To prepare your home for sale: The way you live in your home and the way you market your home are two different things.
De-clutter and simplify! You're moving, so start packing now!
De-personalize! Limit family photos and dust collectors. Buyers want to visualize their own belongings in your home.
Submitted By:
Cindy Stephen,REAL ESTATE ONE-NOVI
|  |
|
When selling your home, have your home in broom clean condition when showings are done to create a more open feeling for the potential buyers.
Submitted By:
Jack Brown,Ehman & Greenstreet GMAC R.E.
| |
|
The Crucial First Impression- The front of your home is the first thing a prospective buyer sees, make sure it is presentable.
The lawn should be freshly cut, the walkway swept and any lawn equipment should be put away.
Submitted By:
ANN MARIE BURNS,PRUDENTIAL CRANBROOK-TROY
|  |
|
Choose a tech-savvy agent. The Internet has changed how buyers shop for homes and is necessitating that agents market homes online. Studies show 74% of today's home buyers now search for homes on the Internet. We also know Internet buyers look at fewer homes before buying and spend more vs. non-Internet buyers. Whether you’re thinking about buying or selling or simply want to stay informed about the real estate market, using new technology helps the tech-savvy agent consistently provide you with timely information and outstanding service.
Submitted By:
RANDY GLOTH,REAL ESTATE ONE-MILFORD
|  |
|
Interview 2-3 different real estate companies, ask to see their marketing plan.
Submitted By:
RICK FINLEY,Sheringham, Finley & Assocs. Real Estate
|  |
|
Reasons To List Your Home During The Winter
Fewer Showings - Yes there are fewer buyers, but those buyers that are left are usually very serious about making a purchase. Less Competition - Most people wait until spring and summer to list their home, which means during the winter you will have far less competition than at any other time of the year.
Submitted By:
LEAH FRITCH,COLDWELL BANKER T & C REAL EST
|  |
|
Sell your house before you start looking for the next one. Many sellers are paying two mortgages now because they did this out of order.
Submitted By:
BONNIE HALBERT,CENTURY 21 TOWN & COUNTRY-BHAM
| |
|
Sellers must study market data when determining the market value for their home. Real estate has never been valued based upon "what the sellers needs are" but rather by "what the market will bear." If you must sell your home in a highly competitive market, you have to price it right in the first place.
Submitted By:
JANICE L. DANIELS,CENTURY 21 TOWN & COUNTRY-TROY
|  |
|
You can help enhance your home with little or no cost - trim back overgrown landscaping, especially around the front door. Clean windows inside and out and don't forget the garage windows! Put out a fresh, new welcome mat at the front door. Hang an attractive wreath on the front door. Fix the storm door that won't latch. If a potential buyer sees that you've paid attention to these items, they'll think you've paid attention to the interior as well.
Submitted By:
LAURIE POPP,TEMPORARY INACTIVE AGENTS
| |
|
When selling a home, take out all excess clutter, organize closets and the basement, and make everything "squeaky" clean and neat.
Submitted By:
AAREN CURRIE,STATE WIDE R E-LIVINGSTON
|  |
|
There are different levels of home staging—from a thorough cleaning to a complete remodeling. The more you do to stage your home, the better the chances of securing a quick sale. A house in good condition demonstrates pride of ownership. This is definitely one of your best sales tools.
Submitted By:
MARGIE KELLY, Relocation Specialist,WEIR MANUEL, REALTORS
|  |
|
Don't forget to check your HUD (RESPA) form when preparing your income taxes. Some closing costs, prorated taxes and prepaid interest can be deducted. These figures will probably not be shown on any other statements.
Submitted By:
LINDA PREVOST,CENTURY 21 TOWN & COUNTRY-NORT
|  |
|
When changing utilities at the time of sale; remember to ask the utilitiy companies for "a final reading" rather than a "disconnect". Most companies will charge a fee for a "reconnect" and you don't want to run the risk of not having working utilities during Michigan's cold winters.
Submitted By:
SALLI RINKER,TEMPORARY INACTIVE AGENTS
| |
|
Make a short list of things you REQUIRE in a home -- things that you would like and things that you do not want. This will help you to think past the basics like number of bedrooms, number of baths, etc.
Submitted By:
MARY NOVAK,THE MICHIGAN GROUP-LIVINGSTON
|  |
|
Don't switch banks or move money around. As your lender reviews your loan package, you will likely be asked to provide bank statements for the last one or two months on your checking accounts, savings accounts, money market funds and other liquid assets. To eliminate potential fraud, most loans require a thorough paper trail to document the source of all funds. Changing banks or transferring money to another account - even if it is just to consolidate funds - could make it difficult for the lender to document your funds.
Submitted By:
MARY BANN,PRUDENTIAL CRANBROOK-TROY
| |
|
Don’t make the mistake of not getting pre-approved for your loan. Pre-approval at your bank is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with more freedom and security, with the knowledge that your money will be ready for you when you find your dream home.
Submitted By:
DAVID P WHITE,REAL ESTATE ONE-ANN ARBOR
| |
|
Saving funds for a down payment should be part of an overall program to get your finances in order prior to shopping for a home.
Submitted By:
TRACYE ROBINSON BLOUNT,ROBINSON REALTY GROUP, INC
|  |
|
After your home closing, remember to take the "Homestead Exemption" and "Property Transfer Affidavit" certificates to the local city or township offices.
Submitted By:
SEAN HAAS,REAL ESTATE ONE-MILFORD
| |
|
Keep all receipts for moving-related expenses in a separate folder, since many moving expenses are tax deductible. You can obtain an IRS Change of Address form (Form 8822) by calling (800) 829-1040 or by visiting www.irs.gov, where you can download and print Form 8822 and most other tax forms (for example: Form 3903 can help you deduct moving expenses). Plan on bringing all vital documents such as wills, stock certificates, vaccination records, and other original documents.
Submitted By:
KATHY TOTH,Ann Arbor Area Board of REALTORS
| |
|
Find the homes that are priced to sell before someone else does. Your REALTOR® can e-mail you the new listings each day as they come on the market. You will know what's available as soon as it's available. Find those homes priced to sell before someone else does. Ask your agent.
Submitted By:
SABRINA BOTKIN,REMERICA COUNTRY PLACE
|  |
|
In addition to looking at proximity to schools, work and shopping, before you choose your next neighborhood, you may wish to also consider your future property taxes. The State of Michigan provides a great property tax estimator that will allow you to ballpark your property tax costs for your new home.
Submitted By:
MAUREEN FRANCIS,SKBK SOTHEBY'S INTERNATIONAL REALTY
|  |
|
Determining Your Offer Price
When you prepare an offer to purchase a home, you already know the seller's asking price. But what price are you going to offer and how do you come up with that figure?
Determining your offer price is a three-step process. First, you look at recent sales of similar properties to come up with a price range. Then, you analyze additional data, such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home. Finally, depending on your negotiating style, you adjust your "fair" price and come up with what you want to put in your offer.
Submitted By:
Gordon Johnson,COLDWELL BANKER PREFERRED-PLY
|  |
|
Choose a REALTOR® that you can trust. A trustworthy REALTOR® will set aside enough time to answer the questions you have. Do not rush into a Buyer Agency Agreement until you are comfortable that the REALTOR® understands your needs and will work hard to meet those needs.
Submitted By:
MATTHEW WOODS,KELLER WILLIAMS LIV MKT CNTR
|  |
|
If not offered by the Sellers, ask your Buyers' Agent to request that a one year Home Warranty be included in the Purchase Agreement. This provides peace of mind in case covered items need service during that first year you are the new owner.
Submitted By:
SALLI RINKER,TEMPORARY INACTIVE AGENTS
| |
|
Looking to buy a home in 2006? Resist urges to make major purchases such as cars, appliances, vacations, etc., until after you close the deal on your dream home. These buying sprees can hurt your debt to income ratio which reduces the amount of monthly income available for your mortgage payment, in effect reducing the amount you can spend on your home. Using cash to make these purchases could also create a problem since banks may consider cash reserves when approving your mortgage.
Submitted By:
RICHARD BURRIS,TEMPORARY INACTIVE AGENTS
| |
|
Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.
Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.
Submitted By:
MICHAEL J MARTIN,MJM GRAND PROPERTIES
|  |
|
OFFER YOUR SELLERS A TAX DEDUCTION!
The #1 hurdle for qualified buyers to overcome is money for the down payment. Have your sellers enroll their home in the AmeriDream Down Payment Assistance Program (DPA). Sellers who participate in the program typically do so because of the larger number of potential buyers that become available. More qualified, potential buyers are likely to mean less time on the market for a property.
Submitted By:
WILLIAM MELDRUM,MICHIGAN PROPERTY OWNERS ASSOC
|  |
|
When you apply for a loan your lender is required by law to give you the following: Truth-in-Lending Disclosure, A Home Buyer's Guide to Settlement Costs, ARM Disclosure, and Your Annual Percentage Rate or "APR". Make sure you receive these documents and read them. When you apply for a loan the following will be done by your lender: an appraisal of the property you wish to buy, review of your credit history, employment and bank account verification.
Submitted By:
ROBERTA RASMUSSEN,RE/MAX ADVANTAGE 1, INC
| |
|