Buyer | Jul 27, 2011 | No Responses
We always advise our buyers to get a home inspection. Home inspections are a wonderful tool that every buyer should use.
They uncover hidden problems as well as thoroughly examining a home, including spaces like the crawl and the attic where most buyers never go. What amazes me is the reaction which many buyers have to home inspections when they get the reports. I believe that the Realtor is responsible for adequately preparing the home buyer for what the inspections will produce. Here are three things you should remember as a buyer about inspections that will help you avoid the home inspection blues.
#1 Remember that the inspector’s job is to find everything that is wrong with the house that you thought was perfect. If the home inspector is doing his or her job, then every nitpicking issue will be written up in their final report. Don’t panic when you read the report.
#2 Remember that the seller isn’t required to fix every nitpicking problem. I always tell my buyers that the home inspection report provides them with a list of any major issues which need to be addressed by the seller and a longer list (hopefully) of minor things that I like to call the “honey do” list. If you are wondering which items belong in each list then you should carefully read the Buyer’s Inspection Addendum. It is pretty specific about what the seller is responsible to fix.. Some home inspection companies, like B-Safe, whom we recommend, actually highlight the areas of “real” concern, which is a great help as you read the report and prepare the Repair Addendum (which is an added page to the purchase contract of a list of requested repairs from buyer to seller).
#3 Remember that the Repair Addendum is a negotiating tool. You, as the buyer, want the seller to do all the things you ask. The seller, on the other hand, doesn’t want to do anything that will cost them money. And the goal is to meet somewhere in the middle. I believe if every Realtor would have this conversation with every buyer, they could help them avoid the home inspection blues. Those are my thoughts. What are yours?
Blog | Jul 25, 2011 | 1 Comment
“How’s the market these days?” I can’t tell you how many times I am asked that question. Am I complaining? Absolutely not – ask away!! There are many factors to the answer of this question mixed in with the personal perspective of the one asking. Here is a very brief, yet broad, overview of what’s happened in the capitol area in the last month.
MEDIAN homes sales price (1/2 the homes sold for more and 1/2 the homes sold for less):
June 2011: $109,500
June 2010: $124,900 – a record price
# of Homes sold:
June 2011: 350
June 201o: 408
“While June numbers on their face may appear to be a poor showing I think that it helps to frame this in the proper context,” said REALTOR Terry Nuding, ABR, CRS, GRI, SFR president of the Capital Area Association of REALTORS. “If you recall, during the first half of 2010 the market was very much being influenced by the homebuyer tax credit resulting in a ramp-up in sales and prices as buyers and sellers raced to get their properties closed by the tax credit deadline of June 30, 2010 which was ultimately extended”, said Nuding.
I say, considering the type of incentive that was going on this time last year, compared to this year with NO offered incentive, we are NOT that far behind!!
Blog | Jul 25, 2011 | 1 Comment
Technology… the knack of so arranging the world that we don’t have to experience it.
~Max Frisch
Blog | Jul 20, 2011 | No Responses
One machine can do the work of fifty ordinary men. No machine can do the work of one extraordinary man.
~Elbert Hubbard, The Roycroft Dictionary and Book of Epigrams, 1923
Blog | Jul 20, 2011 | 2 Comment
Hello Sellers! In this age of 24 hour HGTV everyone feels like they know what they need to do to sell their house. Sometimes you do, but most of the homes we go in need some advice. Staging is NOT the same as decorating Staging is NOT all about furniture placement and taking down family photos, although both are needed, there is much more. Let’s start with these 5 items that, much too often, are overlooked and cost the sellers time on the market and brings a lower price.
1. Give your home a THOROUGH cleaning. Pay attention to the details, including baseboards, doorhandles, light switches and power outlets. Clean the water heater, the top of the furnace and the base of toilets.
2. Declutter your home. Pack away extra kitchen appliances, offseason clothes and knick knacks. Remove furniture that makes your home look crowded.
3. Neutralize offensive odors in your home. Evidence of cigaret smoke, pets, grease and other unpleasant smells will stop potential buyers in their tracks at the front door. Sometimes these odors need to be removed professionally at a small cost. Contact us to talk about this. Covering a bad smell with a Glade plug in is not always the best solution.
http://www.ehow.com/how_7615879_decrease-smell.html
4. Catch up repairs. Replace old carpet, roof shingles and windows. Check under sinks for leaky faucets and fix them. Make sure regular home maintenance is up to date.
5. The #1 home staging mistake…..BAD COSMETICS! Fortunately it’s usually not too difficult to deal with. A fresh coat of paint on your homes walls can be your best investment.
RES Media
Blog | Jul 18, 2011 | No Responses
10 Quick & Easy Energy-Saving Summer Tips – brought to us by our friends at HWA (Home Warranty of America)
-
Limit fan use to only when you are in the room with them. Ceiling, oscillating and standing fans give you the feeling of being cooler without actually changing the temperature of the air.
-
Use compact fluorescents, which burn cooler than regular bulbs. Not only will you save year-round, up to $40 over the life of the bulb, and in the summer you’ll reduce the heat generated into a room.
-
Use evaporative coolers and whole-house fans. Both are cost-effective methods of keeping a house cool without spending a lot.
-
If you have central air conditioning, keep your thermostat at 78 degrees. Each degree above 78 can knock off an additional six to seven percent off your cooling costs.
-
Get rid of hot air. Use an exhaust fan to blow hot air out of your kitchen while you’re cooking. The savings on your cooling costs far outweigh the electricity used by the fan. Also, take lukewarm showers and baths to avoid humid air, which holds more heat.
-
Turn your water heater down to 120 degrees. This saves you money and is a safety measure if you have children in the house.
-
Hold off on doing laundry and dishwashing until nighttime to avoid generating extra heat in your home. Also, consider taking advantage of the warmer air and dry your laundry outside.
-
If you have a pool, turn off your filter overnight when the pool is not in use.
-
Use your microwave or smaller, countertop appliances for cooking instead of the oven or stove.
-
Close blinds, drapes and shades during the hottest part of the day. This keeps the strong sunlight from heating your home.
Bonus Summer Safety Tips!
- When possible, avoid outdoor activities during midday, when the sun’s rays are strongest.
- Keep perishable food cool on longer trips. When outside, keep the cooler in the shade and continue to replenish the ice!
- Check for hazards in the yard during thunderstorms. Secure any unstable items on your house or in your yard that could be blown away or knocked over.
Blog | Jul 1, 2011 | No Responses
Happy 4th of July. Independence Day commemorates the signing of our Declaration of Independence. It’s commonly associated with fireworks and picnics , concerts, parades and ball games. It’s a great time to party and to be together with family and friends. It is a welcomed break in the middle of summer. And all that is great. But, for me, it’s also a time to remember that the freedom we enjoy has come at a great cost. Every time I see fireworks I’m reminded of Vietnam where flares regularly lit the pitch black nights and the cacophony of artillery explosions and rocket blasts and small arms fire overwhelmed our senses and reminded us that freedom was precious. As I celebrate this weekend I’ll remember the members of our Armed Forces who are in distant corners of our world protecting our freedom. So, have a good time, enjoy the celebration, but don’t forget why we celebrate. Raise a glass for those who are serving in the military helping to keep us free and remember what Dwight Eisenhower said, “Freedom has its life in the hearts, the actions, the spirit of men and so it must be daily earned and refreshed – else like a flower cut from its life-giving roots, it will wither and die.” Freedom – champion it, cultivate it, and celebrate it. Happy 4th of July
Blog | Jun 27, 2011 | 1 Comment
My wife, Peggy, and I attended the pre-opening celebration Friday evening at the new Scheels store. In one word — WOW!!!! What a great store. 200,000 square feet of everything you could imagine. From women’s shoes to archery to guns to golf clubs. From art to water sports to camping to cooking. This new store has everything you could ask for and more. A great company with great management, trained employees, its own restaurant. You name it, it has it. It is truly a destination site with a shooting gallery, Nascar simulators, a driving net and a bowling alley. What does this have to do with Real Estate, you ask. Everything — jobs, traffic, revenue. And they give back to the community. On Friday night they mad a huge contribution to our local United Way. It also opens up that entire area for future development and is a great attractor for new businesses. We want to welcome this new enterprise to Springfield. Don’t miss the opportunity to visit and spend your money at the new Scheels store.
Buyer | Jun 17, 2011 | 3 Comment
There is some good information in here relative to the Springfield MSA (Sangamon & Menard Counties) that I thought you might find interesting. Today the Illinois Association of Realtors (IAR) released a study entitled, “The Economic Impact of Residential Property Sales in Illinois.” It is a study conducted by RCF Economic and Financial Consulting which examines home sales that took place in the period 4Q09 to 3Q10. The study shows the expenditures made by buyers and sellers in connection with a residential property transaction and the total economic output from those expenditures. These findings are shown by Metropolitan Statistical Area (MSA) in Illinois. Also, the data on expenditures is compared with the data from a similar study done by RCF in 2007. Springfield MSA had a $138,596 average home price in 2010. There were 2,623 real estate transactions in the Springfield MSA which amounts to 3.01 transactions per 100 households. The direct expenditure per real estate transaction in 2010 was $19,470, giving direct expenditures for the entire MSA of $51.1 million. Taking into account ripple effects, the direct expenditures led to a total output effect of $98.1 million. Real estate transactions supported 1,551 jobs and $26.6 million of wage and salary income in the Springfield MSA in 2010. Springfield topped all the other MSAs in the state. While ALL MSA’s experienced either noticeable or significant price declines from 2007 to 2010, Springfield’s price decline was the least of all and was quite marginal. It’s not uncommon for the Real Estate market to lead the way in economic recovery. Here’s to an even better year in 2011. Interest rates are at all-time lows. Prices are great. Now is the time to buy. What’s holding you back?
Blog | Jun 17, 2011 | 2 Comment
The Real Estate Buyer’s Council recently published a Home Buyer’s Toolkit which explains the 10 key steps for completing a successful real estate transaction. Here’s a synopsis of what is covered with brief explanations:
1. Find a Qualified Buyer’s Rep – Realtor’s with the ABR designation have taken advanced education in buyer’s representation and can better serve you as a buyer.
2. Assess Your Credit and Finances – Pre-approval for financing is a must. It let’s you know how much you can afford and it keeps you from being disappointed.
3. Assess Your Wants and Need in a Home – It’s important that you communicate your needs and your wants to your Realtor so they can search for the right stuff.
4. Search for Your Home – As your Realtor, we are able to narrow your search and to find new properties as they come on the market.
5. Negotiate Terms – This is where your Realtor earns his or her commission. Pick a strong negotiator.
6. Obtain a Mortgage – Since you are already pre-approved, this step is easy.
7. Prepare for CLosing Day – Your Realtor should help you with the details, but don’t forget to have the utilities turned on in your name, don’t skip the final walk-thru, and don’t forget your driver’s licenses.
8. Close – This should be a happy time, but it is often filled with stress. Planning ahead can take away the stress.
9. Move – Moving in to your new home is an exciting event and you should relish it. Maybe, like The Chiles Team, your Realtor has a moving truck to help make the job easier.
10. Celebrate! – Do I need to explain?
If you would like more of this information, we would be happy to send you a copy of the Home Buyer’s Toolkit
