| Ohio Real Estate Blog |
Wednesday, 24 February 2010
Remember when you were little, and made excuses for not making your bed, washing the dishes, or carrying out the trash? If you're planning to sell your home soon, those same excuses can be costly.
When buyers see your home for the first time, and notice the unmowed yard, or dirty dishes in the sink, what do you think the consequences might be? Regardless of the excuses you make, buyers are likely to begin deducting dollars off their offer for each shortcoming your home exhibits.
Before the first buyer sees your home, ask your real estate representative to "walk through" your home to identify needed improvements. Take whatever steps are necessary to complete those improvements before your home is shown.
If necessary, begin with major repairs like carpet, new roof, painting, etc. While costly, these improvements will discourage drastic price reductions by prospective buyers. Minor repairs deserve the same attention. Why let a torn screen, broken window, or plumbing leak keep you from achieving your goal of selling your home?
Take time for cosmetic improvements, too. Organize closets, pack away unneeded clothing, and put away all those personal items in the bathroom. Make your bed every day and keep the dishes washed and put away.
In short, set the stage for buyers. Make sure every time they enter your home, they leave on an emotional high. Most home buying decisions are emotional, giving you the edge, so take time to turn your home into the castle of your buyers' dreams. You won't need to make excuses for anything because all your work will be done!
Wednesday, 17 February 2010
If you plan to sell your home, take time to do your "home" work first. Before the first buyer ever sees your home, it is critical that you carry out two tasks that could result in an immediate sale at a good price.
First, put your home in model home condition. Ask your agent to help compile a list of improvements that will excite prospective buyers - and real estate agents. Everything on the list should be completed before your first showing. Repeat - it's best not to show your home until all improvements have been completed!
Why is this so important? Once your home is on the market, many times the first people to see it are other real estate agents. Some agents preview homes for out of town clients. If other agents see unsightly carpet, or sense the pride of ownership is absent, they may never return with their buyers. Once that happens, you will have lost one of the best sources of ready buyers.
The second, and equally important, task is to become informed about pricing in your area. Ask your agent for complete details on all similar homes which have sold in your neighborhood in the recent past. Then, price your home accordingly, from the very beginning.
Regardless of your reasons, buyers will not purchase your home if it is overpriced. Avoid starting high, then reducing your price later. Want a fast sale at the highest possible price? Make your home sparkle with buyer appeal, and set the price right!
Tuesday, 09 February 2010
You're ready to list, but are you ready to sell? Let's say that on the first day your home is for sale, your agent shows it to prospective buyers. They love it, and sign a purchase offer of the spot. You were asking $145,000, and they offer $138,900. Because they are relocating, they need an answer right away, by 6:00 PM. What do you say?
You don't say, "We just can't give you an answer that soon." These buyers are motivated and prepared to buy your home, with a written offer and earnest money deposit.
So how do you make up your mind so quickly? You must simply decide what your rock-bottom price is before your home is even shown. Be prepared to negotiate on-the-spot by first asking your agent for a "net" sheet based on the offer price.
The net sheet will show what expenses must be paid out of the gross sales price. You must subtract closing costs, brokerage fee, the payoff of your existing mortgage (or mortgages,) real estate taxes, and home warranty costs, resulting in the "net" proceeds that you will receive at the closing.
At the listing appointment, ask your agent to figure net sheets based on receiving 95% or 90% of the asking price. This helps you determine the absolute lowest offer you can accept. Once you know that figure, you'll be able to make a knowledgeable decision.
Sunday, 07 February 2010
Real Estate for sale in Piqua Area
3013 Chinook, Piqua, 3 bed, 2 bath, 1772 sq ft, 2 car garage, $160,000
938 Fountain, Troy, 3 bed, 2 bath, 1678 sq ft, $77,900
4065 N St Rt 48, Covington, 3 bed, 3 bath, 2266 sq ft, $225,000
414 Camp, Piqua, 4 bed, 1.5 bath, 1672 sq ft, $87,900
251 E Main, Piqua, 3 bed, 2 bath, 1200 sq ft, $50,000
9633 Country Club, Piqua, 4 bed, 2 bath, 1975 sq ft, $130,000
414 Camp, Piqua, 4 bed, 1 bath, 1672 sq ft, $87,900
9633 Country Club, Piqua, 4 bed, 2 bath, 1964 sq ft, $130,000
1380 North Rd, Troy, 3 bed, 1 bath, 912 sq ft, $70,000
1010 Lincoln, Piqua, 2 bed, 1 bath, 958 sq ft, $55,000
1514 Nicklin, Piqua, 3 bed, 1 bath, 1320 sq ft, $32,000
924 Linden, Piqua, 2 bed, 1 bath, 936 sq ft, $45,000
228 S 4th, Tipp City, 2 bed, 1 bath, 910 sq ft, $75,000
For more information on these homes or any homes in Miami or Shelby Counties, contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Sunday, 07 February 2010
Recent Piqua Area Home Sales
The local Multiple Listing Service reports these homes as sold by real estate agents.
903 W High, Piqua, 3 bed, 1.5 bath, 1065 sq ft, 1 car garage, list price $70,000, sale price $70,000, 1 day on market
703 Gordon, Piqua, 3 bed, 1 bath, 1280 sq ft, original list price $74,900, list price at sale $69,900, sale price $71,900, 108 days on market
1008 Plymouth, Piqua, 3 bed, 1.5 bath, 999 sq ft, list price $84,900, sale price $75,000, 98 days on market
2 Falcons Nest, Piqua, 5 bed, 3.5 bath, 2586 sq ft, original list price $239,900, list price at sale $199,900, sale price $170,000, 187 days on market
2 Eagles Way, Piqua, 4 bed, 2.5 bath, 2670 sq ft, list price $256,985, sale price $250,000, 40 days on market
1306 Scudder, Piqua, 3 bed, 1 bath, 1056 sq ft, list price $50,000, sale price $42,000, 17 days on market
910 Plymouth, Piqua, 3 bed, 1 bath, 999 sq ft, original list price $75,000, list price at sale $60,000, 70 days on market
1849 Parkway, Piqua, 2 bed, 2 bath, 1240 sq ft, list price $102,900, sale price $97,500, 67 days on market
1205 Roosevelt, Piqua, 3 bed, 1 bath, 840 sq ft, list price $40,000, sale price $40,000, 3 days on market
1101 Laura, Piqua, 3 bed, 2 bath, 1555 sq ft, list price $139,900, sale price $137,000, 110 days on market
1917 Carlyle, Piqua, 2 bed, 2 bath, 1616 sq ft, list price $135,000, sale price $135,000, 1 day on market
312 Brentwood, Piqua, 3 bed, 1 bath, 1015 sq ft, original list price $92,900, list price at sale $81,770, sale price $81,770, 279 days on market
8055 Spiker, Piqua, 3 bed 1.5 bath, 1482 sq ft, original list price $149,900, list price at sale $129,900, sale price $118,000, 579 days on market
813 Covington, Piqua, 2 bed, 1 bath, 1207 sq ft, list price $70,000, sale price $55,100, 18 days on market
251 Renche, Piqua, 3 bed, 1 bath, 864 sq ft, list price $74,900, sale price $72,900, 108 days on market
6172 Mulberry Grove Rakestraw, Covington, 2 bed, 1 bath, 1503 sq ft, list price $125,000, sale price $125,000, 13 days on market
4065 N St Rt 48, Covington, 3 bed, 3 bath, 2266 sq ft, list price $225,000, sale price $225,000, 1 day on market
1524 Garfield, Piqua, 3 bed, 1 bath, 936 sq ft, original list price $62,900, list price at sale $54,900, sale price $54,900, 343 days on market
Keep in mind that the seller may have paid for the buyers closing costs with reflect in the sale price. For more information on these homes or any homes in Miami or Shelby Counties, contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Wednesday, 03 February 2010
Phew! After four years of declining home sales, the numbers appear to be finally stabilizing, with closed sales and pending contracts at above-normal numbers. In particular, first-time buyers are helping buy the market by taking advantage of low prices and interest rates, as well as the $8,000 tax credit offered by the federal government.
At least for now, home prices remain attractively low, and mortgage payments as they relate to income are very comfortable. All the information seems to point to the fact that home prices have actually overcorrected downward. What does that mean? It indicates that many markets may experience a price "snap back," with values increasing a lot more than the historical average of 3% appreciation per year.
Some factors may continue to make buyers cautious, mostly declines in retirement savings and a lukewarm economic recovery with unemployment hovering around 9% to 10% nationally. Now is not the time to hesitate, however, as mortgage interest rates are expected to rise in 2010.
We can expect the momentum of home sales to continue, especially with the extension of the tax credit through April and the fact that qualification is no longer limited to just first-time buyers. Prices and interest rates will rise this year, so buyer confidence should be at an all-time high. The pressure cooker of pent-up demand is about to blow its top! Make sure you're in a position to take advantage of this incredible opportunity as a buyer or a seller!