For sale or On sale

 

A good time to buy and a good time to sell

The first thing that came to my mind when I read a post by a local real estate agent on social media saying that we were in a “hot market”, was to take my sign down.  I still had a lot of packing to do.  Downsizing could take a while and I can not get out that quick.  Real estate markets vary by location and are driven mostly by economic factors in an area that influences supply and demand. market

Here are my tips to make it easy for you to know how your area is performing and if it is the right time for you to buy or sell.

Hot market

  • Real estate agents in your area have ready, willing and able buyers just waiting for a new listing to hit the MLS, due to very low inventory
  • The list price is generally the starting price and buyers bid up
  • Quick closings, as buyers are mortgage ready or have cash, closing within 30 days
  • Buyers are scouting the neighborhood and when your sign goes up they leave a note on your door with an offer
  • Your agent will hold a “public open house” and state a time and date that you are open to review offers
  • Buyers will make an offer without coming into town or viewing the home

Seller’s market

  • Homes sell at list price
  • Prices are stable or increasing
  • Buyer incentives paid by the seller are added onto the list price
  • Seller offers few repairs only if necessary to obtain financing and may ask the buyer for a contribution
  • Low inventory
  • Start of the selling season, defined by your local area trends
  • Average days on the market are less than 60

Buyers market

  • Prices decreasing in an area
  • Average days on the market are more than 60
  • Sellers are advertising price reductions
  • Sellers are offering buyer incentives such as loan closing fees without increasing the price
  • Sellers are offering other incentives such as new appliances, repairs, and cosmetic updates
  • Homes are on the market at the end of a selling season, like late fall or the beginning of a school year depending on your area trends

Working with a real estate professional and having a market analysis prepared for the area you are planning to buy or sell will easily give you this information.

Happy home buying and selling 🙂 It’s a piece of cake

Alice

 

 

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Shopping for real estate in inclement weather ☔️

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A poor weather forecast may be one of the best times to look at a property that you have an interest in  purchasing.  An abundance of information may be clearly noticed during different types of extreme weather.  During the buying  process knowing these things ahead of time will enable you to budget for issues that may need attention early in your ownership.

Here are some things you can easily discover:

  • Leaks in the roof, chimney, ceiling vents or around the windows
  • Water intrusion in a basement, garage, or enclosed porch areas
  • A sagging roof from the weight of snow
  • Loose roofing shingles during heavy wind
  • Insufficient drainage on the property
  • Air drafts in the fireplace, door and window areas
  • Heating and cooling units not efficiently adjusting the room temperature
  • Slow plumbing drainage
  • Instability of the ground , wash outs
  • Crackling tree limbs with high winds
  • Exterior sloping of driveways and sidewalks that may be difficult to manage with ice and snow

If you are working with a real estate agent ask them what issues are commonly found in the area.  They can help you work through any concerns and ask your home inspector to make suggestions of areas that you can keep an eye on to avoid common problems. You will also be able to make an informative decision on any extra insurance that you may want to carry.

Happy puddle jumping 🙂

 

The high and low tides of owning a beach rental

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Like many vacationers you probably have visited one of the beautiful coastlines in the USA. It’s so hard to leave when the week is over, so here are some tips to get you on the path to owning your own little piece of paradise.

To begin you have to decide where to buy.  I like to suggest somewhere that is easily accessible to your home since you will want to enjoy it as much as possible for yourself.
Decide on a price point within your budget and prepare for cost that you would not consider when purchasing a primary home. After those decisions are made determine your short and long term goals especially if this will eventually be a retirement home. There are many vacation rental sites that can offer assistance to determine market value of seasonal rates for selected areas.
Owner expenses to consider:
Mortgage fees may be higher and a larger down payment may be required for a second home and real estate investments.
State and Local property taxes
Resort taxes
Tourism taxes
Parking permit fees
Homeowners association or Owners Regime membership dues
Property Insurance that may include flood and wind
Special assessments for compliance of exterior maintenance and architecturally approved appearance
Utility cost
Mandatory utility charges such as a community wifi and or cable company
Recreation use fees for yourself or your visitors
Permit fees for repair or remodeling contractors
Business license fees if you are going to use your property for short term rentals
Local taxes on the rental income you receive
Advertising cost for your rental
Cleaning and laundry fees

Reserve for replacing appliances and furnishings as needed
Rental management fees
Reserve for vacancies and cancellations

Not all of the above may apply but are noted to assist you in making an informed purchase

Owner benefits:

Collect the rent and pay the bills!

With good planning you’ll own a piece of your vacation paradise with no reservation required!

My fence in Your yard…

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I’m just going come right out and say this as clear as I can…if you are not exactly sure of the boundary lines and the location of all improvements including those tanks buried under ground on a piece of property you are preparing to purchase, hire a surveyor.

One of the most common problems in a real estate transaction discovered after the sale is a boundary line issue.  In almost every case that I have seen a new survey would have revealed the problem.  Most commonly it is a driveway or fence that inches over onto a neighbors land.  In a more extreme case a home buyer  built a home on a lot in a new home community.  All the legal work including their ownership deed and mortgage referenced the purchase of another lot the builder owned.  As a result, they owned a very expensive house situated on a piece of real estate they did not own and it was discovered years later when they decided to sell.

Many buyers rely on tax maps, subdivision plats, plot plans, concrete markers, flags, iron pins , natural barriers and a number of other monuments to identify the boundaries,  In most cases these identifiers are accurate, but in any case a new survey will be a good tool for future improvements and dividing of a parcel.

For more information:http://nsps.site-ym.com/?page=WhenyouneedaSurv