MyHouseValue.com

Selling your home many times is more art that science.   Step one is to remember that you are not in the business of selling a house, it is no longer your home; so, remove your emotions from the equation and here are some sure fire way to eliminate mistakes:

1. Don’t overprice your home … If you give yourself to much money to negotiate it will cost you time and money.  Price it right from day one and you will sell fast and for top dollar!
2. Don’t be surprised if the first offer on your property is the best offer you receive.  Even if it is not what you want … do not act emotionally … take your time, consider the alternatives and make a smart business decision. 
3. Don’t let your property set on the market too long before making a significant price change.  The longer it sets the more “stale” it will get.
4. Don’t think that all real estate agents and real estate companies are created equal … they are NOT!!!  Find an agent / company with a great track record of success as well as a proven plan to get your home sold!
5. Don’t list with a real estate agent just because they charge the lowest or the most.  Look for the best Value for your dollar.  Consider the company track record with sellers.  Also, take note that an agent who predominantly works with buyers may not have the daily skills to get your home sold.  Where as an agent that specializes in listing, marketing and promotion of homes will have the tools to take action.
6. Don’t look just at the price the buyers offer you for your home. Analyze the total package including the buyer’s qualifications (are they really able), contingencies, closing date, closing costs and many more … so, get your realtor to check things out for you.
7. Don’t forget buyers will shop around looking for the best value.  Wouldn’t you?  You are in competition with other sellers for your the buying communities attention.
8. Don’t forget that if real estate agents don’t see your property as a good value, they will take their buyers elsewhere while using your home as a tool to sell other homes … this is business; it is the real cold cruel world … you must be competitive or you will not sell and this takes experience to get the job done.
9. Don’t believe those who tell you newspaper ads sell homes … THEY DO NOT … as a matter of fact the National Association of Realtors did an extensive study that demonstrated that less than 2% of the time a buyer will come from a paper advertisement.  You must have a comprehensive marketing plan tailored to your property as well as your needs … a proven plan that will cause the buying real estate community to become aware of your home.
10. Don’t make it difficult for agents and interested home buyers to gain access to (see) your home. Buyers and agents work on their schedule and since you are now in the business of selling a home, you must accommodate their schedule not yours.
11. Don’t overlook the value of merchandising your home … make it look its very best ALL THE TIME … for every showing!   The one time you are off may be the one buyer that if you were 100% would have bought … opportunity, may only knock once at the price you are before you must adjust to cause a sale.  Be on target all of the time!
12. Don’t forget that you control the pricing of your home, how it looks and the overall marketing plan.  BUT it is the Buyers who control the value.  If buyers won’t pay your price, then you are the only buyer who is willing to pay your price.

Hope this is helpful … if you should have any questions, comments or a topic that you would like me to address, i would love to hear from you.

Jim Bim - jim@jimbim.com

Here are 8 Critical issues that you should seriously consider when you are actively negotiating the sale of your home:

1. Is the person making you the offer qualified or as i like to say “are they real” … in other words … are they ready to buy your home? are they willing to buy your home? and most importantly, are the able to buy your home?  If they are not ready, willing and able … they are not real!
2. How long has your property been on the market?  From market to market this time frame will very and  yet, your home should never be on the market for more than 60 to 90 days.  If it is, there is a problem with one of the following: Price, Terms/Conditions and/or the actual physical condition of the property.  If you are not getting serious interest with in every 10 showings on your property, your price is to high for the product that you have for sale.  If you are on the market and you have not sodl with in 30 days your price is to high.  Remember, the right price will overcome any single issue!!!
3. Given the market conditions, how attractive is the offer?
4. Does the offer “as is” allow you to meet your original set of goals and timetable?
5. Where, if anywhere, are you able to compromise and still get what you need or want?
6. If you counter the offer, you’ve bought the property back on those same terms and conditions; so, are you willing to risk loosing the buyer over what you are countering?   Take your counter offer very seriously, many buyers become easily frustrated with the process - so be careful.  Remember the old saying that for me has proven true 99% of the time - “Your First Offer is Always Your Best Offer.”
7. make a list of the strengths adn weaknesses of the offer.
8. Consider the terms and conditions of the offer, is this offer in your best interest both financially and emotionally?

When it comes time to negotiate your offer is the time to check your emotions at the door … you can not be attached to your ”home” because now it is a product and you must work with the transaction from that point of view.  If you do not, your emotions can easily cause a great buyer to walk away.

If you should have any questions or comments, i would welcome your interest.

All the best,

Jim Bim

When you sell your home, you should first and foremost, consider how to protect yourself.   Now who do you have to protect yourself from?  Well, to be frank, everyone!   First, lookers.   What is their intent?  To buy your home or to see what is of value?  Next, your representations.   Are you giving an honest impression of your home or are you just not making certain issues know?   Third, disclosures.  There are lots of local laws and items that by law must be disclosed and if not your contract could either be void or voidable or even worst it could open you up to legal harms way down the road.  Forth, entry to your home. Who.  When. How.   How are you handleing this critical issue?   If access it to strick, you will cost yoru self a sale.  If it is to easy, how do you even know who is coming through, let alone protecting your asset.  So, follow these simple steps and it shoudl keep you heading down the right path.

1. Do an honest, detailed “seller’s disclosure.”  Check with your representative (your realtor) and/or your attorney for the necessary documents.  Pay attention to details because, if you do not it can come back to haunt you.
2. Offer a home warranty protection play to the buyer of your property.
3. Remove valuable personal property (what i call pocketables) like jewelery, perscription drugs and so on before you allow your home to be shown.
4. Have a computerized lock box system placed on your home.  (Never put it on the fron t door knob)  If it is possible, have some other system to track who shows your property.  There are automated showing services that are great!
5. Have all the necessary inspections that can be completed prior to buyers looking at your home and then make all of the repairs that the inspector finds.  This will greatly lesson the chance of losing a buyer due to a surprise after the home is undercontract and having been off of the market for a week or maybe two.
6. Never show your property to someone who has not bee properly pre-qualified.  Never do open houses by yourself.  Never show your home to someone who just shows up at your door, especially if you are alone.  Every year Professional Realtors make mistakes and pay a dear price … several even lose their lives … so please be safe!
7. Hire a highly qualified real estate professional or a real estate attorney to represent and guide you thorugh the many complicated details and processes.

Remember, in the world or real estate, if you go For Sale By Owner, you are now the Real Estate Professional and you are, by law, as fully responsible as a Licensed Realtor who has gone through hundreds or hours of education and training; so, please at a minimum spend the money for a lawyer.  And before you do that, consider what a great realtor will do for you.  Most, if no everytime, when you get a strong real estate professional to represent you and your best interests - in the end you will do less work, take less risk (both now and in the future) and in the end make more money even after the cost of doing business has been paid at closing.

Thanks for reading, i woudl love your input or questions - Jim Bim

Are we at the bottom?   Is it time to buyer?   If i buy now should will my investment continue to loose value / depriciate?  Should i hold off?  All are great questions and here is what the National Association of Realtors just release -

Pending home sales increased as more buyers took advantage of improved affordability conditions, according to the National Association of Realtors®. Big gains in the South and Midwest offset modest declines in other regions. The Pending Home Sales Index rose 6.3 percent to 87.7 from an upwardly revised reading of 82.5 in November, and is 2.1 percent higher than December 2007 when it was 85.9. Lawrence Yun, NAR chief economist, said the index shows a modest rebound. “The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month,” he said. “The biggest gains were in areas with the biggest improvements in affordability.”

Is it time to buy?  In my oppinion it is always a great time to buy!  It is like buying stock in a great company … if you are holding it for a long period of time you will always come out ahead.  Real estate by nature is a long term (7 to 10 years) hold … it’s a home not a stock and it is one of your largest investments … so, the market may drop a bit more or we could be at the bottom, either way now is the time to buy a home.  Don’t miss this once every 20 years or so chance to get in on the ground floor.

Your input or questions are greatly apriciated as always.

Jim Bim

What are the Seven important questions someone should ask an agent prior to making the critical decision of - “Which Company / Agent do I go with?”

#1 - What are your company’s resources, suport staff and network affiliations that will help me sell my home?

#2 - What is your company history and track record in helping sellers, sell homes in my area? (example : how many sellers did you help last year?)

#3 - What check lists and systems does the agent have to help you, the seller, stay on track?  How do you know when it is time to do something different?

#4 - Does the agent have information to help home buyers locate a reliable lenders, including a “Home Application Check List” and “14 must ask questions for every lender”?

#5 - Is the agent offering you a choice between customer and client level service?  Do they represent buyers as well as sellers?  Where is their main business focus?  Is your home just going to be used as a tool to help them attract buyers to sell other homes to?

#6 - Is the agent offering traditional level service only or do they have an upgraded home marketing system?  Or do the offer a menu of services?  Remember,, you get what you pay for.  If the deal is to good, it probably is not good service at all … so, beware of cheap fees and big promises.

#7 - Does your agent appear to be trustworthy, caring and committed to helping you reach your goals?  Ask for references as well as letters of reference.

With these great questions, you will be able to create conversation with your prospective agents in an effort to flush out the bad ones while recognizing the good ones.  If you should have any questions about this or want to give your valuable input/experience … please comment here.

jimbim

Well it is about time that our political leaders finally are looking to the segment of the market that can lead us out of this situation - mess. 

So is now the time to buy?  Great question … and the answer is really easy but I am going to answer it with a question.  Here is the question … how long do you intend to live in the next property or how long do you intend to hold the investment?  

If your answer is 7 to 10 years then buy now buy now buy now … yes buy now!!! We may not be at the bottom and we may be at the bottom AND the point is this – homes are a great value and interest rates are low.

Might there be a better deal, sure there almost always is BUT just like the stock market … take out a few ups and a few downs and those folks who try to play the swings always loose.  So, find the right home, make sure that it is a good value, have it inspected and if all goes through on this stimulus package you may even get a $15,000 tax credit even if you are not a first time home buyer and regardless of the price range.   It finally looks like those of us who pay taxes are finally getting something as opposed to just having taxes taken from us …

jimbim

What are the 5 most common hidden defects to look out for when you Buy A Home ?

The following repairs become expensive.  Be sure to seek the expert opinion and estimates on repairs from reputable preofessionals … and better yet, if something is not right with the home, have the seller fix it.

1. Bad foundation
2. Worn roof
3. Water damage that creates mold … this can be a real show stopper
4. Termite damage - get an expert here and test even if your lender does not require it … this can be hidden and cost more than you could ever imagine to repair.
5. Working components of the home :
                 a - electric
                 b - plumbing
                 c - Heating and Cooling
6. Other areas of concern to consider :
                 a - Title issues
                 b - Adverse Location Issues
                 c - Environmental Issues

SPECIAL NOTE - if a home is on private water and sewer (well and septic) or on a private road (shared driveway) as the buyer you want individual inspections of each.  A certificate of compliance or other written documentation of the test by licnesed and qualified inspectors is critical to your future finances as well as you peace of mind.

The moral of the story is caviot emptor …. let the buyer beware … you must spend the money to have the home looked at with a fine tooth comb.  Do not try to do it yourself or go cheap on the inspector.  Higher the best, pay the money and rest easy AND if the home has issues, get them fixed to the inspectors satisfaction or walk away … do not let yourself be pressured in to a home that is not in great shape UNLESS you know exactly what you are walking into and fully understand what it will take to make it right.

If you should have any questions or comments, please comment here.

Jim Bim

The 6 Truths About Today’s Marketplace that every Home Owner must know if they want to Sell Their home

Truth # 1 - Home Buyers purchase only after shopping around.   In their search for the best value, they are comparing your property to ALL of the other homes currently for sale.  No one knows value better than a home buyer that has been looking … if your home is going to sell, it has to be the best value on the market based upon price, condition and exposure.

Truth # 2 - Home Sellers control the pricing and saleability of their home for sale … BUT home buyers control the value (actual sales price).  A home for sale is only worth what the market place (a buyer) is willing to pay.  Do not forget … if it is not selling it is simply because you have set a price or condition that is forcing you to buy it back every day.

Truth # 3 - If a home for sale sets on the market for more than a few weeks it will get market worn (stale … like only donuts).   Price your home right from day one while it is still fresh to the market and the knowledgeable home buyers who have been out there looking while they are at the peak of interest.   Testing the market, will cost you thousands and thousands of dollars as you cahse the market down while your home grows stale.  Price it right from the first moment.  Price it to sell!!!

Truth # 4 - Most Homes must be sold three (3) times …

1. A home must be sold to a great real estate agnet who has buyers.  If they do not see it as a decent value, they may not show it or worst use it as a tool to sell other homes that are better values.
2. A home must be sold to the home buyers. If the active adn motivated home buyers do not see the home as an attractive offering, they’ll also look and buyer elsewhere.
3. A home must be sold to the lender who will decide if the value is there.   The lender’s apraiser must be able to find value.  You could actually, get truth one and 2 to occcur BUT if truth three is not consider and value proven, the home will not sell.  In today’s market, all of the home that go with FHA buyers must be sold and price value verified by two FHA apraisers.

Truth # 5 - What does it mean if :

1. No Showings - simple neither agents nor buyers think the home is worth what you are asking -
        Answer to this problem … adjust the price immediately and by at least 5% … 105 is mostlikely more acurate.
2. Showing and No Offers - agents and buyers see value but not enough to move forwards -
         Answer - if the feedback states that you have a condition issue, then correct it immedately
         Answer - if no condition issues are there then the price must be adjusted and fast by 3% to 5%
   get infront of the slide

Truth # 6 - Over Priced Homes actually help well priced home sell.  Answer - let the other home owner loss money, price your home to sell and let him help you sell your home.

In today’s market Jim Bim is getting his average home sold with in 3 weeks and many of his homes are selling with multiple offers … yes multiple offers even in today’s supposid bad market … why is this happening?  Three reasons:

1. Jim Bim is helping his sellers to price their home acurately … not over priced and not under priced.
2. Jim Bim is coaching his client on exactly how to stage the home for top dollar.
3. Jim Bim is marketing the home in such a way as to generate maximum showings to motivated buyer and that causes a home to sell fast and for top dollar … now as a home owner that is what you want, isn’t it???

If you should have any questions or need any advice please do not hesitate to comment here.

Thanks - Jim Bim

When selling a home in an effort to obtain top dollar with working to avoid unwanted SURPRISES are the events that cause sold sign to turn back to active.   Here are 5 surfire steps to help point you in the right direction as a seller:

1. Get an independant apraisal - many agents will let you price your home where every you want simple because they want your listing.  Why do they do this?  Because for them your home becomes a tool to help them obtain buyers. So, do yourself a favor and make sure that your home is priced to sell in the market that you are facing.
2. Get a preliminary title report - one of the biggest nightmares is to have a title issue pop up at the last minute.   Know exactly what you are wrokign with before you find your home’s next owner.   This will give you plenty of time to correct what ever issue may be there.  Also, do you have any covanents or restrictions?  How about a Home Owner’s Association (HOA)?  This is the time to know what you must disclose before you are selling your home.
3. Home Inspection - a pre-sale inspection is a great idea.   What ever the inspector finds, fix it and then let the buyer know that you have had an inspection.   This will make a home buyer feel very comfortable in buying your home … also offer a home warranty this is the greatest way to get a buyer to relax and know that they are taken care of.   Remove a buyer’s risk adn watch your home sell!
4. Property Survey - make your lot layout available to the buyer.  Do you have any encroachments?  Do you have any easments?  Do you have any restrictions?  Your plat will show them … additionally, this is a great way to make sure that you have disclosed everything to the buyer.
5. Check with your local Municiple Building Inspectors - have you made any improvements?  Are all of your permits in order?  Are there any open inspections?  Are there any violations?  All of these items that you are now saying no to … may actually be a yes and you will not know until the day of closing if you do not check.  This can and will be a deal breaker or in order to close the buyer will absolutely hold you over a barrell … and this will not be good

No quesiton about it if you want to sell your home for top dollar these are 5 sure fireways to keep you out of harms way.   When you list your home with a great real estate agent, make sure that they are looking into these items.

If you ahve any questions or comments, we would love to hear from you.

jimbim