Albuquerque Real Estate with Joe Brooks

September 22, 2008

Understanding the buyer

Filed under: Selling — Tags: , , — joebrookshomes @ 8:16 pm

Understanding the buyer

 As the month of Sept. is winding down there is still 7300 homes on the market for sale.

As the seller, you can control three factors that will affect the sale of your home:

 

  • The home’s condition
  • Asking price
  • Marketing strategy

 

However, it’s important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers’ market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your ABQ Realtor Joe Brooks can advise you on how to best position and market your home to overcome any perceived downsides.

 

Location
Unfortunately, the most influential factor in determining your home’s appeal to buyers is something you can’t control: its location. According to the National Association of REALTORS®, neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.

 

Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and “empty nesters,” or couples whose children have grown up and moved out.

 

Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the “hot ticket” items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That’s not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

 For more information in this subject contact Your Albuquerque Realtor Joe Brooks at 505 977 3474 

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April 24, 2008

What is a market snapshot?

New just on the market.  A way to keep tabs on what is happening in your neighborhood for FREE.  Just fill out the form and 30 Minuets later you will see how your properties stacks up to your neighbors. 

<a href=”http://www.homeinsight.com/Widget/default.asp?LBUFLX1VXP7K” target=_blank>MLS Market Snapshot</a>

Warm Regards,

Your Albuquerque Area Realtor

Joe Brooks

April 7, 2008

How to price to sell and still make a profit

Filed under: Selling — Tags: , — joebrookshomes @ 11:03 pm

How to price to sell and still make a profit

 

The asking price you set for your home significantly affects whether you will profit in the sale, how much you will profit and how long your home will sit on the market. Your licensed Realtor like Joe Brooks’ knowledge of the overall market and what’s selling — or not selling — will be invaluable in helping you determine the price. The objective is to find a price that the market will bear but won’t leave money on the table.

 

Here are some points to consider:

  • Time
    Time is not on your side when it comes to real estate. Although many factors influence the outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you profit. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. Therefore, if your goal is to make money, think about a price that will encourage buyer activity (read: fair market value).
  • Value vs. Cost
    Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you not confuse value with cost — in other words, how much you value your home versus what buyers are willing to pay for it. Don’t place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants hardwood floors or granite countertops.
  • Keep it simple
    Because time is of the essence, make it easy for the buyers. Remain flexible on when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a desirable move-in date makes for a smoother transition between homes, it could cause you to lose the sale altogether.

How can Joe brooks, a licensed Realtor help me sell my home?

Filed under: Selling — Tags: — joebrookshomes @ 5:13 pm

How can Joe Brooks, a licensed Realtor help me sell my home?

 www.joebrookshomes.com

There are countless decisions to be made when selling a home, and many of them will significantly affect whether or not you make a profit and how much time it takes to sell your home. Joe Brooks, a licensed realtor, can offer specialized knowledge in research, marketing and negotiations to help you meet or exceed your goals. According to the National Association of REALTORS®, 82 percent of home sales are the result of agent connections.

 

A licensed Realtor like Joe Brooks will:

 

  • Serve as your advocate and representative when dealing with buyers, buyers’ agents and service providers.
  • Help you establish a fair asking price that also meets your goals.
  • Advise you on how to present your home aesthetically to maximize its appeal to buyers.
  • Design a customized marketing plan that will promote your home 24 hours a day, seven days a week. Tactics can include the MLS, direct mail campaigns, fliers, yard signs, advertising, Internet listings and open houses. 
  • Schedule and host open houses and home tours.
  • Screen all written offers and discuss their advantages and disadvantages.
  • Assist you in making counteroffers.
  • Prepare your closing documents.
  • Represent you at closing and mediate any last-minute obstacles to ensure a smooth, successful transaction.
  • Provide referrals to proven service providers, including title companies, inspectors, appraisers, pest control, moving companies and more.

 

IMPORTANT TO NOTE: Real estate professionals can represent the seller, the buyer or both. When agents represent both parties, it is called dual agency. In some states, dual agency affects the real estate professional’s fiduciary responsibilities to the seller. Keep in mind that real estate laws differ from state to state and even from locale to locale. For more in-depth answers, talk with a knowledgeable real estate professional and ask about local practices.

Eight steps to selling your home

Filed under: Selling — Tags: — joebrookshomes @ 5:08 pm

 Eight steps to selling your home

www.joebrookshomes.com

1. Define your needs.

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what do I expect to accomplish with the sale?” For example, a growing family may prompt your need for a larger home, or a job opportunity in another city may necessitate a move. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin.

 

Work with Joe Brooks, your licensed Realtor to map out the best path to achieve your objectives and set a realistic time frame for the sale.

 

2. Name your price.


Your next objective should be to determine the best possible selling price for your house. Setting a fair asking price from the outset will generate the most activity from other real estate agents and buyers. You will need to take into account the condition of your home, what comparable homes in your neighborhood are selling for, and state of the overall market in your area. It’s often difficult to remain unbiased when putting a price on your home, so Joe Brooks’ expertise is invaluable at this step. Joe will know what comparable homes are selling for in your neighborhood and the average time those homes are sitting on the market. If you want a truly objective opinion about the price of your home, you could have an appraisal done. This typically costs a few hundred dollars.

 

Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced higher than 3 percent of their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. Often, when this happens, the seller has to drop the price below market value to compete with newer, reasonably priced listings.

 

3. Prepare your home.


Most of us don’t keep our homes in “showroom” condition. We tend to overlook piles of boxes in the garage, broken porch lights, and doors or windows that stick. It’s time to break out of that owner’s mindset and get your house in tiptop shape. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer.

 

First impressions are the most important. Joe brooks can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers.

 

A home with too much “personality” is harder to sell. Removing family photos, mementos and personalized décor will help buyers visualize the home as theirs.

 

Make minor repairs and replacements. Small defects, such as a leaky faucet, a torn screen or a worn doormat, can ruin the buyer’s first impression.

 

Clutter is a big no-no when showing your home to potential buyers. Make sure you have removed all knickknacks from your shelves and cleared all your bathroom and kitchen counters to make every area seem as spacious as possible.

 

4. Get the word out.


Now that you’re ready to sell, Joe brooks will set up a marketing strategy specifically for your home. There are many ways to get the word out, including:

 

  • The Internet
  • Yard signs
  • Open houses
  • Media advertising
  • Agent-to-agent referrals
  • Direct mail marketing campaigns

 

In addition to listing your home on the MLS, Joe will use a combination of these tactics to bring the most qualified buyers to your home. Your agent should structure the marketing plan so that the first three to six weeks are the busiest.

 

5. Receive an offer.


When you receive a written offer from a potential buyer, Joe Brooks will first find out whether or not the individual is prequalified or preapproved to buy your home. If so, then you and Joe will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. The contract, though not limited to this list, should include the following:

 

  • Legal description of the property
  • Offer price
  • Down payment
  • Financing arrangements
  • List of fees and who will pay them
  • Deposit amount
  • Inspection rights and possible repair allowances
  • Method of conveying the title and who will handle the closing
  • Appliances and furnishings that will stay with the home
  • Settlement date
  • Contingencies

 

At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with Joe brooks right away.

 

6. Negotiate to sell.


Most offers to purchase your home will require some negotiating to come to a win-win agreement. Your real estate agent is well versed on the intricacies of the contracts used in your area and will protect your best interest throughout the bargaining. Joe Brooks also knows what each contract clause means, what you will net from the sale and what areas are easiest to negotiate. Some negotiable items:

 

  • Price
  • Financing
  • Closing costs
  • Repairs
  • Appliances and fixtures
  • Landscaping
  • Painting
  • Move-in date

 

Once both parties have agreed on the terms of the sale, Joe Brooks will prepare a contract.

 

7. Prepare to close.

Once you accept an offer to sell your house, you will need to make a list of all the things you and your buyer must do before closing. The property may need to be formally appraised, surveyed, inspected or repaired. Joe Brooks at Keller williams Realty can spearhead the effort and serve as your advocate when dealing with the buyer’s agent and service providers. Depending on the written contract, you may pay for all, some or none of these items. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home, the terms set forth in the contract will dictate your next step. You or the buyer may decide to walk away, open a new round of negotiations or proceed to closing.

 

Important reminder: A few days before the closing, you will want to contact the entity that is closing the transaction and make sure the necessary documents will be ready to sign on the appropriate date. Also, begin to make arrangements for your upcoming move if you have not done so.

 

8. Close the deal.


“Closing” refers to the meeting where ownership of the property is legally transferred to the buyer. Your realtor Joe brooks will be present during the closing to guide you through the process and make sure everything goes as planned. By being present during the closing, he can mediate any last-minute issues that may arise. In some states, an attorney is required and you may wish to have one present.

 

After the closing, you should make a “to do” list for turning the property over to the new owners. Here is a checklist to get you started.

 

  • Cancel electricity, gas, lawn care, cable and other routine services.
  • If the new owner is retaining any of the services, change the name on the account.
  • Gather owner’s manuals and warranties for all conveying appliances.

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