How Effective is an Open House for Home Sellers or Real Estate Investors?

Open houses help real estate agents and investors more than they help home sellers. In 2202, a survey by the Real Estate Center at Texas A & M University found that private open houses for other agents were more effective than public open houses. The agents surveyed thought public open houses troublesome, dangerous, and generally ineffective except for agents who needed to build a client base. The survey said "Although open houses are popular with sellers, they appear to be losing their appeal among agents. Sellers see the open house as an indication the agent is actively promoting the listing. Agents know, however, the odds are long that an open house will produce a buyer." A more recent survey conducted by The National Association of Realtors in 2005 found that open houses led to only 7 percent of all home sales. In their profile of Home Buyers and Sellers, the NAR, reported that 42% of home buyers found open houses to be "Very Useful" as an information source. In fact, 55 percent of home buyers do look at open houses to gather information. However, of the nine categories listed where buyers first learned about the home they purchased, open houses was not even mentioned. Findings include: Most people attending open houses are not serious buyers. Most open houses are held merely to appease sellers. Three out of four agents think open houses are effective in interesting buyers in homes other that than the one being shown. Agents also pick up new listings at open houses. Should you hold an open house to sell your home? Not many homes actually get sold because of an open house. You get a lot of looky-lou's and unqualified buyers. Sometimes, thieves look for easy targets by visiting open houses. However, if you list your home, your agent should hold a private open house for other agents to preview your property. Should real estate investors stage an open house? If open houses lead to 7 percent of all home sales, real estate investors should consider an open house. Stage an open house when you finish remodeling a fixer and invite all the neighbors. Often, neighbors know a friend or family member looking for a house. Make the open house an event and tell the neighbors to bring anyone looking for a new home. Stage the house with extra flowers and essential oil scents, play music, serve refreshments, and have your loan officer on hand to answer financing questions. To do this effectively, you need help. Ask friends or family to actively pick up after people and run a Swiffer around the floors. Request that home shoppers put on hospital booties to help keep the floors clean. Plus, people like the idea that you're picky about keeping the house immaculate. Even with all this work, the best outcome for you is meeting the neighbors in your target area and finding people who want to SELL their homes. Most houses sell on MLS. This is because agents are working with qualified buyers and watch the new listings. Agents like to show properties that are staged to sell. Partner Us Health and Fitness Computers and Technology Adventure Travel Music and Entertainment Leadership Improvement Financial stability Forex Forum News and Social Lifestyle Health Care information Health Insurance Plan car insurance online Personal Care Product Real Estate sites 21st Century Home improvement Contractors House Payday Loan Medical Health Insurance Bad Credit Personal Loans Wedding Ideas Finance Company 21st century toys Trusted Health Care Products Trusted Product Review Weddings Plan Business Solutions|Business Summit

12 Awesome Real Estate Negotiation Tips for Home Buyers

Negotiation can turn a bad deal into a good deal, turn an undesirable house into the perfect new home, and save you plenty of money. The final agreement between buyer and seller is key, providing a counterbalance to judge the entire value of your new home. Your buying agent will be skilled in negotiation, but there are some important things that you, as a buyer, can do on your own to make sure you get the best deal. Here are 12 tips: 1. Do your research Research is 90% of the negotiation process. Before you begin communicating with any agents or sellers, you should gather information on your own. Knowledge is power, and the more you can learn about the local pricing information and value of features (such as fireplace, views, utilities, location) the more leverage you will have during negotiation. Before you step out the door, buckle down and take some notes. You never know what information will come in handy during negotiation. 2. Set your boundaries in advance Sit down alone, without an agent, and run through your personal finances to determine your "absolute" spending limit. Check and double check your calculations, and have confidence in your boundaries. Your spending limit must be based on your finances, not the negotiation process. Once you have a clear figure in mind, set it as your firm limit, and don't budge. 3. Declare your comfortable spending limit Once you have your absolute limit, take off about 5-10% and call this your "comfortable" spending limit. This is the limit you should communicate to your agent so they can help you negotiate. Your agent is your friend, and they are motivated to get you the best deal, but they are also business people. Their main goal is to make a sale, and sometimes an agent has more incentive to sell quickly rather than hold out for the best price. Only let them know your comfortable limit, adding that you might be willing to spend more for an exceptional home at an unbeatable deal. 4. Get pre-approved Before you begin your search, get pre-approved for a home loan. If you're "ready to buy" you can get the attention of sellers itching to sell quickly. You'll move up on their priority list and this could help you gain leverage when negotiations begin. You'll come off as a no-nonsense buyer who's ready for action-if the deal is good enough. 5. Don't be emotional When looking at a new house, or talking with an agent, try not to appear overly emotional. Showing emotions can send subtle (or not so subtle) signals that you wouldn't necessarily want to convey. If you're seeing a new home and you're excited because it's just what you're looking for, appear "interested" rather than excited. Excitement, or any display of a lack of calm rationality, can be a sign that your spending limit might be as flexible as your feelings. Along the same lines, if you're unimpressed with a home, try to avoid criticizing it. Appearing too negative will send the message that you could be a pain to work with, or it could offend the seller. 6. Ask questions about every house you visit So you've found a house that you're interested in and you need to ask more questions, but you want to avoid coming off as "too" interested. How do you get the information you need while remaining aloof? The best way to not be obvious about your enthusiasm is to make sure you ask the same important questions at each house you visit. Make sure you come off as an inquisitive, diligent, and methodical buyer every time you view a house. When you find a house that excites you, you can gather all the information you need without tipping off the seller. 7. Learn about the seller The more information you have, the more power you have in negotiations. If you can learn specifics about the seller, you can gain insight into their needs and potentially gain precious leverage. Why are they selling? Are they desperate to sell fast, because their life has taken an unexpected turn? Are they in a good position to wait patiently for the best deal? What kind of a deal are they looking for, and how can you give them what they need while still getting what you need? The more you understand about their circumstances, the more you'll be able to spot where your expectations overlap with theirs. The best deals are found within the center of the Venn diagram. 8. Don't rush Many people fear that the house they want will get sold to another buyer before they have a chance to negotiate, so they feel that it's best to make an offer early. Many real estate experts agree that this worry is often unfounded. If you're interested in a house, the seller will know, and even if they have other offers, they will still have incentive to give each potential buyer proper consideration. Waiting to make an offer will always make the offer more valuable. Always wait a few days before making your initial offer. When you finally come around with your offer, the buyer will be relieved, and you'll find yourself in a stronger position. 9. Have a strong initial offer Many people underestimate the importance of an initial offer. Even though the final price will be determined through negotiation, the initial offer plays a huge role in informing the price. A good rule of thumb is to offer 20-30% lower than your comfortable spending limit. Keep in mind that if your offer is too low it can offend the seller, and if your offer is too high it will end up dramatically increasing the final price. When you make a low initial offer, always give the seller a good reason, such as the local market, your budget, or other factors in the home's value. This will show that you're basing your offer upon logic, and you're inviting further conversation. 10. Be reluctant to increase your offer Make sure the agent "convinces" you to increase your offer. Always be reluctant to increase, and only agree when a strong argument has been made. It never hurts to wait. Avoid accepting offers to meet halfway. The final sale price isn't decided by the splitting your offer with the seller's asking price. Both offers should be treated as stepping-stones on your path to the final sale price. Make sure to crawl your offer up slowly and carefully. 11. Keep a bargaining chip You'll be negotiating more than just a sale price. The terms of the agreement will determine things like move-in date, closing costs, inspections, included furniture and features, as well as other incentives. Early on in the negotiation, hold on to one aspect of the agreement that you don't necessarily need. Don't let on that the issue isn't important to you, but hold onto it as if it's necessary. Near the end of the negotiation, you can concede on the issue as a final bargaining chip. This will help give you one final push toward closing the deal. 12. Be confident, positive, and respectful Start off your search by reminding yourself that you're on the path to your perfect home. Have confidence in yourself and your ability to work within any situation, stay positive, and get what you need, no matter what unforeseen challenges come your way. Remembering that you're dealing with people, with families, and you're all about to make one of the most important decisions of your lives. A "good deal" isn't good unless everybody gets what they need. You're not just searching for a new home; you're searching for the perfect circumstance, the perfect deal. At the end of your path lies your new life. You'll help plenty of people along the way, and many people will help you. Make the best of your situation, and enjoy your new home! Partner Us Reviews of Car Insurance Companies Auto Owners Insurance Company payday loans

Your Home Is an Investment and a Liability

For years, homeowners have had pride in home-ownership. Lately, the American dream of home ownership has been threatened for many in our country. Here are some tips to help you maintain your greatest possession: Understand that your home is an important debt The biggest debt that most consumers have is their home loan. Your home is your castle. Hopefully, you didn't buy more castle than you can afford. You may have assumed that the value of your home would never drop. Maybe you were hoping that your income would increase so that you could afford the higher payments. Maybe you forgot to add in the cost of maintenance, insurance, and taxes on your house. For whatever reasons, many people fool themselves into buying more house than they can comfortably afford. Hang onto your home If you bought your home with an adjustable-rate mortgage (ARM), the interest rate on your loan may be resetting to a higher rate soon. If you have an ARM, make an appointment as soon as possible with your home loan provider. Assure them that you will work with them closely to keep your home. Get a printout of your reset mortgage estimate, including what your new monthly mortgage will be and when it will start. If the reset rate is higher, you will have to pay more each month to keep your home. Start preparing for this new expense immediately. If you have good credit and want to avoid the uncertainty of adjustable interest rates, you can try to refinance your home with a fixed interest rate. In a time of tight mortgage credit, however, this can be more difficult to do. If you need to refinance and you can't find a new loan, ask your lender for help. Document your efforts. Avoid foreclosure Many homes across the country go into foreclosure. If you are afraid that you can no longer pay your home mortgage, you may be facing foreclosure, too. Whatever you do, try to avoid foreclosure. Here are some online resources to help you prevent foreclosure: · hud.gov/foreclosure (800-569-4287). HUD is the U.S. Department of Housing and Urban Development. This site lists HUD-certified credit and foreclosure prevention counseling agencies. · housing.org (888-331-3332). Project Sentinel is a local HUD-certified counseling agency. · nhssv.org (408-279-2600). Neighborhood Housing Services Silicon Valley is another local HUD-certified counseling agencies. · homeloanlearningcenter.com. Mortgage Bankers Associations Home Loan Learning Center has information under Your Finances, then Foreclosure and Delinquency. · 995hope.org (888-995-HOPE). This is the site for Home ownership Preservation Foundation. Save on your property insurance You may be able to save on your property insurance. Property insurance companies often sell their client data to each other. If this happens to you, you could possibly be charged higher rates and offered lower coverage due to a previous claim. An "insurance score," similar to a credit score or rating, is often assigned without the client's knowledge. Save on your property taxes You may be able to save on your property taxes. If your home has dropped in value, you may be able to petition your county tax board to reassess your home and tax you at its current, lower value. File the request for reduction in your property tax assessment by contacting your county assessor's office. They will ask you a few simple questions such as your contact information, parcel number of your house, and your estimation of what the current value of your house might be. It's not necessary to hire someone to file the request for you. Partner Us Reviews of Car Insurance Companies Auto Owners Insurance Company payday loans

How to Make Sure Your Target Neighborhood is Safe When Buying Your First Home

As a new homeowner make absolutely sure your new neighborhood is as safe as can be. The ONLY way to tell how safe an area truly is requires you to visit or call the local police station. You can ask the policemen for their number of reported crime events in the last twelve to twenty-four months in your selected area. You should also ask if they are noticing any alarming trends that you should be worried about. In all my years of real estate investing, I have found this to be the number one most effective way to judge whether a neighborhood is safe or not. Also be sure to check the local neighborhood zoning. There are few bigger surprises a new homeowner will encounter than learning that a mega-shopping center is in the works next door to their little slice of perfection, called home. Or worse yet, imagine waiting five years to buy the boat you've always wanted only to learn you are not permitted to park it in your driveway. Which means you'll have to pay some outrageous fees just to have somewhere to store your boat. Most planning and zoning offices can be found online within minutes. Once you find the contact information you can look over their five or ten year projections. You can also stop into the office and get brochures or free copies of the map of proposed economic development. Armed with these tools you will have significantly more information than most of the current residents of your prospective neighborhood. You can avoid many days of headaches by learning local zoning ordinances prior to buying a home. Here are some of the potential issues which may cause you to violate your local zoning code: Chop down a tree Park a large vehicle, RV or boat in your driveway Remodel your house Start a home-based business Add a pool, fence or a kids tree house Own farm animals Partner Us Reviews of Car Insurance Companies Auto Owners Insurance Company payday loans

Student Loan Consolidation Center - What Services Are Available?

A good education is a wonderful thing. It can give you the power to do literally anything you want with your life. When it comes to student loans, there are several different levels of education to be taken into consideration. Of course, the main reason people take out student loans is to get an education. Those same people, however, often forget the importance of educating themselves on financial responsibility when it comes to their student loans. While you are still in college is the time to learn about how to manage your personal finances by means of a budget. You can do some helpful research on these matters in the student loan consolidation center. Some banks and most college financial aid offices have their own student loan consolidation centers. Wherever it may be found, you can and should take advantage of the resources a student loan consolidation center contains to learn more about the way in which finances work and what financial expectations others will have of you once you graduate from college. It would be in your best interests to take full advantage of the vast library of information of important financial matters which a student loan consolidation center contains. If you can, be sure to take some of the information you find which interests you home with you so you can study it in more detail. Although you will not be able to take everything you find in the student loan consolidation center with you, it can still be utilized while you are there. Doing this vital research will enable you to comprehend how to consolidate your student loans after graduation so that you can successfully pay them back. One On One Time: The Best Resource The people who work in the student loan consolidation center are the best resource available to you. That is because they can answer any of your specific questions about your own finances and student loans. The staff in a student loan consolidation center is interested in college students and their various financial concerns so they will do all they can to assist you. Take some time to speak with the people who work in your school's student loan consolidation center and ask them some questions. You can find out details about the student loan consolidation process and what your responsibilities will be after graduation. Sadly, a large number of students currently studying in college really do not understand what their financial responsibilities will be once they have graduated. Doing some research at the student loan consolidation center will help you understand the process of paying back money borrowed through student loans, plus you can ask about any concerns you may have. Know how credit card reduction services can impact your credit score [http://www.debtsmackdown.com/little-known-secrets-about-your-credit-score.php]? There are some things you need to know before you use these debt reduction services. Get the inside scoop on what you need to know on the Debt Smackdown website at [http://www.debtsmackdown.com] Partner us Health and Fitness Computers and Technology Adventure Travel Music and Entertainment Leadership Improvement Financial stability Forex Forum News and Social Lifestyle Health Care information Health Insurance Plan car insurance online Personal Care Product Real Estate sites 21st Century Home improvement Contractors House Payday Loan Medical Health Insurance Bad Credit Personal Loans Wedding Ideas Finance Company