Friday, November 30, 2007

Is winter a good time to sell my home?



In many parts of the country, selling a home during the winter months can be a challenge. Dreary, cold weather and the end-of-the-year holidays can keep buyers away and heighten fears of your home staying on the market longer than expected. However, there are a few things you can do to enhance “curb appeal.” And when that happens, buyers will take notice.
For example, if your home has been on the market for more than six months, its probably time to change the sales approach. There are several factors that could be reviewed with your real estate agent to determine improvements that can be made. Ask for a reassessment of the sales price; it may be too high for the current market. Also, ask the agent for a new or updated marketing plan and ask for a specific explanation of each activity. Marketing your home goes beyond a few ads in the newspaper and a listing on the Multiple Listing Service (MLS); a good agent will do more to get your home sold.
If your current agent doesn’t respond to your satisfaction, you should contact the real estate broker (the owner of the office) and ask for a different sales agent – or, if you’re no longer under any contractual obligation to the firm, it might be time to change real estate offices entirely.

When setting the asking price through a comparative marketing analysis, compare similar homes sold in the winter months. Many owners set their asking price too high because of comparisons with sales prices during peak seasons. Always try to compare like properties sold at the same time of year.

Once you’ve settled on an asking price, its time to spruce up the interior and exterior of your home. Many real estate agents recommend opening as many curtains as possible to add light and color to rooms. Keep photos of your home during warmer months in full view, show off that yard you work hard to maintain!

Staying on top of winter maintenance and chores is another sure-fire way of adding value to your home. A neatly shoveled driveway and cleared walkway can add a nice touch. Make sure the furnace is in good working condition and that the room temperature is kept at a comfortable level. Also, make sure the leaves are raked and the winter yard is spruced up with some tasteful holiday decor.

Take yourself on a tour of your home. Start in the entry and work your way through the house. More than likely you’ll see many previously undiscovered cluttered spaces and needed repairs that can turn off potential buyers.
You may worry that the holiday season is not a good time to sell your home, but the experts cite many BENEFITS in listing your home during this time:
  • Other people are waiting to sell, go ahead and list
  • Homes show better when dressed for holiday parties, visitors
  • Buyers looking this time of year are motivated and serious
  • It is a good time for students to switch schools
  • Buyers and sellers can reap tax benefits
  • Neighborhoods appear homier
  • Interest rates may be lower, allowing buyers to qualify for a larger payment
  • Minimal yard maintenance required during winter months
  • Potential adverse changes in the market after first of new year
  • More inventory in January vying for marketing attention
  • Many companies conduct corporate moves at year end
  • Buyers have year-end bonuses available for closing costs, etc.
  • Easier to find contractors to do repair work
  • You might miss the perfect buyer
  • People are in the mood to buy during the holidays
  • People want to move and be settled before the holidays
Go ahead and put out those decorations but be careful not to overdo it, the buyer should have a chance to see your home in its everyday condition.

The timing of selling your home is really up to you, your needs and your desires. One thing is for sure, people are always in the market for buying a home, no matter what season!




Tuesday, November 6, 2007

Judge Fite Celebrates 70 Years

Monday, October 15, 2007

What is my Style?

A guide to America’s most common home styles.



Styles of houses vary across the country. From the New England Cape Cod to the Victorians of San Francisco, the choices are almost endless. Knowing which style you prefer is one of the basic elements in your hunt for the perfect home.

The Dallas/Fort Worth Metro area is so diverse that you can usually find almost any home style here. So here is a quick guide to help you recognize and use the professional terms for many of the most prevalent house styles:

• Ranch: these long, low houses rank among the most popular types in the country. The ranch, which developed from early homes in the West and Southwest, is one-story with a low pitched room. The raised ranch, which is also common is the U.S.. has two levels, each accessible from the home’s entry foyer, which features staircases to both upper and lower levels.

• Cape Cod: this compact story-and-a-half house is small and symmetrical with a central entrance and a step, gable roof. Brick, wood or aluminum siding are the materials most commonly seen.

• Georgian: Popular in New England, the Georgian has a very formal appearance with tow or three stories and classic lines. Usually built of red brick, the rectangular house has thin columns alongside the entry, and multi-paned windows above the door and throughout the house. Two large chimneys rise high above the roof at each end.

• Tudor: modeled after the English country cottage. Tudor styling features trademark dark-wood timbering set against light-colored stucco that highlights the top half of the house and frames the numerous windows. The bottom half of the house is often made of brick.

• Queen Anne/Victorian: Developed from styles originated in Great Britain, these homes are usually two-story frame with large rooms, high ceilings and porches along the front and sometimes sides of the house. Peaked roofs and ornamental wood trim, many times referred to as “gingerbread,” decorate these elaborate homes.

• Pueblo/Santa Fe Style – Popular in the Southwest, these homes are either frame or adobe brick with a stucco exterior. The flat rood has protruding, rounded beams called vigas. One or two story, the homes feature covered/enclosed patios and an abundance of tile.

• Dutch Colonial – the Dutch Colonial has two or tow-and-one-half stories covered by a gambrel roof (having two lopes on each side, with the lower slope steeper than the upper, flatter slope) and eaves that flare outward. This style is traditionally make of brick or shingles.

• New England Colonial – This two-and-one-half story early American style is box like with a gable roof. The traditional material is narrow clapboard siding and a shingle roof. The small-pane, double-hung windows usually have working wood shutters.

• Southern Colonial –this large, two-to-three-story frame house is world famous for its large front columns and wide porches.

• Split-levels: Split-level houses have one living level about half a floor above the other living level. When this type of home is built on three different levels, it is called a tri-level.

These are just a few of the many styles of homes available across the country, and many right here in the Dallas area. Some are more common than others of course, but knowing home style terms will help you zero in on the type of house that will fill your needs and suit your taste.

Thursday, September 20, 2007

What do all these real estate terms mean?

Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associated with purchasing real estate that are helpful to learn.

For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.

Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer’s partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.

After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer’s promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.

The buyer pays interest money to the lender in exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.

In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can’t exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.

Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property’s value with the appraiser’s signature, certification and supporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer’s ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it’s found to be imperfect.

Buyers should plan on at least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.

Below is an illustration of the process of closing a typical residential real estate transaction. Click to download a printable PDF.






Wednesday, March 14, 2007

How can I give my home a quick facelift before putting it up for sale?







One of the great challenges to selling a home can be showing all of its space, decor and natural light potential. For example, every home has crowded closets and dead space. Sellers should be aware that areas such as these are easy to spruce-up with a little elbow grease and old-fashioned innovation.

Begin by evaluating your closet/storage space, determine which areas can cut-down on clutter. Go through old clothes, shoes, etc., and get rid of anything that will not be used and in turn create more space. Consider organizing shelves and other areas to make better use of your storage space, including your garage and basement. Also, try to throw out or give away any old furniture that is no longer of use. All of the discarded items can be given to Good Will, Salvation Army or even sold at a yard sale.

"Although most sellers keep their homes clean and well-decorated, it can be difficult to convince a buyer of a home's potential when clutter is noticeable. As brokers, it's our responsibility to offer any tips that will expedite the sale and make the experience more enjoyable for the seller," Jim FIte, CENTURY 21 Judge Fite Company.

Once you've eliminated the unwanted items and furniture, begin the 'renovation' process. For non-storage spaces that could use a little more decor, consider adding a small bookshelf complemented with a cozy reading chair. Always be sure you're filtering as much light into your property as possible. Open or replace curtains. For example, light from a window overlooking the backyard offers a room more color, a great view and the illusion of more space.

Always maximize the potential of existing decor; wash old curtains, re-stain old wood casings, anything that refreshes and emphasizes all the potential of the space and decor of the home.

Prospective buyers are often more drawn to homes with features that they don't have, those with clutter-free closets, open sunny rooms, and cozy little corners. To ensure you've realized all of the above characteristics the last step should be to bring in a friend and observe their reaction. Make sure it's a trusted friend, who will offer suggestions as well as notice the improvements. Seeing your own home through someone else's eyes is a great way to make a home optimally attractive and more sellable to prospective buyers.

Be diligent in your efforts and be sure the renovations improve the aesthetic appeal of the home. All the hard work for this quick “facelift” will be worth the reward of a successful sale.

You can reach CENTURY 21 Judge Fite Company at http://www.c21judgefite.com/ or by calling 1-800-451-8055.

Thursday, February 8, 2007

I am ready to sell my home, where do I start?



Maybe you're moving to a larger home to accommodate a growing family, relocating for a new career opportunity, or purchasing a townhouse for retirement. Whatever the reason for the move, you'll need to take the necessary steps to sell your home for the best possible price, within a reasonable amount of time. Where do you begin?

If you're like most people, you'll start by seeking assistance from a professional. A local real estate sales associate, who knows your neighborhood, can help you determine a fair market price. The sales associate should also recommend the extent to which you should make repairs or improvements to your house.

In order to select a real estate professional who's right for you, ask family, friends and neighbors for referrals. Attend open houses and interview several sales associates to find out how professional or experienced they may be. Get a written outline of how they plan to market your property and the services they will offer you.

Once you've identified a qualified professional, the rest is chemistry. Is the sales associate someone with whom you would like to work closely? Do you feel comfortable with the sales associate as your partner, working with you to give you advice and acting as your representative? Does he or she practice a consultative selling approach, focusing on the long-term client relationship and on the importance of exceeding client needs and expectations or is he or she caught up in the proverbial 'hard sell?'

The brokerage firm that your agent is associated with is also important. Research the firm's success rate and commitment to quality service. Does it survey existing clients in order to ensure customer satisfaction? What are the results of those surveys? How in tune are they with consumer needs? Do they offer guidance with mortgages or any discounts for other home related or moving services?

"To be competitive in today's real estate market, as agents, we have to offer the buyer/seller products and services above and beyond the sale. That's why the CENTURY 21 System has established partnerships with various companies that allow us to offer everything from mortgages to moving services. This network of providers has enabled us to satisfy a consumer need while maintaining a high-level of quality service," said Eric Fite, Director of Operations for CENTURY 21 Judge Fite Company.

Determining your home's fair market value is one of the most important decisions you'll make during the home-selling/buying process. Your sales associate can help you set a fair price based on local market conditions. For instance, she or he will provide sale prices and other statistics of homes similar to yours that have recently been sold. Prospective buyers will be comparing your home to others on the market. Therefore, setting a comprehensive price can determine if your property will or will not sell.

For the first offer made, it's rare that the prospective buyer matches the asking price. If the offer is reasonably close to the asking price, carefully consider the offer before you consider turning it down. Curiously, it's the first offer that can often be the best offer. If the first offer is unacceptable to you, it may in your best interest to have your sales associate respond with a counter offer. Whenever considering an offer, ask yourself if you would purchase the property for the amount being offered. Always be willing to negotiate, especially if the prospective buyer is pre-qualified for a mortgage.

Once you decide what terms are acceptable, let your sales associate negotiate with the prospective buyer to work out the best agreement for you. You'll need to be patient while the buyer arranges financing and as the real estate company compiles and prepares pertinent data.
Careful planning and sound advice from a real estate professional can make selling your home a very satisfying experience. For more information, please contact CENTURY 21 Judge Fite Company at 1-800-451-8055, or visit www.C21JudgeFite.com.

Thursday, February 1, 2007

The number one complaint of "expired" sellers is that their real estate salesperson put the sign in the yard and a lock box on the door and it was the last time they ever heard from their agent! We wonder why they don't trust us. We do a great deal to help buyers and sellers, we need to do a better job at communicating that to them. Make arrangements with your sellers to call them at the same time each week and for them to write down any questions they have and you will discuss those with them at the designated time (time management).

Wednesday, January 31, 2007

Awesome!

The Ask the Judge Site is something we have needed for a long time. This is impressive and will be an outstanding way to discuss issues and solutions. I’m looking forward to seeing how this progresses. Happy Selling!

Do Sellers Want More Communication with the Agent?



When trying to sell a home, silence isn't always golden especially when you're expecting your real estate agent to call. In fact, it's one of the leading complaints among sellers in the real estate market. Often times you find an agent who is more than willing to take on your listing, but once the relationship is made, the seller enjoys getting a call at least once a week.

"A seller should establish with the agent up front the expectation that regular communication will occur. Even if it's just to check-in, the seller will be more satisfied being kept 'in the loop'," said Jim Fite, President of CENTURY 21 Judge Fite Company.

Keeping the communication lines open between the two parties assures the seller that the agent is keeping them apprised of any and all offers. In addition, agents often provide valuable tips on why prospective buyers weren't interested. Often times, an agent is privy to the buyer's dislikes of the property. For instance 'this room's too dark' or 'the kitchen has a funny smell.' This allows the agent to give the seller constructive feedback and offer important tips on how to make the home more attractive to future buyers.

If you're a seller and are not hearing from your broker, be sure to keep calling them until they get the message that you expect a regular update. If the broker doesn't return your calls, leave a message for your broker's office manager. The manager will see to it that your broker becomes more attentive to your listing.

Selling a home can be a lot of work and sometimes quite stressful. It is incumbent upon an agent to satisfy the seller's expectations of routine updates, this will ensure the possibility of future business not to mention a successful sale. Furthermore, as a seller you must demand the communication exchange between you and your agent. If both parties work in a cooperative effort, the selling experience will be more successful and enjoyable for both the agent and the seller involved.

You can reach CENTURY 21 Judge Fite Company at http://www.c21judgefite.com/ or by calling 1-800-451-8055.