Tuesday, January 8, 2008
This is a great time of year. The sun is shining, the weather is great and it is the perfect time to sell your home. Many home sellers actually wait until this time of year to sell their homes as the environment is perfect and also, this is the time of year when buyers are really looking and wanting to buy. Statistically the months of June and July are hot as buyers with kids are looking to get moved in and settled before the kids have to go back to school in September. This means that as a home seller, this is the time of year that you want to have your home in perfect condition and on the market to take advantage of the availability of these buyers. Summer is also an ideal time to get any renovations and cosmetic fixes taken finished, but in order to get the home on the market at the right time you will have to start these projects early in Spring.
Early spring is a great time to start these kind of projects so that your home is in tip-top shape for the summer markets. Try to think about what you would like to change in the home. Now remember, you have to think in terms of what buyers would like to see in a home. So the place to start is with anything that is not up to snuff. This means redoing and remodeling old outdated rooms and ensuring that everything in the home works as it should. Once these changes are made then you can start thinking about major renovations and cosmetic fixes. These kind of fixes can increase the value of a home quite nicely but you must remember that these fixes are a moot point if the rest of the home is not in good condition. Too many times have we seen people ignore glaring problems with a home and do renovations that under normal circumstances would be hot selling points.
Summer and Spring and great times to increase the curb appeal of a home. with the beautiful weather that we enjoy in Austin, the outdoor portion of most homes see allot of use year-round and especially during these months. It is important to spend some time increasing the usability of the yard and outdoor amenities of any home to capture the hearts of buyers. Fenced yards are a big bonus as they grant a level of safety for families with kids by providing a safe and supervised play area. If the home has an old fence, replacing that fence can go a long way to catching a buyers interest. Not to mention that a new fence looks much better than an old tired one. Think about safety in renovations and buyers will appreciate the concern.
Adeal Benhayoun is a professional realtor specializing in Austin Texas real estate. For all of your Lake Travis Real estate needs, please contact Adeal for educated and intelligent information and service. Start searching for Austin luxury homes with our latest interactive Google map.
Foreclosures: Great Opportunity
As a real estate agent I am always on the lookout for great deals on homes so I can impart these deals to clients and friends. This is one I think everyone should know about. As a direct result of the sub-prime lending spree that has gripped the nation in the past years we are now seeing a great number of homes being foreclosed on and sold for amazingly low prices. This gives anyone interested in buying a home a great opportunity to get themselves a home for less than they might expect. Foreclosures are not too hard to find either, any realtor or agent should easily be able to find some great foreclosure deals and there are many who specialize in foreclosures and short sales.
Here are a few realities about buying foreclosed properties. Typically a home goes into foreclosure when the current owner ceases to pay the mortgage or other home bills to the point that the bank or lender takes possession of the property to recover their losses. Now, many time when buying foreclosures, buyers who are experienced in foreclosures will deal directly with the home's owner in an attempt to purchase and take possession of the home before the proceedings are finalized. This usually involves taking over the mortgage. This can be a complex process so make sure that when you get involved in a foreclosure purchase that you have both an agent and a lawyer who knows the process. The processes will vary from state to state so having professionals onside that are familiar with the applicable laws is essential.
Foreclosures are ideal properties for home flips. As you can typically get a foreclosure at less than market value it is easy to see how the math works. An additional bonus to this is the fact that buying low leaves you more money to do renovations and improvements to any home. The whole concept of home flipping is based around the buy-low, sell-high idea. There are few opportunities as attractive for the buy-low aspect of the flip as foreclosures. If you take the time to explore the possibilities in the foreclosures market you should be able to find some fantastic deals whether you are looking for a flipping property or just want the best deal possible on a new home.
Adeal Benhayoun is a professional realtor specializing in Austin Texas real estate. For all of your Lake Travis Real estate needs, please contact Adeal for educated and intelligent information and service. Start searching for Austin luxury homes with our latest interactive Google map.
Six Reasons Why There Are Cheap Homes
Why are there cheap homes for sale? You can imagine some of the reasons, but taking a good look at what they mean can help you save thousands buying your next home - or help you avoid a disaster. Consider the following common reasons that houses sell for less than others.
A Cheap Home May Have Hidden Problems
If you can't find other reasons why the price is low, there may be hidden problems. There could include foundation cracks hidden behind paneled walls, or the fact that a new garbage dump is about to be built across the road. If you can identify the problems, and estimate the cost to resolve them, the house may still be a good deal. However, if the seller was hiding these issues, there may be more surprises. Put an inspection contingency in any offer for these types of homes, and get those inspections done.
Some Homes Just Need Work
You may need to pass on by fixer uppers, if you don't want the work. However, these houses can be a way to build equity fast. The uglier they look, the more they scare away other buyers, so there is often a real opportunity to get a bargain. Unfortunately, a seller may think that if his house needs $10,000 in repairs it is worth just that much less than others. That's no deal. If you're going to spend $10,000 in repairs, it better be worth $20,000 more when you are done.
Bad Neighborhoods
That you can find cheap homes in bad neighborhoods is no surprise, but are they a good buy? Generally no, if the neighborhood is declining. In a real estate forum recently, I saw a post from an investor who had to sell his Detroit rental house for a loss after twenty years of owning it (who says real estate always goes up in value).
On the other hand, when there are clear signs that the neighborhood is improving, buying a cheap home there could be a great investment. Usually, once the improvement is noticeable, things start happening fast. You may see a big jump in the home's value in a few short years.
Some Sellers Need To Sell Fast
Everyone has deadlines. If a seller needs to move soon, or to sell quickly for any other reasons, and you learn this information, why not make a low offer? You're not taking advantage of someone in this situation, since you might not buy the home otherwise, and the seller can always say no to your offer. Perhaps he'll be happy to sell for a few thousand less to get it sold now, so give him the opportunity.
Unique Sometimes Equals Cheap
I once lived near a house shaped like a flying saucer. Some homes have insanely steep driveways, while others are built halfway underground. When their unique features are desired, these homes can sell for a premium. Otherwise they go cheap.
Remember that an unusual house may be hard to sell when you move someday. However, if it fits your needs and you'll be living there for a long time, why not consider it? You might pay $300 less per month on the smaller loan needed to buy a "unique" home. Live there for fifteen years and you'll spend $54,000 less on payments - sufficient compensation for a difficult sale, perhaps.
Sometimes Cheap Homes Are Just Cheap
Want to buy a house worth $230,000 that is priced at $190,000? It happens - rarely, but why not keep your eyes open. And don't bother feeling guilty. You don't have an obligation to educate a seller or pay more than his asking price. In any case, it's possible he has good reasons for pricing it that way. Maybe he bought it for half that and needs a quick sale.
Copyright Steve Gillman. To see a photo of the house we bought for $17,500, get a free ebook on how to buy Cheap Houses, and more, visit: http://www.HousesUnderFiftyThousand.com
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