little cooperation on the seller’s part to make their home easier to show can go a long way to helping make the sale.
Accessibility
Providing access to the home is one of the major ways a seller can help in the process of selling their property. Everyone has busy schedules, including potential buyers and their real estate agents. By being accommodating to having your home shown at times that fit into the buyer’s schedules immediately makes your home more appealing.
There are several ways in which you can provide access to your home. The most preferable is to allow your listing agent to install a lockbox, which will allow licensed local real estate agents to enter the home by entering a code provided by the listing agent. This is beneficial because neither you the seller, nor your agent has to be present, and thus can easily accommodate the schedule of the potential buyer.
Make the Buyer Comfortable
When a potential buyer enters your home, you want them to be as comfortable as possible, so they can imagine the property as their future home. Another benefit of the lockbox is that the buyer and their agent can enter the home alone, and the buyer can feel free to look around and discuss what they would do with the space, something they may not feel comfortable talking about in front of a seller or listing agent.
Set the Stage
As a seller, you really want a buyer to make an emotional connection with the house so they want to make it their home. To do this, use the senses to help draw them into the ambiance of the property. Appeal to their sight by letting in as much natural light in as possible, keep televisions and radios off, opting for soft, mellow music. Don’t over-fragrance your home, but use subtle candles or potpourri to create a clean, fresh scent.
If you have pets, try to confine them to a certain space or take them out of the home with you during times the property will be shown to potential buyers. If your children are often home alone, make sure they know proper showing etiquette.
Of course, safety is always first for both the buyer and seller. Make sure that you secure any loose carpeting, or wires, and put away small toys that buyers could trip over. Likewise, secure any valuables and medications.
Being accommodating and preparing for buyers to view your home, will help to ensure success when selling your home. Your Sold on Sunday listing agent is here to help you every step of the way, from preparing the home to arranging showings right through to the closing of your home.
So if you are thinking of selling your home please call us at 781.910.7155 or info@soldonsunday.com to learn more about listing and selling your home!
Tags: Boston real estate agent, MA listing agent, MA real estate, sell home faster, selling your home
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September 4th, 2009
The Importance of Working with a Buyer Agent when Purchasing a Home
Once upon a time, all real estate transactions were handled exclusively by the seller’s, or listing, agent. In more recent times, the emergence of the Buyer’s Agent has changed the climate of the real estate industry. It is important to understand that a listing agent represents only the seller in a real estate transaction. Legally, they have a fiduciary duty to protect the seller’s, and only the seller’s, interests.
As a homebuyer, it is only fair that you have someone working in your corner, protecting your interests every step of the way: enter the Buyer’s Agent.
The Benefits of Working with a Buyer Agent
All real estate agents, both Seller’s Agents and Buyer’s Agents, can arrange property showings, assist the buyer with financing and the extensive paperwork involved in a real estate transaction. However, if you forgo working with a Buyer Agent, and are working directly with listing agents, they legally cannot negotiate prices in the buyer’s favor, disclose history of the property or reasons for selling, and they are not required to keep the information the buyer shares with them confidential.
A Buyer’s Agent works for you, the Buyer. They are working to find properties that fit the Buyer’s needs, emailing listings daily, setting up property showings, and even attending open houses with their clients. The protect the Buyer’s interests at all times, structuring and negotiating offers in the Buyer’s favor, and advising the Buyer, even if their recommendation is not to buy.
The Buyer’s Broker Agreement – Should you Sign?
In some cases, a Buyer Agent will ask the Buyer to sign a Buyer’s Broker Agreement, often creating an exclusive relationship with one Buyer Agent and guaranteeing them some type of compensation, such as a commission or finder’s fee.
Other Buyer Agents, including those with Sold on Sunday, Inc., do not require buyers to sign a Buyer Broker Agreement. It is our belief that we work hard to represent the buyer’s best interests, and that this commitment to our clients will keep them in the relationship without a formal exclusivity agreement.
Finding a Buyer Agent
Often, the best way to find a Buyer Agent is through referrals from family and friends. Another popular method is using the Internet to search for an agent. No matter how you find potential Buyer Agents, make sure to interview the Agent and make sure you feel comfortable in the relationship, after all they will helping you to find your new home.
If you are looking to buy in the Greater Boston area, Sold on Sunday offers licensed and experienced Buyer Agents who will walk you through the Home Buying Process. In addition to showing you properties that meet your specifications, coaching you every step of the way, and providing you with valuable recommendations, Sold on Sunday Buyer Agents come with an added benefit of our Buyer Rebate Program. Simply stated, once your home purchase closes, the buyer receives a cash rebate based on the purchase price of the property.
Call us at 781.910.7155 or info@soldonsunday.com to get started today!
Tags: Boston real estate agents, home buying tips, MA Buyers Agent, MA real estate agents
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June 20th, 2009
When purchasing or submitting an offer on an existing residence, one important step in the process is the home inspection. The purpose of a home inspection is to inform the buyer about the condition of the property they have placed an offer on. Buyers should budget any necessary repairs into their initial offer and plan on spending some their own funds to repair damages suggested by the home inspector.
If you’re the buyer, review the home inspection report thoroughly and understand the condition of the home you are about to purchase. After all, it is most likely one of the largest investments you will ever make. Regardless of it’s age or upkeep, even the most well-maintained homes will come back with some items from the inspector.
The first step after reviewing the report would be to determine what repairs are necessary on your end. Keep in mind, the seller has the option of fixing all, some or none of your requested items to be repaired, but they are typically responsible for repairing major items, including HVAC systems, plumbing and roof leaks. Once you have reviewed the report and determined what needs to be repaired, work on getting detailed repair estimates from licensed contractors or sub-contractors.
When significant repairs are needed, sales price negotiations are usually necessary. This is when a qualified and knowledgeable real estate agent can prove to be invaluable. Your real estate agent can request that the seller to come off the sales price by the amount of the stated repair costs or negotiate other favorable terms prior to closing.
Negotiating an agreement at this point in the process can be one of the trickiest aspects of the real estate transaction. Most home buyers and home sellers want to arrive at a win-win agreement, but most need the help of an experienced agent that knows the art of successful negotiation. Also, an agent can help a buyer understand the scope and limitations of the home inspection from the beginning of the process and set realistic expectations – allowing for the entire process to move as smoothly as possible.
When it comes to home inspections, what you don’t know CAN hurt you – and cost you money! Utilize the qualified and expert advice of a Sold on Sunday agent. For more information, please call (781) 910-7155 or send an email to info@soldonsunday.com.
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May 5th, 2009
With today’s economy, one of the most frequent questions for home buyers is what is the difference between a short sale and bank-owned property (aka foreclosure)?
A short sale means that the seller does not have enough money to pay off the existing loan by selling the property. For example, the seller owes $400,000 but the current market price is only $350,000 – this is sometimes also called “upside down.”
In this case, the seller is “short of cash” to cover the outstanding debt. The option that is available to the seller is a short sale – where the seller finds an offer from a buyer at less than the amount owed to see if the mortgage holder will accept the offer. Typically, in order to qualify for a short sale, the seller must be behind on some mortgage payments and currently owes more than the home is worth.
A seller can be short, but not in foreclosure. From a buyer’s perspective a short sale requires the agreement of the mortgage holder at the agreed upon sale price – that’s the difference between a traditional sale and a short sale.
By definition, a foreclosure is the legal proceeding where the lender obtains a court-ordered termination of a mortgagor’s equitable right of redemption. In simpler terms, the bank repossesses the property from the mortgage holder, or owner. Foreclosure properties are sold at an auction. If the bank does not receive a satisfactory price at auction, they will purchase the property by being the high bidder at the auction. So a home that is owned by the bank is now called a “real estate owned” or REO property.
If you’re considering purchasing a REO or short sale property, just keep in mind that you may or may not be getting a great bargain. Do your homework before making an offer and work with a qualified real estate agent. This will help you make sure that the price you offer is comparable or less than other homes in the neighborhood and you should consider the costs of possible renovations and other costs.
Utilize the expert advice of a Sold on Sunday agent and save thousands in commissions! For more information, please call a Sold on Sunday broker at (781) 910-7155 or send an email to info@soldonsunday.com.
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April 8th, 2009
If you watch the news or read stories on the Internet, all you hear is “it’s a buyers’ market.” However, if you’re a first-time homebuyer you may still wonder if buying a home is the right thing to do, and having reservations is completely normal – homeownership is a big investment. Here are some really good reasons to buy now – and it being a “buyers’ market” makes the list at #5 – not #1.
- Pride of Ownership – This is the #1 reason why people switch from renting to buying. Homeownership gives you and your family a sense of stability and security. It’s an investment in your future.
- Appreciation – Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. Many people view their home investment as a hedge against inflation.
- Mortgage Interest Deductions – Homeownership is an excellent tax shelter and U.S. tax rates favor homeowners. The interest on your mortgage, the largest component of your monthly payment, is fully deductible on your tax return.
- IRS Credit – If you buy a home from January 1, 2009, through November 30, 2009, you qualify to claim a credit of 10% of the purchase price of your home on your 2009 tax return – a credit that you don’t have to pay back – an actual gift from the IRS!
- It’s a “Buyers’ Market” – Simply put, a buyers’ market exists when there are a lot of homes on the market and very few buyers. This, coupled with declining sales figures over previous months, puts home buyers in an excellent position to negotiate to their advantage.
Now that you’ve decided to purchase a new home, how do you get the best deal and how do you choose a broker? The good news is that the burden of the commission typically falls on the seller. When a listing broker works with a buyer’s broker, they will offer a percentage (usually half of what they are receiving) of the sale price to a cooperating broker.
As a buyer, there really is no additional cost to you by working with a broker. More than likely, you will be paying part of the commission – it’s just built into the sale price of the home. But buyer beware – not all brokers are created equal. A Sold on Sunday agent will provide professional advice and representation throughout the buying process and will offer 33% of sale commission rebated back to you!
Take advantage of a great time to buy and receive 33% of the sale commission rebated back to you! For more information, please call a Sold on Sunday broker at (781) 910-7155 or send an email to info@soldonsunday.com.
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April 8th, 2009
Selling your home when the real estate market is down poses special challenges – lower prices, lots of inventory and buyers who have a tougher time qualifying for a loan. Add to this a tight economy and a lot of people would like to save money when selling their home.
The first, and most common, money saver would be the sizable commission paid to a real estate agent. However, it’s better to use a licensed agent who has experience in this tough real estate market.
But keep in mind… not all real estate agents are the same! Most agents charge 5% to sell your home, which can be a hefty sum depending on the value of your property. The good news is that a Sold on Sunday agent can offer the same qualified and professional service for only 2% or 3%. Not only do you save a considerable sum on commissions, but a Sold on Sunday agent can actually increase your net proceeds at closing by utilizing effective negotiation and marketing strategies to sell your house quickly, even in a tough market.
Another advantage of a Sold on Sunday agent? They generate interest in your property – which is extremely important in a high-inventory market! A Sold on Sunday agent offers a 2% buyer broker incentive to entice the realtor community to bring their clients to your property. Not only does this create interest, it generates offers for your home. With multiple offers, the market can potentially bid your property above fair market value – even in a buyers’ market!
Utilize the expert advice of a Sold on Sunday broker and save thousands in commissions! For more information, please call a Sold on Sunday broker at (781) 910-7155 or send an email to info@soldonsunday.com.
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