Pros and cons of condominium living

Owning a condo is quite different from owning a house. Make sure the condo lifestyle is for you before buying.

Considering buying a condominium? Be warned: owning a condominium is quite different from owning a single-family home and comes with its own particularities. Before you jump into the condo market with both feet, you should make sure that the condominium lifestyle is right for you. The benefits and drawbacks of condo living need to be weighed against your own criteria. Is security more important to you than distance from your neighbors? Are you comfortable with community living? Here is a list of the basic pros and cons of condo living to help you make your decision.

Pros and Cons

Location: There is often a high concentration of condominiums in downtown locations where land is at a premium. If you want to be in the heart of the city, a condominium may be a good choice.

"Box of air": When you buy a condo, you do not own the land beneath the building, you simply share an interest in it. Instead, you own the space between the walls of your unit, and share ownership of the common areas with other owners.

Security: Having neighbors around makes it a lot easier to lock up and leave for a vacation or an extended period of time. Also, condominium buildings often have security features, be they buzzers or a guard service. This is particularly helpful if this is your second home, and you are only there for part of the year.

Community living: Shared walls and common areas mean that you are more likely to hear your neighbors or run into them more often. Also, as part of the homeowner’s association, you will have to coordinate with neighbors to come to decisions regarding the common areas.

Low maintenance: No more backaches from mowing the lawn or shoveling snow. Condo living means someone else takes care of the plumbing problems or roof maintenance for you. There may be some cases -- if it’s your fault -- where you will have to pay.

Fees: Monthly condo fees go toward maintenance and repair of the common areas. There are occasionally additional assessment fees to handle larger repair jobs. Your fees may also be paying for amenities, such as a swimming pool, that you may not use.

Affordability: While condominiums have a wide price range, the lower range is often within the budget of first-time buyers and singles who may find single-family houses unaffordable.
Resale: Condominiums are more sensitive to trends in the real estate market than single-family homes. If the market takes a downturn, condos are usually the first to suffer and the last to recover.

Amenities: Most condominium developments offer a range of amenities in the common areas. This means that you may have access to a swimming pool, gym or tennis courts that you would not be able to afford on your own.

Rules: Condos are governed by a set of rules called Covenants, Conditions and Restrictions (CC&Rs). This can include restrictions on noise levels, pet ownership, renovations, and even what kind of curtains you can put in your windows.

Condominium association: Every unit owner is a member of the condo association, which also has an elected board. The association serves to enforce bylaws, handles maintenance and repair issues, and deals with disputes with developers or between unit owners.

Condominium association: Because the condo association is made up of homeowners rather than property-management professionals, the association may be weak and inefficient. Also, if you want to make renovations to your unit or rent your unit out, you may have to get approval from the condo association.







GIVE US A CALL TODAY IF YOU HAVE ANY QUESTIONS REGARDING THE BUYING OR SELLING OF A HOME!

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Staging your home to sell

Want to sell your home quickly and for top dollar? "Staging" can help.


"Staging" is presenting your home in its best and most appealing light to the majority of home-buyers.

In theory, "staging" isn't hard or costly, but in reality, many homeowners find it difficult because it's often hard to see something objectively when we love it.

An easy way to see effectively "staged" homes is to visit decorated models. Decorating a model is expensive, but builders are willing to invest the cost because they understand just how well a "staged" home sells. You too can profit from this knowledge.

Basic Staging Rules
#1 - Clean. Your home must sparkle! To achieve this level is usually only feasible by hiring a cleaning crew. In fact, having a cleaning service return weekly while your house is for sale is probably a pretty good investment. Get your windows professionally cleaned inside and out too.

#2 - Fix. Got a dripping faucet or a cracked tile? These will send the wrong message to potential buyers. Getting them fixed before you put your house on the market is a smart idea.

#3 - Eliminate Clutter. The "50% Rule" requires that you eliminate the clutter in your home by at least half. This may be the hardest rule of all! We love our clutter - - it reflects our memories, hobbies, and values. But it doesn't sell homes! Clutter makes homes seem smaller and disorganized. (Have you ever noticed that the really expensive stores seem to have an expansive, clutter-free layout, while "cheap" stores are often a jumble of merchandise?) Even the ancient practice of Feng Shui has as a central focus the elimination of clutter.

#4 - Executive Neutral. Neutral colors sell. It's a fact. Try to convey an image of quality and neutrality. Potential buyers walking through your home want to imagine themselves as the owners. If you use styles or colors they would never select, you've just turned them off. Staying high-quality, but neutral is safest.

#5 - De-personalize. Remove objects that your potential buyers won't be able to identify with. For example, political and religious items may turn off whole groups of buyers, because they cannot "imagine" your home as their home. Buying a home is an emotional decision, and you want potential buyers to make an emotional connection with your home by being able to "see" themselves in it.

The Test.
Wondering if something is acceptable "staging"? Visit a model home to see if they do it. For example, can you leave your high-end, designer toaster out on your kitchen counter? Nope! You won't find a single toaster in the kitchens of model homes. Can you display an artsy topiary tree on your kitchen counter? Yes. Model homes do!


Some Specifics.
"Curb appeal." They say you can only make one "first impression," and people usually form their first impression within 30 seconds. What potential buyers see when they drive up to your house will be their first impression. This is a good place to spend a little extra time and money. Plant flowers, trim bushes, weed, pick up leaves, repaint your front door, replace tarnished house numbers or a dented mailbox, get a brand-new neutral doormat, park your old car somewhere else.

The entrance. The first glimpse inside your home should give potential buyers positive, uplifting feelings. Make your entryway as light and bright as possible. Leave all the lights in the house on. (Have you noticed that model homes do this?) Get rid of all area rugs. (Even authentic, high-quality carpets should normally be removed since they break up the expanse of floor space, making rooms look smaller.) Limit your cooking to very plain foods so odors don't linger. (No cabbage, garlic, or onions!) On the other hand, freshly baked chocolate chip cookie smells are just fine! (They evoke a homey feeling for almost everyone.)

Kitchen. Kitchens sell homes, so the importance of making your kitchen appealing can't be underestimated. Clean and de-clutter! Anything taking up counter or floor space must go (the only exception would be the types of designer touches seen in model homes). Anything displayed on the refrigerator must go. If your cabinets are old, consider resurfacing them. If your counter knobs are old or out-of-date, replacing them can be a relatively inexpensive "facelift." Get a woodtone touchup stick from your home supply store and fill in any nicks and scratches. Shelves and pantries must appear orderly and very spacious. Put those extra items in your newly rented storage unit or give them away!

Bathrooms. Again, clean and de-clutter! You absolutely must get rid of any mildew/mold. If you have a glass shower door, squeegee it after every shower. A mold-and-mildew remover and a soap scum remover can work wonders. Glass cleaning products do a good job of cleaning windows and mirrors (but be careful if you have brass fixtures since ammonia will cause these to pit). Do not display any personal toiletry items! Remove all deodorant, mouthwash, electric toothbrushes, etc. and put them in your cabinet. (Model homes never, ever display such items!) Pick up all bath mats/rugs. Keep your soap dishes pristine. If you have bars of hand soap, they should look new. Get a new set of high-quality, neutral, fluffy towels and display them. (Model homes always do this!)

Rest of the House. Clean, repair, de-clutter, and de-personalize! You're going for that Executive but neutral look, since almost everyone can "see themselves" in a home like that.

• Remove those knickknacks!


• Remove enough items from your closet so you can hang a garment without touching the garment next to it - - this could be difficult. (Extra and out-of-season clothes go to your newly rented storage unit.)


• Remove area rugs


• Remove throw blankets


• Remove throw pillows (or replace with "designer" pillows)


• If your houseplants are anemic, remove them. Replace with high-quality silk plants or healthy houseplants in brass, wicker, or plain ceramic containers.


• Take a hard look at your carpets. Are they stained or worn? Replacing carpets is often an excellent investment because it gives your home that "new" look that everyone wants. (Buyers have notoriously poor imaginations, so replacing existing carpet with neutral carpet is usually a much better idea than offering a "carpet allowance.")


• Leave all the lights on (No burned-out lightbulbs!)


• Keep wastebaskets empty


• If possible, send your pets to stay with family or friends. As much as we love our pets, they can be a major negative distraction to potential buyers.


• Leave your home before potential buyers arrive
  
  Summary
  Once you accept the challenge that you're turning your home into a "model home" to sell at top dollar and in record time, you've won half the battle. You'll be well rewarded for your efforts!

Staging your home to sell

Want to sell your home quickly and for top dollar? "Staging" can help.


"Staging" is presenting your home in its best and most appealing light to the majority of home-buyers.

In theory, "staging" isn't hard or costly, but in reality, many homeowners find it difficult because it's often hard to see something objectively when we love it.

An easy way to see effectively "staged" homes is to visit decorated models. Decorating a model is expensive, but builders are willing to invest the cost because they understand just how well a "staged" home sells. You too can profit from this knowledge.

Basic Staging Rules
#1 - Clean. Your home must sparkle! To achieve this level is usually only feasible by hiring a cleaning crew. In fact, having a cleaning service return weekly while your house is for sale is probably a pretty good investment. Get your windows professionally cleaned inside and out too.

#2 - Fix. Got a dripping faucet or a cracked tile? These will send the wrong message to potential buyers. Getting them fixed before you put your house on the market is a smart idea.

#3 - Eliminate Clutter. The "50% Rule" requires that you eliminate the clutter in your home by at least half. This may be the hardest rule of all! We love our clutter - - it reflects our memories, hobbies, and values. But it doesn't sell homes! Clutter makes homes seem smaller and disorganized. (Have you ever noticed that the really expensive stores seem to have an expansive, clutter-free layout, while "cheap" stores are often a jumble of merchandise?) Even the ancient practice of Feng Shui has as a central focus the elimination of clutter.

#4 - Executive Neutral. Neutral colors sell. It's a fact. Try to convey an image of quality and neutrality. Potential buyers walking through your home want to imagine themselves as the owners. If you use styles or colors they would never select, you've just turned them off. Staying high-quality, but neutral is safest.

#5 - De-personalize. Remove objects that your potential buyers won't be able to identify with. For example, political and religious items may turn off whole groups of buyers, because they cannot "imagine" your home as their home. Buying a home is an emotional decision, and you want potential buyers to make an emotional connection with your home by being able to "see" themselves in it.

The Test.
Wondering if something is acceptable "staging"? Visit a model home to see if they do it. For example, can you leave your high-end, designer toaster out on your kitchen counter? Nope! You won't find a single toaster in the kitchens of model homes. Can you display an artsy topiary tree on your kitchen counter? Yes. Model homes do!


Some Specifics.
"Curb appeal." They say you can only make one "first impression," and people usually form their first impression within 30 seconds. What potential buyers see when they drive up to your house will be their first impression. This is a good place to spend a little extra time and money. Plant flowers, trim bushes, weed, pick up leaves, repaint your front door, replace tarnished house numbers or a dented mailbox, get a brand-new neutral doormat, park your old car somewhere else.

The entrance. The first glimpse inside your home should give potential buyers positive, uplifting feelings. Make your entryway as light and bright as possible. Leave all the lights in the house on. (Have you noticed that model homes do this?) Get rid of all area rugs. (Even authentic, high-quality carpets should normally be removed since they break up the expanse of floor space, making rooms look smaller.) Limit your cooking to very plain foods so odors don't linger. (No cabbage, garlic, or onions!) On the other hand, freshly baked chocolate chip cookie smells are just fine! (They evoke a homey feeling for almost everyone.)

Kitchen. Kitchens sell homes, so the importance of making your kitchen appealing can't be underestimated. Clean and de-clutter! Anything taking up counter or floor space must go (the only exception would be the types of designer touches seen in model homes). Anything displayed on the refrigerator must go. If your cabinets are old, consider resurfacing them. If your counter knobs are old or out-of-date, replacing them can be a relatively inexpensive "facelift." Get a woodtone touchup stick from your home supply store and fill in any nicks and scratches. Shelves and pantries must appear orderly and very spacious. Put those extra items in your newly rented storage unit or give them away!

Bathrooms. Again, clean and de-clutter! You absolutely must get rid of any mildew/mold. If you have a glass shower door, squeegee it after every shower. A mold-and-mildew remover and a soap scum remover can work wonders. Glass cleaning products do a good job of cleaning windows and mirrors (but be careful if you have brass fixtures since ammonia will cause these to pit). Do not display any personal toiletry items! Remove all deodorant, mouthwash, electric toothbrushes, etc. and put them in your cabinet. (Model homes never, ever display such items!) Pick up all bath mats/rugs. Keep your soap dishes pristine. If you have bars of hand soap, they should look new. Get a new set of high-quality, neutral, fluffy towels and display them. (Model homes always do this!)

Rest of the House. Clean, repair, de-clutter, and de-personalize! You're going for that Executive but neutral look, since almost everyone can "see themselves" in a home like that.

• Remove those knickknacks!
• Remove enough items from your closet so you can hang a garment without touching the garment next to it - - this could be difficult. (Extra and out-of-season clothes go to your newly rented storage unit.)
• Remove area rugs
• Remove throw blankets
• Remove throw pillows (or replace with "designer" pillows)
• If your houseplants are anemic, remove them. Replace with high-quality silk plants or healthy houseplants in brass, wicker, or plain ceramic containers.
• Take a hard look at your carpets. Are they stained or worn? Replacing carpets is often an excellent investment because it gives your home that "new" look that everyone wants. (Buyers have notoriously poor imaginations, so replacing existing carpet with neutral carpet is usually a much better idea than offering a "carpet allowance.")
• Leave all the lights on (No burned-out lightbulbs!)
• Keep wastebaskets empty
• If possible, send your pets to stay with family or friends. As much as we love our pets, they can be a major negative distraction to potential buyers.
• Leave your home before potential buyers arrive
  
  Summary
  Once you accept the challenge that you're turning your home into a "model home" to sell at top dollar and in record time, you've won half the battle. You'll be well rewarded for your efforts!

Hot Neighborhoods

Next Hot American Neighborhoods
by Maya Roney

For price-sensitive buyers, we identify the areas in the U.S.'s largest cities that offer the best quality of life and investment potential.

"Up-and-coming," "gentrifying," "on the rise"—terms like these can be realtors' rhetoric or a red flag for homebuyers. But less-pricey city neighborhoods where home values have shot up in the past few years are worth scouring for deals, especially now that prices have dipped in many areas.

There's usually more behind their increase in value than just the overall increase in property values across the U.S. over the past five years. Factors such as schools, improved crime rates, high employment, and access to public transportation make these neighborhoods increasingly appealing to price-sensitive buyers.

BusinessWeek.com worked with online real estate service Zillow.com to come up with a list of the next hot neighborhoods in 10 of the country's biggest cities. Looking at Zillow's database of historical home valuations, we identified the neighborhood in each city that saw the most median home-value appreciation in the past five years, excluding neighborhoods where the median home value was currently above the median home value for the city.

The result: neighborhoods with both relatively affordable housing and a recent history of significant appreciation. Though identifying undervalued and undiscovered areas is far from an exact science, these neighborhoods have what it takes to become solid investments—and places to live. In spite of double-digit appreciation in the last few years, the areas' low home values (compared to the overall cities) suggest there's still room for considerable growth.

Downtown Deals
Several years back, the working-class immigrant neighborhood of Pico Union in downtown Los Angeles was one of the poorest parts of the city. The median home value in the fourth quarter of 2001 was $129,621, according to Zillow. Today, 500-square-foot condominiums are selling in the $300,000s, according to Stephen May, a real estate broker and condo specialist at L.A.'s Downtown Residential Realty. And that's the low end—$4 million penthouses aren't an unusual find in this rapidly gentrifying neighborhood.

"There's a boom going on downtown," says May. "Homes are now available in any price range." Of course, not everyone is benefiting from the rise in prices in Pico Union. The traditional low-income immigrant community, largely from El Salvador, is being forced out of the neighborhood by rising rents and the bulldozing of old buildings.

According to Zillow's estimates, home values in Pico Union have soared almost 300% in the past five years, to a median home value of $516,498. But in Los Angeles, where the median home value is nearly $600,000, Pico Union remains a steal for many buyers.

City centers are often good places to find value neighborhoods. They may have higher crime rates, but they have become increasingly appealing to affluent professionals looking for transportation hubs, pedestrian accessibility, and an urban social scene. Artists and so-called hipsters may also sacrifice a little space and safety for a cheaper home in a diverse and creative area.

Like downtown L.A., Denver's Civic Center neighborhood is seeing revitalization as the city cracks down on crime and spruces up the streets and sidewalks. Qwest Communications remains the top public employer in Denver. Strong local economies are fueling the growth of other city neighborhoods on our list—most notably in the Mission Bay part of San Francisco, where retailer Old Navy, which is owned by Gap, is headquartered.

Beckoning Boroughs
Good values exist in just about every city, if you know where to look. In notoriously expensive New York City, homebuyers can find a relative bargain in the community of Kingsbridge Heights in the Northwest Bronx, where the median home value is $442,544, compared to the city's $936,439.

Zillow estimates that the median home value was $99,546 in the fourth quarter of 2000.
Kingsbridge Heights has always been a middle-class neighborhood with decent schools, but some surrounding Bronx areas have a less-than-stellar reputation when it comes to crime and school systems. This may have shielded the area from buyers in the past, but the area's proximity to mass transit (you can easily hop on the 1, 4, and D subway lines to Manhattan) has turned it into a hot spot for Manhattan rent refugees.

"There seems to be a marked increase in Manhattanites starting a family [buying in Kingsbridge Heights]," says Brad Trebach, a realtor based in the neighboring community of Riverdale.

"They're looking for elbow room, a neighborhood with trees and grass." Given its proximity to 1,000-acre Van Cortland Park and the Jerome Park Reservoir, Kingsbridge Heights has plenty of space and greenery to offer.

Venturing to the fringe may also pay off in other cities, like Boston, where the neighborhood of Dorchester remains affordable even though home values there have increased nearly 60% in the last five years. The median home value is now $331,896, according to Zillow. Almost a separate city in itself, Dorchester is a large and diverse working-class community south of Boston's center, with many Irish and Southeast Asian immigrants, as well as a significant African American population. Residents enjoy riverfront amenities like beaches and boating, as well as the green space and recreational activities of 527-acre Franklin Park.

Focus on Possibility
The phrase "up-and-coming" can sometimes be code for a dangerous area, so it's important to make sure you're comfortable with the neighborhood and the potential risk it may pose to you as an investor.

Whether you're searching for the next hot spot or just trying to find a cheap and funky place to live, homebuyers in so-called up-and-coming areas should focus on four main factors, according to Thaddeus Wong, co-founder of @Properties, a Chicago-based brokerage specializing in emerging city neighborhoods.

First and foremost, consider the neighborhood's transportation infrastructure. Is it close to mass transit and highways? Is the transport fast and efficient? "In a developing neighborhood, the ease of getting in and out is crucial," says Wong. "We've seen the highest velocity of price increases in these areas."

A neighborhood's commercial infrastructure—whether it has space for restaurants and shops, heavily trafficked streets, and ample parking—is also important in determining the area's potential for success, Wong says. "You have to bring people in with art galleries and restaurants. That's how people become familiar with neighborhoods."

Neighborhood zoning laws also play a role, according to Wong. If the zoning is more flexible and for larger or more units, either residential or commercial, the area will gentrify more rapidly. The wild card, Wong explains, is local politics—some politicians don't want development, while others embrace it.

Everyone knows someone who bought a home in an undesirable neighborhood and got rich when the area got hip. But anyone buying in an area that hasn't seen any recent development is gambling. To play it safe, make sure the neighborhood has something going on before you take the plunge. "You don't want to be the first guy there," says Wong. "You're better off being the second or third one in."

Methodology
Zillow arrives at its home valuations, called Zestimates, using an algorithm that considers a range of publicly available data for all the homes in a given area (not just the homes sold). While this isn't an appraisal, Zillow says the majority of its Zestimates are within 10% of the selling price of a home.

Using Zillow's database of historical "Zindexes"—the median Zestimate in a given region—we identified the neighborhood in each city that saw the most home value appreciation in the past five years (six years in the case of New York City), excluding neighborhoods where the median home value was currently above the median home value for the city. Zillow identifies a neighborhood as a center point and homes within a 1-mile radius of that center point in a given city.

Buyer Representation

What is a Buyer Representative?

A real estate buyer's representative represents the buyer who is purchasing property in a real estate transaction. Research by the National Association of REALTORS has shown that when a buyer's representative is used, the prospective buyer found a home one week faster and examined three more properties than consumers who did not use a buyer's representative.



The buyer's representative works for, and owes fiduciary responsibilities to, the real estate buyer and has buyer's best interests in mind throughout the entire real estate process. A buyer's representative will:

• Evaluate the specific needs and wants of the buyer and locate properties that fit those specifications.


• Assist the buyer in determining the amount that they can afford (pre-qualify), and show properties in that price range and locale.


• Assist in viewing properties -- accompany the buyer on the showings, or preview the properties on behalf of the buyer to insure that the identified specifications are met.


• Research the selected properties to identify any problems or issues to help the buyer make an informed decision prior to making an offer to purchase the property.


• Advise the buyer on structuring an appropriate offer to purchase the selected property.


• Present the offer to the seller's agent and the seller on the buyer's behalf.


• Negotiate on behalf of the buyer to help obtain the identified property -- keeping the buyer's best interests in mind.


• Assist in securing appropriate financing for the selected property.


• Provide a list of potential qualified vendors (e.g. movers, attorneys, carpenters, etc.) if these services are needed.


• Most importantly, fully-represent the buyer throughout the real estate transaction.
  

The Buyer Representation Agreement

It is important for the buyer to discuss the buyer's representative's compensation in the initial interview. In many cases it is recommended that the buyer and the buyer's representative agree to the terms of compensation prior to viewing properties, and sign a written agreement based on those terms. The agreement should spell out the responsibilities of both parties throughout the real estate process.

In some states, legislation has been enacted to protect the buyer to the point that, absent a written agreement, the buyer's representative represents the buyer throughout the real estate transaction. Consult your REALTOR for complete details when you begin the purchase process.

IT WOULD BE OUR PLEASURE TO REPRESENT YOU IN YOUR REAL ESTATE TRANSACTION. GIVE US A CALL AT 615-376-4500.

Debating Between a Condo or a House

Which is right for you?

By Melissa Paul
A condo can offer a good location at a less expensive price.

Buying a home is one of the biggest and most important decisions you’ll ever make. Whether you are a first-time buyer, or a veteran homeowner looking to trade up or make a new start, you will inevitably be faced with a number of questions. Your answers will lead you to the home that’s right for you.

One of the most fundamental questions all homeowners face is whether to buy a condo or single family house. There are advantages and disadvantages of each and only you can know what’s right for you.

For Boston newlyweds Michelle and Kevin Millsom, 31 and 36, it was an easy decision. With high-powered financial careers and no children, they were drawn to the excitement of the city and wanted their fingers on the pulse. They bought a penthouse apartment with a breathtaking view of Boston’s famous esplanade and Charles River.

“We enjoy everything the city has to offer—the restaurants, theatre, outdoor concerts. We walk everywhere and find the easy access to the airport to be a plus since we travel frequently for work,” said Kevin. “When we have children, we may think about a house in the suburbs, but for now this is where we want to be.”

Houses generally offer a bit more privacy because they aren't attached to another unit.

Like all things, living in the heart of the city comes with tradeoffs. For the price of their two-bedroom/two-bath condo, they could buy a home three times the size, just a short 20-minute commute away. They share decision-making for their building with fourteen other tenants and pay pricey condo fees to cover the costs of insurance and upkeep. Their car sits idle most of the time in a $300 per month rented parking spot only to leave for short jaunts to the grocery store or visits to see family. But for Kevin and Michelle who want to spend their spare time out and about, the location and convenience can’t be beat.

On the other hand, Adriana Forte, 62, lives in a condo in the Boston suburb of Arlington and misses all that a single-family home has to offer. Six years ago, after her divorce, she bought a “condex,” (a two-family home with a shared wall) with the belief that managing a home would be too much for her alone. But it turned out to be the wrong decision for her. Now, she is desperately seeking a single-family house to call her own.

“It’s difficult to live with neighbors so close,” Forte said. “First there was the noise. My neighbors are night people, and every night they are just getting geared up when I’m trying to sleep. Then I found myself handling 100 percent of the finances and maintenance of the duplex—without compensation. I may as well be living in my own house!” Forte also misses the fresh air and private outdoor space. For her, maintaining a home and garden is pure enjoyment. The privacy is what she misses most.

What is most important to you? Give consideration to the following:

Location – Where do you want to be? Are there options for both condos and single-family houses in this area?

Privacy – Is it important to you to have complete privacy or do you find close neighbors to be a comfort?

Responsibility – Do you need total control over decisions affecting your home or are you attracted to the idea of sharing decision-making with your neighbors?

Maintenance – Are you a homebody who enjoys getting dirty in the yard or are you delighted with the idea of never having to cut a blade of grass again?

Budget – How much do you have to spend? Depending on where you want to live, a condo may be the only option that meets your budget.

These considerations and others will help you determine the best choice for you now. And just remember, if your interests and priorities change in the years ahead, you can always sell your home and make a move, this time with experience as your guide.

setting the price

7 Steps to House Selling Success!


Every reasonable owner wants the best possible price and terms for his or her home. Several factors, including market conditions and interest rates, will determine how much you can get for your home. The idea is to get the maximum price and the best terms during the window of time when your home is being marketed.

In other words, home selling is part science, part marketing, part negotiation and part art. Unlike math where 2 + 2 always equals 4, in real estate there is no certain conclusion. All transactions are different, and because of this, you should do as much as possible to prepare your home for sale and engage the REALTOR® you feel is best able to sell your home.

What is your home worth?All homes have a price, and sometimes more than one. There's the price owners would like to get, the value buyers would like to offer and a point of agreement which can result in a sale.

In considering home values, several factors are important:

• The value of your home relates to local sale prices. The same home, located elsewhere, would likely have a different value.
• Sale prices are a product of supply and demand. If you live in a community with an expanding job base, a growing population and a limited housing supply, it's likely that prices will rise. Alternatively, it's important to be realistic. If the local community is losing jobs and people are moving out, then you'll likely have a buyer's market.
• Owner needs can impact sale values. If owner Smith "must" sell quickly, he will have less leverage in the marketplace. Buyers may think that Smith is willing to trade a quick closing for a lower price -- and they may be right. If Smith has no incentive to sell quickly, he may have more marketplace strength.
• Sale prices are not based on what owners "need." When an owner says, "I must sell for $300,000 because I need $100,000 in cash to buy my next home," buyers will quickly ask if $300,000 is a reasonable price for the property. If similar homes in the same community are selling for $250,000, the seller will not be successful.
• Sale prices are NOT the whole deal. Which would you rather have: A sale price of $200,000, or a sale price of $205,000 but where you agree to make a "seller contribution" of $5,000 to offset the buyer's closing costs, pay a $2,000 allowance for roof repairs, fund two mortgage points, re-paint the entire house and leave the washer and dryer?

How much is too much? Because all transactions are unique there is flexibility in the marketplace. The amount of flexibility depends on local conditions.

For example, suppose you're selling a townhouse. Suppose also that there have been five recent sales of the model you own and that sale values have ranged between $200,000 and $210,000. You now have an idea of how your home might be priced. In a strong market perhaps you can ask for $210,000 or a little more. If the market has slowed, $210,000 may be a reasonable asking price, but perhaps more than the final sale price.

Here's another scenario. Imagine that you live in a community of Victorian-style homes, most of which were built in the 1920s. All the homes are different in terms of size, condition, modernization, style and features. In such a neighborhood, an average sale price is just a statistic without much practical meaning. On a single block one home may sell for $400,000 while another is priced at more than $1 million. The average price may be outrageously high for one home and staggeringly low for another.

Who can help?Experienced REALTORS® are active in the local marketplace and can provide assistance with pricing, marketing, negotiation and closing.

Because experienced REALTORS® have handled many transactions, they're familiar with the terms and conditions that went into individual sales, not just published sale prices which may not reflect various premiums, discounts and adjustments.