Today's post is going to be a little less formal. I want to, in this blog, discuss real estate in both formal and informal ways. I will at times offer up a Realtor's perspective and at other times, due my best to be impartial and just give facts. In my opinion, the best way to navigate this strange market we are in is to take advantage where you can adn make the most of what you have.
As a buyer, you have so many houses to choose from. You should look at several, pick a top 3, and see what kind of deal you can get. I advocate a little low-balling. I advise my customers to test the waters with their first offer, their "dream" offer, by offering 10% less then the offered price at most (anything more is insulting). I also recommend that they, in this initial offer, list everything they can think of in the contract that would make this an ideal transaction for them, such as new carpet, paint, repairs, etc.. From this initial offer I usually advise them to pick what features are most important and those they can live without, such as would they prefer $10,000 off the asking price or $10,000 in closing cosat assistance and from this point we can get everyone involved satisfied. But keep in mind, as the saying goes, you know its a good compromise if no one's happy.
For my sellers I advise them to make the best of what they have. I tell them to make their home sparkle. No buyer will admit this, but a stunning home (in perfect cosmetic shape) that needs a few minor repairs (such as leaky faucet etc.) listed at a reasonable/slightly higher price will sell so much faster than a homethat is "dated" at a reduced price. The better your house looks and the cleaner your house looks the more buyers will consider it. Another small feature that plays a big part in selling a home is smell. I always tell my sellers to make their homes smell like an inviting home. Burn candles or bake brownies to enhance the "homey" feel. If its winter, dim the lights, light a fire in the fireplace, and decorate (tastefully) for the holidays. Some agents will tell their clients to remove all personal pictures and knick knacks. I say reduce all clutter but keep family pictures out. People look at houses but they buy "homes".
If you have any questions about this post or want to continue this discussion beyond the customary comment, email me at lizgermanos@yahoo.com. If you are interested in real estate in Hampton Roads and need an agent to guide, please feel free to also email me.
Monday, June 30, 2008
Monday, June 23, 2008
The Pros of Home Warranties
So many of my clients have a hard time deciding on whether or not they should buy a home warranty. I am a big supporter of home warranties. Being a homeowner is both rewarding and at times expensive. Warranties are a good way to make those unexpected expenses much less painful!
What is a home warranty?
A home warranty is a one year residential service contract that provides repair or replacement coverage for the major operating systems and appliances in a home that fail due to normal wear and tear.
Home Buyers’ Benefits
*Move in with assurance knowing your home is covered.
*You are covered for unexpected home repair or replacement costs on many of your home’s major systems and appliances.
*Coverage is regardless of the appliances’ age, make or model.
*If it can’t be fixed, it will be replaced.
*It only takes a phone call and a small service fee to fix the problem.
*Service is available 24 hours a day, 365 days a year.
*You’ll have budget protection knowing you only have to pay a nominal service fee per trade call.
Home Sellers’ Benefits
*Sell with confidence.
*Having a home warranty as an additional feature will give you a competitive edge over other homes on the market.
*Buyers have more confidence in your home and there is usually less negotiating in getting closer to your asking price.
*If something breaks after the sale, there is limited liability for you. Buyers will contact the warranty company rather than calling you.
*Protect your budget, one major breakdown before or during the sale of your home can be very costly and delay things.
One of the few times a home warranty may be unnecessary is if you have bought a new home. A new home will be under the builder's warranty and all of the appliances should have the manufacturer's warranty for at least the first year. A warranty is essential when you appliances hit the eight year mark.
If you have any questions about this post or want to continue this discussion beyond the customary comment, email me at lizgermanos@yahoo.com. If you are interested in real estate in Hampton Roads and need an agent to guide, please feel free to also email me.
What is a home warranty?
A home warranty is a one year residential service contract that provides repair or replacement coverage for the major operating systems and appliances in a home that fail due to normal wear and tear.
Home Buyers’ Benefits
*Move in with assurance knowing your home is covered.
*You are covered for unexpected home repair or replacement costs on many of your home’s major systems and appliances.
*Coverage is regardless of the appliances’ age, make or model.
*If it can’t be fixed, it will be replaced.
*It only takes a phone call and a small service fee to fix the problem.
*Service is available 24 hours a day, 365 days a year.
*You’ll have budget protection knowing you only have to pay a nominal service fee per trade call.
Home Sellers’ Benefits
*Sell with confidence.
*Having a home warranty as an additional feature will give you a competitive edge over other homes on the market.
*Buyers have more confidence in your home and there is usually less negotiating in getting closer to your asking price.
*If something breaks after the sale, there is limited liability for you. Buyers will contact the warranty company rather than calling you.
*Protect your budget, one major breakdown before or during the sale of your home can be very costly and delay things.
One of the few times a home warranty may be unnecessary is if you have bought a new home. A new home will be under the builder's warranty and all of the appliances should have the manufacturer's warranty for at least the first year. A warranty is essential when you appliances hit the eight year mark.
If you have any questions about this post or want to continue this discussion beyond the customary comment, email me at lizgermanos@yahoo.com. If you are interested in real estate in Hampton Roads and need an agent to guide, please feel free to also email me.
Monday, June 16, 2008
Home Sellers Report Versus Home Inspection
I work very closely with Homebuyers Inspections in Virginia Beach. They are a very fair home inspection company that consistently does good work. In real estate, consistency is a hard thing to come by!
They wrote an article on Home Inspections (inspections paid for by the buyer where the buyer is the client for the inspector) and Home Sellers reports (paid for by the seller before a contract comes in). In this tough market where everyone is accepting terms that may at times stretch their budget, a home seller report is the way to go. It prevents possible deal-breaking problems for both buyers and sellers. Sellers get a jump on required repairs and buyers don't need to pay for a home inspections. Everybody wins...... There is a more detailed article on the Homebuyers web page, but here are the general pros of a Home Sellers Report:
Benefits of the HomeSellers Report
1. No more surprise "deal killers" i.e. PB, old roofs, moisture damage, etc.
2. Every ratified contract is a final contract. No re-negotiating after the Home Inspection.
3. Sellers gain control of: Who will do the inspection. When the inspection will be done. What will or will not be corrected. Who, how or when any repairs will be done . Will the item be repaired, replaced, removed.
4. No more sitting through painfully long home inspections
5. No more arranging for repairs
6. No more lost market time dealing with buyers who aren't going to buy the house anyway
7. Buyers feel more comfortable making an offer
8. Buyers have more trust in the selling and listing agents
9. Buyers perceive added value. They don't have to pay for the inspection, take off work to attend the inspection, negotiate repairs, etc.
10.Less Stress, more amicable transactions
11. Allows your agent to more accurately predict your ultimate closing expenses and net cash.
If you have any questions about this post or want to continue this discussion beyond the customary comment, email me at lizgermanos@yahoo.com. If you are interested in real estate in Hampton Roads and need an agent to guide, please feel free to also email me.
They wrote an article on Home Inspections (inspections paid for by the buyer where the buyer is the client for the inspector) and Home Sellers reports (paid for by the seller before a contract comes in). In this tough market where everyone is accepting terms that may at times stretch their budget, a home seller report is the way to go. It prevents possible deal-breaking problems for both buyers and sellers. Sellers get a jump on required repairs and buyers don't need to pay for a home inspections. Everybody wins...... There is a more detailed article on the Homebuyers web page, but here are the general pros of a Home Sellers Report:
Benefits of the HomeSellers Report
1. No more surprise "deal killers" i.e. PB, old roofs, moisture damage, etc.
2. Every ratified contract is a final contract. No re-negotiating after the Home Inspection.
3. Sellers gain control of: Who will do the inspection. When the inspection will be done. What will or will not be corrected. Who, how or when any repairs will be done . Will the item be repaired, replaced, removed.
4. No more sitting through painfully long home inspections
5. No more arranging for repairs
6. No more lost market time dealing with buyers who aren't going to buy the house anyway
7. Buyers feel more comfortable making an offer
8. Buyers have more trust in the selling and listing agents
9. Buyers perceive added value. They don't have to pay for the inspection, take off work to attend the inspection, negotiate repairs, etc.
10.Less Stress, more amicable transactions
11. Allows your agent to more accurately predict your ultimate closing expenses and net cash.
If you have any questions about this post or want to continue this discussion beyond the customary comment, email me at lizgermanos@yahoo.com. If you are interested in real estate in Hampton Roads and need an agent to guide, please feel free to also email me.
Friday, June 13, 2008
Hello World
Hello World!
I am told this is how you enter the blogging world, with a big, open-ended hello. My name is Liz Germanos, I am a Realtor in Virginia Beach. I have started blogging for a number of reasons. I of course hope to meet new clients and network, but I truly want to spread awareness about how to be an informed buyer or seller in today's oddball market. I hope through the many blogs to come, I can help prepare the average person for what the real estate process is like. Of course my expertise is mainly in the Hampton Roads area of Virginia, especially Virginia Beach, but I am not ignorant of what is happening throughout the country. If some of my blogs appear a little too upbeat, its because the real estate market in Virginia Beach is still holding strong. Our foreclosure rates are far below the national average and our home prices are not dramatically falling. Sellers in this area are paying some closing cost assistance, reducing the prices of theirs homes reasonably, and offering, at times, home warranties as well. The market in the area I work in is hanging in there. So, like I said, if I seem a bit too optimistic, its because of the area I work in.
I will put alot of planning and researching into my blog topics so I hope this helps anyone considering buying a home.
If you have any questions about this post or want to continue this discussion beyond the customary comment, email me at lizgermanos@yahoo.com. If you are interested in real estate in Hampton Roads and need an agent to guide, please feel free to also email me.
I am told this is how you enter the blogging world, with a big, open-ended hello. My name is Liz Germanos, I am a Realtor in Virginia Beach. I have started blogging for a number of reasons. I of course hope to meet new clients and network, but I truly want to spread awareness about how to be an informed buyer or seller in today's oddball market. I hope through the many blogs to come, I can help prepare the average person for what the real estate process is like. Of course my expertise is mainly in the Hampton Roads area of Virginia, especially Virginia Beach, but I am not ignorant of what is happening throughout the country. If some of my blogs appear a little too upbeat, its because the real estate market in Virginia Beach is still holding strong. Our foreclosure rates are far below the national average and our home prices are not dramatically falling. Sellers in this area are paying some closing cost assistance, reducing the prices of theirs homes reasonably, and offering, at times, home warranties as well. The market in the area I work in is hanging in there. So, like I said, if I seem a bit too optimistic, its because of the area I work in.
I will put alot of planning and researching into my blog topics so I hope this helps anyone considering buying a home.
If you have any questions about this post or want to continue this discussion beyond the customary comment, email me at lizgermanos@yahoo.com. If you are interested in real estate in Hampton Roads and need an agent to guide, please feel free to also email me.
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