Deciding If Now is the Time to Sell Your Home

Are you getting ready to sell your home? If so, you might be concerned about whether or not you really own the home that you are selling. After all, if you owe money, the bank still owns an interest in the home. Nonetheless, though you still owe money, the home is yours to sell and to do as you please with it. At the same time, you will still owe the money to the bank. Therefore, you need to take that under consideration when selling your home.

Deciding Your Selling Price

Obviously, the selling price of your home is going to be largely dependent upon its appraised value. After all, no one is going to pay you more than what the home is worth – and no bank is going to approve a loan that is for more than the home’s value. Therefore, the first step you need to take in order to determine the selling price of your home is to have it appraised.

Once your home has been appraised, you need to compare the appraised value of your home to the amount that you still owe on the property. If the appraised value is less than what you owe, selling the home now might be a mistake. After all, you will be without a home, but you will still have to pay on your mortgage. If you owe $75,000 and the home is valued at $50,000, for example, you will still have to pay the remaining $25,000 balance after you sell your home.

Making Money from Your Home

If you have had your home for a few years or so, its value will likely be more than what you paid for the home in the first place. If you did not care for the home properly or if your neighborhood has really gone downhill, however, the value of your home may actually go down.

If the value of your home has gone up, you might think that you are making a profit when you sell your home. While this may be true, there are several things you need to keep in mind when determining whether or not you have really made a profit. For example, if you had to spend a lot of money in order to renovate the home or in order to increase its value, the money you spent on these renovations needs to be subtracted from the selling price when determining your profit.

There are other expenses associated with owning and selling a home as well. Obviously, you will have had to pay property taxes on the home while you owned it. In addition, if you still owe taxes on the property, you will have to pay those expenses before you can sell the home. By selling your home on your own, you can avoid having to pay a commission to a Realtor. Nonetheless, you might still want to hire an attorney to draw up the papers in order to make certain the sell is in proper legal order.

So, before you decide to sell your home, make certain you will gain money rather than lose money if at all possible. That way, you will have the cash available for your new home, whether you decide to rent or to own.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Understanding Condo Flipping

Have you heard about people who make money by purchasing condominiums and then selling them without ever moving in? If so, you have probably heard that these same people are making a whole lot of money with this practice. While it is possible to make a good profit from “flipping” condominiums in this way, the practice isn’t as common as you might think.

What is Condo Flipping?

When you flip a piece of property, whether it is condo or any other type of property, you purchase the property and then sell it without actually living in the home. In some cases, you may have to make repairs to the property before you sell it. In other cases, you may simply purchase the property on speculation that the value will increase rapidly. Once the value does increase, you turn around and sell the property for a profit.

When it comes to condos, some investors purchase the condo while it is still being built. Then, once it is completed, they sell it to someone that is actually interested in living in the condo. Of course, there are risks associated with this type of investment. After all, there is always the chance that the condo won’t be valued as highly by the public as the investor thinks it will be. As a result, he or she may actually lose money in the process. If the investor carefully researchers the neighborhood in which the condo is being built as well as the reputation of the developer, however, these investments are generally profitable.

How Often Does this Really Happen?

If you watch late night infomercials or listen to slick salesmen, you might get the impression that condo flipping happens all of time. According to researchers, only about 10 to 15% of condos are purchased and the resold within six months from the purchase. When it comes to those that are under construction, a larger percentage of condos may be flipped. Depending upon the location, as many as 33% of these condos may be purchased and then resold after construction is complete. It should be noted, however, that many of these condos are purchased by a small group of investors, with each investor purchasing multiple condos.

Although condo flipping isn’t considered to be a particularly common practice, there are certain times when it does become more regular. These peaks usually occur when the market is particularly hot or when the economy is very stable. Condo flipping can also occur when the economy is in turmoil as owners try to get rid of a condo they can no longer afford. Between the years of 1979 and 1981, for example, approximately 45% of condos were flipped in the Vancouver area in Canada when the market experienced a major meltdown.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Is Spring the Best Time to Buy and Sell a Home?

There are many myths surrounding real estate when it comes to when it is a good time to sell and when it is a good time to buy. Perhaps the most popular of these myths is the notion that the best time to buy and to sell a home is during the springtime. But, is there really any truth to this myth?

Why Do People Think Spring is the Best Time to Buy and Sell?

There are a number of reasons why people tend to think that spring is the best time to buy and to sell a home. One of these is simply because the weather is warmer and it seems logical that people would be anxious to start house hunting once the snow has thawed. It also seems logical that the springtime would be a good time to sell a home because it offers great opportunities for creating great curb appeal. After all, when the flowers start blooming and brightening your landscape, your home will certainly seem more appealing to potential buyers.

What is Really the Best Time to Buy and Sell a Home?

The reality is that spring does tend to be the most popular month in terms of house sales. In fact, an analysis of sales records of homes does show that the busiest months for closing on house deals are those months that range from March through June. Keep in mind, however, that closings generally take place about 60 days after an offer on a home has been made and accepted. Therefore, this data would indicate that the most active months for selling a home are actually January through March.

It is important to note, however, that having a high number of closings in the springtime does not necessarily mean it is the best time for you to purchase a home. At the same time it does indicate that late winter and early spring may be a good time for you to put a house on the market. After all, if more people are buying during that time of the year, you will have a larger market of potential buyers looking at your home. As a result, you will have a greater chance of selling your home at the price you want.

Nonetheless, choosing the best time to buy and to sell a home really doesn’t have anything to do with the weather. Rather, dips and peaks in the economy are what really determine when it is best to buy and to sell. With the economy in its current condition, for example, it is the perfect time to buy if you are able. When it comes to choosing among seasons, however, you should simply choose the time of year that best suits you.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Top 5 Things to Do to Your Kitchen to Increase its Value

Are you planning a kitchen remodeling job? If so, you certainly want to make changes that will help you enjoy your kitchen even more. At the same time, it is a good idea to keep a few things in mind in order to help increase the value of your home. After all, wouldn’t it be better to give your home’s value a boost after your improvements are complete? With these five tips, you will get more joy out of your kitchen while also making it more valuable to potential future buyers.

Tip #1: Open Up the Space

An increasing number of homebuyers are looking for homes with an open concept. After all, opening up space in a home makes it feel less cramped and crowded. If you have a formal dining room next to your kitchen, consider knocking out the wall and separating the two rooms with a serving counter. Not only will this open up the room, it will also give you more counter space.

Tip #2: Update Your Appliances

Updated appliances will help you save energy while also making it easier for you to get your kitchen work finished. Stainless steel appliances are particularly popular right now. Built-in double ovens featuring a convection oven paired with a countertop stovetop are also popular kitchen features.

Tip #3: Install Solid Surface Counters

Solid surface counters require less upkeep than natural countertops, such as granite. Yet, they provide the durability of natural countertop materials. Since solid countertops come in a variety of colors and styles, you can easily find a design that will suit your kitchen plans. Another perk to solid counters is the fact that your sink can be built right in, which means there are no seems around your sink that can get filled with bacteria, crud, and slime.

Tip #4: Improve the Work Space

When planning a kitchen remodeling project, be certain to consider the layout of the kitchen. Ideally, you should form a work triangle. With a work triangle, all of your major kitchen appliances are easily accessible. You shouldn’t have to walk too far to get from your sink to your stove or from your stove to your oven. The less walking you have to do, the easier it will be for you to get your work done in the kitchen.

Tip #5: Change Your Cabinets

If your budget allows, you might want to consider completely replacing your cabinets and drawers. By replacing them, you can add modern features such as rollout trays and folding pantries to your cabinetry. You can also add more cabinets and increase your storage space. Every homeowner knows there can never be enough storage space in the kitchen. If you don’t have the money to replace your cabinets, you still might want to consider refacing them. This way, you can give your kitchen a facelift and give it a more modern look.

With these simple tips, you will certainly find your kitchen to be far more enjoyable. In addition, potential buyers will be more likely to put an offer on your house when the time comes to sell.


About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Getting Your House Ready for the Showing

Are you getting ready to show your home to a potential buyer? If so, you might be amazed by the many little things you can do to help create a better impression of your home and actually make it possible for you to get more money from the sale. Even better, you don’t have to spend a great deal of money in order to make your home really stand out and get noticed by buyers. In fact, depending upon the condition of the home, you might not need to spend anything at all!

Clean and Straighten the Home

One of the simplest steps you can take to prepare your home for sale is to clean and organize the inside. A home that is grungy and grimy is going to instantly turn buyers off from your home. At the same time, a home that is cluttered feels cramped and small. As a result, the potential homebuyers will start to wonder if the home is big enough to suit their needs. The more open and clutter-free you can make the home, the better impression you will make on your potential buyers.

Always remember that having space is important to buyers. So, in addition to keeping the area clutter-free, you should also allow the potential buyer to enter rooms first. When you go into smaller rooms, such as the bathroom, stand at the door rather than going in. Otherwise, having everyone stand inside the bathroom will make it feel cramped and much smaller than it actually is.

Remove Personal Items

In order to turn a house into a home, you might spend years collecting items and displaying personal mementos such as photos and souvenirs. These little decorations are what make your home unique and special to you. When it comes to selling a house, however, potential buyers need to be able to envision themselves living in the house and making it their home. If your house is too personal, it makes it difficult for buyers to imagine living there.

In order to depersonalize the house, you should remove items such as:

Family photos
Trophies and awards
Souvenirs
Knick-knacks and collectibles
Artwork from your children
Any other décor that is personal in nature

Until the home is sold, keep these items in storage so you can improve your chances of selling the house quickly.

Generalize Your Rooms

When searching for a new house, most buyers are looking for basic rooms such as bedrooms and bathrooms. This means they aren’t looking for specialty rooms such as weight rooms, music rooms, sewing rooms, home offices, and other similar spaces. Therefore, if you transformed one of the bedrooms into one of these rooms, change it back to a bedroom while the house is on the market. If you have painted all of the walls black in order to create your own photo lab, it will make it difficult for the potential buyer to picture it as a bedroom.

Consider the Five Senses

When preparing for a house showing, you should keep the five senses in mind:

Sight
Smell
Taste
Hearing
Touch

Pay as much attention as you can to each of these senses and make sure they are all pleased by the state of your home. Some sellers use little tricks such as baking apple pies during showings. This helps warm up the home while also pleasing the sense of smell. You can then offer a slice to your guests in order to please their sense of taste as well!

In order to please the sense of sight, open up the shades and let the natural light flow inside. If you have pets, keep them out of sight during the showing and find ways to brighten up the home with color. Hanging flower baskets or vases filled with flowers inside can really help to cheer up a home.

To please the sense of hearing, you might play some soft background music as you show your guests around. Then, invite them to sit down on your most comfortable couch in order to spark their sense of touch.

With these simple tricks, you don’t have to spend a whole lot of money – you may not even have to spend a single cent – but it will sure go a long way toward impressing those that are interested in purchasing your house.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.

Must have’s items for your real estate on-line advertisements

Writing a good ad could mean the difference in your home selling or not…. This is especially true for the “for sale by owner” seller who relies on their own marketing efforts. There are many great homes offered online that lack pizzazz in their ad delivery. Think of your ad as well rounded meal one that includes an appetizer, main course and desert.

Appetizer: Ad Header
Start your ad with a tasty short header that grabs the reader’s attention and wets their appetite. You need to grab the viewer and give them a reason to further peruse your ad then follow it up with a call or appointment.

Start with a compelling heading, something that grabs one of the best features of the home. This could be; the view, an over sized lot, location, price, new kitchen or the number of bedrooms. When writing the header, think of the feature(s) that are the most important to buyers.

“South Chicago, 2 bed condo with amazing lake views”
“Central Memphis colonial on huge lot”
“Phoenix 3 bd cottage, lowest in town”
“Des Moines jewel completely renovated”

Main Course: Ad Body
The body should be the meat and potatoes of your ad. You want to fill up your viewers with just enough information to keep their interest and qualify your property to their needs. Your home may be perfect for someone, but it’s not for everyone. Highlight the obvious. If the buyers reading your ad are looking for a 3 bedroom and yours is only a 2, it just won’t do. Don’t withhold important information such as price, bedrooms, baths, square footage, etc.

A commonly withheld item is the address. Too many on line sellers withhold the address of the property with the hopes that it will entice the buyers to call. This is a faulty strategy…..and what’s the big secret? No one has ever purchased a home and didn’t know where it’s located. So many homes are being offered online, you don’t want the buyers to pass yours up due to your ad being incomplete. Buyers have thousands of homes to sift through; they will pass over the ones with missing details.

Try to personalize your ad body with statements like; “You’ll love the view”, “we will miss the neighborhood”. Go further in describing the item you mention in your header. Your ad body should talk about the other wonderful features of your property. Remember, your goal is to create an emotional response that will cause the reader to contact you for more information or an appointment.

Keep your ad simple and keep the sentences short. Don’t write a book, it won’t get read. Insert “white space” (a blank line) between your short sentences. Descriptions that run on and on in one long paragraph are difficult to read.

Dessert: Pictures and Contact information
Pictures, pictures, pictures and more pictures, …..the “eye candy” of your ad. Don’t place your ad without desert. Every on line publisher allows its customers to submit pictures. Properties without them are overlooked. Everyday more & more free advertising opportunities are presenting themselves to homeowners. Places such as Craistslist.org, Poslets.com and Owners.com all offer free online listings, with free pictures.

If you are still living in the 90’s and don’t own a digital camera, borrow one. Post multiple pictures of the attractive features of your home and the neighborhood. Use at least six pictures. If you can’t find six interesting shots, then include neighborhood qualities like; the nearby lake, a community club house or your neighbors broken-down pickup truck in the yard, (just kidding). Use your imagination.

Make sure you top off your ad with a “cherry”, an effective way for buyers to reach you. If your ad is on Craigslist or somewhere similar, (where your identity and contact information may be withheld) regularly check your email, not just once per week. I’m also firm believer in posting a phone number. Sure, you may get solicitors, but so what, will also get buyers. You are selling one of the largest financial investments of your life, be available to respond to the inquires.

A well put together ad is a real treat and the buyers will gobble it up.

About the Author:

Greg Sullivan is the President of http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner, FSBO. For more information, please visit http://www.byownermls.com/.

Why Staging Works!

Staging is about emotion. It’s about creating a sensory experience for buyers that will so impress them, they don’t just like or desire your property; they are in love with and have to have it. Staging doesn’t just tell the buyer about the home or ask for a little imagination; it puts all the pieces in place, leaving no detail out. It makes it easy for the buyer to make an offer; in fact, it makes it hard not to.

If you’re unfamiliar with the world of staging, this may sound too good to be true. But trust us: it’s a fact.

Effective staging turns a house into a home, a home that radiates warmth and comfort. It creates a magnificent first impression and encourages a higher asking price.

If you’re interested in selling your home faster and for more money, think about staging. According to at least one study, a staged home is usually on the market for less than half the time.

Staging is, in fact, the secret weapon of home sellers. It’s the incredibly important, can’t-be-overlooked tool to making your home stand out to potential buyers.

Article source:
BuyOwner.com (ByOwnerMLS.com Partner) http://www.buyowner.com/learning/blog_article.asp?id=69

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner, FSBO. For more information, please visit www.byownermls.com.

What is Home Staging?

What is Home Staging?
The general idea of “home staging” is that it is a method of preparing a home for sale to make it appealing to a vast audience.

There are many levels of staging; from do it yourself quick fixes to hiring a professional who specializes in this type of trade. It can be done using limited funds, to spending thousands of dollars with a professional, to going as far as renting or buying furniture, making a vacant home feel homey. Each method is used in different degrees to make the home more attractive to potential buyers.

The professional “Stager” will promote the home’s “living area” with the goal of getting potential buyers to imagine themselves living within its space. By many this is considered an art, it is the art getting buyers to look past the “stuff” we all collect (occupied homes) and view the assets of the property while downplaying its negative features. In vacant homes it is the art of giving potential buyers a vision of how a room could be laid out or where your sofa or TV is going.

The do-it-yourselfer “Stager” or the home seller on a limited budged can undertake some “staging” of their home by removing all clutter, painting a room a neutral color, keeping the home clean, the landscaping manicured, removing personal items from counter tops, shelves, kitchens, laundry rooms and dresser tops. The object is to create a neutral, spacious, and inviting atmosphere. No matter how cute all your stuff is, unless its going with house it won’t be the selling feature that gets it sold. Remove clutter.

The differences between de-cluttering or cleaning a home and one that is professionally staged are huge. Creating that inviting “model home” look takes a true professional.

Don’t get me wrong, homes sell every day without staging professionals and will continue to do so, however if you are like every seller who has ever existed, you want to get the highest possible price in the shortest amount of time. Some level of staging should be considered by every home seller. Staging could make the difference between your home selling or the “neat and tidy” one around the corner. About the Author:

Greg Sullivan is the President of http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner, FSBO. For more information, please visit http://www.byownermls.com/.