| Ohio Real Estate Blog |
Tuesday, 25 October 2011
Just as setting a listing price is ultimately your decision, so is whether to accept an offer. Your agent will give you advice, but the final decision is yours. These days, it can be difficult to decide if an offer is a good one, because there are so many influential factors. Getting an offer is the first positive step. Now take a deep breath and consider your option.
Are you under pressure to move? Whether it's finances, family, or a job transfer, the urgency of your need to move may dictate accepting an offer lower than you had hoped for.
Likewise, how much debt do you still carry on your mortgagee? Unless you are listing under "short sale" terms, you don't want to accept an offer that's less than what you owe, so pay close attention to how closing costs affect your bottom line before making the decision to accept or counter an offer.
Another important factor to consider is whether or not the buyer is pre-approved for financing. If so, you can expect a quicker closing with less chance of surprises, and confidently begin the pursuit of purchasing your next home. Evan a lower offer from a pre-approved buyer maybe better than a higher offer from one whose financing falls through at the last minute.
Remember, offers are about negotiation and compromise. Be flexible and reasonable when considering any and all offers that come your way.
Tuesday, 18 October 2011
Still waiting to jump off the fence and into homeownership? There are many aspects of today's market that should make your decision easier. First of all, mortgage rates are at an all time low, which means you begin building equity even more quickly (by paying less interest), and you can tolerate the ups and downs of the market while values recover.
You'll still find many assistance programs helping to encourage middle-class families to become homeowners. Get the ball rolling with a discussion with your loan officer to find out exactly what loan programs are available to you, and then combine them with the current low interest rates for the greatest benefit.
When you make an offer and apply for financing, you'll also find that appraisal rules have come more into line with the reality of the market. Appraisers have more flexibility now in determining the value of a home based on comparable properties. This is an important facet of successfully securing realistic financing for your purchase.
And your choices now couldn't be better, some of the distressed properties will be clearing out of the system, and better-maintained, desirable homes are entering the market. You'll find that homeowners were investing more in maintenance and improvements because they were staying in their homes longer while the market was down, which will increase your choice of attractive properties now. Start your search today while all the factors are in your favor. Don't miss out on this incredible opportunity!
Wednesday, 12 October 2011
Have you ever noticed the racks and stacks of colorful merchandise displayed near the check out lane of your grocery or department store? Known as "impulse" displays, they catch your attention, making you consider one last selection "on impulse." This kind of merchandising works because it grabs your attention when you literally have your money in your hand.
Merchandising is important in real estate, too. When selling your home, choose an agent who understands the concept, and demonstrates a history of merchandising homes by positing them favorably in the eye of prospective buyers.
Three ingredients produce successful merchandising: 1) an attractive product, 2) the right price, and 3) exposure to buyers. First, you must offer an attractive produce - a home in excellent condition. Your real estate agent should provide tips to make your home stand out from the pack.
You must also price your home fairly. That means it must be at, or sometimes below, fair market value. Your agent researches local market information to help you arrive at the right price.
The third ingredient - exposure to buyers - is your agent's challenge. If you offer a home in dazzling condition at the right price, you may expect an aggressive marketing plan, targeting all potential buyers, as well as other real estate agents who bring their buyers. Ask your agent about merchandising your home. It really makes a difference!
Friday, 07 October 2011
Real estate for sale in Piqua, Ohio
Homes for sale in Piqua, Ohio
300 Brentwood, Piqua, 3 bed, 1 bath, $57,000
5590 Stillwell, Piqua 3 or 4 bed, 2 bath, barn $172,000
1539 Park, Piqua, 3 bed, 1 bath, $125,000
612 Westview, Piqua, 2 bed, 2 bath, $99,900
For more information on these homes or any home in Miami or Shelby counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Friday, 07 October 2011
Recent Piqua real estate sales
The local Multiple Listing Service lists these Piqua area homes as sold with real estate agents.
1210 Scudder, Piqua, list price $32,000, sale price $29,617, 26 days on market
1229 High, Piqua, original list price $98,500, list price at sale $82,500, sale price $70,000, 102 days on market
1105 Washington, Piqua, list price $77,500, sale price $77,500, 56 days on market
1609 Broadway, Piqua, list price $79,500, sale price $79,500, 23 days on market
1027 Boone, Piqua, original list price $76,000, list price at sale $74,900, sale price $71,000, 117 days on market
1501 Clark, Piqua, original list price $33,000, list price at sale $31,399, sale price $25,000, 80 days on market
2665 Landman Mill, Piqua, list price $179,900, sale price $176,500, 2 days on market
1207 Leonard, Piqua, list price $65,000, sale price $66,000, 12 days on market
1703 Williams, Piqua, origianl list price $79,900, list price at sale $76,900, sale price $70,000, 139 days on market
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 Piqua homes or any homes in Miami or Shelby Counties, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Tuesday, 04 October 2011
If you could conjure up the ideal home sale, it would probably be a full price, for cash, with closing in a week. If that happened, and your price was $130,000, how much would you net?
There is a difference, of course, between "gross" and "net" selling prices. If you sell for $130,000, then your "gross" would be the full amount - $130,000. The "net" is an entirely different story.
Anytime you sell a home, even for cash, you will have at lease a small amount of closing costs. Those costs are deducted from the "gross" price to determine your "net." Strangely enough, sometimes a lower offer may result in a higher "net" sales price to the sellers.
Example: The sellers receive two offers from different buyers. The first buyer plans to secure a new mortgage loan for thirty years. The lender will be charging three "points" in order to give the buyers the lowest possible interest rate. The buyers' offer asks the seller to pay the three discount points, and half of the closing costs.
The buyers offered full price - $130,000 - but the sellers will net only about $116,000 after all expenses of the sale.
The second buyer offers only $126,000 - $4,000 less than the asking price. However, the plan to secure a 15-year loan, with no discount points, and to pay their own closing costs. In this case, the sellers will "net" about $118,400.
In other words, the sellers will net $2,400 more from the lower offer! When considering offers to purchase your home, ask your agent to explain your net proceeds. You may be pleasantly surprised by an offer that at first glance seems to be lower than another.