Garage sales can be a great way to get rid of clutter — and earn a little extra cash — before you sell your home. But make sure the timing is right. Garage sales can take on a life of their own, and it might not be the best use of your energy right before putting your home on the market. Follow these tips for a successful sale.
1. Don’t wait until the last minute. You don’t want to be scrambling to hold a garage sale the week before an open house. Depending on how long you’ve lived in the home and how much stuff you have to sell, planning a garage sale can demand a lot of time and energy.
2. Get a permit. Most municipalities will require you to obtain a special permit or license in order to hold a garage sale. The permits are often free or very inexpensive, but still require you to register with the city.
3. See if neighbors want to join in. You can turn your garage sale into a block-wide event and lure more shoppers if you team up with neighbors. However, a permit may be necessary for each home owner, even if it’s a group event.
4. Schedule the sale. Sales on Saturdays and Sundays will generate the most traffic, especially if the weather cooperates. Start the sale early, 8 a.m. or 9 a.m. is best, and be prepared for early birds.
5. Advertise. Place an ad in free classified papers and Web sites, and in your local newspapers. Include the dates, time, and address. Let the public know if certain types of items will be sold, such as baby clothes, furniture, or weightlifting equipment. On the day of the sale, balloons and signs with prominent arrows will help to grab the attention of passersby.
6. Price your goods. Lay out everything that you plan to sell, and attach prices with removable stickers. Remember, garage sales are supposed to be bargains, so try to be objective as you set prices. Assign simple prices to your goods: 50 cents, 3 for $1, $5, $10, etc.
7. If it’s really junk, don’t sell it. Decide what’s worth selling and what’s not. If it’s really garbage, then throw it away. Broken appliances, for example, should be tossed. (Know where a nearby electrical outlet is, in case a customer wants to make sure something works.)
8. Check for mistakes. Make sure that items you want to keep don’t accidentally end up in the garage sale pile.
9. Create an organized display. Lay out your items by category, and display neatly so customers don’t have to dig through boxes.
10. Stock up on bags and newspapers. People who buy many small items will appreciate a bag to carry their goods. Newspapers are handy for wrapping fragile items.
11. Manage your money. Make a trip to the bank to get ample change for your cashbox. Throughout the sale, keep a close eye on your cash; never leave the cashbox unattended. It’s smart to have one person who manages the money throughout the day, keeping a tally of what was purchased and for how much. Keep a calculator nearby.
12. Prepare for your home sale. Donate the remaining stuff or sell it to a resale shop. Now that all of your clutter is cleared out, it’s time to focus on preparing your house for a successful sale!
Reprint with permission from Realtor.Org
Friday, June 6, 2008
Thursday, June 5, 2008
Foreclosures hit a record high — and more coming
The Mortgage Bankers Association on Thursday released their quarterly report which said that "1 percent, or roughly 447,723 loans, fell into foreclosure during the January-to-March period that surpassed the previous high of 0.83 percent over the last three months in 2007."
The report also found that more homeowners slipped behind on their monthly payments. The delinquency rate jumped to 6.35 percent — or 2.87 million loans — compared with 5.82 percent for the previous three months. Payments are considered delinquent if they are 30 or more days past due.
The report also found that more homeowners slipped behind on their monthly payments. The delinquency rate jumped to 6.35 percent — or 2.87 million loans — compared with 5.82 percent for the previous three months. Payments are considered delinquent if they are 30 or more days past due.
Sunday, May 25, 2008
Monday, May 12, 2008
Makeovers to Sell
First impressions are everything and you only get one chance. Fact number one is that Buyer's start judging your home right from the street, before ever setting foot in the home itself. However, this article focuses on the interior, more precisely, the top three things to think about as you're preparing to sell:
Kitchen
Bathroom
Color
Bathroom
Color
The Kitchen:
Old-outdated styles, worn fixtures and cabinets, dirty peeling paint, etc are major turnoffs to prospective buyers. Minor kitchen makeovers can bring big returns. Painting the walls with a fresh coat of neutral paint, new faucets, porcelain flooring, refacing or painting cabinets can give an old kitchen a more modern appeal. A big trend right now in counter tops is granite. If granite slab is too costly an upgrade at $36 to $45 dollars a linear square foot, then I recommend going with granite tile. An affordable do-it-yourself project that will bring a 90 percent return on investment. For more information on how to install granite tile yourself. Click the link below for an informative video from the DYI Network.
The second most important selling featuring in the house is the bathroom. If its been 10 years since the last time you've changed the bathroom style, you may want to think about giving it a fresh facelift. Perhaps, think about adding new tile counter top, tub surround and floor. Don't forget to paint the walls, refinish the cabinets or replace them for a fresh look. Remember, sometimes just the smallest changes in cabinet hardware, light fixtures and sink will do the trick.
The second most important selling featuring in the house is the bathroom. If its been 10 years since the last time you've changed the bathroom style, you may want to think about giving it a fresh facelift. Perhaps, think about adding new tile counter top, tub surround and floor. Don't forget to paint the walls, refinish the cabinets or replace them for a fresh look. Remember, sometimes just the smallest changes in cabinet hardware, light fixtures and sink will do the trick.
Color
Last but certainly not least is the total interior color. First rule paint to sell. Which means to color for mass appeal. Buyers prefer neutral colors. You have no idea what negative feelings and comments come from the buyer when they enter a bright yellow kitchen, cobalt blue bedroom or burgundy painted study. And don't be lazy about it and say the buyer can paint it after it's sold or you just may find your house sitting months on the market before finally succumbing to painting the home yourself. And if you're painting the rooms yourself, a general rule is that gloss paint is best for bathrooms and kitchens. That’s because there easy to clean unlike a flat finish.
Tuesday, April 8, 2008
February pending home sales fall 1.9 percent
Some realtors don't want to speak openly about the elephant in the room, hoping it'll just go away but ultimately, the truth will out itself. The truth is that you can only manipulate the numbers and figures for so long before they bottleneck into one huge mess. And that mess translates into "buyer reluctance".
Buyer's are smarter and more savvy than some realtors and sellers think. Pending sales are down because of several important factors: uncertainty over economy, interest rates remain much higher than they should be considering where the Federal Reserve has set its own rate, and a real estate environment across the country that continues to act as though it's a sellers market.
News flash to obstinate sellers and those realtors that think you can still get buyers to pay more than the homes worth or push an appraisal upward to the maximum value-BUYER'S AIN'T BUYING! Now is the time for a new strategy and hard choices. I've said it before and I'll keep saying it, number one question a seller needs to ask themselves keeping in mind how serious they are about selling: Do I want to still own this property 3, 6, 9 months from now?
If the answer is no, then I suggest you do three things:
Set the price correctly. For those that are unsure what that price should be even after obtaining a comparative analysis, that is the price just under your strongest competing property in the neighborhood. The home that offers buyers the same style, amenities, condition and age as your property. Probably a good rule of thumb is to lower your asking price by 3% of the market value and a couple hundred dollars lower than your competition.
Another thing about price that is important to those sellers facing foreclosure; never hold firmly to a price, even at market value that fails to lure buyers. You need a quick out and that means "by any means necessary". Example and true story, I had a client wanting to move into a certain high dollar area within Oklahoma City and we found a home that was perfect. The lender had already recieved judgement on the seller and was entering the final phase of the foreclosure. My client had just enough to cover the sellers loan and offered to do a "short sale" through the lender. The seller could have walked away with clean credit and no foreclosure. Instead, the seller held firm to the asking price believing he had time enough to find a full price offer and walk away with some equity. What ended up happening was that the bank took the property. The seller now has a foreclosure on record and my client moved on to another property.
Let me repeat again: Never insist on receiving "full price" offers if a buyer brings you an offer within 90-95% of your asking price.
Never insist on selling "as-is" if there is enough equity built into the sell that you'll only be giving up $3 or $4,000 in repairs (assuming that your home needs that much repair work).
Never tell the buyer no when it comes to making concessions on closing costs. There is always a way to create a "win-win" situation between you and the buyer.
Bottom line: Stubborness will insure that you still own a house you no longer want or need.
Buyer's are smarter and more savvy than some realtors and sellers think. Pending sales are down because of several important factors: uncertainty over economy, interest rates remain much higher than they should be considering where the Federal Reserve has set its own rate, and a real estate environment across the country that continues to act as though it's a sellers market.
News flash to obstinate sellers and those realtors that think you can still get buyers to pay more than the homes worth or push an appraisal upward to the maximum value-BUYER'S AIN'T BUYING! Now is the time for a new strategy and hard choices. I've said it before and I'll keep saying it, number one question a seller needs to ask themselves keeping in mind how serious they are about selling: Do I want to still own this property 3, 6, 9 months from now?
If the answer is no, then I suggest you do three things:
Set the price correctly. For those that are unsure what that price should be even after obtaining a comparative analysis, that is the price just under your strongest competing property in the neighborhood. The home that offers buyers the same style, amenities, condition and age as your property. Probably a good rule of thumb is to lower your asking price by 3% of the market value and a couple hundred dollars lower than your competition.
Another thing about price that is important to those sellers facing foreclosure; never hold firmly to a price, even at market value that fails to lure buyers. You need a quick out and that means "by any means necessary". Example and true story, I had a client wanting to move into a certain high dollar area within Oklahoma City and we found a home that was perfect. The lender had already recieved judgement on the seller and was entering the final phase of the foreclosure. My client had just enough to cover the sellers loan and offered to do a "short sale" through the lender. The seller could have walked away with clean credit and no foreclosure. Instead, the seller held firm to the asking price believing he had time enough to find a full price offer and walk away with some equity. What ended up happening was that the bank took the property. The seller now has a foreclosure on record and my client moved on to another property.
Let me repeat again: Never insist on receiving "full price" offers if a buyer brings you an offer within 90-95% of your asking price.
Never insist on selling "as-is" if there is enough equity built into the sell that you'll only be giving up $3 or $4,000 in repairs (assuming that your home needs that much repair work).
Never tell the buyer no when it comes to making concessions on closing costs. There is always a way to create a "win-win" situation between you and the buyer.
Bottom line: Stubborness will insure that you still own a house you no longer want or need.
Friday, March 28, 2008
Real Estate Rates Increase Overnight
Long-term 30-year fixed mortgage rates rose Thursday to 5.75% and the 15-year fixed rate increased to 5.27 percent. This means Banks are not doing what the Feds had intended by lowering the federal reserve rates which was to pass the savings on to consumers by lower mortgage rates. The idea was that lower consumer rates would in turn help keep are ecomony floating above the recessionary line. However, banks have used the lower reserve rates to increase there liquidity and are not passing any discounts along to the consumers.
Wednesday, March 26, 2008
Tuesday, March 25, 2008
To Sell or Not To Sell
Tough times calls for tough choices. Hard nosed sellers don't want to hear the truth about pricing their homes correctly under the current market conditions. Instead, many will actively seek out real estate professionals that falsely promise to get the sellers their full asking price and that is assuming they don't over price the home from the beginning.
What surprises me is when these very same sellers become upset and frustrated when their home ends up sitting on the market for months after turning down realistic and reasonable offers.
The first thing a seller should do when setting the asking price is to ask themselves the question, "Do I really want to still own this house 6,7 or 9 months from now?" That is if they have the luxury to wait around for a buyer to offer that magic price regardless of how long it takes. However, some sellers may be relocating and need to free up their funds to purchase a new home while others may be facing foreclosure. In these tough economic times the age old saying holds true: a bird in the hand is worth more than two in the bush.
So, here is a bitter pill--If it don't appraise at that "magic price" or greater then the lenders won't lend the buyer any money to buy until the contract price is in line with the appraisal. In other words, save yourself some time and price it correctly.
What surprises me is when these very same sellers become upset and frustrated when their home ends up sitting on the market for months after turning down realistic and reasonable offers.
The first thing a seller should do when setting the asking price is to ask themselves the question, "Do I really want to still own this house 6,7 or 9 months from now?" That is if they have the luxury to wait around for a buyer to offer that magic price regardless of how long it takes. However, some sellers may be relocating and need to free up their funds to purchase a new home while others may be facing foreclosure. In these tough economic times the age old saying holds true: a bird in the hand is worth more than two in the bush.
So, here is a bitter pill--If it don't appraise at that "magic price" or greater then the lenders won't lend the buyer any money to buy until the contract price is in line with the appraisal. In other words, save yourself some time and price it correctly.
Monday, March 24, 2008
Oklahoma City is On The List!
Oklahoma City ranked 4th on the list of best places to buy foreclosure. People all over the world are starting to take notice that one of america's best kept secrets is that Oklahoma City is a great place to shop for deals in this new ecomony. While Oklahoma's foreclosure rate is smaller than other states across America, we offer the greatest value for those homes found on the foreclosure lists.
How to Cash in on this trend?
There are 3 main ways to buy foreclosed properties here in Oklahoma City Metro. Pre-foreclosures better known as short sales. These are primiarly offered through local Relators and are generally listed on the MLS. Another lessor known method is to buy at the sheriffs sales which is the last step in the foreclosure process before banks reassign them to a listing broker as a REO property. Some pretty great bargins can be found at the sales but on the most desired properties it can be tough competition during the bidding. Depending on the balance owed at the time of foreclosure some properties may be sold at auction for as little as 80% of the appraised value. Fore more information on Sheriff's Sales visit: http://www.oklahomacounty.org/sheriff/SheriffSales/
The third method are the tax sales which are not as productive today as they were 15 or 20 years ago. But this is a great method employed by investors trying to pick up vacant land for development or "fixer-uppers" in urban neighborhoods where rentals are common. The Oklahoma County Tax Sale which serves all of the Okahoma City Metro area comes up once a year on the 2nd Monday in June. Additional information can be found of the Oklahoma Treasures site: http://www.oklahomacounty.org/treasurer/ResaleInstructions.htm
If you have any questions about buying foreclosures in Oklahoma City Metro Area or a real estate question in general please email me at okcrealty@msn.com.
Monday, February 25, 2008
Todays News
Existing home sales hit 9-year low
More good news for buyers bad news for sellers. Existing homes fell to the lowest level in nearly a decade in January and the median price for a home dropped for the fifth straight month.
The National Association of Realtors released data today that shows sales of single-family homes and condominiums dropped by 0.4 percent last month to a seasonally adjusted annual rate of 4.89 million units, the slowest sales pace on records going back to 1999.
In Oklahoma, market data reflects the average single-family home sold for $155,168 which was down over $1800 from the previous month.
For more information on Oklahoma City Metro real estate, visit my website: http://www.okc-realty.com/
Friday, February 22, 2008
Smart Home Buying
Things Your Realtor Should Do for You
When Negotiating the Sale!
It's no secret that listings are up and homes are taking longer to sell. It's a buyers market again, and that's good news for home buyers. The single most important reason to hire a professional realtor is to get the best deal possible in negotiating the sale. But without training and experience in contract negotiations, how do you know if your realtor is really working for you?
First and foremost, whether you hire a buyers representative or not, your realtor should be ready, willing and able to guarantee that they represent only you-the "buyer" during the real estate transaction and in Oklahoma State, that means they are a "single party" transactional broker. Unless your realtor signs a Single Party Agreement or an Exclusive Buyer Agency Agreement, you can assume they are working for the seller to close the sale for the highest price possible.
It might pay to also remember that even with an agreement your realtor may not be on your side. It's just a fact, realtors make their income off the homes' selling price, and the higher the price the better the commission, which is why some realtors won't even bother to negotiate insisting that their clients only offer the asking price to the seller.
An offer to purchase is essentially a legal agreement between the buyer and seller as to the price, terms, and conditions of the sale that will be written into the final agreement which is presented to the lender and signed at closing. So here is a list of things your realtor should include in the offer to purchase:
Tip #1: Never, never ever offer full asking price even when you are willing to pay it. Anyone can pay full price but you can never pay too little. Make your first offer the lowest realistic price you can. A good realtor will suggest offering from 5 to 15% bellow the seller's asking price, while taking into consideration all of the concessions you want the seller to make.
Tip #2: Ask the seller to pay some or all of your closing costs and pre-paids which are multiple fees involved in the real estate transaction. Examples of these are title fees, discount points paid on your loan, origination fees, taxes, and insurance. As a rule of thumb, in Oklahoma you can request the seller to pay up to 6 percent of the sales price toward "any and all allowable costs to close".
Tip #3: On existing homes, ask the seller for an allowance or credit to help with improvements such as new carpeting, updating appliances, painting, landscaping or other major repairs the house might need but remember to check with your lender because they may have strict requirements on the wording and handling of allowances during the sale.
Tip #4: Always ask for a home service warranty on existing homes older than 3 years. Even if the seller has done recent updating on appliances or mechanical systems such as heating and air conditioning you can never have enough protection when buying an older home.
Tip #5: Request Contingencies. Make sure your realtor includes basic contingencies for appraisal value vs. offer on price. If the home fails to appraise at the purchase price or greater the seller has to lower his price. Also, set a repair contingency to cover most of the expected repairs that the seller must make up to a certain dollar amount. I always suggest my clients ask for repair amounts to be set at $5,000 in the initial offer. Of course, this usually gets negotiated down to about half.
Tip #6: Extra Perks. Keep in mind, everything is negotiable in real estate. Don't be afraid to ask for more but be flexible enough to relinquish on items that are not very important. In other words, don't sweat the small stuff.
One final note, most deals fall apart after three rounds of offer and counter-offers. If there is "no meeting of the minds" be prepared to walk away.
For more Buyer tips, visit my website: http://www.okc-realty.com/
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