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Great newsletter!  I passed it onto the owners of my company....
we occasionally have sales retreats with speakers...
it would be great if they'd consider having you sometime!
Troy Thiel, First Weber, Madison,Wisconsin


Mark Nash on  Bloomberg on Demand
Bloomberg on Demand Begins April 1st!
 
 
 

Confessions of a serial mover.
By Mark Nash
 

Daffodils, tulips and forsythia blooming used to get my wild oats moving, now sadly; the sweet smell of spring jump-starts my inner sense of change to a new home. Visions of fresh beginnings in a new home motivate homebuyers and renters to make the leap and sign the documents. But, the reality soon sets in, how are we going to get all our stuff edited, organized, packed and moved to the new place? Not to worry, Mark Nash author of 1001 Tips for Buying and Selling a Home, a confessed serial mover shares his tried and tried advice and tips for getting through the grunt work and into your new digs.

 

I didn't start out to be a serial mover, but evolved into one over time. Buying fixer-uppers, rehabbing handy-man specials or building new construction homes as a business long before "home flipper" was coined sent me down the road to serial mover. I couldn't take any profits from my last project until it was sold, and I always lived in my project (just one at a time), so moving was the chore that delivered the money. Being single and childless provided flexibility and never any serious discussions of the pros or cons of this vagabond lifestyle. After all, I thought it was a business, this American mobility.

 

My friends retroactively in whispered dinner talk qualified me in the mid-1980 as a serial mover. At least it was relatively safe, behind my back gossip. They all proudly chided me for being their only friend that was never entered into their address book in ink, only pencil. The pencil entries started for my first home, 2 years, home two, 3 years, third home, 2 years, number four and five, six months each (that was some year, why I unpacked either time is still a mystery), number six three years, and my soon to be not current home, six years. I'm proudest of this time in my soon to be ex-house, according to statistics compiled by The National Association of Realtors(R). I'm now like the average American for length of time in their current home. And, my friends were just starting to think I was due for ink.

 

My moves have entailed down and up sizing and a few laterals. I am a self-identified purge, just with my physical stuff, not my physical body, so moving is a great way to exorcise sentimental woes, awful gifts, dreadful artwork, mistake purchases, and hand-me-downs. As a bonus for all the hard work, it creates many new shopping opportunities. Moving allows you to redefine yourself and your living environment, and analysis aside; it's been rewarding to spurn anything that floods me with melancholy.  I must admit, this current move is no longer an American Adventure (sorry U-Haul); it’s a downsize from hell. But, with years of experience I'll make the best of it. I have daydreamed and implemented the most efficient way of packing a box for the last two decades of my adult life.

 

The major purge categories are:

 

Paperwork and document files. Boomers are guilty of hording income tax returns, phone bills, and credit card statements from the Nixon era. And those fading Polaroid photographs should go too. Out, but shred them, one thing that hasn't changed is your social security number. Maybe the boomers will be remembered as the over-archived (originally the Pepsi) generation. I like the X and Y's, they truly do save trees by having their files and folders stored electronically.

 

Cassette, eight-track, record albums and VHS tapes. I never did have a disco ball, but I still have a significant collection of Donna Summer cassette tapes, which replaced the albums I purged, but I haven't listened to them since I moved in six years ago. Now, I boogie-oggie to Donna Summer on the oldies station in the car. While you're at it, purge those ugly cassette tape storage towers that don't look like anything, and the cheap plastic boxes that are filled with knock-off copies of Dallas and Dynasty. I like the X and Y's because they have all these cool compact file cards, I-Pods and watch television shows on their cell phones, so neat and tidy.

 

Paint. This goes hand-in-hand with serial movers. The old adage that paint is the cheapest way to redecorate is true and my collection of left-over and disasters paint is huge. Ralph Lauren had a collection of metallic finishes a decade ago, they were expensive, and even though they never looked good on my walls, I couldn't throw gallon of excess away. Now's the time. Paint and other chemicals need to be disposed of properly. Old bed linens, how many drop clothes do I need? I like the X's and the Y's because we have something in common with them, they love earth tones and natural colors in decor (, remember the 1970's?) and they can buy a home in many parts of the country that feature this decor in it's 'original" state, which is so, green, and thus, move-in condition.

 

Kitchen stuff.  Julia Child made us believe that we all could be French chefs. My cupboards are full of beautiful flan cups that every time I used them, the topping was burned (by that flame thrower that was fifty bucks), odd coffee mugs from significant birthdays I'd rather ignore, the bundt cake pan from the 1980's, I know they'll come back into food-style, but when? Plus, all those seasonings and cake decorating supplies that I know I'll never use, but they were so expensive for just one use, and paper coffee filters to fit any and all coffee makers, even the ones I no longer have. I like the X's and the Y’s; they are firmly entrenched in the belief that a kitchen is for reheating take-out and throwing out empty Starbuck's go cups.

 

Clothes and shoes. Imelda Marcos isn't the only one guilty of indulging in over-consumption of shoes. And guys, you're just as guilty; it's about time you come out of the shoe-for-every-outfit closet. The problem with being a serial mover is that it's amazing how much my waistline changes between moves. When I moved in six years ago I was a thirty-five, then I ballooned to a thirty-eight, but now I'm back to thirty six, so purging all those thirty-eights is a joyful rite of moving. Don't forget to take the boxes of used dry-cleaning hangers back to the source, and I love to use the clear protective bags, double bagged as purging receptacles. Boomers are addicted to dry-cleaning, and having midnight blue-black as the new black feeds the addiction, dust, lint and hair doesn't go with any shade of black. I like the X's and the Y's, they enjoy clothes, but synthetic fibers and an Abercrombie & Fitch look are not iron-friendly.

 

Hardware and duct tape. Even if you're not handy, you have picture hanging hardware, screws, nuts, bolts and twenty Allen wrenches that fit twenty different pieces of something you had to assemble. Add in door-stoppers from your last house, those dreadful beige wall switch plates you took down, but are worth something, and surge protectors, cable TV wires, computer coaxial stuff, and your first, second and third cell phone. Duct tape, don't you wish you invented it? From what I hear, it's a home run for either gender. It's in a drawer in every room in my house and it's great for putting a band-aid on any household problem. Some of my rolls are so old; the adhesive has co-mingled from multiple layers. I like the X's and the Y's, they've never heard of Architectural Digest or This Old House. So what if the switch plates are faux Mediterranean or the recycling basket is coming apart from being over-stuffed, chill out.

 

It just dawned on me, that as much as we're a nation of consumers, we're also a nation of savers. After all what are, attics, basements and garages for? But, I've always had a saying that I use with clients who are just starting the daunting task of preparing for a move; 'when in doubt, throw it out". It works. It's easy. And, it doesn't wait around to be picked up by a charity, so you can re-decide to keep it. Being a serial mover has taught me some hard lessons about preparing to lift up my worldly goods and take them on the road again. A road for me well traveled.

 

Copyright 2007. All Rights Reserved. Mark Nash


Dog parks emerging "must have" for pet loving home buyers.
By Mark Nash

Home buyers across the country are adding in rising numbers a walk-to dog park to their new home search parameters. I first reported this trend in my annual survey; " What's In, What's Out with Homebuyers in 2006". Many first-time and repeat home buyers in suburban and urban communities want to include a nearby dog park as a day-to-day way to integrate their favored pooch into their next hood.

Savvy communities are recognizing the need and establishing designated dog parks as a home buyer perk that works. Many dog owners I have worked with have nixed a property that isn't near a dog park. As one buyer said to me "They're better than children as far as networking yourself in a new neighborhood, a cute and polite dog can open conversations and a whole lot more." As a real estate broker, dog parks as a community amenity are an emerging trend, one that can increase property values, lower market times when selling a property and be a deciding factor in a home purchase decision. Plus, if a town is looking to establish neighborhood associations, dogs are a great conduit to get people banding together.

Dog parks have some common elements that the average dog owner/ home buyer look for. Easy walking distance, no more than six city blocks one way. Located on a quiet side street, busy thorough fares spook some dogs. Quality chain link fencing at least four feet high to allow off-leash runs. Well-lighted grassy areas and paths for evening and rainy low-dirt frolics. Ample fresh water to fill up the water bowl and covered containers for dog droppings. Shade trees and bench's for Fido and it's master to get out of the hot summer sun and enjoy lazy week-end afternoons. Every dog park must be wheel chair accessible and Braille friendly.

Some do's and don't for those looking to take any dog park, either at home or when traveling. Make sure your dog is up to date on shots and medications, puppies up to five months should not be taken to a dog park. Supervise your dog once it is off leash, it's easy to get distracted watching other dogs or interacting with their owners. Pick up after your dog, and yourself, don't snack while you're at a dog park, dogs always are interested in people food. Limit the number of dogs you bring to the park, especially if your walking or sitting someone else's dog. If your dogs are unruly or bothered by a agitated dog, be proactive, leash them and leave.

If you are interested in starting a dog park, contact your village or city hall. Organize other dog owners in your neighborhood. Consider a fund raiser to off set a park's development costs, it will show local city administrators that the community is involved in making a dog park a reality. If you're a potential home buyer, ask your real estate agent to show you area dog parks. Large communities or cities often have more than one.

Copyright 2007 All Rights Reserved. Mark Nash


Top Mistakes of Home Buyers and Sellers in 2006.
By Mark Nash
 
2006 was an unusal year for residential real estate. The much over-hyped real estate bubble didn't pop. But, home buyers and sellers did a slow dance to determine who was going to be driving the bus. Seller's continued to be stuck in the previous mold of "we rule". Buyers on the other hand saw loads of inventory and rising market times, both signals that they had more clout than ever before. Here are the top mistakes both sides made in 2006.
 
Sellers
 
-Used incentives instead of cutting price. Buyers are not impressed by stubborn sellers refusing to lower their price. Who insist on offering buyer incentives of free cars to credits for one-year property taxes or condominium assessments. Buyers, savvy than ever aren't buying the old sales trick, mark-up to discount. Cut to the chase, lower your price and forget the razzmatazz.
 
-Marketed an energy inefficient home. Forget the real estate bubble, energy prices are a primary concern for homebuyers. Stung by rising higher commuting costs from recent increases at the pump, homebuyers in the last three months have paid extra attention to energy costs during their home search. From my experience and hearing client reports as they look for seasonal homes in southern climates, natural gas, heating oil and electricity costs have moved dramatically up the list as potential deal-killers. Sellers should be prepared for buyer inquiries about energy consumption and efficiency improvements.
 
-Thought it was still a sellers market and priced accordingly. Pricing is king in today's market. Throw your spread sheets away and your dreams of huge circa profits. Look only at sold comparable's from the last six months, that's exactly what the buyer's mortgage lender will use. Price at market, forget wiggle room, you need to sell, act like it. Seven months ago was a different market.
 
-Wanted top dollar for a "dated property". Serious sellers should take a good honest inventory of their home. If it lacks recent "must-haves" from buyers such as updated baths and kitchens, a home office or nook, ample and organized closets or features dated paint colors, wallpaper or mirrored walls, take the time and if necessary the money to make your home appealing to buyers that no longer have the time or interest to update a home. Don’t wait for feedback from prospective buyers about a lack of must-have features in your home. Deliver from your first day on market what buyers are looking and willing to pay extra for in their next home.
 
-Endless Open Houses. The open house pendulum has swung from " the house sold in the first day" to "we need to have our house open every Sunday". Desperation is when your home is open every Sunday. Buyers know and track it. Plan on every three weeks to have a public open house.
 
-Ignored how long it would take to sell an attractive and well-priced home. Figure out the absorption rate for your market. This rate will tell you how many months or years of for-sale inventory there is in your market. Three months is fine, six months is okay, nine months is troublesome and twelve-plus, will not be pretty.
 
-Refused to accept home-sale contingencies. The contingent-free contract is now just a memory. If you want to sell your home in 2007, keep an open and flexible mind on contingencies. Many buyers want to "move-up" but need to sell their home first, before they can close on yours. Wise sellers realized this early on in the transitional market of 2006.
 
-Forgot to bury St. Joseph before listing their home. With the slow down in the real estate market even my Jewish home sellers have discovered St. Joseph. A statue of The Holy Family's foster father buried in the yard of home being sold, buried upside down should bring a buyer, or so goes the folklore. Several web sites on the Internet offer a kit that outlines the correct procedure and includes your own St. Joseph.
 
-Insisted on smoking inside their home while it was being marketed to buyers. Buyers hate second-hand and stale smoke odors. Agents from across the country reported rising in-house smoking among motivated sellers. If you have to smoke go outside.
 
Buyers
 
-Low-balled offers to purchase. Potential home buyers wanted deep-discount deals in 2006. Especially with all the media talk of residential real estate markets “correcting” nationwide. Homebuyers need to understand the dynamics of constructing a home purchase contract and how their first price offer can set the stage for price success or failure with a seller. Use sold comparable's from only the last six months, that's what lenders do.
 
-Thought it was a bubble and not a housing correction. My prediction in the 2006 "What's In, What's Out" I said a soft decline in home prices in most markets. In 2007 I will define soft as 5-8% decline in prices on average between single -family and condominium homes.
 
-Took as fact online home valuation web sites opinion of value. Technology is great when it works, but tread carefully with online valuation web sites. Ask yourself how long does it take your recorder of deeds and real estate transactions to record them? If up-to-the-minute, okay, otherwise plan the lead time into the online valuation to spew out accurate information.
 
-Disregarded market timing. Spring is high market, the most demand by the largest number of buyers. Summer is a good market, fall is fair, and winter is the remnant market, the left-over buyers and sellers from the high, good, and fair markets.
 
-Used Option Adjustable Rate Mortgages. Originally used by the wealthy to finance a home for a short-term, predatory lenders rolled out the Option ARM for credit-challenged and/or highly leveraged buyers. The key feature of this not-so-new-fangled mortgage being negative amortization. Buyers should run not walk from Option Arms.
 
-Walked from a deal based on the seller couldn't live without them. Bless the patient sellers in 2006 who had to weather uptight, over-cautious buyers who created a surge in contract through's. Many naive buyers wanted everything their way, savvy sellers tried to placate them and but in over ten-percent of transactions sophomoric attitudes and behavior prevailed and the deal didn't go through.
 
-Bought homes with bedrooms not large enough for a bed. In the boom, rehabbers and developers learned the fastest way to profit was to increase the room count of a home.  I saw bedrooms shrink to walk-in closet size when a four-room one-bedroom was gut-rehabbed into a four-room two-bedroom. I kept asking, can you fit a queen-size bed in either room? Boy, the looks I got from gnarly sales representatives.
 
-Didn't look into reserve funds and special assessments in potential condo purchase. The building or development might look well maintained, but conduct a careful audit of budgets, association meeting minutes and reserve funds balances.  Healthy reserves could be your pre-nuptial for a condo building. Reserve funds are set-aside finances for capital improvements such as new windows, roofs and elevators. Substantial reserve funds minimize special assessments levied by ill-managed buildings fro improvements.
 
 
© Copyright 2006 Mark Nash
 
 
Mark Nash, is a residential real estate author, broker, columnist and writer based in Chicago. His fourth book 1001 Tips for Buying and Selling a Home received eighteen five star reviews on Amazon.com. His latest book; Real Estate A-Z for Buying & Selling a Home will be published in December 2006. Mark publishes a free monthly ezine for real estate professionals. Agent to Agent features ten articles that offer free reprints for agents, home buyers and sellers through EzineArticles.com . Real estate news and book reviews, Celebrity Homestyles, Home selling and buying tips and advice, Joke-of-the-Month, Help this Agent, and agent marketing tips. Over 5000 subscribers in the U.S. & Canada. Subscribe here at Agent to Agent Ezine.com

Strategies for a Transitioning 2006 Real Estate Market.
By Mark Nash
 
Real estate consumers are the winners in the latest round of real estate bubble headlines.  The deepening media's focus offers information and opinion on markets and practices to the individual property owner and investor, intensifying  the shift of the keeper of real estate information from realty agents to the Internet . Mark Nash residential real estate author of 1001 Tips for Buying and Selling a Home delivers strategies for consumers on how to the read signs of a transitioning market.

The warning signs are:

-Incentives offered by builders on completed new construction buildings or homes; this indicates an over-supply of new units. Research the length of time of property has been on market in a specific location. If the majority of sold properties have sold in thirty days or less in the past ninety days, but the current market times for the majority of sold properties are 60 or more days, the market is softening.

-Diminishing multiple-offer bidding wars. Inquire of several full-time mid to high producing real estate agents in a specific market what percentage of properties going under contract are receiving multiple offers. If the number of properties are being sold in multiple offers is declining, the market is moving away from being a sellers market.

-Rising absorption rates for properties currently for-sale. Compute the absorption rate of like-kind properties for sale in a specific market. Example: 10 current listings of single-family homes priced $1000,000 to $125,000. Number of comparable homes sold in the last 12 months: 100/ 8.3 sold per month. Number of comparable homes sold in the last 6 months: 50/ 8.3 sold per month. Number of comparable homes sold in the last 3 months: 10/ 3.3 sold per month. Current number of months inventory for comparable current listings: 3.

-Rising mortgage rates. Home prices and mortgage rates affect each other, as interest rates fall, buyers can afford to pay higher prices for housing. As rates rise buyers qualify for lower mortgages. Higher interest rates shift consumers spending from home prices to mortgage interest expense. Watch interest rates as an indictor of deflating prices.

-Increased use of interest-only and 100% financing. The majority of buyers have purchased in the last three years. The leftover buyers could be credit-challenged. If your receive an offer with no-money-down and/or interest-only, your buyer has no risk exposure and could walk before closing. Ask for five-percent earnest money to bind your buyer to performing the contract.

-Read and understand market signals. Many individuals missed red flags in their technology investments. double and triple market times from a year ago, high absorption rates and rising interest rates signal that the market is evolving into a buyers market. Consider selling before price declines erode profits and the entry of bargain hunters. Understanding the market signals and timing can mean the difference between profit and loss in today's declining residential real estate exuberance.


Do's and Don'ts when purchasing new construction homes.
By Mark Nash
 
The vision of a new home with the ability to upgrade finishes, alter floor plans and be the first to occupy a property lures buyers into builders and developers model homes every day. According to industry sources over 70% of home buyers want a new home. These new construction focused buyers might see a picket fence, but they should be prepared to ask the right questions and see red flags before signing on the line
 
Do's
 
-Have your own agent. Believing they might get a better deal or out of ignorance many buyers use the developers sales agent to represent them. New construction buyers should research what a dual agent can and can't do under their state real estate license laws. Most states require written acceptance of dual-agency by both parties. All homebuyers should be represented by an agent who has a fiduciary responsibility to them. Buyers shouldn't forget that most developers require that your agent must accompany you the first time you visit a sales center.
 
-Ask how much is this home as we see it. Models can be filled with every upgrade the developer offers as an example for buyers. Buyers should ask freely how much the model costs as they see it. Typically this cost will vary dramatically from advertised starting prices for a development.
 
-Pick the right developer. Working with a developer is like a short-term marriage. Ask for references from the developers sales agents. Do your own investigation of the developers previous projects, length in business and complaints filed with business bureaus.
 
-Consider resale characteristics. The allure of being the first to occupy a home sometimes clouds a secondary location or poor craftsmanship. Consider a resale home in a primary location before signing on the line just because it's new construction.
 
-Question percent of project sold. Developers love to promote the sell-through of projects. Inquire how much of the percent sold are reservations (dating the project) versus contracts (engaged to the project). Some reservations don't go to contract because of a change of heart, financial concerns or occupancy timelines.
 
-Have an attorney review all contracts. Developers contracts favor the developer and are different from standard local real estate board approved contracts. Retain a real estate attorney to review all contracts. There is little wiggle-room once you sign a developers contract, and they don't like home sale contingencies.
 
-Investigate property taxes independently. Property taxes can be a financial surprise you weren't expecting with the purchase of a home. Because tax assessors haven't valued a home or project, developers can under-estimate how much the property taxes will be. Complete your own due diligence and call the local taxing authority to find out the worst-case scenario.
 
-Perform a home inspection. Never skip or waive the right to a inspection, the benefits far out weigh the costs and could save you numerous headaches and expenses later. New construction is not immune from defects and lack-luster workmanship. Hire a professional, not Uncle Bert. Perform the inspection at least seven days prior to closing.
 
-Inquire about investor purchased units. In the post-real-estate-bubble-world  many developer contracts restrict purchase of units by speculators to flip at completion. Look for clauses in contracts that require purchasers of units to owner-occupy the first 12 months after closing. Ask sales agents what the percentage of owner occupancy is for the project.
 
-Get a certificate of occupancy. Local municipalities issue a certificate of occupancy after a unit has passed all building code inspections. Most mortgage lenders require a certificate of occupancy before they will close on a loan. If you are paying cash, verify prior to closing that the developer will deliver you a certificate.
 
-Understand why developers request upgrades paid for in advance. Experience has taught developers that some buyers will not purchase the unit which they have specified the floor-coverings, countertops and kitchen cabinets, that have been installed by the developer. Other buyers will want to select their own finishes and a unit that has pre-selected finishes by a terminated buyer is a marketing problem for developers. Plan on paying up-front for all upgrades and changes you make to a unit, and if you decide to walk from the project once you have paid for upgrades, expect a fight from the developer if you want a refund on installed changes and upgrades.
 
-Require your deposits to go into an escrow account. Require all deposits and payments you make go into an escrow account, not the developers business account. Research state brokerage laws to discover what regulations developers must follow with buyers funds. If disputes arise it is easier to receive refunds from a neutral third-party or escrow agent than from a developer.
 
-Request copies of blueprints, floor plans and surveys. It's easy to forget to get clean copies of blueprints and floor plans of your new home with all the activity and decisions during the construction process. In the future when you want to make changes or sell, having the footprint of your home will save you expense and time. Make sure the developer provides you with an updated survey, showing just your parcel. Verify that your new home also has it's own parcel identification number issued by taxing authorities.
 
-Research warranties on structure, finishes and appliances. Developers typically offer five or ten year warranties on structural elements of a home and rely on manufacturers warranties for appliances, furnaces, windows and overhead garage doors. Beware of one-year warranties on structural elements.
 
 

Top Mistakes of Home Buyers and Sellers in 2005
By Mark Nash
 
The 2005 residential real estate market was filled with anticipation of the over- hyped real estate bubble. Though we'll only see a correction, home buyers and sellers made some mistakes that those looking to buy or sell in 2006 can put to good use in their transactions.
 
Many requests for my top mistakes list which was a result of two recent articles I wrote; "What's In, What's Out with Homebuyers in 2006" and "2006 Decorating Do's and Don'ts for Home Sellers " which struck a real estate nerve. These first two articles came after the review of my fourth real estate book "1001 Tips for Buying and Selling a Home" that was recently published in The New York Times.
 
Buyers
 
-Bought properties to flip at top-of-market prices.  Thinking the bubble headlines were wrong or didn't apply to them, newbie real estate investors wanted to become week-end millionaires. What they didn't know is they were buying the experienced investors portfolios as they exited markets at the top.
 
-Utilized Interest-Only Mortgages. Many home-hungry buyers discovered the only way you can pay top-of-market prices is to get an interest-only mortgage. With declining prices and no monthly principal payments, these homebuyers could fuel a foreclosure market in 2006. Fixed-rate mortgages will become the majority in 2006 as mortgage underwriters and educated consumers are reunited.
 
-Overlooked Resale Characteristics. New construction was the rage in 2005, everyone wanted to select finishes, floor coverings and kitchen cabinets. 2005 buyers should beware when this years homebuyers become sellers, buyers could bypass their resale that was new in 2005 for the chance to design their own new home. Look to future before signing on the line.
 
-Skipped Performing a Home Inspection. Before some markets shifted away from sellers markets, many homebuyers waived their right to a property inspection. Never, skip or waive the right to a inspection, the benefits far out weigh the costs and could save you numerous headaches and expenses later. Hire a professional, not Uncle Bert.
 
Misinterpreted developers give-away's. Two years free condominium assessments, stainless appliances and plasma tv's were thrown in to induce buyers to write contracts to purchase. What many buyers thought were a freebie were actually a signal that markets were softening and that projects were slow to sell from increased competition and a lack of buyers. Incentives are a band-aid for a languishing development.
 
-Were represented by the same agent representing the sellers. Thinking they might get a better deal or out of ignorance used the listing agent to represent them as well. Most states require written acceptance of this situation known as dual-agency by both parties under agent license laws. All buyers should be represented by an agent who has a fiduciary responsibility to them. Hire an Exclusive Buyers Agent.
 
-Didn't Read Homeowners Association Documents. Getting rid of Fido because you didn't know you were moving into a no-dog building is an example why every buyer should request and read home owner association declarations, rules and regulations, association meeting minutes and budgets. Ask if there are any special assessments (typically for capital improvements; new roofs, windows, elevators) or planned ones. Special assessments can run into the thousands.
 
-Neglected to request rates of state, county or local transfer taxes paid by buyers at closing. Some buyers learn too late that they might need large amounts of extra money to pay transfer taxes in the state, county and city where they are purchasing property. Transfer taxes which typically can't be financed can kill a transaction. Inquire when you start your search how much transfer taxes are and who pays them.
 
Sellers
 
-Over-priced home. Thinking back to bragging sellers at the water cooler or at the neighborhood cocktail party as little as a year ago, home sellers in 2005 over-priced properties in record numbers. After chewing up market time, the realization set in that it wasn't the same market as '02.'03 or 2004. Realistic pricing based on sold comparable's in the last six months illustrates to buyers that you understand today's market.
 
-No Internet property marketing. According to The National Association of Realtors(R) over 70% of all home buyers start their search on the Internet before contacting a real estate agent. Require any agent you list your home with to post a virtual (360 digital) tour and a minimum of eight indoor and outdoor photos on the Internet. CD's of your home are a great take-away for open houses.
 
-Stop showings to early after contract. With a shift towards buyers for the first time in years, buyers remorse was on the upside in 2005. Many sellers lost valuable market time when taking their home off market too early after signing a purchase contract. Continue to show your home until you feel very comfortable that your buyers intend to go to the closing table with you.
 
Refused to pay buyers closing costs. For the first time in many years, buyers based on their strength in the market, asked for and received give-backs from sellers. Closing costs and points on mortgages were the most popular. Decide before offers come in, what your strategy is for dealing with give-back requests. In 2006 expect owner-financing to be the next buyer perk.
 
-Exclusion confusion. As prices dropped, sellers began to strip fixtures and amenities in contract negotiations. Forget "if the price is right" and take down  and replace Grandma's chandelier and remove the mid-century refrigerator for sodas before you place your home on the market . Some simple ratios of home list price versus chandelier cost will convince you to not get distracted by personal property or must-keep fixtures.
 
-Knowing your market and competition. Buyers in 2005 were very savvy with market times and available inventory. Home sellers who were out-of-touch failed to spend the time to visit competing properties at public open houses, study the competitions marketing and "listening" to the market. No or few showings, no second showings or purchase offers and unfavorable feedback indicate market issues with your home. Don't be the obstacle to selling your home.
 
-Paid document fees on top of full-service commissions. American business is in love with extra fees that they charge if you don't ask to have them waived. In 2005 documentation fees became standard in listing agreements. No matter what your told, they are just another revenue source for brokerages. It's excessive for brokerages to ask for another $300.00 on top of 5-7 percent commissions from home sellers. Either ask to have them waived or have the listing agent pay them.

 

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