Prudential announced an innovative new program called the Prudential Military AdvantageSM Program, which offers unique benefits for military personnel and their families on the move.
This means that buyers heading to an unfamiliar area can be assured that they are purchasing a home that will fit their special needs. Sellers will also benefit by gaining access to marketing materials that are designed to target those special needs of incoming or deployed military personnel. Prudential’s Military AdvantageSM Program will provide a competitive edge over similar homes for sale within an area. These homes will meet certain criterion that is important to these families:
• The property must be within 25 miles of an active military installation for ease of access.
• The property must be priced within 5% of estimated fair market value as determined by a comparative market analysis.
• The property will come with a comprehensive home warranty that passes to the buyer at time of closing, providing peace of mind.
Today more than ever, military families are on the move, and usually have to make decisions fast. This program helps to make the home buying or selling process a little easier for our customers in our armed forces.
Sellers who are not in the military, but who live near an installation, can also take advantage of this program. Marketing tools are provided to help reach military buyers that are ready, willing and able to move quickly. Features include yard sign riders with the Prudential Military AdvantageSM Program logo, special national advertising in print publications and on the Internet, and printed materials like door hangers, brochures and postcards.
Prudential Real Estate and Relocation Services is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential.
Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate’s Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with nearly 2,100 franchise offices and approximately 64,000 sales professionals in the franchise Network as of December 31, 2007.
Contact Hank Bailey at hank@prudentialblanton.com for more information.
Thursday, June 5, 2008
In-House Mortgage Lender or Finding your Own Financing?
Finding a mortgage now-a-days is the most important task you face and I would contend it is even harder to find the loan program than finding your dream home. If you're buying a new home, your builder may offer you an incentive to use their preferred lenders. Being the cynical "Gen X'r" I have to always ask myself why would the builder not just come off the price if there are more incentives to be had? What is in his/her interests for me to use their lender?
True, this can possibly reduce closing costs or get you upgrades but what is the cost of these upgrades versus positioning yourself in a possible 20 or 30 year loan that may or may not be competitive compared to what you can find from a "non-inhouse" lender of your choosing?
Also, in this day of a Buyer's Market, builders should and generally will pay closing costs, not to mention provide a buyer, any buyer who happens to come along to take the debt off their hands, with upgrades from appliances, to carpet, to a free Honda Van like I saw one builder giving away in the Atlanta area a few weeks ago.
Dena Kouremetis of Realty Times rights, "So is it worth it to take the incentive and go with the preferred lender? First, builders cannot prevent you from using any lender you choose, be it your credit union or lender-cousin. But if you do they simply are not bound to offer any of their own dollars in the form of incentive monies." In the highest most lofty way a Mensan can answer this comment, I have to say "Hogwash." This is a Buyer's market. Builders are taking ridiculous offers right now and hoping they get to closing. Ms. Kouremetis argues that the builder will not have an incentive to offer their own dollars. I contend that with foreclosure rates up 276% in Florida last month compared to a year ago and foreclosure rates are higher in other states, the incentive for the builder to come out of pocket to give away their hard earned money is there. It is going to go to you the buyer or to the bank when they take the house back or to some other buyer down the road in six months when they get have to give it away.
Ms. Kouremetis continues, "An in-house lender, whose first priority is its builder accounts, must make it their business to get buyers pre-approved in a timely fashion, educating the builder on whether it is prudent for them to take a particular home or home site off the market. " I think most consumers would see that the issue in this statement is that the in-house lender has, as Ms. Kouremetis puts it as their "first priority its builder accounts." Not your interests Mr. and Mrs. Buyer. The builder's priorities are their priorities.
For most builders, offering incentives in the worst recessionary and deflationary market since the late 1980's are enough to get builders to come out of their pockets. Don't give up your right or assume you can't negotiate for better incentives, pricing, and terms just because you choose to get financing elsewhere.
If you would like to read Ms. Kouremetis' column please note link below;
http://realtytimes.com/rtpages/20080605_inhouselender.htm
True, this can possibly reduce closing costs or get you upgrades but what is the cost of these upgrades versus positioning yourself in a possible 20 or 30 year loan that may or may not be competitive compared to what you can find from a "non-inhouse" lender of your choosing?
Also, in this day of a Buyer's Market, builders should and generally will pay closing costs, not to mention provide a buyer, any buyer who happens to come along to take the debt off their hands, with upgrades from appliances, to carpet, to a free Honda Van like I saw one builder giving away in the Atlanta area a few weeks ago.
Dena Kouremetis of Realty Times rights, "So is it worth it to take the incentive and go with the preferred lender? First, builders cannot prevent you from using any lender you choose, be it your credit union or lender-cousin. But if you do they simply are not bound to offer any of their own dollars in the form of incentive monies." In the highest most lofty way a Mensan can answer this comment, I have to say "Hogwash." This is a Buyer's market. Builders are taking ridiculous offers right now and hoping they get to closing. Ms. Kouremetis argues that the builder will not have an incentive to offer their own dollars. I contend that with foreclosure rates up 276% in Florida last month compared to a year ago and foreclosure rates are higher in other states, the incentive for the builder to come out of pocket to give away their hard earned money is there. It is going to go to you the buyer or to the bank when they take the house back or to some other buyer down the road in six months when they get have to give it away.
Ms. Kouremetis continues, "An in-house lender, whose first priority is its builder accounts, must make it their business to get buyers pre-approved in a timely fashion, educating the builder on whether it is prudent for them to take a particular home or home site off the market. " I think most consumers would see that the issue in this statement is that the in-house lender has, as Ms. Kouremetis puts it as their "first priority its builder accounts." Not your interests Mr. and Mrs. Buyer. The builder's priorities are their priorities.
For most builders, offering incentives in the worst recessionary and deflationary market since the late 1980's are enough to get builders to come out of their pockets. Don't give up your right or assume you can't negotiate for better incentives, pricing, and terms just because you choose to get financing elsewhere.
If you would like to read Ms. Kouremetis' column please note link below;
http://realtytimes.com/rtpages/20080605_inhouselender.htm
Wednesday, June 4, 2008
PRUDENTIAL TO TAKE PART IN YAHOO! REAL ESTATE’S NEW ONLINE LISTINGS
Prudential Real Estate announced that it will participate in Yahoo! Real Estate’s new, online property listings program. The agreement will enable Prudential Affiliates to market their full catalog of property listings on Yahoo! Real Estate, and to capitalize on leading interactive marketing services.
Technology has always differentiated Prudential and this enhances our online position and makes for a better experience for our customers. This helps to diversify our Web partnerships, maximize our search exposure and multiply functionality and services for our sales professionals.
Yahoo! Real Estate’s online property listings program includes interactive marketing services such as featured home listings and display advertising. Under the new agreement, all of Prudential's listings will appear as featured listings on Yahoo! Real Estate later in 2008. These services will support Prudential Real Estate’s popular Online Advantage program, which delivers online homebuyer and seller leads to affiliates.
Prudential Real Estate also will run strategically placed advertisements throughout Yahoo! Real Estate to attract even more home shoppers to its Online Advantage platform. Ads will be embedded within the Yahoo! Real Estate site, customized to shoppers’ respective target markets.
Prudential will continue its Web ID program – the sign-rider code numbers buyers can key in to Yahoo! Real Estate for quick listing access.
"Prudential Real Estate has had a relationship with Yahoo! Real Estate since 2001,” said Laurie Keenan, president, Prudential Real Estate Affiliates, Inc. “Our affiliates will continue to capitalize on innovative interactive marketing services.”
Prudential Real Estate and Relocation Services is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential.
Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate’s Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with nearly 2,100 franchise offices and approximately 64,000 sales professionals in the franchise Network as of December 31, 2007.
Technology has always differentiated Prudential and this enhances our online position and makes for a better experience for our customers. This helps to diversify our Web partnerships, maximize our search exposure and multiply functionality and services for our sales professionals.
Yahoo! Real Estate’s online property listings program includes interactive marketing services such as featured home listings and display advertising. Under the new agreement, all of Prudential's listings will appear as featured listings on Yahoo! Real Estate later in 2008. These services will support Prudential Real Estate’s popular Online Advantage program, which delivers online homebuyer and seller leads to affiliates.
Prudential Real Estate also will run strategically placed advertisements throughout Yahoo! Real Estate to attract even more home shoppers to its Online Advantage platform. Ads will be embedded within the Yahoo! Real Estate site, customized to shoppers’ respective target markets.
Prudential will continue its Web ID program – the sign-rider code numbers buyers can key in to Yahoo! Real Estate for quick listing access.
"Prudential Real Estate has had a relationship with Yahoo! Real Estate since 2001,” said Laurie Keenan, president, Prudential Real Estate Affiliates, Inc. “Our affiliates will continue to capitalize on innovative interactive marketing services.”
Prudential Real Estate and Relocation Services is Prudential’s integrated real estate brokerage franchise and relocation services business. Prudential Real Estate franchises are independently owned and operated. Companies are selected based upon outstanding performance records, high levels of customer service and shared business values with those of Prudential.
Prudential Real Estate provides franchises with business strategies using Operation Reviews as well as numerous benefits, including access to Prudential Real Estate’s Online Seller AdvantageSM program designed to provide real-time information to sellers with the touch of a keystroke. Prudential Real Estate is one of the largest real estate brokerage franchise networks in North America, with nearly 2,100 franchise offices and approximately 64,000 sales professionals in the franchise Network as of December 31, 2007.
How to Get the Goods on 'Regreening'
A great column on being "green." Enjoy!
2008 -- Realty Times Feature Article by Broderick Perkins, June 4th
It makes good sense to go green when you make home improvements and renovate your home.
Green remodeling, dubbed "regreening," includes design and construction that reduces the environmental impact of the work itself. That includes the impact on energy, water, and materials consumption; waste generation; and harmful emissions -- indoors and out -- according to the U.S. Green Building Council (USGBC).
The council also says a green home is one that uses less energy, water and natural resources; creates less waste, and is healthier for the people who live there.
If being politically correct isn't enough to make you see green, with today's attention to global warming, consider this: regreening can also increase the amount of green backs you get when you sell your home.
But how can you be sure the green approach you use is the best green you can find for your home improvement?
To assist homeowners who want to cultivate a green home improvement lifestyle the American Society of Interior Designers (ASID) and the USGBC have teamed up to create Regreen, a resource for green home renovation best practices and guidelines.
ASID is a community of designers, industry representatives, educators, and students committed to interior design. USGBC is coordinating the establishment and evolution of a national consensus to provide the industry with the tools necessary to design, build, and operate buildings that deliver high performance inside and out. It's also a leading organization representing the building industry on environmental building matters.
The partnership says to get true green, begin with these tips.
Consider composition. When choosing a green product, consider the raw materials used to create the product and their origin. For example, some composite decking manufacturers use recovered wood fibers and recycled plastic grocery bags, milk jugs and detergent bottles to create their materials. Products using recycled rather than virgin materials help by creating less waste, by keeping materials out of landfills and by reducing the need for costly raw materials like petroleum.
By comparison, decking products made polyvinyl chloride (PVC) come with the promise of lower maintenance, however the material is problematic.
"PVC is the worst plastic from an environmental health perspective, posing unique and major hazards in its manufacture, product life and disposal," according to The Healthy Building Network. The network also says PVC poses unique and significant risks in its production, product life and disposal, and defies the greater desire for a healthy environment and improved quality of life.
Consider a product's lifecycle. To reduce environmental impact, seek long-lasting products that also can be repurposed or recycled at the end of their life. Some can even be returned to the manufacturer to be recycled into future products.
Consider sustainability. Products should also have the ability to be maintained sustainably. For building products that will be used outdoors, look for durable products that can withstand the regional climate over an extended period. Sustainability should also be practiced by the manufacturer and during the production process. Manufacturing processes can use a great deal of energy and resources, as well as release toxic chemicals and gases. Look for sustainable companies that have implemented environmental processes and procedures to reduce emissions and energy, as well as reduce the amount of waste through recycling, reusing and other environmentally responsible practices.
Consider value. While green home improvements are inherently good for your home's value, ensure you'll get the most from your regreening by looking for a life-cycle cost analysis of green products. The analysis calculates the approximate maintenance cost over its lifetime compared to the initial product price.
For more information, download Regreen ASID & USGBC Residential Remodeling Guidelines, check out USGBC's Green Home Renovations, visit Healthy Building Network's Web site and see Consumer Reports' GreenerChoices.org.
2008 -- Realty Times Feature Article by Broderick Perkins, June 4th
It makes good sense to go green when you make home improvements and renovate your home.
Green remodeling, dubbed "regreening," includes design and construction that reduces the environmental impact of the work itself. That includes the impact on energy, water, and materials consumption; waste generation; and harmful emissions -- indoors and out -- according to the U.S. Green Building Council (USGBC).
The council also says a green home is one that uses less energy, water and natural resources; creates less waste, and is healthier for the people who live there.
If being politically correct isn't enough to make you see green, with today's attention to global warming, consider this: regreening can also increase the amount of green backs you get when you sell your home.
But how can you be sure the green approach you use is the best green you can find for your home improvement?
To assist homeowners who want to cultivate a green home improvement lifestyle the American Society of Interior Designers (ASID) and the USGBC have teamed up to create Regreen, a resource for green home renovation best practices and guidelines.
ASID is a community of designers, industry representatives, educators, and students committed to interior design. USGBC is coordinating the establishment and evolution of a national consensus to provide the industry with the tools necessary to design, build, and operate buildings that deliver high performance inside and out. It's also a leading organization representing the building industry on environmental building matters.
The partnership says to get true green, begin with these tips.
Consider composition. When choosing a green product, consider the raw materials used to create the product and their origin. For example, some composite decking manufacturers use recovered wood fibers and recycled plastic grocery bags, milk jugs and detergent bottles to create their materials. Products using recycled rather than virgin materials help by creating less waste, by keeping materials out of landfills and by reducing the need for costly raw materials like petroleum.
By comparison, decking products made polyvinyl chloride (PVC) come with the promise of lower maintenance, however the material is problematic.
"PVC is the worst plastic from an environmental health perspective, posing unique and major hazards in its manufacture, product life and disposal," according to The Healthy Building Network. The network also says PVC poses unique and significant risks in its production, product life and disposal, and defies the greater desire for a healthy environment and improved quality of life.
Consider a product's lifecycle. To reduce environmental impact, seek long-lasting products that also can be repurposed or recycled at the end of their life. Some can even be returned to the manufacturer to be recycled into future products.
Consider sustainability. Products should also have the ability to be maintained sustainably. For building products that will be used outdoors, look for durable products that can withstand the regional climate over an extended period. Sustainability should also be practiced by the manufacturer and during the production process. Manufacturing processes can use a great deal of energy and resources, as well as release toxic chemicals and gases. Look for sustainable companies that have implemented environmental processes and procedures to reduce emissions and energy, as well as reduce the amount of waste through recycling, reusing and other environmentally responsible practices.
Consider value. While green home improvements are inherently good for your home's value, ensure you'll get the most from your regreening by looking for a life-cycle cost analysis of green products. The analysis calculates the approximate maintenance cost over its lifetime compared to the initial product price.
For more information, download Regreen ASID & USGBC Residential Remodeling Guidelines, check out USGBC's Green Home Renovations, visit Healthy Building Network's Web site and see Consumer Reports' GreenerChoices.org.
Make Sure You Have a Marketing Plan
By HankBailey
Prudential Blanton Properties
Only for the rare few sellers, simply placing a “For Sale” yard sign on the front lawn creates a line of traffic filled with potential buyers. If you want buyers to see your home, you’ve got to find them. The key is marketing. To get the most exposure for your home, you should have a marketing plan with clear objectives and specifically outlines the resources that will be used to reach potential buyers.
Each marketing plan should be designed around your property and capitalize on its most desirable features. Therefore, you need to be honest with your real estate professional about the condition of your home, and the final price you are willing to accept for your home.
Next, you need to determine what marketing options work best to reach your desired audience. Generally there are two audiences you are trying to reach—home buyers and other real estate professionals. Make sure the plan includes action steps on how each audience will be marketed to.
Seldom is the successful marketing of a property the result of a single activity. Your strategy should include a variety of marketing activities. Using only conventional marketing strategies such as Open Houses, newspaper ads and direct mail can limit your outreach. Most homebuyers now begin their home search online. Having a presence on your real estate professional’s Web site and other portals such as Yahoo! Real Estate gives you worldwide exposure. Besides the increased exposure, online listings also allow buyers to get a sneak peek of your home. Therefore, you may want to complement the listings with plenty of photos and a virtual tour, which allows viewers to get a 360-degree preview of your home without leaving their computer.
Also, don’t forget the power of email. Sending email flyers or electronic postcard are easy and cost efficient. During your planning, your real estate professional may recommend other marketing tools such as company/broker tours and an Open House.
Work with your real estate professional to determine the best options for your market.
Besides identifying marketing tools, an effective marketing plan will also spell out specific dates for the marketing activities. It should leave room for unscheduled events such as following up with sales professionals or brokers who preview or show the home.
Make sure the marketing plan includes checkpoints, possibly at the 15-, 30- and 45-day marks, to review activity on the home and determine if changes need to be made to the marketing plan.
As the home seller, you should be kept in the loop on activity of your home. The marketing plan should state how you will be communicated with (mail, phone, email, in person) and the frequency (daily, weekly, etc.).
Of course these are just guidelines, but can give you an idea if the marketing plan your real estate professional has proposed to you has to be refined. You need to be comfortable with the marketing strategy for your home. An effective plan will not only put you at ease, but also give your home maximum exposure to increase your chances of a quick sell.
Hank Bailey can be reached at (706) 613-6040.Ex223 Prudential Blanton Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Prudential Blanton Properties
Only for the rare few sellers, simply placing a “For Sale” yard sign on the front lawn creates a line of traffic filled with potential buyers. If you want buyers to see your home, you’ve got to find them. The key is marketing. To get the most exposure for your home, you should have a marketing plan with clear objectives and specifically outlines the resources that will be used to reach potential buyers.
Each marketing plan should be designed around your property and capitalize on its most desirable features. Therefore, you need to be honest with your real estate professional about the condition of your home, and the final price you are willing to accept for your home.
Next, you need to determine what marketing options work best to reach your desired audience. Generally there are two audiences you are trying to reach—home buyers and other real estate professionals. Make sure the plan includes action steps on how each audience will be marketed to.
Seldom is the successful marketing of a property the result of a single activity. Your strategy should include a variety of marketing activities. Using only conventional marketing strategies such as Open Houses, newspaper ads and direct mail can limit your outreach. Most homebuyers now begin their home search online. Having a presence on your real estate professional’s Web site and other portals such as Yahoo! Real Estate gives you worldwide exposure. Besides the increased exposure, online listings also allow buyers to get a sneak peek of your home. Therefore, you may want to complement the listings with plenty of photos and a virtual tour, which allows viewers to get a 360-degree preview of your home without leaving their computer.
Also, don’t forget the power of email. Sending email flyers or electronic postcard are easy and cost efficient. During your planning, your real estate professional may recommend other marketing tools such as company/broker tours and an Open House.
Work with your real estate professional to determine the best options for your market.
Besides identifying marketing tools, an effective marketing plan will also spell out specific dates for the marketing activities. It should leave room for unscheduled events such as following up with sales professionals or brokers who preview or show the home.
Make sure the marketing plan includes checkpoints, possibly at the 15-, 30- and 45-day marks, to review activity on the home and determine if changes need to be made to the marketing plan.
As the home seller, you should be kept in the loop on activity of your home. The marketing plan should state how you will be communicated with (mail, phone, email, in person) and the frequency (daily, weekly, etc.).
Of course these are just guidelines, but can give you an idea if the marketing plan your real estate professional has proposed to you has to be refined. You need to be comfortable with the marketing strategy for your home. An effective plan will not only put you at ease, but also give your home maximum exposure to increase your chances of a quick sell.
Hank Bailey can be reached at (706) 613-6040.Ex223 Prudential Blanton Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Home Staging; A possible way to move a house in a slow market
According to Barbara Schwartz, Creator of Home Staging (TM), "Home Staging is the very best proven way to get top dollar for your home as you prepare it for sale. Homes that are Staged with an ASP Professional Home Stager sell faster and for more money! This is because Staging sets the scene throughout the house to create immediate buyer interest in your property. This will then lead to your home selling for the highest possible price in today's market. Remember, "The way you live in your home, and the way you market and sell your house are two different things."
In fact the statistics seem to speak for themselves. Barbara indicates that 93% of all her ASP designated Staged Homes sell on average in 1 month or less. In fact per their survey of homes in Canada and the Continental US in 2007 they found the average Days on Market for Non-Staged Homes was 160 days versus ASP Staged Homes at 31.8 days.
The ASP (Accredited Staging Professional) designation involves a 2-3 day course. These Home Staging Professionals can charge from $50-$150 an hour for their services. Their theme seems to be that the cost of Staging your home will not cost as much as your first price reduction.
One surging aspect of the Staging industry as of late seems to be Staging in Occupied Homes. Staging can involve in these instances the the Staging Professional providing all of the personnel and supplies needed to pack, label, and move all excess items to a designated area.
According to Barbara Schwartz, Founder IAHSP, "The way you live in a home and the way you sell your house are two different things."
In fact the statistics seem to speak for themselves. Barbara indicates that 93% of all her ASP designated Staged Homes sell on average in 1 month or less. In fact per their survey of homes in Canada and the Continental US in 2007 they found the average Days on Market for Non-Staged Homes was 160 days versus ASP Staged Homes at 31.8 days.
The ASP (Accredited Staging Professional) designation involves a 2-3 day course. These Home Staging Professionals can charge from $50-$150 an hour for their services. Their theme seems to be that the cost of Staging your home will not cost as much as your first price reduction.
One surging aspect of the Staging industry as of late seems to be Staging in Occupied Homes. Staging can involve in these instances the the Staging Professional providing all of the personnel and supplies needed to pack, label, and move all excess items to a designated area.
According to Barbara Schwartz, Founder IAHSP, "The way you live in a home and the way you sell your house are two different things."
Tips for First-Time Homebuyers
By Hank Bailey
Prudential Blanton Properties
Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn’t have to be. Here are six common mistakes to avoid.
1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Likewise, Prudential Real Estate’s popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.
2. Not asking questions. There are many facets and intricacies to the homebuying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.
3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.
4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.
5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?
6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.
Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.
Hank Bailey, REALTOR can be reached at (706) 613-6040 Ex223. Prudential Blanton Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Prudential Blanton Properties
Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn’t have to be. Here are six common mistakes to avoid.
1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Likewise, Prudential Real Estate’s popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.
2. Not asking questions. There are many facets and intricacies to the homebuying process, so although you may gain a basic knowledge, you will still have questions. Don’t hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step—from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what’s going on.
3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.
4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.
5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you’ll be relocating in a few year, you’ll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?
6. Failure to focus on location. Don’t just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it’s time to sell.
Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.
Hank Bailey, REALTOR can be reached at (706) 613-6040 Ex223. Prudential Blanton Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Wednesday, May 28, 2008
Strategies for Selling a Vacant Home
By Hank Bailey
Prudential Blanton Properties
As the real estate market continues to stabilize, sellers may find that their property remains on the market significantly longer than the days of “list today, sold tomorrow.” There is also more competition for buyers. So, it can be frustrating to put your home on the market, expecting a fast sale, only to find that after six months you’re still waiting for an offer. This is especially true if you need to move quickly and leave your unsold home vacant.
Besides creating a marketing challenge, a vacant home can also be a target for vandalism. Here are strategies you can use to hasten a sale and protect your property during the process.
• Instead of producing a spacious appearance, an empty room tends to look smaller than a furnished room. So, leave behind a few select pieces of furniture and keep the window treatments in place. A chair or lamp on a small table will confer a sense of scale and help potential buyers gauge whether their furniture will fit the space.
• If you decide to remove the furniture, have the house cleaned and painted. Furniture, rugs and decorations tend to hide or minimize imperfections. When furniture and artwork have been removed, every blemish and bruise becomes accentuated, faded paint and wallpaper become more noticeable and scratches and nicks stand out.
• Repaint brightly and boldly colored rooms to a neutral tone. What was an eye-popping room when fully-furnished may appear stark and small when empty.
• To thwart unwelcome visits, give the house a lived-in look. Set a couple of lamps on timers, and ask a neighbor or friend check on the house daily to collect mail, park a car in the driveway, and close and open drapes and windows. Continue using a gardening service or hire someone to cut the grass regularly. During the winter months, arrange to have snow shoveled from the walks and driveway.
• If available, consider employing a home manager or house sitter. At little or no cost to homeowners, the house is furnished and decorated for show-to-sell condition. Most companies require home managers to mow the lawn, shovel snow, even pay pool maintenance and utilities. Having someone living on site discourages vandalism, protects against deterioration and weather hazards and may even reduce insurance costs. (Check with your insurance carrier.)
• Leave the utilities connected. Depending on the season, make sure the thermostat in the house is set at a comfortable level. You don't want a potential buyer to run through the home because it is too hot or cold.
• Review your homeowner's insurance policy with your insurance agent to find out what the stipulations and coverage pertain to your vacant home.
• Find a real estate professional with experience selling vacant houses. Often, these sales professionals specialize in relocation. You want to make sure that you are comfortable with your lines of communication. If you will be residing in another town, come up with an agreement on how often your representative will check on the home and what should be done if a problem develops.
Although a vacant house presents certain challenges, it does not need to be difficult to sell.
Hank Bailey, REALTOR can be reached at (706) 613-6040 Ex223. Prudential Blanton Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Prudential Blanton Properties
As the real estate market continues to stabilize, sellers may find that their property remains on the market significantly longer than the days of “list today, sold tomorrow.” There is also more competition for buyers. So, it can be frustrating to put your home on the market, expecting a fast sale, only to find that after six months you’re still waiting for an offer. This is especially true if you need to move quickly and leave your unsold home vacant.
Besides creating a marketing challenge, a vacant home can also be a target for vandalism. Here are strategies you can use to hasten a sale and protect your property during the process.
• Instead of producing a spacious appearance, an empty room tends to look smaller than a furnished room. So, leave behind a few select pieces of furniture and keep the window treatments in place. A chair or lamp on a small table will confer a sense of scale and help potential buyers gauge whether their furniture will fit the space.
• If you decide to remove the furniture, have the house cleaned and painted. Furniture, rugs and decorations tend to hide or minimize imperfections. When furniture and artwork have been removed, every blemish and bruise becomes accentuated, faded paint and wallpaper become more noticeable and scratches and nicks stand out.
• Repaint brightly and boldly colored rooms to a neutral tone. What was an eye-popping room when fully-furnished may appear stark and small when empty.
• To thwart unwelcome visits, give the house a lived-in look. Set a couple of lamps on timers, and ask a neighbor or friend check on the house daily to collect mail, park a car in the driveway, and close and open drapes and windows. Continue using a gardening service or hire someone to cut the grass regularly. During the winter months, arrange to have snow shoveled from the walks and driveway.
• If available, consider employing a home manager or house sitter. At little or no cost to homeowners, the house is furnished and decorated for show-to-sell condition. Most companies require home managers to mow the lawn, shovel snow, even pay pool maintenance and utilities. Having someone living on site discourages vandalism, protects against deterioration and weather hazards and may even reduce insurance costs. (Check with your insurance carrier.)
• Leave the utilities connected. Depending on the season, make sure the thermostat in the house is set at a comfortable level. You don't want a potential buyer to run through the home because it is too hot or cold.
• Review your homeowner's insurance policy with your insurance agent to find out what the stipulations and coverage pertain to your vacant home.
• Find a real estate professional with experience selling vacant houses. Often, these sales professionals specialize in relocation. You want to make sure that you are comfortable with your lines of communication. If you will be residing in another town, come up with an agreement on how often your representative will check on the home and what should be done if a problem develops.
Although a vacant house presents certain challenges, it does not need to be difficult to sell.
Hank Bailey, REALTOR can be reached at (706) 613-6040 Ex223. Prudential Blanton Properties is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
Sunday, May 25, 2008
Many Issues to consider when Buying Foreclosures
Properties in foreclosure are possibly damaged goods. When people go into default on their homes, some may tend not to care for the property. They may not maintain the property and could damage the property deliberately.
Remember the term "As is." In a normal transaction, there are seller's disclosures. Sellers are liable for fraud if they lie, but that due diligence doesn't exist in foreclosures because there is no contract with the seller.
Title issues may arise. You get a title search in a normal purchase after your offer is accepted. In foreclosures, you are responsible for your own title search before your bid is accepted. If you don't have a title search, you may prevail at the auction but be subject to superior liens like tax liens or contractor liens that will stay attached to the property.
How do you like to deal with evictions? You have to determine if the homeowner is out of the property. The homeowner may still have personal property or still live on the premises, and it could take time and money to get rid of them.
Auctions are designed to get you excited. Some people are not mentally prepared to an auction in the right way and get caught in a bidding war. The auction could take place on the courthouse steps or in a courtroom, but the pace of the bidding matters. If it's fast-paced, don't get caught up in the excitement or you could overbid.
Remember the term "As is." In a normal transaction, there are seller's disclosures. Sellers are liable for fraud if they lie, but that due diligence doesn't exist in foreclosures because there is no contract with the seller.
Title issues may arise. You get a title search in a normal purchase after your offer is accepted. In foreclosures, you are responsible for your own title search before your bid is accepted. If you don't have a title search, you may prevail at the auction but be subject to superior liens like tax liens or contractor liens that will stay attached to the property.
How do you like to deal with evictions? You have to determine if the homeowner is out of the property. The homeowner may still have personal property or still live on the premises, and it could take time and money to get rid of them.
Auctions are designed to get you excited. Some people are not mentally prepared to an auction in the right way and get caught in a bidding war. The auction could take place on the courthouse steps or in a courtroom, but the pace of the bidding matters. If it's fast-paced, don't get caught up in the excitement or you could overbid.
Wednesday, May 14, 2008
Moving with Children
Moving is an exciting time full of commotion that can be tough on everyone, including the children. The impact the move will have on kids usually is age-related. Babies, toddlers and young children tend to deal well with moving, while adolescents may resent and resist the move.
Here are a few timeless tips that may help all families on the move:
• Clearly explain why you’re moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety.
• Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location’s points of interest that you think your children will appreciate, like an amusement park or nearby lake.
• Make sure everyone has packed and clearly labeled their most-used items and keep these items easily accessible. For a small child, this could include a few favorite toys or a security item. Older kids may not be able to survive without certain electronics or favorite clothing items.
Moving Babies and Toddlers
Babies and toddlers typically are easy to move, but they also can become confused or scared. Consider the following tips for them:
• Pack their rooms last and keep favorite toys and other must-haves close at hand.
• Try to stick to established routines like lunchtime and naptime.
• Once in the new house, young children may need to be reminded about which household appliances are dangerous and other safety precautions or rules they learned at the previous house.
Moving Preschoolers and School-Age Children
Kids this age can get excited about moving and may be eager to help. If you’re moving with school-age children, consider the following tips:
• Let the children help pack their own rooms and once you’re in the new house, let them help decorate and arrange their new rooms.
• Locate the recreational facilities and children’s group activity centers. Once you’re in the new location, enrolling your children in group activities can help them quickly make new friends.
Moving Adolescents
Adolescents are deeply involved in their social network. Child development experts suggest these kids receive news of the move as soon as possible. They will need more time to get used to idea and to say good-bye to their friends. Some other tips to consider:
• Spend time together getting to know the new area by driving around and noticing what other kids are doing and wearing. Discuss how you can help your child “fit in.”
• If your child is a senior in high school, some child-development experts suggest letting the child stay behind to finish the school year. These experts emphasize that this decision only makes sense if your child’s living conditions will be appropriate and safe.
Moving is an exciting time when families tend to work together to make sure the adventure goes smoothly.
Here are a few timeless tips that may help all families on the move:
• Clearly explain why you’re moving. Children like to be in the loop and talking to them about the move, what it means and what it will entail can help limit move-related anxiety.
• Familiarize the children with the new location by providing them with exciting information about the area. Some useful tools include maps, news stories and pictures. Highlight some of the location’s points of interest that you think your children will appreciate, like an amusement park or nearby lake.
• Make sure everyone has packed and clearly labeled their most-used items and keep these items easily accessible. For a small child, this could include a few favorite toys or a security item. Older kids may not be able to survive without certain electronics or favorite clothing items.
Moving Babies and Toddlers
Babies and toddlers typically are easy to move, but they also can become confused or scared. Consider the following tips for them:
• Pack their rooms last and keep favorite toys and other must-haves close at hand.
• Try to stick to established routines like lunchtime and naptime.
• Once in the new house, young children may need to be reminded about which household appliances are dangerous and other safety precautions or rules they learned at the previous house.
Moving Preschoolers and School-Age Children
Kids this age can get excited about moving and may be eager to help. If you’re moving with school-age children, consider the following tips:
• Let the children help pack their own rooms and once you’re in the new house, let them help decorate and arrange their new rooms.
• Locate the recreational facilities and children’s group activity centers. Once you’re in the new location, enrolling your children in group activities can help them quickly make new friends.
Moving Adolescents
Adolescents are deeply involved in their social network. Child development experts suggest these kids receive news of the move as soon as possible. They will need more time to get used to idea and to say good-bye to their friends. Some other tips to consider:
• Spend time together getting to know the new area by driving around and noticing what other kids are doing and wearing. Discuss how you can help your child “fit in.”
• If your child is a senior in high school, some child-development experts suggest letting the child stay behind to finish the school year. These experts emphasize that this decision only makes sense if your child’s living conditions will be appropriate and safe.
Moving is an exciting time when families tend to work together to make sure the adventure goes smoothly.
Sunday, May 4, 2008
Making Sense out of Real Estate Lingo
As with all industries, the real estate industry has developed a lingo and acronyms to help them communicate with each other more easily. For the first-time homebuyer (and even some veterans), making sense of property listings can sometimes leave you feeling like you’re deciphering the DaVinci Code.
Let’s take a look at a sample real estate listing:
2,500 sf on a c-d-s, 2BR, 2.5BA, CA, spac grt rm w/ wbfp, grmet kit, det gar
Looks a lot like alphabet soup. However, using this type of abbreviated property description saves valuable advertising space. Some abbreviations you’ll probably encounters are:
• AC or A/C: air conditioning
• BA: bathroom
• BR: bedroom
• CA: central air
• C-D-S: cul de sac
• DET: detached
• DK: deck
• EIK: eat-in kitchen
• F/FIN BSMT: finished basement
• FDR: formal dining room
• FP, frplc: fireplace
• GAR: garage
• GRMT KIT: gourmet kitchen
• GRT RM: great room
• HDW, HWF, Hdwd: hardwood floors
• HOA: home owners association
• LR: living room
• KIT: kitchen
• OFC: office
• PVT: private
• SF: square feet
• SPAC: spacious
• VW, VU: view
• WBFP: wood-burning fireplace
In addition to the abbreviations in property listings, here are a few other common terms you should become familiar with.
FSBO—For Sale By Owner. This term refers to a property which the homeowner is trying to sell independent of a real estate professional.
MLS—Multiple Listing Service. MLSs are comprised of a group of real estate brokers who have agreed to share their property listings. This listing is then provided to the group through a database or directory. If you are buying your home, this is the service that your sales professional will use to search for potential homes for you to purchase. If you are selling your property, your real estate professional can list your home through the MLS. For-Sale-By-Owner
(FSBO) properties are typically not listed through the MLS.
CMA—Comparative Marketing Analysis. This analysis is an informal assessment of a property’s market value. This is one of the tools your real estate professional can use to help you determine a reasonable listing price.
Usually, the CMA compares your property with similar properties that have sold in your area within a certain time frame. Besides purchase price, some of the information typically listed is the number of bedrooms and baths, approximate square footage, size of major rooms, amenities such as fireplaces and pools, age of the home, and property taxes.
During the real estate process, you’ll more than likely come across more acronyms and lingo. Make sure you ask your real estate professional to explain any terms you are unfamiliar with so that you are not in for any surprises.
By the way, the listing above was a 2,500 square-feet home on a cul-de-sac, with two bedrooms and two and a half baths, central air, a spacious great room with a wood-burning fireplace, and a gourmet kitchen and detached garage.
Let’s take a look at a sample real estate listing:
2,500 sf on a c-d-s, 2BR, 2.5BA, CA, spac grt rm w/ wbfp, grmet kit, det gar
Looks a lot like alphabet soup. However, using this type of abbreviated property description saves valuable advertising space. Some abbreviations you’ll probably encounters are:
• AC or A/C: air conditioning
• BA: bathroom
• BR: bedroom
• CA: central air
• C-D-S: cul de sac
• DET: detached
• DK: deck
• EIK: eat-in kitchen
• F/FIN BSMT: finished basement
• FDR: formal dining room
• FP, frplc: fireplace
• GAR: garage
• GRMT KIT: gourmet kitchen
• GRT RM: great room
• HDW, HWF, Hdwd: hardwood floors
• HOA: home owners association
• LR: living room
• KIT: kitchen
• OFC: office
• PVT: private
• SF: square feet
• SPAC: spacious
• VW, VU: view
• WBFP: wood-burning fireplace
In addition to the abbreviations in property listings, here are a few other common terms you should become familiar with.
FSBO—For Sale By Owner. This term refers to a property which the homeowner is trying to sell independent of a real estate professional.
MLS—Multiple Listing Service. MLSs are comprised of a group of real estate brokers who have agreed to share their property listings. This listing is then provided to the group through a database or directory. If you are buying your home, this is the service that your sales professional will use to search for potential homes for you to purchase. If you are selling your property, your real estate professional can list your home through the MLS. For-Sale-By-Owner
(FSBO) properties are typically not listed through the MLS.
CMA—Comparative Marketing Analysis. This analysis is an informal assessment of a property’s market value. This is one of the tools your real estate professional can use to help you determine a reasonable listing price.
Usually, the CMA compares your property with similar properties that have sold in your area within a certain time frame. Besides purchase price, some of the information typically listed is the number of bedrooms and baths, approximate square footage, size of major rooms, amenities such as fireplaces and pools, age of the home, and property taxes.
During the real estate process, you’ll more than likely come across more acronyms and lingo. Make sure you ask your real estate professional to explain any terms you are unfamiliar with so that you are not in for any surprises.
By the way, the listing above was a 2,500 square-feet home on a cul-de-sac, with two bedrooms and two and a half baths, central air, a spacious great room with a wood-burning fireplace, and a gourmet kitchen and detached garage.
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