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Mortgage Calculator....How Can This Be Helpful to You???

by Pamela J. Windom, p.c.

Real Estate lingo tends to be baffling at times, but understanding the meaning behind the terminology can be of great benefit.  From time to time, I will address different terminology that is not only beneficial to know, but also understand, so you can put it to good use in formulating a plan to meet your real estate needs. 

Today's Term.....Mortgage Calculator

          A mortgage calculator is a resource that can be very helpful to you as you begin to ask questions about purchasing a home and/or refinancing your current real estate holdings.  It is a quick and easy place to start to determine what your approximate payment might be and how changing interest rates can affect your payments.  Another great feature of a mortgage calculator, is that you can determine what the effect will be should you choose to make extra payments against the principal on your loan.  One extra payment made per year against your principal, can make a giant difference in the total cost of your real estate acquisition. 

          Visit http://www.teamirwin.com/Calculators.aspx   Have fun…..plug in some different numbers and try some different scenarios, to see what the difference may truly make to your financial future.

Value vs. Price....Consider One, When Determining the Other

by Pamela J. Windom, p.c.

Value, as defined by Webster, is "worth"…"that property or properties of a thing which make it useful or estimable".  It is common that home owners see great value in their home.  They appreciate all of the amenities, the location and all of the special qualities and memories that make a house a home.  Unfortunately, what a home will sell for in the marketplace is most often not what a home owner believes their home is worth.  This is where price comes into play.

 

To find the right price to market a property, one must not only take into account the obvious features of bedrooms, baths, square footage and of course location, location, location…..but also the amenities that add to the quality of the home.  Be advised, appraisers will not give dollar for dollar value to added amenities when appraising a home; however, when all else is equal, the amenities do make the difference.  When pricing your home for sale, remember the adage, more for the same or the same for less and you will have greater success in getting your home sold…..particularly in a declining market.  Purchasers want to know that they are getting a good value for their dollar.

 

What a home is worth ultimately ends up being in the eye of the beholder. 

Absorption Rate...What is it? & Why it pays to be in the know.....

by Pamela J. Windom, p.c.

Real Estate lingo tends to be baffling at times, but understanding the meaning behind the terminology can be of great benefit.  From time to time, I will address different terminology that is not only beneficial to know, but also understand, so you can put it to good use in formulating a plan for the sale of your home. 

Today's Term.....Absorption Rate

Absorption Rate is the length of time it would take to sell the inventory of a given area at the current sales rate.  It is a valuable tool for use in determining a price range for marketing a home for sale. To calculate the current absorption rate, simply take the number of homes that are currently on the market and divide that figure by the number of homes that sold last month……this will equal the absorption rate.

As you prepare to list your home for sale, knowing the current market activity is a must.  I assume that you aren't placing your home on the market just for fun and that you actually do desire/need to sell your home.  Being practical from the "get go", will often save you time and money in the long run.  In a market where prices are declining, being in front of the pack is important.   (This means being competitively priced, so people not only notice your home, but are attracted to it, because it is a good deal.) Bear in mind, a good deal, doesn't mean a fire sale on your end.  If you are priced right from the beginning and your home sells quickly, isn't that better than sitting on the market for 6 months, trying to sell your home, only to watch the market values decline and getting less for your home than you would have if you had priced it ahead of the market to begin with?  Bottom line…..it is better to have the market chase you, instead of chasing the market down.   

 

On the Market or Ready to Sell?

by Pamela J. Windom, p.c.

There is a difference……a big difference. Anyone can put there home on the market, the key to getting your home sold, is having it ready to sell. 

 

First Impressions:

    Stand back and take a long look at your home from the curb. Does it have “curb appeal”?  Do you understand how easy it is for a buyer to drive off and never even get out of the car?  Trim the hedge, clip the grass, wash the windows, put some fresh bark down, plant a few color spot flowers…..give the buyer a reason to want to look inside. 

 

Clear the Clutter:

    Are there coats and backpacks and shoes in your entry hall?.....Put them away.  Make it easy for buyers to move freely about your home and view its features.  Put away excess magazines, family photos, appliances on the counter, etc….  The key is to have people admire your home, not your belongings.

 

Secure the Pets:

    Do you know how your pets react to having people in your home, when you aren’t around?  Be they friendly or otherwise, it is a stressful situation for pets to see strangers in your home when you aren’t around.  If a potential purchaser is coming to view your home, see that your pets are secured, or better yet, take them for a walk or a ride in the car.  The purchasers won’t be distracted by the pets and you won’t have to worry about people interacting with them.

 

Stage:

    Put your best foot forward.  Getting rid of clutter is just the start.  Make sure your colors are neutral, get rid of oversized furniture pieces that detract from the rooms in your home, showcase the natural features of your home and consider bringing in rented, more contemporary furniture. 

 

Price: 

   A very simple motto to follow in our current market is that your home should provide...

                   More for the same…..OR…..The same for Less

 

NOW…Get Ready, Stage and Sell

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