The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 20th, 2016

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NASHVILLE, TENNESSEE

Home Buyer’s Korner

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Don’t Chase The Market

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As the housing market recovers interested home sellers need to remember the underlying theme for your home to get sold quickly is having a fair price. Find a local real estate agent who knows your neighborhood and what comparable homes have been selling for.

You want to avoid pricing your home too low where it sales immediately, nor do you want it to linger on the market for so long it finally sales only after multiple price reductions.

Ask your real estate agent to give you a couple pricing points when completing an initial market analysis. The first pricing point should be focused on getting your home sold within the first few weeks of being on the market. This price is usually just below current market value and allows a seller to sell quickly without chasing the market.

The next price point is a three-month listing. This price point should give you a price that would take you up to three months to sell. And, it’s only good if the market is steady or at worsts slow. Keep in mind that if your market or neighborhood is declining in value, today’s price will be overpriced in just a few months!

No matter what real estate market you’re in, pricing your home takes expertise and knowledge of current market trends. What you paid for your home has no bearing on what the home will sell for in today’s marketplace

Once you realize as a home seller, that the price of your home is dictated by the current market trends, you’re on your way to pricing your home correctly.

Pricing a home really is a science that only an experienced real estate agent knows and it begins with determining a price point free of emotional attachment. What you would pay for a certain feeling or special memory has no value to potential home buyers.

Emotional attachment hampers the sale of your home and only a real estate agent can give you that third party opinion on what your home’s value may be in today’s market without it.

Selling a home in a slow market is difficult and very frustrating if you don’t take the initial steps of pricing it right. The overall housing market has improved since the real estate bust, but home values still haven’t reached their highs prior to the real estate meltdown.  Many home sellers are still competing against distressed property owners, including short sales and foreclosures. These properties are usually priced at or below market value, making it all the more difficult to grab potential home buyer’s attention if you’re overpriced. In order to compete with these properties, you have to make your price competitive.

There are a third price points and one that more often than not will disappoint a home sellers. If you believe you can price your home and sell it at a price the market has failed to prove it will bare, don’t be insulted if a real estate agent respectfully chooses to refuse your listing.

It’s nothing personal, but your home will sit on the market costing you mortgage payments, insurance, maintenance costs and it also cost a real estate agent valuable marketing dollars, their time.

Simply put, a well-priced home is still the only way to sell in the vast majority of markets today.  

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TENNESSEE HOME OWNERSHIP TOOLS

Your Home Purchasing or Refinancing & Renovation Tools,

Home Improvements, Home Renovations,

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase.

Here are just a few of the home improvements

you might consider with any Home Renovation loan

Repair or replace a roof

Install, replace or repair gutters and downspouts

Replace, repair or upgrade your HVAC system

Repair or replace plumbing

Install, repair or replace electrical systems

Kitchen remodeling (including the purchase and installation of appliances)

Bathroom remodeling, Full interior painting, Total exterior painting

Repair or replace a septic system and/or well

Disability access (wheelchair ramp, elevator, widen doorways)

Build, repair or replace a deck, patio or porch

Basement waterproofing and finishing

Abatement/Stabilization of lead-based paint hazards

Replace old windows, Room additions, Finish an attic

Add a second story to your home

Replace a termite damaged sill plate (a water-damaged sill plate also)

Possible landscaping items such as correction of grading & drainage problems,

tree removal, repair a driveway and sidewalks

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

To print this document, click on “Open in New Window” located at the lower right corner;

click on “File”; then click on “Print”. In the center of the screen you will

have the option to “Create A Printable PDF of the Presentation”.

START YOUR PATH TO HOME OWNERSHIP TODAY

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