Byers Team, Author at Byers Team

The Right Questions for Open Houses

October 29, 2015 by Byers Team

Holding open houses is a common real estate practice aimed at giving an agent the opportunity to market the listed home and meet prospective buyers. Open houses can provide buyers the opportunity to get information about the homes and the greater housing market, but only if they ask the right questions.

Below are some questions you may want to ask:

Are you the listing agent for this house? Agents with multiple listings often arrange for a colleague or assistant to host an open house. Try not to assume that the person showing the home is the most knowledgeable about the house and neighborhood.
How long has the home been on the market? Well-priced homes in good condition generally sell in a short period of time. Unless the local market is weak, you will want to know why a particular home is not selling. Are there hidden defects? Is it overpriced? Are the sellers requiring something that may seem unreasonable as a condition of the sale?
Have the sellers received any offers? The listing agent may only have permission to release certain details, but if the sellers rejected offers that were too low, had contingencies or conditions, you should find out before you have a similar experience.
Are any of the furniture or fixtures being sold with the home? If you’re thinking of buying the home, there is no better time to ask whether the seller would be willing to include any furniture or fixtures that you desire.
Are there any special costs attached to the property? Is there a homeowner’s association and if so what are the fees and dues? Are there particular tax assessments? Are there any natural hazard issues? Are there any hidden costs of owning this home?
How does this house compare to others on this street? The local agent may be able to speak about recent sales in the neighborhood and possibly interior design ideas seen in similar homes.

Happy House Hunting!

5 Most Important Conditions to Your Home’s Market Value

August 28, 2015 by Byers Team

What is my home worth? This is a question that homeowners ask all over the world every day. Whenever a homeowner asks me what their property is worth, I will only consider one type value and that is current market value. Current market value, in its simplest definition, is what the home should sell for under the current market conditions, if marketed properly. There are two types of conditions that have the largest impact on the market value of a home, those conditions that we can control and those that we cannot.

Here are the three most important conditions to the current market value of your home that you cannot affect.

#1: Location

Location is potentially the most vital factor when it come to determining the value of your home and one that is out of your control. The location is where it is and there is nothing that can be done to move the property.

#2: Competition

The market value of your home will be impacted by comparable homes on the market in the area. Buyers will compare your home to the competition and see how it measures up. In a competitive housing market there will be competition, but as a homeowner you cannot control what homes are and are not on the market.

#3: The Market

The market for homes is always changing and adapting. There is historically an ebb and flow to the market. The market value of your home is dependent on the demand for properly priced homes. If there is more demand for homes than properties on the market, then the market value of your home will go up. If the market is flooded with inventory and demand cannot match, then your current market value will go down. There are many factors that affect the market (inventory, economic conditions, interest rates, etc.) and all of them are outside of your control.

As a homeowner wanting to understand the current market value of your home, it is important to understand the impact that location, competition, and the market can have on your home’s value, but the two most important conditions are the ones that you can control.

#4: Condition

As the homeowner, you are the one that has control over the condition and quality of the product. The appearance of your home is massively important in that the first impression that your home gives could be the only impression that the buyer remembers. If buyers pull up to the front of your home and see that the yard is nicely manicured and your home has good curb appeal, they will walk into your home with a positive feeling. By presenting your home to the market in the best possible condition, you will most likely increase the sale price and decrease the time on the market.

#5: Price

Accurately pricing your home is best possible way to ensure that your home will get the attention from the market that it deserves. The most common mistake that we see is when a homeowner want to push the market too far and list their home for a higher price the comparable sales would justify. A home that is overpriced will not be viewed as often and will not receive the necessary exposure to achieve the highest possible sales price. Buyers and their agents are smart. They will see the competition and they will know what an appropriate price for the home is. If you price your home correctly, you will receive more views from agents and buyers and that activity will generate more offers. You are more likely to achieve the highest possible price for your home if you are able to generate a competitive buying environment.

5 Reasons to Use a Buyer’s Agent

August 28, 2015 by Byers Team

Thanks to the internet, we live in an age with an almost infinite amount of information at our fingertips. Websites like Zillow, Trulia, and Realtor.com are custom made for home buyers and sellers to do their own research. Because of this access, some potential home buyers believe that they no longer need a buyer’s agent. A buyer’s agent is pretty much exactly what it sounds like. It is a real estate agent that can help a buyer find and purchase a home.

Here are five ways that a buyer’s agent can bring value to your home search:

#1 They’re pros (literally) at shopping for homes.

An experienced real estate agent will know what to look for when shopping for homes. They can point out red flags that you may not know/remember to look for. Some of these items include: hazardous power lines or trees, construction, busy streets, noisy neighbors, etc. They can also point you to the nearest schools, shopping centers, freeways, and public transportation. If you really love the home, your buyer’s agent will know the right questions to ask the listing agent in order to submit the strongest offer.

#2 Three Little Words… “Off Market Deals”

Your buyer’s agent will have knowledge of “pocket listings” or “coming soons” that are not advertised or will not be advertised until a certain date. This gives you an advantage to preview the home before the general public. Depending on the strength of your offer, the home might never even make it to market before -BOOM- it’s yours! On a less dramatic note, sites like Zillow do not necessarily reflect the most up-to-date and accurate information. Agents need to manually go in and update the status of their listing, and sometimes (purposely or not) they leave a “sold” property marked as “active.” Your buyer’s agent has access to the MLS, where they can check the status of a listing in REAL TIME.

#3 Access to any home at any time.

With a buyer’s agent, you don’t have to wait until Sunday’s open house to view the home of your dreams. Realtors that are members of the local MLS (multiple listing system) have access to lockboxes in the county(ies) they are registered. Typically, a seller will keep a key in the lockbox that real estate agents can access when they are doing private showings. These showings can be set up with as little as 1 hour notice or sometimes even immediately! If you are coming from a distance, it is a good idea to set up a few properties to be seen during a larger block of time so you don’t have to make multiple trips to the area. A good buyer’s agent will do their best to accommodate you and what works best with your schedule.

#4 It’s FREE to you as a buyer!

A broker’s commission is negotiated at the time the selling agent takes a listing. That commission is, generally, then split in half: 50% to the seller’s agent and 50% to the buyer’s agent. The seller is entirely responsible for paying the commission to both the listing and buyer’s agent.

#5 Loyalty and fiduciary duty to YOU.

It is always great to have someone on your side (in any situation). Your buyer’s agent will look out for your best interests throughout the entire process, from searching for properties to negotiating the contract and closing of escrow. Your buyer’s agent has a fiduciary duty to you and is your trusted adviser for what will probably be your biggest and most important investment. Your buyer’s agent is there to add value to your life. Now go out there and find a good one!

4 Cardinal Rules When Making an Offer

August 28, 2015 by Byers Team

Buying a house is often the largest purchase most people will make in their lifetime, and therefore is not a decision to be taken lightly. Once you decide that you are ready to make an offer on a home, there are fours extremely important things to keep in mind.

Rule #1: Know what you can afford.

Before you make an offer to buy a home you should first speak with a mortgage professional. This is important for two reasons. The first is that you will have an idea of the size of loan that you qualify for and what you can afford. The second is that sellers will take your offer more seriously if you are pre-qualified for the loan necessary to close the transaction. Without a pre-approval letter, sellers may not consider your offer legitimate. In a competitive real estate market, bidding wars are common. If you know what you can afford and you understand what your maximum price is, you will be in a position to close if your offer is accepted.

Rule #2: Don’t sacrifice too much just to get your offer accepted.

Inspection contingencies exist for a reason. Most sellers would prefer to sell their home without contingencies, but that does not mean that you should buy a home without doing your due diligence. If you waive your inspection contingency, you are making a huge gamble. You may think that you are paying one price to purchase the property, but you may end up spending much more than expected if you find damages to the property that would have been found in the home inspection. You should know what you are paying for. Get a home inspection.

Rule #3: Know what the house should sell for.

Buying your home at the right price is crucial to its long-term investment value. You should evaluate the comparable sales in the area and determine the top price that you should pay. If you are working with a Realtor they should provide this for you. Once you determine what the home should sell for, you can make an informed decision on what you want to offer. However, in highly competitive offering environments, you may have to pay more than you believe the home should sell for.

Rule #4: Put your best foot forward.

Selling a home can be a very emotional experience and often times sellers want to sell their home to someone that will appreciate it like they did. This means that if you happen to meet the seller, it would not be a good idea to explain how you are going to gut the house and start over. Instead, you could explain how excited you are to make the house your home and how comfortable you are going to be in it. Furthermore, never underestimate the power of a heartfelt letter to the sellers.