Mountain Way Realty427 Hwy U.S. 129 Bypass
Robbinsville, NC 28771
Fax: 828-348-4031
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Graham County Premier Mountain
Developments |
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Mountain Way Realty
Robbinsville, NC 28771
5 Things to do Before Putting Your Home on the Market
8 Reasons Why You Should Work With a REALTORŪ
12 Questions to
Ask When Choosing Your REALTORŪ
Checklist: 17 Service
Providers You’ll Need When You Sell
Forms You’ll Need to Sell Your Home
How to Get an Offer on Your Home
Simple Tips for Better Home Showings
Low-Cost Ways to Spruce Up Your Home’s Exterior
12 Tips for Hiring a Remodeling Contracto
Understanding Capital Gains in Real Estate
What to Have on Hand for the New Owners
5 Feng Shui
Concepts to Help a Home Sell
To put the best face on a listing and appeal to buyers who follow
feng shui principles, keep these tips in mind.
1. Pay special attention to the front door, which is
considered the “mouth of chi” (chi is the “life force” of all
things) and one of the most powerful aspects of the entire property.
Abundance, blessings, opportunities, and good fortune enter through
the front door. It’s also the first impression buyers have of how
well the sellers have taken care of the rest of the property. Make
sure the area around the front door is swept clean, free of cobwebs
and clutter. Make sure all lighting is straight and properly hung.
Better yet, light the path leading up to the front door to create an
inviting atmosphere.
2. Chi energy can be flushed away wherever there are drains
in the home. To keep the good forces of a home in, always keep the
toilet seats down and close the doors to bathrooms.
3. The master bed should be in a place of honor, power, and
protection, which is farthest from and facing toward the entryway of
the room. It’s even better if you can place the bed diagonally in
the farthest corner. Paint the room in colors that promote serenity,
relaxation, and romance, such as soft tones of green, blue, and
lavender.
4. The dining room symbolizes the energy and power of family
togetherness. Make sure the table is clear and uncluttered during
showings. Use an attractive tablecloth to enhance the look of the
table while also softening sharp corners.
5. The windows are considered to be the eyes of the home.
Getting the windows professionally cleaned will make the home
sparkle and ensure that the view will be optimally displayed.
Source:
Sell Your Home Faster With
Feng Shui by Holly Ziegler
(Dragon Chi Publications, 2001)
5
Things to do Before Putting Your Home on the Market
1. Have a pre-sale
home inspection. Be proactive by arranging for a pre-sale home
inspection. An inspector will be able to give you a good indication
of the trouble areas that will stand out to potential buyers, and
you’ll be able to make repairs before open houses begin.
8 Reasons Why You
Should Work With a REALTORŪ
Not all real estate
practitioners are REALTORSŪ. The term REALTORŪ is a registered
trademark that identifies a real estate professional who is a member
of the NATIONAL ASSOCIATION of REALTORSŪ and subscribes to its
strict Code of Ethics. Here are five reasons why it pays to work
with a REALTORŪ.
1. Navigate a
complicated process.
Buying or selling a home usually requires disclosure forms,
inspection reports, mortgage documents, insurance policies, deeds,
and multipage settlement statements. A knowledgeable expert will
help you prepare the best deal, and avoid delays or costly mistakes.
2. Information and
opinions.
REALTORSŪ can provide local community information on utilities, zoning,
schools, and more. They’ll also be able to provide objective
information about each property. A professional will be able to help
you answer these two important questions: Will the property provide
the environment I want for a home or investment? Second, will the
property have resale value when I am ready to sell?
3. Help finding the
best property out there.
Sometimes the property you are seeking is available but not
actively advertised in the market, and it will take some
investigation by your REALTORŪ to find all available properties.
4. Negotiating
skills.
There are many negotiating factors, including but not limited to
price, financing, terms, date of possession, and inclusion or
exclusion of repairs, furnishings, or equipment. In addition, the
purchase agreement should provide a period of time for you to
complete appropriate inspections and investigations of the property
before you are bound to complete the purchase. Your agent can advise
you as to which investigations and inspections are recommended or
required.
5.
Property marketing power.
Real
estate doesn’t sell due to advertising alone. In fact, a large share
of real estate sales comes as the result of a practitioner’s
contacts through previous clients, referrals, friends, and family.
When a property is marketed with the help of a REALTORŪ, you do not
have to allow strangers into your home. Your REALTORŪ will generally
prescreen and accompany qualified prospects through your property.
6. Someone who
speaks the language.
If you don’t know a CMA from a PUD, you can understand why it’s
important to work with a professional who is immersed in the
industry and knows the real estate language.
7. Experience.
Most people buy and sell only a few homes in a lifetime, usually
with quite a few years in between each purchase. Even if you have
done it before, laws and regulations change. REALTORSŪ, on the other
hand, handle hundreds of real estate transactions over the course of
their career. Having an expert on your side is critical.
8. Objective voice.
A home often symbolizes family, rest, and security — it’s not just
four walls and a roof. Because of this, homebuying and selling can
be an emotional undertaking. And for most people, a home is the
biggest purchase they’ll every make. Having a concerned, but
objective, third party helps you stay focused on both the emotional
and financial issues most important to you.
1. How long have you
been in residential real estate sales? Is it your full-time job?
While experience is no guarantee of skill, real estate — like many
other professions — is mostly learned on the job.
2. What designations
do you hold?
Designations such as GRI and CRSŪ, which require that agents take
additional, specialized real estate training, are held only by about
one-quarter of real estate practitioners.
3. How many homes
did you and your real estate brokerage sell last year?
By asking this question, you’ll get a good idea of how much
experience the practitioner has.
4. How many days did
it take you to sell the average home? How did that compare to the
overall market?
The REALTORŪ you interview
should have these facts on hand, and be able to present market
statistics from the local MLS to provide a comparison.
5. How close to the
initial asking prices of the homes you sold were the final sale
prices?
This is one indication of how skilled the REALTORŪ is at pricing
homes and marketing to suitable buyers. Of course, other factors
also may be at play, including an exceptionally hot or cool real
estate market.
6. What types of
specific marketing systems and approaches will you use to sell my
home? You
don’t want someone who’s going to put a For Sale sign in the yard
and hope for the best. Look for someone who has aggressive and
innovative approaches, and knows how to market your property
competitively on the Internet. Buyers today want information fast,
so it’s important that your REALTORŪ is responsive.
7. Will you
represent me exclusively, or will you represent both the buyer and
the seller in the transaction?
While it’s usually legal to represent both parties in a transaction,
it’s important to understand where the practitioner’s obligations
lie. Your REALTORŪ should explain his or her agency relationship to
you and describe the rights of each party.
8. Can you recommend
service providers who can help me obtain a mortgage, make home
repairs, and help with other things I need done?
Because REALTORSŪ are immersed in the industry, they’re wonderful
resources as you seek lenders, home improvement companies, and other
home service providers. Practitioners should generally recommend
more than one provider and let you know if they have any special
relationship with or receive compensation from any of the providers.
9. What type of
support and supervision does your brokerage office provide to you?
Having resources such as in-house support staff, access to a real
estate attorney, and assistance with technology can help an agent
sell your home.
10. What’s your
business philosophy?
While there’s no right answer to this question, the response will
help you assess what’s important to the agent and determine how
closely the agent’s goals and business emphasis mesh with your own.
11. How will you
keep me informed about the progress of my transaction? How
frequently?
Again, this is not a
question with a correct answer, but how you judge the response will
reflect your own desires. Do you want updates twice a week or do you
prefer not to be bothered unless there’s a hot prospect? Do you
prefer phone, e-mail, or a personal visit?
12. Could you please
give me the names and phone numbers of your three most recent
clients?
Ask recent clients if they would work with this REALTORŪ again. Find
out whether they were pleased with the communication style,
follow-up, and work ethic of the REALTORŪ.
Checklist: 17 Service Providers You’ll Need When You Sell
□
Real estate attorney
□
Appraiser
□
Home inspector
□
Mortgage loan officer
□
Environmental specialist
□
Lead paint inspector
□
Radon inspector
□
Tax adviser
□
Sanitary systems expert
□
Occupancy permit inspector
□
Zoning inspector
□
Survey company
□
Flood plain inspector
□
Termite inspector
□
Title company
□
Insurance consultant
□
Moving company
Used with permission from Kim Daugherty, Real Estate Checklists and
Systems, www.realestatechecklists.com.
These questions will help you decide whether you’re ready for a home
that’s larger or in a more desirable location. If you answer yes to
most of the questions, it’s a sign that you may be ready to move.
1. Have you built
substantial equity in your current home?
Look at your annual mortgage statement or call your lender to find
out. Usually, you don’t build up much equity in the first few years
of your mortgage, as monthly payments are mostly interest, but if
you’ve owned your home for five or more years, you may have
significant, unrealized gains.
2. Has your income
or financial situation improved? If you’re making more money,
you may be able to afford higher mortgage payments and cover the
costs of moving.
3. Have you outgrown
your neighborhood?
The neighborhood you pick for your
first home might not be the same neighborhood you want to settle
down in for good. For example, you may have realized that you’d like
to be closer to your job or live in a better school district.
4. Are there reasons
why you can’t remodel or add on?
Sometimes you can create a bigger home by adding a new room or
building up. But if your property isn’t large enough, your
municipality doesn’t allow it, or you’re simply not interested in
remodeling, then moving to a bigger home may be your best option.
5. Are you
comfortable moving in the current housing market?
If your market is hot, your home may sell quickly and for top
dollar, but the home you buy also will be more expensive. If your
market is slow, finding a buyer may take longer, but you’ll have
more selection and better pricing as you seek your new home.
6. Are interest
rates attractive? A low rate not only helps you buy a larger
home, but also makes it easier to find a buyer.
Forms
You’ll Need to Sell Your Home
2. Purchasers access
to premises agreement. This agreement sets conditions for
permitting the buyer to enter your home for activities such as
measuring for draperies before you move.
3. Sales contract. The agreement between you and the seller on terms and conditions of sale.
Again, check with your state real estate department to see if there
is a required form.
4. Sales contract
contingency clauses. In addition to the contract, you
may need to add one or more attachments to the contract to address
special contingencies — such as the buyer’s need to sell a home
before purchasing yours.
5. Pre- and
post-occupancy agreements. Unless you’re planning on moving
out and the buyer moving in on the day of closing, you’ll need an
agreement on the terms and costs of occupancy once the sale closes.
6. Lead-based paint
disclosure pamphlet. If your home was built before
1978, you must provide the pamphlet to all sellers. You must also
have buyers sign a statement indicating they received the pamphlet.
An open house can
be a great sales tool, but it also exposes you to numerous
unfamiliar people for the first time. Stay safe by practicing these
guidelines.
-
Call the local police department and ask them to
have a squad care drive by during your open-house hours.
-
Check your cell phone’s strength and signal prior
to the open house. Have emergency numbers programmed on speed
dial. Carry an extra, fully charged cell phone battery.
-
Determine several “escape” routes that you can
use in case of an emergency. Make sure all deadbolt locks are
unlocked to facilitate a faster escape.
-
Turn on the lights and open the curtains. These
are not only sound safety procedures, but also great marketing
tactics.
-
Make sure that if you were to escape by the back
door, you could escape from the backyard. Frequently, high
fences surround yards that contain swimming pools or hot tubs.
-
When prospective buyers begin to arrive, jot down
their car descriptions, license numbers and physical
descriptions.
-
When showing the house, always walk behind the
prospect. Direct them; don’t lead them. Say, for example, “The
kitchen is on your left,” and gesture for them to go ahead of
you.
-
Notify a friend or a relative that you will be
calling in every hour on the hour. And if you don’t call, they
are to notify the police immediately.
-
Inform a neighbor that you will be showing the
house and ask if he or she would keep an eye and ear open for
anything out of the ordinary.
Source: National
Association of REALTORSŪ Safety Week kit
How to Get an Offer on
Your Home
1. Price it right.
Set a price at the lower end of your property’s realistic price
range.
2. Prepare for visitors.
Get your house market ready at least two weeks before you begin
showing it.
3. Be flexible about
showings. It’s often disruptive to have a house ready to show at
the spur of the moment. But the more amenable you can be about
letting people see your home, the sooner you’ll find a buyer.
4. Anticipate the offers.
Decide in advance what price and terms you’ll find acceptable.
5. Don’t refuse to drop the
price. If your home has been on the market for more than 30 days
without an offer, you should be prepared to at least consider
lowering your asking price.
□
Provide the post
office with your forwarding address two to four weeks ahead of the
move
□
Notify your credit
card companies, magazine subscriptions, and bank of your change of
address.
□
Create a list of
friends, relatives, and business colleagues who need to be notified
about your move.
□
Arrange to
disconnect utilities and have them connected at your new home.
□
Cancel the
newspaper, or change the address so it will arrive at your new home
□
Check insurance
coverage for the items you’re moving. Usually movers only cover what
they pack.
□
Clean out appliances
and prepare them for moving, if applicable
□
Note the weight of
the goods you’ll have moved, since long-distance moves are usually
billed according to
weight. Watch for movers that use excessive padding to add
weight.
□
Check with your
condo or co-op about any restrictions on using the elevator or
particular exits for moving.
□
Have a “first open”
box with the things you’ll need most, such as toilet paper, soap,
trash bags, scissors,
hammer, screwdriver, pencils and paper, cups and plates,
water, snacks, and toothpaste.
Plus, if you’re moving out of town, be sure to:
□
Get copies of
medical and dental records and prescriptions for your family and
your pets.
Simple Tips for
Better Home Showings
1. Remove clutter and clear off counters.
Throw out stacks of
newspapers and magazines and stow away most of your small decorative
items. Put excess furniture in storage, and remove out-of-season
clothing items that are cramping closet space. Don’t forget to clean
out the garage, too.
2. Wash your windows and
screens. This will help get more light into the interior of the
home.
3. Keep everything extra
clean. A clean house will make a strong first impression and
send a message to buyers that the home has been well-cared for.
4. Get rid of smells.
Clean carpeting and drapes to eliminate cooking odors, smoke, and
pet smells. Open the windows to air out the house. Potpourri or
scented candles will help.
5. Brighten your rooms.
Put higher wattage bulbs in light fixtures to brighten up rooms and
basements. Replace any burned-out bulbs in closets. Clean the walls,
or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor
repairs. Small problems such as sticky doors, torn screens,
cracked caulking, or a dripping faucet may seem trivial, but they’ll
give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard. Cut
the grass, rake the leaves, add new mulch, trim the bushes, edge the
walkways, and clean the gutters. For added curb appeal, place a pot
of bright flowers near the entryway.
8. Patch holes. Repair
any holes in your driveway and reapply sealant, if applicable.
10. Buy a flowering plant and
put it near a window you pass by frequently.
11. Make centerpieces for
your tables. Use brightly colored fruit or flowers.
13. Replace heavy
curtains with sheer ones that let in more light. Show off the view if you have one.
14. Accentuate the
fireplace. Lay fresh
logs in the fireplace or put a basket of flowers there if
it’s not in use.
15. Make the bathrooms feel
luxurious.
Put away those old
towels and toothbrushes. When buyers enter your bathroom, they
should feel pampered. Add a new shower curtain, new towels, and
fancy guest soaps. Make sure your personal toiletry items are out of
sight.
Low-Cost
Ways to Spruce Up Your Home’s Exterior
Make your home more
appealing for yourself and potential buyers with these quick and
easy tips:
1.
Trim bushes so they don’t block windows or
architectural details.
2.
Mow your lawn, and
turn on the sprinklers for 30 minutes before the showing to make the
lawn sparkle.
3.
Put a pot of bright
flowers (or a small evergreen in winter) on your porch.
4. Install new doorknobs
on your front door.
5.
Repair any cracks in
the driveway.
6.
Edge the grass
around walkways and trees.
7.
Keep your garden
tools and hoses out of sight.
8.
Clear toys from the lawn.
9.
Buy a new mailbox.
10.
Upgrade your outside
lighting.
11.
Buy a new doormat
for the outside of your front door.
12.
Clean your windows,
inside and outside.
13.
Polish or replace
your house numbers.
14.
Place a seasonal
wreath on your door.
12 Tips for
Hiring a Remodeling Contractor
1. Get at
least three written estimates.
2. Check references. If
possible, view earlier jobs the contractor completed.
3. Check with the local
Chamber of Commerce or Better Business Bureau for complaints.
4. Be sure the contract
states exactly what is to be done and how change orders will be
handled.
5. Make as small of a
down payment as possible so you won’t lose a lot if the contractor
fails to complete the job.
6. Be sure that the
contractor has the necessary permits, licenses, and insurance.
7. Check that the
contract states when the work will be completed and what recourse
you have if it isn’t. Also, remember that in many instances you can
cancel a contract within three business days of signing it.
8. Ask if the
contractor’s workers will do the entire job or whether
subcontractors will be involved too.
9. Get the contractor to
indemnify you if work does not meet any local building codes or
regulations.
10. Be sure that the
contract specifies the contractor will clean up after the job and be
responsible for any damage.
11. Guarantee that the materials that will be used meet your specifications.
12. Don’t make the final
payment until you’re satisfied with the work.
Understanding
Capital Gains in Real Estate
When you sell a stock, you owe taxes on your gain — the difference
between what you paid for the stock and what you sold it for. The
same holds true when selling a home (or a second home), but there
are some special considerations.
How to Calculate Gain
In real estate, capital gains are based not on what you paid for the
home, but on its adjusted cost basis. To calculate, follow these
steps:
1. Purchase price:
_______________________
The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.
2. Total adjustments: _______________________
To
calculate this, add the following:
-
Cost of the purchase — including transfer fees,
attorney fees, and inspections, but not points you paid on your
mortgage.
-
Cost of sale — including inspections, attorney
fees, real estate commission, and money you spent to fix up your
home just prior to sale.
-
Cost of improvements — including room additions,
deck, etc. Note here that improvements do not include repairing
or replacing something already there, such as putting on a new
roof or buying a new furnace.
3. Your home’s adjusted cost
basis: _______________________
The
total of your purchase price and adjustments is the adjusted cost
basis of your home.
4. Your capital gain:
_______________________
Subtract
the adjusted cost basis from the amount your home sells for to get
your capital gain.
A Special Real Estate Exemption for
Capital Gains
Since 1997, up to $250,000 in capital gains ($500,000 for a married
couple) on the sale of a home is exempt from taxation if you meet
the following criteria
·
You have lived in the home as your principal residence for two out
of the last five years.
·
You have not sold or exchanged another home during the two years
preceding the sale.
·
You meet what the IRS calls “unforeseen circumstances,” such as job
loss, divorce, or family medical emergency.
What to Have on
Hand for the New Owners
·
Owner’s manuals and warranties for appliances left in the
house.
·
Garage door opener.
·
Extra sets of house keys.
·
A list of local service providers — the best dry cleaner,
yard service, plumber, etc.
·
Code to the security alarm and phone number of the monitoring
service if not discontinued.
·
As a courtesy, you could provide numbers to the local utility
companies.
·
If it’s a condo, leave information on how to contact the
condo board.
Reprinted from REALTORŪ magazine (
REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORSŪ.Copyright 2008. All rights reserved.