Deciding on a Price for Your Home

When it comes time to put your house on the market, pricing can make or break your sale. If you overprice your home, you risk watching it languish on the market, but under-pricing it means minimizing your investment. The starting point for pricing should be based on recent sales in the neighborhood, not on personal attachment. Regardless of what you think your home is worth, the pricing should be based on market value – this is why it’s important to find a good real estate agent who is familiar with the area. He or she will start by looking at what other comparable houses in your area have sold for. This is called a comparative market analysis (CMA).

Another important consideration is the market. To be safe you want to allow yourself enough wiggle room to come down in negotiations, but if it’s a buyers’ market you will have to do more to make your home stand out. Pricing your home below the competition should ensure multiple offers, thus driving up the selling price. Other tactics include being flexible around financing options and offering incentives. In any case, you want to price your home low enough that you will get traffic through – the first three weeks are important. If the house sits longer than three weeks perspective buyers may assume something’s wrong with it.

Remember, pricing your house is as much an art as it is a science. In the end the price is important, but marketing and staging your home plays a vital role as well. A good realtor can guide you through this process and help you get the best price for your house.

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1031 Exchange

Section 1031 in the Internal Revenue Service is a boon for a prospective investor, selling an investment property and wanting to make a profit by reinvesting in a similar property elsewhere in the country. This wonderful concept works on the principle of gain rolling from the old to the new.

There is widespread ignorance on the modalities about this exchange; as a result, 30-40 percent of property owners end paying tax during the sale. Exchange 1031 not only fructifies into essential tax savings, but also makes possible the swapping of property in the fairest manner at places of choice. No wonder that the 1031 Exchange excites the property market so much.

The new income-generating replacement property gives the investor the double gain of added income and savings from tax that would have otherwise gone to the IRS coffers.

Besides saving the buyer from a huge tax burden coming in the guise of capital gains, the instrument offers maximum immunity and flexibility in reinvesting the money gained from the sale in a replacement property within a given period.

The exchange being time-bound is no kid’s play either. In every exchange of this kind, Qualified Intermediaries (QI) plays a crucial role connecting the buyer and seller. The Federal Tax Code makes service of QI mandatory since 1991 in any exchange.

The federal nature of the 1031 Exchange regulations make the Qualified Intermediary play a wizard in guiding and structuring the exchange, satisfying all parameters and suiting the goals of the clients. It is the QI who does the paperwork required by the IRS to document the exchange. The QI carefully prepares all documents and serves the parties with copies of the exchange agreement, novation agreement and escrow instructions.

The Exchange Agreement reads like a contract between the Exchanger and a Qualified Intermediary. The Exchanger explicitly agrees to transfer his old property to the Intermediary, in lieu of a new property to be supplied by the latter within 180 days. The contract outlines all terms and conditions under which the exchange of properties should take place.

For a 1031 Exchange to take effect, both the old property as well as the new property should be in the category of investment property, capable of generating income. The examples could be rental property, bare land, vacation homes or more.

As soon as the old property is sold, within 45 days the seller has to come out with a list containing two or three probable properties fit for replacement. And the whole process of purchasing the new property or replacement property from the list must be over in a period of 180 days.

The exchange becomes bona-fide only when the title stays intact and whosoever held title to the old relinquished property gets the title of the new property.

In between the sale and purchase of property, the seller of the old property would get no access to the money he accrued from the sale, as the money will be vested with the ‘Qualified Intermediary’ till the exchange gets over.

This 1031 Exchange process has matured and had many names in the past including Like Kind Exchange, Deferred or Delayed Exchange, Simultaneous or Concurrent Exchange, Starker Trust or Exchange, Alderson Exchange, Reverse Exchange, Two, Three, or Four Party Exchange and Baird Exchange.

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Why It’s Never Been Easier To Sell Your Own Home

I have spent over 15 years in the real estate industry and for a great deal of that time I helped people sell their own homes commission free even though I was a realtor. Of course I was hoping they would fail and inevitably list their home with me on MLS. That’s the first thing to expect, agents will be calling with phantom buyers. Give yourself time to find them yourself.

Funny thing about real estate, it’s the most expensive investment many people will ever make in a lifetime and everyone thinks they’re an expert in the field because they own a home. This over confidence has humbled many potential for sale by owners.

Most people these days would like to at least try and save the high real estate fees associated with selling through a realtor. In fact nearly 25% of home sellers try to sell privately at least for a couple weeks. Only 5% eventually sell their own homes; a surprisingly pathetic number really.

It shouldn’t be this difficult and it really isn’t. Not today with the power of online marketing. Gaining exposure for your home has never been easier or less expensive. Why pay a realtor to market your home when you can do exactly what they do from your home PC. Of course realtors do more than market your home. They presumably pre-qualify prospects, show the listing to prospects, and advertise on the MLS to other agents and brokers. Not to mention putting the offer to purchase together and negotiating the outcome. WOW, that’s a lot of work and yet you can do ALL of this yourself and save thousands of dollars in the process.

You need professional counsel on the legalities of your sale from your lawyer. You also need to have your home looking top notch and staged so it appeals to the masses. You can find information online for excellent ideas on improving your homes appearance and you will net more profit from the sale as a result. Again after speaking to your lawyer and mortgage lender for legal and mortgage details, everything else can virtually be found on the Internet to make your sale easy.

Let’s talk about marketing your home and attracting buyers. These days you definitely need to have an online presence since most people start their search here. Depending on the value of your home and assuming you’ve set your price you’ll need to decide on who would be your target market. If you’re selling an average size, affordable family home than your prospect pool should be larger. This means local traffic from local advertising.

If you aren’t prepared to spend some money to sell privately you should go to a realtor straight away. You’ll need a professional sign made, advertising in the newspaper, some cosmetic home improvements (don’t go overboard) and you’ll need that online exposure that is so important.

There are plenty of websites out there that advertise homes privately but you want to make sure you are targeting local viewers to your online listing. Make sure that the website you list your home on has a local web portal for your area. This means buyers are more likely to find you’re listing in the search engines when someone enters Yourtown+homes+for+sale their search results will be targeted to your local market making it easier for them to find your listing. It’s even better if the website publisher takes the time to optimize your listing for the search engines.

The good real estate websites are the ones that make it easy for you to present your home to quality buyers, supply you with information to assist your sale and offer you the ability to maintain your listing yourself. What an advantage you’ll have if you can keep your listing looking new with fresh photo uploads and the ability to add or delete certain bits of information like price changes and open houses.

Plan carefully and when you think you are ready to move forward with your sale take another hard look at your plan of attack. There’s always something else to consider. By preparing yourself and your home for the sale you’ll be surprised how easy it really is to sell it yourself.

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Suffolk County, NY,Shoreham-Home Sellers: 11 Great Tips for Showing Your Home

In order to sell your home quickly, and for the best price, here is a list of things to address BEFORE your agent brings that first potential buyer to look at it.

1) Make sure the lawn is mowed, the shrubs are trimmed, and the porch is clean and free of clutter. If it’s fall, rake up the leaves. If it’s winter, keep the walkways clear. Make sure the front door is either freshly painted or well-scrubbed. It’s all part of creating a positive first impression as potential buyers approach the home.

2) Inside, clean the house thoroughly, especially the bathroom and kitchen. Make sure the woodwork is either cleaned or freshly painted. Those two areas are very important in most people’s minds, and you need to pay special attention to them to create a good impression.

3) Make sure all the faucets work (without dripping) and all light bulbs come on when their switches are turned on. Little things like that can be distracting to buyers.

4) Make certain that every closet door and cabinet opens easily, and closes securely. Doors that don’t open or close properly give a negative impression to buyers.

5) Don’t let your kids leave out their roller skates or skateboards, and if there are slippery rugs that you’ve learned not to step on over the years, remove them so potential buyers don’t go flying.

6) Organize closets, basements, and attics, so that they look larger. Just like you, buyers are always looking for room to store things. If you have so much stuff that you can’t do that, consider having a garage sale, renting a storage space, or calling the Salvation Army truck.

7) Pay special attention to the bedrooms. Just like the kitchen and bathroom, comfortable, spacious, and well-organized bedrooms make a positive impression in home buyer’s minds, because they know they’ll be spending a significant amount of time in them.

8) Open your curtains during the daytime, to let in as much light as possible. It gives a positive feeling to the home and makes rooms feel more spacious.

9) If the home is being shown at night, turn on every light inside and outside of the house. You’ll be brightening the mood, as well as showing off your color scheme and wallpaper designs to their best advantage.

10) Don’t have a bunch of people around when the home is being shown. In fact, it’s a good idea to make an excuse to leave yourself, so that potential buyers are free to speak freely about what they see as they tour the home.

11) If you have pets, keep them away from the buyers. In fact, it’s worthwhile to take them with you when you excuse yourself and make your exit during the showing.

When getting ready to show your home, always point toward creating a positive impression on prospective buyers. They want what you would want, they’ll notice what you’d notice, so walk through your home and try to see it from a stranger’s perspective. Ask other people to walk through and tell you the negative things they notice. Then address those things. It will all help you to sell your home–quickly, and at the best possible price.

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Suffolk County, NY-Price of Homes

Suffolk County, located in the U.S, State of New York is the Eastern part of the country. Suffolk County, NY is made up with the central and eastern portion of Long Island. This suburban area is the fourth most populated county in the state. If you want to buy a house in the Suffolk County, NY, on Long island, you will need to take the first step with the help of a real estate agent.

The real estate market in the Suffolk County, has reached the level of satisfaction for buyers. Long Island sellers and their buyers have a wide perspective regarding the real estate market. If you are looking to buy a home in Suffolk County, it is important to inform you that interest rates will rise in the near future.

The good news for those who are seeking a home is that the home prices of Eastern Long Island homes have dropped from 20% to a reported 35%. So buying a home in this particular location and market will be an easy one for those considering the current market conditions.

If you are planning to buy your dream house in any part of Suffolk County, then check the local MLS for listings. You can also check recent sales and homes under contract.

If you desire a home in Suffolk County, you can see the homes that are for sale from the official websites of different real estate agents. The details of the transaction procedures and all the information regarding homes for Sale are offered on these websites. Make sure that you have all the information available before buying your home in Suffolk County.

We choose the road of struggle in order to achieve a better life. This life is entirely incomplete without a house of our own choice. The real estate agents, who are engaged in this business, can assist you in your mission of having a house in Suffolk County. They will guide you perfectly through the process.

Undoubtedly, the homes of Suffolk County situated on Long island, is the perfect place to live. On Long Island, you can live with natural beauty. Suffolk County is far away from the contamination of city life.

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Pricing Your Home Right

When pricing your home for sale, together we look over all the comparables in your direct neighborhood that are active, pending or sold status to get a good idea of where your home should sell.

Along with price, location and condition are also major factors. You can’t change the location, but you can change the condition and price. If you have a home that might not be in the ideal location, chances are you knew this when you purchased it and probably got it at a lower price to compensate for the location. This is something you need to remember when selling.

Even though the comparables might support a certain list price doesn’t mean that the buyer’s will. This is when we work together to not only make sure the condition of the home is good, but to find that “right price” that will make the home so attractive that a buyer will now overlook the it location or condition.

As your agent, I never want to leave money on the table and strive to get you the highest sales price the market can bear. Pricing your home competitively is a great start, but knowthat buyer’s ultimately let us know what they think the home is worth when there are no offers or repeated low offers..even though the comparables support your listing price.

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1.Walk across the street and look at your overall landscape.
a.Are shrubs trimmed neatly? Windows and doors shouldn’t be overshadowed by overgrown bushes.
b.Clear your entry, sidewalk, and plant beds of leaves and debris.
c.Add a new layer of attractive mulch to all planting areas.
d.Are there bare spots or weeds in the lawn? Your local garden supplier can tell you the best way to remedy this problem.
e.Hardscape (bird feeders or houses, simple water features, statuary) can add warmth and character to an otherwise drab terrain.

2.Make your front door more appealing with a fresh coat of paint or stain and new hardware.

3.Speaking of hardware, install new light fixtures on both sides of your door and change your old, scratched house number plates with shiny new ones.

4.Consider shutters or awnings to dress up your windows.

5.Well placed, low voltage landscape lighting is fairly inexpensive and will dramatically enhance your home when the sun goes down.

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Three Important Factors When Buying a Home!!

Buying your home there are three important factors: location, location, location. First, determine how far you are willing to commute. The best thing is to drive from areas you are considering at the exact times of day you would be commuting because traffic makes a big difference in how long your actual drive times will be. Next make sure the neighborhood you are considering fits your life style. Visit any areas you are considering at several times of day. One of the best sources for information is the people who live there. You aren’t just buying the physical structure of your new house; you’re buying the neighborhood, too. Try to meet some neighbors and ask lots of questions. Look at surrounding properties for clues about your enjoyment of the area. A peaceful setting in the day may turn into a noise zone at night when the nearby racetrack heats up. If there is vacant land adjoining the home you are considering, find out how it is zoned. Most local planning departments have a 20-year plan you can review. Today’s “privacy” can become tomorrow’s shopping center. This will all help you figure out if you can be happy there on a long-term basis. Check out the safety of your prospective locations. Most areas have a local newspaper, which features a local crime section. Also you can call the area police station.

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