Giving up Your Home or Proceeding with a Business Transaction?

July 4, 2011 By Jerri McCombs Leave a Comment

As a Seller you have to decide, Are You Giving Up Your Home, or Proceeding with a Business Transaction?

Are you really ready to sell?

When selling your home, you have to make a huge shift in your mindset. This home becomes a house. The difference is huge, mentally. A home has so many emotional connotations that keep us in an emotional state. The memories, the events that happened while living there all come to the surface and the thought of moving on makes the memories that much more vivid.

But in selling a home, we absolutely must dispense of the emotions. We must let go. It now becomes a business transaction, and it must be looked at from every angle as such. Pretend you are a business person selling an object. How would you approach it?

As as salesperson, you would want to see what the market would bear, what Mr. or Mrs. Consumer would pay for such an item. After all, we know that any object, large or small, has a limit as to what a consumer will pay.

We must present it in the best light possible. Surely we would not present an item for sale that was broken, dirty and ugly, hoping that the consumer would just love to buy it, clean it and fix it. Well, maybe. If it were free or something. Your house is no different. Is your house in need of repairs? Do you have a nice clean house?

Consumers today have a choice of hundreds of available homes. And with prices at an all time low, they can get about anything they want in the price range they are seeking to stay within. Doing an evaluation of the houses selling here in Henderson County, I can tell you that the ones that are selling are the ones that are clean and well maintained. Those that are ‘broken’ sit on the market.

How badly do you want to sell your home? Take a look around. You don’t have to spend a fortune to get your home in good working order. Replacing a cracked switch plate can be done for a mere .35 cents. Replacing light bulbs to make the home look bright? Under $10. That faded vinyl floor? A scrubbing and a coat of wax, under $10. Older carpet? Rent a shampoo machine and with a days work, under $50 can make the carpet look new again. Cleaning out the gutters and trimming bushes, keeping the yard mowed and tidy, just the gas expense to mow. For under $100 there are multiple things that can be done to a house to ‘spruce it up’. After working with many buyers, I have heard it all in commentary. When a buyer sees a lot of little things that need repair, they start to have huge concerns about the bigger things. Like was the heater filter changed out regularly? If they pull it out and see filth, that means that the heater has been overworked and will need replacing sooner. Think about all of those little things.

What you see

What a Buyer Sees

Price it to sell it. No matter what you paid for the house, and no matter what you have done to improve it, the only thing that matters in today’s market is what it is actually worth. Yes, I will say it, today you will loose money selling your home. Values have dropped so much that homes are at 2004 values. This is something that has to be accepted and dealt with. You must be absolutely dead on in pricing your home at it’s real value, not the value you paid. Not doing so will cost you even more in a sales price when it does sell.

Looking at this from a business standpoint, you must give your home up as accessible to any buyer that may want to see it. Can a buyer buy a product if they can’t see it, spend time making this huge decision and moving forward in a reasonable manner? If you limit your showing times, stand over a potential buyer, leave your home a mess for the buyer to walk through, what are the chances you will sell it? Make it easy for Realtors to show the house, make it easy for buyers to see the house and walk through making oohing and awing sounds, make them want to drag their buyers agent right back to the office to write up a contract. If you don’t make this happen, then you will fail as a seller. No Realtor can over come these objections (buyer or seller agents).

If you have a family, then every single person living in this home must be on board. Spouses must be aware of all of these mindsets, and just as importantly the children of the house must be on board. Rooms must be kept, and polite behaviors must be maintain if a Realtor or buyer comes through.

One of the best things you can do as a seller, is to ask your Realtor for a tour of houses that you will be competing against in this market. You absolutely must know what the market looks like from your standpoint and how it effects you, first hand. It will give you a clear understanding of the market and what you are up against. It is a reality check that will glean you so much information, and the whole family, every one involved in the selling of the house, should participate in and understand.

Remember, selling a home is a mind set that must be understood and followed though with. If you can understand that selling your house is a business transaction, you will be much more successful in getting it sold.

Filed Under: Articles for Sellers Tagged With: Home Selling, Mistakes in Selling a Home, Seller

Can you disengage your emotions?

June 13, 2011 By Jerri McCombs Leave a Comment

When you are ready to sell your home, can you disengage your emotions?

House or Home? Can you disengage?

In order to sell your home, you need to start seeing it as a house, not a home. You need to look at it as a product for sale, not something filled with emotions everywhere you look.

We buy a home for so many reasons. And over time we may have really fallen in love with it. Sometimes homes have to be sold for financial reasons. It can make the very reason we bought the home so hard to let go of. We may still love all those reasons and memories, but we just have to let go.

For most of us, the home we bought and lived in for years is full of memories. We raised our kids there, shared times with family and friends. If we were new to town at the time, it was a start of a new life. Homes can hold us emotionally in so many ways.

But when the time comes to sell that home, no matter the reason, all of the above has to be thrown out the window in order to do what needs to be done. Listing day is the day to let go of all of the emotions, and look at your house as a commodity that has to move fast. If you can engage in emotionless selling, you up the chances of selling your home tremendously because you are making better decisions.

Can you disengage your emotions? Remember that even though you are selling your house, you are not being asked to forget all of the good times you had there. Those memories will be with you forever. Disengaging your emotions is about a mind set only in regard to getting your house ready for the market, looking at the best price and then doing what is needed to get that offer so that you can move on to a new phase of your life. Disengaging is only needed in the decisions you will be making to get that process done. If you can look at pricing your home correctly, making it look market ready, and flow through the offers and closing with no emotions attached to the process, you will be in a better position to get through it with the least amount of internal struggle.

Selling a house you love is hard enough. Removing emotions as much as possible may assist you in getting where you want to be quicker as easier.

Filed Under: Articles for Sellers Tagged With: Articles for Sellers, Mistakes in Selling a Home, Seller

5 Tips for Selling Your Home Quickly

June 2, 2011 By Jerri McCombs Leave a Comment

Five tips for selling your home quickly

Are you trying to decide if you should place your home on the market? Or maybe you are in a financial bind and really need to sell your home quickly. Consider the following tips to see if you can place your mindset in the selling mode.

Tip Number One

Understanding the difference between wanting to sell and needing to sell is a distinction that must be understood right from the beginning.

Ready to sign away your home?

When you want to sell, you are really just testing the waters. You may be asking yourself what your home is worth or if you can make any money from this sale. Can you get all of those home improvement investments back?

If this is where you are coming from, then this market is not for you. You absolutely have to be realistic. Testing the waters wastes time and energy for everyone involved, and if there comes a time when you really do need to sell, then your home has been compromised with this market. Buyers tend to stay away from homes that have been on the market for long periods of time, especially when the original price was too high. Your home can become the one that Realtors pass by with the stigma of being over priced.

If, however, you need to sell, then doing your homework and starting off correctly will go a long way on moving your home quickly.

Tip Number Two

When you are ready to place your home on the market, do so with a lot of due diligence. Start off determining what the real value of your home is. Understand the current market, current values and current trends in sales.

You can read this article on the Hendersonville Market, with data going back several years. This will give you an idea of how the Hendersonville Market has been moving. It is crucial that anyone considering selling their home here understand this data.

You may need to contact a Realtor in order to collect the data necessary for your particular neighborhood or part of town. The data in my reports are for the county, and even though this is an accurate picture for the county, pockets of neighborhoods may not follow the same trends. Try to get past sales for just six months to one year at the most. Focus on your particular neighborhood or area of town. If you are asking a Realtor to come to your home, read the Market Report carefully and understand each point. Ask the Realtor about each of these key points with Market Stats to back them up. The more you know about the market, the better equipped you are for setting the price of your home to sell as quickly as possible.

Tip Number Three

Now that you are confident in the starting price you will ask for your home, you will want to take a good hard look at your home and how it compares with other homes in the same price range. Again, you should ask your Realtor for a list of homes for sale in your neighborhood, or in your homes price range, so that you can make an assessment for how you can best ‘compete’ in this market.

Keep in mind that it doesn’t matter what you paid for a home, and it doesn’t matter what you put in your home. What matters is what a buyer will pay for it in this market. That is all your home will be worth. This is a sad reality, but absolutely needs to be understood.

Tip Number Four

Welcome?

How does your home compare in ‘First Impressions’? Is your yard up to par? Is the exterior looking good? How welcoming is your home to a perspective buyer? Do they want to even get out of the car to see your home?

Inexpensive fixes can be made to the yard. For example make sure that flower beds are weeded and edged. Keep the lawn mowed and free from clutter. Trim bushes and trees where needed. These are all things that can be accomplished by a home owner with no expense, or with a landscaper for a small fee.

What does the entrance to your home say? Is it welcoming? Does it say come on in? Simple things like washing the door, or even a fresh coat of paint can do wonders. Maybe you can find a nice pot from a second hand store and place some cheery flowers in it and sit it by the front door.

If a potential buyer won’t make it through the front door, and believe me I have known many homes that buyers wouldn’t go into, then you have little chance of getting it sold.

Tip Number Five

What can you do to the interior to enhance the space in your home, and make the potential buyer want to stay?

The best investment in your money would be to hire a stager to come in and take a look at your home. If you cannot afford to invest in new things ask for advise on how to use what you have to enhance your home. Sometimes it is as simple as just rearranging some furniture and clearing some clutter.

One of the least inexpensive ways to give the home a new feel is to put on a coat of fresh paint. This may seem expensive, but if you pick the correct color and do a good job, it can really make a home feel clean and bright. If you are not good with a paint brush then hire it out, or find a friend who is really good and get them to help you. Ask a stager for advise on the best colors to use. Stay away from dark or bright colors. Use neutral colors or light pastels. Try to imagine what would go with the most color schemes, not what your personal favorites are.

Any small repairs that can be done inexpensively, should be taken care of right away. If a lot of small things are visible to a buyer, they will almost always be wondering what else is wrong. Alleviate fears right off the bat, and buyers will be more willing to continue to look.

Filed Under: Articles for Sellers

Home Owners Insurance

February 28, 2011 By Jerri McCombs Leave a Comment

Bent Tree Condominiums

I read an interesting article in a newsletter I get from AAA, A Quick Guide To Home Owners Insurance. I thought I would share some good points with you.

It started off saying that the most important thing to know was what your policy did and did not cover. I know when I went in for my policy, there were so many points that I started to glaze over the first time. Just let me sign the paperwork and get out of here! is what was going through my head. But after insuring cars and homes over the years I have gotten better at asking questions and trying to understand it all.

Most insurance will cover basics, like damage from fires, tornado’s and theft. But you would be hard pressed to find one that automatically covered any damage from flooding, hurricanes and earthquakes, acts of terrorism or nuclear meltdowns. Most homeowners are shocked after an event like this, to find they have no coverage. Know the details of what is NOT covered as well as what IS.

Some of the basics of home owners insurance:

You need to get enough insurance to cover building your home back from scratch. Always get ‘replacement value’ rather than ‘actual cash value’.

Keep an inventory of possessions, and get a rider for expensive items like furs, jewelry or antiques. This is a smaller fee than you may realize.

Check your ‘loss of use provisions’, so that you have a time frame for how long they will pay for you to rent while out of your home.

Other things that are not generally covered would be:

*Damage from poor maintenance or neglect. Always keep your home well maintained.

*Sewer back ups and mold.

*Damage caused by pests such as termites, birds or rodents, or pets.

*Home office equipment.

Consider taking some protective steps. You can document valuables and store the documentation in a different place, along with important paperwork. A banks safety deposit box is perfect.

Review your policies often

Review your policy annually to see if it still fits your needs. You may have to up your coverage, or lower it, as time moves forward. But most of all, understand what your policy does and does not cover.

While on the topic of insurance, if you have a loan on a home and are married, you may want to make sure you have a life insurance policy that will cover the amount of the loan. If your family depends on two incomes to cover expenses, the one left behind may be in danger of loosing the home due to an inability to cover the mortgage. If you already have a life insurance policy, review it annually to make sure that you have enough to cover the payoff of the mortgage, at the minimum.

Filed Under: Articles for Buyers, Articles for Sellers, Home Owners Insurance Tagged With: Articles for Buyers, Articles for Sellers, Home Owners Insurance

Equity in your home

January 1, 2011 By Jerri McCombs Leave a Comment

Equity

This is the beginning of a series on Real Estate Terminology. I think it is important that every buyer and seller have a good understanding of Real Estate Terminology on their journey though the process of buying or selling a home.

Today I wanted to start with Equity, a term everyone needs to understand.

Equity: The value of your home after the outstanding balance of any loans are subtracted. If you make a 5 percent down payment, you have 5 percent of the price of your home in equity. As you make payments toward principal over time, the equity in your home grows.

Simply stated, the way you determine the value of the equity in your home is to subtract what you still owe from what you originally borrowed. Although, over time, your equity can grow faster than what you are paying down. How can that be? Let’s crunch some numbers:

Let’s say you buy a home for $200,000. You put down $40,000. Your equity is currently $40,000. You make payments for about two years on the $160,000, and then you owe around $155,000. Your new equity is now $45,000. But let’s say that you bought this home right before the big real estate boom. After a few years, you get a new appraisal. Low and behold, the new value of your home is now $225,000 instead of the price you paid of $200,000. Now you have equity of $65,000 instead of $45,000.

This Equity thing is very important, in good times and bad. Let us say that you bought this home in the middle of the real estate crisis. Under the same scenario, when you go to appraise the value of the home, it may now be worth only $180,000 instead of $200,000. What is your equity now? It would only be $25,000. There are many variables to equity. You need to understand, not only what it is, but how it can change over time. Right now we are experiencing a lot of Lost Equity in homes all over the country.

How can equity be used?

Equity

Years ago, the way our parents and grandparents used equity was to save and pay off the home quickly to be out of debt. This gave them more wealth, as their income was staying in their pockets for other purchases, keeping them out of more debt. They were able to pay more for items with cash, rather than continuing to borrow.

Another way that people used equity was to buy a home with a modest down payment, and live in the home for about 5-7 years. They would hope that the value in the home would grow, and in most cases it did. Then they were able to sell the home for slightly more than what they bought it for. With what they had used for a down payment on the previous home, as well the the growth in value, they would then take this money and reinvest it in a slightly better home. They might do this three or four times in order to get into a home to retire into. The larger the down payment, the quicker you can pay off a home and live without a mortgage.

In more recent times, people have been using their homes as a bank. They put as little as they could down on their homes, or they borrowed against their homes equity, tapping out any equity if they needed to sell at any point. Here is another definition you should know.

Would you like to know another way to build Equity? If you are handy and can do a lot of work on a home, you may be better off getting a home that has some work to be competed. You save on the price of the home and then do the work yourself, saving hundreds to thousands. Maybe a home just needs a little cleaning and painting. Or simple cosmetic work. If you are feeling confident in your abilities, this may be a good route. This kind of work is called Sweat Equity, and is used in Habitat Homes, to keep the cost of the homes down. If this is a route that interests you, be sure that you can really do the work that needs to be done. Living under construction can be disruptive for couples if the other person isn’t handy and the work doesn’t get done. Know your limitations and be realistic.

Equity

Cash-Out Refinance:

A refinance transaction in which the new loan amount exceeds the total of the principal balance, or money still owed. It may include the original borrowing price, minus payments of the existing first mortgage and any secondary mortgages or liens, together with closing costs and points for the new loan.

The excess money is usually given to the borrower in cash and can often be used for debt consolidation, home improvement, or any other purpose. The borrower effectively borrows against the home equity.

In good times, and with a very stable job, this ‘cash out’ can become a life saver. It can also be used to upgrade the home in order to bring more value, thus growing the equity back into the home.

But this option must be used very carefully. Always talk to an appraiser prior to any work being done, to see if it will really bring any value.

Unfortunately, too many people did this and gave up all equity. This behaviour, in part, has helped push the economy further into trouble, because now, people are loosing their homes to over extending, borrowing more on their homes than the values can keep up with.

To sum up Equity, I would say that having it is a good thing, in any economy. It should be a part of anyones long term financial goals, and it should be used carefully over time.

I do hope that this post assists you in a better understanding of Equity. Contact your Realtor or Banker for more information on Equity.

Filed Under: Articles for Buyers, Articles for Sellers, Equity, Real Estate Terminology Tagged With: Articles for Buyers, Articles for Sellers, Cash-Out Refinancing, Real Estate Terminology for Buyers and Sellers

Are you selling an empty home?

December 10, 2010 By Jerri McCombs Leave a Comment

Are you selling an empty home in a cold climate? Have you purchased elsewhere, or moved for a job? Left your old home empty? If so there are some things you should know.

Having a neighbor keep an eye on your home is a great way to make sure that if something happens, it gets attention fast. Make sure that they have a key so that they can enter and do a periodical walk through. Have them check all windows and doors to ensure that they are all locked. Have them keep an eye on the thermostat, so that the AC or Heat are not running too much. This will save you money on utilities. If you have the home listed with a Realtor, be sure that they can come by frequently to perform this same walk through.

The biggest issue this time of year, is winterizing your home, if you haven’t already. If you haven’t drained the pipes and added an anti-freeze liquid for pipes, then you may have a broken pipe causing some serious damage. You should get a professional to come in and do this the correct away. If you can, keep the utilities on, so that you can run the heater at 50 degrees. This will also avoid freezing pipes. Another thing you can do is leave all of the cabinets doors open that have pipes under sinks. This will allow warmer air to circulate within them, and keep your pipes warmer.

Keep in mind that insurance companies charge more for an empty home for the above reasons, as well as more of a likelihood of break-ins, and issues that are not immediately found, resulting in bigger damages. Some companies won’t even insure an empty home, so know what rules your insurance company has in place.

Winter In Western North Carolina

We have had a shift the last few weeks to abnormally low temps and this can mislead people who think we have a mild climate. You absolutely must take precautionary methods to protect your home. Don’t be one of those people. Broken water pipes can cause damage not only in your home, but if you are in a condominium or town home and have an upstairs unit, you can also cause damage to other units. Always be extra careful when winter comes.

With a little preparation, preservation of your home can be an easy task. Do your homework, and keep a major disaster from happening.

Filed Under: Articles for Sellers Tagged With: Hendersonville NC Mountain Properties, Mistakes in Selling a Home, Seller

HOW TO CARE FOR YOUR SEPTIC TANK AND SEPTIC SYSTEM

October 29, 2010 By Jerri McCombs Leave a Comment

I found this great article from the Henderson County e-Newsletter for November

that I received today, and I thought I would share it with you:

HOW TO CARE FOR YOUR SEPTIC TANK AND SEPTIC SYSTEM

by Scott Foster, Environmental Health Specialist

If you live in a rural area, you probably have a septic system

instead of a sewer connection. Taking care of your septic system

isn’t difficult because modern systems function efficiently when

you follow a few basic guidelines. Put these tips to use for a clean

trouble‐free septic system.

 Divert Rainwater from the Septic Drain Field

‐ A soggy drain field won’t absorb and neutralize liquid waste.

Plan landscaping, roof gutters and foundation drains so that excess

water is diverted away from and now across the septic drain field.

 Don’t Overload the Septic Tank and Drain Field

‐ Routinely check faucets and toilets for leaks; make repairs if

necessary.

‐ Use aerators on faucets and flow reducer nozzles on showers to

help lower water consumption

‐ Reduce water levels for small loads of laundry.

‐ Wait until the dishwasher is full to run it.

‐ Use a displacer to reduce the amount of water needed to flush

the toilet.

‐ Replace toilets and washers with low flow (low water use)

models.

 Keep Trees Away from the Septic System

‐ Discourage root damage by keeping trees at least 100 feet

away from the septic system.

‐ Trees with very aggressive roots, such as willows, should be

even father away from the system.

 The Toilet Isn’t a Garbage Disposal

‐ Never flush cat litter, disposable diapers, sanitary napkins,

tampons, paper towels, facial tissues, coffee grounds, or cigarette

butts and filters. They’ll clog your septic tank in less time than you

might imagine.

 Minimize Heavy Duty Cleaners

‐ Overuse of heavy cleaners kills beneficial bacteria in the septic

tank, so solids won’t break down as well.

 Do Not Pour Grease Down the Drain

‐ Grease can clog the septic drain field, making it impossible for

soil to absorb liquids.

 Avoid Hazardous Chemicals

‐ Varnish, paint thinners, motor oils, gasoline and other similar

chemicals can ruin your system and are a hazard to groundwater.

Dispose of them properly.

 Protect the System from Damage

‐ Do not drive over the drain field; build a structure on top of it,

or cover it with concrete or asphalt.

‐ Do plant grass on the drain field to minimize soil erosion.

 Perform Regular Maintenance

‐ Solids must eventually be pumped from the tank. Many experts

advise a family of four with a 1,000 gallon septic tank to have the

tank pumped after 3‐5 years of full time use. Other experts say you

can go much longer between pumping operations.

Filed Under: Articles for Buyers, Articles for Sellers, Henderson County Septics and Wells Tagged With: Articles for Buyers, Hendersonville NC Buying a Home, Seller, Septic Tanks Henderson County NC

Foreclosure Freeze: What Does it Mean for Homeowners in Hendersonville, NC?

October 20, 2010 By Jerri McCombs

Foreclosures in Hendersonville NC

Foreclosure Freeze: What Does it Mean for Homeowners in Hendersonville, NC?

You may have heard that Bank of America, Ally Financial (formerly GMAC), and JPMorgan Chase have all temporarily suspended foreclosure proceedings to investigate possible problems with mortgage documentation. Bank of America froze foreclosures in all 50 states, but recently announced they will move forward in the 23 states that resolve foreclosures through their judicial systems. Ally and Chase have continued to halt proceedings in these states.

For homeowners having problems making mortgage payments, this may seem like tremendous opportunity to stay in their homes. The unfortunate reality is that the foreclosure process will start again, and for those facing foreclosure, the real opportunity lies in the extra time to find better alternatives. You must understand that a freeze on Foreclosures does not mean you are no longer in Foreclosure.

The first step to take during this opportunity is to contact an educated real estate agent as soon as possible to learn about options. With this extra time, you will be able to look into alternate options that may be a better solution to Foreclosure.

For homeowners who owe more on their homes than what they are worth and don’t know what to do, I can help provide alternative options for you during this time of uncertainty. Together, we can take a proactive approach to a situation millions of Americans are facing everyday. We can use this extra time for developing a strategy to get past this time of distress, and move toward a brighter, more stable future.

If you are in foreclosure and your loan is frozen, give me a call so we can talk options.

Filed Under: Articles for Sellers, Foreclosure Tagged With: Hendersonville NC Foreclosures, Seller

The Number One Mistake in Selling Your Home

June 30, 2010 By Jerri McCombs Leave a Comment

Here is the Number One Mistake for Selling your Home in any Market

Are you planning on playing the interview game? You know what I’m talking about. You interview ten agents and wait to see who will put the highest ticket on the home you need to sell. Well, if that is your plan, this article is for you.

Lets ask ourselves what your home is REALLY worth? How do you really know?

The first place to start is to look though the sales, preferably for the last three months. But if sales are slow, you may have to look back six months. If you live in a neighborhood or development, then it is even better. Gather all of your data and start comparing that data to your home. You should only look at sold homes that have the same number of bedrooms and bathrooms, and square footage should be within 10% in either direction. Then you need to consider acreage, and it should be similar. Does your home have a garage and is it attached or detached? Has the kitchen been upgraded or not? How does it compare to those sold? What about the bathrooms? Do they compare? Now you can see it starts to get complicated. Comparing apples and oranges is sometimes tricky. How do you adjust for these differences? So you sift through the data and see what might be a good price based on sales of the near past.

Let’s get something straight right now. It may sound harsh, but in reality, it does not matter what you paid for the house, and it doesn’t matter what kind of money you have put into the house. What matters is how your house compares to what others like it have sold for, and what others are selling for. So there you are. Harsh Reality. Sorry about that, but it is true.

But wait, is that all? No it is not. Next you need to see what you are up against. You need to know what similar homes to yours are currently priced at. You really need to actually go to these homes and see them for yourself, see the competition and ask how your home compares to what is out there. You have to ask yourself, not only how does my home compare to these homes already on the market, but how does my starting point number compare to their already out there prices. And you absolutely must see it from a buyers perspective, not a sellers.

Let’s look even further. You see a home very similar to yours and they are asking about the same price as you had decided to start with. They are very similar. What should you consider next? You should definitely look at how many days the house has been on the market. This will tell you whether the price it too high. If the home just came on the market, then it confirms your price. But say it has been on the market for 6-8 months with no price reduction. Then this tells you that maybe the price should come down.

Now here is another wrench to throw in the fire. Do you know what the List:Sell Ratio is? And what does it mean? Well, the ratio is what percentage of the listing price did the house sell for. If you see a number like 97%, this means that, on average, homes are selling for about 97% of the listing price. It changes with time. In the boom, here in WNC homes were selling for 97-98% of the listing price. And in very rare cases, you would see 100% or even 105%. A real bidding war. But in this down market it has dropped here to 92-94% depending on the month. You need to know that as well.

So what does this tell you? It tells you that the lower the percentage number in the ratio, the more homes are either over priced, or the less buyers are willing to spend for homes. Both are true. Remember, always look at things from the buyers eyes.

You can see that there are many aspects to listing your home at the right price. You need to get all of the facts and you need to know they are backed up by data, not just a number pulled out of the air to get the sale.

If you really have to get your home sold fast, start interviewing Realtors, and wait to see what they pull out when they come to your home to discuss the price. If they don’t talk in these terms, if they don’t know answers to any of these items, you may want to pass. The real reason for paying a Realtor is to sell your home as quickly and as painlessly as possible.

An over priced home will sell last. Even if your price comes down, buyers will look at days on market and wonder what is wrong with your house. The longer it is on the market the longer it will take for a buyer to trust it, no matter the price. And if they do see that it is a good home, the days on market can be like a frenzy feeding for deal seekers. They will lowball an offer on a home with high days on the market like flies on death. I have actually had buyers who will only look at high days on market, and put in lowball offer after lowball offer until someone gives it up. Is this where you want to end up?

The fact is, the market’s future is still unknown. I am a glass half full person myself and try to be up. But in this market, we still really have no idea if the market has bottomed out or not. Values may continue to drop and they may level off. We won’t know until we are there. If you can be objective, look at this as a business deal with no emotions attached, and start off correctly, your home may actually sell faster than the norm.

Ready to sell?

What is happening in our area of Western North Carolina? Since January of 2010 to date in Henderson County, our days on market have averaged 187. Our average LIST:RATIO has been 93%. What does this tell you about pricing your home? Ask yourself how many days/weeks/months you have before you are over your head. How long do you want to keep your home clean, and deal with people coming though at the last minute to look and pass because it is over priced? And knowing that homes are sitting on the market for long periods of time, how aggressively will you price that home so that it will sell? How many months can you carry a mortgage you can’t afford?

If there is one thing I have learned in my years in Real Estate, it is that a home is ultimately only worth what a buyer will pay for it. If you could step back and see it for what it really is, what would you pay for your home in today’s market? I mean really pay.

Filed Under: Articles for Sellers Tagged With: Mistakes in Selling a Home, Seller

Septic Tanks and What They Mean to Buyers and Sellers

June 25, 2010 By Jerri McCombs Leave a Comment

Take Care of Your Septic

As a buyer, when you look at a home, you really should understand the importance of septic systems. If the home is not on city water and sewer, then you will be responsible for both. It could mean a lot of money if you do not do your homework and understand its importance.

With a septic tank, you will need to know if the system was approved by the Department of Health when it was installed. If the listing agent does not have the information for you, you and/or your buyers agent need to contact the Health Department. In Henderson County this will mean a trip to the building located at 1200 Spartanburg Highway.

Henderson County Department of Health

You will want to go to the door for the Health Department, on the right side of the building that is facing Spartanburg Highway, and then follow the hallway all the way to the back, to the door marked:

and talk to Fran. You will need to know the property pin number or the name of the person who ordered the system. This can sometimes be tricky. It may have been put in the name of the installer instead of the owner of the property, or the original owner may have been too many owners back to locate. If this is the case, the records may be lost.

But if you are lucky enough to locate the records, then you will have an approved system. Congratulate yourself. This is the best case scenario. You will get a copy of the record, which will be a nice map showing exactly where everything is. There will be measurements and you will be able to walk it off and know where on the property it is, and where it is situated in relation to the house and the well. This is invaluable.

You must understand where the leach field is situated, and you must never drive on it. This will result in compaction of the soil on the drain pipes and the system will not drain properly.

If you do not locate a mapped permit from the Department of Health, do not lose heart. You can have the system inspected by a certified septic inspector. This involves having the tank located and sucked out (I know…) and cleaned. Then it will be inspected for size and to see if it is draining properly. Systems are sized by the number of bedrooms the home has. So you will need to verify if the system was sized properly for the home it services. I would advise this for any buyer, even if the system does have a permit and is older than 10 years. A lot can happen in that time. Usually an approved system has few problems. They are really built to last. But for peace of mind, I still advise it.

Reading up on Septic Systems and how they work is a really good idea. You can find all kinds of links online. If you buy a home with a septic tank, be sure you understand how they work and how to maintain one. You will need to understand what you can and cannot put down the pipes. It is very different from a city system.

As a seller with a septic tank on your property, you may want to have this information available for a potential buyer. These issues are a big deal, especially to a first time buyer. If you do not have it, you will want to get it. The more information you have to put a potential buyers mind at ease, the better. If you do not have the paperwork, you may want to be pro-active and get the tank cleaned and inspected. It will show potential buyers good faith. Either way, in this area it will cost between $250-$350.

With a little due dilegence on both sides, there should be no serious issues in moving forward.

Filed Under: Articles for Buyers, Articles for Sellers, Henderson County Septics and Wells Tagged With: Home Buying, Home Selling, Septic Tanks Henderson County NC