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Aggressive Home Selling Strategies
Selling a house in an extremely competitive market is possible, especially if a seller is prepared to take action to help facilitate attracting a buyer. In a housing market where ‘for sale’ signs are springing up like mushrooms after a downpour, it’s not enough to hire a real estate agent who only puts a sign in the yard, enters the information about the home on the local multiple listing service (MLS), and waits for a potential buyer to find the home.
In a buyer’s market, it is imperative that sellers be more cognizant of the choices and actions they take prior to putting the home on the market. In some instances, it may even be wiser to keep the home off the market until they are fully prepared to offer it for sale. Potential buyers may not reappear to see your freshly painted entryway. How should you prepare yourself for this competitive market?
Here is a brief rundown of a must-do list to get your house noticed and sold:
The Right Agent – Rushing into choosing a real estate agent could be your first mistake in a competitive market. You must begin by interviewing several agents in order to choose the best one available for your individual circumstance, especially in such a competitive housing market.
Begin by asking some standard questions to find out what marketing plans are offered, what Internet presence can be expected, a list of past clients as references, and what type of administrative and communication systems are in place.
The real estate agent who understands the market, who is not interested in appeasing your over-priced value on your house, and who can explain what it means to sell a house in a buyer’s market is the agent for you.
Choose the agent who gives you the straight talk while keeping a good rapport with you, and you will have a successful relationship and sale.
Repairs – It’s time to prepare the home for sale. Aggressive sellers will hire a 
home inspection company to conduct what is termed a "pre-inspection" of the house. This pre-inspection will identify potential defects in the home that will eventually show up through a buyer’s inspection, possibly terminating any offers on the table. By discovering defects and making the corrections well before a buyer has an opportunity to back out, the home will get a second and third showing, resulting in more offers.
When a pre-inspection is conducted, it is best to inform potential buyers of it by leaving a copy of the inspection report at the home as well as have it posted on the multiple listing service. Don’t forget to do those little repairs, too. It’s not just about whether the furnace works; buyers notice things like broken light switches and squeaky doors. It may seem trivial, but each one starts a fingernails-on-the-blackboard response in a buyer which can result in losing a follow-up showing.
Curb Appeal – In addition to making repairs to the actual home, taking a look at 
the landscaping and entry is another key to selling a home in a buyer’s market. Landscaping and your front door has a tremendous impact on the first impression a buyer will get when they first see the home.
You may be thinking that buyers are fickle, and they may very well be. But, regardless of whether you think something like a few flowers and a fresh coat of paint is trivial, your buyer may not. Having a potential buyer come back for a second look because they felt welcomed by the first impression they got at your front step can make the difference between selling and sold.
Photos of your home will be posted on the Internet, printed on flyers, and used in other publications if you have an aggressive agent. Simple things like potted plants, trimmed shrubbery, and neat entries make a difference.
Photographs aren’t very forgiving. You can’t make up for that peeling paint or pile of dead leaves with a clever description of your home or even cinnamon rolls baking in the oven. Pictures are not forgiving, so be sure your landscaping and entry are meticulous, even if you have to postpone your listing until you get it done.
Staging – Take a look at your home from a buyer’s perspective. This is hard to do 
because you have an emotional attachment to your home. But, consider coming into your home for the first time as a new owner. You may have furniture that perfectly matches your green walls, but not everyone does. You may have the perfect kids’ rooms for your toddlers, but not everyone has toddlers. Invest in neutral tone paint and cover up all those lovely colors.
You also need to take a look at replacing carpeting, putting away all your knick-knacks, rearranging your furniture, and even storing most of your items to clear the way for a buyer’s imagination.
Many sellers benefit from hiring a home staging professional. These experts are trained to see the potential, and for understanding how difficult it is to de-personalize your home while it’s on the market. A home staging expert is trained to see homes through the buyer’s eye and will present the home so the buyer actually looks at the qualities and features of the home, rather than be distracted by the stuff the owner either loves or has become immune to.
When selling a home in a buyer’s market saturated with a large inventory of homes for sale, it is imperative sellers take proactive steps prior to putting a for sale sign in the yard. Interview and hire the best real estate agent, review and repair any defects of the home, and properly stage the home so you will maximize the interest each time you show your home.
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Buying a New House? A Checklist of Items You’ll Need
Last month, we looked at a list of "must do" things to consider first before starting to look for a new home. This month, we look at a list of "must-haves" when moving into your first house.
Locks and Keys
All locks should be changed in your new home. This is a good safety tip for moving into any new place, whether it’s a home, apartment or a condo. You won’t have to worry about who has a key to your home when you change the locks.
First Aid Kit
Accidents happen, especially around the house. Whether someone in your home gets hurt while using a tool, or just experiences a clumsy mishap, it’s nice to have a first aid kit close at hand. Your first aid kit should include band aids, scissors, non-latex gloves, tape, gauze, first aid instruction booklet, aspirin, and a thermometer. You might want to include more items, but this is a good collection of basics.
Smoke Alarm
A smoke alarm should be on every level of the house and close to bedrooms where people are sleeping. Remember to check the batteries regularly. It’s a good idea to make a habit of checking the batteries when you change your clocks in the spring (forward) and fall (back). Remember that smoke alarms don’t last forever, and need to be replaced. Many recommend doing this at least every 10 years, if not before.
Fire Extinguisher
It’s important to put fire extinguishers in places where there could be a chance of a fire, like the kitchen or the garage. Remember, fire extinguishers generally require servicing and inspecting by a fire protection service company at least annually.
Tools
When you live in an apartment or a condo, if something breaks there’s a person to call to come and fix the problem. Now that you are a home owner, you’re that person! So you’re going to need some basic tools. Some handy tools to have in the house are a hammer, nails, drill, drill bits, staple gun, tape measure, saw, screw drivers (flathead and Phillips), wrench, pliers, WD-40, and safety glasses.
Yard Tools
Now that you have a home, you also get a lawn to take care of! That means you’re going to need a few tools to tackle yard work. Items include, but are not limited to: lawn mower, shovel, rake, weed eater, push broom, watering can, wheelbarrow, garden hose, lawn sprinkler, edger, blower, and pruners. If you love doing yard work you might need a few more things, but this list is good for those of you who aren’t a big fan of doing yard work. These items will help you get the chore done quicker.
Snow Blower
If you’re in an area where it snows, you’ll be happy to have a snow blower when the first foot of snow falls. And don’t wait around for the first snowfall to get this important tool, either. It’s a good idea to have snow shovels as well. Always have two on hand, that way you can always have a shovel for a helpful friend.
Cleaning Supplies
Hopefully you have these things already, but here is a good list of items every home should have to make house work easier: a vacuum, broom, wet mop, dust mop, dust cloths, furniture polish, dust pan, toilet brush, plunger, window cleaner, sponges, scrub brush, rags, towels, and a bucket.
This list should help you stock your home with essentials that will help making living in your new place a little easier!
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Transitioning Your Home to Autumn
The days are getting shorter, the weather is getting cooler and the air has an aroma that makes you think of apple cider. Autumn is in full effect in many areas already, and soon will be everywhere. Your home should reflect the coziness the change in season brings.
Not sure how to transition from the cool shades of summer to the warm hues of fall? While there are many items available to make your home inviting, these things for fall home décor will make your place look warm and cozy for your guests as they come to visit.
Candles: Choose candle scents that reflect the season – cinnamon, apple pie, marshmallow, fireside, pumpkin, candy corn, etc. If you have children or pets and don’t want to risk an open flame, there are battery-operated ones that are usually accompanied by a timer you can preset for automatic ambiance. Some are vanilla or spice-scented and offer a safe, yet still charming glow.
Artificial Fruit & Vegetables: Search for faux apples, pears, gourds, squash and more at your local craft store. Place them prominently in a wide bowl or basket as a cornucopia, or simply add a couple of pieces on your kitchen windowsill or end tables to add touches of harvest to your home. You can even find them glittered or beaded for a more elegant look – near soft light they sparkle beautifully.
Corn: It’s not just for corn mazes or corn on the cob – it can be a great element for decorating! Tie a bunch together with some raffia and place outside on a bale of hay, or inside, attach them to a wreath or place them in a bowl for a traditional symbol of harvest.
Leaves: A main staple of fall décor is the unique variety of colors and shapes of leaves. Individual silk leaves can be scattered on tables, leaf garlands can be strung across a staircase bannister and a leaf wreath can serve as the focal point of a mantel when hung on a wreath stand. Leaf-themed dinnerware, trays and decorative plates can be found in your local department store, that you can enjoy using all the way through Thanksgiving. If you have young children, you could grab a few leaves outside and they can sponge them on paper for artwork you can frame or hang on the fridge!
Flowers: Hardy mums accompanied by some ornamental cabbage and kale are great for a pop of color outdoors because they can withstand cooler temperatures. Purple Mexican bush sage has purple and white blooms and can reach four feet tall, flowering in September and continuing until frost occurs. If you want to make a container or window box, incorporate variegated ivy, fountain or black mondo grass, mums and a few pumpkins for a spicy seasonal look. Speaking of pumpkins…
Pumpkins: Like leaves, pumpkins are the ultimate symbol of autumn. They are 
easy to find and in various price ranges. Visit your local farmer’s market or grocer for medium and large pumpkins. Visit a nearby cider mill for extra large pumpkins, mini pumpkins and special gourds. Place them on the porch, nestled between the landscaping around your home, or bring a few indoors. Leave them plain until it’s closer to Halloween and then you can turn them into jack-o-lanterns!
Pillows: Add some throw pillows with embellishments to your couch or cozy chair. Square, round or oblong pillows with metallic threads, ruffles or sequins can make for a nice display. But don’t limit yourself to accent pieces in common rooms – body pillows made of micro-suede can be a warmer alternative to the cotton pillowcase it’s currently nestled in for a good night’s rest in your own bedroom.
Table Linens: Whether you have a dining table or server, table linens in fall colors like orange, red, gold and bronze can add elegance to wood furniture. Tablecloths, runners, napkins and placemats can often be found in coordinating sets, complete with napkin rings that tie it all together for a more formal occasion. Dig out those autumn dishes you have hidden in the cabinet and add some tinted wine glasses to wow your guests!
Wood: Bring the outdoors in with distressed wood pieces like log vases or birch-themed pedestals to display candles or flowers. You can incorporate twigs, branches and berry stems for an organic look. For your front or backyard space, take wooden barrels or crates and fill them with leaves, pumpkins and hay for an effortless acknowledgement of the change in season.
Any of these ideas for fall décor will take you straight through the last Thursday of November, when you’ll give thanks and start thinking about your next decorating session which includes snow and ornaments.
Home prices rose 0.8 percent during the month of July, marking the fourth consecutive month of increase, according to CoreLogic’s July home price index, released recently.
Despite the monthly increase, prices declined 5.2 percent year-over-year. The decline is smaller when considering only non-distressed sales – 0.6 percent year-over-year.
“While July’s numbers remained relatively positive, particularly for non-distressed sales which have been stable, seasonal influences are expected to fade in late summer,” according to Mark Fleming, chief economist for CoreLogic.
“At that point the month-over-month growth will most likely turn negative. The slowdown in economic growth and increased uncertainty caused by the recent stock market volatility will continue to exert downward pressure on prices,” Flemming added.
National home prices are 30.5 percent below their peak in April 2006.
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How To Get Your Insurer to Pay Your Disaster Claim
Seems that more and more states are being affected by hurricanes today than any other natural disaster, so we wanted to take a close look at hurricanes and your insurance.
Your big challenge may come in the way of getting your insurance company to pay up instead of trying to deny your claim.
You may have to dig deeper into your pockets, because insurers have been steadily increasing hurricane wind coverage deductibles and imposing other policy limitations, often burying the wording of such in the renewal policy that most consumers don’t even bother to read.
Many homeowners are dealing with this frustration now, in the wake of Hurricane Irene. So we urge homeowners to be vigilant with your insurance company to ensure you receive a full and fair settlement.
How to Boost Your Odds of Getting Paid
Don’t dilly-dally when it comes to reporting your claim: Insurance companies generally handle them on a first come, first serve basis.
Once your claim is filed, be sure to get your claim number and write it down. You’ll need it every time you call to follow up on your claim.
Build Your Evidence
Anticipate the possibility of push-back from the insurance company, and be ready to hit them with documentation. Start a notebook detailing every contact you have with your insurance company or adjuster.
Make a list (detailed) of all your possessions that were affected by any disaster. You should have a complete inventory, including photos, of everything you own before a storm or natural disaster strikes. Also take photos and list any damage you have temporarily repaired since the storm to avoid secondary damage. Most policies require that you “mitigate damages” before the adjuster can get there.
Get repair estimates from a contractor before the adjuster shows up, if possible. Keep all receipts for any emergency repairs you made, and costs such as those associated with staying in a hotel, if your home was not habitable after the storm.
Be Prepared to Fight
Don’t just file a claim then sit back and wait for your check to arrive. Be prepared to check in regularly with your insurance agent or company on the progress of your claim. If you are denied, don’t just accept it. Demand that your insurance company identifies the language in your policy that served as the basis for them denying your claim.
Watch for insurers who try to pull a “gotcha” by putting a limit on replacement cost payments, which might come into play in the event that a home is totally destroyed. A typical cap is 20% above the face value of the policy.
For example, if a home was expected to cost $200,000 to replace and that amount was the limit on the policy, the insurance company would pay no more than 20% more, or $240,000. If the surge in construction costs due to extreme demand caused the price of replacing the home to jump to $300,000, the homeowner would be short $60,000.
Know Your Rights
The squeaky wheel gets the grease. Do complain to the powers that be in the insurance company if you feel like a denial was unwarranted or the reimbursement too little. Don’t stop there. Complain to your state insurance department: It will make an inquiry with your insurer. See a lawyer if you want to take it a step further.
Expect the worst, but hope for the best. Not all insurance companies handle claims badly, so go into the claims process with an open mind. Be vigilant though, or you run the real risk of being shortchanged.
If you were unaffected by Hurricane Irene, take the time now to count your blessings, and do the things you need to do in order to prepare for whatever Mother Nature has in store next. Take inventory of your possessions, especially including taking photographs of everything you own. Then be sure to store those photos somewhere away from your home. If you have photos stored in your home and your home is destroyed, there goes your evidence with it.
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Buying a New House? What You Have to Do First
If you’re moving into the home buying mode, here are some “must do” things to consider first.
What Can You Afford?
You must take your time deciding what you can really afford before buying. It is critical that you know your status financially, inside and out. Only then can you truly know how much you can afford to pay for your new home. Use one of the many online calculators to help you better understand your affordibility. Understand how your income, expenses, and debts, affect what you can and cannot afford.
Where Will You Live?
You should think carefully on where you really want to live. Some things to consider when deciding the location are: Do you have kids? Then you might want to buy a house in a good school district. Not all school districts are the same. For most home buyers with families, buying a home in a good school district is fundamentally important. By doing this, you also enhance your property value when it comes time to sell your home in addition to providing your children with better schooling.
Check Your Credit
You must ensure that your credit history is the best it can possibly be. A few months before you start actually looking for a house to buy, you will need to check your credit score, get your credit report, and do credit repair or credit counseling to ensure your credit is optimal for your situation. It is important that you stay on top of the facts in your credit report and remedy any problem that arises.
Which Mortgage is Right for You?
The next step is to choose the right mortgage loan for your situation. Deciding on the right type of mortgage can be an experience equivalent to being in the middle of a minefield. There are so many choices from: fixed or adjustable rate mortgages, interest-only or sub-prime mortgages, and many more. So how do you know which mortgage is best for your current financial situation and as well as your long-term goals? Well, you can seek the help of a trusted mortgage broker or lender for expert advice and personalized service. Moreover, a trusted personal mortgage consultant gives you competitive low rates to meet your needs. In order to learn more about the subject, you can start by arranging a complementary consultation with an expert mortgage consultant. You can locate a local mortgage consultant in your area by using any mortgage directory you can find online or offline.
Get Pre-Approved
Get your loan pre-approved before actually beginning your home search. When you have done the above steps and already determined how much your home budget is and have optimized your credit, it is time to get pre-approved for a home loan. Being pre-approved for a mortgage means it will save you time and money by better positioning you to make an earnest offer for that perfect house when you find it. Unlike a pre-qualification which is based on a brief review of your financial situation, pre-approval from a mortgage lender involves an in-depth analysis of your actual income, expenses, debt, and credit history, which of course is a whole lot better than just being pre-qualified.
Following these steps ahead of finding your new home will make things much less stressful versus having to rush to do these things once you’ve already found the home you want.
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Home Affordability Remains High
Home affordability levels remain at near record highs. According to Bob Nielson, chairman of the National Association of Home Builders (NAHB), “At a time when homeownership is within reach of more households than it has been for more than two decades and interest rates are at historically low levels, the sluggish economy and the extremely tight credit conditions confronting home buyers and builders remain significant obstacles to many potential home sales.”
Unfortunately, this high level of affordability, alongside historically low interest rates, has not translated into more sales. Existing-home sales declined in July, down 3.5 percent from June.
Lawrence Yun, NAR chief economist, said “affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers. Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs.”
The NAR reports that the national median existing-home price was $174,000 in July, down 4.4 percent from July 2010. Distressed homes still made up nearly 1/3 of the market, at 29 percent.
According to the Mortgage Banker’s Association’s (MBA) Chief Economist, Jay Brinkmann, “While overall mortgage delinquencies increased only slightly between the first and second quarters of this year, it is clear that the downward trend we saw through most of 2010 has stopped. Mortgage delinquencies are no longer improving and are now showing some signs of worsening. The good news is the continued decline in long-term delinquencies, those mortgages that are three payments or more past due. The bad news is that drop is offset by an increase in newly delinquent loans one payment past due.”
The MBA reports that foreclosure start rates fell to their lowest level since the fourth quarter of 2007. Foreclosure inventory rates also fell, to their lowest level since the third quarter of 2010. Foreclosures could be losing steam, meaning prices and the market as a whole could be headed toward stabilization.
Although nobody’s perfect, it’s important to be as perfect as possible when selling your home. That will increase the likelihood that you can have success selling it. Here are some helpful tips to give you the best chance to sell your Columbia SC area home:
- Never avoid doing necessary repairs
You won’t necessarily need to take out a second mortgage to fix up your home before putting it on the market. However, you can certainly do some basic home improvements to enhance your home’s condition. That includes new carpeting, new gas or water pipes, interior or exterior paint, and so on. Speaking of the interior and exterior of your home, remember that both are important when you put your home on the market. Increasing your home’s curb-side appeal will make it more marketable.
. - Never set the price too low
This is yet another mistake that homeowners often make when they put their home on the market. The problem is that taking this step could significantly reduce your profit margin. In fact, if you set the price too low you’ll have no profit margin at all. The best way to avoid setting your home’s price too low is to find out its actual market value before you put it on the market.
. - Never hire an inexperienced real estate agent
It’s important that the real estate agent you pick has a reasonable amount of experience. He or she doesn’t necessarily need 20 years experience selling homes. But you should also probably avoid hiring a newbie. One effective method is to get personal referrals for real estate agents. Whichever method you take to find a the right agent, always compare a minimum of three. That will help to increase the likelihood of finding the right one. You should also check the credentials of a particular real estate agent before choosing him or her.
. - Never set your home’s price too high
Many experts say this is the biggest mistake you can make when putting your home on the market. It’s a particularly bad idea today due to the amount of information that’s available to home shoppers. Here’s what often happens. If a shopper knows your home is much higher than its market value, then he or she will offer an extremely low price. That will likely anger you, which will likely result in the home not being sold. When pricing your home, it’s important to consider several factors to calculate its market value. That will help to determine an accurate price for your home.
. - Never market your home inefficiently
Setting the right price for your home is a crucial step for selling your home. But that won’t mean much if you don’t market it effectively. The good news is, you can use several effective methods for maximizing the chance of selling your home. Talk to us about some of these marketing methods. Also, keep in mind that the process of marketing lasts until you actually sell your home.
Avoiding the above mistakes will help you sell your Columbia SC area home sooner rather than later (or never).