Archive for March, 2010
What Not To Do When Selling Your Belmont Home
March 30, 2010 · Comments
Selling a home entails many different facets. First there’s getting your house ready to put on the market, then there’s filling out all your disclosures, and then there’s the need to constantly have your home clean and everything in order in the event you have an interested party wanting to see it on short notice. I have seen and showed hundreds of homes, and can’t tell you how appalled I have been at times simply by the seller’s behavior. Let’s look at some of these scenarios.
1. Mr. or Mrs. Seller will only show their home strictly by appointment- Okay, I get it, people are busy, and don’t want prospective buyers trampling through your house at all times of the day, but if you want your house exposed to as many people as possible, which leads to a, you guessed it, quicker sale, your home needs to be available for people to see, especially in the first 2-3 weeks of it being on the market. Buyers are anxious, the minute a house that may interest them hits the market, chances are, they’re jumping in their car to drive by it. So do yourself a favor, make your house easy for people to see, and you won’t have to deal with the showings for that much longer.
2. Seller Follows Potential Buyer Around House- Ideally, as a seller, you would do yourself a favor to not be home when a prospective buyer walks through the door. Buyers want to open cabinets and closets, get a feel for the space, imagine themselves in it. Doing that becomes a challenge when Mr. or Mrs. Seller is yapping their ear off about how many times they’ve hosted Thanksgiving dinner in their dining room. If you must be home, let the buyers in, be courteous, then stay out of the way. Trust me, buyers feel uncomfortable walking through a house when the owner is there, and 90% of the time, will rush through the house because they don’t want to disturb the seller or take up too much of their time.
3. Mr. or Mrs. Seller have overly improved their home, and are unrealistic about their return on investment. While a spa and cabana in your back yard are nice amenities, they don’t necessarily mean that you will recapture the money you spent on it. Common mistakes I see: remodel is too taste specific (ultra modern finishes or bright colors). Sure, paint can easily be changed out, but that red granite in the bathroom may not appeal to all buyers. Some good improvements to make: Replacing the roof, it needed, dual pane windows, remodeling kitchens and baths in neutral colors that can be customized with accessories and paint to suit your taste.
4. Mr. or Mrs. Seller think their home is worth $1,000,000, when most other comparable homes have sold for much less. This has to be the worst, yet very common mistake, that many sellers make. Over pricing your home is probably the number one mistake that sellers often make. You get the most showings and interest when your home first comes on the market. Drastically overpricing your home from the beginning means that most likely, you will be chasing the market, and ultimately, sell your home for less than what you could have had you priced it at market value from the get go. My advice? Look at the comps, be objective, and look at your home through the eyes of a buyer. Things that you have learned to live with and don’t bother you can be glaring to a buyer.
There are a number of things that you can do to get your home ready for sale, and the best part of it, some if it costs little to nothing. Remember, be objective, and listen to your agent. A listing agent should be able to give you honest advice about changes to be made, pricing, and negotiating offers. If you don’t trust your agents advice, chances are, you’re not working with the agent that’s right for you.
Categories : Selling a Home, Uncategorized
Ralston Hall- A True Belmont Treasure
March 10, 2010 · Comments
Last week, I attended a Spring Social for the Early Learning Center at Notre Dame, which was held at Ralston Hall, in Belmont. Now I have driven by Ralston hall on a number of occasions, but this was the first time I had actually been inside.
Ralston Hall is a true Belmont treasure, offering a setting of beauty, luxury, and history. The hall is decked with crystal chandeliers, intricate furniture, wood inlay flooring, and some serious antique pieces of furniture. Today the hall houses the administration offices for Notre Dame de Namur University, but was originally built by William Chapman Ralston. The hall took 3 years to build, and a lot of the architecture and design mirrors that of Versailles just out of Paris, France. Some believe the hall is haunted and stories of lights turning on and off, creaking floor boards, and eerie sounds have all been reported. While I’m not going to go investigate the validity of these claims myself, one thing is certain, Ralston Hall is a beautiful piece of real estate that only adds to the unique character of Belmont.
Categories : Uncategorized
More Belmont Homeowners are Facing Foreclosure
March 10, 2010 · CommentsOver the past month, I have met with a number of people who are in trouble financially, and are not able to keep up with their mortgage payments and property taxes. The reasons have varied on a case by case basis: some people had taken out adjustable rate mortgages (ARM), and their rates are resetting, therefore doubling or tripling their monthly payments. Others have either lost a job or have had a pay cut, and simply cannot make ends meet anymore.
While it’s a tough situation to be in, I was somewhat relieved that the people I met with are at least being pro-active about their situation and weighing their options. Some of them had contacted their lenders to see about modifying the terms of their loans, and are still waiting months later with no relief or even an answer as to weather their lender/s are willing to modify their loans. The fact is, the odds of getting a loan modification are slim to none.
I decided to do a little digging to see just how many Belmont homeowners are at some stage of the foreclosure process, and the numbers were somewhat astounding. As of today, there are 73 single family homes that are either in the beginning of the foreclosure process, have been foreclosed on, or have an auction date set.
The worst thing to do if you’re not able to keep up with your payments is simply not doing anything. It’s important to look at your options to see what you can do. Some options other than foreclosure is to market your home as a short sale in efforts to settle with your lender for a short payoff, which usually affects your credit less negatively than a foreclosure. Another option is to give you house back to the bank before they foreclose on you, also known as a deed in lieu of foreclosure. It is best to consult your tax adviser to determine which option is best for you.
So what does this mean for Belmont Sellers and Buyers? We are probably going to see an increase in short sales over the next year, so for sellers, it means competing with short sales if you’re trying to sell your home, and the value of your home can be affected by a sold short sale if it’s in your direct neighborhood. The opportunities for buyers increase as the homes sold as short sales can be more affordable than standard sales, but be prepared to wait, since the only thing short about short sales is the name. In actuality, they can take months. Overall, we are off to a good start for 2010, but the key to getting your home sold fast is making it shine above the competition, and pricing it right the day it goes on the market.
Categories : Uncategorized
