MLS Tricks for Pricing Your Home

MLS Tricks for Pricing Your Home
As a homeowner, you cannot afford to lose money on the sale of your home simply because you did not take the time to price your home according to its true value.  Under-pricing will leave you full of regret – and overpricing will leave you with a home that has not sold.  Home pricing is a balancing act, because you need to take into consideration not only the true value of the home, but also the local market conditions.

Some simple techniques can help you determine the best listing price for your home. These are many of the same things that realtors look for when suggesting possible listing prices, but a wise homeowner will walk into a meeting with a realtor already armed with ideal selling prices, rather than letting the listing agent set a price that may or may not maximize the financial return and get the home sold as quickly as possible.

Here Are a Few Key Points to Keep in Mind When Pricing Your Home

• The price that you paid for your home has little impact on the actual value of your home today.  This is particularly true if you have lived in your home for several years or more.
• The profit that you hope to gain from the sale of your home has absolutely no impact on the true value of you home.
• You must remove emotion when determining a fair selling price for your home.  To potential buyers, your memories are not worth a price increase.
• Your realtor’s assessment of the home’s value may or may not be accurate.
• A real-estate appraisal is a good way to determine the ballpark value of your home, but it does not consider the market conditions under which you will be selling your home.
• The value of your home is really determined by the buyers and the amount that they are willing to pay.

Pricing a home correctly carries many advantages for the seller. As stated above, the buyer is the only one who can really tell you what the value of your home is.  Here are some of the benefits that you will achieve when you do the legwork and price your home according to fair market values:

Quick Sale
Any realtor will tell you that the fastest-selling homes are those which were priced properly in accordance with the local real estate market and the features that the homes offered to potential buyers.

Less Updating and Preparation Time
If you price your home according to the fair market value and its current condition, there is little need to update or improve your home. Weekend projects like painting and cleaning will still help to entice buyers, but there will be little need for a serious commitment of your time and energy.

Agent Interest
When the price is right and your home is appealing, agents are much more likely to want to show your home to prospective buyers.  Obviously, the more agents who are interested, the more buyers who will see what your home has to offer.

Appropriate Pricing Makes the Home Visible
When you price your home fairly, potential buyers interested in purchasing a home in your price range will be able to find your home through internet searches and agent MLS searches.

Better Buyer Pool
When your home is appealing and the price is fair, agents will bring a better pool of prospective buyers to your home.

Greater Likelihood of Getting Your Asking Price
Buyers realize that there is little room for negotiation when a home is listed at a fair price that is not inflated.  Therefore, you have a better chance of getting your asking price.

Look carefully at the reality of the real-estate market.  By carefully assessing the market conditions, you may be able to determine just what housing price the market will comfortably bear.

Greater Profit for YOU
When you price your home correctly, your home will probably sell quickly and for the asking price. Therefore, you stand to make a better profit than if the home were to stay on the market for a long time and eventually sell for much less than an inflated asking price.

In addition to the benefits of fair pricing, you need to consider the disadvantages of over-inflating a home’s listing price. These disadvantages can include:

• Fewer showings by agents due to lack of agent interest.
• Fewer interested buyers due to price-range restrictions.
• Appraisers’ concerns that the price is higher than that of comparable properties in your area.
• Overpricing that makes lower-priced homes more attractive, in effect helping other homeowners who have listed their home at a lower price.

To set an accurate listing price, follow these steps:

1. Ask three different realtors to visit your home and provide you with a comparative market analysis (CMA). This report will tell you how much similar homes have sold for in the past few months, and at what price non-selling homes are listed.  In addition, you will learn how long those homes that have sold were actually on the market.
2. Go to several open houses in your area to determine the pricing structure being used by other sellers and to find out what features they are highlighting in their homes.
3. Try to assess a per-square-foot price for your home based upon other recent sales and current listings in your area.
4. Look carefully at the reality of the real-estate market.  By carefully assessing the market conditions, you may be able to determine just what housing price the market will comfortably bear.
5. Remember that pricing your home correctly will mean that you can move out without having to carry the home for several months and subsequently lowering your price in order to sell.

Conclusion
If you have read this information carefully, you probably now realize the importance of pricing your home according to the local real-estate market and the types of buyers whom you would like to attract.  You also understand the many benefits of accurate listing prices, and you have an idea of what might happen if you choose to over-inflate the price of your home. 

If you are working with an agent who is recommending that you over-inflate the price of your home, carefully balance the advantages and disadvantages of doing so with respect to your specific situation and the timeframe in which you need to sell the home.

Careful planning and consideration is your best defense in a buyer’s market.  Once you have done the necessary research, set a listing price that will help you to sell the home as quickly as possible without underselling yourself.

Re/max Regency
Chris Colgan
703-485-1435
ChrisColganTeam@gmail.com
www.ChrisColgan.com

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How to Minimize or Avoid Paying a Down-Payment

How to Minimize or Avoid Paying a Down-Payment


Today’s homebuyers, particularly first-time buyers, are looking for mortgage programs that provide convenience and flexibility. One of the most commonly sought programs is the 100% financing, zero-down loan. Lenders offer these loan programs, but it is truly buyer beware in most cases, because the lender may require PMI (private mortgage insurance) or other security measure and fees.



If your income and credit will be accepted by a rental agency for an apartment, then you can get approved to buy a home with no down payment. The reason that many people choose to rent instead of buy is that they believe they will need to have enough savings to cover 20% of the home’s purchase price in a down payment. Fortunately, lenders realize that most people (particularly those who do not already own a home) will be unable to come up with a 20% down payment and have designed programs precisely for that situation. Consequently, renters are advised to speak with a mortgage company to learn about available mortgage programs before signing a rental lease.



Be aware that a zero-down mortgage will probably not get you the most competitive interest rate. You will be paying a premium for the ability to borrow funds without providing security in the form of a down payment. The interest rate may be reduced with a down payment of as little as three to five percent, but you will always pay a higher rate for the privilege of not having a down payment. You will need to have excellent credit in order to qualify for a no-money-down loan with a competitive interest rate.



Many people do not realize that getting a no-money-down loan means that you will not be required to pay any closing costs. In this case, the lender is actually providing the borrower with more than 100% financing.



One of the ways that lenders help borrowers with little or no down payment is to provide them with what is commonly known as a piggyback loan. In this type of program, the borrower receives a mortgage loan equal to 80% of the home’s purchase price and a second mortgage loan that is equal to 23% of the purchase price.



If lenders can’t or won’t assist a borrower, a government guarantee program might allow the borrower to qualify for a zero-down loan or a down-payment assistance program. These loan programs are often very competitive and are usually open to low-income families and current or former members of the military.



A loan program that doesn’t require any money down has fairly high interest rates. However, today’s interest rates are low and dropping steadily. Therefore, buying a home with a no-money-down mortgage loan has never made more sense.



When you are in the market for a no-down-payment or zero-money-down home loan, carefully research lenders and their loan programs. Each lender is different and some specialize in the area of no-money-down loans.



First-Time Buyer Programs

If any of the following situations apply to you, then you might be eligible for a special first-time-buyer mortgage program that will provide you with a no-down-payment option or down payment assistance:







no-money-down loan program provides a great opportunity for first-time buyers and buyers with limited cash reserves. There are even programs for borrowers with shaky credit histories and those who are self-employed







•You have never bought a home, or have not bought a home in the past three years.



•You do not have adequate documented funds to be used as a down payment.



•You have previously filed for bankruptcy.



•You are self-employed, or cannot provide adequate verification of your income.



•You have previously been turned down for a mortgage loan by a mortgage company or other lender.



•You have slow credit, damaged credit or no credit.



Further Considerations

The following text lists the things that you will need to research before pursuing a zero-down mortgage. This information is important for every borrower, regardless of the type of loan, but it is much more important when you are trying to get a no-money-down loan.



•Your Credit Report: You need to know in advance what is on your credit report. Having minor blemishes credit report usually is not a problem for most borrowers, but a large number of significant credit problems can reduce the amount that you will be able to borrow. Your debt should be as low as possible prior to applying for a mortgage loan, because one of the factors used by lenders to determine your creditworthiness is your debt-to-income ratio. Also check whether the majority of your debt is spread out over different accounts, because a lender will view several accounts more positively than a single account.



•Your Available Cash: Even when you are trying to get a no-money-down loan, you should try to increase your liquid cash as much as possible before you apply for a mortgage loan. One way to do this is to liquidate some assets, such as stock holdings and bonds. Lenders will often overlook blemishes on your credit report if you can cover at least two months of debt payments with your reserve cash.



•Find the Best Lender: In order to find the best mortgage program for your particular situation, you need to research the individual lenders offering no-money-down loan programs. Because lenders define zero-down mortgage programs in different ways, it is important to find the lender who offers the right type of program for your specific situation.



•Investigate Other Types of Loans: Perhaps other types of loan programs will meet your needs, giving you the opportunity to become a homeowner even when your cash reserves are inadequate for a standard 20% down payment. It is not uncommon for lenders to allow you to borrow two separate loans – one for the down payment and closing costs, and another for about 80% of the purchase price of the home.



Conclusion

Overall, a no-money-down loan program provides a great opportunity for first-time buyers and buyers with limited cash reserves. There are even programs for borrowers with shaky credit histories and those who are self-employed. No matter what your particular situation is, there is a lender who can help to make your dream of home ownership a reality. Just remember that if you can afford a monthly rent payment, you can afford to purchase a home. By considering important factors in advance and researching lenders and their loan programs, you will find a program that will work for you.



Even if you do not have adequate reserves to cover 20% of the purchase price, if your credit and savings history are in good condition and your income is documented correctly, most lenders will be more than happy to work with you to find a program to help you purchase your next home.

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For sale In Manassas VA

Offered at $400,000 6259 Terrapin Dr Manassas, VA Click Here for More Information

DESCRIPTION FEATURED LISTING SPACIOUS SINGLE FAMILY HOME ON AN ACRE IN MANASSAS*ALMOST 4000 FINISHED SQUARE FEET*CLOSE TO EVERYTHING*HUGE MASTER SUITE WITH SITTING ROOM AND FULL BATH*FULLY FINISHED BASEMENT*LARGE REAR YARD WITH GARDEN

PROPERTY DETAILS •  Single Family Home •  Built in Unspecified •  4 bedrooms  •  3+ Stories •  1.01 acres lot •  4 bathrooms  •  2 Car Garage •  3759 sq. ft. living area (not counting basement) Area    PROPERTY FEATURES •  Central Air •  Year Built: 1976 •  Basement level is 1254 sq. ft. •  Forced Air Heat •  4 total bedroom(s) •  2 fireplaces •  Dining Room •  4 total bath(s) •  2 car garage •  Family Room •  3 total full bath(s) •  Attached parking •  Walk-in Closet(s) •  1 total half bath(s) •  Heating features: Electric, Heat Pump(s) •  Fireplace(s) •  Approximately 3759 sq. ft. •  Central air conditioning •  W-W Carpeting •  Three story •  Cooling features: Electric •  Single Family Property •  Type: Detached home, Fee simple •  Exterior construction: Vinyl siding •  Status: Active •  Style: Colonial •  Lot is 44035 sq. ft. •  County: PRINCE WILLIAM •  Basement •  Approximately 1.01 acre(s) •  Subdivision: TERRAPIN FOREST •  Bathroom(s) on main floor •  Lot size is between 1 and 2 acres

SELLER CONTACT INFO Chris Colgan 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: August 24, 2010

For Sale in Warrenton Va - FQ7391562

Offered at $524,900 661 Gold Cup Dr Warrenton, VA Click Here for More Information

DESCRIPTION FEATURED LISTING FORMER MODEL HOME WITH TONS OF UPGRADES*THREE FINISHED LEVELS OF OVER 5000 SQ FEET*GORGEOUS KITCHEN WITH HARDWOODS AND GRANITE COUNTER TOPS*MAIN LEVEL HAS HUGE FORMAL DINING/FAMILY ROOM,OFFICE,SUN ROOM*MASTER SUITE W/SITTING ROOM, WALKIN CLOSET, SPACIOUS MASTER BATH*FULLY FINISHED BASEMENT WITH BEDROOM,FULL BATH, AND A MOVIE THEATER*REAR YARD IS FULLY FENCED IN*CLOSE TO EVERYTHING

PROPERTY DETAILS •  Single Family Home •  Built in 2002 •  5 bedrooms  •  3+ Stories •  0.4 acres lot •  4.5 bathrooms  •  2 Car Garage •  5100 sq. ft. living area (not counting basement) Area    PROPERTY FEATURES •  Central Air •  Status: Active •  Master bedroom is 21 X 20 •  Forced Air Heat •  County: FAUQUIER •  Living room is 14 X 13 •  Breakfast Area •  Subdivision: OLDE GOLD CUP SEC 2A •  Dining room is 15 X 13 •  Dining Room •  Year Built: 2002 •  Family room is 20 X 15 •  Family Room •  5 total bedroom(s) •  Kitchen is 15 X 12 •  Walk-in Closet(s) •  5 total bath(s) •  Basement level is 1500 sq. ft. •  Den/Office •  4 total full bath(s) •  Hardwood floors •  Bonus/Guest Room •  1 total half bath(s) •  Fireplace(s) •  Laundry •  Approximately 5100 sq. ft. •  2 car garage •  Walk-out Basement •  Three story •  Attached parking •  Fireplace(s) •  Type: Detached home, Fee simple •  Heating features: Heat Pump(s), Natural Gas Fuel •  Hardwood Floors •  Style: Colonial •  Forced air heat •  W-W Carpeting •  Master bedroom •  Central air conditioning •  Tile Floors •  Living room •  Cooling features: Ceiling Fan(s), Electric •  Ceiling Fan(s) •  Dining room •  Exterior construction: Brick, Brick and Siding •  Cathedral Ceiling(s) •  Family room •  Lot is 17598 sq. ft. •  Kitchen Island •  Kitchen •  Approximately 0.4 acre(s) •  Dishwasher/Disposal •  Basement •  Lot size is less than 1/2 acre •  Fenced Yard •  Laundry room •  Call agent for details on association fee info. •  Single Family Property •  Bathroom(s) on main floor LOT FEATURES Mountain View Near School(s) Near Shopping Center(s)

SELLER CONTACT INFO Chris Colgan 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: July 19, 2010

For sale in Sudley - Manassas - PW7390492

Offered at $264,000 7355 Forrester Ln Manassas, VA Click Here for More Information

DESCRIPTION FEATURED LISTING SINGLE FAMILY HOME ON .25 ACRE LOT CLOSE TO EVERYTHING*THIS HOME HAS BEEN TOTALLY REDONE*NEW CARPET AND PAINT THROUGHOUT THE HOUSE*BRAND NEW BATHROOMS*NEW KITCHEN WITH APPLIANCES, GRANITE COUNTER TOPS AND NEW CABINETS*HUGE FENCED IN REAR YARD WITH SHED*CUL-DE-SAC LOCATION*CLOSE TO BEN LOMOND PARK*

PROPERTY DETAILS •  Single Family Home •  Built in 1968 •  2019 sq. ft. living area (not counting basement) Area •  2 Story •  0.25 acres lot •  4 bedrooms     PROPERTY FEATURES •  Central Air •  Status: Active •  Bathroom(s) on main floor •  Forced Air Heat •  County: PRINCE WILLIAM •  Bedroom(s) on main floor •  Dining Room •  Subdivision: SUDLEY •  Basement level is 830 sq. ft. •  Family Room •  Year Built: 1968 •  Fireplace(s) •  Main Floor Bedroom •  4 total bedroom(s) •  Parking features: Driveway/Off Street •  Walk-in Closet(s) •  3 total bath(s) •  Heating features: Natural Gas Fuel •  Laundry •  3 total full bath(s) •  Forced air heat •  Walk-out Basement •  Approximately 2019 sq. ft. •  Central air conditioning •  W-W Carpeting •  Two story •  Cooling features: Electric •  Tile Floors •  Type: Detached home, Fee simple, Refurbished/restored home •  Exterior construction: Brick, Brick and Siding •  Cathedral Ceiling(s) •  Style: Rambler •  Lot is 11003 sq. ft. •  Single Family Property •  Basement •  Approximately 0.25 acre(s) LOT FEATURES

SELLER CONTACT INFO Chris Colgan 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: July 19, 2010

For sale in New Bristow Village - PW7383220

Offered at $299,900 10460 TENTH ALABAMA WAY Bristow, VA Click Here for More Information

DESCRIPTION FEATURED LISTING Short Sale Townhome in New Bristow Village with all kinds of upgrades. Large master suite. Vaulted ceilings. Huge two car garage. Granite counter and Granite blacksplash in the kitchen.

PROPERTY DETAILS •  Condo/Townhouse •  Built in 2005 •  3 bathrooms  (1 or more with tubs or showers) •  Colonial •  Unspecified acres lot •  Other roof •  3+ Stories •  2145 sq. ft. living area Area •  Vinyl/Fiberglass Siding exterior •  2 Car Garage •  3 bedrooms     PROPERTY FEATURES •  Central Air •  Family Room •  Hardwood Floors •  Forced Air Heat •  Walk-in Closet(s) •  W-W Carpeting •  Dining Room •  Walk-out Basement •  Ceiling Fan(s) LOT FEATURES

SELLER CONTACT INFO Chris Colgan 10550 Linden Lake Plz Manassas Virginia 20109 703-485-1435 chris@chriscolgan.com

Posted: July 06, 2010

Nokesville man missing Shane Donahue

A friend of mine has been missing since spring of this year. His name is Shane Donahue. He is 24 years old and he was last seen in March. Please take a look at his picture and if you have any information please call 866-411-8477.