 |
Did you know.... - that real estate is the most powerful investment vehicle affecting one’s net worth? - that your home is likely the best accidental investment you have made? Real estate can offer you and your family a predictable and legitimate plan for wealth building. But where and how do you start? At Keller Williams Realty, we’re committed to help you get started on the right path. Here’s your first step: Attend our new Millionaire Real Estate Investor Client Workshop. Based on interviews with 120 millionaire real estate investors, The New York Times Bestseller, The Millionaire Real Estate Investor, written by Gary Keller, is a principle-based, step-by-step guide to real estate investments. It is the definitive resource for residential real estate investing. In our new Millionaire Real Estate Investor Client Workshop, you will discover: • Myths about money and investing that hold people back from taking action. • How to develop the mindset of a Millionaire Real Estate Investor • Sound criteria for identifying great real estate investment opportunities. • Proven and tested models to help you build your real estate investment portfolio. Attend our new workshop and you will receive a FREE copy of The Millionaire Real Estate Investor! Date: March 15, 2011 Time: 6:45 PM (Registration) - 8:00PM Location: 100 Canal Pointe Blvd, Suite 120, Princeton, NJ 08540 Presented by: Team Sohail, LLC For more information, please call 609-860-1587 or at www.HomesBySohail.com. Spaces are limited so please RSVP today at 609-860-1587 or by email to Info@HomesBySohail.com |
Visit My Website http://www.homesbysohail.com/
About Me
- Team Sohail
- Sohail is a Founding Member of International Luxury Society and Sohail is now a International Real Estate Specialist, aka IRES. Having said this, we can better position the marketing of the properties those are listed with Sohail of Keller Williams Real Estate. A service owners/builders dreamed of is now available with Team Sohail. Please contact us should you need more information on this. He Cares, He Listens, He Gets Results!
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Thursday, March 10, 2011
Investor Seminar Available! Seats Are Limited!
Tuesday, October 26, 2010
First Time Home Buyer Seminar!!
Do you know anyone who maybe interested in buying a home?
Please send them to attend this informative seminar!!
Team Sohail of Keller Williams Realty & Wells Fargo Home Mortgage Presents
First Time Home Buyer Seminar !
Guest Speakers: Real Estate Specialist, Real Estate Attorney and Mortgage Broker.
When: October 28, 2010 from 7:00PM to 8:30PM
Where: On The Border @ 3567 US Rt. 1, West Windsor, NJ 08540
Click here for directions
http://www.ontheborder.com/location.aspx?RestaurantId=417.002.0072&Tab=1&OnlineEnabled=True
Please send them to attend this informative seminar!!
Team Sohail of Keller Williams Realty & Wells Fargo Home Mortgage Presents
First Time Home Buyer Seminar !
Guest Speakers: Real Estate Specialist, Real Estate Attorney and Mortgage Broker.
When: October 28, 2010 from 7:00PM to 8:30PM
Where: On The Border @ 3567 US Rt. 1, West Windsor, NJ 08540
Click here for directions
http://www.ontheborder.com/location.aspx?RestaurantId=417.002.0072&Tab=1&OnlineEnabled=True
Friday, September 19, 2008
Representation by a Lawyer in a New Jersey Real Estate Closing
Representation by a Lawyer in a New Jersey Real Estate Closing
By Gerald D. Siegel, Esq.
The first phase of a real estate closing begins with the preparation of a contract after there has been an agreement in principal about the key terms of a purchase or sale. The law requires that any agreement for the purchase and sale of real estate be in writing to be “legal.”
In New Jersey, real estate agents are allowed to prepare such contracts. The contract must contain a paragraph concerning each party’s right to have the contract reviewed by an attorney within three business days of the delivery of the signed contract to each party. The “attorney review clause” gives the attorney for either party the right to disapprove the contract, for any reason should their client want to get out of it. Oftentimes, due to time considerations, an attorney will disapprove the contract to obtain more time to negotiate more favorable terms for their client.
A good contract should encompass the following:
- A contract sales price.
- The amount and time frame for the agreed upon deposits to be paid.
- Identification of who will hold the deposit until closing.
- The amount of the mortgage loan the buyer must obtain to buy the property.
- A date by which the mortgage loan must be obtained.
- The right of the buyer or seller to cancel the contract if the buyer can’t legitimately obtain the mortgage loan.
- A clear closing date.
- That the seller must convey good title to the home so that no one in the future can challenge the buyer’s right to ownership.
- What appliances are included in the sale.
A clause providing buyers with the right to have an inspection of the property for termites, radon, and physical defects in the property, when these reports must be obtained and delivered to the parties and how objectionable finding will be handled.
The reason is simple: all home purchases in New Jersey are “as is.” This means that
You have to go into the purchase with your eyes open. Once ownership is transferred, the
Seller is relieved of any responsibility if the home has problems or the appliances break
down, unless the seller has committed a fraud.
Once the inspections occur and reports provided, further negotiations may take place
if physical defects are found. Sometimes seller will agree to make repairs or allow a credit
against the sales price to resolve inspection issues. Sellers will usually not be responsible
to make cosmetic repairs.
A clause stating that the Seller is responsible for obtaining and paying for repairs, if any, to obtain a municipal Certificate of Occupancy.
Most towns have a law that requires that the building department perform an inspection of
property before it is transferred/sold.
Therefore, the classic real estate closing can be looked at in phases: contract preparation and attorney review, inspections and negotiations as a result of the inspection and the activity which takes place once the buyer received the written mortgage loan commitment, and the closing itself.
Once the mortgage loan commitment is obtained by the buyer, the seller is so advised. This makes the seller feel secure. A flurry of activity takes place. It is at this time that buyer’s attorney orders title, assessment and judgment searches. This is a history of the Property and its owners which reveal problems, if any, with the title to the house and any legal judgments against the seller.
This work is performed by a title company which will make a written report, continually updated until the closing. The report is provided to all the lawyers and to buyer’s lender so that everyone is aware of the history of the property. Any title issues or judgment issues will be resolved at this time with a view towards the closing.
The closing is normally held at the office of the buyer’s attorney. A day or two before the closing the title insurance company, which usually prepares the HUD -1 will contact you and inform you how much money to bring to closing in certified funds. (Personal checks cannot be accepted).
The buyer comes to the closing before the seller to sign the mortgage loan documents and other papers required by the lender. Buyers should be prepared to sign papers until their hands are very tired. At the very least you will sign a “note”, a promise to pay back your lender, a “mortgage”, in which the house is given to the bank as collateral for the loan, an affidavit of title that recites your marital history and any open judgments against you, and a “RESPA” or “HUD-1’ which is the closing statement breaking down and itemizing each closing cost and where all the money in the transaction is going and who is getting it.
After the mortgage loan is closed the seller comes and provides a ‘deed” the document giving you ownership, a certificate of occupancy, keys garage door openers and other routine documents.
While each party usually has an attorney, closings are usually non-adversarial. Lawyers who excel in real estate transactions are good problem solvers who help make the process run smoothly. The purchase and sale of a home should be positive life cycle events and good attorneys guide the parties towards that goal.
Gerald D. Siegel, Esq. is an established attorney who has been practicing in this area for 30 years. He has performed numerous closings concerning local properties with clients who utilize the various lenders in the area. Mr. Siegel’s contact information is set forth below, should you have any questions.
Gerald D. Siegel, Esq.
Law Offices Siegel & Siegel, P.C.
666 Plainsboro Road Bldg 100 Suite F
Plainsboro, N.J. 08536
Tel. 609-799-6066
Fax. 609-799-6274
E-Mail: gsiegel@nj-negligencelawyer.com
Web Site: www.nj-negligencelawyer.com
www.centraljerseypersonalinjurylawyer.com
Thursday, August 2, 2007
Eight Ways to Cut Summer Energy Bills
by Stephanie AuWerter
June 9, 2006
WITH SUMMER FINALLY kicking into gear across the country, you can almost hear the gentle hum of air conditioners ratcheting up. And with it, climbs home energy bills.
These days, the average household spends $1,400 annually on energy (based on electricity and gas usage), according the Environment Protection Agency. But much of that, say energy conservationists, is money wasted.
The good news: Cutting back doesn't mean you need to be a tree-hugging naturalist, suffering stoically as you read by candlelight. These days, you can do right by the environment and your pocketbook — without any major lifestyle sacrifices. In fact, by taking some relatively painless steps, you can cut your bills by one-third or more.
Here are eight easy ways to save this summer (including a few tips that will work year-round).
1. Upgrade Your Thermostat
Are you the type who likes to chill after a sticky workday by coming home to a house that's as cool as a meat locker? You can live this dream and cut your energy costs by investing in a programmable thermostat. These handy little devices allow you to cool your home at different temperatures at specific times, explains Mark Hopkins, acting co-president of the Alliance to Save Energy (ASE).
So you could, for example, turn down the AC during the day, when your family is away from home — and crank it up again 30 minutes before the first family member returns. Or, you could turn it down during the wee hours of the morning, when no one's likely to notice a shift in temperature.
Installing a programmable thermostat shouldn't set you back more than $100 to $150 — and the energy savings can be substantial. According to the U.S. Department of Energy, you could cut your heating and cooling bills by 10% annually just by turning your thermostat back 10% to 15% for 8 hours a day.
2. Go Green
OK — this will require a bit of effort on your part, but the returns are twofold: Planting just three shady trees around your house not only can whack $100 to $250 off your annual heating and cooling costs, according to the DOE, but will most likely make your yard more attractive, to boot. (Leafy trees can shield the house from direct sunlight, keeping temperatures down, while still permitting sunlight to hit your house during the winter months.)
Not interested in nurturing your green thumb? Simply pulling the shades (or drawing your curtains) can cut energy costs as well, says Mel Hall-Crawford, an energy efficiency expert at the Consumer Federation of America.
3. Keep It Clean
Keeping your air-conditioning unit clean and in peak performance is another big money saver. To kick the summer off, your AC unit should have a professional tune up (expect to pay somewhere between $90 and $120), says Wendy Reed, an Energy Star spokesperson at the EPA. (Energy Star is a joint program run by the EPA and the DOE that, among other things, deems certain products energy-efficient.) And air-conditioning filters (regardless of whether you have central air or an individual unit) should generally be checked every month or so to see if they need cleaning or replacement. This is something you should be able to do on your own.
Another item to add to your spring cleaning list: Dusting off your refrigerator condenser coils, says Hall-Crawford. This will make the unit run more efficiently.
4. Buy a Better Bulb
Compact fluorescent light bulbs (called CFLs) require 75% less energy than traditional (officially called incandescent) light bulbs, and last up to 10 times longer, according to the ASE. Be sure to look for CFLs with the Energy Star label, since these bulbs won't have any buzzing or humming problems, promises Energy Star's Reed. These bulbs now come in smaller sizes (called subcompacts) that can fit into any lamp, and they have a wider color spectrum. According to the ASE, replacing just four well-used 100-watt incandescent bulbs with equivalent 23-watt CFLs will save you $108 over three years. (For a table of equivalent wattages, click here.)
Also, do you still have one of those halogen lamps leftover from your college days? (You know — those tall lamps that didn't cost much more than a couple of pizzas to buy?) Do yourself a favor: Dump it. Not only are these dangerous fire starters, but their bulbs, which can generate temperatures of 700 to 1,100 degrees Fahrenheit, are energy hogs as well, says Reed. That makes them considerably less inexpensive than they seemed back in the day.
5. Join the Fan Club
As many as 73% of homes have ceiling fans, according to the International Housewares Association. Are you using yours? A ceiling fan can balance out a room's temperature, allowing you to turn down the AC and still feel cool, says Reed.
6. Unplug
Even when all of your home electronics are turned off, many continue to suck down energy. The main culprits: televisions, VCRs, DVD players, stereos, phones and microwave ovens. (Generally, anything that has a clock, a remote control or an on/off light falls into this category.) In fact, idle TVs and VCRs cost U.S. consumers $1 billion annually, or $30 per household, according to ACE. One solution: Plug the items that can truly be turned completely off into a power strip, and then use that as your on/off switch.
7. Fight Leaks
Your pricey, cooled air might be leaking right out of your house. Leaky windows and ducts (which carry the air to the rooms in your home) are two ways that cool air can be lost, making your air conditioner work harder. "We have found that as many as 70% of ducts are installed with leaks," says Reed. Having your ducts properly sealed and insulated could save you as much as 10% in energy costs, according to the EPA. So if you think your duct system is faulty, try to have it checked out by an HVAC (heating, ventilation and air-conditioning) technician. (One way to find one is to visit the North American Technician Excellence web site, says Reed.)
8. Be a Savvy Shopper
By far the biggest way to save is to invest in energy-efficient appliances. When shopping around, look for the Energy Star label. There are more than 35 product categories that qualify.
Of course, replacing your appliances (particularly the biggies, like a refrigerator or dishwasher) will require an upfront investment. But if you've got an old clunker, you could recoup your costs quickly. For example, if your central-air-conditioning unit is more than 10 years old, replacing it with an Energy Star-rated model could cut your operating costs by 40%.
June 9, 2006
WITH SUMMER FINALLY kicking into gear across the country, you can almost hear the gentle hum of air conditioners ratcheting up. And with it, climbs home energy bills.
These days, the average household spends $1,400 annually on energy (based on electricity and gas usage), according the Environment Protection Agency. But much of that, say energy conservationists, is money wasted.
The good news: Cutting back doesn't mean you need to be a tree-hugging naturalist, suffering stoically as you read by candlelight. These days, you can do right by the environment and your pocketbook — without any major lifestyle sacrifices. In fact, by taking some relatively painless steps, you can cut your bills by one-third or more.
Here are eight easy ways to save this summer (including a few tips that will work year-round).
1. Upgrade Your Thermostat
Are you the type who likes to chill after a sticky workday by coming home to a house that's as cool as a meat locker? You can live this dream and cut your energy costs by investing in a programmable thermostat. These handy little devices allow you to cool your home at different temperatures at specific times, explains Mark Hopkins, acting co-president of the Alliance to Save Energy (ASE).
So you could, for example, turn down the AC during the day, when your family is away from home — and crank it up again 30 minutes before the first family member returns. Or, you could turn it down during the wee hours of the morning, when no one's likely to notice a shift in temperature.
Installing a programmable thermostat shouldn't set you back more than $100 to $150 — and the energy savings can be substantial. According to the U.S. Department of Energy, you could cut your heating and cooling bills by 10% annually just by turning your thermostat back 10% to 15% for 8 hours a day.
2. Go Green
OK — this will require a bit of effort on your part, but the returns are twofold: Planting just three shady trees around your house not only can whack $100 to $250 off your annual heating and cooling costs, according to the DOE, but will most likely make your yard more attractive, to boot. (Leafy trees can shield the house from direct sunlight, keeping temperatures down, while still permitting sunlight to hit your house during the winter months.)
Not interested in nurturing your green thumb? Simply pulling the shades (or drawing your curtains) can cut energy costs as well, says Mel Hall-Crawford, an energy efficiency expert at the Consumer Federation of America.
3. Keep It Clean
Keeping your air-conditioning unit clean and in peak performance is another big money saver. To kick the summer off, your AC unit should have a professional tune up (expect to pay somewhere between $90 and $120), says Wendy Reed, an Energy Star spokesperson at the EPA. (Energy Star is a joint program run by the EPA and the DOE that, among other things, deems certain products energy-efficient.) And air-conditioning filters (regardless of whether you have central air or an individual unit) should generally be checked every month or so to see if they need cleaning or replacement. This is something you should be able to do on your own.
Another item to add to your spring cleaning list: Dusting off your refrigerator condenser coils, says Hall-Crawford. This will make the unit run more efficiently.
4. Buy a Better Bulb
Compact fluorescent light bulbs (called CFLs) require 75% less energy than traditional (officially called incandescent) light bulbs, and last up to 10 times longer, according to the ASE. Be sure to look for CFLs with the Energy Star label, since these bulbs won't have any buzzing or humming problems, promises Energy Star's Reed. These bulbs now come in smaller sizes (called subcompacts) that can fit into any lamp, and they have a wider color spectrum. According to the ASE, replacing just four well-used 100-watt incandescent bulbs with equivalent 23-watt CFLs will save you $108 over three years. (For a table of equivalent wattages, click here.)
Also, do you still have one of those halogen lamps leftover from your college days? (You know — those tall lamps that didn't cost much more than a couple of pizzas to buy?) Do yourself a favor: Dump it. Not only are these dangerous fire starters, but their bulbs, which can generate temperatures of 700 to 1,100 degrees Fahrenheit, are energy hogs as well, says Reed. That makes them considerably less inexpensive than they seemed back in the day.
5. Join the Fan Club
As many as 73% of homes have ceiling fans, according to the International Housewares Association. Are you using yours? A ceiling fan can balance out a room's temperature, allowing you to turn down the AC and still feel cool, says Reed.
6. Unplug
Even when all of your home electronics are turned off, many continue to suck down energy. The main culprits: televisions, VCRs, DVD players, stereos, phones and microwave ovens. (Generally, anything that has a clock, a remote control or an on/off light falls into this category.) In fact, idle TVs and VCRs cost U.S. consumers $1 billion annually, or $30 per household, according to ACE. One solution: Plug the items that can truly be turned completely off into a power strip, and then use that as your on/off switch.
7. Fight Leaks
Your pricey, cooled air might be leaking right out of your house. Leaky windows and ducts (which carry the air to the rooms in your home) are two ways that cool air can be lost, making your air conditioner work harder. "We have found that as many as 70% of ducts are installed with leaks," says Reed. Having your ducts properly sealed and insulated could save you as much as 10% in energy costs, according to the EPA. So if you think your duct system is faulty, try to have it checked out by an HVAC (heating, ventilation and air-conditioning) technician. (One way to find one is to visit the North American Technician Excellence web site, says Reed.)
8. Be a Savvy Shopper
By far the biggest way to save is to invest in energy-efficient appliances. When shopping around, look for the Energy Star label. There are more than 35 product categories that qualify.
Of course, replacing your appliances (particularly the biggies, like a refrigerator or dishwasher) will require an upfront investment. But if you've got an old clunker, you could recoup your costs quickly. For example, if your central-air-conditioning unit is more than 10 years old, replacing it with an Energy Star-rated model could cut your operating costs by 40%.
Thursday, May 31, 2007
Sellers Tips: Setting The Stage Sells Your Home
by Marcie Geffner
The age-old observation that "you never get a second chance to make a first impression" certainly applies when it comes to attracting buyers to a home for-sale. Making a good first impression can mean the difference between receiving serious offers for your home or being subjected to months of lookie-loos dropping by but never buying.
How can you ensure that your home will make the best impression possible? Here are six tips for savvy home sellers:
1. Focus on curb appeal. The outside of your house can be the source of a very good first impression. Keep the grass well-watered and mowed. Have your trees trimmed. Cut back overgrowth. Plant some blooming flowers. Store toys, bicycles, roller-skates, gardening equipment and the like out of sight. Have at least the front of your house and the trim painted, if necessary. Sweep the porch and the front walkway. After dark, turn on your front porch light and any other exterior lighting.
2. Clear out the clutter. Real estate agents say buyers won't purchase a home they can't see. If your home has too much furniture, overflowing closets, crowded kitchen and bathroom countertops or lots of family photos or collectibles on display, potential buyers won't be able to see your home. Get rid of anything you don't need or use. Fill up your garage or rent some off-site storage space if that's what it takes to clear out your home.
3. Use your nose. Many people are oblivious to scents, but others are extremely sensitive to offensive odors. To eliminate bad smells, bathe your pets, freshen the cat litter box frequently, shampoo your carpets, dry clean your drapes, and empty trash cans, recycling bins and ash trays. Place open boxes of baking soda in smell-prone areas, and refrain from cooking fish or strong-smelling foods. Introduce pleasing smells by placing flowers or potpourri in your home and using air fresheners. Baking a fresh or frozen pie or some other fragrant treat is another common tactic.
4. Make all necessary repairs. Buyers expect everything in their new home to operate safely and properly. Picky buyers definitely will notice - and likely magnify - minor maintenance problems you've ignored for months or even years. Leaky faucets, burned-out light bulbs, painted-shut or broken windows, inoperable appliances and the like should be fixed before you put your home on the market. These repairs may seem small, but left undone they can lead buyers to question whether you've taken good care of your home.
5. Introduce lifestyle accessories and make your home as comfortable and attractive as possible. Set the dining room table with your best dishes. Put out your only-for-company towels. Make up the spare bed. Hang some fresh curtains. Put some logs in the fireplace. Use your imagination.
6. Get a buyer's-eye view. Walk up to your home and pretend you've never seen it before. What do you notice? How do you feel about what you see? Does the home seem inviting? Well-maintained? Would you want to buy this home? Your answer should be an enthusiastic yes!
The age-old observation that "you never get a second chance to make a first impression" certainly applies when it comes to attracting buyers to a home for-sale. Making a good first impression can mean the difference between receiving serious offers for your home or being subjected to months of lookie-loos dropping by but never buying.
How can you ensure that your home will make the best impression possible? Here are six tips for savvy home sellers:
1. Focus on curb appeal. The outside of your house can be the source of a very good first impression. Keep the grass well-watered and mowed. Have your trees trimmed. Cut back overgrowth. Plant some blooming flowers. Store toys, bicycles, roller-skates, gardening equipment and the like out of sight. Have at least the front of your house and the trim painted, if necessary. Sweep the porch and the front walkway. After dark, turn on your front porch light and any other exterior lighting.
2. Clear out the clutter. Real estate agents say buyers won't purchase a home they can't see. If your home has too much furniture, overflowing closets, crowded kitchen and bathroom countertops or lots of family photos or collectibles on display, potential buyers won't be able to see your home. Get rid of anything you don't need or use. Fill up your garage or rent some off-site storage space if that's what it takes to clear out your home.
3. Use your nose. Many people are oblivious to scents, but others are extremely sensitive to offensive odors. To eliminate bad smells, bathe your pets, freshen the cat litter box frequently, shampoo your carpets, dry clean your drapes, and empty trash cans, recycling bins and ash trays. Place open boxes of baking soda in smell-prone areas, and refrain from cooking fish or strong-smelling foods. Introduce pleasing smells by placing flowers or potpourri in your home and using air fresheners. Baking a fresh or frozen pie or some other fragrant treat is another common tactic.
4. Make all necessary repairs. Buyers expect everything in their new home to operate safely and properly. Picky buyers definitely will notice - and likely magnify - minor maintenance problems you've ignored for months or even years. Leaky faucets, burned-out light bulbs, painted-shut or broken windows, inoperable appliances and the like should be fixed before you put your home on the market. These repairs may seem small, but left undone they can lead buyers to question whether you've taken good care of your home.
5. Introduce lifestyle accessories and make your home as comfortable and attractive as possible. Set the dining room table with your best dishes. Put out your only-for-company towels. Make up the spare bed. Hang some fresh curtains. Put some logs in the fireplace. Use your imagination.
6. Get a buyer's-eye view. Walk up to your home and pretend you've never seen it before. What do you notice? How do you feel about what you see? Does the home seem inviting? Well-maintained? Would you want to buy this home? Your answer should be an enthusiastic yes!
How do Home Sales Affect You?
Written by: Lankarge/Nahorney for HomeInsight
Home prices nationwide have grown an average of 53% in the past five years - what does that mean to you? Simply put, brisk home sales help keep the economy humming - they have become one of the most important drivers in our consumer-based economy.
Since 1929, stocks have returned an average of 10 percent per year, making them one of the best long-term investments consumers can make. But the average homeowner has gotten that same 10% over the past five years on their primary residence, making them nationwide feel wealthy, and this in turn has fueled consumer spending. (Historically, homes have appreciated by about 2 percent per year.)
To see a market snapshot of current home values, click here. Interested in home values in your region and the future direction of home prices? See articles about the Northeast, South, Midwest, and West.
Job Growth
Not only do home sales help keep the economy humming but they are also responsible for job growth, and help to make increasing wages possible.
Consumer purchases continue to comprise a growing part of the economy, and home sales are a major driver in consumer purchasing. Home sales provide a pile of cash to the seller, enabling the purchase of another home, or of other goods and services, which also helps the economy.
New homeowners move into a home with energy and enthusiasm, spending money on everything from appliances, to furniture, window treatments, and rugs. New homeowners tend to want to make the home their own, and spend a great deal during the first two years in a new residence making improvements, from cosmetic changes such as a new coat of paint to major renovations such as room additions.
Piggy Banks
Home values also matter because homeowners are more likely than ever to use their homes as banks, extracting their growing home equity to make additional purchases such as a new car, major home improvements, or to pay down credit card debt. So when home values are either flat or declining, those who have recently purchased a new home may be shut out of this source of money, which can have a dampening effect on the economy.
And with the average homeowner moving every seven years, buying a home at the top of a market, and then looking to sell when the market begins to move down, can leave homeowners upside down on their mortgage, with more to pay on that mortgage than their home is currently worth.
There is also the psychological aspect to home values. Homeowners whose home values are increasing often are more positive about the future direction of the economy and are more likely to keep consumer spending on the rise, supporting the economy. Even though a decline in home values actually represents a "paper loss" unless the home is sold, homeowners whose homes are worth less that the purchase price are more likely to have a more negative view of the direction of the economy, and may spend less, depressing consumer spending and creating a drag on the economy.
Rising home values are important to the economy, but home values that increase at too rapid a rate can depress the economy, pricing out some consumers out of the market. Exceptions to this rule appear to be shorefront homes, desirable retirement communities, and states with vibrant, growing economies.
Massachusetts Leading the Way
Leading the nationwide growth since 1980 has been Massachusetts, according to OFHEO. While home prices rose "only" 70.70 percent in the five years ending June 30, 2005, Massachusetts homes have appreciated a whopping 607.07 percent since 1980. This dramatic increase has been driven by sales in Boston and its suburbs, as well as Barnstable County, which includes desirable retirement and second home communities of Cape Cod and the islands of Martha's Vineyard and Nantucket.
Next in appreciation since 1980 is New York at 492.33 percent, followed by Rhode Island at 469.61 percent, a state whose desirable coastline has attracted many seeking a second, or retirement home.
Many economists have predicted that the housing "bubble" will pop in markets that have gotten overheated (see the states mentioned in the sidebar). But even though your state or region may not directly feel the effects of that bubble popping through lower home values, if enough of those bubbles pop, the economy as a whole will cool down, and you may feel the effects in the form of a slower job market, lower raises, or perhaps higher loan rates.
Keeping an eye on home values can help you make educated purchasing decisions. Check home values in your area by clicking here. To keep an eye on home values in your region, see up-to-date articles about the Northeast, South, Midwest, and West.
Home prices nationwide have grown an average of 53% in the past five years - what does that mean to you? Simply put, brisk home sales help keep the economy humming - they have become one of the most important drivers in our consumer-based economy.
Since 1929, stocks have returned an average of 10 percent per year, making them one of the best long-term investments consumers can make. But the average homeowner has gotten that same 10% over the past five years on their primary residence, making them nationwide feel wealthy, and this in turn has fueled consumer spending. (Historically, homes have appreciated by about 2 percent per year.)
To see a market snapshot of current home values, click here. Interested in home values in your region and the future direction of home prices? See articles about the Northeast, South, Midwest, and West.
Job Growth
Not only do home sales help keep the economy humming but they are also responsible for job growth, and help to make increasing wages possible.
Consumer purchases continue to comprise a growing part of the economy, and home sales are a major driver in consumer purchasing. Home sales provide a pile of cash to the seller, enabling the purchase of another home, or of other goods and services, which also helps the economy.
New homeowners move into a home with energy and enthusiasm, spending money on everything from appliances, to furniture, window treatments, and rugs. New homeowners tend to want to make the home their own, and spend a great deal during the first two years in a new residence making improvements, from cosmetic changes such as a new coat of paint to major renovations such as room additions.
Piggy Banks
Home values also matter because homeowners are more likely than ever to use their homes as banks, extracting their growing home equity to make additional purchases such as a new car, major home improvements, or to pay down credit card debt. So when home values are either flat or declining, those who have recently purchased a new home may be shut out of this source of money, which can have a dampening effect on the economy.
And with the average homeowner moving every seven years, buying a home at the top of a market, and then looking to sell when the market begins to move down, can leave homeowners upside down on their mortgage, with more to pay on that mortgage than their home is currently worth.
There is also the psychological aspect to home values. Homeowners whose home values are increasing often are more positive about the future direction of the economy and are more likely to keep consumer spending on the rise, supporting the economy. Even though a decline in home values actually represents a "paper loss" unless the home is sold, homeowners whose homes are worth less that the purchase price are more likely to have a more negative view of the direction of the economy, and may spend less, depressing consumer spending and creating a drag on the economy.
Rising home values are important to the economy, but home values that increase at too rapid a rate can depress the economy, pricing out some consumers out of the market. Exceptions to this rule appear to be shorefront homes, desirable retirement communities, and states with vibrant, growing economies.
Massachusetts Leading the Way
Leading the nationwide growth since 1980 has been Massachusetts, according to OFHEO. While home prices rose "only" 70.70 percent in the five years ending June 30, 2005, Massachusetts homes have appreciated a whopping 607.07 percent since 1980. This dramatic increase has been driven by sales in Boston and its suburbs, as well as Barnstable County, which includes desirable retirement and second home communities of Cape Cod and the islands of Martha's Vineyard and Nantucket.
Next in appreciation since 1980 is New York at 492.33 percent, followed by Rhode Island at 469.61 percent, a state whose desirable coastline has attracted many seeking a second, or retirement home.
Many economists have predicted that the housing "bubble" will pop in markets that have gotten overheated (see the states mentioned in the sidebar). But even though your state or region may not directly feel the effects of that bubble popping through lower home values, if enough of those bubbles pop, the economy as a whole will cool down, and you may feel the effects in the form of a slower job market, lower raises, or perhaps higher loan rates.
Keeping an eye on home values can help you make educated purchasing decisions. Check home values in your area by clicking here. To keep an eye on home values in your region, see up-to-date articles about the Northeast, South, Midwest, and West.
7 Keys to Selling Your House when Sales Are Slow
7 Keys to Selling Your House when Sales Are Slow
Written by: Lankarge/Nahorney for HomeInsight
What once was a booming residential real estate market across the country has slowed to a trickle.
Rising mortgage rates are lowering the affordability of homes and increasing numbers of sellers looking to cash in on the rapid price appreciation over the past few years has led to a dramatic reduction in buyers and a rapid increase in the number of homes for sale. These factors have led to too few buyers looking at too many houses, putting buyers back into the driver's seat.
It's a whole new world for home sellers. So, how do you make your house stand out so it will sell when sales are slow?
1. Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs.
But, when things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying. If your home is priced too high, you many never get buyers to even consider looking at your home. To see data on comparable homes, click here.
2. Quickly cut the price if you don't get action. Everyone wants to sell their home for as much money as possible. Nobody wants to "give" their home away. But homes that languish on the market in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a slow market with few buyers you may want to cut the price to more quickly make the sale. Learn what properties sold within 30 days or less and for how much by clicking here.
3. Find the right agent — it's critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. They'll help with everything from pricing to advising you on the other 6 other points in this article. Find leading agents who outsell other agents in your home town. Talk with your family, friends, and neighbors to identify the best agents in your area. Interview several - hire the one who you believe will do the best job for you.
4. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn't stand out from the rest then it's time to get to work.
5. Consider home staging. The quickest way to add value to a home for sale is a fresh coat of paint. After, you may want to consider home staging—either do it yourself or hire an outside firm. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. When things get slow and homeowners need to sell, more people find home staging professionals to help them prepare their home to make it home more appealing to prospective buyers.
6. Fix stuff. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don't have the time or skill, find a handyman to go through your home and make repairs. Also, consider replacing the old roof that looks like it might leak, the antique furnace, and the stained rug. When there are few homes on the market, sellers sometimes offer cash at closing to repair the roof or for the stained rug. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.
7. Offer flexible terms. Flexibility is the key now. You'd like to close in two months, but the buyers might be in a hurry and need to close sooner. Find a way to make it happen. You were planning to take the appliances to your new home but the buyers make a bid near asking price - but with the appliances. Leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have deep sentimental value, make sure they are removed prior to any showings. Competition between home sellers is high - you don't want to lose the only buyer who has looked at your home in a month.
Written by: Lankarge/Nahorney for HomeInsight
What once was a booming residential real estate market across the country has slowed to a trickle.
Rising mortgage rates are lowering the affordability of homes and increasing numbers of sellers looking to cash in on the rapid price appreciation over the past few years has led to a dramatic reduction in buyers and a rapid increase in the number of homes for sale. These factors have led to too few buyers looking at too many houses, putting buyers back into the driver's seat.
It's a whole new world for home sellers. So, how do you make your house stand out so it will sell when sales are slow?
1. Price your home aggressively. When mortgage rates are low and buyers are chasing too few houses for sale, sellers can ask high prices and get them. Even when houses are overpriced for the market, sellers are likely to receive some offers, as buyers are often desperate to find a home that meets their needs.
But, when things are slow, pricing is absolutely critical. But instead of pricing your home aggressively high, you should consider pricing your home no higher than the middle of the range for homes comparable to yours. And if you need to sell your home quickly, you should consider pricing your home among in the bottom 25 percent of comparable homes. Why? With few buyers chasing many homes, you need to quickly get the attention of those who are serious about buying. If your home is priced too high, you many never get buyers to even consider looking at your home. To see data on comparable homes, click here.
2. Quickly cut the price if you don't get action. Everyone wants to sell their home for as much money as possible. Nobody wants to "give" their home away. But homes that languish on the market in a slow market often are forced to make one price reduction after another, as buyers and real estate agents may begin to question why the home has been on the market for so long. In a slow market with few buyers you may want to cut the price to more quickly make the sale. Learn what properties sold within 30 days or less and for how much by clicking here.
3. Find the right agent — it's critical. Any agent can list your house. But when buyers are few you need a first-class real estate professional on your side. They'll help with everything from pricing to advising you on the other 6 other points in this article. Find leading agents who outsell other agents in your home town. Talk with your family, friends, and neighbors to identify the best agents in your area. Interview several - hire the one who you believe will do the best job for you.
4. Curb appeal. After pricing, nothing will bring more potential buyers into your home than a house with outstanding curb appeal. Take a walk down your street with a critical eye. How does your home stack up from the outside? If it doesn't stand out from the rest then it's time to get to work.
5. Consider home staging. The quickest way to add value to a home for sale is a fresh coat of paint. After, you may want to consider home staging—either do it yourself or hire an outside firm. A home staging professional will come in and take away some furnishings and rearrange others to make your home show better. When home sales were going gangbusters this was a technique used mostly by those selling high-end homes. When things get slow and homeowners need to sell, more people find home staging professionals to help them prepare their home to make it home more appealing to prospective buyers.
6. Fix stuff. The loose railing. The broken pane of glass. The closet door off of its track. The leaky faucet. They all need fixing. If you don't have the time or skill, find a handyman to go through your home and make repairs. Also, consider replacing the old roof that looks like it might leak, the antique furnace, and the stained rug. When there are few homes on the market, sellers sometimes offer cash at closing to repair the roof or for the stained rug. With so many homes on the market, buyers can afford to only bid on those that are in move-in condition. Fix what needs repair before listing your house.
7. Offer flexible terms. Flexibility is the key now. You'd like to close in two months, but the buyers might be in a hurry and need to close sooner. Find a way to make it happen. You were planning to take the appliances to your new home but the buyers make a bid near asking price - but with the appliances. Leave the washer and dryer behind (and then go find a store that offers no payments on appliance purchases for a year). And for those items that have deep sentimental value, make sure they are removed prior to any showings. Competition between home sellers is high - you don't want to lose the only buyer who has looked at your home in a month.
Wednesday, May 16, 2007
Friday, May 11, 2007
Keller Williams Realty Grows
Keller Williams Realty grows to 72,303 associates in shifting market
Firm strengthens its lead as the fourth-largest real estate franchise in North America
AUSTIN, TEXAS (November 28, 2006) — Keller Williams Realty Inc., the fourth-largest real estate franchise company in North America, continues to attract associates despite shifting markets in cities across the nation. In October, the company reported having 72,303 associates and 591 market centers.
The latest tally widens the gap between Keller Williams Realty and the fifth-largest real estate franchise company, Prudential Real Estate Affiliates Inc., which reported having 64,000 associates in October of this year.
Keller Williams Realty CEO Mark Willis attributes the company’s steady growth rate in the midst of a shifting market to Keller Williams Realty’s agent-centric, learning-based business model and razor-sharp focus on technology and the Internet.
“Market trends are a non-issue at Keller Williams Realty, because no matter what the analysts say, our No. 1 mission has been — and will always be — to provide our associates with proven business tools, models and technology that get results in any market,” Willis says. “I think the associates who are choosing to be in business with us embrace our stance that you can leverage the marketplace to work to your advantage.”
In addition to adding Keller Williams University courses that address business tactics in a shifting market, the company has taken great measures to expand the Internet presence of Keller Williams Realty associates and their listings – targeting an ever increasing market segment of real estate consumers online.
“The National Association of Realtors® reports that 77 percent of today’s home buyers surf the Internet for properties prior to contacting an agent,” Willis says. “We want our associates to have an undeniable presence on the Internet, and we want them to have more control over where and how their listings are displayed.”
The recently introduced Keller Williams Listing System (KWLS) will enable associates to enter their listings data in one place and have that information displayed on Keller Williams Realty agent and office websites everywhere. Keller Williams Realty also is negotiating partnerships with some of the most popular search engines in the world, so associates can display their listings on those sites.
“The organic growth we’ve experienced in the past few years is a testament to our mission to build businesses worth owning and careers worth having,” Willis says. “Simply surviving a tough market is not enough; we teach our associates how to thrive in any market.”
About Keller Williams Realty Inc.:
Founded in 1983, Keller Williams Realty Inc. is the fourth-largest real estate franchise operation in North America, with nearly 600 offices and 72,303 associates in the United States and Canada. The company’s agent-centric culture emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. Keller Williams Realty, which began franchising in 1990, is growing by more than a thousand agents a month. Keller Williams Realty associates place high value on professional education and a full-time commitment to real estate sales. For more information, visit Keller Williams Realty online at (www.kw.com).
Firm strengthens its lead as the fourth-largest real estate franchise in North America
AUSTIN, TEXAS (November 28, 2006) — Keller Williams Realty Inc., the fourth-largest real estate franchise company in North America, continues to attract associates despite shifting markets in cities across the nation. In October, the company reported having 72,303 associates and 591 market centers.
The latest tally widens the gap between Keller Williams Realty and the fifth-largest real estate franchise company, Prudential Real Estate Affiliates Inc., which reported having 64,000 associates in October of this year.
Keller Williams Realty CEO Mark Willis attributes the company’s steady growth rate in the midst of a shifting market to Keller Williams Realty’s agent-centric, learning-based business model and razor-sharp focus on technology and the Internet.
“Market trends are a non-issue at Keller Williams Realty, because no matter what the analysts say, our No. 1 mission has been — and will always be — to provide our associates with proven business tools, models and technology that get results in any market,” Willis says. “I think the associates who are choosing to be in business with us embrace our stance that you can leverage the marketplace to work to your advantage.”
In addition to adding Keller Williams University courses that address business tactics in a shifting market, the company has taken great measures to expand the Internet presence of Keller Williams Realty associates and their listings – targeting an ever increasing market segment of real estate consumers online.
“The National Association of Realtors® reports that 77 percent of today’s home buyers surf the Internet for properties prior to contacting an agent,” Willis says. “We want our associates to have an undeniable presence on the Internet, and we want them to have more control over where and how their listings are displayed.”
The recently introduced Keller Williams Listing System (KWLS) will enable associates to enter their listings data in one place and have that information displayed on Keller Williams Realty agent and office websites everywhere. Keller Williams Realty also is negotiating partnerships with some of the most popular search engines in the world, so associates can display their listings on those sites.
“The organic growth we’ve experienced in the past few years is a testament to our mission to build businesses worth owning and careers worth having,” Willis says. “Simply surviving a tough market is not enough; we teach our associates how to thrive in any market.”
About Keller Williams Realty Inc.:
Founded in 1983, Keller Williams Realty Inc. is the fourth-largest real estate franchise operation in North America, with nearly 600 offices and 72,303 associates in the United States and Canada. The company’s agent-centric culture emphasizes access to leading-edge education and promotes an economic model that rewards associates as stakeholders and partners. Keller Williams Realty, which began franchising in 1990, is growing by more than a thousand agents a month. Keller Williams Realty associates place high value on professional education and a full-time commitment to real estate sales. For more information, visit Keller Williams Realty online at (www.kw.com).
Subscribe to:
Posts (Atom)