Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:
Ultimately, the decision should be based on individual needs, the extent of work involved, and what will add the most value.
If you find yourself stumbling over weird acronyms in a real estate listing, don't be alarmed. There is a method to the madness of this shorthand (which is mostly adopted by sellers to save money in advertising charges). Here are some abbreviations and the meaning of each, taken from a recent newspaper classified section:
Bankruptcies and foreclosures can remain on a credit report for seven to 10 years. Some lenders will consider a borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.
The more you know about a seller's motivation, the stronger a negotiating position you are in. For example, seller who must move quickly due to a job transfer may be amenable to a lower price with a speedy escrow. Other so-called "motivated sellers" include people going through a divorce or who have already purchased another home. Remember, that the listing price is what the seller would like to receive but is not necessarily what they will settle for. Before making an offer, check the recent sales prices of comparable homes in the neighborhood to see how the seller's asking price stacks up.
Some experts discourage making deliberate low-ball offers. While such an offer can be presented, it can also sour the sale and discourage the seller from negotiating at all.
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale. That means taking care of any major repairs that could deter a buyer (such as replacing any broken windows or replacing a leaky roof) if you can afford it. Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door. Other quick fixes that don't cost a lot of money but can help you get top dollar for your home:
Stay up to date on the latest real estate trends.
Lenders require appraisals as part of the loan application process; fees range from $200 to $300.
One survey by the NAR shows that resale homes do have an edge over new homes.
Closing costs are the fees for taxes, or special interest charges that surround the purchase of a home.
How much money is available, either from cash reserves or through a home improvement loan?
Homeowners association dues; whether or not work done on the house meets local building codes.
In the late 1980s, and again 10 years later, the more expensive move-up housing appreciated wildly.
Jacqueline possesses the sophistication to handle the wide range of situations that real estate agents face in today’s market, while her business background has helped her to develop the exceptional communication and problem-solving skills that an agent needs to be successful.