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6 Tips to Sell Quick in 2016

house3Looking for the right timing in selling you house can be a bit of a challenge especially that you can’t always predict the real estate market. For starters there is probably a need to establish a new approach to sell your house quickly this 2016.

Take note that this year is an election year and the interest rate are higher than the quarter-point hike in December. Looking at the past real estate cycle, here are some of the best strategies you can implement in your real estate marketing plan to sell your home quickly.

Price your home right

This is no longer a novel tip but still holds the most important aspect in selling a home. Setting a lower or higher price can both start a bidding war, which could even put you back in financial roller coaster. For example, underpricing can make your home sell fast but the drawback strikes on the unpaid interest you will have to pay later on. Let’s say you’ve puthouse2 up a price less than your home market value and your home was sold. Where will you get the extra money to cover other extra expenses, aside from the interest?

Home buyers are very tech savvy nowadays and they watch listings like hawks, vying for the houses that are priced right. Sellers simple to be realistic in their prices.

Finance the sale yourself

The mortgage rate is expected to rise this year and if it keeps rising, it will start to affect home affordability across the board. So one way to help draw prospects to buy your home is to finance the purchase yourself and make monthly payments for you. In other words, you can be the bank but at least offer a lower interest rate than what buyers would get from a traditional mortgage lender.

House1Stage your home right

Present your home in the best light possible. The simple thing below can help you attract potential buyers.

  • Generally clean your house and change paint if possible
  • Remove cobwebs from your ceilings, chimneys, and windows
  • Fix the hinges in your doors, closets, and cupboards and make sure they all open easily
  • Clear up your lawn (mow the grasses and cut the bushes that block the windows)
  • Display clean towels in bathrooms

Time the sale

Spring time still holds the best time of the year to put your house in the market. This year you could take advantage of the housing market uncertainties that election may bring and get your house sold even before spring otherwise. If you are concerned that election could through a tug in the market, then have your house listed before spring before wild speculations sets fear among homebuyers.

Target millennial

Your safest target prospects this 2016 are those who are between the ages of 18 and 34. house 4Baby boomers will start selling their houses too, which will create more possibilities for millennial to become homebuyers. Since they are your target buyers this year, you should also arrange and decorate your house according to what they may possibly like such as having a gourmet kitchen, balcony, or backyard decks.

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6 Questions to Ask When Buying a Home

6 Questions to Ask When Buying a Home

So, You finally decided that you want to buy a house!

Whether you’re a first time home buyer or just moving out, this is an important decision. You have probably asked yourself a million questions up to this point and now that you have finally narrowed it down to one, you are now ready to buy the home of your dreams.

Right?

Not so fast. There are six questions to ask when buying a home on Maui and take into consideration before owning your next, or first home.

1. Are you ready?

2. Do you know how much it costs?

3. Do you know how much you can afford?

4. What will you put down?

5. Have you readied the other fees, too?

6. Have you checked your finances and credits?

It is a major decision for anybody to buy a home. New home, new life, new beginning—as most people would put it. For some, it marks independence, cleaving, maybe even a paradigm shift. The things that come with home buying are usually big, including mortgage costs and a lot of paperwork. Documentation and the tedious process of repairs if any should also be something you’re ready for.

When you are, then you’re good to go!

Money gets harder to earn nowadays, and it’s very alarming that living expenses also get higher through time. This is also the very reason why we should be careful about the things we splurge on.

While a house is worthy of our hard-earned money, it should be something we could really invest in. Every home buyer should always carefully analyze a property’s price and market value. Be aware of how much is acceptable in spending for the type of house you prefer, so you won’t surprise yourself when it’s paying time.

We know what they always say, live within your means. While it could always be so tempting to purchase your dream home in a jiffy, it should always be remembered that a house’s price could be so overwhelming. Consider mortgage costs, miscellaneous fees, monthly amortization, and even maintenance expenses.

There’s a lot more than the down payment. It’s a great idea to compute how much money you can afford to allot to monthly payments, and that could be your basis of how much you’re capable of.

house 4Here comes the down payment. When you’re using a loan to buy a home, the lender usually requires a certain amount as a down payment. There are instances when a down payment should be paid in cash, or in installments. Either way, a home buyer should be ready for the down payment once he has decided about which to purchase.

It is highly essential that a buyer is ready with the amount before he starts looking. Escrow fees, documents, even the searching process could consume a lot of money, too.

Title searches, as well as other home buying documents need to be paid right away. If in any circumstance, one could not afford to pay such fees, a lender could be of big help.

When applying for a loan, lenders and banks naturally run checks regarding your credit and financial history. A home buyer should be aware of his current mortgages, if any, just to be sure that the property he will purchase is still within what he is earning.

These questions are just a few of all the things a home buyer should consider when choosing a property.  Bottom line is, being financially, emotionally, and mentally prepared for the expenses responsibilities goes a long way. So, research, look around, and be ready.

Melanie J. Vitale, ABR, GRI, RSPS, SFR
REALTOR/ Broker #19645
Coldwell Banker Island Properties
Direct: 808-870-7162


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Important Clauses in Your Real Estate Contract

REC1When closing a deal in real estate, you have to follow certain mandates for it to be binding. For example, you contract has to be in writing, which will also spell out all of the terms and condition, special agreements if there are any.

However, a real estate contract can be full of hidden wonders which might trick you if not noticed. If there is no real estate agent involved, your attorney should be able to assist you in preparing a contract offer. In this article, you will learn the most important clauses that should be included in a real estate contract.
REC2Description of the Property. For every real estate contract, the subject property must be fully describe in the contract. To do this, you can look at the title and the approved survey plan for the property. On the contract, you should place the name of the person to whom the property belong, the name of the property, title of the property, lot number, exact location, and any special identification details. These details are important to clearly identify your property.
REC3Price of Property. 
The price of the property should be placed in the contract to make it clear the payment that the buyer has received. If you are the buyer and you are obtaining financing, you should allow yourself some time. Most mortgage lender application usually takes around 30 to 40 days to get approved, so you may want to give yourself up 60 days in which to finalize the deal.

Home Inspection Clause. This part of the contract allows the buyer to Inspect-1have an inspection made to the property, within a certain period of time. The inspection may include investigation for the roof, plumbing system, heater, and air condition. The inspection may be done to make sure there are no hidden problems affecting the integrity of the home.

Home inspection clause is an important clause in the contract to prove good physical condition of the property. The result of the inspection should be attached or annexed with the contract. If there are some repairs in the house, and the buyer agrees to the contract, then it means that the buyer is also okay with such shortcomings.


200412016-001Closing Clause . 
The closing clause states that the seller turns over or conveys the property to the buyer either in fee simple, loan, or any other means of conveyance. The purpose of the closing clause is to evidence the transition of the property from the previous owner to the new owner.

Closing clause, however, is different from the closing cost. Closing cost spells out the financial cost of closing the contract, which will also include the cost of recording the deed, title insurance, and escrow fees.

Assignment Clause. It is important that your contract do not have a helloprohibition for assignment of obligation. Normally, the buyer can assign the property to a third person while the contract is pending and the latter can assume the obligation. You could add a simple clause like “buyer may assign the contract” or “whomever is assigned to this contract will also agree to the purchase.”

A real estate contract can be tricky, hence it is important that you have all important elements spelled out in the contract. Now that you know these, you can be more careful and mindful in your real estate contract.