How Long Can You Wait?

You want the highest possible sale price for your home, but how long are you willing to wait for it?

If you don't price your home right from the very beginning, you may end up paying dearly for it later.

Have you noticed a home in your neighborhood that's been on the market for a while, and the owners have reduced the price, maybe even more than once?

Why wouldn't someone purchase a home that's been so drastically reduced?

Because one of the first questions buyers ask is, “How long has it been listed on the market?”

You'd probably ask the same question if you were in their shoes.

If buyers know that a home has been listed for a long time, they naturally assume that something is wrong with the house or property, or they assume that they can make a lowball offer to desperate owners.

Avoid putting yourself at their mercy by pricing your home fairly the moment it hits the market.

That's when activity will be the hottest and other agents and buyers will be most interested in the new listing.

Don't ask too much now and then reduce your price after all the best prospects have come and gone.

Contact a local full time Mesquite market professional real estate agent who will analyze comparable homes and your goals and motivations to come up with a fair asking price.

Chris Miller is a local Realtor, and hosts "Talking Real Estate" every Saturday afternoon at 3 p.m. on www.radiomesquite.com. He also publishes a website on Mesquite real estate at www.mesquitemarket.com.

IT WORKS BOTH WAYS!

In slower housing markets, most sellers understand that attracting buyers becomes more of a challenge. With more homes for sale at ever more competitive prices, buyers tend to have more power to choose and negotiate under these circumstances.

What steps can you take to insure a faster sale at a higher price? First, seek representation. Over the last ten years, the number of homes that sold "by owner" fell by one third, and that statistic includes all markets, both hot and cool. What does that trend mean? Sellers have come to realize that real estate professionals are better equipped to produce top dollar offers, especially in slower conditions.

In 2006, the National Association of REALTORS® reported that the median selling price for homes listed through agents was 16% higher than those homes that were sold "by owner." Beyond putting more money in your pocket, an agent also saves you untold headaches associated with marketing your home, orchestrating showings, and coordinating paperwork.

Last year, a significant number of unrepresented sellers ended up finally turning to a professional. Why wait until your home has already become stale inventory to reach the same conclusion? Remember that what works in a slow market also holds true in very active markets - a professional representative simply brings more knowledge and experience to the table, resulting in higher offers in less time.

Reprinted from Desert Valley Times, Mesquite Market, Published April 27, 2007 By Chris W. Miller GRI, CRS, ABR

To Sellers in Mesquite

Are you currently thinking of selling or did you have your property on the market “For Sale” and it did not sell. You should know what I am doing in 2007 to help you.

Each week I offer buyer’s seminars on the Mesquite market. These are basically, “How to be a smart buyer in Mesquite” training classes. I meet people through these seminars who might want to see your property.

Each week I write and publish in the Desert Valley Times and MesquiteLocal newspapers general real estate news, as well as Mesquitelocal, Mesquite’s online news paper. Buyers read these and contact me for additional information.

Each week I do a one hour call-in real estate program called “Talking Real Estate” on Radio Mesquite.com. Through this internet radio program, we reach buyers around the world who are interested in learning more about the Mesquite real estate market, and possibly your property.

Each day I update Mesquitemarket.com website. This site offers buyers complete, up-to-date Mesquite market real estate information. With links for buyers to and from Builders associations, Chamber of Commerce’s, Realtors associations (Realtor.com) and many other industry sites. Mesquitemarket.com has received over 400,000 hits in the last 8 months. The Mesquite Market Quarterly newsletter is emailed out quarterly to hundreds of future Mesquite buyers.

Mesquite GMAC, a large national franchise has over 1300 offices nationwide, and while all real estate companies may seem the same, Mesquite GMAC also has over 100 agents working in the St George market and we do send buyers back and forth.

Through these marketing efforts, this plan is developing buyers for Mesquite. The marketing plan is in place and available for you to plug your property into the system. Don’t settle for anything less than a hard working agent with a complete marketing plan.

With over 30 years experience and over 1000 closed transactions, I know how to sell your property. As you can see I am working very hard to help you sell your property.

Here is the point of the story, if you are hiring a real estate agent to work for you, then you have a goal in mind, a job to be accomplished so you can move forward. You need to ask the right questions to know if the agent you are hiring has the ability, and desire to do the job. Are they really willing to WORK for you? They should be able to sit down with you and outline their personal marketing plan, not just throw up a sign, put it in MLS and sit back and wait.

So, do your homework, interview a number of agents, ask the right questions, and then YOU can sit back relax and them work.

Chris Miller is a Realtor® with Mesquite GMAC. Call Chris Miller today to buy or sell your property. 702-346-9050 OR 435-862-5951

Are You Ready For A SOLD Sign?.

A Bird in the Hand or is That Just a Fish Story

Today we are hearing many tall tales about the one that got away.

You know selling real estate is like fishing, some days they are biting and some days they aren’t. Sometimes you can see them but they just won’t bite, and other days they love everything you throw at them. They can be big or small, hungry or finicky; they are always fun to catch.

Some get away.

At times they may just nibble or strike with a vengeance. Once in a great while you just can’t reel em in fast enough and you end up with a boat load, those are the days you remember.

But the really big stories are always about the one that got away.

Today many home sellers are talking about the one that got away. That offer that, if they could get it back, they would take in a minute.

The sad part of this story isn’t so much that they got away, but rather, it was the seller’s counter offer that chased them away. They had it right in their hands and they let Greed chase them away. For a few dollars more they bought their house back!

But then some always get away!

Some food for thought next time you have an offer sitting on your kitchen table. Those buyers may not give you a second chance.

A CALL FOR CAUTION!

By Chris W. Miller GRI, CRS, ABR

Even with interest rates modestly climbing, it’s still a good time to purchase a home.

In addition to “conventional” loans like fixed or adjustable rate mortgages, there is an increasing variety of “exotic” mortgages available, (these loans may become toxic loans for some) such as negative amortization and option payment adjustable-rate mortgages, just to name two.

Not every real estate agent is a loan specialist, most are not, but an agent can begin the discussion, and can recommend a lender to guide you. Since agents work so closely with mortgage specialists, the National Association of REALTORS® has teamed with the Center for Responsible Lending to provide a valuable publication for homebuyers.

“Shopping for a Mortgage? Do Your Homework First” can be found on NAR’s website at realtor.com and on the CRL website. The brochure provides information about the risks and advantages of specialty loans.

While these loans have helped more buyers realize the dream of homeownership, there can be risks. Some specialty mortgages can increase 50% at the end of the “introductory period.” You may discover that you’ve accepted a loan for more home than you can afford.

“Interest only” mortgages represented a few percent of all loans a few years ago, but now account for nearly 25% of home loans. Perfect for some, very risky for many, it can be easy to qualify but difficult to budget. It’s best to begin your home search with professional advice.

ARE YOU READY FOR A SOLD SIGN?

Reprinted from Desert Valley Times, Realty Corner, Published June 30, 2006 By Chris W. Miller GRI, CRS, ABR

Traditionally, real estate agents have emphasized their "selling" prowess as a reason for listing homes with them. Naturally, sellers want their home sold, and an agent who is a successful "salesperson" would appear to be the likely listing candidate.

Today, agents can play a more important role by organizing and attracting the attention of other agents. You don't necessarily need an agent to "sell" your property – you need an agent to "cause" it to sell, and there's a big difference.

Consider the odds. Say there are 250 active real estate agents working in your market. Would you rather have just one or all of them working to sell your home? When interviewing agents to list your home, ask how they intend to mobilize the entire realty community to show your home to their ready-and-waiting pool of buyers.

Choose the right agent, and you will enjoy the best possible marketing efforts available, focusing on exposing your home to all buyers, not just a few. The more buyers who see your home, the sooner it will sell. The more buyers are competing for your home, the higher it will sell.

In today's fiercely competitive market, it is imperative that your agent "markets" your home and not just "sells" it. Once you understand the difference and find an agent who follows that philosophy, you can just about begin packing!

Before You Reach For Seconds...

Many homeowners are diving into the second-home market, for a variety of reasons. Much of the Mesquite market is second-home ownership. If you've given any thought to the possibility, you may have already formulated a list of questions and answers for yourself and your family. If not, here are some important considerations...

First, if you are going to travel between two residents, just how far are you willing to travel? You can consider a close-by destination if you are planning to just get away on the weekends, but a once-a-year destination could be anywhere your imagination takes you. Your reasons for getting away will impact the features you will be looking for: Golf, Mountains, Beaches, "Big City Entertainment, etc. Many Mesquite residents are here six months or more, mostly during the winter months.

Perhaps more importantly is the question of how much are you willing to spend. Consider the equity you've built in your current home, and the impact a second mortgage will have on your budget. The type of mortgage will also be a consideration, depending among other things on how long you plan to own the second-home.The manner in which you'll use the second home will affect those figures, since you might plan it as an investment, either for rental or resale. Can you rent the property, and for how much, might be improtant questions. If it would be for retirement or recreation, then again you would look at the financing differently. For many people second-home ownership in Mesquite has proven to be a very lucrative way to have fun.

Finally, don't forget who else might be able to use that second residence as well, like your children or your parents, even your friends. A professional opinion never hurts, but you'll benefit from bouncing the idea around with others. Happy second-home hunting!

Reprinted from Desert Valley Times, Realty Corner, Published May 26, 2006 By Chris W. Miller GRI, CRS, ABR

Is Your Homestead Still In Effect?

Are you aware that changes with your Mortgage Company or vesting of ownership, i.e. Marriage, divorce, refinancing, a death in the family, etc. Will void any current homestead declaration you may have filed. It’s a fairly simple process that can protect up to $350,000 (up from $200,000) of equity in your home for a small recording fee of only $14.

The Clark County Assessor’s web site states; WHAT THE LAW PROVIDES: When you record a Declaration of Homestead, Nevada law protects the equity in your home up to $350,000 from general creditor claims (unpaid medical bills, bankruptcy, charge card debts, business/personal loans, accidents) but would not preclude a seizure or forced sale of your residence from general creditors if your equity exceeds the $350,000. A creditor may file suit and can record a judgment lien against any real property you own. Recording a Declaration of Homestead protects your principal residence up to the statutory maximum. For example, if the value of your home is $445,000 and you have a first mortgage of $285,000 plus a second mortgage of $10,000, the equity is $150,000.

WHAT IS NOT PROTECTED?

The Homestead Law does not protect you against debts secured by a mortgage or deed of trust, payment of taxes, IRS lien, mechanic's lien, child support or alimony payments.

If you interested in filing a declaration of Homestead or need to re-file, contact Mesquite GMAC, We have the current forms and will notarize them for free. If you are re-filing you will need to know the date of your former declaration recording.

TIME TO SEE THE LIGHT!

You’ve listed your home and accepted a full price offer. Is it time to celebrate? Not quite yet. At least not until some important details are addressed to help speed your transaction toward a successful closing.

Even seemingly uncomplicated contracts can run into last-minute delays that could cause the whole deal to backfire.

One of the most common issues has to do with “conveyances.” This basically refers to what the sellers will or won’t “convey,” or pass on, to the buyers. Contentious situations can be avoided altogether if you and your agent clearly define the “real” and “personal” property to be tendered. Real property is the home itself and any permanent, attached fixtures (think ceiling fans and major appliances), while personal property could be easily removed (think drapery and the microwave oven). Don’t want to “convey” that expensive chandelier in your dining room? Then either replace it before your first showing, or clearly state in the listing that it will not be included in the sale. Pay close attention to the “personal property” item in the Offer to Purchase and Contract, as that is where buyers may request the chandelier be included.

Oversight could result in the buyers trying to negotiate a lower price, possibly causing the transaction to fail. Consider all the fixtures in your home before you list, and avoid any worries or uncertainties.

When Your Ready To Sell

When you’re ready to sell your home, how will you select a real estate professional? I’ve already recommended in a previous column that you should call around, asking questions and answering questions, too.

Your greatest concern may be your bottom line, but to sell in a reasonable amount of time, you need to sell at a reasonable price. Avoid the temptation to list with any agent simply because he or she tells you that they can sell your home for more money.

Only with a complete Comparative Market Analysis in hand can you be sure that the agent has thoroughly researched the values of homes that have recently listed, sold and /or expired. With that knowledge, you can confidently price your home according to what you know the market will bear, and in a range that buyers will find competitive.

Of course, you can put any price tag you want on your home, but don’t you want to sell more quickly at a fair price rather than over-price and wait while your listing languishes on the market? You could choose to list with an agent who tells you that you can get more money, but you might be waiting a very long time at that price.

Be upfront about your timetable for selling, and then ask for a CMA to price your home accordingly.