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Top 5 Things to Know Before Putting Your Home Back on the Market If the listing or marketing agreement you had with your real estate agent and his or her company has, as the real estate industry says, “expired,” and you are looking to relist your property, make sure you educate yourself on the many vital factors that will influence the sale of your home. Remember, there is only one reason why your home didn’t sell…and it isn’t price. While price is certainly one of these marketing factors, it is not the only reason why your home did not sell. As you re-evaluate the proper pricing strategy for your home, request an updated market analysis from your real estate agent, and make sure it details the current pricing trends for your overall marketplace, including: 1. Days on the market for properties in your specific price range 2. The list-to-sales price ratios for homes that have sold (the more recent the better) 3. Square footage cost (ask agents how and if cost per square foot may be relevant to price) 4. The number of price reductions or, where applicable, the number of price increases 5. The number of homes currently active in your price point
When re-evaluating price, keep in mind that in specific circumstances, a lower listing price can actually lead to a higher selling price. Because the laws of supply and demand essentially govern all pricing, a lower asking price can generate more offers on your home, ultimately resulting in a higher sales price. Discuss the current supply-and-demand metrics that may be influencing home values in our neighborhood with any agent you’re considering working with.
As a member of the Top 5 in Real Estate Network®, I make it a point to keep clients, friends and their families informed regarding vital and relevant real estate information through our Real Estate Social Networking System. If you know anyone considering putting their home back on the market, please feel free to have them contact me for a copy of There’s Only One Reason Why Your Home Didn’t Sell…and It Isn’t Price or simply forward this email to them. This information is vital and I will provide it free of charge and with absolutely no obligation.
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Who’s Under Your Roof? The Real Risks of Unlicensed Labor Who's that working under your roof? Or on top of your roof…or way, way up in your maple tree pruning branches? If it’s an unlicensed worker you are facing unaffordable perils—both personal and financial. Here are a few reasons why you should never employ unlicensed labor, even for the smallest job: - You are exposing yourself to the risk of an unknown person entering your home. Someone purporting to be Mr. Fixit could, in reality, be casing your home for a later break-in, assault or home invasion. The likelihood of these horrors occurring is far less if you are dealing with a licensed contractor with ties to the community. - You could lose thousands of dollars if the work is shoddy or incomplete. Here's where using a licensed contractor can really pay off. State licenses require contractors to have trade experience, often requiring performance tests to ensure competency, and they also require contractors to be knowledgeable about local home improvement laws. Best of all, many states have a home improvement guaranty fund from which homeowners can recover money if they suffer a loss as a result of work done by a licensed contractor. - It’s illegal! Unlicensed workers who perform work for you are committing a misdemeanor and can be arrested, which means you are out of luck in terms of any deposit you may have put down and may well be liable for any materials bought from stores or sub-contractors by the unlicensed contractor. - You could be exposed to enormous damages in court if the unlicensed contractor is injured on the job. State courts have found that an unlicensed worker cannot, by definition, be an independent contractor—and if he’s not a contractor, he must be your employee. This means he or she can sue you if injured on the job. In one instance in California an unlicensed worker, injured after only a few hours working on a roofing job, successfully won damages claiming he was an employee of the homeowner! In another case in West Virginia, a licensed cable installer won a $1,000,000+ settlement for injuries he sustained from a fall off a power pole attached to a home, claiming that work performed by an unlicensed electrician on the home's circuit breaker box was the cause of his injury. These ruinous risks are avoidable. Using licensed contractors may cost more now but you can't place value on peace of mind. When embarking on contractor work, here are the top five do's and don'ts to consider: 1. Do ensure your contractor is licensed. The status of a contractor’s license can often be checked through your state’s Licensing Board Website or have the contractor show you a copy of the license.
2. Do ask for references from customers and suppliers who have worked with the contractor; and check for complaints on file with your state's contractor office and the Better Business Bureau.
3. Do check to make sure a contractor's insurance coverage is complete and up-to-date, and includes worker's comp, property damage and liability.
4. Do pay by credit card if possible, or, if paying by check, make it out to a company, never to "cash."
5. Don't pay cash. Don't pay in full in advance. Don't buy "left over supplies". Don't make a final payment until a thorough inspection of the work is complete. As a member of the Top 5 in Real Estate Network®, I can provide you with more information on how to hire a contractor as well as refer trusted contractors in our community. Just e-mail me. Feel free to pass this article on to other friends and family member who might benefit from this information.
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• 3,828 sq. ft., 4 bath, 5 bdrm 2 story -  MLS® $309,900 - Priced to sell !! The Falls, Miami - Make this your dream home, 5-bed/4-bath 2 story in the Falls area. Walk to Macy's and all the world renowned shops of the Falls. Formal living room and dining room with high celings, 2nd floor bedroom loft, large family room overlooking pool/patio. Updated open kitchen with wood cabinets, stainless steel appl and granite countertops. The bank wants to see offers on this one. EZ show on LBX Property information
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How Short Sales Affect Our Community…and Your Home Whether you are on easy street, just keeping up with the Jones' or withdrawing savings to stay current, an understanding of real estate short sales and how they affect the value of all homes within our community is becoming more and more important. Hardly a day goes by without at least one person asking me about the implications of short sales—either in terms of how it affects them as a home seller, or what it means to them as a buyer looking for a great opportunity. For that reason, I have decided to proactively communicate some basic information about short sales as well as provide everyone with access to The Four R's of Short Sales, a publication offered by the Top 5 in Real Estate Network®, of which I am a member. Accounts of distressed, or so called "under water" properties, seem to be a daily occurrence. The term "under water" was coined to describe the condition of the outstanding balance of a mortgage exceeding the market value of the home. If a property is under water but the homeowner is current with their mortgage, the situation is of less consequence. If a homeowner stops paying their mortgage, however, lenders have little option but to act. This can result in the forced sale of the property. When a mortgage lender enables the sale of a property for an amount less than the mortgage balance, this is a "short sale." The problem is, the lower prices that short sales generally command on the market can negatively affect the value of other properties in our community…including yours and mine! This is why I believe that greater transparency is needed in order to fully understand short sales. Homeowners facing financial challenges need to have a better understanding of their many, and in some cases better, alternatives. Moreover, all parties involved in a short sale will benefit from knowing the perspective and motivation of the other participants associated with the transaction. To that end, as a Top 5 in Real Estate Network® member, I am pleased to offer a complementary copy of our recently published and ground breaking publication, The Four R's of Short Sales, to anyone who is interested in receiving comprehensive information regarding short sales or distressed properties in general. The Four R's of Short Sales addresses how: • Home sellers can recover
• Lenders can aim to recoup
• Buyers can benefit, and how
• Real estate related professionals can render the best services If you know anyone facing mortgage related financial challenges, please feel free to have them contact me for a copy of The Four R's of Short Sales or simply forward this email to them. This information is vital and I will provide it free of charge and with absolutely no obligation. For those thinking of buying real estate, it is important to fully understand the opportunity and the financial return that a short sale-related property purchase can represent...as well as the pitfalls. All of this is covered in The Four R's of Short Sales. I am making this information available with the intent that this very delicate and highly personal issue should be addressed with great sensitivity and care. Even though the subject of distressed properties, either directly or indirectly, impacts every homeowner in North America, I respectfully suggest that you only make this information available to those whom you believe would appreciate receiving it from you. Please remember, whether it be a short sale related issue or anything to do with real estate, please feel free to contact me. Please also feel free to forward this article to family, friends and colleagues who might benefit from this important foreclosure information.
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Think Your Credit Score's Good? Think Again. Do you remember when a 680 credit score provided the best interest rates? Today, according to Bankrate.com, the best rates and mortgage programs go to consumers with 700+ credit scores. Consumers with less than a 700 credit score may see additional fees of 1% or more and increased interest rates as high as 1% over the base rates. The increased fees and interest expense represent about $3,500 in extra fees and as much as $134 a month in additional monthly mortgage payments for a new home buyer purchasing a $350,000 home. Making this problem worse is the ever-changing landscape of the economy and credit markets. Take one example: A consumer who had a credit score of 732 last year is now at 648, yet they have continued to pay all of their bills on time. So what were the primary causes of this dramatic decrease in their credit score? First, the consumer had their oldest and most established credit card closed by a creditor due to non-usage. Second, two other creditors dropped the consumer’s available credit limits, which negatively impacted their credit utilization ratios (i.e., amount spent each month compared to the credit limit). In each case, these changes occurred for no other reason than the creditors’ overall concern for risk in the marketplace. This is happening unknowingly to millions of consumers across the country who have good to excellent credit. So what should you do? From consumer credit coaches Jeff Mandel and Marlin Brandt of ApprovalGUARD, here are three suggestions to keep in mind: 1. Understand how credit works. Although you may think you understand how credit works (i.e., “As long as I pay all of my bills on time, I will have good credit”), there are many misunderstandings. Understanding how credit reports and scores work to create an excellent credit profile is important and becomes the foundation to strong financial self-management. 2. Credit and debt optimization. Take a snapshot of your current debt profile compared to your current income and liquid assets, then look for ways to optimize your debt. Examples could include strategies to reduce credit card balances owed to lower limits that will help you strengthen your credit scores, reduce interest rates and/or create opportunities to move balances to lower interest rate debt alternatives. 3. Know what’s going on. It’s important to review your credit at least three or four times per year. By doing so, you can monitor it for changes that may have occurred without your knowledge. It’s also a great opportunity to self-monitor your profile for errors or suspect activity, such as identity theft. The Fair Credit Reporting Act guarantees you access to a free credit report every 12 months. For more information visit the Federal Trade Commission website at http://www.ftc.gov/. Once on this page, click, “Free Credit Reports” for information on how to obtain your annual credit report from each of the three major credit reporting agencies free of charge. Understanding, building and self-managing your credit is like changing the oil in your car. If you do it regularly, then the car runs better. If you do it only when the engine has problems, you often find yourself in a challenging situation. A good credit coach and credit reference tools can help you understand how to truly understand, evaluate and optimize your credit and debt. Please feel free to forward this email to relatives, friends and colleagues who may also find it helpful. For more information, e-mail me!
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Moving Up in a Down Market – What the Media Isn’t Telling You about Real Estate We’ve all heard of the vast fortunes made during the Great Depression of the 1930s, but what about the opportunities available in today's Great Real Estate Recession? Are you going to make the most of them? Those who believe that real estate is a tide that moves all boats equally are just plain wrong. The fact is, we may very well be in the single greatest move-up real estate market in decades! Today's market represents a rare opportunity for some to move up to their dream home at virtually unprecedented prices. Here is what most in the media, pessimists and those non-strategic about real estate are not telling you: • Prices of higher-priced homes have (generally) declined more, as measured in dollars and/or percentage of price, than have prices of lower-priced homes.
• Vacation properties have also changed based upon their own local economics.
• If the price of your home has moved down less than the price of your ideal home, this may be the time to make your move. Here are some of the often-overlooked questions you need to answer before considering your move-up: 1. What price could my home bring if put on the market today?
2. What is the price of my ideal home in today's market?
3. What will the difference in monthly costs be should I decide to move up?
4. What will my net costs be after tax?
5. What is the potential for immediate lifestyle enhancement and for long-term financial gain if I move up? The answers to these questions are vital to making a more fully informed decision about the opportunities present in today's market. As a Top 5 in Real Estate member, I can help you find these answers. I also encourage you to discuss any changes in your real estate holdings with your attorney, financial planner and accountant. If you have longed to move to another community, enjoy a house at the shore or create income through rental property, now might be your best chance to do so. If you or any of your family, friends or neighbors need help monitoring the market, I can help. Simply forward this e-mail to them. If you would like to find your own real estate opportunity, e-mail me and let's get started. Remember, some of the greatest fortunes were made through real estate purchased during the Great Depression. Your ship may have just come in!
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Avoid Foreclosure - Options to Pursue, Scams to Avoid If you are behind—or soon will be—on your mortgage payments due to a change in job status or other financial dilemma, you are not alone. The number of foreclosure filings nationwide rose 81% between 2007 and 2008 to 2.3 million, according to RealtyTrac (www.realtytrac.com). And with interest rates ready to reset on the next wave of questionable mortgages, foreclosure numbers are expected to rise even higher. But don’t despair! There are options worth pursuing for those facing possible foreclosure. Many banks, for example, offer loan modifications or other programs that will give you a little more breathing room. Counselors certified by the Department of Housing and Urban Development (HUD) can help you explore available options at no charge. Options may include: Forbearance. A forbearance is a temporary suspension of payments sometimes offered if a borrower has lost a job but has a new one starting soon – or because medical bills or another crisis situation has caused a temporary cash shortage. Repayment plan. Repayment plans offer a scheduled blueprint for making up missed payments over time. Loan modification. A loan modification is a change in loan terms for a limited time, as when a subprime interest rate has jumped considerably. While there is no guarantee these options will be available in your particular situation, they are definitely worth exploring. You can find a counselor free of charge at www.hud.gov/keepyourhome. Meanwhile, homeowners with financial difficulties should be aware of a growing “cottage industry” of rescue scam artists. Be wary of anyone who appears at your door—or at your church or neighborhood club—who offers a so-called plan to make your troubles disappear. Steer clear of anyone, says the Federal Trade Commission, who: - Guarantees to stop the foreclosure process
- Collects upfront fees
- Asks to be paid by wire or cashier’s check
- Tells you not to contact your lender or lawyer
- Wants you to make mortgage payments directly to him/her
- Suggests you sign over or “share” your property deed or title
- Proposes a lease-and-buyback arrangement
- Offers to fill out paperwork for you
- Pressures you to sign documents you do not fully understand
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• 2,503 sq. ft., 3 bath, 5 bdrm single story - MLS® $135,000 - Best priced in the area ! Portofino Lakes at Waterstone, Homestead - Live on the exclusive Portofino Lakes lifestyle. 5-beds/3-baths/2-garages. 2-story executive home. Very central Homestead location. All new, Charter schools, shoppings and restaurants, hospitals all within minutes drive. Easy acces to turnpike. Property information
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Portofino Lakes at Waterstone, Homestead - Announcing a price reduction on 1770 NE 37 PL, a 2,503 sq. ft., 3 bath, 5 bdrm single story. Now MLS® $135,000 - Best priced in the area !. Property information
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• 3,828 sq. ft., 4 bath, 5 bdrm 2 story - MLS® $309,900 - Priced to sell !! The Falls, Miami - Make this your dream home, 5-bed/4-bath 2 story in the Falls area. Walk to Macy's and all the world renowned shops of the Falls. Formal living room and dining room with high celings, 2nd floor bedroom loft, large family room overlooking pool/patio. Updated open kitchen with wood cabinets, stainless steel appl and granite countertops. The bank wants to see offers on this one. EZ show on LBX Property information
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The Falls, Miami
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Announcing a price reduction
on 9425 SW 136 ST, a 3,828 sq. ft., 4 bath, 5 bdrm 2 story. Now
MLS®
$309,900
- Priced to sell !!.
Property information
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Deerwood, Miami - Announcing a price reduction on 14813 SW 127 PL, a 3,103 sq. ft., 4 bath, 6 bdrm 2 story. Now $199,900 - . Property information
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Village homes at Palmetto Bay, Palmetto Bay - Announcing a price reduction on 9411 SW 174 St, a 1,003 sq. ft., 2 bath, 2 bdrm apartment. Now MLS® $68,000 - Don't miss this one!!!. Property information
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South Miami Heights, Miami-Dade County - Announcing a price reduction on 11835 SW 183 ST, a 2,027 sq. ft., 1 bath, 3 bdrm single story. Now $139,900 - . Property information
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Coral Way Heights, West Miami - Announcing a price reduction on 6770 SW 25 ST, a 1,697 sq. ft., 3 bath, 4 bdrm single story. Now MLS® SALE PENDING $159,900 - . Property information
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