Posted by Paul Sian on Thursday, November 16, 2023 at 7:00 AMBy Paul Sian / November 16, 2023Comment
How Long Does It Take To Sell A Home?
From start to finish a home can take a number of months to be sold. By being sold it is meant what happens at the closing table when the seller transfers ownership of the home to the new buyers. Depending on when the homeowners decide to get their home ready for sale there are several tasks a homeowner should perform to make sure they get the best value for their home when listed for sale. This article explores the time involved and how long it takes for a home to get sold.
Prior to Listing the Home for Sale
Unless a home is in perfect condition, prior to listing a home for sale the homeowner needs to be cleaning up the house, refreshing certain aspects and making needed repairs. If the carpet and paint is old, dated, and/or worn it is best to put up fresh paint and replace the carpet with new neutral color carpet. Old broken appliances should be replaced. Any deferred maintenance issues should be fixed prior to listing the home for sale. Basically, anything that a buyer is going to look at and think twice about making an offer due to the condition should be fixed.
Depending on contractor availability and time of year these types of updates can take a couple of months or more. Especially outdoor updates, repairs can’t be done if the weather outside won’t permit it (snow and freezing temperatures are a perfect example). In a hot housing market, the quality contractors can be booked out months in advance, so proper planning is important. If a homeowner knows they want to sell at a particular time, getting everything evaluated six to eight...
Posted by Paul Sian on Thursday, September 28, 2023 at 7:00 AMBy Paul Sian / September 28, 2023Comment
How to Bury a St. Joseph Statue For Selling Your Cincinnati Property
Selling a house can be challenging and stressful, especially if your property has been on the market for an extended period without any interest from potential buyers. In such situations, some homeowners use unconventional methods to improve their luck.
One such practice is burying a St. Joseph statue, a centuries-old tradition believed to bring assistance in selling a home. This comprehensive guide will explore the steps involved in this tradition.
Maximum Real Estate Exposure has written extensively on burying a St. Joseph statue for house selling. After reading their helpful resource, sharing these tips with Kentucky and Cincinnati homeowners seemed like a great idea.
What is the St. Joseph Statue Tradition?
The St. Joseph statue tradition is rooted in Catholicism and is based on the belief that St. Joseph, the patron saint of real estate, can intercede on your behalf to expedite the sale of your home.
Posted by Paul Sian on Thursday, August 31, 2023 at 7:00 AMBy Paul Sian / August 31, 2023Comment
Why Do Pending Home Sales Fall Through in Real Estate?
Pending home sales can sometimes fall through due to various reasons. These include buyer-related factors like remorse, financing challenges, and lack of awareness about the buying process. Property-related factors such as inspection issues, appraisal discrepancies, and contingencies can also contribute to sales falling through.
Educating buyers and sellers, addressing financing and inspection concerns, and streamlining the sales process are crucial to mitigate this risk. Falling through sales can impact buyers and sellers and affect the overall housing market trends. Successful home sales require appropriate pricing, enhancing property appeal, and effective marketing strategies.
Understanding Pending Home Sales: An Overview
Pending home sales are an essential aspect of the real estate market. We will provide anoverview of pending home sales, emphasize the significance of analyzing pending home sales data, and explore current trends and statistics in the real estate market.
What are pending home sales?
Pending home sales refer to residential properties that have entered into a contract but have not yet closed. These properties are no longer available for purchase,...
Posted by Paul Sian on Thursday, July 13, 2023 at 7:00 AMBy Paul Sian / July 13, 2023Comment
What to Know About The We Buy Ugly Houses Company
Have you heard or seen the We Buy Ugly Houses advertisements and wondered what they were all about?
When homeowners hurry to sell their properties, they often explore alternative options that provide quick, hassle-free solutions. We Buy Ugly Houses is a well-known company that promises to purchase homes in any condition. Maximum Real Estate Exposure explains the good, bad, and ugly.
Companies that buy houses for cash offer sellers a convenient way to offload their properties without going through the traditional real estate process. We will delve into the pros and cons, analyze reviews of the company, and address concerns regarding its legitimacy.
The company provides an alternative solution for selling a home with various benefits. With quick cash offers, the ability to sell properties without repairs or renovations, no commissions or fees, and a streamlined process, homeowners can find convenience and simplicity in selling their properties.
We will explore the pros and cons and analyze its value proposition as an alternative selling option.
Quick Cash Offers
We Buy Ugly Houses specializes in buying properties for cash, providing homeowners a swift solution to their selling needs. This can be a significant advantage if you're in a time-sensitive situation or facing financial difficulties....
Posted by Paul Sian on Thursday, May 11, 2023 at 7:00 AMBy Paul Sian / May 11, 2023Comment
Common Seller Mistakes That Will Result In An Unsold Home
With the higher mortgage rates have come the initial steps of a shift in the real estate market . Whereas sellers found selling homes to be a rather easy process with multiple buyer offers in the recent past, that has changed. Buyers are being pickier with homes and some buyers have decided to wait until home prices or mortgage rates come down. Sellers need to be on top of their game when selling a home to make sure they sell quickly. Some of the mistakes noted below are things that can be avoided when listing a home for sale.
Pricing a home is both a factor of recent home sales and the current mortgage rates. Home sellers need to understand that higher rates mean buyers need to shop in lower price ranges than prior. When rates were low a buyer could afford a more expensive home since the monthly payments were also lower. As mortgage rates have moved up so have the monthly mortgage payment. A $400,000 dollar house purchased at a 3% mortgage rates results in a $1517.77 a month mortgage payment (assuming 10% down payment and not including taxes or insurance). At 6.5% that same mortgage payment for the $400,000 house is $2275.44. That represents an increase of $757.67 to the monthly mortgage payment!
A buyer who could afford the $400,000 at 3% mortgage interest rate now can find themselves priced out of the same house at a 6.5% mortgage rate. If there are no buyers of a home at the 6.5% interest rate then that means the home is overpriced and in order to get it sold the seller will need to cut the price. ...
Posted by Paul Sian on Thursday, November 17, 2022 at 7:00 AMBy Paul Sian / November 17, 20222 Comments
Tips For Selling A Home In A Buyer’s Market
The real estate market in many locales around the US shifted rather quickly to a buyer’s market with the increase in mortgage interest rates. As a result home sellers need to put in a lot more effort in order to make sure their home is sold. Many buyers have stopped looking for a home due to lack of affordability as a result of higher mortgage rates. With fewer buyers, home sellers need to provide exactly what those buyers who are still in the market want. Learn what home sellers need to do to get sold in this buyer’s market.
Get Pricing Right and Be Flexible
Pricing is one of the most important things to get right and work on getting right if it is not where it should be. Buyers look for homes that will fit their monthly budget. An overpriced house will mean buyers will walk away and look to homes that are priced within their range. An overpriced home will get little love from buyers. How a home was priced last year in a seller’s market should not control how a home is priced today. Home sales comparisons (comps) need to be very recent.
Home sellers need to be flexible with their price. Once listed the home price should not be set in stone. As buyer feedback comes in the home seller needs to keep in mind what buyers are saying. If buyers are mentioning home condition, need of updates, or some other reason that is usually a sign that the price may be high. If the home seller does not want to make updates, change appliances,...
Posted by Paul Sian on Thursday, October 27, 2022 at 7:00 AMBy Paul Sian / October 27, 20222 Comments
What Higher Mortgage Interest Rates Mean For Sellers?
Mortgage interest rates are at 14-year highs as of the writing of this article. For many buyers that means the monthly payments are too high for their budgets to handle based on current home pricing. With this market shift it means that buyers are now in control versus the past where the sellers called the shots. With fewer buyers on the market the sellers need to figure out how to aim their home at the buyers who are ready to buy.
How Is A Mortgage Payment Calculated?
In most cases when home buyers are looking for a home, they are considering the amount they will be paying monthly for a particular home. Monthly budgets by home buyer consider what they spend on car payments, food payments, utility bills, entertainment, and housing expenses. Home buyers want to keep their expenditure outflows less than their income inflows in order to avoid racking up expensive debt. Mortgage lenders calculate the pre-approval amount based on the debt-to-income ratio of the buyer to determine how much home they can afford. So while a pre-approval letter may say a home buyer can buy up to a $500,000 home, the buyer will buy based on what the monthly payment of principal, interest, insurance and taxes will be and how that payment fits within their budget.
A $500,000 mortgage with a 3% interest rate and 20% down payment results in a $1686 dollar a month payment not including taxes and insurance. With that same $500,000 mortgage, 20% down and a 7% interest rate the payment is $2661 without taxes and...
Posted by Paul Sian on Thursday, August 25, 2022 at 1:00 PMBy Paul Sian / August 25, 20222 Comments
When Should You Reduce The Price Of A Home Listed For Sale?
When the real estate market is trending up due to being a seller’s market price reductions may not be needed. In a neutral or buyer’s market price reductions will be what helps a home get sold when there is little to no activity. There are always homes being bought and sold. When a home is not selling there are a number of reasons why and price is usually at the top of that list. This article looks at some of the common signals which home sellers should use as feedback to reduce the price on their home.
No Buyers/Been on the Market Too Long
A lack of any buyer coming through to tour the home could point to a pricing issue. Active buyers will be shopping for home in their price range. As mortgage interest rates have trended up over the last few months that means buyers have to look at lower cost homes in order to get the payment that works for them. If a homeowner really needs to sell their home they need to make sure their price is realistic and priced according to what other similar homes sold for recently in the past.
The problem with recent home sales in a downward trending market is that the most recent sales may have been at a time when mortgage rates were lower or there was still strong buyer interest. Sometimes the seller’s market can flip very quickly to a buyer’s market without much notice. Sellers...
Posted by Paul Sian on Thursday, March 24, 2022 at 7:00 AMBy Paul Sian / March 24, 20222 Comments
Tips For Understanding The Listing Contract When Putting Your Home Up For Sale
When working with a real estate agent for listing a home for sale (or even commercial real estate) the agent will present the owner with a listing agreement. The listing contract provides the terms and conditions the real estate agent will use to list the home for sale on the local MLS (Multiple Listing Service) where all homes are listed by agents. Understanding the listing contract is important for homeowners since the contract will contain the rights each party has in the transaction. This article looks at some of the important areas homeowners need to be paying attention to in the listing contract.
Basic Terms of the Listing Contract
Some of the important basic terms of the contract relate to things like making sure the correct address shown, understanding how long is the listing agreement for, and is the agreed upon commission rate correctly captured in the contract? Typos happen and while not a huge deal if the house is listed as 1234 Main Street when it should be 1233 Main Street, a commission rate of 8 percent when 5 percent was agreed upon could become a costly error if the contract is ever enforced in court. Just as with any contract everyone signing the contract should be reading the language and making sure they understand what they are signing. If there are questions, ask your real estate agent or get an attorney involved if there is some language in the contract that is not understood.
Posted by Paul Sian on Thursday, January 20, 2022 at 7:00 AMBy Paul Sian / January 20, 2022Comment
When Is The Best Time For Listing A Home For Sale?
In every real estate market there are particular times of the year during which the most buying and selling activity takes place. During the peak selling season the most home buyers are out and about looking for homes to buy. Sellers can take advantage of this peak selling time by making sure their homes are ready to go and get listed for sale with the best possible marketing. This article explores when are ideal times to list a home for sale and provides some tips to get the home in great selling shape.
Peak Selling Time
As every market is different it is helpful to consult with a local real estate expert to determine when the peak selling time is for your market. In Cincinnati the peak time when the most homes are sold is the month of June. By sold that means the house purchase transaction closed and the new owner took ownership. Generally, it takes around 30 days to get a home sold from when an offer is first accepted to the date of closing. So in order to be part of that group whose home is sold in June the home must be on the market at least 30-60 days prior to that.
Once an offer on a home is accepted that only begins the process of actually buying a home. Home buyers need to perform inspections, get the home appraised, work on applying for the mortgage and more. Through this process the home buyer needs to rely on their team which usually consists of a real estate agent, home inspector, mortgage lender, appraiser, and sometimes contractors. As can be...
Posted by Paul Sian on Thursday, November 18, 2021 at 12:30 PMBy Paul Sian / November 18, 20212 Comments
Tips For Selling Your Home In Winter
Real estate is one of those things that sell year-round. Regardless if it is in the dead of winter or during the hot summer months people will buy and sell homes. Real estate does have its cycles where certain times there are more homes for sale and more buyers ready to buy. Other times, like winter, there are fewer buyers and fewer homes for sale. For those wanting to sell their home in the winter that means fewer sellers to compete with and buyers who are more serious about buying. This article provides tips for home sellers to make sure their home shines for the buyers who are out looking to buy.
Interior and Exterior Preparation Tips
If a home hasn’t had a coat of fresh paint in the last few years making sure the rooms are painted with a neutral color will help when it comes to showings. A majority of home buyers these days are looking for move in ready homes. Old and worn paint or paint that is unique to a certain decorating style can limit the buyer pool who is interested in making an offer. With an already smaller than usual buyer pool it makes sense to have colors that are neutral and appealing to all to increase the chances of getting strong offers.
The interior of the home should present well overall. That means having clean windows, clean carpets/flooring as well as clean appliances. Old worn carpets are a definite turn off to buyers. Rough and faded hardwood floors do not convey a move in ready vibe. Replacing carpets where a simple steam cleaning...
Posted by Paul Sian on Thursday, January 28, 2021 at 8:00 AMBy Paul Sian / January 28, 2021Comment
10 Smart Tips For Getting A Home Ready For Sale
With every home there are different factors that need to be taken account of due to age of the home, the current condition, and what sorts of updates if any were done as part of the consideration for putting it up for sale. When getting a home ready for sale, each homeowner must approach their home as that of a neutral buyer looking for their next home. A homeowner who loves their current home as-is is not doing themselves any favors by thinking everyone else will think the same. Today’s buyers want market priced homes that are in move in ready condition. This article looks at some of the ways home sellers can make sure their home is ready for buyers prior to putting it up for sale.
1. PROPER HOME PRICING
Pricing your home according to Cadillac standards when all your neighbors own Chevy homes will lead to failure. That kind of pricing strategy usually does not work. Even if your home does have Cadillac features compared to everyone else in your neighborhood that does not mean buyers are ready to pay the Cadillac price in a Chevy neighborhood when one street over they get a Cadillac home in a Cadillac Neighborhood. Buyers want to buy homes where other homes in the neighborhood can support the value of the home they are considering. So if the pricing of your home is out of line with that of your neighbors the chances of it selling are reduced.
Posted by Paul Sian on Thursday, August 27, 2020 at 2:00 PMBy Paul Sian / August 27, 20202 Comments
Where Should A Home Be Listed For Sale?
When putting a home on the market for sale one of the important aspects is to make sure it gets widespread attention on the internet and that it be accessible to home buyers who are looking in the area to make a purchase. The best way to do this is to have the home listed with a local qualified real estate agent who will list it within their local Multiple Listing Service (MLS). The MLS then shares that listing with many other websites (Realtor.com, Zillow, Trulia, and others) that list homes for sale. The key aspect to pay attention to is that the real estate agent is local to the property and is a member of the local MLS. This article looks at how home sales can face setbacks when they are not listed in the proper MLS.
Why The Local MLS Matters
When talking about the local MLS what that is referring to is the MLS associated with the area where the property is located in. A listing in Cincinnati, Ohio should be listed in the Cincinnati MLS as that is where Cincinnati real estate agents are also working to help their buyers and sellers. Listing a Cincinnati property in the California MLS makes little sense at all. While the property will appear in national websites that get MLS listings from all over the US they will not be shown in local websites that have only the local MLS feed.
The example of a home located in Cincinnati being listed only in the California MLS is an extreme example and unlikely to happen. What sometimes does happen though is that agents in the MLS the next region over are listing homes in their MLS rather than the local MLS since they don’t want to pay extra for the local MLS dues. The main problem with this is the local MLS has no...
Posted by Paul Sian on Thursday, July 9, 2020 at 7:00 AMBy Paul Sian / July 9, 20202 Comments
Tips For Selling A Home During A Pandemic
Due to the COVID-19 virus selling a home during a pandemic while a little more challenging is still possible. Homeowners need to protect their own health and the health of buyers while having showings. Some homeowners are using virtual showing technologies, many markets are restricting showings to no more than one buyer group at a time and shorter overall showings. Things like providing sanitizer, masks, gloves and more are more common in homes that are on the market and allowing in person showings. This article explores what home sellers need to be doing to ensure a successful home sale during the COVID-19 pandemic.
The Common Home Selling Advice
This advice bears repeating since it is important for home sellers to have their home put its best foot forward when it comes to getting buyer attention. Anything less can result in a home sitting with little attention from buyers and needing steep price cuts in order to get sold. Regardless of the current state of the economy there will always be a need for people to buy and sell homes. With internet access available at the touch of a few screens on a smart phone, buyers are savvier than ever when it comes to knowing about the price in relation to the value of a home.
Posted by Paul Sian on Thursday, June 18, 2020 at 7:00 AMBy Paul Sian / June 18, 2020Comment
Options To Consider When A Home Won’t Sell
Selling a home requires the right preparation, right pricing and marketing to help get it sold. Sometimes depending on the market or the seller’s requirement to sell at a certain price a home just may not get sold. For example during the initial COVID related lockdowns many homeowners pulled their homes off of the market and those that stayed on the market saw their showing requests drop rapidly. This article explores what homeowners can do when a home is not selling.
Take A Break
Sometimes there is a wrong time to have a house on the market and the COVID shutdowns can be a perfect example of when may not be the best time to try and sell one’s home. Many home buyers concerned about the risks of the virus decided to stay home and not look at all. Some home buyer’s also were temporarily out of work and highly concerned about whether they would get their jobs back once the lockdowns did end. The result was there were not enough buyers ready to buy and unless a homeowner was selling their house for the bottom dollar the chance of getting an offer was greatly reduced.
Other times when real estate buyer traffic slows down includes the holiday season at the end of the year and during the summer break when many families are away on vacation. These times also reflect a slow-down in general when fewer homes are selling. If a homeowner is getting very little interest during these times it may be advisable to pull the home off of the market until the market is back in the full swing of things.
Posted by Paul Sian on Thursday, May 21, 2020 at 7:00 AMBy Paul Sian / May 21, 20202 Comments
Selling A Home While Going Through A Divorce
Whether this is a change that is for the better or there are still some issues to be worked out selling a home during a divorce can be challenging. A home sale transaction is easier when all parties are cooperative with the sale, meaning the buyers and each of the sellers. In a divorce situation that can be a little difficult especially if one spouse is still holding on or wishes to take an approach that is confrontational. Whether the desire is to sell the home or for one party to keep it there are some considerations that need to be made and this article explores.
Deciding To Keep The Home
One of the primary deciding factors for keeping a home during a divorce is whether the spouse who will keep the home can continue to afford to pay for it. If neither spouse can afford to keep the home independently then the answer is to sell the home. Whichever spouse plans on keeping the home that decision must be made mutually or decided in court via attorneys.
The potential problem that comes when one spouse wishes to keep the home is that both spouses stay on the mortgage even after divorce. While a divorce agreement can specify who keeps the home and who is responsible for paying for the home the lender can still look to both former spouses if payments are stopped and the credit score of the spouse who no longer is living in the home will be effected as well. The deed which shows ownership of the home is easily changed when both parties agree to sign the document changing ownership but that does not work for the mortgage. The spouse who will keep ownership of the home can ...
Posted by Paul Sian on Thursday, March 5, 2020 at 7:00 AMBy Paul Sian / March 5, 2020Comment
Should You Sell Your Home To An iBuyer?
Many might be wondering what exactly is an iBuyer in the first place as most companies that offer the service don’t call themselves iBuyer by default. iBuyer basically is a service provided by large real estate companies that seek to buy homes directly from the homeowner. These companies imply they are making it easier for homeowners to sell their home without all the need for home preparation, marketing and whatnot. While selling to an iBuyer may indeed be easier and quicker it does not come without a cost as this article explores.
What Is An iBuyer?
As noted above an iBuyer is usually a large corporation that is looking to buy homes to fix them up and then sell the house for a profit after repairs and updates have been made. Some of the companies operating as iBuyers include Opendoor, Zillow Offers, Redfin and others. The reason for the iBuyer name is that it is internet based like other products that add the extra i to their product name. Most of these companies are using a computer generated algorithm to determine the price of a home and some might be familiar with the Zestimate that Zillow puts out for homes on their websites. The computer generated number is just that, a number based on computerized data collected from recent sales around where a particular home is. Those numbers are not always accurate and can leave homeowners confused with their over and underpricing.
Posted by Paul Sian on Thursday, February 27, 2020 at 7:00 AMBy Paul Sian / February 27, 2020Comment
Marketing Remarks To Help A Home Sell
Marketing remarks are key to helping get a home sold. While the pictures draw the buyer in the marketing remarks need to add to the whole marketing pictures so that the buyers want to take the next step and see the home in person. With more buyers touring a home that means there will be a greater likelihood of getting a strong offer. There are also marketing terms to avoid as they can turn away buyers who might otherwise be interested in the property. This article looks at what kinds of marketing remarks work for home sellers and what language to avoid.
What Should The Marketing Remarks Tell About A Home?
Whereas the pictures of a home can convey a thousand words the words from those photos still cannot convey everything. That is where the marketing remarks come in. The marketing remarks are a chance to tell potential home buyers about those things not readily seen in pictures. Have there been updates to parts of the home? Then mention that. Talk about the charm, the architecture and unique things of a home that will attract the buyer’s attention. The pictures of the backyard may show the trees but do they really show the forest and the wildlife to the nature lover? If not that is where the marketing remarks can add to the image.
Sellers should be using descriptive words that convey the openness of a house, the bright rooms and modern updates as applicable. Where the photos give a visual description the marketing language needs to provide a verbal description about the things that are fun and interesting about the home. If a home has a great kitchen and living area that makes for great parties the buyers should be told that the...
Posted by Paul Sian on Thursday, February 13, 2020 at 7:00 AMBy Paul Sian / February 13, 2020Comment
What Must You Disclose When Selling A Home?
Many states require the home seller to fill in a property disclosure form to help buyers understand the condition of a home. Lack of disclosures or intentional non-disclosure of material facts can lead to lawsuits and in the extreme can even lead to the home seller being forced to buy the home back from the buyer. So what exactly must a homeowner disclose to buyers on a home disclosure form and what are the consequences for a lack of disclosure? This article explores the answer to those questions below.
What Is A Residential Property Disclosure Form?
Most states offer some sort of standard residential home disclosure form. In that form homeowners are able to make note about the condition of things in their home like the roof, foundation, water issues, mold issues, who supplies the water, how is waste water handled, the HVAC system and more. The disclosure form is sort of like a biographical disclosure of a home listing out the condition on all the important aspects of a home that a buyer would like to know about. Many home inspectors will review the residential disclosure form to give them an idea of any potential areas they should focus on while inspecting.
Who Has To Fill Out The Disclosure Form?
While every state has their own laws (and their own forms) on who should be filling out the disclosure form when selling a home there are some general rules that can apply. If the home seller has lived in the home and is currently living in the home they should be filling out the disclosure form. If the home seller lived in the home in the past but now no longer lives in the...
Posted by Paul Sian on Thursday, December 26, 2019 at 7:00 AMBy Paul Sian / December 26, 2019Comment
For this podcast Home Staging And Selling Your Home I sat down with Jo Potvin, Owner of Design To Market Home Staging. During our conversation we discussed home staging, quick staging tips, the benefits of home staging and more. This podcast is helpful for those about to sell a home who are wanting to learn about how to best position their home to sell. The podcast was named one of the Top 5 Podcasts For Home Buyers by Investopedia.
I hope you enjoy the podcast and find it informative. Please also consider sharing with those who may find it useful.