| Ohio Real Estate Blog |
Tuesday, 30 November 2010
The painful truth: Sellers who do not price their property competitively are the most likely targets of low ball offers. In soft markets, buyers are more prone to make low offers on listings seen to be priced too high. Listings that don't sell require price reductions, which in turn often mean ultimately accepting an offer lower than you could have received by pricing aggressively from Day One.
Since selling your home can be such an emotional and subjective experience, it's easy to understand why you might be reluctant to counter an offer below your asking price. But rather than feel insulted, try to see it as the beginning of a dialogue that could ultimately produce a sale.
If you feel any of the terms or conditions of the offer are questionable, ask your agent for advice about making a counter-offer. Usually buyers and sellers don't really know beforehand what price they'll accept until they've begun the negotiations. For example, a buyer might agree to a higher price than planned or the seller may realize that the offer is the best one they're likely to get in this market.
If you've received a lower than expected offer, but the buyers have proven their qualifications and commitment by securing loan pre-approval, you should give the offer serious consideration. The process of counter-offering can be swiftly settled or carry on ad nauseam. Be prepared to explore all options and act quickly before letting your negotiations fail. Keep in mind that each time you make a counter-offer, the likelihood of coming to an agreement decreases. Each time you counter-offer you risk having the other side walk away from the deal. So look closely at what the other side is offering you. See if you can find a way to make it work out for both of you.
Monday, 22 November 2010
When you buy a home, or just make an offer, you will encounter the term "earnest money." Like making a friendly bet and asking a third party to hold the wager money, the trust account is where the earnest money is held until closing. The earnest money is a sign of good faith made by the buyer to the seller.
When the terms of the purchase and loan agreements have been met, the money is released. When your application is approved and the loan takes effect, the lender will likely require money for property taxes and homeowner's insurance to be held in an escrow account. These funds are added to your monthly mortgage payment and disbursed when the tax and insurance bills are due.
This protects the lender by ensuring a lien isn't placed against your property for non-payment of taxes, and your home (their collateral) is protected against catastrophe. But escrow also benefits borrowers by spreading the large annual payments for taxes and insurance over twelve months.
For example, if your taxes are $1,600 per year and your insurance is $800, you're budgeting a reasonable $200 per month instead of making those big payments. Escrow accounts do not earn interest, and if you make a large enough down payment, you may be able to avoid the monthly escrow and pay the bills directly. Ask your loan officer about the pros and cons. They'll be happy to explain your options.
Tuesday, 16 November 2010
If you've followed advice given here about sprucing up your home's exterior, well done! Now let's focus attention on the next thing potential buyers will see - the front door and the interior. Now is the time for a thorough cleaning and showing off your home's best features.
Repaint that front door and touch up around the entry. Make it warm and welcoming with updated light fixtures at the entrance and foyer. Speaking of entries, check your windows and doors for energy efficiency. If they're not airtight, an investment in new windows and insulation will pay off handsomely and impress buyers.
Freshly repainted walls won't hurt either, and you can achieve a bright, clean look with cream on the walls and contracting woodwork. Buff up your wood floors, clean your area rugs or carpets, and replace any worn carpeting before your first showing.
Buyers look carefully at bathrooms, so be sure to remove any spots of mildew, replace caulking, and maybe even consider a small investment in a new sink and vanity to really make things sparkle.
The icing on the cake to offer buyers a "home warranty" on the appliances in your house, allowing them a full year of service for things that need repair. Your pride of ownership and their peace of mind should combine to produce a sale!
Tuesday, 02 November 2010
Real Estate For Sale in Piqua Area
Homes for sale in Piqua, Ohio
10201 Museum Trail, Piqua, 3 bed, 1 bath, $45,000
602 S Sunset, Piqua, 3 bed, 1 bath, $75,000
8430 N Moffett, Piqua, 3 bed, 2.5 bath, $169,000
523 Weber, Piqua, 4 bed, 2 bath, $60,000
9648 Augusta, Piqua, 4 bed, 2 bath, $180,000
9816 Augusta, Piqua, 4 bed, 2 bath, $180,000
307 Walnut, Covington, 3 bed, 1 bath, $55,000
For more information on these homes or any homes in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Tuesday, 02 November 2010
Recent Piqua Area Real Estate Sales
The local Multiple Listing Service lists these Piqua Area homes as sold with real estate agents.
902 Candlewood, Piqua, 3 bed, 1 bath, original list price $72,000, list price at sale $57,600, sale price $40,000, 69 days on market
613 Sunset, Piqua, 3 bed, 1 bath, list price $60,000, sale price $55,000, 46 days on market
701Boal, Piqua, 3 bed, 2 bath, original list price $65,900, list price at sale $54,900, sale price $50,000, 64 days on market
1026 W North, Piqua, 4 bed, 1.5 bath, list price $80,000, sale price $80,000, 1 day on market
637 Boone, Piqua, 4 bed, 2 bath, list price $89,500, sale price $84,000, 174 days on market
523 Cottage, Piqua, 2 bed, 1 bath, list price $59,900, sale price $58,000, 76 days on market
1843 Park, Piqua, 2 bed, 2 bath, list price $142,900, sale price $139,000, 123 days on market
3836 St Rt 185, Piqua, 3 bed, 1 bath, list price $109,900, sale price $110,500, 6 days on market
1233 High, 3 bed, 2 bath, original list price $139,900, list price at sale $129,900, sale price $115,000
Keep in mind that the seller may have paid for the buyer's closing costs which reflect in the sales price. For more information on these homes or any homes in Miami or Shelby Counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Tuesday, 02 November 2010
First time buyers are --- excited to find a good deal, afraid of overextending themselves, and confused by all the conflicting reports about real estate. Well, that might describe any or all buyers right now, but those making their very first purchase may feel elevated levels of all these emotions. It helps to have someone with experience in your local market offer you some guidance.
Don't be afraid to make your move now, regardless of what you've been hearing about the market. With affordability so high, you'll find a flurry of activity out there, so you're not alone in making the right decision to begin your home search.
Just try not to exercise excessive caution, or you may suffer what has been termed "paralysis by analysis."
The first thing you need to do is to contact your local lender to get your loan pre-approval. Your experienced real estate professional will then present you with the facts and figures you need, and help you interpret the data so that you can make a sound choice.
Now is not the time to vacillate about whether prices or interest rates will still drop. There is nowhere to go now but up! With today's historically low interest rates, you'll be pleasantly surprised how much home you can buy for your money.
Set aside your uncertainties. Chat with your real estate agent who can help you determine your "needs" and show you an inventory of homes to help you reach your goal of home ownership. Don't hesitate and miss out on this incredible opportunity! Today is the day to get started!