Set your listing price

Set your listing price
A Take Us Home real estate agent can help you set your best list price because they have access to data you may not! This is but a small taste of the data at the fingertips of of your Take Us Home real estate agent!
Consider these things when deciding whether or not to work with a listing Take Us Home agent to sell your home. If you're buying a home, think about working with a Take Us Home buyer's agent.
If You Work with an Agent
You sign a listing contract, which is a legally binding agreement that typically gives the Take Us Home agent the exclusive right to sell your property within a certain period of time (usually 60 to 90 days).
The Take Us Home agent researches the market in order to determine your home's market value and reach a sales price in consultation with you.
The Take Us Home agent prepares a written marketing plan that includes a schedule for listing, showing, and advertising your property.
The Take Us Home agent advises you on how best to prepare your home for sale and helps arrange for pre-sale tasks such as a Take Us Home real estate in Bothell or Woodinville home inspection.
The Take Us Home agent transmits any offers to you, negotiates the purchase based on your recommendations, and moves all the paperwork through the transaction.
You pay for the listing Take Us Home agent's services, either as a percentage commission (usually 4 to 6 percent) or a flat fee, as specified in your listing contract. The buyer's Take Us Home agent is paid out of that fee.
If You Work Alone
You are in charge of the transaction, including marketing your property, negotiating the purchase, and handling the paperwork. Educate yourself on relevant federal laws and state regulations governing Take Us Home real estate in Bothell or Woodinville real estate sales.
You do your own market research (including possibly hiring an appraiser) to determine your home's value.
You create your own marketing plan and decide how you will handle inquiries from prospective buyers or their agents.
You decide how to prepare your home for sale, including arranging for pre-sale repairs, inspections, or other necessary services.
You field all buyer inquiries, show the house yourself, handle all negotiations, and move the paperwork through the transaction.
You pay for the buyer's Take Us Home agent's services, unless the buyer is also working alone or has hired the Take Us Home agent for a set fee. You may also pay for services you require during the transaction, such as legal advice or help negotiating the contract. Discount brokers offer individual services for flat rates. http://sorinrealty.com/

How to read housing market statistics

How to read housing market statistics
Homeowners have a seemingly insatiable appetite for information about the housing markets.
Are prices going up?
How's the market?
Is now a good time to sell?
Research reports and newspaper articles provide useful answers, but the information is usually buried in economic jargon. What is a "median price" anyway? What does "seasonally adjusted" mean? Does anyone understand unsold inventory index?
To help you follow the numbers, here are some helpful definitions:
Median price: An oft-cited indicator of the strength and direction of a housing market, a median price is the midpoint of all the prices of Take Us Home real estate in Bothell or Woodinville homes sold in a given area during a specified period. Midpoint means half the Take Us Home real estate in Bothell or Woodinville homes sold for higher prices and half the Take Us Home real estate in Bothell or Woodinville homes sold for lower prices. The median isn't the same as the average, which would be calculated by totaling all the prices and dividing by the number of prices. The median price can be affected over time by the characteristics and sizes of Take Us Home real estate in Bothell or Woodinville homes sold as well as price trends. For example, if the market shifts from starter homes to luxury mansions, the median price will increase even if Take Us Home real estate in Bothell or Woodinville homes are not appreciating in value.
Seasonally adjusted: Housing markets are naturally more active in the spring and summer months because people prefer to move during the longer warmer days and between school years. That pattern means it's difficult to make meaningful comparisons between results for different months or quarters of the same year. To overcome this hazard, economists statistically tweak the reported number of Take Us Home real estate in Bothell or Woodinville homes sold during various periods to reflect seasonal variations. The tweaked numbers are denoted as seasonally adjusted.
Price discount: The price discount is the percentage difference between the seller's initial asking price and the actual purchase price of the same home. For example, if a Take Us Home real estate in Bothell or Woodinville home were priced at $200,000 and sold for $190,000, the discount would be 5 percent. Price discounts are usually reported as an average for a set of home sale transactions. A small percentage, on average, means the market favors sellers, while a large average discount signals a buyer's market.
Unsold inventory index: This index, which indicates the pace of the market, is calculated by measuring how long it would take for all the Take Us Home real estate in Bothell or Woodinville homes currently on the market to be sold at the current rate of sales. A smaller index is a positive sign for sellers, while a higher number is good news for buyers.
Affordability index: An affordability index measures whether a typical family can qualify for a standard mortgage to purchase a typical home. A typical family is defined as one that earns the median income in a given area, and a typical home is defined as a median-priced single-family house in the same area. An index value of 100 means a median-income family has exactly the amount of income needed to purchase a median-priced home. A number higher than 100 means the family's income is more than adequate, while a number less than 100 means the typical family can't afford to buy the typical home. http://sorinrealty.com/

How to price your home

How to price your home
If you´ve decided to sell your home, chances are you're caught up in a host of emotions. You may be looking forward to moving up to a new dream house or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new adventures. Whatever turbulent feelings you´re experiencing right now, there are plenty of practical matters that need your attention.
Keep in mind the following considerations to help the whole process go more smoothly.
It´s a good idea to place your home on the market as far in advance as possible of purchasing a new one. If you find a new home first and then try to sell your present home, you may wind up with two mortgages. If this does happen, ask your Take Us Home real estate agent or banker about your loan options. If you have been in your home for some time, it is quite possible that you have considerable equity built up in your home. This should make the possibility of moving into your new home before your old one has sold, a real likelyhood.
Keep in mind that when people move, sell and buy, there usually is a domino effect. Closing and moving dates have to be coordinated, and the more firmly everyone commits to a window of dates and sticks to them, the better for all involved. Put all agreements about dates in writing, and protect yourself by negotiating financial penalties for failure to comply.
A home that´s visually appealing and in good condition will attract potential buyers driving down the street. Use this checklist to view your property through an outsider´s eyes.
Are the lawn and shrubs well maintained?
Are there cracks in the foundation or walkways?
Does the driveway need resurfacing?
Are the gutters, chimney and walls in good condition?
Do the window casings, shutters, siding or doors need painting?
Are garbage and debris stored out of sight?
Strong curb appeal will lure potential buyers inside, where you have to live up to their expectations. Fortunately, there are plenty of easy improvements you can make to your home´s interior without spending a lot of money. Cleaning is No. 1. Your windows, floors and bathroom tiles should sparkle. Make sure you have clean heating and air conditioning filters. Shampoo dirty carpets, repair dripping faucets and oil squeaky doors. It may not seem fair, but a peek in the oven may be the hallmark by which a buyer judges how well you have kept up your home.
Remove unnecessary clutter from the garage, basement, attic and closets. If your home is crowded with too much furniture, consider putting some things into storage. If a room needs a fresh coat of paint, use a neutral off-white.
Think, too, about how your home smells. You may be used to the smell of a pet or cigarettes, but such odors can be a strong turn-off to others. Finally, set a mood for the buyer. Make your house homey with live flowers and fresh guest towels in the bathroom. Place scented potpourri around the house or, on the day you´re expecting a potential buyer, pop a batch of frozen cinnamon rolls into the oven for a welcoming aroma.
Remember, cosmetic changes do not have to be expensive. In fact, costly home improvements do not necessarily offer a good return on your investment when you sell. It´s attention to the basics -- anything that says this home has been carefully maintained -- that will help you get the price you want. Ask http://sorinrealty.com

Myths and facts about appraisals

Myths and facts about appraisals
The appraisal process is often considered to be the process of analyzing collecting and reconciling data that relates to any home or property being appraised. This data is then formatted in an order that can lead the reader of the report to the same conclusions as the appraiser.
You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods, offer more ambiance, and have lower property tax rates. People who buy older homes, however, shouldn't mind maintaining their home and making some repairs.
Newer Take us home homes tend to use more modern architecture and systems, are usually easier to maintain, and may be more energy-efficient. People who buy new Take us home real estate Bothell or Woodinville homes often don't want to worry initially about upkeep and repairs.
Only an appraiser can give a real home value, but one thing your Take Us Home real estate agent can help you with, is determining the 'sold' value of Take homes around the area. This is especially important when writing an offer! http://sorinrealty.com

How much is your home really worth?

How much is your home really worth?
The preparation of any appraisal begins with an interior and exterior inspection of any given home, building or property. The appraiser then looks for assets and any and all detriments that the Take us home real estate Bothell or Woodinville real estate will offer by viewing the property with an objective perspective.
Some of the more important items in the property is gross living area, condition, and quality of construction. Additionally, location, layout, number of bedrooms and bathrooms and lot size are also considered. The appraiser will also note the amenities such as central a/c, landscaping, fireplaces, decks, and all recent renovations including pool, fencing, kitchens and baths etc. It is important for the home owner to point out all the amenities, or improvements that may not be completely obvious to any appraiser in a normal and considerate walk through of the property.
The appraiser will also make an assessment of the Take us home real estate Bothell or Woodinville neighborhood and surrounding areas, noting any location of amenities which could be important to a Take us home real estate Bothell or Woodinville home owner and/or buyer. In many cases these same items may be considered a detriment to the property based on there distance to the subject. Often, residential Take us home real estate Bothell or Woodinville homes that are too close to a non residential property may be viewed as less desirable by a purchaser, and reflected as such in any appraisal report. Go to http://sorinrealty.com for details.

Selling your home(FSBOs's)

Selling your home(FSBOs's)
Granted, some people are able to sell their own homes without the services of a Take us home real estate Bothell or Woodinville real estate agent. Some of these successful do-it-yourselfers are very experienced home sellers. Others are transferring ownership of their home to a child, a coworker or a tenant who's already living in the home. These circumstances are the exception, not the norm, however. For most people, a for-sale-by-owner (FSBO) transaction simply isn't in the cards.
Here are five reasons why:
FSBOs can't list their home in the MLS.
FSBOs aren't permitted to put their home in the multiple listing service (MLS) because these industry membership organizations are open only to licensed real estate brokers and agents.
Sure, a determined FSBO can put a for-sale sign in his or her front yard and run an advertisement in the local newspaper, but the home won't receive nearly as much exposure as it would through the MLS.
Many agents find it risky to show a FSBO home.
Why?
In a typical home sale, the buyer's agent receives a percentage of the commission that the seller pays the listing agent.
Without a listing agreement, there's no guarantee that the buyer's agent will be compensated for his or her services, unless the buyer has signed a buyer's brokerage agreement that specifically provides for such compensation.
Even if a FSBO offers to pay the buyer's side of the commission, most agents won't want to go through a transaction with a self-represented seller.
That shouldn't be a big a deal, right?
Most often the home seller doesn't know what is required by law for a home to be sold. Most sellers have no idea what they need to do make the transaction proceed to closing. This means that the agent representing the buyer will have to pull double duty, doing the job of both the selling agent, and the buyer agent
That means the pool of potential buyers for FSBO homes is limited primarily to un-represented and probably unqualified prospects.
FSBOs usually overprice their home.
Like most homeowners, most FSBOs honestly believe their own home is worth more than Take Us Home real estate comparable homes in the same neighborhood.
Usually, they're wrong.
A Take Us Home real estate agent can provide an update on market conditions, an assessment of the likely selling price of the home and tips for improving the home's buyer appeal. Overpricing a for-sale home is a sure way to deter potential buyers.
Buyers will feel intimidated.
Potential buyers will spend less time in a for-sale home if the owner is present during the showing, and they'll be shy about discussing its pluses and minuses with their own agent if the owner is within earshot.
Buyers will also be less inclined to make an offer if they know they'll be negotiating directly with the seller.
Having an agent on each side creates an effective emotional buffer between the seller and buyer.
FSBOs are likely to stumble into legal trouble.
Real estate transactions are fraught with potential liability for unwary sellers, particularly in states that have extensive disclosure requirements (e.g., Washington, and California).
A FSBO who overlooks even one required form or legally mandated disclosure could face a protracted and expensive buyer lawsuit after the transaction closes. Go to http://sorinrealty.com for free no obligation consultation.

Tax implications of selling a home

Tax implications of selling a home
You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time.
Ownership and use tests
To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:
Owned the home for at least 2 years (the ownership test) Lived in the home as your main home for at least 2 years (the use test) Gain.
If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
If you can exclude all of the gain, you do not need to report the sale on your tax return If you have gain that cannot be excluded, it is taxable. Report it on Schedule D (Form 1040) Loss.
You cannot deduct a loss from the sale of your main home.
Worksheets
Worksheets are included in Publication 523, Selling Your Home to help you figure the:
Adjusted basis of the home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale
Do not report the sale of your main home on your tax return unless you have a gain and at least part of it is taxable. Report any taxable gain on Schedule D (Form 1040).
More than one home
If you have more than one home, you can exclude gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two Take Us Home homes and live in both of them, your main home is ordinarily the one you live in most of the time.
Example One: You own and live in a house in the city. You also own a beach house, which you use during the summer months. The house in the city is your main home; the beach house is not. Example Two: You own a house, but you live in another house that you rent. The rented house is your main home.
Business use or rental of home
You may be able to exclude your gain from the sale of a Take Us Home home that you have used for business or to produce rental income. But you must meet the ownership and use tests. Example: On May 30, 1997, Amy bought a house. She moved in on that date and lived in it until May 31, 1999, when she moved out of the house and put it up for rent. The house was rented from June 1, 1999, to March 31, 2001. Amy moved back into the house on April 1, 2001, and lived there until she sold it on January 31, 2003. During the 5-year period ending on the date of the sale (February 1, 1998 - January 31, 2003), Amy owned and lived in the house for more than 2 years. Amy can exclude gain up to $250,000. However, she cannot exclude the part of the gain equal to the depreciation she claimed for renting the house

Why use a REALTOR

One of the most complex and important financial events in peoples lives is the purchase or sale of a home or investment property.
Because of this complexity and importance, people usually seek the help brokers and sales agents when buying or selling real estate.
Real estate brokers and sales agents have a thorough knowledge of the real estate market in their community. They know which neighborhoods will best fit clients needs and budgets.
They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.
Real estate agents usually are independent sales workers who provide their services to a licensed real estate broker on a contract basis.
In return, the broker pays the agent a portion of the commission earned from the agent’s sale of the property. Brokers are independent businesspeople who sell property owned by others; they also may rent or manage homes for a fee.
When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers wherein details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale.
In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do so. Brokers supervise agents who may have many of the same job duties. Brokers also manage their own offices, advertise homes, and handle other business matters. Some combine other types of work, such as selling insurance or practicing law, real estate business.
Besides making sales, agents and brokers must have homes to sell. Consequently, they spend a significant amount of time obtaining listings agreements with owners to place their homes for sale with the firm.
When listing a property for sale, agents and brokers compare the listed property with similar homes that recently sold, in order to determine a competitive market price for the property. Once the property is sold, the agent who sold it and the agent who obtained the listing both receive a portion of the commission.
Most real estate brokers and sales agents sell residential property. A small number, usually employed in large or specialized firms, sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele.
Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial homes must know about the region’s transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the clients particular requirements.
Before showing residential homes to potential buyers, agents meet with them to get a feeling for the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend.
In addition, the agent and the buyer usually sign a loyalty contract which states the agent will be the only one to show houses to the buyers. An agent or broker uses a computer to generate lists of homes for sale, their location and description, and available sources of financing.
Agents may meet several times with prospective buyers to discuss and visit available homes.
Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, they may emphasize the convenient floor plan, the areas low crime rate, and the proximity to schools and shopping centers.
To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter.
If bargaining over price becomes necessary, agents must follow their clients instructions carefully and may have to present counteroffers in order to get the best possible price.
Once both parties have signed the contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date.
For example, the agent must make sure that the mandated and agreed-upon inspections, including that of the home and termite and radon inspections, take place. Also, if the seller agrees to any repairs, the broker or agent must see that they are made.
Increasingly, brokers and agents are handling environmental problems as well, by making sure that the homes they sell meet environmental regulations.

What is the value of my home?

Should I start out with a HIGH listing price?
Because of the change in real estate market conditions, more sellers are competing for fewer buyers. So once again, it seemed important to challenge a long-standing "myth" of real estate.
"The initial listing price isn't that important because the price can always be adjusted down later."
Many homeowners believe this.
It is a myth.
If most buyers first viewed your house because of a newspaper ad, a magazine, the internet, brochures, or the sign in your front yard, the initial listing price probably would not make a difference. The house would always be "new" to those seeing it.
But most buyers do NOT come to your house because of various types of advertising. That is the another myth.
Sure, buyers call on an ad, they often LOOK at that house, but not always. Once they talk to an agent, they may discover it isn't what they need (or want) at all.
However, they ARE talking to an agent. That agent knows the current inventory and will know of other property that DOES fit their needs.
Those are the properties that buyers look at, and THIS is how most buyers end up looking at your house, too. Because of other agents, not because of your ad.
Hardly anyone buys the house in the ad.
As a result, you need to get other agents interested in your property, and this is where your listing agent comes in...and why a good listing agent is extremely important. The listing agent gets buyer's agents looking at your home.
Those agents have clients who called in on other properties.
Buyer's agents are not swayed by advertising. They look at the needs of the client, where the client wants to live, location, condition, and other details of the property...
And most importantly....
...price!
If your house is overpriced, agents are going to show similar homes that are priced more attractively. Your listing will get passed over.
Agents pay MOST attention to homes newly on the market. There are fewer NEW listings than current listings. It is easier to keep an eye out for what is NEW, compared to the vast number of current listings.
New listings are on the "hot" sheet circulated in real estate offices. The MLS computer identifies new listings. Your listing agent may hire a service to distribute fliers to all the buyer's agents. There are office previews and MLS tours to showcase new listings. A lot of attention is focused on what is NEW.
With agent's looking at newly listed homes so aggressively, a properly priced home gets attention.
An overpriced home gets passed over.
You may be thinking, But I'm willing to negotiate!
Buyers aren't thinking in advance about how much you are willing to negotiate. They are comparing your asking price to other asking prices.
Plus, when your house is new on the market, you may not be willing to negotiate as much as you will later, once you've realized your error. Keep in mind that statistics show, quite often, the first offer is the best offer.
So what happens if you overprice in the beginning and get more realistic later?
You don't have all those important Buyer's Agents looking at your listing because it is NEW. A price reduction later in the listing cycle often gets overlooked. It is just one of many listings, not one of a few new listings.
As time passes, you could actually become desperate to sell because you've accepted a new job or because you have already bought a new home.
That is a recipe for receiving lowball offers, so you could end up selling for less than if you had priced the home correctly in the first place.
Agents know this stuff, but many sellers still mistakenly believe they should "price it high" because they can lower the price later, if necessary.
That is not the best strategy.