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How buyers, sellers are closing deals in today's market
Negotiation is back in style, and is likely to remain a necessary part of buying or selling a home in today's beleaguered residential housing market. Other key elements to a satisfactory closing are flexibility, perseverance, creativity and diligence.
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Strategies for multiple offers in real estate
One of the problems with multiple offers in real estate is figuring out what price to offer. To some home buyers it feels like throwing a dart at a board.
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Price it right when selling in today's market
We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.
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How can I combat rising interest rates?
Recent increases in interest rates have had buyers scrambling. When interest rates rise, so do monthly mortgage payments, which makes buying a home more expensive. It's hard to think about paying more to buy a home when weeks earlier it would have cost a lot less. What can you do to ease the pain of higher rates?
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What is an "as is" sale?
Occasionally, listings are advertised as "as is" sales. To some buyers this signals a potential bargain property. For others, an "as is" sale carries a negative connotation. It suggests that the property might be tainted. Often, neither perception is accurate.
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Time is serious in real estate deals
When you sign a contract to buy or sell a home, you agree on the price, the closing date, and a myriad of other details. The contract may also specify that time is of the essence. If so, this means that you agree to perform on time.
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Choosing exterior paint colors
So the time has come to repaint the outside of your house, but you're tired of the old color scheme. If you'd like to try something fresh and new that suits your style, some simple homework will help you get off on the right foot.
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Where are today's best real estate bargains?
The housing market is soft. Hard times for some can mean opportunity time for others. Could now be a good time to step into the housing market and pick up a bargain?
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Should I fix up my home or just sell it?
Making the decision to sell your home is always a tough one. There are financial and emotional decisions to make, and any number of factors that can tip the balance one way or the other. The emotional decisions are ones that only you can answer, but as to the financial side of things, there are some common sense questions that may make the decision a little easier.
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Home sellers who understand market prosper
Buyers aren't the only ones holding back in today's housing market. Many sellers are postponing putting their homes on the market because they are convinced that now is not a good time to sell. They would prefer to wait for a better market.
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The ABCs of credit reports
My extensive "research" for this report included obtaining my current credit reports from the three nationwide credit bureaus – Experian, Trans Union, and Equifax – plus obtaining my FICO (Fair, Isaac and Co.) scores from these three credit bureaus. I invested $44.95 on the Internet at www.myfico.com for this information. I could have purchased just one credit report there for $14.95, including my FICO score, but it would not have been complete. Most mortgage lenders obtain a 3-in-1 combined credit report on prospective borrowers so I checked all three of my credit reports.
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Staging tips that sell
Home prices have fallen and many homeowners are mortgaged to the hilt. This makes it difficult for some sellers to justify spending a penny to get their home ready for the market.
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The importance of housing permits
How would you feel if you bought a house that was advertised as a having four bedrooms, three baths with a large recreation room and later discovered that technically it was had only three legitimate bedrooms, two bathrooms and a basement?
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Do you owe more than your home is worth?
SOUTH BAY REAL ESTATE
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Sellers: Don't withhold bad inspection report
Inspections are an important part of home buying, but the inspection process can be nerve-racking for both buyers and sellers. Both parties want the deal to go through without a hitch. However, sometimes problems surface that the buyers weren't aware of when they entered into contract.
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Sellers list right to avoid price reductions
In most areas of the country, 2007 marked a change in the residential home-sale market. Buyers gained clout for the first time in over a decade. Inventories of homes for sale grew to record levels in some places. Price reductions, which carried a negative stigma when listings were easy to sell, came to be seen as a necessary part of the home-sale process.
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California housing market in Sept.: A return to normal
The median price of an existing single-family home in California increased 1.8 percent in September and sales decreased 31.7 percent compared with the same period a year ago, according to a recent CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) report.. “We expected a fairly steep decline in sales last month compared with a year ago, when sales were near their all-time record,” said C.A.R. President Vince Malta. “Unsold inventory is holding steady, and is close to the long-term historic average typical of a more ‘normal’ market.”
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How to find a real estate bargain
Everybody wants a bargain. Last year, good real estate deals were few and far between. This was due to the fact that inventories of homes for sale were at record low levels. And, there was an abundance of buyers, all looking for the same thing.
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Sell first, then buy - Tips for a smooth home purchase
Most homeowners need the equity from their current home to use for a down payment on the next home. Even when the cash down pay
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Facing foreclosure: When must I move out?
DEAR BENNY: I am one of the unfortunate who has to deal with eventual foreclosure. Can you tell me how long I can remain in my home until legally having to vacate? –Constance
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Why home purchases fall apart at last minute
Most buyers and sellers feel relieved when the negotiations are done and the purchase agreement has been signed by all parties. It's a milestone. But, you might want to hold off celebrating until the transaction closes.
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Making an attractive home-purchase offer
It's easy to assume that negotiating is adversarial. You, the buyer, are on one side -- the side that wants to buy a property for the lowest price possible. The opposition on the other side is the seller who wants to sell for the highest price possible. You're locked in a tug of war to see which side will win.
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Is buying a second home a wise tax strategy?
DEAR BOB: My wife and I bought a house in 1995 for $180,000. Since then, we have taken out home-improvement loans and now owe $320,000. Similar nearby houses sell for $600,000. In 2004, we bought our current home for $640,000 and rented out our former home. We have been told if we sell our first home within three years after buying our second home we won't owe any capital gains tax. Or should we try to sell it now although the local home sale market is a bit slow? --Manuel A.
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Realty Tax Tips
It's difficult for most of us to get very excited about income taxes. But when it comes to earning up to $250,000 tax-free (up to $500,000 for a qualified married couple), have I got your attention yet?
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Should home seller fix a defect, credit money or lower the price?
Inspections invariably reveal defects. Often, buyers and sellers find themselves back at the negotiation table trying to work out an agreeable solution. Determining who is going to pay for what is one part of the resolution process. The other is figuring out how and when the defects will be repaired.
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Top home-buying mistakes revealed
The first rule of inspecting a home you want to buy is to stay intimately involved in the process, and to leave no stone unturned. If you're busy or traveling during the time period, you have to complete your due diligence investigations by enlisting the aid of a friend you trust to stand in on your behalf -- someone who will keep you well informed as inspections proceed.
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Strategies for changing real estate markets
It appears that the home sale market in some areas may be changing from a hot seller's market to a more balanced market. A balanced market is one in which neither the buyer nor the seller has the upper hand.
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Should I remodel or move?
Most homeowners will sooner or later give serious thought to remodeling. Recently, a homeowner contemplated doing a costly renovation to a small, two-bedroom home. The major expense was the kitchen, which was only marginally functional. For more space, walls had to be knocked out. The engineering that was required to do this ran the cost of the kitchen up to $100,000. Does it make sense to make such costly renovations if you don't increase the square footage of the house in the process?
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Pre-approval vs. pre-qualification
Is pre-approval a general endorsement by a bank?
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Pros, cons of buying home in today's market
When the housing market slows down, buyers often wait on the sidelines for a clear sign that the market has recovered. The only problem with this strategy is that you can only know for sure that a market has turned through hindsight. In other words, you can't time the market.
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The power of permits
Dealing with a city's building department can be a nuisance, depending on where you live. The cost of obtaining permits ups the overall cost of a project. However, skipping the permit process can potentially cost you much more.
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Who's entitled to buyer's deposit in failed real estate deal?
Sellers often feel that they should be entitled to keep the buyer's deposit money if the buyer fails to complete the purchase for any reason. But, more often than not, when a home purchase transaction falls apart, the deposit ends up being returned to the buyer.
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Shopping for a good home deal
Everyone wants a good deal. But, good deals are few and far between in the many low-inventory markets around the country.
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Does home remodeling always pay off?
Perhaps you've heard stories about homeowners who've greatly improved their net worth by remodeling homes and selling them. But, while remodeling can add value, there's no guarantee that a future buyer will pay you enough to recoup your investment.
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Reducing the stress of buying or selling a home
Buying or selling a home ranks high on the list of stress-provoking situations.
Here's some advice for making things a little easier.
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What if I get a bad inspection report?
June and Fred Black were diligent about getting their home ready for sale. For example, they ordered a pre-sale termite inspection report.
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