| Ohio Real Estate Blog |
Tuesday, 26 July 2011
There are many reasons to fell pressured to sell, be it a job transfer, family medical issues, or financial hardship. This is when you face cold hard facts about your home's value and what you can expect to net from your sale. Understand that what you paid for your home years ago has no relevance today, and a buyer won't pay a premium price simply because that's what you owe. I have never met a buyer yet who is willing to pay over market value for a home because the seller refinanced to pay off their credit cards!
If your home is now worth less than what you still owe, it may be time to call your lender and arrange listing as a "short sale." Your lender may indicate the lowest price they'll accept, and you can begin your aggressive marketing. A short sale will blemish your credit rating, but not as badly as a foreclosure would.
If you're not experiencing such financial hardship, but still facing a deadline to sell, then you need to discuss the market comparable that your agent provides for you, and price your home below the average sales prices. That's "sales" prices, not "listing" prices. "Expired" listings educate you about the prices for which homes did not sell under any circumstances, so pay attention. These are homes that the market rejected because of their price, condition or location.
Realize that an under priced home will seem like a bargain, and attract more interest with qualified buyers. It's always better to sell lower sooner than have to reduce your price and sell for a lot lower later!
Tuesday, 19 July 2011
As we see some market recovery, the scales are becoming a little more balanced between buyers and sellers. However, if you're a buyer moving out of the area. local conditions here aren't relevant. You need to investigate whether it's still a strong buyer's market in the are where you are relocating.
If long listing times and price reductions are prevalent, then you have the luxury of exercising some of the following options when you search and eventually make an offer. First of all, take time to drive by the homes that catch your interest. Spend some time driving the neighborhoods and visiting the schools.
When you finally decide to make an offer, play the time card to your advantage, by asking for a seller response to be within 24 hours. Pressure to accept is one thing, but do allow a reasonable amount of time for inspections, repairs, etc. Speaking of which, don't be shy about a stipulation that the seller provide you with a home warranty for the first year.
If you aren't in a multi-offer situation, you can offer a bit less than the asking price, but don't lowball and insult the seller. You can reject the seller's counter offer as long as you are willing to take the risk of having to eventually settle for a home without the amenities you loved in that home. Ask your experienced, local Realtor to assemble a good selection of suitable properties for you and start your search.
Friday, 15 July 2011
Recent Piqua Real Estate Sales
The local Multiple Listing Service lists these Piqua homes as sold with real estate agents.
901 Grant, Piqua, 3 bed, 1 bath, original list price $60,000, list price at sale $35,000, sale price $35,169, 48 days on market
718 Brice, Piqua, original list price $55,000, list price at sale $ 32,500, sale price $31,101, 77 days on market
1240 High, Piqua, original list price $63,000, list price at sale $40,000, sale price $37,701, 63 days on market
814 Boone, Piqua, original list price $44,900, list price at sale $29,900, sale price $20,000, 65 days on market
611 Beverly, Piqua, list price $82,900, sale price $82,900, 15 days on market
904 Madison, Piqua, list price $66,900, sale price $66,900, 123 days on market
1320 Elmwood, Piqua, original list price $132,500, list price at sale $109,900, sale price $105,000, 73 days on market
401 Pinewood, Piqua list price $65,000, sale price $62,000, 101 days on market
1412 Washington, Piqua, list price $64,900, sale price $60,000, 29 days on market
9859 25A, Piaua, original list price $299,500, sale price $215,000, 385 days on market
323 Young, Piqua, original list price $35,500, list price at sale $32,500, sale price $29,500, 72 days on market
803 Candlewood, Piqua, list price $50,000, sale price $48,000, 14 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 homes or any homes in Miami or Shelby County, contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Thursday, 14 July 2011
Real Estate For Sale in Piqua Ohio
Homes For Sale in Piqua Ohio area
3133 Shawnee Trail, Piqua, 3 bed, 3 bath, $264,900
5 E Broadway, Covington, 2 bed, 1 bath $20,000
909 Broadway, Piqua, 4 bed, 2 bath, $73,000
4660 Piqua Troy, Troy, 3 bed, 2 bath, $65,000
408 Broadway, Piqua, 2 bed, 1 bath, $72,500
8382 Piqua Lockington, Piqua, 4 bed, 1 bath, $36,000
For more information on these homes or any homes in Miami or Shelby county, please contact Kathy Henne at 937-778-3961 or Kathy@KathyHenneTeam.com
Wednesday, 13 July 2011
Buyers, sellers, the time for hesitation is over for both of you. Home sales are rising, inventories are shrinking, and even though home values fell dramatically in the last few years, the good news is that houses are now more affordable than they have been at any time during the last twenty years.
If you are buying, now is the time to make your move, literally, As the market recovers, the scales are still tipped in your favor. There are still many "distressed properties" (foreclosures and short sales) on the market, and other homeowners are entering the selling field as improving conditions increase their confidence.
You can still expect competition for lower end, entry-level homes, but demand is softer in the middle to upper end property market, so you could be in a stronger bargaining position in those two tiers.
If you're a seller, don't be alarmed by the good news for buyers. Buyer confidence and strength makes it more likely that you'll enjoy a sale. Don't try to compete against short sales and foreclosures when you're pricing, though, because that's a tough game to win.
Just complete any needed repairs, get your home into great showing condition, and emphasize your home's strengths and features. We're in an interesting transitional phase where both buyers and sellers can be winners with the right attitude and representation.
Tuesday, 05 July 2011
There are new rules regarding short sales meant to improve the experience for both sellers and buyers, but the legalities and legwork can overwhelm even the most savvy buyers and sellers. Of course, that's where the real estate agent who has experience with short sales will really shine, handling the paperwork and the phone calls, leaving you to focus on your move.
Keep in mind that if you're expecting to buy a home on a short sale, you can get a great deal, but don't expect miracles from a bank that has agreed to accept a price lower than what the sellers owe on their mortgage. These short sales often generate multiple offers, and if a home has been approved to sell for $200,000, don't expect to waltz in and offer $125,000.
The real advantage of a short sale deal is that the home will likely be in much better physical condition than its foreclosure counterpart. Often, a foreclosed home will have been abandoned for months or years, and perhaps trashed before being vacated. As short sale property in better condition is a benefit with real value that offsets any lower price you could offer on a foreclosure.
And for sellers, a short sale preserves your dignity, reduces some of the stress, and won't damage your credit history as much a as foreclosure. Whether selling or buying, consult an experienced, local agent for the best advice and guidance.
If you're contemplating a short sale, be sure to select an agent who is a Certified Distressed Property Expert (CDPE). These agents have received extensive education in the short sale process. When you decide that a short sale is your best option, call a CDPE who has the training and experience to obtain the best results for you and your family.