The market is great right now for sellers! That being said, here is a great article for seller's that are looking for the right agent. by Deidre Woollard-Real Estate News
Deciding to move isn’t a step anyone takes lightly. Your house is more than just an investment, it is your home. As you begin the process of distancing yourself from the place where you made so many lasting memories you will begin to think about what your home will be worth to someone else.
When you are ready to meet with a Realtor you may already have an idea of what your home is worth. You may have seen what other homes in your neighborhood have sold for or kept an eye on local listings. Your agent will prepare for you a comparative market analysis (CMA) that is an in-depth version of any research you may have done on your own.
The CMA is used to help evaluate how your home will fare against the competition. It takes a look at both homes that are currently listed and those recently sold. The purpose is to find the highest price that will still make the home competitive on the open market.
A Portrait Of Your Home And Its Surroundings
The CMA includes a fact-based portrait of the home including information such as number of bedrooms and baths, approximate square footage, size of major rooms, age of the home, property taxes, and desirable amenities such as fireplaces and pools.
Depending on the market the CMA will go back in time as long ago as a year or a month or week ago. The range can also vary. Some will just cover a few streets around your home, CMAs can cover areas as narrow as one or two streets surrounding your home, or as broad as an entire subdivision.
Beauty Is In The Eye Of The Beholder (Or Potential Buyer)
Selling a home isn’t just about the facts. There are many pieces to the puzzle and it’s often the indefinables that impact a potential buyer’s perception of the home. A home purchase remains fundamentally personal. Speaking at the Luxury Roundtable: State of Luxury 2013 conference, Camilla Papale, the chief marketing officer of Douglas Elliman Real Estate, defined real estate, especially at the high end, as being primarily emotional. She said that 90 percent of Douglas Elliman’s transactions are influenced by the buyer’s emotions versus rationalization. Perception can alter reality and so this is an important consideration when looking at a CMA. People make decisions based on curb appeal, light, design choices and many other factors.
At the end of each home’s information on the CMA report there will be a brief statement provided by the listing agent that will address some of these subjective factors such as recent remodels, historic features, or things that might be of interest to the buyers. The agent will be marketing the home and is already thinking about how it will be presented as a product to tempt the public.
The Changing Face of the CMA
The CMA today is different than it was before the internet era partly because the potential seller does so much of their homework ahead of time. Jeff Rightmyer, a sales agent with Building Bridges Partners Keller Williams explains how technology has changed the CMA: “If anything, it has increased the amount of avenues now available to display more accurate and precise information ranging from short sales, standards, all the way up to luxury. It also has allowed little room for error as clients can accurately research the information for themselves.”
There are still resources that agents have access to that most sellers do not. Also agents have the experience of listing, marketing, and selling many homes on their side. A local expert will know what buyers in the area look for and be able to easily assess how your home measures up. Together you and your agent can find a price that brings you what you need and will be attractive enough to attract your home’s new owner.
Showing posts with label selling homes. Show all posts
Showing posts with label selling homes. Show all posts
Friday, May 17, 2013
Friday, April 12, 2013
Mortgage Rates are dropping! The facts to support this enclosed!
Here are some interesting facts taken from the website Urbanturf.com. I though thought it was interesting and wanted to share it with everyone
After staying above 3.5 percent for several months, long-term mortgage rates dropped below that benchmark this week.
On Thursday, Freddie Mac reported 3.43 percent with an average 0.8 point as the average on a 30-year fixed-rate mortgage. Last week, rates averaged 3.54 percent. Rates have more or less been on an upward trajectory since hitting a record low of 3.31 percent in November.
From Freddie Mac vice president and chief economist Frank Nothaft:
Mortgage rates fell further this week following a lackluster employment report for March. The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012. In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent.
Here's one from Realtor.com
Mortgage rates saw a decline for the second consecutive week, according to the latest survey by mortgage buyer Freddie Mac. Loan rates fell once again as response to weak unemployment data reported by the Labor Department last week and continue to move closer to historic lows.
The average rate for a 30-year fixed loan saw a considerable dip, falling to 3.43% from 3.54% last week. If the current trend continues, loans may come close to the record low reach in November, 3.31%, which represented the lowest average rate on record dating back to 1971.
The low rates have helped keep home-buying and refinancing desirable as the market continues its slow recovery, notes mortgage expert Al Bowman:
If we see an increase in spending, the bond market will likely fall and mortgage rates will rise as it would indicate consumers are spending more than thought, fueling economic growth. However, a weaker than expected reading could push bond prices higher and mortgage rates lower, especially if the PPI gives us favorable results also.
In addition to falling 30-year fixed loans, the average rate on a 15-year fixed mortgage is also creeping towards the record low. Listed at 2.74% a week ago, 15-year fixed rates fell to 2.65%, which is a touch above the record low achieved in November, 2.63%.
Hybrid adjustable-rate mortgages also saw a slight decline. The average rate on a 5-year ARM fell from 2.65% to 2.62% this week, while the rate on a one-year ARM dipped ever-so-slightly to 2.62%, down .01% from a week ago.
Of the panelists polled by Bankrate.com in their weekly Mortgage Rate Trend Index, 33% believe that mortgage rates will rise in the coming week, while 66% believe that rates will remain unchanged. “Unchanged until the next international crisis or whatev,” says Bankrate.com assistant managing editor Holden Lewis. “Lately, mortgage rates seem captive to international events, which are unpredictable.”
After staying above 3.5 percent for several months, long-term mortgage rates dropped below that benchmark this week.
On Thursday, Freddie Mac reported 3.43 percent with an average 0.8 point as the average on a 30-year fixed-rate mortgage. Last week, rates averaged 3.54 percent. Rates have more or less been on an upward trajectory since hitting a record low of 3.31 percent in November.
From Freddie Mac vice president and chief economist Frank Nothaft:
Mortgage rates fell further this week following a lackluster employment report for March. The economy added just 88,000 net new jobs last month, about one-third as many as February and the fewest since June 2012. In addition, approximately 496,000 people left the workforce causing the unemployment rate to fall to 7.6 percent.
Here's one from Realtor.com
Mortgage rates saw a decline for the second consecutive week, according to the latest survey by mortgage buyer Freddie Mac. Loan rates fell once again as response to weak unemployment data reported by the Labor Department last week and continue to move closer to historic lows.
The average rate for a 30-year fixed loan saw a considerable dip, falling to 3.43% from 3.54% last week. If the current trend continues, loans may come close to the record low reach in November, 3.31%, which represented the lowest average rate on record dating back to 1971.
The low rates have helped keep home-buying and refinancing desirable as the market continues its slow recovery, notes mortgage expert Al Bowman:
If we see an increase in spending, the bond market will likely fall and mortgage rates will rise as it would indicate consumers are spending more than thought, fueling economic growth. However, a weaker than expected reading could push bond prices higher and mortgage rates lower, especially if the PPI gives us favorable results also.
In addition to falling 30-year fixed loans, the average rate on a 15-year fixed mortgage is also creeping towards the record low. Listed at 2.74% a week ago, 15-year fixed rates fell to 2.65%, which is a touch above the record low achieved in November, 2.63%.
Hybrid adjustable-rate mortgages also saw a slight decline. The average rate on a 5-year ARM fell from 2.65% to 2.62% this week, while the rate on a one-year ARM dipped ever-so-slightly to 2.62%, down .01% from a week ago.
Of the panelists polled by Bankrate.com in their weekly Mortgage Rate Trend Index, 33% believe that mortgage rates will rise in the coming week, while 66% believe that rates will remain unchanged. “Unchanged until the next international crisis or whatev,” says Bankrate.com assistant managing editor Holden Lewis. “Lately, mortgage rates seem captive to international events, which are unpredictable.”
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