FSBO Jane

Happy Thanksgiving! Like most of you, I’ll be traveling to see friends and family this holiday weekend. So I thought I’d leave you with a round-up of posts I’ve enjoyed this past month:

• In an Election Day post, Frugal Dad asks, Is Home Ownership Still the American Dream?
• Aubrey at the Real Estate Blog gives some insight on the question, When Will Real Estate Values Begin to Appreciate Again?
• Trying to sell a fixer-upper? The Home Staging Blog gives Home Staging Tips for “Fixers”
• Carl Bialik at the Wall Street Journal writes that Only One Person Knows a Home’s Value: Its Buyer

See you soon!

My niece is about to buy her first house, a condo. Between you and me, I think it’s perfect for her, but you can bet I put her through the ringer with questions before telling her she should go for it. Purchasing a home is a big decision, so you have to do it right.

Last December, I wrote a blog post about condos, linking to a few articles that give good information about the things you need to know. I’d like to add to that post now, giving you a list of MUST-ASKs before you buy a condo. Just like my niece, you’ll be glad you did your research and made an informed decision, especially when you spend your first night in your new home!

1. Are there regulations/guidelines for the association? In some communities, there will be rules about how you can paint your unit, if/when you’re allowed to have guests or rent out your condo.

2. What are the association dues? What do they cover? Will you be responsible for exterior upkeep, or is that included? What about trash?

3. Who will be your go-to person? If something goes wrong, if you have questions, who are you supposed to go to? Is there a management company? If so, find out who you would need to contact directly.

4. What will it really be like to live in this unit? Talk to the neighbors and see what the community interaction is like—is that something you’d be comfortable with?

5. If you’re above or below neighbors, what’s the noise level like?

6. Is the location right for you? Think about proximity to work, ease of access to transportation, etc.

7. Can I afford this? In today’s market, you really ought to put down at least 20%. Trust me. Then, your monthly payments should be less than 1/4 or 1/3 of your income. Is that workable?

Take all this information, along with anything else you can gather from talking to the sellers, neighbors, etc., and then reconsider if this is the right purchase for you. If it is, you’ll enjoy the comfort of knowing you made a decision backed up by facts.

If you’re selling your home, you know that it’s not just your curb appeal that matters. Often, potential buyers can be very turned off by ugly neighbors—or their ugly houses, that is. If the house next door is unkept, surrounded by overgrown landscaping or obviously uncared for, buyers picture themselves looking at that unsightly view every day, for the next years of their lives—and they want to move on.

So what can you do if you’re in this situation? Aside from hoping (and asking, begging, praying) for your neighbors to improve their property, you need to work extra hard to bring buyers to your doorstep. How?

1. Price LOW.

The asking price you choose needs to be attractive enough to draw buyers, usually at least 10% below what you would’ve otherwise planned. Not doing this could result in letting your home sit, for sale but unsold, for months at a time.

2. Go to Your Neighbor.

Of course every situation is different, and while many confrontations would prove awkward or tense, some neighbors would actually welcome help in improving their yard/exterior. If your neighbor is disabled or elderly, for example, you could suggest raking the yard yourself or planting some flowers in front. Having to invest your time and money into your neighbor’s property may seem unfair, but it could make a crucial difference in how your home is perceived.

Have you faced a situation like this, where you needed to sell a home set right next to a poorly

The holidays are the perfect time of year to turn your house into a home. The decorations, traditions and parties all give way to a cozy, inviting feeling. So whether you’re new to your home, about to move into one or just not sure how to begin nesting, here are some quick tips!

Be sure to write all of your ideas down. Or—even better—create a bulletin board full of various things that inspire you, whether it be a color that you think would be perfect on the bedroom wall, a piece of fabric that you like or a picture that you cut out of a magazine. Inspiration can come from anywhere, and it’s important not to dismiss it. When decorating your home, your board of inspiration can be an excellent source of help in making your dreams become a reality.

If you choose to spend a little more on a sturdy couch, then find some cheap throw pillows to complement it!

And remember, this shouldn’t be a chore. Don’t let decorating become a source of stress; just have fun and enjoy the process!

I stumbled upon this Forbes article the other day, which was actually written in 2002. However, despite being six years old, it is filled with very good information.

Here are two of five signs given to tell you home is overpriced. To read the rest, visit the full article online here.

1. Your home is priced well above neighboring properties. The first thing brokers do before they recommend a price to a seller, is they look at the sales prices of the last three sales of comparable-sized homes in the your neighborhood. You can conduct your own research to determine a reasonable price before you hear estimates from brokers. Do a quick search online to see what neighborhood homes are selling for, and there are some tools that can help determine a roundabout value of your home based on your zip code and other factors.

2. After a couple months, you still haven’t received an offer. Don’t panic just yet. This isn’t true for all homes, (it’s not uncommon for high high-end homes, for example, to stay on the market for years) but there should be a flurry of showings and interest in the first four to six weeks the home is on the market if it’s priced properly. Although one assumes that overeager buyers are indicative that the price is low, realtors say competitive bids are more likely indicative of a reasonably priced home.

Really enjoyed this recent article in the New York Times, which profiles a few For-Sale-by-Owner sellers and their properties. Here’s a clip:

Common wisdom might suggest that in an economic downturn, Mr. Ruzal and others taking the for-sale-by-owner, or FSBO (pronounced FIZZ-bo), route, would do better with a broker’s knowledge of the market and powerful advertising reach. On the other hand, at a time of cutting corners, the savings implied by a FSBO sale may appeal more than ever.

To read the rest of the article, go here.

Recently, the Inman Blog announced its list of the “25 Most Influential Bloggers” in the real estate world. I keep track of almost all the winners in my reader, and I feel pretty confident that one thing is in common between them: they are, at least mostly, aimed at real estate agents. (Have you seen the list? Do you agree?)

That makes sense, I guess. Many consumers aren’t interested in real estate until they’re selling their homes, at which point they think they need a Realtor. So the audience for real estate blogs would be–who else?–agents.

Call me crazy, but I don’t think that’s fair. I don’t think your home sale is all about your agent. I don’t think the real estate world needs to revolve around agents. In fact, I firmly believe real estate and home selling and home ownership are all about YOU.

When you, a home owner, want to sell your own home, where are you supposed to go for insight? What blogs will give you updated information and selling tips? What are your resources?

Well, beyond this little site (ahem), I’ve begun compiling a list of the best real estate resources out there. To qualify, they must focus on YOU, YOU, YOU and putting helpful information in your hands. So without further ado, here they are.

The Buy Owner Blog: Welcome to the Buy Owner Blog, your source for regularly updated market information! Founded in 1984, Buy Owner is the leading provider of real estate marketing services. We pioneered the “For Sale by Owner” (FSBO) market, which today represents over 20 percent of all residential real estate transactions.

About.com: Home Buying & Selling: Though written by an agent, this About.com page directs its information at home owners and gives helpful information, advice and tips.

Inspired by all the other blogs that do round-ups, I’m going to join the fun. Here’s a list of a few articles I’ve found interesting over the past week:

• Real Estate is Back!
• Remodeling Trend: Universal Design
• Saving Money to Buy a New Home

(Note: I took down the previous post about ForSalebyOwner.com, in light of a mistake in the original post and then just too much confusion over the whole thing. If you want any clarification, I’d recommend you check out this article.)

Now more than ever, it’s important to make eco-friendly, green choices. Not only is this good for the environment and good for your pocketbook, but it’s a great selling feature! Here’s a clip from a recent article I cam across:

As seen at Modern Eco Homes:

When you put things in the trash, you may think they just “go away,” but there is really no “away”. What we put out into the environment as trash, will come back to us in water, air, and even food.

The best way to handle hazardous household waste is to use less in the first place and buy only what you need. Never pour hazardous household products down the sink or the toilet and never dump them in the storm drain.

Here in the Midwest, it’s a rainy day with word of snow coming soon. In other parts of the country, the leaves are hitting peak colors. In Florida, where some of my family lives, things are still palm trees and sunshine. But no matter where you live, there are things you can do this time of year to make the most of the season for your home.

Here is a list of five tips, some of which relate to particular geographic areas and some of which don’t. Feel free to add your own ideas in the comments:

1. Got Leaves? Rather than raking and bundling all those fallen leaves, go over them with the lawn mower with the mulching blade. This will break down the size of the leaves, and they’ll be excellent mulch for your lawn!

2. First frost? After the first frost hits, you’ll want to take care of your plants. Any perennials should be trimmed back to just above the soil, and annuals should be removed and thrown away to prevent infestation or disease for the other foliage.

3. Feel like a Cozy Fire? If you have a fireplace, now’s the time to make sure it’s in working order. Whether you clean it yourself or hire a professional, you’ll want to be ready when chilly nights arrive.

4. Gutters/downspouts: Because poorly maintained gutters and downspouts can lead to links, clean and inspect them now.

5. Ready for an Emergency? Test your emergency generator to know if it will back you up in a bad winter storm. If it needs it, get it updated now.�