Views and Clues

Pricing your home to sell

2008-04-20T16:05:00.000-07:00

One of the most important factors to consider when selling is price: how much your house is worth. You don't want to over price your home because you will lose the freshness of the home's appeal after the first two to three weeks of showings. After 21 days, demand and interest wane for buyers. On the other hand, don't worry about pricing it too low because homes priced below market value often will receive multiple offers, which will then drive up the price. Pricing is all about supply and demand. It's part art and part science, and no two agents price property the same way.
Pull Comparable Listings and Sales
Look at every similar home that have sold or is listed in the same neighborhood over the past six months because lenders will demand the apprasier to look at the last six months of comps.

The list should contain homes within a 1/4 mile to a 1/2 mile and no further, unless there are only a handful of comps in the general vicinity or the property is rural then use homes on your zip code or subdivision.
Pay attention to neighborhood dividing lines and physical barriers such as major streets, freeways or railroads, and do not compare inventory from the "other side of the tracks." Where I live, for example, identical homes across the street from each other can vary by $100,000. Perceptions and desirability have value.
Compare similar square footage, within 10% up or down from the subject property, if possible.
Similar ages. One neighborhood might consist of homes built in the 1950s next door to another ring of construction from the 1980s. Values between the two will differ. Compare apples to apples.

Sold Comps

Compare original list price to final sales price to determine price reductions.
Compare final sales price to actual sold price to determine ratios.
Adjust pricing for lot size variances, configuration and amenities / upgrades.

Withdrawn & Expired Listings

Look for patterns as to why these homes did not sell. Think about the steps you can take to prevent your home from becoming an expired listing. Make note of the days on market, which may have a direct bearing on how long it will take before you see an offer.
Examine the history of these listings to determine price reductions.

Active Listings

These matter only as they compare to your listing, but bear in mind that sellers can ask whatever they want.
To see what buyers will see, you may want tour these homes. Make note of what you like and dislike, the general feeling you get upon entering these homes. If possible, recreate those feelings of reception in your own home.
These homes are your competition. Ask yourself why a buyer would prefer your home over any of these and adjust your price accordingly.

Square Foot Cost Comparisons

Remember that after you receive an offer, the buyer's lender will order an appraisal, so you will want to compare homes of similar square footage.
Appraisers don't like to deviate more 25% and prefer to stay within 10% of net square footage computations. If your home is 2000 sq. ft., comparable homes are those sized 1800 to 2200 sq. ft.
Average square foot cost does not mean you can multiple your square footage by that number unless your home is average sized. The price per square foot rises as the size decreases and it decreases as the size increases, meaning larger homes have a smaller square foot cost and smaller homes have a larger square foot cost.

Market Dependent Pricing

Same house, three different prices. After you have collected all your data, the next step is to analyze the data based on market conditions. For comparison purposes, let's say the last three comparable sales in your neighborhood were $150,000. In a Buyers Market, your sales price might allow some wiggle room for negotiation but be strong enough (near the last comparable sale) to entice a buyer to tour your home. To sell in this market, you might need to price your home at $149,900, settling for $145,000.
In a Sellers Market, you might want to add 10% more to the last comparable sale. When there is little inventory and many buyers, you can ask more than the last comparable sale and likely get it. So that $150,000 home might sell at $165,000 or more.
In a Neutral Market, you may want to initially set your price at the last comparable sale and then adjust for the market trend. For example, if the last sale closed three months ago, but the median price has edged upwards of 1% per month, pricing at $154,500 would make sense.

Lease-to-Own Primer

2008-03-31T09:15:00.000-07:00

Lease-to-own agreements can help sell a hard-to-sell property during a sluggish housing market. Here’s how they work:
A seller agrees to rent a property to an interested buyer for a set period of time, usually one to three years. At the end of the lease, the buyer has the option to purchase the home at a preset price.
A portion of the monthly rent paid during the lease is usually counted toward the down payment. To cover that, the seller charges a rent increment or monthly premium of $200 to $300 compared to comparable rentals.
Many owners also charge an option fee for taking the property off the market, usually 1 percent to 2 percent of the sale price. This may be applied toward the purchase.
Sellers have no guarantee that renters will buy at the end of the term, but if they don’t, they keep the option fee and the amount of the rent that would have gone toward the down payment.

FIRE POWER

2008-02-22T17:34:00.000-08:00

Fireplaces have irresistible appeal. Just picturing a fireplace conjures feelings of warmth and coziness. Even in warmer climates where people don’t rely on them for heat, fireplaces add charm, character and value — about $12,000 per fireplace, according to the National Association
of REALTO RS® — to homes. They lend ambiance to just about any room, and with so many varieties and options available, it’s easy to see why people want them. If you don’t have a fireplace in your home, it’s easier than you might think to add one — without undergoing a complete remodel or major construction. Gas and electric models are more popular and affordable than ever and easy to install. And with so many options for every space and budget, the hardest part is choosing one that best suits your needs. If you do have a fireplace in your home, whether it’s the wood-burning, gas or electric variety, the most important factor is maintenance. Like cars, fireplaces need annual tune-ups. If you have a chimneybased fireplace — traditional wood-burning or top-vent gas — you should have a certified chimney sweep inspect and clean the chimney at least once a year or after approximately 80 fires. It’s also a good idea to have a certified service technician come out once a year to inspect other types of gas fireplaces and to replace bulbs on electric units.

Why Pay More To Get Less?

2007-09-03T14:22:00.000-07:00

Charles Stallions Real Estate Services charges a flat fee of $1495. What do you get? Our 27 step program some of which include,

your home advertised on the 1st page in the Find A Home magazine.
Homes and Land
7 internet websites including Homes.com, realtor.com, pensacolamls.com, yahoo.com, google.com, pensacolanewsjournal.com, pensacola.com and many more.
Post Card mail outs to select buyers.
Homeflyers at your home as well as being passed out at various locations.
Open houses and tour of homes
Navy Housing promotion

Plus much much more, now we know that most dicount companies offer limited service with there discounts , not so with Charles Stallions we offer full service and much more. In Fact here is my challege call as many agents as you can as this simple question will you put what you are willing to do in writing? You will not find ONE that will do as much as we do and put it in writing. Further more if you should want MLS all you have to do is offer a 3% commission not the 7,8 or even 9 % others charge and remember while charging these fees they only offer 2 or 2.5 % to the agent bring the buyer keeping the rest for themselves. Call Now !! 850-478-8811 and lets see if we can work together to get your home sold and if not will let you know who can.

Home prices still remain high.

2007-08-01T19:13:00.000-07:00

Buyers and sellers may have the jitters from insurance, congestion, high taxes, declining real estate sales and fluctuating prices.
Whatever the case, housing prices remain near historical highs, if they are off a bit from last year's peaks and stay on the market longer.
"There's a lot more to selling your house than setting up a sign and waiting for buyers to come," Anderson says. "This is a business decision. Your goal is to make your experience as simple as possible-for you and the buyer."
The following 10 steps can get a seller started. It starts with attitude.
1. Detach emotionally from the property. Take the long view. Prepare for change. Simplify the surroundings. Wake up and pretend you are a guest in someone else's house. Make your bed in the morning. Put the dishes in the dishwasher right away. Distinguish your home from your house. Your home is in your memories and those of the family-a house is the bricks and mortar you are selling. This critical psychological step will make everything that follows easier.
2. Lose the clutter. Root out anything you don't need or use. Do it in steps. It will make moving day that much easier. As for non-priority items you wish to keep, put them in storage.
3. Present the front. Paint if needed. Trim the landscaping. Weed the grass. Plant some flowers. Clean out the side and rear yards. When you like what you see, take pictures.
4. Always be honest - with your buyer, and with the real estate broker. If there is a problem, tell them about it. They will be grateful for your candor and the deal will work more smoothly.
5. Make the house sparkle, especially the kitchen, bathrooms and your windows. Put jewelry, family pictures and personal mementos into storage, or in neatly stacked boxes in a corner of your garage.
6. Disappear when real estate agents show the property. Take a drive, go to a movie, or visit with friends when people are walking through the house. And take your animals with you. (Someone might have an allergy).
7. Get ready to show the house any time. Once it is on the market, it is always a good time to show the house - if you really want to sell it. That accidental visitor could well be your buyer.
8. Prepare a list of items the buyer might want to use - the lawnmower, the grill, the patio and porch furniture, the draperies. Mark them "for the buyer." It's a little touch, but a separate bill of sale can provide tax advantages for the buyer at closing time.
9. Keep your cool. Buyers and sellers both tend to go a little crazy during a sale. Don't get emotional; keep your sense of humor. This is a business transaction and is not personal. Some people will give you a low-ball offer. Don't get offended; give them a counter-offer you consider fair.
10. Consider getting out of the way at closing time. Let the broker and your attorney handle it.
The more professional and calm the deal stays, the better a shot you will have with the fewest surprises.
For more information, call 850-478-8811.

UNBELIEVABLE MATH PROBLEM

2007-07-03T04:53:00.000-07:00

Here is a math trick so unbelievable that it will stump you. Personally I would like to know who came up with this and why that person is not running the country.11. Grab a calculator. (you won't be able to do this one in your head) 2. Key in the first three digits of your phone number (NOT the area code) 3. Multiply by 80 4. Add 1 5. Multiply by 250 6. Add the last 4 digits of your phone number 7. Add the last 4 digits of your phone number again. 8. Subtract 250 9. Divide number by 2 Do you recognize the answer?

Removing those pesty oders

2007-03-17T09:08:00.000-07:00

Daily Real Estate News March 12, 2007
7 Ways to Get Rid of Pet Odors

When a house you’re trying to sell smells like a pet, there are some tactics that can improve the odor situation. Don Aslett, owner of Varsity Contractors, one of the country's largest cleaning companies, offers up these tips for identifying the source of the smell and then eliminating it:
Use a fluorescent black light (pet-supply stores sell them), to expose odor-producing spots on the carpet, couch, floorboards and even on drapes.
Remove all solids and blot up as much liquid as possible with a clean towel. Apply an appropriate odor neutralizer or cleaner according to directions.
Never use ammonia, which takes on the smell of what it's supposed to be cleaning, can trigger more accidents.
Choose the best product to remove the problem. On water-safe surfaces, try Simple Solution stain and odor remover. The problem area must be thoroughly soaked and left to dry.
Bramton's Oxy Solution Pet Stain and Odor Destroyer can remove odors and stains from surfaces that won’t withstand soaking, but test first in an out-of-the way place.
The most effective and safest disinfectant for use around pets is Chlorhexidine, which is sold under such names as Nolvasan, Chlorasan and Chlorhex by veterinarians and medical-supply outlets. Use these for problems that demand deep cleaning.
When all else fails, temporarily neutralize odors using a product such as Fresh Wave.

Source: St. Louis Post-Dispatch, Sarah Casey Newman (03/10/2007)

Poker anyone

2007-03-14T19:01:00.000-07:00

Want to Join the Poker Revolution? Here’s How to Play Texas Hold’em
By Toby Bochan
RISMEDIA, March 2, 2007-(About.com)-Learn Texas Hold'em rules and how to play the game in minutes. Start playing this popular party poker favorite, known as the "Cadillac of Poker."
Difficulty: EasyTime Required: 15 MinutesWhat You Need: 52-Card Deck, Chips, 2-20 Players
Here's How:The two players to the left of the dealer put out blind bets. The player directly to the dealer's left puts out the small blind while the player two to the dealer's left puts out the big blind.
Every player is dealt two cards, face down. These are called hole or pocket cards.The action, or the first move, falls on the player to the left of the big blind. She can either call the bet, raise it, or fold. Betting continues around the table, clockwise.
After the betting is completed, three cards are dealt face up in the center of the table, which is referred to as the board. The first three cards in Texas Hold'em are called the flop. These cards are "community cards" meaning everyone can (and will) use them in combination with their own hole cards to make the best hand.
From the flop on, betting begins with the player to the dealer's left, who can check or bet.A fourth card is dealt face up onto the board. This is called fourth street or the turn card.
Another round of betting.
The final card is dealt face up. This card is also called fifth street or the river.A final round of betting occurs. The remaining players show their cards and the person who can make the best five card hand by combining their pocket cards with the cards on the board wins.
Note: In some rare cases in Texas Hold'em, the five cards making up the board will actually be the best hand, in which case everyone left in the hand divides up the pot.And now you know how to play and all the basic Texas Hold'em rules!
Tips:
The 5 Best Hands in Hold ‘Em1) Ace-Ace: This is the best Hold'em poker hand you can hope to have. It's the best of the best, and will win more than any other hand.2) King-King: This 2nd-best hold'em hand is still incredibly strong and will win you a good chunk of change. Two kings, or "cowboys" are only dominated by aces.3) Queen-Queen: Two queens, or "ladies" are a very good hand. Sure, kings and aces will beat you, but you've got the upper hand on jacks and below.4) Ace-King: Ace-king is a strong but tricky hand. It is the strongest of the drawing hands, but the flop needs to work with you to give you a pair of aces or kings for it to really pay off. Suited it is slightly stronger than unsuited, as then you can also make the nut flush much more easily.5) Jack-Jack: A pair of jacks, ten-handed, will win almost 20% of the time. If the flop shows a queen, king, or ace, watch out, but otherwise, it's smooth sailing.
The 5 Worst Hands - You Should Fold ‘Em:
1) 2-7: 7-2 off suit is considered the worst hand in Texas Hold'em. They are the lowest two cards you can have that cannot make a straight (there's 4 cards between 2 and 7). Even if they are suited, they will make you a very low flush, and if either pairs, it's an awfully low hand.2) 2-8: This is the same basic problem as above, only you've got an 8 instead of a 7. Still pretty bad for a high card. Suited or not, this is a fold'em hold'em hand.3) Tie: 3-8 & 3-7: The 3 makes this hand able to beat the two above it, but with the 3-8 you still can't make a straight and the 3-7 still, well, just sucks.4) 2-6: While if the board gives you a miracle flop of 3-4-5, you will have a straight, someone with a 6-7 will have a higher straight. If you get a flush, someone will probably have a higher flush. Against even 4 players, this hand will lose about 90% of the time.5) Tie: 2-9, 3-9, & 4-9: The only thing these three hands have going for them over the hands above is the 9. If the 9 pairs, you'll have a middle pair that could still be beat by anyone holding pocket 10s, jacks, queens, kings, or aces, yet you might be fooled by a board filled with low cards into thinking you have the best hand and losing a lot of money. No straights can fill the gap between these cards, either. Beware.

Charles Stallions, CBR, CRS, CSP
Charles Stallions Real Estate Services Inc.
2106- B Creighton Rd.
Pensacola, Florida 32504
850-478-8811
800-309-3414
charles@charlesstallions.com
http://charlesstallions.com
"SERVICE IS MY BUSINESS"