Judy4Homes4Sale

Sell Your Home - But Beware Hidden Cost

2011-09-06T17:04:00.000-07:00

Sellers Beware!!! You put your home up for sale...you accepted an offer...and now it's time to close.

You'll want to be sure to check your HUD-1 statement (or remind your real estate agent) for an additional cost that some buyer agents are charging sellers.

That's right...the buyer agency for the people who are buying your home are charging YOU a transaction fee upward of $250 for their services!

How do you ensure this won't happen to you? When accepting an offer or making a counteroffer, have your agent add verbage to the effect that Seller will NOT pay any buyer agency transaction fees or additional commission fees other than that listed on the MLS.

Make sure your Realtor protects you from additional fees. If the buyer agency fee shows up on your HUD-1 statement and you catch it, your closing may be delayed in order to change it. So, take care of this precaution (and actually, your agent should be doing this) before it creates a problem.

Must Know Conditions on Foreclosure Homes Before Buying

2011-07-11T14:01:00.000-07:00

As tempting as it is to purchase a bank foreclosed home and save yourself tons of money, it is imperative that buyers become aware of the four most important physical conditions usually found in foreclosed properties.

First, always look for moisture-related problem sites. When you see visible leaks and obvious evidence of water damage somewhere within the house, you need to find out where it came from. Most of the time, water service will be turned off in the foreclosure property making it difficult to find the leak(s). Check for defective valves and hoses.

Many foreclosed houses are left vacant for quite awhile. Vandalism may have occurred. Make sure to check the property for missing parts...such as copper piping.

Look for signs of insect and rodent infestation.

With no water service, you may not know if the waste and swere lines are damaged or blocked.

Do not purchase a foreclosured property blindly. Hiring an expert, to check out any potential damage to the property, prior to purchasing a foreclosed property can save you thousands of dollars for repairs that may be needed.

Why It's a Good Time to Buy a Home

2010-09-15T07:31:00.000-07:00

If you are being tentative about buying a house because the news is so gloomy, you may want to re-think how this buyer's real estate market can benefit you. The best time for you to buy a home is when you can afford it. If your mortgage payment would be just about the same as your rental payment, it's a good time to buy.

Other reasons you may consider buying a home now is the convenience of being closer to work, the possible tax write-off could make your purchase beneficial, and the comfort of living near friends and family.

When you find a home you love, more than likely, you will encounter very little competition for that home. Sellers seem to be bending over backwards to meet demands of buyers. They are more apt to make repairs, give concessions (such as home warranties or offering to pay some closing costs), and they may lower the price.

When you find the home you love, be sure to think about its profit potential. If you get a good deal on the purchase of the home and see yourself living there for a few years, think about the profit you could make when you sell the home in the future.

Most people buy a home because they want to own a home; not because they are looking to make a profit. So, if you are ready for home ownership, remember to contact a mortgage lender to start the process of getting pre-approved. This will also enable you to determine the price range of homes that will be affordable for you.

This is an exciting time for homebuyers. Don't delay in purchasing a home. Interest rates are extremely low and you certainly do not want to miss out on the opportunity to "pick and choose" from the many homes currently on the market.

Why Upper End Homes May Not Be Selling

2010-08-22T11:55:00.000-07:00

This past week I took one of my buyer client to visit four homes for sale in the $450,000 to $550,000 price range in St. Charles county. Unfortunately, he and I were both disappointed in what we saw.

At this price point, one (especially me) would expect some "WOW" factor somewhere within these homes. Only one of the four provided us with "something to write home about" and that was on the exterior of the house. That was a large swimming pool and recreational area out back...somewhat like having a resort in your backyard. Perhaps it was that the sparkling water on such a hot, sunny days was so inviting.

Anyway, my client was hard-pressed to find qualities inside these homes that made him want to spend upwards of $450,000 for his next home. He loved the locations of the homes and had insisted on seeing them for himself. As he was so disappointed with the homes, I offered to preview homes for him to save him from wasting his precious weekend time. He was certainly all for that!

These particular homes have been on the market for quite awhile...and it is now definitely apparent why. Don't get me wrong...these homes were large and very clean...but totally overpriced for what they had to offer. I realize that all homeowners are looking to get the most money for their homes, but they need to be realistic. It is up to their real estates agents to assist them in pricing their home correctly...and it's not just by telling them how much another home sold for in the area. People need to know exactly how that home compares to theirs.

Sellers wonder why it is taking so long for their homes to sell, while they see a home down the street sell in 30 days. Their real estate agents need to be honest (sometimes brutually) with them in comparing attributes of the homes and it is such an injustice to overprice the home and make the sellers wonder why their home won't sell. In the meantime, all their moving plans are put on hold...maybe indefinitely, until they price their home accordingly.

Buyers have become very savvy. Through their use of the internet in shopping for homes, they have become experts in what to expect at what price point. Truly motivated buyers will not "low ball" an offer on a home that is priced correctly for what it offers.

Home Sales in St. Louis & St. Charles Counties

2010-08-22T11:32:00.000-07:00

Need to numbers to prove that the real estate market in alive and well in the counties of St. Louis and St. Charles? Here are some statistics:

In the past week, 36 homes had closings (actual change to new ownership) in the St. Charles County area. This does not include homes that received contracts; but the actual exchange of ownership. The highest sales price was $410,000 and the lowest was $60,000. It only took these 36 homes an average of 69 days to sell. That's just over 2 months...!! The average price per square foot was $109.08,

Now let's talk about the West County area covering Chesterfield, Clarkson Valley, Ellisville, Grover and Wildwood. There were 14 homes that closed last week with the highest sales price being $510,000 and the lowest $166,000. There homes took a bit longer to sell...an average of 135 days. The average price per square foot was $117.66.

So as you can see, people are buying homes. This time last year, homes were taking an average of 105 days to sell in St. Charles county; that's a month quicker. The West County homes selling last August were sold in basically the amount of time...133 days.

Don't be discouraged by what you hear about the real estate market. If the time has come for you to move, you current home has an excellent chance of being sold in a timely manner.