How do I sell my home in today's real estate market? That is a question that is asked a lot now days, especially in a depreciating market. There was an excellent article in today's Sun-Sentinel that gave home seller's a blue print of what to do in order to sell their home quickly. The article is below.
How Do I Sell My Home in Today's Market?
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Monday, June 16, 2008
Sunday, June 15, 2008
Short Sales - Some Real Life Examples
Short Sales. That's what so many of us hear constantly about in the real estate industry. There are two extremes here - one being the buyers that are only interested in them and nothing else, and the other buyers that don't want to have anything to do with them. As a Realtor, most of us aren't that eager to do them. The main reason is that there are so many things that the buyer, seller, and Realtor can't control. There are definitely times when buyers are able to get a great deal because they bought a short sale. But the majority of time, it's a roller coaster ride of happiness, impatience, disappointment, sadness, and then anger for the buyer, seller, and Realtors involved.
To get a better understanding of the process and some real life examples, Diane Wedner of the Los Angeles Times wrote a great article about this. Please click on the link below to read the story.
Short Sales - Some Real Life Examples
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
To get a better understanding of the process and some real life examples, Diane Wedner of the Los Angeles Times wrote a great article about this. Please click on the link below to read the story.
Short Sales - Some Real Life Examples
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Monday, June 09, 2008
Is My Home Overpriced?
Wall Street Journal writer Amy Hoak wrote an article today about whether a home is overpriced or not. It is sort of long but is definitely worth reading because it gives you insight into whether the price of your home is realistic or not. Please read below.
Sluggish housing markets are filled with listings that are lingering on the market, prompting many home sellers to ponder a price cut.
A seller's reality check may come after the listing produces very few showings or a prospective buyer is lost to a competing -- and lower-priced -- home down the block.
"It's a very price-driven market," says Mike Golden, co-founder and co-principal of @properties, a Chicago-based real-estate brokerage.
No longer are buyers letting their emotions interfere when they decide to buy a home -- they're looking for deals, he says.
Many sellers whose homes are sitting on the market without a buyer in sight had unrealistic expectations from the start, real-estate agents say.
"We still have sellers who are in denial of the market and don't want to price properties where they need to," says Susan Jacobs, broker-owner of an Assist-2-Sell brokerage in Manassas, Va. Her clients are often shocked to learn how much prices have fallen.
How can sellers tell if their homes are overpriced? Look for the following signs:
1. Not enough showings. A home is likely overpriced if it doesn't get any showings in the first couple of weeks it's on the market, Ms. Jacobs says.
Even more proof a price cut is needed: people are interested enough to take information from brochure boxes in front of the home, and there have been a substantial number of hits on its Web site listings, but buyers still aren't scheduling showings, she adds.
A real-estate agent will often have access to data on how many hits an Internet listing gets.
If a home doesn't make a buyer's "showing cut," and buyers don't think it's worth the time, hassle or gasoline to schedule a visit, it's likely overpriced, says Dave Crumby, broker-owner of another Assist-2-Sell brokerage, in Tempe, Ariz.
"If you can't get people into your home, it's highly unlikely that it will sell," he says.
2. Some showings, but no contract. Perhaps the number of showings isn't a problem, yet there still have been no offers.
"If you're getting showings but not getting a contract, that means you're still not quite low enough," Ms. Jacobs says. "You're close, but there's so much competition out there."
Consider this guideline from Becky Flores, a real-estate agent at a San Antonio-based Keller Williams brokerage: "Ten showings and no offer or two weeks with no showings, you are probably overpriced for the current market. This is true especially in this very competitive market," she says.
3. Similar homes are now selling for less. In markets where the median price is falling, it's important to regularly monitor what homes are selling for, Mr. Golden says. Real-estate agents should provide clients with up-to-date information on the market to determine whether the home is still priced correctly.
"Historical data isn't quite so powerful anymore. You have to look at what is selling now, and what it is selling for," Mr. Golden adds.
In Phoenix, there's a big difference between the average price for active listings and the average price for pending sales, Mr. Crumby says.
Monitor pending sales daily, and make sure your home is competing well with the homes that buyers are taking action on, he adds.
4. Repeated negative feedback. If buyers who do walk through the home have the same negative reactions to it, that could be another red flag that the price needs to be dropped, Ms. Jacobs says.
Buyer feedback, collected from a real-estate agent, may reveal that other houses in the same price range have updated kitchens or bathrooms and the home in question hasn't kept up with the times.
To address the disparity, sellers can either remodel or cut the price.
"You can sell anything anywhere. If the price is right it will sell," Ms. Jacobs says.
5. You've cut the price, but not enough. If a price cut is in order, don't cut by small increments. Several smaller decreases could make a seller look desperate, but a larger decrease will generate more interest, Ms. Flores says.
"A $2,000 price reduction is nothing in the grand scheme of things. Even on a $100,000 house, I'd lower by $5,000 at least, if it isn't moving," she says.
"Your first three weeks are critical. You'll have your most showings with the most potential, qualified buyers -- those that are out there waiting for something that matches their needs to come on the market," Ms. Flores says.
"Don't blow it by overpricing."
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Sluggish housing markets are filled with listings that are lingering on the market, prompting many home sellers to ponder a price cut.
A seller's reality check may come after the listing produces very few showings or a prospective buyer is lost to a competing -- and lower-priced -- home down the block.
"It's a very price-driven market," says Mike Golden, co-founder and co-principal of @properties, a Chicago-based real-estate brokerage.
No longer are buyers letting their emotions interfere when they decide to buy a home -- they're looking for deals, he says.
Many sellers whose homes are sitting on the market without a buyer in sight had unrealistic expectations from the start, real-estate agents say.
"We still have sellers who are in denial of the market and don't want to price properties where they need to," says Susan Jacobs, broker-owner of an Assist-2-Sell brokerage in Manassas, Va. Her clients are often shocked to learn how much prices have fallen.
How can sellers tell if their homes are overpriced? Look for the following signs:
1. Not enough showings. A home is likely overpriced if it doesn't get any showings in the first couple of weeks it's on the market, Ms. Jacobs says.
Even more proof a price cut is needed: people are interested enough to take information from brochure boxes in front of the home, and there have been a substantial number of hits on its Web site listings, but buyers still aren't scheduling showings, she adds.
A real-estate agent will often have access to data on how many hits an Internet listing gets.
If a home doesn't make a buyer's "showing cut," and buyers don't think it's worth the time, hassle or gasoline to schedule a visit, it's likely overpriced, says Dave Crumby, broker-owner of another Assist-2-Sell brokerage, in Tempe, Ariz.
"If you can't get people into your home, it's highly unlikely that it will sell," he says.
2. Some showings, but no contract. Perhaps the number of showings isn't a problem, yet there still have been no offers.
"If you're getting showings but not getting a contract, that means you're still not quite low enough," Ms. Jacobs says. "You're close, but there's so much competition out there."
Consider this guideline from Becky Flores, a real-estate agent at a San Antonio-based Keller Williams brokerage: "Ten showings and no offer or two weeks with no showings, you are probably overpriced for the current market. This is true especially in this very competitive market," she says.
3. Similar homes are now selling for less. In markets where the median price is falling, it's important to regularly monitor what homes are selling for, Mr. Golden says. Real-estate agents should provide clients with up-to-date information on the market to determine whether the home is still priced correctly.
"Historical data isn't quite so powerful anymore. You have to look at what is selling now, and what it is selling for," Mr. Golden adds.
In Phoenix, there's a big difference between the average price for active listings and the average price for pending sales, Mr. Crumby says.
Monitor pending sales daily, and make sure your home is competing well with the homes that buyers are taking action on, he adds.
4. Repeated negative feedback. If buyers who do walk through the home have the same negative reactions to it, that could be another red flag that the price needs to be dropped, Ms. Jacobs says.
Buyer feedback, collected from a real-estate agent, may reveal that other houses in the same price range have updated kitchens or bathrooms and the home in question hasn't kept up with the times.
To address the disparity, sellers can either remodel or cut the price.
"You can sell anything anywhere. If the price is right it will sell," Ms. Jacobs says.
5. You've cut the price, but not enough. If a price cut is in order, don't cut by small increments. Several smaller decreases could make a seller look desperate, but a larger decrease will generate more interest, Ms. Flores says.
"A $2,000 price reduction is nothing in the grand scheme of things. Even on a $100,000 house, I'd lower by $5,000 at least, if it isn't moving," she says.
"Your first three weeks are critical. You'll have your most showings with the most potential, qualified buyers -- those that are out there waiting for something that matches their needs to come on the market," Ms. Flores says.
"Don't blow it by overpricing."
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Wednesday, June 04, 2008
When Should I Invest in Real Estate?
CNN recently interviewed a housing expert on when is the best time to invest in real estate. You'll probably be very surprised with his answer. Please click on the link below to view.
When Should I Invest in Real Estate?
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
When Should I Invest in Real Estate?
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Tuesday, June 03, 2008
Understanding Property Tax Portability
On January 29, 2008 Floridians voted yes on Amendment 1 (www.YesOn1Florida.com). Amendment 1 gives the people of Florida a tax cut- guaranteed by law, and will help reignite Florida’s economy. With the passage of Amendment 1, families across Florida will see an immediate decrease and even greater savings when they move. This part of the amendment is also known as the property tax portability part. It is a huge benefit that most people aren't aware of or are confused about. Instead of giving you a somewhat confusing example of how different homeowners in different situations are affected, it is a lot easier to click on the link below and see how YOU would be affected. The link shows you what your situation would have been prior to the approval of Amendment 1 and also shows you the savings you will get now.
Miami Dade County Tax Estimator
Broward County Tax Estimator
Just in case you did want an explanation of how tax portability works, please click on the link below.
How Tax Portability Works
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Miami Dade County Tax Estimator
Broward County Tax Estimator
Just in case you did want an explanation of how tax portability works, please click on the link below.
How Tax Portability Works
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Sunday, June 01, 2008
Hurricane Season 2008
The hurricane season starts June 1st every year and ends on November 30th. Since it lasts half of the calendar year, it is very important to be prepared and have a reference guide with critical updated storm information, important phone numbers, as well as everything else associated with hurricanes. Please click on the link below to get the best hurricane information I could find on the internet. You can also download and print out the reference guide in case there is a power outage in the future.
Hurricane Season Reference Guide
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Hurricane Season Reference Guide
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Thursday, May 29, 2008
Easy Way to Save Some Cash
The average price of a gallon of regular gas in January of 2007 in the US was roughly $2.13. As you all are very aware of, the price of gas has gone up like crazy recently. Now the average price of a gallon of regular gas in the US is around $3.93. That's a little bit less than double in ONLY 16 months. This post on my blog isn't about the reasons why gasoline has gone up. If you are interested in those reasons, you can click on the following link, Reasons for Gas Price Increases.
The purpose of this post is to show you a way to save a little bit of cash.
If you visit my website, www.DadeCountyMLS.com, I have a tool there where you can put in any zip code in the US, and it will tell you the cheapest price of gas (regular, midgrade, or premium) in that area. The prices are updated every 48 hours or sooner. It's amazing how sometimes the price of gas in Miami can fluctuate almost forty to fifty cents a gallon. I have been using this tool for the last few weeks and have been able to save ten to fifteen dollars a week. That might not sound like a lot, but it works out to about $700 a year. Here are some common sense tips that I am almost embarrassed to tell you, but just in case . . . .
The purpose of this post is to show you a way to save a little bit of cash.
If you visit my website, www.DadeCountyMLS.com, I have a tool there where you can put in any zip code in the US, and it will tell you the cheapest price of gas (regular, midgrade, or premium) in that area. The prices are updated every 48 hours or sooner. It's amazing how sometimes the price of gas in Miami can fluctuate almost forty to fifty cents a gallon. I have been using this tool for the last few weeks and have been able to save ten to fifteen dollars a week. That might not sound like a lot, but it works out to about $700 a year. Here are some common sense tips that I am almost embarrassed to tell you, but just in case . . . .
- Don't drive ten miles out of the way to save money on the price of gas. Obviously if you do
this, you won't be saving any money. - Don't wait until you are almost empty to fill up. If you do this, you will be limiting your choices and may have to pay more than you have to.
- If you are going to be running errands, this would be the best time to check for the cheapest gas station that is close to where you are going.
- Last but not least. If you are waiting in a long line for gas, DO NOT LEAVE YOUR CAR RUNNING and burning gas. Instead just roll down your windows, turn your car off, and wait.
Hopefully the price of gas will start to go down again one day soon. But until then, please go to my website at www.DadeCountyMLS.com and use my "cheapest gas" saving tool. Better yet, use the tool from now on even if prices do go down.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Monday, May 26, 2008
Memorial Day
Did you know that Memorial Day was originally known as Decoration Day because it was a time set aside to honor the nation's Civil War dead by decorating their graves? It was first widely observed on May 30, 1868, to commemorate the sacrifices of Civil War soldiers, by proclamation of General John A. Logan of the Grand Army of the Republic, an organization of former sailors and soldiers.
I have extreme respect for those who serve or have served in our military and for those who have fallen in order to keep our country the great country it is today. Have a safe and happy Memorial Day, and let's never forget those that have given us the ultimate gift - their lives.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
I have extreme respect for those who serve or have served in our military and for those who have fallen in order to keep our country the great country it is today. Have a safe and happy Memorial Day, and let's never forget those that have given us the ultimate gift - their lives.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Thursday, May 22, 2008
National Missing Children's Day
On Sunday, May 25th, it is National Missing Children's Day. I urge you to please make the effort to sit down with your kids for at least 25 minutes today and go over different ways they can be safer. The website www.Take25.org has many great tips, discussion guidelines, and activity ideas to help prevent the unthinkable. Thank you so much and enjoy the holiday weekend.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Wednesday, May 21, 2008
Miami Home Buyer Assistance Programs
Many people have heard that there are programs available today that assist people in Miami interested in purchasing a home. Some of these programs include closing cost assistance, down payment assistance, reduced rate mortgages, and relaxed qualification mortgages. Every year (or quarter) there is a budget for these programs. Even though there are millions of dollars given away each year, once the money is used, that program is no longer available for that time period.
Until recently, it was very hard to find an easy to use website that would show what someone could potentially qualify for. The website below is extremely easy to use. Once you get to the homepage, click on "Search Assistance Programs." From there, just follow the menu and within twenty seconds you will know what programs you qualify for.
Miami Home Buyer Assistance Programs
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Until recently, it was very hard to find an easy to use website that would show what someone could potentially qualify for. The website below is extremely easy to use. Once you get to the homepage, click on "Search Assistance Programs." From there, just follow the menu and within twenty seconds you will know what programs you qualify for.
Miami Home Buyer Assistance Programs
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Monday, May 19, 2008
Six South Florida Schools Among Nation's Top 100
Newsweek magazine named six South Florida schools among it's list of the nation's top one hundred schools. Three were from Dade County and three were from Palm Beach County. Interestingly enough, Broward County, which has received numerous national awards in recent weeks, did not have any schools that ranked among the top 100. Please click on the link below to read all the details.
Newsweek Magazine's Top 100 Schools
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Newsweek Magazine's Top 100 Schools
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Friday, May 16, 2008
Fannie Mae Does Away with Higher Downpayment Requirements
Today it became a little bit easier for home buyers in many parts of the country to qualify for a home loan. In December, Fannie Mae (the government-sponsored mortgage finance company) made a policy that required higher downpayments for buyers applying for a loan in a zip code with declining real estate prices. Today that policy was changed to no longer require buyers in declining real estate markets to put a greater down payment than buyers in stabilized real estate markets. To get more details on this big benefit for our South Florida real estate market, please click on the link below.
Lower Down Payment Requirements Story
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Lower Down Payment Requirements Story
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Thursday, May 08, 2008
What to Do After a Car Accident
This post on my blog has nothing to do with real estate, but I thought it would be beneficial for all of us. A friend of mine sent me this story on what to do after a car accident. Even though most of us have a good deal of common sense, when an accident occurs, sometimes we are shaken and don't think the same way. Please read the story below, and I would strongly suggest printing it and keeping it in your car's glove box just in case.
What to Do After a Car Accident
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
What to Do After a Car Accident
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Monday, April 28, 2008
How to Save Drastically on Your Homeowner's Insurance for Free
Every few days or so I post some information relating to our real estate market. I always hope that the stuff I’m posting has some sort of value to you. However, there are times that I am not really sure. On this post, I’m 100% sure that the information I am telling you will be very valuable to you. The main reason is that it can potentially save you thousands on your home owner’s insurance.
If you have a single family home and have a homeowner’s insurance policy with wind storm protection, you should qualify. Before I get into telling you what you need to do, I’ll give you some real world examples of the savings you may get. My friend’s insurance policy went from approximately $4000 to $800. Another one of my friends, who also had an insurance policy that
cost close to $4000, got reduced to $2000. One other person that I know had has insurance policy go from $2100 to just a little bit over $1000. Unfortunately another person that I know wasn’t able to save anything.
So how do you get these savings? There is a little known government program called, My Safe Florida Home. The website, www.MySafeFloridaHome.com, has all the information. Once you go to the website, click on I WANT TO APPLY FOR A WIND INSPECTION. The wind inspection is free. Just fill out the form. Once your home is inspected, you will receive an inspection report that you will show to your insurance company. The report will have recommendations on work you can do to your house that will make it more hurricane proof. You can do nothing and show the report to your insurance company or do the work and get a bigger discount from the insurance company. The friend I mentioned about earlier whose insurance went down to $800 DIDN’T make any improvements. He just showed the form to his insurance company.
If you feel more comfortable speaking to someone on the phone rather than using the internet, you can call 1-866-513-MSFH (6734) and wait for the part that mentions about the free wind inspection.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
If you have a single family home and have a homeowner’s insurance policy with wind storm protection, you should qualify. Before I get into telling you what you need to do, I’ll give you some real world examples of the savings you may get. My friend’s insurance policy went from approximately $4000 to $800. Another one of my friends, who also had an insurance policy that
cost close to $4000, got reduced to $2000. One other person that I know had has insurance policy go from $2100 to just a little bit over $1000. Unfortunately another person that I know wasn’t able to save anything.
So how do you get these savings? There is a little known government program called, My Safe Florida Home. The website, www.MySafeFloridaHome.com, has all the information. Once you go to the website, click on I WANT TO APPLY FOR A WIND INSPECTION. The wind inspection is free. Just fill out the form. Once your home is inspected, you will receive an inspection report that you will show to your insurance company. The report will have recommendations on work you can do to your house that will make it more hurricane proof. You can do nothing and show the report to your insurance company or do the work and get a bigger discount from the insurance company. The friend I mentioned about earlier whose insurance went down to $800 DIDN’T make any improvements. He just showed the form to his insurance company.
If you feel more comfortable speaking to someone on the phone rather than using the internet, you can call 1-866-513-MSFH (6734) and wait for the part that mentions about the free wind inspection.
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
Sunday, April 20, 2008
The Changing Home Equity Loan
Only a year ago, it was incredibly easy for anyone with half decent credit to get a home equity loan on 100% or more of the equity that they had in their home. Today things have changed tremendously. Banks aren't loaning anything close to the 100% equity in the past, the loans are a lot harder to qualify for, and the default rates on these home equity loans have gone up over 700%. For more details on today's changing home equity loan, please click on the link below to view an article from the Miami Herald.
The Changing Home Equity Loan
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
The Changing Home Equity Loan
Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com
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