Mona's Blog

Mona, where are you?

OK, I am convicted. I have not posted in a while--but I have good reason....First time home buyers are keeping me busy.  I have shown more property in the last two months than I have the first part of the year.  Buyers are anxious to spend their hard earned dollars on a great buy in a home to benefit from the Homebuyer Tax Credits. Now, existing homeowners can benefit!

Now we have more news.  Congress has extended and expanded the tax credit.  The modifications are effective 12/1/09-04/30/2010.

First time buyers:  Up to $8,000 in tax credits with income limits being increased from $75,000 to $125,000 for singles and $150,000 to $225,000 for marrieds.

Current homeowners:  Eligible for $6,500 (marrieds) who have used the home sold as a principal residence consecutively for 5 of the previous 8 years.

Amazing!  And the feds have promised to hold down the interest rates.

So.....I will try harder to be faithful to my blog.  Gotta go now....off to show property!! :-)

My best always to you!

Mona

www.monalacovey.com

Mistake #7 -- Last, but certainly not least, finding the right Realtor!

Goodness, I should have put this at the beginning rather than at the end.  In this case, I saved the best for last!

Gauge the first conversation with your Realtor.  Is she friendly, open, and honest?  Does she have knowledge of your market place?  Chances are the same impression you have is the same impression a future buyer will have.  A good agent attracts people and builds rapport--the first step in selling your house!  Does the agent have a success track record?  Is the agent dealing with you one on one or do you get turned over to a team member and never talk with your agent again?  Don't misunderstand me, teams are a good thing for routine tasks, but if you have a special need can you get your listing agent on the phone?  Does your Realtor network with other top agents?  Does she have presence with her marketing?

I have a list of other criteria, which I will be happy to share with you.

A Realtor works for you.  Let me know when I can show you the detail!  As they say, proof is "in the puddin' "...... and in results.

Mistake #6: Not Knowing Your Rights & Responsibilities

Hello again.  It is very important that you read your paperwork and are knowledgeable of the details of your real estate contract.  These contracts are legal documents and are binding.  They can occasionally be complex, as the contracts in Maryland are a prime example.

Not being aware of your contact terms can cost you thousands of dollars.  Be clear on what you are committing to in your contract.  Your agent will go over the details with you as you review the contract, but the ultimate responsibility is yours.

Read carefully and ask questions!  Anticipating problems is the best way to conquer them!

Mistake #5 -- Trying to sell to a "looky loo".....

Okay, so what is a "looky loo"?  A "looky loo" is a someone who just likes to look at houses and is not a serious buyer.  Some may call them "professional shoppers".

A prospective buyer who shows interest because of a for sale sign may not be interested in your property.  They are more interested in seeing decorating ideas, or just, simply, want to see the inside of your home.

Your REALTOR should be able to distinguish realistic potential buyers from mere lookers.  REALTORS will usually find out the general financial condition of the buyer.  The REALTOR should do a general qualification and then direct the buyer to a mortgage lender for credit reports and a letter of pre-qualification or pre-approval.  If the buyer is serious, they will generally follow this direction.

Listing agents, in general, can not qualify every buyer that comes in the door.  That is up to the buyer agent.  Prequalification also has the added benefit of informing the buyer of the specifics of their requirements, i.e. the amount of their monthly payment, cash needed, and how to negotiate the best deal.  A good REALTOR will do this, for the benefit of their client and to not waste their own time.

Mistake #4: Trying to "hard sell" the house (both agents & owners!)

This is a tough one to swallow sometimes.  Real estate agents are "salespersons", right?  Wrong. 

Buying a house is always an emotional and difficult decision.  As a result, the buyer should be allowed to examine a property comfortably.  We can not pressure the buyer forcefully; and frankly, have you ever tried to look at something you wanted to purchase, but the salesperson kept talking with you.  Annoying, isn't it?

We are counselors.  We guide, we do not force feed.  Let the buyers see the house, point out subtle amenities or things they may not have seen.  Be receptive to questions.  Getting answers is a great reason to follow up, after the fact.

And owners....I know this is tough, but step to one side or run an errand during the showing....the buyers won't say a word while you are there.  Let them comfortably absorb the house and its features.  The listing agent should have a brochure handy for the buyers to take with them, to remind them of the features.

Timing is important.  The right buyers + the right timing + the right price positioning + the right terms + the right agents = successful transaction for you.

Best always!
Mona

Seller Mistake #3 -- Not emphasizing the showcase of your home.

In spite of how frequently this mistake is addressed and how simple it is to avoid, it's prevalence is still widespread.  When going through the effort of selling your home (a lot of effort) to prospective buyers, remember the following:  1) Clean your home
                                      2) Clean your windows
                                      3) Make necessary and obvious repairs
                                      4) All appliances and systems need to be working
                                      5) Declutter
                                      6) Get rid of "stuff" or rent a storage space
                                      7) Neutralize paint

A poorly kept home will surely lower the selling price of your property and will even turn away buyers.
Remember saleability--it is as important as the pricing.

Best!
Mona

Mistake #2--Mistaking A Re-finance appraisal for a market value

A re-finance appraisal may have been stated at an archaic, dated, or unrealistic high price for comparison in today's market.  Lenders often estimate the value of your property to be higher than it actually is in order to encourage re-financing.  The market value of your home could actually be lower.  Your best bet is to ask your realtor for the most recent information regarding property sales in your community for a like style house.  This will give you an up-to-date and factually accurate estimate of your property value.
P. S.  If you have a high credit score and are always current on payments, you will be attractive to the refinance lenders and they will bend over backwards to accomodate your business.  Be careful.

The 1st of 7 Selling Mistakes you do NOT want to make.....

Hello everyone,
Here we go.....some fresh ideas to sell your home.....

Mistake #1 --Pricing your property too high

Every seller wants to get the most money for his or her product.  Ironically, the best way to do this is NOT to list your product at an excessively high price!  A high listing price will cause some prospective buyers to lose interest before even seeing your property.  Also, it may lead other buyers to expect more than what you have to offer.  As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

Will the buyer make an offer?  Probably--but that is not a reason to overprice it.  We need to get the traffic in the front door first!  .....and then the offer is likely to be more reasonable.

Best to you!
Mona
www.annapolishomeinfo.com

High Townhouse Expectations

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Waterfront w/Pier 954 Barracuda Cove Ct in Annapolis, MD

DEEP WATER BEST BUY!/Largest waterfront home w/pier & boat lift/Spacious loft bedroom over garage/updated kitchen w/granite/waterviews entire rear of house/pantry/huge master bath double sinks/family room w/skylight/HWH 5 years/Heat pump 2006/roof 10 years/Delightful community fishing pier & Magothy views/tot lot/lots of areas to walk/public water/sewer/Sellers give decorating allowance.

Call 888-757-7080 or email: info@monalacovey.com