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"It's time to sell," you tell your spouse. How you approach the Selling Process is critical in this market. You may think that you are well versed on what the market will bring - you know, because you spoke with your neighbor (who's cousin just made a purchase), or maybe your hairdresser mentioned that she also has a REALTOR(R) client that talks a lot during her hair session...and, of course, your home is nicer than any others in the area. You have newer carpet and fancy wallpaper, maybe just painted with decorator colors (and wrote a big check to the decorator!)
All that is nice, but may not make your home any more valuable. Maybe more marketable, sure, but not necessarily worth more. To the appraiser, who, by the way is the ultimate decision maker, wall paper is wall paper and paint is paint. His or her approach will be this, "Will the market actually PAY MORE for this paper than the other?" If the answer is "NO", then no additional value is given. Will a buyer PAY MORE for fancy landscaping or exotic plants? Probably not. Again, increases marketability - the house will look good and likely sell quicker but not for more than the market supports. At the end of the day, when a interested buyer comes along with an offer on your home, the Lender will require the appraisal in order to be sure the bank's interest are covered - they are NOT working for the seller. And the house is still only worth what the house is worth.
But, "Let's start high and see if we can get it." Sure, you can try that - but you are also sabotaging your sale. If it's priced too high, it may scare potential buyers away. They never look at the home - and when Mr/Mrs Seller have exhausted themselves and move the price down to something reasonable, those Buyers may have already made a purchase. They are gone from the market arena. You have to also know that many buyers that are working with REALTORS(R) will have information on the market via MLS data, other sources - if a home price is skewed out of proportion, both the buyer and the REALTOR(R) may simply disregard the home and cut it from the list of possibilities right from the beginning. You never even have a chance at those...With the help of professional services a REALTOR(R) can provide, decide on a reasonable market range of your home. Add a little for good luck, if you'd like. But keep it reasonable. And, if a viable Buyer comes along, work real hard to make the deal stick. Now is not the time for the Sellers to play "Hard Ball." Don't worry, it's OK - the market is very cyclical. Sellers were in the driver's seat for a long time. It's the Buyer's turn...
Does all this mean that as Homeowners, we can't have the simple enjoyment of fancy wallpaper and new carpet? Can't have fun picking out "cool" colors for our home? Of course not! It does mean that as we make improvements or updates, we keep in mind that these improvements are for US! Just like buying an extra pair of shoes - you didn't need them but you WANTED them and made the purchase. Wear them, show them off to your friends, love them! But at the yard sale, they are just used shoes.
Happy Selling!
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Hello to All!
Great News!! This is worth the few minutes to read. Be sure to click on the FAQ link below regarding income limits - you might be surprised!!
Bush Signs Housing Rescue Law
President George W. Bush signed into law a bipartisan housing stimulus bill today that is expected to bring greater stability to housing markets nationwide. The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce the high inventory of homes currently on the market. Homebuyers will soon have access to more affordable financing and for the first time buyers (or those who have not owned a home for three years), there is a tax credit to help them enter the market. This is a major victory for consumers and our nation! Please scroll down to see other info…
***The document below is an excellent resource of FAQ on income limits. Yes, even a joint return of $150K may qualify for the credit!
The new bill will affect a great number of people - if this doesn't apply to you, please forward to someone you know. Sooner or later, everyone needs a home!
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Isn't summer the best? Certainly my favorite time of the year, especially if you have a 4 year old who desperately wants to go outside every free chance. We went to the beach last week - Anna has a hard time understanding why her mom and Annie need to check emails or answer the phone. If she had it her way the fancy blackberry would have been the sharks snack.
She had some important business to handle-SURFING! Anna's take on surfing and the young guys with the long surfboards differ. Her surf board is about 3 feet long and sometimes she likes to be pulled on it. . . Others refer to this as a boogie board. Regardless of it's correct name, she was very serious about getting out to the water AS SOON AS POSSIBLE everyday- to catch the waves.
A tropical storm was hovering Saturday. I was nervous to go out that afternoon, afraid the water was too rough, but in the spirit of a true surfer, Anna knew it was the best day to catch some waves. She was right. The water was perfect! Anyone looking for pointers feel free to contact us. (FYI she can surf in a swimming pool too!)
Lucky for me the phone is still safe and it's back to the real world. We worked alot that week-but with such great views it sure didn't feel like it! We are lucky to have a fantastic group of co-workers, attorneys, appraisers and others who were ready to help with any situation while we were gone. The break from the desk/home for a week is truely inspiring to me. I can't wait to get back to work, refreshed and focused. Ready to help sellers find buyers and vica versa! Also, thanks to all our Sellers and Buyers - from the entire group at Naylor Realty, I can say that we appreciate your confidence in us! We Love our Job!
submitted by
Christie Hargrove, Broker
ABR, ePRO
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Tips and Thoughts on Buying a New Home –
The Sampson County Version
We are beginning the second half of what was just recently the beginning of a new year! The national news has given us little reason to be optimistic about the housing market focusing a great deal of effort on the foreclosure market, inflated home prices, the realignment of the lending industry and more. Now, we have stepped into another level of turmoil by the collapse of California-based Indymac Bank. The FBI fraud investigation is ongoing to determine whether false information was given, including bad appraisals and bad underwriting – and all these combine to create the second-largest bank failure in US history.
How does this translate to our local market? Sampson County housing market, for the most part, is still steady and strong. With the media frenzy of overpriced homes, we must remember that these reports are more specific to vacation areas including California and Florida. Excellent values are available across our local market – we have enjoyed a relatively steady appreciation and our home prices are well below surrounding areas of the beach communities and Raleigh – Triangle market. Loan programs have been restructured and potential buyers may be required to have a higher down payment. It is critical for buyers to be aware of the consequences their credit scores and work history.
Although our market has slowed a bit, we are experiencing a tremendous amount of activity. Inventory is high and rates are low. Now is the best time to begin! Speak with a lender, get finances in order, do whatever credit repair that may be necessary and contact a REALTOR® to begin your search for a home. An experienced REALTOR® can guide you through the process and be ready to help in many ways – from choosing a lender, locating a home and helping you throughout the closing process.
These tips, modified from the National Association of REALTORS®, are provided to help in your search of a new home. Happy Hunting!
1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality.
2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that uch difference in price, and a good home won’t stay on the market long.
3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.
Provided by
Ann E. Naylor
Naylor Realty
Published In August edition Showcase of Homes
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So, You Want to Buy (or Sell) Your Home..
OK, you all agree. It’s time to move – Your current home is too small or large, you’ve experienced a job change or relocation. Maybe you just don’t like where you are…Whatever the reason, there are a lot of details that need to be addressed if you want this transition to be a smooth one. Utilities, school systems, postal service and more, you have a lot of decisions ahead of you.
If you are buying, let’s start at the beginning: What are you qualified for? And what is the bank going to require from you in the purchase transaction? You may have a general idea but the only way to find out this critical information is to go to your local lender – your current bank is the best place to start. You are comfortable there, you can ask the questions you may have about the loan process and you can learn the amount you can spend. Don’t stop there! Should you shop around for the best rate and loan program? Sure, there are a lot of different programs – find the right one for you. And you should feel very comfortable with your lender. Do they seem knowledgeable and have the answers you need? If not, were they quick to get back to you with information? This is important – you need to have a good viable relationship with your lender.
Qualifying will also let you know how much “cash” you need to have at closing. Closing costs are typically the Buyer’s expense and will be needed in the form of cash. That amount, along with your required down payment which is determined by your type of loan and credit, is needed at closing. Knowing this information will help when it comes time to begin your home search – you know what price range home you need to be viewing and, once you have located a suitable property, you will know how to negotiate your offer. This is the time to ask the Seller for help – rather than cutting the purchase price, you might consider asking for help with your closing costs. You may be able to get this seller concession that provides you with some of the needed funds at closing, possibly keeping your funds available for the new furniture and window treatments!
For Sellers, have you CLEANED your home? I mean Really Cleaned? Does the front door sparkle? Cat or dog odors inside? These things really DO matter! Take the time to walk through your home with a critical eye as if it’s your first visit. Ask a (honest!) friend to accompany you. What do you see? Replace broken window panes, light bulbs that no longer work, sort and pack unused items in the closets. Buyers want to look in cabinets and closets. Most people are inspired by orderliness and cleanliness; if your closets are clean, clothes sorted according to color or style and floors free of shoes and other items, you send the message that you are “in charge” of your life which also means that you have kept your home in order. Kitchens and bathrooms are critical – clean countertops, put all items neatly away leaving very little out. Don’t forget the papers and miscellaneous items on your refrigerator! You may need to pack some of your personal pictures and rearrange furniture for the best flow. I know – you like your chair over near the television for convenience but it obstructs the view and flow of the room. Remember, you are trying to make this home work for someone else – your wishes need to be secondary for this short time of marketing.
Take a weekend and work in the yard. You know that hole in the backyard that your dogs dug? Fill it in! Throw away broken and unused children’s toys. Add some nice potted plants near the porch, pool or deck – make it a space that invites people to be there. Ultimately, that is what you are trying to do – you are hoping that your home presents itself in such a way that another family feels welcome there and wants to make your home, their home!
Whether buying or selling, you may enlist the help of a REALTOR® to get the full benefit of their professional knowledge of the market and what it has to offer. With access to the Multiple Listing Service, you have the advantage of knowing all properties that are available, either as a possible home choice for buyers or as competition for the sellers. A full service broker can make the process a simpler one. I hope that this article will provide a few pointers that are helpful in getting started.
Submitted by
Ann E. Naylor
printed in The Sampson Sun, July 08
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Flamingos?
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If you've driven by the office this week you have probably
thought to yourself...."What's up with the Flamingos?"
What better time to tell our Buyers & Sellers how much
we appreciate their business and support than Valentine's? ~AND what better way to communicate the message than through Flamingos? Flamingos have been in our family for a long time. An aunt loves them, and always collected them for herself-and when her house was overflowing she started collecting them for us! Why would't you love flamingos~they are pink, they are very quiet animals and unless the wind blows them over-they are no maintenance!. We will continue to use them to send messages to the public! We're going to have fun with it! Stop by and check them out. Also, come on in and let us show you our new listings! We have listed several unique properties in the last week: a home with 10 acres, a home with water views and a full furnished home!
We hope you have a great week~Happy Valentine's Day!
We love our Buyers & Sellers!
 Ann E. Naylor
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Hello to All! As we begn a new year, we can begin with the Responsibility of Accountability. Often, we have plans, ideas, intentions of moving toward a better lifestyle - whether health, family, work or otherwise. But, let's face the truth - until we take ourselves seriously and create a certain level of commitment, we are sure to fall short. Let's start off right! Where do we begin? Great question - but it is my thought that we begin within. And consider not making the promise too large. Small hurdles are easier to clear with our sights always on the next. If your plans are for better health and excercise, why not just plan to simply get outside for a quick walk or just 10 minutes on the treadmill. Don't fool yourself into promising to lose 50 pounds - how about, "Just lose weight" The goal is tangible and as we succeed, we are likely to be encouraged to continue for more satisfaction. What are your goals? I am unsure that I have vocalized mine; however, a better work ethic is one that seems important to me. Work smarter rather than harder. Better organization skills need to be applied to my daily activities. Maybe it is possible that I spend a bit too much time looking for that file than actually working on that file! There's more where that came from. . . Oh, yeah. I want to lose weight.
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