Here are some more tips on working with your Realtor®:
Be Accessible.
Speed is often important. Make sure your agent understands that you want to be contacted at once if a showing is requested. Be sure that the home is already ready to be shown to accommodate last-minute requests for a showing. Provide phone numbers (home, office, cell) where you can be reached at during various times of the day.
If an offer comes in, your Realtor will need to respond to the buyer quickly. Be sure that you’re accessible even if you’re out of town, on vacation, or on a business trip.
Assert Yourself.
Agents are salespeople - they typically have strong and outgoing personalities. Don't forget, however, that it is your home sale. Insist on personally reviewing all offers and on making your own decisions about which offers to consider. However, you also need to…
Listen to suggestions.
As you prepare your home for sale, don't rely solely on your own judgment. It's hard to be objective when you're the owner. Your Realtor will have helpful, professional tips on how to make your home more marketable.
Stay unemotional during negotiations.
Selling your home can be emotionally charged, but don't let that stand in the way of making a deal. Have a business-like attitude during the process and remember that the buyer is not your enemy. (Very often, the buyer of your home is someone like yourself who’d you’d be very happy to have as a neighbor.) Seemingly confrontational negotiations are part of the process and are never intended for you to take personally.
Getting the most money, for the least hassle, is the name of the game. By forging the best possible relationship with your Realtor, you’re well on your way to success.
Tuesday, January 30, 2007
Friday, January 26, 2007
Working with Your Realtor®, Part 1
Buying or selling real estate is probably the most important and potentially rewarding financial transaction you'll make in your life. The way you sell your house can greatly impact how much cash you can get for it. Once you have chosen your Realtor®, here are ways you can facilitate the process:
Use Your Realtor's Experience.
Most Realtors are extremely knowledgeable about the local real estate market. This is a valuable resource, so use it well. Your real estate professional can help you decide your selling price, promote your property, and evaluate offers.
Communicate
Even the best agent is not a mind reader. Tell your agent what types of offers you’re willing to accept, when your home is available for showings, whether you want an open house, what changes you’re willing to make to the home’s interior and exterior, whether you want to sell the house “as is”, whether you have a pressing deadline for the sale, etc.
Get your records in order.
Potential buyers are often interested in what your monthly utility bills and other home maintenance expenses are. Be sure to have these numbers ready. Also, gather together any owner’s manuals and warranties you may have for your appliances.
Next week, I'll share more tips for working with your realtor.
Use Your Realtor's Experience.
Most Realtors are extremely knowledgeable about the local real estate market. This is a valuable resource, so use it well. Your real estate professional can help you decide your selling price, promote your property, and evaluate offers.
Communicate
Even the best agent is not a mind reader. Tell your agent what types of offers you’re willing to accept, when your home is available for showings, whether you want an open house, what changes you’re willing to make to the home’s interior and exterior, whether you want to sell the house “as is”, whether you have a pressing deadline for the sale, etc.
Get your records in order.
Potential buyers are often interested in what your monthly utility bills and other home maintenance expenses are. Be sure to have these numbers ready. Also, gather together any owner’s manuals and warranties you may have for your appliances.
Next week, I'll share more tips for working with your realtor.
Thursday, January 25, 2007
Who's Buying Second Homes in NH?
The most recent (2005) U.S. Census Bureau population estimates suggest that demand for housing in New Hampshire from retirees and second home owners is likely to remain strong for quite some time. The Bureau estimated a 15,000-person increase in New Hampshire residents ages 65 or older. That’s a 10 percent rise from 2000 to 2005, compared to no increase at all in the other five New England states.
The age group with the highest incidence of second home ownership are people ages 55 to 64. The Bureau estimated a 25 percent jump in that age group, both nationwide and in New England. Most of this age group are Baby Boomers (who are now ages 43 to 61). Here’s what Dr. Karl Case, a noted real estate economist, said about them in a recent report for the Boston Federal Reserve Bank’s New England Public Policy Center:
- Source: Northern New England Real Estate Network and NH Association of Realtors
The age group with the highest incidence of second home ownership are people ages 55 to 64. The Bureau estimated a 25 percent jump in that age group, both nationwide and in New England. Most of this age group are Baby Boomers (who are now ages 43 to 61). Here’s what Dr. Karl Case, a noted real estate economist, said about them in a recent report for the Boston Federal Reserve Bank’s New England Public Policy Center:
"Boomers look at housing as previous generations looked at cars and TVs: rather than owning just one house, in many cases they own two, and sometimes three or four."
- Source: Northern New England Real Estate Network and NH Association of Realtors
Wednesday, January 24, 2007
Buying Soon? Worried About Your New Home's Value Dropping?
According to recent industry figures, about 18% fewer homes were sold in 2006 than in 2005. The average sale price was $306,000 in 2006 (compared to $311,000 in 2005).
About 18% fewer condominiums were sold in 2006. The average 2006 sales price was $207,000 (vs. $204,000 in 2005).
The relative stability of prices here in New Hampshire suggests that potential Spring 2007 buyers may not be as concerned about a future decline in the value of their home as they might have been in mid-2006.
About 18% fewer condominiums were sold in 2006. The average 2006 sales price was $207,000 (vs. $204,000 in 2005).
The relative stability of prices here in New Hampshire suggests that potential Spring 2007 buyers may not be as concerned about a future decline in the value of their home as they might have been in mid-2006.
Finding Hidden Value, Part 2
Look for a house with cosmetic blemishes that cost little to clear.
A home may be unattractive in ways that are surprisingly easy to cure. For a small sum, you can redo the wood surfaces of worn kitchen cabinets, worn countertops, and beat-up bathroom vanities and paint the front door. The trick to finding hidden value in a home is to distinguish between readily solvable and monstrously demanding home renovations.
Recognize the importance of subjectivity in housing choice.
Some agents point out that spending too much time bargain-hunting can waste your energy. They urge buyers to avoid any quest for hidden value that causes them to be blinded to their personal housing preferences. Looking for a house is a very individual quest. Don’t focus on the bargain at the expense of finding what you want.
Join Compass Mortgage’s NH First-Time Homebuyers Club
Our NH First-Time Homebuyers Club makes it easier to purchase a New Hampshire property. (Better yet, it’s absolutely free!) Members can receive discounts and credits worth $600 or more.
To join, call Charley Farley at Compass Mortgage (603) 471-9300 today or fill out the online form.
A home may be unattractive in ways that are surprisingly easy to cure. For a small sum, you can redo the wood surfaces of worn kitchen cabinets, worn countertops, and beat-up bathroom vanities and paint the front door. The trick to finding hidden value in a home is to distinguish between readily solvable and monstrously demanding home renovations.
Recognize the importance of subjectivity in housing choice.
Some agents point out that spending too much time bargain-hunting can waste your energy. They urge buyers to avoid any quest for hidden value that causes them to be blinded to their personal housing preferences. Looking for a house is a very individual quest. Don’t focus on the bargain at the expense of finding what you want.
Join Compass Mortgage’s NH First-Time Homebuyers Club
Our NH First-Time Homebuyers Club makes it easier to purchase a New Hampshire property. (Better yet, it’s absolutely free!) Members can receive discounts and credits worth $600 or more.
To join, call Charley Farley at Compass Mortgage (603) 471-9300 today or fill out the online form.
Tuesday, January 23, 2007
Finding Hidden Value, Part 1
Want to get the most house for your money? Here are some guidelines for buyers:
Look for that special little enclave inside an expensive neighborhood.
Home buyers have long been encouraged to seek the least expensive house in the most expensive neighborhood they could afford. This is because property values in that area will rise more swiftly than those in a low-cost neighborhood. In fact, the value of the land could eventually outstrip the value of the building.
Search for a home with extra land that could be sold separately.
Do you have your eye on a nice neighborhood where the houses are attractive, but years are quite small? Yet within that area, you’ve located a property featuring atypically larger grounds? The chances are you’ll pray a premium for the extra land. Still, that premium could be less than the true value of the home if zoning laws let you divide the land into two pieces and sell one portion.
Visit again tomorrow for more tips on finding hidden value.
Look for that special little enclave inside an expensive neighborhood.
Home buyers have long been encouraged to seek the least expensive house in the most expensive neighborhood they could afford. This is because property values in that area will rise more swiftly than those in a low-cost neighborhood. In fact, the value of the land could eventually outstrip the value of the building.
Search for a home with extra land that could be sold separately.
Do you have your eye on a nice neighborhood where the houses are attractive, but years are quite small? Yet within that area, you’ve located a property featuring atypically larger grounds? The chances are you’ll pray a premium for the extra land. Still, that premium could be less than the true value of the home if zoning laws let you divide the land into two pieces and sell one portion.
Visit again tomorrow for more tips on finding hidden value.
Monday, January 22, 2007
How to Fix Your Credit
If you have reason to believe bogus or inaccurate information appears on your credit report, YOU HAVE THE RIGHT under the Fair Credit Reporting Act to dispute inaccurate information that might harm your credit rating.
1) Get a free copy of your credit report at www.annualcreditreport.com.
2) Identify errors.
Look at your Personal Credit Report closely. Check the accuracy of:
3) Contact Creditors
You should begin the dispute process by contacting any creditors responsible for any inaccuracies on your report. Come to an agreement with the creditor on how the matter has been or can be resolved before you file a dispute with the credit repositories. Get something in writing or get a name and phone number for future reference.
THINK ABOUT THIS: If you dispute the inaccuracy with the repositories first, they are going to contact the creditor who is going to confirm you still owe the money or that the late payment info is accurate.
By the way, once the creditor is made aware of an inaccuracy, they should agree to update the repositories themselves – If the inaccuracies have a significant effect on your credit rating, we suggest following up by filing a dispute with the credit repositories yourself.
4) File a Dispute
Online: We recommend you dispute inaccuracies online directly with the repositories (TransUnion, Experian, and Equifax); it’s the fastest way. You’ll be able to check the status of your dispute investigation online and you will be notified by e-mail when the results of your dispute are ready to be viewed.
By Mail: Otherwise, file a dispute in writing: it’s a good idea to attach a marked up copy of your “Personal Credit Report” and attach copies of documents that support your position.
5) How long does it take?
Soon after you file a dispute, the Credit Repositories will investigate your claim by contacting the creditors by phone or through any number of automated systems. Often the matter is resolved in a few days but the creditor does have up to 30 days to respond. (Remember, if you filed the dispute online you can check on the status online anytime in the process) Once the investigation is concluded, you will be provided an updated report. Getting your credit to reflect accurately will often require more than one try.
If your credit still reflects inaccuracies, confirm the information directly with the creditor and go back to step 3. Or call Compass Mortgage at (603) 471-9300 for further assistance.
1) Get a free copy of your credit report at www.annualcreditreport.com.
2) Identify errors.
Look at your Personal Credit Report closely. Check the accuracy of:
- Personal data: Name, address, Social Security number
- Employment: Current employer and address, previous employer
- Public records: Judgments, liens, and bankruptcy
- Account info: Open date, balance, date of lates
3) Contact Creditors
You should begin the dispute process by contacting any creditors responsible for any inaccuracies on your report. Come to an agreement with the creditor on how the matter has been or can be resolved before you file a dispute with the credit repositories. Get something in writing or get a name and phone number for future reference.
THINK ABOUT THIS: If you dispute the inaccuracy with the repositories first, they are going to contact the creditor who is going to confirm you still owe the money or that the late payment info is accurate.
By the way, once the creditor is made aware of an inaccuracy, they should agree to update the repositories themselves – If the inaccuracies have a significant effect on your credit rating, we suggest following up by filing a dispute with the credit repositories yourself.
4) File a Dispute
Online: We recommend you dispute inaccuracies online directly with the repositories (TransUnion, Experian, and Equifax); it’s the fastest way. You’ll be able to check the status of your dispute investigation online and you will be notified by e-mail when the results of your dispute are ready to be viewed.
By Mail: Otherwise, file a dispute in writing: it’s a good idea to attach a marked up copy of your “Personal Credit Report” and attach copies of documents that support your position.
5) How long does it take?
Soon after you file a dispute, the Credit Repositories will investigate your claim by contacting the creditors by phone or through any number of automated systems. Often the matter is resolved in a few days but the creditor does have up to 30 days to respond. (Remember, if you filed the dispute online you can check on the status online anytime in the process) Once the investigation is concluded, you will be provided an updated report. Getting your credit to reflect accurately will often require more than one try.
If your credit still reflects inaccuracies, confirm the information directly with the creditor and go back to step 3. Or call Compass Mortgage at (603) 471-9300 for further assistance.
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