5 Reasons NOT to Overprice Your Home

 

While you are in the process of selling your home, we thought you might be interested in understanding the DANGERS of overpricing:

 

1) Discourages Possible Offers  An overpriced home discourages prospective buyers from making offers if the difference between the asking price and today’s market value is substantial. Many buyers choose not to waste their time on homes they consider to be
over priced, and prefer to spend their energy looking at homes that appear to be a good value.

2) Lost Inquiries and Lost Showings Buyers who learn about the house for sale through signs, flyers or other advertising media will be discouraged with overpriced homes, and will not even inquire about them, nor seek showings. As well, Buyers’ agents will concentrate showings based on the stated price-range preferences of the buyers. Just think of your own buying experiences. If you feel you are looking at something that is over priced, you will usually keep looking until you find a better value, and you won’t appreciate or continue to work with a sales agent who keeps recommending overpriced homes to you.

3) Low Appraisal Versus Sale Price  Homes that are being financed by buyers must be appraised by the lender. If a home appraises below the buyer’s offered purchase price, the sale can be endangered. When a home doesn’t appraise, lenders may penalize the buyer for over paying. For example, it’s not unusual for the lender to increase their interest rate, size of down payment, or deny the loan altogether. This in itself can kill the sale.

4) Helps Sell Other Homes  By overpricing your home you help sell your neighbor’s house by showing the buyers what a great value “THEIR” home is. This does not help your situation.

5) Lower Proceeds for Seller  It is proven that sellers who chase the market (by overpricing) versus sellers who are more aggressive with their pricing from the get go, end up selling their homes for much less, in the long run. As well, an aggressive sales price moves the home more quickly, thus reducing expensive holding costs. We will continue to keep you informed about important considerations when selling your home. At any time if you want to lower the price of your home during the term of your listing or just have questions, we are only a phone call away!

Real Estate Investment Is Simple

Real Estate Investment Is Simple

Real Estate investment is Simple: Contrary to popular beliefs real estate investment is not as simpler and straight as it appears to be. There are certain basic principles that should be followed in order to make real estate a better choice and business opportunity. You need to have a proper market research in order to have investment over there.

Appraisals of properties for resale..

Appraisals of properties for resale..

To arrive at a fair market resale price for a residence, the sales comparison approach is used. This means that a few similar properties that have recently been sold in the same area are compared to the property to be resold. These similar properties are called comparables, or comps. The sales comparison approach produces a general picture of the real estate market in that particular area.

How Much House Do Americans Actually Own?

How Much House Do Americans Actually Own?

Nationally, there were over 73 million owner-occupied housing units in the U.S. in 2015. Of these, around 46 million had home debt such as mortgages and equity loans, and nearly 27 million were owned free and clear. The Urban Institute calculates that there is about $11 trillion in total net housing wealth across the country, and about $7 trillion of that could be turned into cash through lending products.

Choose the best realtor

Choose the best realtor when buying a home

You need a realtor. A good realtor can help you save money and keep you out of potential legal issues, too. A realtor is well worth their fee, and will usually save you at least the amount of their fee. Call us today and talk to one of our realtors!

Secure Environment

Secure Environment

Manufactured home communities can provide you with the secure living environment you are looking for – it is the original “gated community”. Many have only one point of entry and exit. Some have security guards that ensure only residents and their guests have access to the community. Some communities provide security that patrol the community to ensure resident safety. Plus, neighbors look out for each other, forming a full-time, caring, unofficial crime watch, so to speak. Residents often leave their homes for days or weeks without worrying about its security.

Tired of Renting Yet?

Tired of Renting Yet?

Examining census data from 1960 to present day, a new report has illustrated the drastic — but very real — drop in housing affordability nationwide.Though median rents have increased by 64 percent between 1960 and 2014, median household incomes grew by only 18 percent in the same time, according to an analysis by rental listing website Apartment List cited by the Wall Street Journal. Renters had the worst of it between 2000 and 2010, according to the Journal — thanks in part to a recession and then a housing bust, inflation-adjusted household incomes fell by 9 percent while rents increased by 18 percent during that period. Call us today and start your search for your own home!

Home values will increase, but more slowly than last year..

Home values should increase about 3.6 percent next year, Gudell said. That’s a slight drop from 2016, when national home values rose about 4.8 percent.

As the market recovered from the housing crisis, “for a while, we were growing at very high home-value appreciation rates,” Gudell said. “What we’ll see for next year are more historically normal appreciation rates in line with what we’ve seen over the last 50 or so years.”

Gudell and Smoke said this slowdown in appreciation is an inevitable effect of the market’s recovery, and it signals that the nation’s housing market is normalizing.

Pick Manufactured Homes

Pick Manufactured Homes

In the face of today’s challenging economy, the need for quality, affordable housing has never been greater. Today’s manufactured homes can deliver outstanding quality and performance at prices ranging from 30 to 40 percent less per square foot than conventional site-built homes. These savings allow more and more Americans to own their own home, even in the face of an ever-widening housing affordability gap.

Myth: Vulnerable to Damage

Myth: Vulnerable to Damage

Myth: Manufactured homes are more vulnerable to storm or fire damage than traditional site-built homes. Fact: Manufactured homes sold after 1994 are built to the same HUD standards for construction, strength, fire resistance and wind resistance that are applied to site-built homes. A report published by the state of Florida indicates that no manufactured home built to these standards received any major damage during the severe 2004-2005 hurricane season. Additionally, a study published by Foremost Insurance Company found that manufactured homes are less likely to catch fire than site-built homes.

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