Tuesday, June 9, 2015

Take Pictures Now!

Preserve the memories you’re making by taking photographs of your home now. The pictures will remind you of the role your home played with your family and life. Reminiscing is easier when scrolling through pictures to remind you of people and times. One of the least heard regrets is that westreet scene.jpg should have taken more pictures. Shots to consider:
  • The front of the home from across the street
  • Times when your yard and plants looked exceptional
  • Holiday decorations
  • Special occasions in the homes like birthdays, anniversaries, graduations, etc. Home improvements
  • Major purchases for the home
  • Times when the home looked the best and the worst
  • Family, friends and pets in the home
  • Your children’s height marks on a door frame
  • The view from a favorite window
From an organizational standpoint, put the pictures in a folder with your address as the name. Even if you don’t take time to name each picture, you’ll have the file date to identify when it was taken. Since the cost of film and processing has disappeared, there is little reason not to chronicle your life in pictures.

Make Your Offer Stand Out!

If a seller was looking at two offers for exactly the same price on their home, there would still be things that could make one standout more than the other. If there happens to be more than two offers, things can really get sticky for a buyer. For that reason, it is good to craft the most attractive offer possible because even if you don’t have competition now, another offer could come in during negotiations and derail all your efforts to that point. InTouchbyPatZaby-unique.jpg Anything that can give the seller the peace of mind that one contract will close on time and as agreed will make them more comfortable in accepting one offer over another. Buyers can consider putting up larger than customary amounts of earnest money and limiting the contingencies to only the most essential items. The closing costs could be more expensive to the seller based on the type of mortgage a buyer is obtaining. One buyer may be asking the seller to pay part or all of their acquisition costs and the other buyer is paying their own costs. The borrower who has a signed, preapproval letter will appear to have a greater certainty to closing than a buyer who only says they have talked to a loan officer. Some lenders' letters are considered “gold” and others may not be worth the paper they’re written on. The seller will depend on their listing agent to advise them. In most cases, the seller will be taking all or part of the cash they receive from the sale of their home and buying another one. If they have to put a contingency clause in the contract based on their current home selling, it weakens their position. Conversely, it will strengthen a buyer’s position if they don’t have to make their offer contingent upon selling their current home. Even shortening the inspection periods and offering to close early or possible lease the home back to the seller for a short time can be valuable negotiating factors. Finally, don’t overlook the value of a personal hand-written letter that tells the seller why you want their home. An emotional connection has been known to make a difference for one set of buyers getting the home.

Fast and Easy...But Is It Accurate?

avm tag 2.pngThere are sites all over the web that offer to tell you what your home is worth. Simply plug in your address and email and you’ll get a value. It’s fast; it’s easy but is it accurate? The value is determined by what is called an Automated Valuation Model (AVM) that analyzes public record data with computer decision logic. Square footage, age, number of bedrooms and location are easily definable objective data. The challenge is identifying, measuring and comparing the subjective data. An AVM cannot identify how unique features might add or detract from the value, if the market is declining or why the comparable sales apply or don’t apply to the subject property. Is a home worth more because it is near shopping or less because it is across the street from a high-traffic commercially zoned property? Experienced professionals are more likely to make proper adjustments for condition, market appeal and positive and negative influences. Imagine that you’re going out for dinner and you consult HamburgerAVM.com to tell you how much a hamburger is worth. It might be accurate based on condiments, vegetables and weight but can it address things like taste, quality, cleanliness, service, convenience or atmosphere. You certainly couldn’t present the printout to the waiter to negotiate a lower price. An AVM can be a tool that a homeowner, prospective buyer, mortgage officer, appraiser or real estate agent can use to get a quick idea of price but there are inherent limitations that can only be considered by personal examination balanced with experience in the market place. Experience and understanding of the subject property and the marketplace are critical to having confidence that a value is accurate. Any person could go through the same steps to arrive at a value but an experienced, well-trained professional is far more likely to assess all of the variables more accurately.