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Gauging market value best left to locals

By Dian Hymer, Sunday, June 15, 2008.

Getting an accurate sense of the current market value of your home is more of an art than a science. If you live in a housing development where all the homes are similar to one another, it's easier to establish value than it is if you live in an area with extreme variability in home size, style, quality, amenities and condition.

To add to the mix, the real estate and finance markets are continually changing. As these markets change, so does the value of your home. more...

Sellers find it tough accepting contingencies

By Dian Hymer, Sunday, June 8, 2008.

In today's market, few buyers make contingency-free offers. A contingency is an event, like the buyer's loan approval, that must be satisfied in order for the transaction to close.

The purchase contract should specify a deadline for contingency removal. The time period is negotiable; it's whatever the buyers and sellers agree to. Sellers usually want as short a contingency period as possible so that they can make plans. Buyers, on the other hand, often want as much time as they can get to inspect the property, line up financing or sell another home. more...

Why home purchases fall apart at last minute

By Dian Hymer, Sunday, June 1, 2008.

Most buyers and sellers feel relieved when the negotiations are done and the purchase agreement has been signed by all parties. It's a milestone. But, you might want to hold off celebrating until the transaction closes. more...

What to do if your home won't sell

By Dian Hymer, Monday, May 26, 2008.

Homes take longer to sell today than they did in 2005. This is due to a slow home-sale market that has resulted in a build-up of the inventory of unsold listings. Although there are exceptions, this situation is expected to continue until late 2008 or 2009 -- at least. What options do sellers have whose homes aren't selling quickly enough?

Many of the homes that aren't selling are priced too high for the current market. The median sale price of homes sold nationally in February 2008 was down 8.2 percent from a year ago, according to the National Association of Realtors. more...

Sellers, pay attention to lowball offers

By Dian Hymer, Sunday, May 18, 2008.

Selling a home can be an emotional experience because most sellers have a lot more than money invested in their homes. So, it's understandable that sellers might be reluctant to respond to an offer that is for less than the asking price.

Most sellers have a difficult time being objective about their homes. But, detachment is something sellers should strive for, particularly when the market favors buyers. To be a successful seller in a buyer's market, you need to be able to put yourself in the buyer's shoes. more...

Buying to flip not smart in today's market

By Dian Hymer, Sunday, May 11, 2008.

There are deals to be made in the current real estate market. Home buyers in many areas finally have the upper hand. Ironically, buyers tend to pull back when the market is soft and buy when the market is high.

Savvy investors attempt to buy when the market it low and sell when it's high. But, it's impossible to time the market, so there is always an element of risk involved. Here are some guidelines to keep in mind if you're considering buying a home in the current market. more...

Home buyers: There's more to purchase offer than price

By Dian Hymer, Sunday, May 4, 2008.

There is more to a home purchase offer than the price. Ideally, the offer, including any counteroffers, should encompass all the terms and conditions that will apply to the purchase transaction.

In some states, attorneys draft purchase offers. In other states, like California, most residential purchase offers are filled out by real estate agents using pre-printed contracts that were drafted by attorneys. In either case, make sure to read the offer and understand it before it's presented to the sellers. more...

Sellers, don't be difficult when showing home

By Dian Hymer, Sunday, April 27, 2008.

Selling a home while you're living in it can be trying during any market. Today's sellers are generally looking at a longer marketing time than was the case a few years ago. Appropriate pricing for this changing market can shorten the misery. So can taking a few precautions.

The houses that look the best are the ones that get serious attention from buyers. Preparing a house for sale is more important than ever. Keeping it in pristine condition can be a challenge, particularly for sellers with small children and pets. more...

Price it right when selling in today's market

By Dian Hymer, Sunday, April 20, 2008.

We're in the midst of a challenging home-sale market in many areas. However, soft markets can provide opportunities for some home sellers. The trick is to price your home right for today's market.

The most difficult reality for most sellers to face is that prices in their neighborhood may have dropped during the last year or two. Some sellers will find that it may not make sense to sell if the probable sale price is too low. more...

Don't buy home if you'll need to sell in a recession

By Dian Hymer, Sunday, April 13, 2008.

Some people -- including financial wizard Warren Buffett -- think the United States is already in a recession.

Technically, economists define a recession as two or more consecutive quarters of negative growth as measured by the gross domestic product (GDP). Commonly, however, recession is a term used to describe a period of general economic decline. more...

How buyers, sellers are closing deals in today's market

By Dian Hymer, Sunday, April 6, 2008.

Negotiation is back in style, and is likely to remain a necessary part of buying or selling a home in today's beleaguered residential housing market. Other key elements to a satisfactory closing are flexibility, perseverance, creativity and diligence.

Needless to say, you need to work with the best real estate professionals you can find in your area. In most cases, it takes a team effort to put a home-sale transaction together and see it through to fruition. more...

Major home remodel may not pay off

By Dian Hymer, Sunday, March 30, 2008.

Several years ago, if your home no longer suited your needs, you bought another one that worked better. Generally, listings sold quickly, so many homeowners bought first and then sold the old home. Today's challenging residential real estate market makes this process more risky. For some homeowners, it's impossible due to tight credit markets. more...

Sellers: Don't withhold bad inspection report

By Dian Hymer, Sunday, March 23, 2008.

Inspections are an important part of home buying, but the inspection process can be nerve-racking for both buyers and sellers. Both parties want the deal to go through without a hitch. However, sometimes problems surface that the buyers weren't aware of when they entered into contract.

All houses have defects, even new ones. So it should come as no surprise when defects are discovered. The pertinent issues are: Is there a problem? How serious is the problem? How much will it cost to repair? more...

Top home-buying mistakes revealed

By Dian Hymer, Monday, March 17, 2008.

The first rule of inspecting a home you want to buy is to stay intimately involved in the process, and to leave no stone unturned. If you're busy or traveling during the time period, you have to complete your due diligence investigations by enlisting the aid of a friend you trust to stand in on your behalf -- someone who will keep you well informed as inspections proceed. more...

How accurate is a CMA?

By Dian Hymer, Monday, March 10, 2008.

Homeowners preparing to sell their home usually call a real estate agent, or sometimes several, to make a presentation. Sellers should consider an agent's professional qualifications, recommendations and marketing plan. But, what sellers are most interested in knowing is: What's it worth? more...

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