Choosing a Realtor to List your Property!!!

Prior to listing your home you should do some home work yourself. First look around your neighborhood and see if a certain Realtor specializes your area, if so definitely contact that Realtor (regardless if you use them or not) and see what they have to say.

Second, look at the local advertising and see who is going to aggressively market your property. Ask around, see if someone recommends someone they have recently done business with and possibly hear their story. Then you should get at least 2 opinions of price from 2 local professional Realtors. This is letting you know if you are thinking in the same price range as what the real market value is. Remember, if these 2 professionals come in with such a different price range then you need to get a third opinion.

Some Realtors have to meet a "quota" of listings in order to stay at their office. So this would be a reason for a Realtor to over inflate a listing price, just to get the listing. This is called "Buying a Listing", and this also does no good for either the seller or the Realtor. Instead, seller usually gets frustrated with the Realtor and Realtor is frustrated because they took the over priced listing in hopes of catching a fish (another story) and if so... then the realtor could possibly talk the seller into excepting a lower price, but in reality the seller could of possibly sold alot earlier if they would of listened to the lower priced Realtor. And remember.. "don't punish the honest Realtor for giving you fair market value", they are only doing their job.

Sometimes Realtors offer "staging" services, this is done usually on a case by case basis. Some homes staging is needed, I know I have found homes, with minimal knick knack and furniture do sell quicker. Most buyers do not have an imagnation to see themselves in a home that has too much of the sellers personality. De-clutter!!!! Clean Clean Clean, and refreshing the landscaping and painting goes along way. Ask the professional what you should do to make your home more appealing. Of course in the old days, I am told LOCATION LOCATION LOCATION was the main 3 ingredients to real estate. Today it seems to be PRICE PRICE PRICE, so be smart and interview several professionals and price your property right!!! Happy Selling!!! Dawn Dell
Dell Realty
2006 REALTOR OF THE YEAR

Hot Potato Market

Strange heading I know, but let me explain as I always do. This is what I called what happened during the BOOM. Here it goes, take where I live for example, in 2003 you could find a home on a golf course in a gorgeous community 3 bed 2 bath 2 car garage, pool, CBS (concrete block stucco) with over 1800 LSF (living square footage). Now brace yourself, for $130,000 or high end $200,000.

An investor from another inflated market area comes to my market and finds this prize piece of property for an excellent investment, purchases home CASH! Usually throws in an extra $1000 to secure getting the home. Closes on the property and in the meantime this smart potato tells all of their investor friends of the fabulous purchase they made and those investors come in and purchase the same way, creating almost somewhat a frenzy. The home does not even have a real estate sign in the yard a whole day without an offer. Then, all of these investors (potato's) tell their investor friends, but.. this time they are selling the property to their friends at an inflated price (usually double of what they purchased it for) and made almost $100,000k.Now the home is $250,000 to $300,000 and still in other markets considered a very good buy.

Then that investor makes minor upgrades, and puts the home on the market and at this point investors are hearing of the huge profits being made and envision themselves making this type of profit too. Some did, and now some did not, some are still trying to sell their homes. So here we go, the hot potato has been passed quickly, some making huge profits, inflating the market, creating the market so to speak and at the end of the day someone is holding the hot potato as the game goes... so let me go out on a limb here and say investors not only created the market but now are victims of their own circumstance.

Investors created our inflation, and some are paying for it. As with Vegas or stocks... it is a gamble when investing in a market. Sometimes you win! Sometimes you lose! In the meantime, the average buyer is the one who is hurt the worst. Some purchased during the BOOM, their homestead property and now are house poor! And as I said in my other blog Correction Curve, the new market price is reflecting a lower than market value in some cases. But as with everything, what goes up must come down.

But... we are Florida, as long as the sun is shining we are desirable. And have you looked at the projections, if not, you should, hang in their and hopefully you will make a decent return in your investment with in the next 2 years. The Baby Boomers are going to retire and who wants to retire to Wisconsin? Especially when you have Florida!

Dawn Dell
2006 REALTOR OF THE YEAR
863-381-0400

"Correction Curve"

The housing market is going to experience what I am calling the "Correction Curve", think about it, what the bank will finance is really what the market will bear, unless we have a frenzy market again and CASH buyers inflating the market (that is a whole other subject coming soon), if the a property is being purchased with a mortgage, then the bank requires an appraisal. An appraisal is really only ones opinion with a calculation of other factors. These main factors are other sales with in the market area and homes that are close in comparison to square footage and actual year built.

Right now in this market there are foreclosures closing, investors getting out of a bad investment at any cost to save their credit, short sales and true sales at true market value. Once these properties close and is recorded these are then used in the calculation process of an appraisal for a loan. Even if a purchase for contract has been accepted by buyer and seller at a price higher than the appraisal the buyer has a "loop hole" out of the contract in the financing clause. Property must appraise at mortgaged value, so make sure when writing an offer on a property to consult with a professional Realtor on how to get you out of the contract if it does not appraise at full purchase price (again another subject for another time, coming soon).

Once several properties have closed at lower than market value the values in general decline and in an inflated market this will create a correction of price therefore "Correction Curve." What this can mean to you as a seller, you should absolutely consult with a professional in your market place and get a fair market value. If you really want to sell, I am finding there are buyers at the right price, but if your intention is to "test the market" or "fish for a buyer" than now is not the time to put your home on the market (unless of course it is priced at fair market value). Marketing your home with a professional is only to your advantage. Use their expertise and also, it literally cost you nothing unless the home is sold.

Now for the buyers, I have mentioned this before, never has there been a better time to buy (of course except to prior to 2003), buyers are getting great interest rates, a huge inventory to pick from, and now the "Correction Curve" price is all in your favor of being able to buy a home at a better than fair market price. So.. if your looking to buy or even do I dare say INVEST, go for it. Get with a Realtor and start looking at the market and making offers, you never know what might be accepted.

Purchasing Real Estate: 101

At some point and time everyone hopefully will make that decision in ones life to purchase the American Dream. A HOME! When you have decided to do so, the very first thing you should do is speak with a qualified Mortgage Professional, again if you do not know of any, ask a friend, relative or co-worker. If you do not have one of those, then go to your bank and see if someone there can help you. When decide to purchase a home, running out and looking at property is NOT the way to go, you make be looking below your means or worse yet, fall in love with the perfect property and then find out you can not afford it. So, as I like to say, "Shopping within your means" is the best way to go, and to find that out you need to see a Mortgage Broker, Banker or financial institute. Once you find out what you can afford monthly, then look at what you have to put down on a home. You need money for closing cost, insurance, appraisals, surveys, home inspections, pest inspections, and utilities, so just the home price is not the only costs to be considering. And then there is the "down payment" that you should have, 3% is FHA requirements. So this is the least amount. Preferably 20%, but in most cases this is not attainable. There are ways to find other programs to help you.

Now that you have figured out where you need to be money wise, price wise etc... now you must find a Realtor you can relate to. Riding around and calling every real estate company sign in front of the homes that appeal to you is a huge waste of time, gas and energy. You should try to find a Realtor, either ask a friend, relative or co-worker, and remember all of us Realtors have the same information on all listings in the area. Once you find a Realtor you feel comfortable with make an appointment to view the homes that fit your search criteria and price points. Remember also, when choosing a Realtor find one that is not afraid to negotiate a price for you, so if you say your price range is highest of $120,000, your Realtor should at least pull up listings in the $135,000 range, unless the listing has already been drastically reduced. The Realtor should really interview you, that is what I do, sometimes we even go look at a property or 2 and then I can get a better idea of what the buyer's needs are and take it from there. Once you decided to go look at property the rule of thumb is to keep it a short list, 4 to 9 listings at the most. Take notes on every property, unless you know for sure it is not the one for you. Remember you will be looking at many properties so taking notes on the good and also the bad things about each property while you are in the property is very important. The hardest part in purchasing real estate I have found to be, is picking the property. Once you have picked the property, you should have the Realtor contact the Mortgage Broker and have them prepare a Pre-Qualified or better yet a Pre-Approval letter, that states you are already in the process of obtaining financing. At this point all of us Realtors have our personal ways of writing, submitting and presenting offers. Make sure you are involved and informed of this entire process. It is very important and as my Dad, the KING OF REAL ESTATE, always tells me, "Time is of the essences".

Once everyone agrees to everything on the contract, then you have what is called a "bi-lateral"contract (between 2 people), the Realtor, Mortgage Broker and Title Company or Attorney then take everything over and process this file as needed. The Mortgage Broker will be working very closely with you and getting the remaining documentation to the underwriters for their approval. Once all is approved, this not only includes your financial status but also the home must approve too, then you are well on your way to purchasing a home. It basically is only a matter of time for the title work and mortgage note to be prepared before you sign on the dotted line and are granted the keys to your new home.

Hope this information was helpful, I know most of my clients are not experienced home buyers and definitely benefit from my knowledge. So interview your Realtor, because you will be very closely involved with them for at least 30 days or more. You can reach me directly at 863-381-0400,
I am in Sebring, FL, and my name is Dawn Dell.

Dell Realty
"Where we treat you like family"

Feds Reduced Rates

Feds reduced to the rate ½ percent, that is a whole 50 points। WOW! Just be careful when talking with a qualified mortgage broker, ask what their rates were just prior to the rate decrease, make sure basically that they are not “padding” the interest rate and you are getting the best they have to offer. Remember this could equate to literally thousands (tens of thousands) at the end of the day. So be smart and educate yourself, use someone that is recommended to you, that way you know that person had a personal experience and it must have been good for them to recommend them.

With the rate being reduced Wall Street of course reacted, positively I might add. We as Americans need to gain control of our own economy. The press is ruining our confidence. We should not allow them to continue to feed us with negative press, and if it has not happened then they continue to report on it basically until it does happen. For instance, you hear a song on the radio, do not really like it but the DJ continues to play the song, finally it sounds familiar and then next thing you know your humming with it and know the words and then you even want to hear it when you turn on the radio. This is how they “brain wash” us. If it is not bad news basically it is no news. Now the flip side to this, since I am the forever optimist, once they (the press at large) conquer whatever their AGENDA may hold, (and you can bet there is an agenda) they quickly move on to another “problem” we may have, or “need” to have??? When the market was GREAT, remember they kept telling us the BUBBLE was going to burst, now 2 ½ years later, it burst, but that is not enough, now it has to “HIT BOTTOM”. These are the new “trigger” words I am hearing out there. But.. Sellers are getting smarter and reducing their prices, if they want to sell. Buyers have the best of all the worlds, sellers reducing prices, interest rates dropping and a few dozen or so homes that would perfectly fit their needs, just location should be the issue, as it use to be in the old days of real estate, location, location, location. So if you are in the market NOW IS THE TIME TO BUY!!!

Next up picking a Realtor। And remember to “Buy or Sell… Call Dawn Dell”

Dawn Dell

Dell Realty, Broker/Owner

2006 REALTOR OF THE YEAR

863-385-8822

www.dellrealty.net

Interest Rates Are Going Down! Buy Now!

Well buyers, now is the TIME TO BUY, and never has there been a better time for negoitiating price and terms. Picking the actual home is the hardest part, since there is soooo much on the market available. But on the plus side you can really pick the home of your dreams and at a great price. So, get out there and start looking if you are in the market to buy, invest or just thinking of owning a home.

Now keep in mind the Feds are meeting September 18th, Next Tuesday. With the economy the way it is, well they MUST reduce the interest rates at least a ¼ % if not a ½ %. When this happens talk with your mortgage broker and try to get the best rate locked in and your on your way to owning a home with a great price and even better great rates.

Keep in mind, working with a qualified mortgage broker is one of the most important steps of acquiring a mortgage with a reputable bank. Make sure the person you choose is forecoming and is knowledgable about the current market conditions along with your needs. There are many programs out there right now, that are really great. So be smart with your choice.

Have a great week and I will send more information next week about choosing a Realtor.



Dawn Dell

Dell Realty, Broker/Owner

2006 REALTOR OF THE YEAR

863-385-8822

www.dellrealty.net