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Monthly Archives: November 2016

Some Tricks Selling Luxury Home

Correct Pricing is the Key to Quick Selling

It is understandable if you are deeply attached to your home. But your love and appreciation for your home should not dictate the asking price you set for it when trying to sell it. If you set this price too high, you might be disappointed with the response of the interested buyers. It is a good idea to hold consultations with a real estate agent in your area to set the asking price realistically. He knows the prices of similar properties in the area that have been sold recently and so there is no reason not to believe him in this regard. However, you can double check this information by comparing the figure with the asking price of similar properties currently listed in the market.

First Impressions Are Often the Last Ones

If you are lucky enough to receive a flurry of interested buyers, make sure you are able to hold and sustain their interest through a property that looks beautiful at first glance. Just imagine how a prospective buyer feels when he comes to buy a dream house for his family and sees a structure that looks old and tattered. If there are lawns in the property, ask a gardener to spruce things up. Get the entryway cleaned with high pressure steam and also get minor repairs fixed to give the visitor a good impression.

Use Aggressive Marketing to Tell People about Your Property

There are all sorts of buyers from passive to active in not only domestic market but also at the global level looking to invest in properties. Most owners make the mistake of targeting their gun on rich people thinking they are likely to be interested in buying a luxury home. There are many middle class people who are attracted to the idea of owning luxury properties through financing. Spread the word about your luxury home through print and electronic media and do not leave social media platforms behind. The more you advertise, the higher the number of people across whom the message goes about your property.

Show Patience When Selling Luxury Property

Luxury property is not like an old iPhone or a pet that can sell pretty quickly in your own locality. You have to be prepared for grueling rounds of negotiations with prospective buyers to be able to sell the property at a desired price. Do not jump on to the initial offers you get but also do not reject them outright. If you show patience and wait for sufficient time, you will definitely find a buyer who can pay your asking price.

Hire the services of a real estate agent
It is a long and tedious procedure trying to sell your luxury property. It is a prudent idea to hire the services of an experienced agent who has the experience of dealing in such properties in the past.

• Huge Clientele

A real estate agent has high profile connections and huge clientele when it comes to home buyers. He/she knows how to sell your home to the perfect buyer within no time. On the other hand, not being a professional agent, you don’t know as much home buyers as he knows.

• Perfect Home Value

Sometimes, home sellers find it difficult to sell their homes on their own and the biggest reason for not being able to sell home is that they usually overprice their home and don’t analyze the contemporary market prices. However, professional and experienced real estate agents help them price their home perfectly so that that may get more potential home buyers quickly.

• Convenient Process

Professional realtors make the selling process convenient for the home sellers. For instance, there are many home sellers who don’t want to get involved in documentation or to deal with home buyers all the time. Here the agents will help you and get your home sold by potential home buyers.

Info of Probate Homes for Sale

Pros of buying probate homes for sale

• If there are heirs, they may be willing to selling the home for a bit less than market value because they want to get rid of it quickly.

• When you are able to purchase these homes for sale at a price lower than market value, it could make it easier to get the financing that you need to close the deal.

• With a lower price, it gives you some money to make a few improvements so you can resell it for a profit.

Cons of buying probate homes for sale

• Where these homes for sale are located could limit the number of buyers if you have bought the home and are trying to resell it for a profit. When the home is located in an area where many of the houses are rundown and look un-kept, or in an area with a high rate of crime you may be stuck with the home.

• If you do not have it inspected before purchasing the home you could find out that the plumbing and electrical systems needs to be completely restricted. This could lessen the amount of profit when resold.

• Although you paid less than market value and remodeled it you may not be able to sell it for a profit because of a soft home market where houses are not selling as fast as they should and for lower prices.

Find the Property Lines

Property lines, or boundary lines, are the defined points where one owner’s land ends and the neighboring property begins. A property owner uses boundary lines to determine where they can legally place items such as fences, driveways, outbuildings like pole barns or anything else. Erecting a structure on or partially on another person’s land can lead to lawsuits and unpleasant situations with neighbors.

1. Check your deed. The deed contains the legal description of your property, which is basically the property’s measurements and boundaries in words. For most people, the property description can be difficult to interpret, so you may not find it helpful. However, sometimes, the legal description uses landmarks and measurements that you can interpret. If that’s the case, measure from the landmarks in the description to the property lines. Mark each corner with a stake or other marker. Measure from each stake to the next all the way around your property to ensure the measured lines match the deed. Physically measuring the boundaries will allow you to visually determine where the lines are and avoid encroaching on your neighbor’s land. Just be warned: An old description may rely on the location of a tree that no longer exists or a creek that has gone dry.

2. Check the official website for the assessor’s office in your municipality. Some assessors have mapping tools available online for all of the real estate in the area. You can use the maps to find the boundary lines for your property and to determine where nearby landmarks are located, such as the east line of your street. You can use these landmarks as fixed points to measure from. Using a tape measure or measuring wheel, measure the distance from each of the landmark points to your property line as shown on the maps.

3. If you don’t have a copy, and there’s nothing available online, visit the county recorder’s office or the assessor’s office. When you bought your property, you may have received a plat map, showing property lines and measurements. If it wasn’t included with your paperwork, check with your local clerk’s or surveyor’s office. Ask if there are any maps available for public viewing that include your neighborhood and street. Some of these maps may be available online, while others will be hard copies or microfiche copies. Even maps of neighboring properties can be valuable if they show shared property lines.

4. Last but not least, hire a surveyor. The most surefire way to determine legal property lines is by hiring a professional. The surveyor can measure and map the property and will generally also mark the corners of the property with stakes. It’s always a good recommendation to be present when the surveyor comes to measure your property, so they can review the property lines with you. The cost of a survey will vary depending on your location, lot size, and other variables. The surveyor needs to be licensed with your state and should carry professional liability insurance, which can cover you if the surveyor makes a mistake in the survey.

All about Pricing Possibilities

1. Optimistic: The CMA should indicate a suggested range of pricing, if prepared properly and professionally, There are many discussions about how many properties one should use for this comparison, but I believe at least 5, if possible. Just as in Figure Skating, drop the highest and lowest from consideration, and then compare features, etc, to best identify a price – point. Some believe in using an optimistic approach, especially in a Seller’s Market, where there is less competition. This will mean pricing at the highest point in the range! The advantage of doing this, is it might bring about a better offer, but, at the same time, it might tend to deter showings and offers.

2. Market – based: Using the CMA, this approach uses a Listing Price, in the mid – range of competitive houses. In theory, doing this, should bring about many showings and hopefully, quality offers. However, the risk is, one might not get the highest offers, as one might achieve in the previous approach. This approach is perhaps the best to use, in balanced, or Buyers’ Markets.

3. Below market: How quickly does the seller need to sell? While this approach may bring more showings, it might bring a less qualified potential buyer, or one who can afford less. Great for extreme Buyers’ Markets, but unless it fulfills its objective, which is to provoke some sort of bidding war, it might be less than optimum!

4. Combination: Some begin with the first method, but if they notice insufficient numbers of showings, and few quality offers, will quickly seek a Price Adjustment, downward! The risk in this, is, in a large number of cases, a newly listed house receives its best offers in the first few weeks, and this method may waste valuable time, and hurt the eventual selling price.

One method is not right, while another is wrong! It depends on the risk tolerance of the seller, his objectives/ needs, and the market at the particular moment. In any case, home sellers and their agents, must constantly review what’s happening, and react, in a timely manner, if it’s called for!