Friday, December 7, 2007
Freeze on Subprime ARMs
Great news for sub prime mortgages. President Bust has put together an agreement to freeze interest rates for up to five years on certain sub prime adjustable rate mortgages. This is just a temporary fix, but it will help people keep their homes and not let them go into foreclosure. During the freeze, they should be refinancing to a fixed mortgage. Even if they cannot get a 30 year fixed mortgage at a rate they like, they will have the time to improve their credit rating, pay off debt, or do whatever they need to do to improve their standing.
Friday, November 30, 2007
Interest Rates
The rates for a 30 year fixed mortgage has been declining lately, which is great news if you are looking to buy a home. The rate is currently at 5.75%. It has been hovering between 6% and 6.25% over the past few months. If you have any questions, please do not hesitate to email me at mike@gohsv.com.
Tuesday, November 27, 2007
New Blog
Thank you for visiting GoHsv.com and my Real Estate blog. If you have any questions or have a topic for a future blog, email me at mike@gohsv.com.
I will be changing the format of my blog. Instead of having a monthly blog with a lot of content, I will be posting a lot more often with shorter blogs. By changing formats, I will be able to bring much more information to you quicker. Let me know if you have any questions on Real Estate or any other questions about Huntsville.
Stay tuned for my first updated blog. Please subscribe to my Blog to have it emailed to you as soon as it posts. Thank you and have a great day.
I will be changing the format of my blog. Instead of having a monthly blog with a lot of content, I will be posting a lot more often with shorter blogs. By changing formats, I will be able to bring much more information to you quicker. Let me know if you have any questions on Real Estate or any other questions about Huntsville.
Stay tuned for my first updated blog. Please subscribe to my Blog to have it emailed to you as soon as it posts. Thank you and have a great day.
Saturday, October 27, 2007
Why Huntsville?
Thank you for visiting GoHsv.com and my Real Estate blog. If you have any questions or have a topic for a future blog, email me at mike@gohsv.com.
WHY HUNTSVILLE, ALABAMA?
Why would someone want to move to Huntsville, Alabama? I know Alabama does have a stigma about it, but Huntsville is nothing what you would expect. You truly have to see for yourself the culture, beauty, and way of life that makes Huntsville spectacular. It is one of few cities where you can choose to live in a condo in the middle of everything, subdivisions boasting many amenities, or having a farm with as little as a 30 minute commute to the Redstone Arsenal and Research Park. There are a lot of great reasons to move to Huntsville or at least come down and give it a chance, which I will be getting into in this post.
PERSONALLY
Personally my family and I moved to the Huntsville/Madison County area 2 1/2 years ago from the Chicago area. We were contemplating other places such as Florida, Arizona, and Kentucky. But every time we came down to Huntsville, we liked it more and more. I will be honest, a lot of people asked me "Alabama, really, why?" Now as family and friends came down to visit, they saw that it isn't all trailer parks but it is a thriving technology based city that attracts the best companies and prides itself for parks and entertainment. It is a great place to raise a family and has great nightlife for all tastes.
COST OF LIVING
A great quality that Huntsville has is the Cost of Living. Huntsville is 9% lower than the national average in Cost of Living compared to Washington D.C. being 46% above the national average. Your money goes a lot further here. For instance in the Chicago area I was paying $4,000/yr in property taxes, I have a bigger home down here and am only paying $700/yr. That is a considerable drop, especially since you are getting more home. It's not just taxes, gas is cheaper as well. From when I talk to friends from up north, the gas here is typically .30 cheaper per gallon. Factor that into a lot shorter commute times, and that is a big savings as well.
NIGHTLIFE
The Nightlife in Huntsville has something for everyone and is growing by leaps and bounds all the time. From Martini bars to Sports bars, to dance clubs and the theatre, Huntsville has something for you. Visit my "Nightlife" page on GoHsv.com for a more detailed list of what is out here in Hsv.
FAMILY
This is one of the main reasons we chose Huntsville, because it is such a great place to raise a family. There are a lot of parks and entertainment designed for families no matter the season. The schools in the Huntsville / Madison County area are some of the best in the state, as well as terrific private schools. Visit the "Kids Zone" & "Schools" pages for more info.
REAL ESTATE
Coming from a major city, houses look like a steal down here. Homes that would easily be $1,000,000 + in a major market, you could get for $400,000 here. The Huntsville / Madison County area has any kind of living you can think of. There is downtown living, subdivisions with club houses, pools and many more amenities, to open land from 1 acre to 100+ acres. As I stated before, you can have a farm and have only a short commute to work. Feel free to visit the "Real Estate" page and search for yourself, and if you have any questions, feel free to contact me.
You never know if Huntsville is right for you, unless you take the time and come down and look around. It will be well worth your time. Thank you for taking the time to visit my blog and if you have any questions just email me at mike@gohsv.com. If you have a topic for a future blog as well, just let me know. Thank you and have a great day.
Don't forget to visit GoHsv.com and tell everyone you know.
WHY HUNTSVILLE, ALABAMA?
Why would someone want to move to Huntsville, Alabama? I know Alabama does have a stigma about it, but Huntsville is nothing what you would expect. You truly have to see for yourself the culture, beauty, and way of life that makes Huntsville spectacular. It is one of few cities where you can choose to live in a condo in the middle of everything, subdivisions boasting many amenities, or having a farm with as little as a 30 minute commute to the Redstone Arsenal and Research Park. There are a lot of great reasons to move to Huntsville or at least come down and give it a chance, which I will be getting into in this post.
PERSONALLY
Personally my family and I moved to the Huntsville/Madison County area 2 1/2 years ago from the Chicago area. We were contemplating other places such as Florida, Arizona, and Kentucky. But every time we came down to Huntsville, we liked it more and more. I will be honest, a lot of people asked me "Alabama, really, why?" Now as family and friends came down to visit, they saw that it isn't all trailer parks but it is a thriving technology based city that attracts the best companies and prides itself for parks and entertainment. It is a great place to raise a family and has great nightlife for all tastes.
COST OF LIVING
A great quality that Huntsville has is the Cost of Living. Huntsville is 9% lower than the national average in Cost of Living compared to Washington D.C. being 46% above the national average. Your money goes a lot further here. For instance in the Chicago area I was paying $4,000/yr in property taxes, I have a bigger home down here and am only paying $700/yr. That is a considerable drop, especially since you are getting more home. It's not just taxes, gas is cheaper as well. From when I talk to friends from up north, the gas here is typically .30 cheaper per gallon. Factor that into a lot shorter commute times, and that is a big savings as well.
NIGHTLIFE
The Nightlife in Huntsville has something for everyone and is growing by leaps and bounds all the time. From Martini bars to Sports bars, to dance clubs and the theatre, Huntsville has something for you. Visit my "Nightlife" page on GoHsv.com for a more detailed list of what is out here in Hsv.
FAMILY
This is one of the main reasons we chose Huntsville, because it is such a great place to raise a family. There are a lot of parks and entertainment designed for families no matter the season. The schools in the Huntsville / Madison County area are some of the best in the state, as well as terrific private schools. Visit the "Kids Zone" & "Schools" pages for more info.
REAL ESTATE
Coming from a major city, houses look like a steal down here. Homes that would easily be $1,000,000 + in a major market, you could get for $400,000 here. The Huntsville / Madison County area has any kind of living you can think of. There is downtown living, subdivisions with club houses, pools and many more amenities, to open land from 1 acre to 100+ acres. As I stated before, you can have a farm and have only a short commute to work. Feel free to visit the "Real Estate" page and search for yourself, and if you have any questions, feel free to contact me.
You never know if Huntsville is right for you, unless you take the time and come down and look around. It will be well worth your time. Thank you for taking the time to visit my blog and if you have any questions just email me at mike@gohsv.com. If you have a topic for a future blog as well, just let me know. Thank you and have a great day.
Don't forget to visit GoHsv.com and tell everyone you know.
Friday, September 28, 2007
Selling Your Home - Part III
Thank you for visiting GoHsv.com and my Real Estate blog. If you have any questions or have a topic for a future blog, email me at mike@gohsv.com.
In our third installment of "Selling Your Home", I ask the question: Is using a Realtor worth it? That really is a loaded question. What it comes down to is the cost of using a Realtor vs. the time and work involved in doing everything on your own.
COMMISSION
The commission is the money a seller pays a Realtor to sell their home. It is not a set fee, normally it is neogotiable. In our area, it is usually 6% of the sales price. Some Realtors will lower the commision but when they do, make sure you ask them if they also limit some of the ways they advertise. Realtors have to pay for all their own advertising, so if they make less, they may not spend as much in adervertising as they normally would. Also, the commission is split between the sellers agent and the buyers agent. Usually it is a 50/50 split. So for a 6% commission, each Realtor would get 3%. But if the same Realtor represents both sides, he/she will get the full 6%.
So if your home sells for $200,000. I as your agent, for the seller, would get 3% of that or $6,000. But with that money, I have to split some of it with my company. Say I am on a 70/30 split so I get 70% of that original $6,000 which would be $4,200. Now with that, I need to take out my own taxes on it, so I would estimate and take out maybe 25% for taxes which would leave me with $3,150. Now I would take the $3,150 and then subtract the amount that I spent on advertising your home and then I would have the money I made selling your home.
Now I am not saying, "Oh those poor Realtors have to give up all their money." Because I know everyone has seen Realtors driving very high end cars and living in fancy homes, but that is just a select few, most of us aren't living like that. I just wanted to give you a little insight into commission and how it works.
TIME & WORK
Now in Part I, I discussed everything that is involved with selling your home. I will never discourage someone from trying to sell their home themselves. I offer any help I am able to provide, unless something I would do would make them my client, then I would have to tell them if I assist you any further, than the only way I can help you is to list your home with me. The only way I would advise against selling your home by yourself is if you really had to move immediately and did not already have someone lined up to purchase your home.
Most people who sell their homes FSBO (For Sale By Owner) typically give themselves 2 to 6 weeks to sell it, and if they don't, then they end up hiring a Realtor to assist them. It is alot harder to advertise FSBO, to get maximum exposure. Alot of buyers go to a Realtor to help them find a home, mostly because it is free for a buyer. If your home is a FSBO, the Realtor is not going to know about it unless they just happen to drive past your home. But if you are on a road that has alot of traffic or in a very sought after neighborhood that alot of people want to move into, then it might be worth your while to try it.
If you do decide to try it, this is where the TIME & WORK part comes into play. Moving is already a very stressful time, make sure you do have the time and patience to handle all the aspects of selling your home that I touched on in Part I. It isn't impossible by any means, just make sure you do your homework and know what you are getting into.
If you have any questions about selling your home, either with a Realtor or FSBO, do not hesitate to email me at mike@gohsv.com.
In our third installment of "Selling Your Home", I ask the question: Is using a Realtor worth it? That really is a loaded question. What it comes down to is the cost of using a Realtor vs. the time and work involved in doing everything on your own.
COMMISSION
The commission is the money a seller pays a Realtor to sell their home. It is not a set fee, normally it is neogotiable. In our area, it is usually 6% of the sales price. Some Realtors will lower the commision but when they do, make sure you ask them if they also limit some of the ways they advertise. Realtors have to pay for all their own advertising, so if they make less, they may not spend as much in adervertising as they normally would. Also, the commission is split between the sellers agent and the buyers agent. Usually it is a 50/50 split. So for a 6% commission, each Realtor would get 3%. But if the same Realtor represents both sides, he/she will get the full 6%.
So if your home sells for $200,000. I as your agent, for the seller, would get 3% of that or $6,000. But with that money, I have to split some of it with my company. Say I am on a 70/30 split so I get 70% of that original $6,000 which would be $4,200. Now with that, I need to take out my own taxes on it, so I would estimate and take out maybe 25% for taxes which would leave me with $3,150. Now I would take the $3,150 and then subtract the amount that I spent on advertising your home and then I would have the money I made selling your home.
Now I am not saying, "Oh those poor Realtors have to give up all their money." Because I know everyone has seen Realtors driving very high end cars and living in fancy homes, but that is just a select few, most of us aren't living like that. I just wanted to give you a little insight into commission and how it works.
TIME & WORK
Now in Part I, I discussed everything that is involved with selling your home. I will never discourage someone from trying to sell their home themselves. I offer any help I am able to provide, unless something I would do would make them my client, then I would have to tell them if I assist you any further, than the only way I can help you is to list your home with me. The only way I would advise against selling your home by yourself is if you really had to move immediately and did not already have someone lined up to purchase your home.
Most people who sell their homes FSBO (For Sale By Owner) typically give themselves 2 to 6 weeks to sell it, and if they don't, then they end up hiring a Realtor to assist them. It is alot harder to advertise FSBO, to get maximum exposure. Alot of buyers go to a Realtor to help them find a home, mostly because it is free for a buyer. If your home is a FSBO, the Realtor is not going to know about it unless they just happen to drive past your home. But if you are on a road that has alot of traffic or in a very sought after neighborhood that alot of people want to move into, then it might be worth your while to try it.
If you do decide to try it, this is where the TIME & WORK part comes into play. Moving is already a very stressful time, make sure you do have the time and patience to handle all the aspects of selling your home that I touched on in Part I. It isn't impossible by any means, just make sure you do your homework and know what you are getting into.
If you have any questions about selling your home, either with a Realtor or FSBO, do not hesitate to email me at mike@gohsv.com.
Friday, August 31, 2007
Selling Your Home - Part II
Thank you for visiting GoHsv.com and my Real Estate blog. If you have any questions or have a topic for a future blog, email me at mike@gohsv.com.
OK, now in the 2nd part of "Selling Your Home" we are going to take a more in depth look at marketing your home. It is extremely important to get your home out there, and in front of as many buyers as possible. By doing this you are greatly increasing your chances of selling your home faster, for more money, and creating such a buzz to even get multiple offers (hopefully).
There are a number of different avenues you can take to market your home. Here are the major categories:
Print Media
Of course you have newspapers. But, there are also specialty magazines that increase exposure like Homes & Land, Homes for Today, and FSBO magazines, just to name a few. Print advertising is still a very good way to advertise your home. Personally I advertise my listings with my team "Team Sheffield" of Rise Real Estate in Homes & Land magazine, and I advertise my "Open Houses" in the Huntsville Times.
TV
My company, Rise Real Estate, has a Homes Show every Sunday @ 9:00a.m. called "The Rise Tour of Homes Show" on WAAY-TV 31. It is a very popular homes show here in Huntsville, Alabama. We have a Channel 31 camera crew come in and show the best features of your home. This a service I provide to my clients as needed.
Virtual Tours
A virtual tour is a slide show of your home online created by either a video or digital camera. It lets a prospective buyer tour your home on their computer. It is great for a seller because it helps weed out buyers that are just curious, and the ones that are really interested will want to make an appointment to see your home and take a 2nd look. It gives the buyers more information which is what they want, and makes it easier for the sellers to have more serious buyers touring their home.
The Internet
The Internet is probably one of the most important forms of advertising you can use to sell your home. 80% of buyers start searching for a home online. That is actually a pretty conservative number, I would not be surprised if it was even higher than that. Of course there are alot of sites to search for homes.
Personally, I give each one of my listings their own web address, to make it easier for people to find your home. Such as my listing on 113 Coldsprings Dr in Harvest, AL, it's address is http://gohsv.com/236180. 236180 is the homes MLS number, so it can be easily referenced by buyers and Realtors.
I put all my listings on my "Real Estate" page on GoHsv.com. They also go on MichaelBelviy.com, among other sites such as: Realtor.com, Valleymls.com, huntsvillehomefinder.com, RiseRealEstate.com etc. I try to make it so if someone is looking for a home like yours online, it won't be very hard to find yours.
Yard Sign
People might overlook it, but the yard sign is the top form of advertising you can do. Alot of people just drive around subdivisions that they like, and a yard sign is how they know the home is "For Sale." You can also put up flyer's in a box right by the yard sign. Personally, I do not like to put up "Flyer Boxes." I would rather a prospective buyer call me so we can get them in to see your home, not just take a flyer and keep on going to the next house. But, I leave this up to the owner, if they want flyer's out in front, I am more than happy to do it.
MLS
The MLS stands for the "Multiple Listing Service" which is a big database of homes that Realtors have, to see what homes are for sale. A Realtor, working with a buyer, will take the information the buyer gives them, search the MLS and then show the buyer the kind of homes they are looking for. It is very important to have your home in the MLS so everyone knows your home is "For Sale" and Realtors will show them to their clients. For Sale By Owner (FSBO) homes are not in the MLS. That is a major disadvantage to not using a Realtor. Buyers can search the Huntsville MLS on my "Real Estate" page on GoHsv.com.
There are alot of different ways to advertise your home as you can see. I incorporate all forms to get my clients homes out in front of people as much as possible. Thank you very much for taking the time to read my blog. Again if you have any questions or comments just email me at mike@gohsv.com. Have a great day.
OK, now in the 2nd part of "Selling Your Home" we are going to take a more in depth look at marketing your home. It is extremely important to get your home out there, and in front of as many buyers as possible. By doing this you are greatly increasing your chances of selling your home faster, for more money, and creating such a buzz to even get multiple offers (hopefully).
There are a number of different avenues you can take to market your home. Here are the major categories:
Print Media
Of course you have newspapers. But, there are also specialty magazines that increase exposure like Homes & Land, Homes for Today, and FSBO magazines, just to name a few. Print advertising is still a very good way to advertise your home. Personally I advertise my listings with my team "Team Sheffield" of Rise Real Estate in Homes & Land magazine, and I advertise my "Open Houses" in the Huntsville Times.
TV
My company, Rise Real Estate, has a Homes Show every Sunday @ 9:00a.m. called "The Rise Tour of Homes Show" on WAAY-TV 31. It is a very popular homes show here in Huntsville, Alabama. We have a Channel 31 camera crew come in and show the best features of your home. This a service I provide to my clients as needed.
Virtual Tours
A virtual tour is a slide show of your home online created by either a video or digital camera. It lets a prospective buyer tour your home on their computer. It is great for a seller because it helps weed out buyers that are just curious, and the ones that are really interested will want to make an appointment to see your home and take a 2nd look. It gives the buyers more information which is what they want, and makes it easier for the sellers to have more serious buyers touring their home.
The Internet
The Internet is probably one of the most important forms of advertising you can use to sell your home. 80% of buyers start searching for a home online. That is actually a pretty conservative number, I would not be surprised if it was even higher than that. Of course there are alot of sites to search for homes.
Personally, I give each one of my listings their own web address, to make it easier for people to find your home. Such as my listing on 113 Coldsprings Dr in Harvest, AL, it's address is http://gohsv.com/236180. 236180 is the homes MLS number, so it can be easily referenced by buyers and Realtors.
I put all my listings on my "Real Estate" page on GoHsv.com. They also go on MichaelBelviy.com, among other sites such as: Realtor.com, Valleymls.com, huntsvillehomefinder.com, RiseRealEstate.com etc. I try to make it so if someone is looking for a home like yours online, it won't be very hard to find yours.
Yard Sign
People might overlook it, but the yard sign is the top form of advertising you can do. Alot of people just drive around subdivisions that they like, and a yard sign is how they know the home is "For Sale." You can also put up flyer's in a box right by the yard sign. Personally, I do not like to put up "Flyer Boxes." I would rather a prospective buyer call me so we can get them in to see your home, not just take a flyer and keep on going to the next house. But, I leave this up to the owner, if they want flyer's out in front, I am more than happy to do it.
MLS
The MLS stands for the "Multiple Listing Service" which is a big database of homes that Realtors have, to see what homes are for sale. A Realtor, working with a buyer, will take the information the buyer gives them, search the MLS and then show the buyer the kind of homes they are looking for. It is very important to have your home in the MLS so everyone knows your home is "For Sale" and Realtors will show them to their clients. For Sale By Owner (FSBO) homes are not in the MLS. That is a major disadvantage to not using a Realtor. Buyers can search the Huntsville MLS on my "Real Estate" page on GoHsv.com.
There are alot of different ways to advertise your home as you can see. I incorporate all forms to get my clients homes out in front of people as much as possible. Thank you very much for taking the time to read my blog. Again if you have any questions or comments just email me at mike@gohsv.com. Have a great day.
Monday, July 30, 2007
SELLING YOUR HOME - PART I
Welcome to GoHsv.com. I appreciate you taking the time to visit my blog. GoHsv.com is the best source of information for everything Huntsville, AL. If you have any questions or comments, feel free to email me at mike@gohsv.com.
The first part of "Selling Your Home" will have to do with what is involved in selling your home. Don't worry, you won't (and never will) hear me bad mouthing FSBO's ( For Sale By Owner's), saying how bad it is and you must use a Realtor. This is strictly the meat and potatoes of what happens and what needs to be done, regardless if you are selling your home yourself or you hire a Realtor to market your home.
Now, you know you want to sell your home. What now? Well, how about pricing your home. How much should you sell your home for? The best thing to do is to consult a Realtor, regardless if you use them to market your home or not. Almost all Realtors will provide you a CMA (Comparative Market Analysis), which compares your home to homes as close to yours as possible to determine a value, free of charge. They should give you a good range to price your home for the most money in the least amount of time.
The next step is to get your home ready to show. The best thing to do is to get in your car and drive around the block. Then pull up to your home as if you are looking to buy it. Have a pen and note pad with you. Pay attention to the yard, landscaping, and anything that needs to be repaired or cleaned. Next, walk in your home. Look at everything, room by room, from the carpet and paint to any cleaning or repairs that might need to be done. Really knit pick as much as you can, because more than likely the buyers will. A huge factor is to make the rooms seem as big as possible. Lose as much clutter as you can, this is even more impotant on smaller homes. Having your home in as good as condition as possible will greatly help the chances of selling your home quickly.
Now you need to make sure that you do have a termite bond, or have an inspection done to get a "termite letter." Alabama does have termites and before you sell your home, you have to have a termite letter stating that your home is free and clear of termites. It is also acceptable that the home did have termites, but they were taken care of and any repairs that needed to be made were taken care of.
Ok, now we have the price that we are going to sell your home at, your home is ready to show and you have your termite letter.
It is time to get your home on the market. Either selling it yourself FSBO, or hiring a Realtor to market it for you. I will be getting into more detail on the differences in later posts. But, whichever you decide to do, you have got to let people know your home is for sale. If you have alot of traffic going past your home, just by putting a sign out, alot of people are going to see it. If you live on a cul-de-sac street, or out in the country with not alot of traffic, you will not have the exposure just by putting the sign up. There are alot of ways to market your home, and the more advertising you do the better.
Ok, now you are getting calls about your home. It is time to schedule showings (either you or your Realtor) and get prospective buyers in your home to see it. You will have to be as flexible as possible to the buyers.
Once a prospective buyer decides they want to make an offer on your home, we begin the neogotiation process. Everyting is neogotiable. From the price, closing costs, to the refridgerator, window coverings, washer and dryer, etc. Note: if you and the buyers are within $1,000 - $2,000 of making the deal happen, think long and hard about walking away from it. You could save that by selling your home now and not having your home sit on the market longer and paying that money into your mortgage which will not drop the principal nearly as much.
Now you have an agreed upon contract, and all the contingencies have been dropped. Contingencies could be: the buyers needing to seller their home before they can buy yours, a home inspection, an appraisal etc.
Alabama does use closing attorney's, not title companies. If you are using a Realtor, then they will take care of it. If you are selling on your own, then you will need to find one. The best thing to do is ask around, see if anyone you know has used one that they liked.
Like I said, I am just giving you a rough overview of selling your home. There are alot of specifics in each area. I will be going through the differences in each area or selling on your own (FSBO) or hiring a Realtor.
In the meantime, if you have any questions, you can email me at mike@gohsv.com. Do not be sucked into thinking that the home market is horrible and prices are dropping. Huntsville has a very stable market due to the influx of companies coming in and Brac that will be here in the upcoming years.
Again, thank you for your time and enjoy GoHsv.com. Have a great day.
The first part of "Selling Your Home" will have to do with what is involved in selling your home. Don't worry, you won't (and never will) hear me bad mouthing FSBO's ( For Sale By Owner's), saying how bad it is and you must use a Realtor. This is strictly the meat and potatoes of what happens and what needs to be done, regardless if you are selling your home yourself or you hire a Realtor to market your home.
Now, you know you want to sell your home. What now? Well, how about pricing your home. How much should you sell your home for? The best thing to do is to consult a Realtor, regardless if you use them to market your home or not. Almost all Realtors will provide you a CMA (Comparative Market Analysis), which compares your home to homes as close to yours as possible to determine a value, free of charge. They should give you a good range to price your home for the most money in the least amount of time.
The next step is to get your home ready to show. The best thing to do is to get in your car and drive around the block. Then pull up to your home as if you are looking to buy it. Have a pen and note pad with you. Pay attention to the yard, landscaping, and anything that needs to be repaired or cleaned. Next, walk in your home. Look at everything, room by room, from the carpet and paint to any cleaning or repairs that might need to be done. Really knit pick as much as you can, because more than likely the buyers will. A huge factor is to make the rooms seem as big as possible. Lose as much clutter as you can, this is even more impotant on smaller homes. Having your home in as good as condition as possible will greatly help the chances of selling your home quickly.
Now you need to make sure that you do have a termite bond, or have an inspection done to get a "termite letter." Alabama does have termites and before you sell your home, you have to have a termite letter stating that your home is free and clear of termites. It is also acceptable that the home did have termites, but they were taken care of and any repairs that needed to be made were taken care of.
Ok, now we have the price that we are going to sell your home at, your home is ready to show and you have your termite letter.
It is time to get your home on the market. Either selling it yourself FSBO, or hiring a Realtor to market it for you. I will be getting into more detail on the differences in later posts. But, whichever you decide to do, you have got to let people know your home is for sale. If you have alot of traffic going past your home, just by putting a sign out, alot of people are going to see it. If you live on a cul-de-sac street, or out in the country with not alot of traffic, you will not have the exposure just by putting the sign up. There are alot of ways to market your home, and the more advertising you do the better.
Ok, now you are getting calls about your home. It is time to schedule showings (either you or your Realtor) and get prospective buyers in your home to see it. You will have to be as flexible as possible to the buyers.
Once a prospective buyer decides they want to make an offer on your home, we begin the neogotiation process. Everyting is neogotiable. From the price, closing costs, to the refridgerator, window coverings, washer and dryer, etc. Note: if you and the buyers are within $1,000 - $2,000 of making the deal happen, think long and hard about walking away from it. You could save that by selling your home now and not having your home sit on the market longer and paying that money into your mortgage which will not drop the principal nearly as much.
Now you have an agreed upon contract, and all the contingencies have been dropped. Contingencies could be: the buyers needing to seller their home before they can buy yours, a home inspection, an appraisal etc.
Alabama does use closing attorney's, not title companies. If you are using a Realtor, then they will take care of it. If you are selling on your own, then you will need to find one. The best thing to do is ask around, see if anyone you know has used one that they liked.
Like I said, I am just giving you a rough overview of selling your home. There are alot of specifics in each area. I will be going through the differences in each area or selling on your own (FSBO) or hiring a Realtor.
In the meantime, if you have any questions, you can email me at mike@gohsv.com. Do not be sucked into thinking that the home market is horrible and prices are dropping. Huntsville has a very stable market due to the influx of companies coming in and Brac that will be here in the upcoming years.
Again, thank you for your time and enjoy GoHsv.com. Have a great day.
Friday, June 29, 2007
Dual Agency - Am I getting the representation I deserve?
First of all, some of you might be asking yourself, what is dual agency?
A dual agent or in Alabama it is called a Limited Consensual Dual Agent, is someone who works for both the buyer and seller on the same transaction. Our Real Estate Brokerage Services Disclosure (or RECAD for short) defines it as a licensee for both the buyer and seller. It also states, that this may only be done with the written, informed consent of all parties. Furthermore, this type of agent must also be loyal and faithful to the client, except where the duties owed to the clients conflict with one another. Now I am here to tell you what all of that means.
The two most important things with Dual Agency is that it must be in writing, and both parties must agree to it. If not, there is no dual agency and the transaction cannot move forward.
There are certain rules that a Realtor must follow when he/she is a Limited Consensual Dual Agent. The first of course, is to keep confidential any information that your client does not want divulged, that is true for both scenarios. The second is that a Realtor cannot tell either clients a exact price to accept, deny, or counter.
Secondly, how does dual agency come about?
Dual Agency usually results from two scenarios. The first is when a single Realtor represents both the buyer and the seller. The second way is if one Realtor represents the buyer and a another represents the seller but they both work for the same company.
A example for the first scenario (a single Realtor for both the buyer and seller) could be, if I have a property listed for $350,000 and I know that the sellers would take $300,000 because they are ready to move right now. Throughout the neogotiations, I could not tell the buyers.
Like wise (using the same example) since I am representing both sides and the buyers tell me they would pay $360,000 for the home because they just love it, I could not go back and tell the sellers they would pay even more than the list price.
I have an obligation to look out for the best interest of both parties, and it can be done.
A example of the second scenario (a Realtor working for the buyer, another for the seller and they work for the same company) would be if I am working for the seller, and I have the $350,000 home listed. So I am just looking out for the best interest of my client, the sellers.
The other Realtor has the office right next door to me. I walk past and over hear the buyers telling their Realtor that they would pay $360,000 for the home as they are writing up an offer. My first thought would be, I need to get on the phone with my clients and tell them whatever they offer, they are willing to pay $10,000 more than the list price, but I can't.
I am not allowed to instruct my clients on a specific price to accept, deny, or counter. I can still furnish all the information to have them make their own decision, but I cannot actually tell them a price.
It is the same as if my clients were in my office and the other Realtor over heard my clients saying how bad we need to move and we will take $50,000 less if we have to. So everyone is protected.
Dual agency is in place to make sure everyone is treated fairly and equally.
So now that you have a understanding (well hopefully) of what dual agency is, the big question is...
"Do I get the representation that I deserve?"
Yes, you can get the representation you deserve. Just make sure that you trust your Realtor, which you should anyway, regardless of the situation.
A Realtor can still assist both clients, or a single client in all other aspects of the sale.
I hope this have given you a little insight into Dual Agency.
If you have any questions, feel free to email me at mike@gohsv.com.
Thank you again for visiting http://gohsv.com/ and my blog.
Please remember to tell everyone about GoHsv.com.
Keep checking for my next blog.
Have a great day.
A dual agent or in Alabama it is called a Limited Consensual Dual Agent, is someone who works for both the buyer and seller on the same transaction. Our Real Estate Brokerage Services Disclosure (or RECAD for short) defines it as a licensee for both the buyer and seller. It also states, that this may only be done with the written, informed consent of all parties. Furthermore, this type of agent must also be loyal and faithful to the client, except where the duties owed to the clients conflict with one another. Now I am here to tell you what all of that means.
The two most important things with Dual Agency is that it must be in writing, and both parties must agree to it. If not, there is no dual agency and the transaction cannot move forward.
There are certain rules that a Realtor must follow when he/she is a Limited Consensual Dual Agent. The first of course, is to keep confidential any information that your client does not want divulged, that is true for both scenarios. The second is that a Realtor cannot tell either clients a exact price to accept, deny, or counter.
Secondly, how does dual agency come about?
Dual Agency usually results from two scenarios. The first is when a single Realtor represents both the buyer and the seller. The second way is if one Realtor represents the buyer and a another represents the seller but they both work for the same company.
A example for the first scenario (a single Realtor for both the buyer and seller) could be, if I have a property listed for $350,000 and I know that the sellers would take $300,000 because they are ready to move right now. Throughout the neogotiations, I could not tell the buyers.
Like wise (using the same example) since I am representing both sides and the buyers tell me they would pay $360,000 for the home because they just love it, I could not go back and tell the sellers they would pay even more than the list price.
I have an obligation to look out for the best interest of both parties, and it can be done.
A example of the second scenario (a Realtor working for the buyer, another for the seller and they work for the same company) would be if I am working for the seller, and I have the $350,000 home listed. So I am just looking out for the best interest of my client, the sellers.
The other Realtor has the office right next door to me. I walk past and over hear the buyers telling their Realtor that they would pay $360,000 for the home as they are writing up an offer. My first thought would be, I need to get on the phone with my clients and tell them whatever they offer, they are willing to pay $10,000 more than the list price, but I can't.
I am not allowed to instruct my clients on a specific price to accept, deny, or counter. I can still furnish all the information to have them make their own decision, but I cannot actually tell them a price.
It is the same as if my clients were in my office and the other Realtor over heard my clients saying how bad we need to move and we will take $50,000 less if we have to. So everyone is protected.
Dual agency is in place to make sure everyone is treated fairly and equally.
So now that you have a understanding (well hopefully) of what dual agency is, the big question is...
"Do I get the representation that I deserve?"
Yes, you can get the representation you deserve. Just make sure that you trust your Realtor, which you should anyway, regardless of the situation.
A Realtor can still assist both clients, or a single client in all other aspects of the sale.
I hope this have given you a little insight into Dual Agency.
If you have any questions, feel free to email me at mike@gohsv.com.
Thank you again for visiting http://gohsv.com/ and my blog.
Please remember to tell everyone about GoHsv.com.
Keep checking for my next blog.
Have a great day.
Thursday, May 24, 2007
Do I need a Realtor when I am building a new home or buying new construction?
What is better than having a home built just for you? You get to pick everything from the brick/siding, elevations, sod etc. on the outside. To the flooring, fixtures, appliances, molding etc. on the inside. It 's made just for you.
There is a Realtor or Real Estate Agent at the model home or showroom for you to work with. Just remember that the agent there is employed by the builder. Before you sign any contract, they are legally obligated to have you sign a disclosure stating that they are an agent for the builder.
So where is your representation if something goes wrong? Hire a Realtor to work for you. As with existing homes, if you used your own Realtor to represent you, you would not have to pay a dime. Now you have someone only looking out for your best interest.
The builders here are very good in Northern Alabama, but no home is perfect. What can go wrong? You paid for your whole yard to be sodded, and they only do the front yard. You upgraded your appliances and they sent the standard versions. The wrong fixtures were delivered, or the wrong color cabinets were sent. With so many choices, mistakes can be made. I am not trying to deter anyone from building their dream home, but with so many choices, things can get overlooked.
That is why you need your Realtor to make sure if anything goes wrong, they are there to help. A builder looks at a Realtor as bringing them multiple clients. Not just a person buying one home, but a chance for them to sell multiple homes by Realtors bringing their clients to them. So they might try a little harder to make sure our clients are satisfied for repeat business.
You also need to make sure that your Realtor will do what it takes to make sure you are satisfied. I will stop by the site periodically to make sure everything is going smoothly. If I do see something that is wrong, I will notify the builder to get it rectified immediately. I like to be there for every walk through, just to make sure all your questions are answered. Also, to be there to ask any questions that you don't want to. I only have one person to answer to, that is "you" my client. I am not happy until you are happy.
Getting your own home built can be one of the best experiences of your life. I personally am planning on getting one built within the next year or two. I just want to make sure you have someone on your side that only cares about you. I would love to assist you in getting your dream home built. But even if you don't use me, please use a Realtor to represent you. You will be happy you did.
You can reach me at (256) 653-1165 or at michaelbelviy@bellsouth.net.
Keep checking for my next blog on Dual Agency - Am I getting the representation I deserve?
Thank you for visiting GoHsv.com. Please tell everyone you know about our site. If you have any comments, do not hesitate to email us. Thanks again and have a great day.
There is a Realtor or Real Estate Agent at the model home or showroom for you to work with. Just remember that the agent there is employed by the builder. Before you sign any contract, they are legally obligated to have you sign a disclosure stating that they are an agent for the builder.
So where is your representation if something goes wrong? Hire a Realtor to work for you. As with existing homes, if you used your own Realtor to represent you, you would not have to pay a dime. Now you have someone only looking out for your best interest.
The builders here are very good in Northern Alabama, but no home is perfect. What can go wrong? You paid for your whole yard to be sodded, and they only do the front yard. You upgraded your appliances and they sent the standard versions. The wrong fixtures were delivered, or the wrong color cabinets were sent. With so many choices, mistakes can be made. I am not trying to deter anyone from building their dream home, but with so many choices, things can get overlooked.
That is why you need your Realtor to make sure if anything goes wrong, they are there to help. A builder looks at a Realtor as bringing them multiple clients. Not just a person buying one home, but a chance for them to sell multiple homes by Realtors bringing their clients to them. So they might try a little harder to make sure our clients are satisfied for repeat business.
You also need to make sure that your Realtor will do what it takes to make sure you are satisfied. I will stop by the site periodically to make sure everything is going smoothly. If I do see something that is wrong, I will notify the builder to get it rectified immediately. I like to be there for every walk through, just to make sure all your questions are answered. Also, to be there to ask any questions that you don't want to. I only have one person to answer to, that is "you" my client. I am not happy until you are happy.
Getting your own home built can be one of the best experiences of your life. I personally am planning on getting one built within the next year or two. I just want to make sure you have someone on your side that only cares about you. I would love to assist you in getting your dream home built. But even if you don't use me, please use a Realtor to represent you. You will be happy you did.
You can reach me at (256) 653-1165 or at michaelbelviy@bellsouth.net.
Keep checking for my next blog on Dual Agency - Am I getting the representation I deserve?
Thank you for visiting GoHsv.com. Please tell everyone you know about our site. If you have any comments, do not hesitate to email us. Thanks again and have a great day.
Monday, April 23, 2007
Welcome to Gohsv.com. I hope that this will be your main source for information on Huntsville and the Tennessee Valley. GoHsv.com is not only for people relocating to Huntsville, but for those of us who live here as well. I moved here from the Chicago area so I tried to figure out what information I would like to know before moving here. Then I got with some friends and found out what information we, as residents, would like to have. If there is anything else you would like to see here, or have any comments, just send me an email and let me know.
I am a Realtor with Team Sheffield of Rise Real Estate. Rise is the largest real estate company in Northern Alabama. I have either listed or sold properties (land, new construction and existing homes) from Madison all the way to Albertville. I see my clients from the first step all the way to the last. From writing the offer, information on financing, to negotiating the best deal for you, to the home inspection, appraisal, to getting everything ready to close, the closing process, and even after to make sure you get your homestead exemption filed. I will do my best to make sure your purchase is as smooth as possible.
I am starting this blog to answer all of your real estate questions. Just email me your questions and I will update this either weekly or bi-weekly.
My first blog is going to be on buyer representation. The first thing everyone should know is that it does not cost you anything to work with a Realtor if you are a buyer. That is right, not a dime. If I am representing you and you are buying a property, my fee is already negotiated with the seller. The seller pays the whole fee for the Realtor(s) and it is not a closing cost that the buyer can end up paying at closing. So, it makes since to use a Realtor. We are here to make sure your purchase, whether it is your primary residence, second home, or investment property, is as painless as possible. Even if you have already found a home or property, a Realtor comes in handy. For example, a Realtor can assist you in negotiating the contract, a home inspection, termite letter (required in Alabama), title insurance, survey, coordinating with the lender (if needed), where to close (Alabama uses closing attorney’s not title companies), and even after your homes closes. Alabama has a Homestead Exemption that if the home you purchase is going to be your primary residence, they cut your property taxes in half. You just have to file your “blue card” once you receive it approximately 2 to 3 weeks after closing. That is a pretty nice deal. In the following weeks I will be talking more in depth about buyer representation such as, “Do I need a Realtor when I build new construction?” And “What exactly is Dual Agency and am I really getting the representation I deserve?”
Thank you very much for taking the time to visit Gohsv.com and I hope you visit us often for all of your Huntsville information. Have a great day.
I am a Realtor with Team Sheffield of Rise Real Estate. Rise is the largest real estate company in Northern Alabama. I have either listed or sold properties (land, new construction and existing homes) from Madison all the way to Albertville. I see my clients from the first step all the way to the last. From writing the offer, information on financing, to negotiating the best deal for you, to the home inspection, appraisal, to getting everything ready to close, the closing process, and even after to make sure you get your homestead exemption filed. I will do my best to make sure your purchase is as smooth as possible.
I am starting this blog to answer all of your real estate questions. Just email me your questions and I will update this either weekly or bi-weekly.
My first blog is going to be on buyer representation. The first thing everyone should know is that it does not cost you anything to work with a Realtor if you are a buyer. That is right, not a dime. If I am representing you and you are buying a property, my fee is already negotiated with the seller. The seller pays the whole fee for the Realtor(s) and it is not a closing cost that the buyer can end up paying at closing. So, it makes since to use a Realtor. We are here to make sure your purchase, whether it is your primary residence, second home, or investment property, is as painless as possible. Even if you have already found a home or property, a Realtor comes in handy. For example, a Realtor can assist you in negotiating the contract, a home inspection, termite letter (required in Alabama), title insurance, survey, coordinating with the lender (if needed), where to close (Alabama uses closing attorney’s not title companies), and even after your homes closes. Alabama has a Homestead Exemption that if the home you purchase is going to be your primary residence, they cut your property taxes in half. You just have to file your “blue card” once you receive it approximately 2 to 3 weeks after closing. That is a pretty nice deal. In the following weeks I will be talking more in depth about buyer representation such as, “Do I need a Realtor when I build new construction?” And “What exactly is Dual Agency and am I really getting the representation I deserve?”
Thank you very much for taking the time to visit Gohsv.com and I hope you visit us often for all of your Huntsville information. Have a great day.
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