Before the internet, people used to get their news and entertainment from a little box called a radio. I recently sat down with Adam Elliot, News director at Entercom Communication for a brief interview that will air on their three stations in a program called "Weekend Perspectives." Click below and have a listen.
http://wolx.radiotown.com/weekend/092707realestatewithbenanton.mp3
Friday, September 28, 2007
Six Lousy Bucks
You want to buy a home and you've been putting money aside to build up your stores for a down payment. How much do you need? If you save enough money you can buy down your monthly payment to make your mortgage easier on your pocket. Right?
Some down payment, or at minimum some cash reserves will be required for your home purchase. But for every $1000 you put away, you are really only dropping your monthly payment by about 6 or 7 dollars. $6.66 at 7% interest to be exact.
What does this mean to you? You might be just as close to home ownership now as you will ever be. Can you save money faster than prices will go up? A 200,000 home, even in a flat market might increase in value just 2%. That is 4,000, or an extra 28 dollars a month.
Take a look at your situation, meet with a lender, you might already be in a place to buy a home. To run the numbers yourself, visit Antonhomes.com and have a look at the pre-qual process and our mortgage calculator.
Some down payment, or at minimum some cash reserves will be required for your home purchase. But for every $1000 you put away, you are really only dropping your monthly payment by about 6 or 7 dollars. $6.66 at 7% interest to be exact.
What does this mean to you? You might be just as close to home ownership now as you will ever be. Can you save money faster than prices will go up? A 200,000 home, even in a flat market might increase in value just 2%. That is 4,000, or an extra 28 dollars a month.
Take a look at your situation, meet with a lender, you might already be in a place to buy a home. To run the numbers yourself, visit Antonhomes.com and have a look at the pre-qual process and our mortgage calculator.
Wednesday, September 26, 2007
The F in FSBO is not for "Fun"
For Sale By Owner, or FSBO's make up part of the many houses you may have to choose from when shopping for new digs. Often times sellers that fear losing equity to an agents commission, or people that simply feel they have what it takes to sell their own home will try to do so on their own. They can put a sign in the yard or take advantage of local website that help get the word out. You might ask yourself, "If I am working with a Realtor will I get to see them? How are FSBO's different?"
Lets address those questions. Will you get to see them? If you are working with me, yes. In fact a good number of FSBO listings are sold by Realtors. If a home that meets your needs is available from a FSBO listing, we should see it. How are they different? There are a lot of ways, some good some not so good.
Price: One motivation for FSBO sellers is to get more money, that sometimes translates into arguably higher asking prices. Without the consult of a professional, FSBO's often aim high, even when times are slow. A seller's perceived value is affected by the emotional attachment they have to home and may not have been tempered by reality, market research, or comparative sales.
Process: There are a lot of different aspects involved in a transaction. Contingencies, earnest money, inspections, loan commitments, title work and insurance, the lead paint addendum, condition reports, can all be unfamiliar to buyer and seller alike. Having an agent involved takes much of the worry out of this process.
If you want to have the utmost confidence in your purchase, you should be working with a buyers' agent. That agent should show you all the houses that could meet your needs. That frame of reference makes for good decisions.
Here's the catch, a FSBO seller does not make an automatic offer to compensate your buyers' agent. Their dislike for paying a commission may be why they are a FSBO to begin with. Even in this scenario (some sellers welcome agents), let your agent lead the way, make contact and handle offer presentation, contracts and paperwork. Include a request for compensation in the offer. It could add a step of negotiation, but 4,3,2 weeks before closing you will be glad you have an experienced advocate telling you everything is on track and ready to go.
Lets address those questions. Will you get to see them? If you are working with me, yes. In fact a good number of FSBO listings are sold by Realtors. If a home that meets your needs is available from a FSBO listing, we should see it. How are they different? There are a lot of ways, some good some not so good.
Price: One motivation for FSBO sellers is to get more money, that sometimes translates into arguably higher asking prices. Without the consult of a professional, FSBO's often aim high, even when times are slow. A seller's perceived value is affected by the emotional attachment they have to home and may not have been tempered by reality, market research, or comparative sales.
Process: There are a lot of different aspects involved in a transaction. Contingencies, earnest money, inspections, loan commitments, title work and insurance, the lead paint addendum, condition reports, can all be unfamiliar to buyer and seller alike. Having an agent involved takes much of the worry out of this process.
If you want to have the utmost confidence in your purchase, you should be working with a buyers' agent. That agent should show you all the houses that could meet your needs. That frame of reference makes for good decisions.
Here's the catch, a FSBO seller does not make an automatic offer to compensate your buyers' agent. Their dislike for paying a commission may be why they are a FSBO to begin with. Even in this scenario (some sellers welcome agents), let your agent lead the way, make contact and handle offer presentation, contracts and paperwork. Include a request for compensation in the offer. It could add a step of negotiation, but 4,3,2 weeks before closing you will be glad you have an experienced advocate telling you everything is on track and ready to go.
Tuesday, September 25, 2007
Want it? Write an offer!
Every open house, every showing could be your last. This next house could be "the one."
You've filed away all the bad counter tops, wet basements, and textured wall papers. You recall the worn, trafficked and trampled shag carpeting to which you will compare all else. You walk in looking for shortcomings, but a feeling of pleasant surprise overcomes you. As you take the hall to the rear of the home, you are made aware of Kohler bath fixtures and later a brand new, simple but functional, Ikea kitchen.
You've seen 10 maybe 20 homes and this ones shines above all of them. The listing is only a week old and both you and your agent say, (he does his best to say it in a way that is not pushy)"This one will not last." It doesn't.
One day later, after less than a full week on the market the home sells for full price. There are lessons here for buyer and seller alike. For the seller, my three P's, "Prep, Price and Plan." For the buyer, "Want it? Write an offer!"
Click here and look for yourself. Are you impressed?
You've filed away all the bad counter tops, wet basements, and textured wall papers. You recall the worn, trafficked and trampled shag carpeting to which you will compare all else. You walk in looking for shortcomings, but a feeling of pleasant surprise overcomes you. As you take the hall to the rear of the home, you are made aware of Kohler bath fixtures and later a brand new, simple but functional, Ikea kitchen.
You've seen 10 maybe 20 homes and this ones shines above all of them. The listing is only a week old and both you and your agent say, (he does his best to say it in a way that is not pushy)"This one will not last." It doesn't.
One day later, after less than a full week on the market the home sells for full price. There are lessons here for buyer and seller alike. For the seller, my three P's, "Prep, Price and Plan." For the buyer, "Want it? Write an offer!"
Click here and look for yourself. Are you impressed?
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