by: Scott Riggsbee
I am often asked how long it will take to sell a home in today's market. Many parts of the country are generally enjoying a seller's market and have been for several years.
Apart from the obvious factors (e.g., homes in very high price ranges have fewer buyers than $300,000 homes), a word about economic reality is in order. We have all been taught that the real equation in real estate is "location, location, location." This is utterly false. People actually live in Kansas!
The real equation in real estate is price vs. condition. If your home is marketed effectively, (i.e., at least two dozen showings, and it's in the best possible showing condition) you should get a favorable response in 1 to 3 weeks. By "favorable" I mean second showings, requests for additional information, or an actual offer.
Unfortunately, most homeowners have been brainwashed into thinking that to get the price they want, they must list their property for 10-15% above it's actual market value. While in actuality, they are actually hurting their chances of getting what their home is worth.
Think about it for a second. Most buyers are actually using an agent to find that "perfect property". Any agent doing business, for any amount of time, has a very accurate knowledge of home values for each particular area and community. What is the first step in that Buyer getting to your home for exposure?
Their agent looking through the MLS and finding your property in the search results, is the first step. Most agents, when they see a home that is 10-15% overpriced or more, alongside 7 or 8 others with comparable features,
won't even set up the showing.
After weeks and weeks, with no bites or offers on your property, you have to make a price reduction to get it back to it's true market value. Now, because the home was overpriced to begin with, this price change will seem pretty drastic to any agent looking through the MLS, for their clients. At this point, the only offers you will probably receive are going to be lower than your new reduced price. It's all about mindset. The Buyer sees a drastic price reduction, several weeks or months on the market, and they think, "They NEED to sell. They'll take less."
To effectively market your property, you must have an accurate Comparative Market Analysis done for the area, and it must be given enough time on the market to bring the correct price. If your home sells in 5 - 10 days, it's usually selling too cheap. There IS a buyer for every home. You just have to give it adequate time for the market to bring the two together.
If you have not received a favorable response to your showings, there is only one part of the equation that can be changed: your price must be lowered. You can either face this fact now, or deal with it much later, after months of being on the market. Run a second Comparative Market Analysis because, yes, the market in certain areas does,and will, change.
And one more key point to remember when deciding your homes value and marketing. Tax Value or Assessed Value means nothing! This is just a value the tax department assesses on your property to determine how much you'll pay them in taxes. It's almost always too high.
Also, If you've had your home refinanced, 8 times out of 10, it's too high. Why? Because appraisers for a refinance are not held accountable, while appraisers at initial purchase are. That's why you may hear some stories about the appraisal "not coming in" before close of an initial purchase transaction. Refinance appraisers work for the lender. Don't let a refinance appraisal influence your calculation of actual market value of your home.
So what does all this teach us? Price it right the first time. Allow enough market time to get true market value for your home. You'll save yourself alot of time and frustration.
The following chart is a national market average.
Sold within: Percentage of Homes
1 Month 40%
2 Months 7%
3 Months 7%
4 Months 20%
5 Months 10%
6 Months 7%
7 Months 9%
If your property isn't sold within 30 days, a price adjustment should be made!
Statistics are based on National average of homes sold.
Article from http://www.scottriggsbee.com/gold_howlong.asp
About The Author
Scott Riggsbee has been involved in with real estate for 10 years and loves bringing buyers and sellers together. For tons of Free real estate info visit him at http://www.scottriggsbee.com.
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Truth About Refinancing
Truth About Refinancing
by: Brian ONeal
Let's face it, not everybody needs to refinance.
With all the hoopla about Low Rates and the Refinance Boom, you want to know the facts.
You want to know when refinancing is right or wrong and why?
Okay, I?ll tell you.
It is actually quite simple. You should refinance when you have credit card debt exceeding $10-15,000, depending on your situation.
Because you will receive a tax credit at the end of the year on your mortgage.
Also, there are programs designed to keep your rate low for one, two, or three years until you?ve saved money on your credit card debt.
You should also look into refinancing if you?ve been in your home for over one year and your interest rate is above 6.5% or if your loan-to-value ratio is at 80% or less. Call a mortgage professional about this. If you do not fit into either of those situations, they you shouldn?t refinance! ...
Truth About Refinancing
Refinance > Truth About Refinancing
Cash Out Refinance - Things To Know About Refinancing Your Mortgage To Get Cash Out
Cash Out Refinance - Things To Know About Refinancing Your Mortgage To Get Cash Out
by: Carrie Reeder
A cash-out mortgage allows you to refinance your mortgage and pull out part of your equity. Before deciding how much to cash to use, be aware of the impact of PMI and equity amounts. However, you may find the benefits of refinancing outweigh the costs.
Cash-Out Mortgage Basics
With a cash-out mortgage, you can refinance for lower rates or to just get part of your equity out. Once the refinancing process is completed, you will end up with a check. You can decide to take up to 90% of your home?s equity in some cases. However, cashing-out a large percent of your home?s value will impact your refinancing rate and might require you to carry private mortgage insurance (PMI).
The Cost Of PMI
Just like with a regular mortgage, you will be required to carry PMI if you take out more than 80% of the home?s value. PMI protects the mortgage...
Cash Out Refinance - Things To Know About Refinancing Your Mortgage To Get Cash Out
Refinance > Cash Out Refinance - Things To Know About Refinancing Your Mortgage To Get Cash Out
Online Mortgage Refinance Quotes - Tips To Finding A Better Rate
Online Mortgage Refinance Quotes - Tips To Finding A Better Rate
by: Brad Jacobsen
Do you know the benefits on the Internet today when searching for a lender to refinance your mortgage?
It definitely can be a daunting task and even an agonizing search to get lined up with a refinanced mortgage with better terms and rates.
Here are some tips:
Tip 1. Security and personal information
No one likes unsolicited propositions and today there are companies that take your privacy very seriously. The last thing you want is to simply make an enquiry and then to be barraged with Mortgage lenders that seem to come out of the woodwork. Reputable companies will display on their web site how your personal information is used and what is collected. Never deal with a web site that does not clearly indicate how your personal information is used and what a steps they take to prevent fraud.
Tip 2: Competing lenders under one roof
Refinance > Online Mortgage Refinance Quotes - Tips To Finding A Better Rate
Refinance & Mortgage Tips: Your Down Payment Is Key
Refinance & Mortgage Tips: Your Down Payment Is Key
by: Tristan Hunt
If you are buying a house, the first thing you need to figure out is how much of a down payment you can afford to make. This may seem like the sort of advice your father would give you, but rest assured there are a few reasons why knowing what you can put down and where you?ll get the money can make all the difference when shopping for a house and a mortgage to finance your new purchase.
Before you pick up your local newspaper and browse the real estate section looking for a new house, call up your banker, your accountant, or your spouse and find out how much you?ve got in savings and liquid assets to make the down payment and pay the closing costs on your mortgage.
First you must consider the source of your down payment, because this affects how much of the down payment your lender will actually attribute to you the applicant for the purpose of qualifying you for loan...
Refinance & Mortgage Tips: Your Down Payment Is Key
Refinance > Refinance & Mortgage Tips: Your Down Payment Is Key
Refinance Mortgage Lenders - Finding The Best Refinance Lender
Refinance Mortgage Lenders - Finding The Best Refinance Lender
by: Carrie Reeder
Finding a good lender to refinance your mortgage can be almost as important a decision as the actual mortgage you choose. In order to make a wise selection of a refinancing lender you should do four things:
1. Know the objective of your mortgage refinance
Do you want to lower your current interest rate? Generally, refinancing your mortgage can be profitable if your current mortgage is 2% higher than the prevailing rates. Do you want to move from an adjustable rate mortgage (ARM) to a fixed rate mortgage?
If interest rates are creeping up this may be a good idea. Do you want to shorten the term of your mortgage to accumulate value more quickly? Do you want to take cash out of your home?s equity? The mortgage refinance lender you pick will want to know your reason for refinancing so that the appropriate mortgage product can be chosen. You will also want...
Refinance Mortgage Lenders - Finding The Best Refinance Lender
Refinance > Refinance Mortgage Lenders - Finding The Best Refinance Lender
Refinance How Long Will It Take To Sell Your Home? televisions
Refinance How Long Will It Take To Sell Your Home?
Refinance How Long Will It Take To Sell Your Home? suits
Wood Vs. Metal Loft Beds (Bunk Beds)
Wood Vs. Metal Loft Beds (Bunk Beds)
by: Donna Somerkin
If you are in the market for loft beds or bunk beds, a major choice is wood versus metal. Depending on the overall look and size you desire, you will want to choose a differently constructed bed. Although both materials are both sturdy and safe, many individuals choose either metal or wood when searching for the optimum bed to fit the room.
Most older bunk beds are made of wood, and are generally easier...
Refinance
Refinance > Wood Vs. Metal Loft Beds (Bunk Beds)
Refinance
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