Tag Archives: Buying

5 New “Rules” to Home Buying

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According to REALTORMag.com, some of the traditional rules of home buying have returned.

“With signs of a housing turnaround getting stronger, housing experts say buyers are finding several recent changes when they go to put in an offer on a home. A recent article at U.S. News & World Report highlights some of these changing “rules” for your home buyer clients:

1. Lowball offers won’t likely stick: Sure, deals are still around, but lowball offers that aren’t in line with comparable sales data are increasingly proving to be a waste of time. Buyers may be better off asking for seller concessions, such as closing cost assistance or making home repairs, rather than making offers way below the asking price. “Keep in mind that a lowball number may turn off the seller and close down any chance at negotiation,” the U.S. News & World Report article cautions potential buyers.

2. Get pre-approved: Getting a loan isn’t easy nowadays as lenders have tightened their credit standards in recent years. Serious buyers should check their credit and get pre-appoved for a loan to determine how much of a home they can even afford even before they start their home search.

3. Get realistic about the market: Real estate agents can show buyers comparable nearby sales to help educate them about local market conditions. Transactions from the last six months are the most important. Another important piece of information for buyers is knowing how long properties are staying on the market.

4. Expect some competition. Housing inventories are dropping in many areas and spurring an increase in demand. Home buyers may face increased competition for the home they want, particularly among short sales and foreclosed properties, in which they may be up against investors who are making all-cash offers. That’s why experts say it’s important bank-financed buyers know their financial situation in advance to better compete.”

5. Conduct property research: Real estate agents will help guide clients on what all they need to do when they find a property they like, but one important step nowadays: Buyers should hire a title company to check for any liens or tax arrearages, the article notes. Housing experts also recommend hiring a home inspector, verifying the accuracy of the property line (by asking seller for the survey or having your own conducted), and make sure all necessary disclosures about the property, required by the state, have been made.

The Bidding Wars are Back

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Homebuyers have recently been caught off guard by a new development in the real estate market… bidding wars are back this spring sales season.

This recent surge of bidding wars is a result of supply shortages, unlike the wars of the past “go-go years.”

According to the Wall Street Journal’s recent article, the competitive bidding hasn’t been producing huge price increases or leaving sells with large profits. The wars, causes by small inventory, provide the evidence that housing demand is looking up after years of decline.

“An index that measures the number of contracts signed to purchase previously owned homes rose in March to its highest level in nearly two years, up 12.8% from a year ago and 4.1% from February, the National Association of Realtors reported on Thursday.

‘We very much believe we’ve hit bottom,’ said Ivy Zelman, chief executive of a research firm, who was among the first to warn of a downturn seven years ago. Earlier this week, she raised her home-price forecast for the year, calling for a 1% annual gain, up from a 1% decline.” Read Full Article. 

Coldwell Banker Seaside Realty Welcomes Eleanor Price

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Coldwell Banker is pleased to announce the addition of agent Eleanor Price to the Kitty Hawk office.

Eleanor is a veteran real estate agent who has worked in the Raleigh area for 14 years where she worked with builders working on new construction and rehabilitation projects, specialized in relocation buyers and listings, primary residences, and investment properties.  Prior to her real estate career, Eleanor worked in the banking industry processing mortgage loan documents and credit reports. She attests this work experience as a preamble to her real estate career having gained an understanding of mortgage lending procedures during that time span.

While in Raleigh, she was affiliated with Prudential and then Re/Max.  She’s looking forward to building her business here on the OBX with Coldwell Banker Seaside Realty.

Eleanor was born in England but lived in Raleigh for many years. She was an active member in the community and an avid participant and contributor to many charities including the Susan G. Komen Race for the Cure events, Children’s Miracle Network, and Relay for Life events.  Eleanor is an avid cook, loves to shop, read, and is an exercise and nutrition enthusiast.

She vacationed on the Outer Banks last summer and fell in love with our area.  She now lives in Kill Devil Hills with her Pomeranian, Stella.  Eleanor can be reached at eleanor@seasiderealty.com or 252.255.6562.

Founded in Kitty Hawk, NC in 1990, Coldwell Banker Seaside Realty is a dynamic full service real estate company, servicing the entire Albemarle region. More than 50 licensed agents provide both residential and commercial buying/selling assistance in Northeast North Carolina. Offices located in Kitty Hawk and Elizabeth City, NC. More information can be found on the Coldwell Banker Seaside Realty website at www.ColdwellBankerOBX.com.


 

Finding the Best Agent to Sell Your House

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“There are a lot of fish in the sea.” Great words of wisdom to help us understand life is full of opportunities. But when you are searching for a real estate agent, the question becomes “how do I find the right fish.”

Finding the right real estate agent is crucial to the sale or purchase of real estate…and crucial to your sanity. Buying and selling real estate is a big transaction and can increase stress levels. Real estate agents should help alleviate this stress, not add to it.

It is imperative for you to find a Realtor that has a proven success record and is a good match for you and what you are looking for. This is no easy task, but it’s worth the effort. And we’d like to help.

Below is a list of 10 important questions that you should ask a potential real estate agent.

HouseLogic suggests 10 important detailed questions to ask about an agent’s experience and skills to help you find the right agent for your home sale. We’ve answered these questions for you about Coldwell Banker Seaside Realty.

1. How long have you been selling homes?

  • Coldwell Banker Seaside Realty has been selling Outer Banks real estate for more than 20 Years.
  • Mastering real estate requires on-the-job experience. The more experience agents have, the more likely they’ll be able to handle any curveballs thrown during your home sale.

2. What designations do you hold?

  • CRS (Certified Residential Specialist,) CNAS, GRI (Graduate REALTOR Institute,) ABR (Accredited Buyers Representative , ePro, RDCPro (REO Default Certified Professional.)
  • Designations like GRI (Graduate REALTOR® Institute) and CRS® (Certified Residential Specialist), which require that agents complete additional real estate training, show they’re constantly learning.

3. How many homes did you sell last year?

  • In 2011 Coldwell Banker Seaside real estate sold 331 homes throughout the Outer Banks and Northeast North Carolina.

4. How many days on average did it take you to sell homes?

  • In 2011 our average “days on market” was 225 days, and the median was 159 days.
  • Ask agents to show you this data along with stats from their local Multiple Listing Service (MLS) so you can see how many days, on average, their listings were on the market compared to the average for all properties in the MLS.

5. How close were the asking and sales prices of the homes you sold?

  • On average, the sales price for the homes we’ve sold is 93% of the asking price.
  • Sometimes sellers choose their agent because the agent’s suggested listing price is higher than those suggested by other agents. A better factor is the difference between listing prices and the amount homes actually sold for. That can help you judge agents’ skill at accurately pricing homes and marketing to the right buyers. It can also help you weed out agents trying to dazzle you with a lofty sales price just to get your listing.

6. How will you market my home?

  • Our Internet Marketing Guarantee includes enhancing your listings on all the websites, including cb.com and Realtor.com and Trulia along with a custom QR code for your home. In addition, your home will have a dedicated toll free number to capture all sign calls.
  • The days of agents putting a For Sale sign in the yard and hoping for the best are long gone. Look for an agent who does aggressive and innovative marketing, especially on the Internet.

7. Will you represent me exclusively?

  • If you wish to be represented exclusively, we will honor that request.
  • In most states, agents can represent the seller, the buyer, or both in a home sale. If your agent will also represent buyers, understand and consent to that dual representation.

8. How will you keep me informed?

  • Our agents will Keep you updated by the agreed upon method of communication and based upon time table that you agree to.
  • If you want weekly updates by email, don’t choose an agent who plans to contact you only if there’s an offer.

9. Can you provide references?

  • Absolutely! We love to share references.
  • Ask to talk to the last three customers the agent assisted. Call and ask if they’d work with the agent again and if the agent did anything that didn’t sit well with them.

10. Are you a REALTOR®?

  • Yes, we wear our REALTOR affiliation with pride.
  • Ask whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS® (NAR). NAR has been an advocate of agent professionalism and a champion of homeownership rights for more than a century.

Outer Banks Featured Home: Oleander Court, Corolla

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Pride of ownership shines in this beautifully kept 6 bedroom, 4.5 bath home, located at 655 Oleander Court in Corolla. 

Priced to sell, this property features a private pool, new hot tub in 2010, new carpet and redecorated bedrooms in 2010, and an easy walk to the beach (only 550′).

Other recent updates include new dishwasher, washer and dryer in 2010, and a new fridge and great room HDTV in 2011. Designed for entertaining, there is also stereo surround sound in the great room and stereo speakers in the outdoor pool area and game room.

Rentals are impressive and projected to produce around $67,550 if the property were to allow pets and rent year-round. Ocean Lakes in Ocean Sands is a community that offers a pool with clubhouse as well as community tennis courts…all just a few minutes walk away! Shopping, groceries, golf, activities and movies are also right at your fingertips!

For more information on this beautiful property, contact Heather Sakers at Coldwell Banker Seaside Realty.

4 Questions to Ask Before Buying a Foreclosure

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“Foreclosures can offer big bargains, but buyers need to be careful that they don’t get over their heads in purchasing a home that may need more repairs than they bargained for.

Foreclosures are usually sold as-is, and homes that are left vacant standing too long can have a lot of maintenance problems.”

REALTORMag suggest buyers consider the following questions:

1. How long has the home been vacant? Be cautious of a foreclosed home that has stood vacant for more than a few weeks or had its utilities shut off a long time. Marvin Goldstein, a home inspector for many foreclosed properties, says a home can deteriorate quickly when heating, cooling, electricity, and running water have been turned off for awhile.

2. How old is the home? Goldstein says that homes that are more than 50 years old may have a failing plumbing system or inadequate electrical wiring.

3. How does the home look? Are there broken windows, gutters hanging down, or damaged siding? “Trust your instincts. If the house looks bad from the outside, it’s probably worse than you think,” Goldstein told The Oklahoman.

4. Is there anything missing? Sometimes former owners remove anything of value from the home, such as built-in light fixtures, bathroom tile, water heaters, air-conditioning units, and hardwoods, says Bill Jacques, president-elect of the American Society of Home Inspectors.

Housing experts encourage buyers to get a home inspector to look at the property, even if it is sold as-is, so that home buyers know any repairs needed and cost estimates before they purchase the home.

“Buying a bank-owned home gives you the opportunity to enter the market at a very low price level,” says Dorcas Helfant, a past president of the National Association of REALTORS®. “You can find terrific values among foreclosures, especially if they’re not in too bad shape. But, remember, these houses are discounted for a reason.”

New Year New Home?

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Via ColdwellBanker.com

It’s officially 2012 so let me start by wishing you a happy new year.  In early January, many of us are planning and setting goals for everything we want to do and achieve in the year to come.  While many people think of spring as the primetime home buying season, the winter months often offer an even greater selection, and the opportunity to settle into the new home before warmer months arrive.  If buying a house is on your “to do” list this year, now is also the time to begin preparing.

I remember when I bought my home.  There were so many things to get in order– it was confusing to decide where to begin! So, even if you plan to buy in the spring, January is a good time to get ready. Here are some tips to help you get on track to reach your 2012 home buying resolution:

  • Select a qualified and trusted real estate agent: At Coldwell Banker, we have a network of knowledgeable, trustworthy agents.  Agents understand the local market and can help you find all the information and resources you need to get started. Researching on your own is important, and using free online tools is a great way to start, but meeting with an agent will ensure you don’t miss any important steps along the way.  In fact, the next three tips were sourced from the great advice of our agents.
  • Create your “must-haves” and “nice-to-haves” list: Easier said than done, right?  But it’s next to impossible to find a first home with everything.  You’ll need to think about your lifestyle needs and prioritize the non-negotiable home accommodations, such as a bedroom for each family member, over items you may want, but not need, such as a large master suite. Everyone’s list is different, but knowing your “must-haves” in advance will help you stay focused.
  • Determine your budget: Be realistic about what is affordable. An agent can help you find comparable home prices and hone in on approximately how much the payments will be.  You should also plan to get pre-approved for a mortgage. Doing this prior to house hunting will let you know how much money you qualify for, and how much you can afford. You’ll also be able to figure out which mortgage type is best for you.
  • Identify the perfect “location, location, location”: Everyone has heard this phrase before, and while the surrounding neighborhood and home itself may improve over time, the physical location will remain the same. Determine in advance how close you would like to live to work, schools or extended family. A short commute to work, proximity to family or having easy access to highways and mass transit will often be items for your “must-haves” list.

Hope your 2012 is off to a good start. If you’re starting your home search in 2012, we’d love to hear what you’re doing to get the home search process started.

The PRICE is the Same, but the COST is Less (infographic)

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The KCM Blog...That means you save $285.30 a month, $3,423.60 a year and $102,708 over the life of a 30 year mortgage! You buy the home for the same PRICE but the COST is over $100,000 less.

 

 

Via the KCM Blog…

There is more and more research coming out showing that it makes great financial sense to purchase a home today . Whether it be rent vs. buy ratios, income-to-price ratios or income-to-mortgage payment ratios, purchasing a home right now is a bargain compared to historic norms. Now we want to look at the COST of a home today compared to pre-peak prices.

According to the most recent S&P Case Shiller price index, residential real estate values have returned to 2003 1Q PRICEs. That, in itself, says something. However, when you factor in mortgage rates, the case for buying a home today becomes even more compelling.

Bottom Line

This is why so many financial advisors are saying that this may be one of the greatest times in history to purchase a home.

Contact a Coldwell Banker Seaside Realty agent today for more information about homeownership and what works for you.