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6 Reasons to Reduce Your Home Price
Article From BuyAndSell.HouseLogic.com
By: G. M. Filisko
Published: March 19, 2010

While you'd like to get the best price for your home, consider our six reasons to reduce your home price.
Home not selling? That could happen for a number of reasons you can't control, like a unique home layout or having one of the few homes in the neighborhood without a garage. There is one factor you can control: your home price.
 These six signs may be telling you it's time to lower your price.
 1. You're drawing few lookers.
 You get the most interest in your home right after you put it on the market because buyers want to catch a great new home before anybody else takes it. If your real estate agent reports there have been fewer buyers calling about and asking to tour your home than there have been for other homes in your area, that may be a sign buyers think it's overpriced and are waiting for the price to fall before viewing it.
 2. You're drawing lots of lookers but have no offers.
 If you've had 30 sets of potential buyers come through your home and not a single one has made an offer, something is off. What are other agents telling your agent about your home? An overly high price may be discouraging buyers from making an offer.
 3. Your home's been on the market longer than similar homes.
 Ask your real estate agent about the average number of days it takes to sell a home in your market. If the answer is 30 and you're pushing 45, your price may be affecting buyer interest. When a home sits on the market, buyers can begin to wonder if there's something wrong with it, which can delay a sale even further. At least consider lowering your asking price.
 4. You have a deadline.
 If you've got to sell soon because of a job transfer or you've already purchased another home, it may be necessary to generate buyer interest by dropping your price so your home is a little lower priced than comparable homes in your area. Remember: It's not how much money you need that determines the sale price of your home, it's how much money a buyer is willing to spend.
 5. You can't make upgrades.
 Maybe you're plum out of cash and don't have the funds to put fresh paint on the walls, clean the carpets, and add curb appeal. But the feedback your agent is reporting from buyers is that your home isn't as well-appointed as similarly priced homes. When your home has been on the market longer than comparable homes in better condition, it's time to accept that buyers expect to pay less for a home that doesn't show as well as others.
 6. The competition has changed.
If weeks go by with no offers, continue to check out the competition. What have comparable homes sold for and what's still on the market? What new listings have been added since you listed your home for sale? If comparable home sales or new listings show your price is too steep, consider a price reduction.
G.M. Filisko is an attorney and award-winning writer who made strategic price reductions that led to the sale of a Wisconsin property. A frequent contributor to many national publications including Bankrate.com, REALTOR? Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

8 Tips for Finding Your New Home

Article From BuyAndSell.HouseLogic.com
By: G. M. Filisko
Published: February 10, 2010

A solid game plan can help you narrow your homebuying search to find the best home for you.

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you'll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.

House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you'll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.
 1. Know thyself.
 Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you're leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?
 2. Research before you look.
 List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you'd like to live in based on commute time, schools, recreation, crime, and price. Then hop onto realtor.com (http://REALTOR.com) to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you'd like to view.
3. Get your finances in order.
 Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you're comfortable spending each month on housing. Don't wait until you've found a home and made an offer to investigate financing.
Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you're eligible to borrow. The lender won't necessarily consider the extra fees you'll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you're comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.
 4. Set a moving timeline.
 Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you'll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.
 5. Think long term
 Your future plans may dictate the type of home you'll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you'll still love years from now.
 6. Work with a REALTOR?
 Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighbourhoods and type of homes you're interested in. Because home buying triggers many emotions, consider whether an agent's style meshes with your personality.
Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers' reps work only for you even though they're typically paid by the seller. Finally, check whether agents are REALTORS?, which means they're members of the NATIONAL ASSOCIATION OF REALTORS?. NAR has been a champion of homeownership rights for more than a century.
7. Be realistic.
 It's OK to be picky about the home and neighborhood you want, but don't be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.
On the flip side, don't be so swayed by a "wow" feature that you forget about other issues -- like noise levels -- that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there's no such thing as the perfect home.
 8. Limit the opinions you solicit.
 It's natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you've identified as important.
G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR? Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.