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The way to SELL Your Home in Today’s Market Hawaii News reports that median home prices in Honolulu have recovered well relative to the rest of the United States. With many of America’s sprawling cities still feeling the effects of a dramatic decline, the value of Hawaii’s housing market has been largely restored.
What we call a short sale: A short Sale is when the homeowner owes more on their mortgage more than what the property is currently able to sell for in today’s Real Estate market place. This can occur for many different reasons. Equity lines of Credit where the homeowner takes money out of the equity of their home to pay off bills to an amount greater than what the house can sell for including closing costs. Another possible scenario would be the type of loan the homeowner took out originally that may be an Interest Only loan with negative amortization and penalty fees for pay offs, 100% loans and Option Arm Loans. The homeowner now may owe more than the home is worth and would have to actually come up with the difference in the money in order to sell their house. Short Sales are many times one of the first steps in the Foreclosure process. A Short Sale is definitely, a better option for the homeowner than Foreclosure. As a Realtor, I have helped facilitate Short Sales and work with Lenders on behalf of homeowners. The Short Sale process must be agreed to by the Lender, the mortgage holder. There is quite a bit of paperwork involved in this process where the Lender asks the homeowner to provide documentation proving their inability to keep up with the house payments. W-2’s, pay stubs, tax returns are just a few of the items needed by the Lender. Lenders work with Realtors quite often on Short Sales. Some Lenders would prefer a Short Sale rather than a Foreclosure. One very important item that all homeowners contemplating a Short Sale need to be aware of, is the difference in the amount that the Lender forgives (and some Lender’s don’t forgive), the IRS does not. The IRS considers this amount as income and you may be taxed on it. If the homeowner decides to walk away from the mortgage loan by returning the property to the Lender, it is important to know that this will affect your credit. Remember, your credit is important when attempting to later rent. If considering Bankruptcy in the form of Chapter 7 or Chapter 13, it is vital to see an Attorney who specializes in this field so that you are informed properly as to the long-term drawbacks. A very important side-note is that a homeowner going through this process is many times bombarded with questionable people who offer their services at a very hefty price to the homeowner. You need to be cognizant of this and protect yourself by making sure that you are dealing with someone who really has your best interests at heart. I would suggest that you contact an experienced Realtor that can guide you through this process. Your Realtor is your spokesperson to the Lender and can help you through this difficult time. PLEASE keep in mind that Prudential’s short sale team closes over 80% of their listings. This proves that the listing agent is the most important factor in the success of a short sale.
The success of our short sale team proves that knowing what to do can reverse the success ratio so you succeed 80% of the time instead of just 20% or so.
Hire a Professional If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on a MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. When selecting someone to represent you, interview at least three real estate professionals who are familiar with your area. Ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can they get for your home? What’s the average time their listings have been on the market? They should be able to back up their answer with a Comparative Marketing Analysis and provide the names of two or three of their most recent sellers who you may contact for a reference. Price It Right A house priced at just below market value piques the interest of real estate professionals and buyers, while overpricing chases them away. If your home is priced too high, interested buyers may never even tour your listing. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people’s interest later on. The longer the property is on the market, the fewer the prospects. Sellers beware: There are costs associated with pricing a property too high.An overpriced property will take longer to sell, and in today's market, the longer you're on the market, the less money you'll get. While you always have the option of dropping your price, pricing it right from the beginning may give you the best opportunity to market your property while it still has some sizzle, and may actually get you the best price. READ FULL STORY Get Your Home In Show-Condition Get your home in tip-top shape before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter. Touch up the paint where needed. Clean the carpet. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price). Curb Appeal Don’t overlook the outside of your property. You don’t want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) And don’t forget to put away bicycles; toys and other items that may make your property seem cluttered. Offer Incentives Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. If the buyer knows up front that there is an allowance for the worn carpet or paint, they may overlook those cosmetic flaws in order to choose their own color. You could pay for a professional home inspection or a home warranty – and, depending on your market and budget, offer to pay some of the closing costs.
Don’t be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper-hand you’ll need in today’s competitive market. For most families, selling your home is one of the biggest financial decisions they will ever make. The process can be daunting, with many important questions that need to be answered. Choosing the best Realtor to market and sell your home can make all the difference, turning an otherwise difficult, stressful process into a comfortable, informed experience that you are in control of. I analyze and determine home values in the Honolulu market every day. I can help you determine exactly what your home is worth in the current market. Then, as an experienced professional, I'll market your home and negotiate on your behalf to sell your home at the best price possible.
My goal is to make homeselling process for you as comfortable and successful as possible.
One of the reasons I am positive that I can provide you with full service is because of the strong support of my company. Prudential Locations has been a leading firm in Oahu for many years. When you agree to have me and Prudential Locations assist you in the homeselling process, we become your “Seller Agent” which means we will work for your best interest throughout the process of marketing and selling your house. Our Marketing Objectives • To sell your home for the highest value in the shortest possible time • To utilize the full resources of Prudential Locations in gaining maximum exposure for your home •To attract qualified buyers through a variety channels • To cooperate fully with the real estate community to maximize exposure of your home • To assist in all stages of the transaction, from the purchase offer through closing Our Marketing Deliverables • Competitive Market Analysis • Property Enhancement • MLS – Multiple Listing Services, Prudential relocation resources. • Professional Photos • brokersmls.com • pruhawaii.com and my personal web site: www.RealEstate-Oahu.com • Retail mall marketing • Property brochures • Call Center • Newspaper advertising • Sunday Open Houses • Weekday Broker Open Houses • Internal Company promotion • Just Listed postcards • Preliminary Title Report • Prudential Locations “For Sale” sign • Coordinate professional Inspections • Progress reports • Contract negotiations • Buyer screening when possible • Estimate proceeds • Escrow monitoring • Schedule/coordinate showings • Closing and recordation
What distinguishes Prudential Locations from others? • A strong local presence • A rich kamaaina heritage • $757 Million in Sales in 2002, over 230 Agents • Locally owned and operated. 34 + years in Hawaii • Four offices on Oahu • Offices and Affiliates on Maui and the Big Island • Leader in real estate market research and knowledge • Locations Foundation – charitable community contributions • Commitment to customer service and high standards • Agents are continually trained • Supported by 25 Managers and Coaches • Internet presence - PrudentialLocations.com and BrokersMLS.com Understanding Capital Gains in Real Estate - Profit made from buying real estate and reselling it at a higher price.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 is true with selling a home (or a second home), but there are some special considerations. What you paid for the home includes Portabox Storage is an innovative way to help our clients remove the clutter before selling their home. It’s easy, convenient and affordable storage delivered right to your home. You never have to leave your home or worry about having to rent a truck. REALTOR’S REFERRED DISCOUNT AVAILABLE CONTACT ME FOR MORE INFO or visit : www.portaboxhawaii.com |
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