| Residential |
|
You can find homes for sale and current asking prices by selecting a location to search or by using the search bars on the top right of the screen
Identifying your needs and goals, finding quality professional assistance, and understanding the current real estate market, are some of the topics homebuyers should address. This section provides helpful information regarding the home buying process as well as useful tips on how to get started.
The Buying Process Needs & Goals Once you have decided to move, clearly identify your needs and desires before beginning to search actively for a new home. What characteristics must a house include in order to meet your basic needs? What qualities will truly make it your home? Characteristics To Consider In Determining Your Needs
• Price range
• Minimum number of bedrooms and bathrooms • Minimum amount of living area • Special requirements, such as wheelchair accessibility Characteristics To Consider In Determining Your Desired Home • Styles you like (and those you do not) • Lifestyle (lot size, townhouse/condominium, active, urban) • Condition (new construction, move-in condition, a 'fixer-upper') • Location (main street, close to town center, cul-de-sac, waterfront) • Public services (water, sewer) • Features most important to you (fireplaces, wood floors)
Professional Assistance
Hiring a real estate professional can help ensure that the home buying process is a successful, enjoyable experience. What To Expect From A Real Estate Professional
• Reputation for honesty, integrity and fairness
• Professional standards and support for agents • Broad, consistent market coverage • Complete range of homeownership services • Online technologies to simplify your home search • Commitment to customer satisfaction
• Legwork to help complete the transaction
• Expert guidance through a complex process Page 1 of 4
• Vigilance for market dynamics • Insight about homes and communities
Related Home Buying Services
• Mortgage Assistance: It is recommended that you get pre-approved early in the process • Insurance Coverage: Home protection is recommended even if you are not financing your home If you would like to learn more about the benefits of working with a RealVana Broker, contact us. Home Search Key Steps For Productive Home Searches Use Online Resources:
• Search all MLS Listings and use the other Property Search functions
• Read about and understand the Home Buying process • Register for your Property Organizer to save properties that you are interested in and to get automated email updates when a new home comes on the market.
Access Experience
Be sure to explain your goals completely and ask to be informed as soon as relevant homes become available. Also, understand what additional resources the broker offers to assist your search. Tour homes with your agent and visit Open Houses; this will give you a sense for the market, and provide helpful information to the agent. When you visit open houses, be sure to explain that you are working with an agent to the broker holding the home open. Be Flexible New listings may become available on a daily basis from participating Multiple Listing Services (MLS). In a competitive market, these properties may sell rapidly. Inform yourself about local home values and obtain mortgage pre-approval early in your home search process, so that you can move quickly. Even in a slow market, one day may be all it takes to miss the right opportunity. For help searching for homes or to set-up your own confidential Property Organizer, contact us. Home Values Key Factors In Home Values
• Recent sales of comparable houses (in terms of size, features, location and style)
• The condition of the interior, exterior, major systems, and grounds • Local market conditions, including the inventory of comparable homes • The existence of other competing buyers Making an Offer The Formal Offer Offers must be in writing, signed and dated by all buyers, and include the following:
• Offer Price: how much you are agreeing to pay
• Expiration Date: when the offer expires, if not accepted • Closing Date: when you can take ownership, including elimination of all contingencies • Deposit: the amount you will place into an escrow account to secure your offer (typically 3% of the offer price) • Contingencies (if any): such as mortgage financing and inspections Negotiating An Offer The seller has the following options when considering offers:
• Accept the offer as proposed
• Reject the offer
If the seller rejects the offer, they may modify one or more terms and submit a counter offer. However, they are under no obligation to do so. Once all terms are agreed to by both parties the home inspection process begins, after which the parties proceed to execute the purchase contract (typically within 5-10 days), and begin the closing steps.
Home Inspections It is common for buyers to make an offer contingent upon one or more home inspections. These inspections are performed for, and paid by, the buyer. The seller must consent to the inspection, but is not required to correct, or provide compensation for, any problems identified. If the seller agrees to an inspection as part of accepting the offer, the seller must allow the inspection within the time specified in the offer. If the inspection findings are acceptable to the buyer, the closing process can begin. Property inspections should be conducted by professional inspectors - someone trained in the field that has no outside interests in the property. The buyer should be present when inspections are performed, so that the inspector can describe the process and findings personally. The Inspector Should:
• Look for any serious structural, mechanical, and/or other major defect in the property
• Examine all systems, including heat, air conditioning, electrical, and plumbing • Examine the general construction quality and condition of the house • Spend time checking the exterior of the house, including the roof, foundation, and chimneys • Check the basement, including wiring, plumbing, heating, and air conditioning • Check the attic for proper insulation and venting • Check all interior rooms for proper venting, insulation, and electrical outlets • Run all appliances and plumbing fixtures to verify working condition • Check all bathrooms to see if moisture has affected the areas around the tub or shower • Inspect for other items you may have requested, such as insects, termites, and other pests
Lead Paint And Lead Hazard Inspections
Beginning in 1978, federal law mandated the removal of lead as an additive in residential paints, and prohibited the use of lead paint in the construction of homes built after that date. As a result, properties built after 1978 should be free from lead-based paint, although a risk assessment and/or inspection is still recommended. Properties built before 1978 may present exposure to lead from lead-based paint that may place young children at risk of poisoning. The federal law is particularly concerned with protecting children under six years of age and pregnant women. Some states' laws are even more stringent than the federal law, and directed at lead hazards other than those associated only with lead-based paint. Buyers should familiarize themselves with relevant laws in their states. A risk assessment or inspection for possible lead-based hazards is recommended prior to the purchase of any home. The Closing What to Expect In The Days Before Closing Closings usually occur thirty to ninety days after a signed Purchase Agreement. In the period leading up to closing, the buyers and their homeownership service providers are normally focused on removing contingencies, which would include conducting inspections and processing the mortgage application(s). The home buyers should also begin planning to move their personal goods. What to Expect At Closing All parties will be present or represented at the closing for final review and signing of papers. If the seller cannot attend, there are alternative arrangements, which typically involve signing papers in advance, and/or granting Power of Attorney to their representative. You will be asked to sign the mortgage and any other papers that the lender, and/or other interested parties, may require. Home Buying Frequently Asked Questions
Finding quality professional assistance, understanding the current real estate market, and preparing your home for potential buyers are some of the topics home sellers should address. This section provides helpful information regarding the home selling process as well as useful tips on how to get started.
The Selling Process Professional Assistance Selling a home can be as challenging as buying one. A number of questions may arise:
• How quickly will my home sell?
• Will people like how it looks? • Will someone pay what I believe it is worth? • What do I do if my home does not sell?
Hiring a real estate professional can help ensure that thehome selling process is a successful, enjoyable experience.
What To Expect From A Real Estate Broker
• Reputation for honesty, integrity and fairness
• Professional standards and support for agents • Broad, consistent market coverage • Complete range of homeownership services • Online technologies to simplify your home search • Commitment to customer satisfaction • Legwork to help complete the transaction • Expert guidance through a complex process • Vigilance for market dynamics • Insight about homes and communities Key Factors in Finding the Right Real Estate Professional
• Research: Gather and review information anonymously to find good candidates
• Define Expectations: Be sure that the agent understands what you expect, and is eager to deliver Home Values Real estate professionals use a Comparative Market Analysis (CMA) approach to assess a home's market value: a well-executed CMA provides a sound basis for a home value discussion. Ultimately, you must decide the price to ask for your home. Regular feedback from the listing agent will provide information about revisiting the pricing strategy, if the asking price does not generate the desired offers. A CMA Will Include Comparable Property Information:
• Sales closed within the last 3-6 months
• Properties currently under agreement • Active listings • Withdrawn and expired listings
And A Range Of Values Based Upon:
• Age of property • Conditions of property • Features of property
With A Marketing Plan:
• Tailored to your property
• Detailing the specific services provided
A homeownership professional is best qualified to give you an accurate assessment of your home's current market value, and to help balance market realities with your dreams, allowing you to establish the most effective marketing program, including an asking price that generates active buyer interest.
Home Preparation Tips for Showcasing Your Home For Maximum Potential Exterior:
• Keep lawn trimmed and garden areas neat. Remove clutter and toys
• Remove leaves, snow and ice from walkways and steps • Clean the front door. Repaint or stain if necessary • Check fences for loose posts, slats, and pickets
Interior:
• Replace dim light bulbs. Make sure fixtures are clean
• Keep windows clean and coverings open • Have carpets cleaned • Brighten interiors with a fresh coat of neutral paint • Organize closets, attic, basement, and garage • Keep walking areas clear • Thoroughly clean sinks, oven, stovetop, refrigerator, and floors • Remove all unnecessary articles and appliances from countertops • Remove all pictures and magnets from refrigerator • Keep all cabinets and closets neat and well organized • Make necessary repairs to appliances. Repair leaky faucets • Polish bathtubs, toilets, showers, sinks and mirrors • Check/repair caulking around bathtubs, showers, sinks and tile
Home Marketing
Competition and advances in technology have driven innovation in the way homes are marketed.
Key Factors to Consider
• What is the best marketing program?
• How effectively, and of what quality, is the firm's online exposure? • What price will you set for your home? • How does the agent propose to maximize your home's appeal?
Marketing Support
An effective marketing program takes a comprehensive approach. It considers the ways consumers learn about available homes, and incorporates valuable, innovative elements.
Quality Online Exposure
The online component of marketing your home cannot be over emphasized. In a world where the vast majority of buyers begin thier search online, your home could be the first and last home buyers look at if you have the right online exposure. Some homes will be sold without th buyer ever even seeing the home in person! That is what makes having a powerful online presence a truly valuable thing.
Maximize Your Home's Appeal
The Coldwell Banker Residential Brokerage Brand
The Offer Evaluation
The Formal Offer
Offers must be in writing, signed and dated by all sellers, and include the following:
• Offer Price: how much you are agreeing to pay• Expiration Date: when the offer expires, if not accepted • Closing Date: when you can take ownership, including elimination of all contingencies • Deposit: the amount you will place into an escrow account to secure your offer (typically 5% - 10% of the offer price) • Contingencies (if any): such as mortgage financing and inspections Considering An Offer Your listing agent will present offers to you. All terms of the offer should be considered, including the asking price, contingencies, local market dynamics, and your goals. In a soft market, you may see few offers, or offers significantly below your asking price. If homes are selling quickly, you may receive multiple offers near - or exceeding - your asking price. As a seller you are under no obligation to accept any offer, even those at or above the asking price, although you must review all offers submitted. The seller has the following options when considering offers:
• Accept the offer as proposed
• Reject the offer and return the deposit If you decide to counter-offer, negotiations will continue until all terms are agreed upon (or, because the original offer was not accepted as submitted, either party may withdraw from the negotiations, at which time the deposit should be returned). Until the offer is accepted, the buyer may withdraw the offer and you may entertain other offers. Once the offer is accepted, the home inspection process begins, after which the parties proceed to execute the purchase contract (typically within 5-10 days), and begin the closing process. Additional negotiations may ensue if inspections uncover unanticipated issues and costs. As these inspection findings would constitute a change to the terms as agreed upon, you have the right to refuse or accept any change requests. [Note: verbal agreements regarding the sale of real estate are generally not enforceable, until agreed to in writing by all parties.] The Closing What to Expect In The Days Before Closing Closings usually occur thirty to ninety days after a signed Purchase & Sales Agreement. In the period leading up to closing, the sellers and their homeownership service providers are normally focused on preparing for the closing, which would include making the house available for inspections, preparing the deed, and moving. The home sellers should also begin planning to move their personal goods. What to Expect At Closing All parties will be present or represented at the closing for final review and signing of papers. If you cannot be at the closing, alternative arrangements can be made, which typically involve signing papers in advance, and/or granting Power of Attorney to your representative. All closing expenses will be discussed in advance of the closing as the final figures are prepared. You will be asked to sign the deed and any other papers that the lender, and/or other interested parties, may require. |
||||||||||||||||||
