5 Wrong Turns to Avoid When Selling Your Home

Sometimes, it’s helpful to learn from your mistakes. Usually, it’s much better to learn from someone else’s, especially when it comes to something as important as selling your home. Here are some common mistakes you really don't want to make:

1. Trying to sell your home yourself
In this DIY era, the urge to try to sell your home yourself to save money can beckon like the smell of oven-fresh cookies at an open house. Resist. Working with a licensed agent helps ensure you’re not leaving money on the table as a result of an off-target listing price or a mistake in the many steps that lead to a final sale. Sell your sofa yourself online. List your home with a professional.

2. Picking the wrong Realtor
Not all agents are equal. Just because your college buddy dabbles in the industry doesn’t mean he’s the best guy to sell your home. You want experience. You want to work with an agent who has a depth of knowledge. Invite your buddy to the housewarming party. Find an agent who can truly guide you.

3. Pricing your home too high
Sometimes it’s good to aim high. But when you’re setting a price for your home, it’s better to be smart than overly eager. Listing your home at a price beyond the true market value and then letting it drop several times can lead to a lower sale price than you’re hoping for. A savvy agent can help you set the best, most competitive price for your home based on other recent sales and local market trends.

4. Sweating the small stuff
Keep things in perspective. You’re in the process of one of the largest business transactions you’ll ever make. It's easy to get distracted by dollars adding up from pre-sale repairs or post-inspection demands, but don’t let the cost of replacing a closet door, servicing the furnace or fixing a stairway banister derail you. After you reach the finish line on your home sale, you'll focus more on the rewarding outcome and quickly forget about the smaller frustrations.

5. Getting emotional
Yes, your children may have learned to walk on that carpet, but a heartfelt story isn’t going to win the hearts of buyers. With so much personal history tied to your home, emotions can cloud judgment. An agent can help you make smart, strategic decisions.

When you’re ready to sell your home the right way, find a local RE/MAX agent to guide you.

TIPS FOR PURCHASING IN A 55 PLUS COMMUNITY

Buying in a 55+ community will be very similar to buying in any community but there are some differences to be aware of.

Assuming you already know the 55+ community you are interested in, just looking within the community itself, here are some questions to explore when buying a home:

1. Find out about the monthly homeowner's association fee; what does it cover, how much is it and when is it expected to go up. If the community is older, find out if any special assessments are coming up or expected.

2. Get a copy of the homeowner association documents. Before you buy, review the rules of the association. Find out the rule for any areas of special interest to you, like pets, additions like building a patio or fence, visitors, children, leasing your property, etc.

3. Find out about the amenities. Remember in this economy many clubhouses and other amenities that were planned will not get build for some time, if ever.

4. Find out about activities offered. How often, what types, any extra fees?

5. Look at resales, not just brand new properties. Maybe you can get a deal on a resale that has been upgraded substantially. Preview listings with a resale real estate agent and ask questions about the property and the community as well.

6. Talk with the current owners/residents to see how happy they are living in the community and how happy you will be living with them. Are they your age? People love to talk, so ask questions.

7. Find out about the cost of utilities and any related cost of ownership.

8. Find out the cost of any upgrades, which appliances, counter tops, floor coverings, etc come with the property.

9. For newer communities, how strong is the builder and/or developer of the community? Is the community just getting started and right after you buy if goes in to foreclosure, will the community be a ghost town? There is less risk in a community that is further along in its development.

10. Remember buyer's agents also handle 55+ homes.

I hope these questions will help in your search process.








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It’s a Buyers’ Market for Real Estate Investors, too

By Joanne Genesio
Prudential Fox & Roach

Turn on any financial news program and at some point you’ll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.

In fact, that very downturn has created a historic buying opportunity for potential homebuyers and investors alike. The combination of lower home prices across American and historically low mortgage rates, two essential factors that usually don’t trend in the same direction, have triggered a buyer’s market in many areas of the country. For real estate investors who want to rent their properties, this can make the difference in achieving positive cash flow sooner or right off the bat.

While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.

Learn all you can. Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment’s notice. It could take days or months to sell a property, depending on the strength of the market in a particular region.
Consider cash flow. You’ll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants.

Start small. Look into buying a condominium, single-family home or a duplex. Leave large apartment buildings and commercial properties to the pros.
Inquire at the local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.

Find a property that will be in demand. Look for a moderately priced home with three or four bedrooms, two bathrooms, and a garage that sits on a quiet street.
Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Ask a local real estate professional about the area, its history, and how fast (or slow) properties are moving.

Inspect the home you’re considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away your cash flow. Because even the best inspection can’t always predict problems, try to set aside some of the rental income for unexpected repairs.

Spend time driving the streets of the neighborhood noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?
Be ready to make fixes quickly and respond to the renter’s needs. If you’re not prepared to be a hands-on landlord, consider hiring a property management firm.
See your tax advisor for related planning and laws that can affect your investment decisions.

Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.
Joanne Genesio can be reached at (215) 641-2413. Prudential Fox & Roach is an independently owned and operated member of The Prudential Real Estate and Relocation Services, a Prudential company. Equal Housing Opportunity.