Archives
February 2007
Feb. 25, 2007 - Funny Thing Happened on the Way to the Closing...
I walked into my office a few weeks ago to find an esteemed colleague in a state of total shock, amazement and disbelief. To give you some background, my colleague had a fabulous old victorian listed that was totally renovated and was truly a showcase property, except for one thing. The trees planted in the front of the house to provide privacy from the road were dead, obviously doing nothing to enhance this lovely home's curb appeal. This was discussed with the sellers, and from a conversation with them it was assumed that the trees were replaced.
In a few hours the closing was to take place on this home. Now, as a normal part of the closing process, the buyer does a pre-closing walkthrough with their Agent. In the Ithaca area, this is usually done about an hour prior to the closing, but can be done the night before. Before signing on the dotted line, the buyer and their Agent check to make sure the home is in the condition that they expect it to be, that all conveyances contracted for are in the house (stove, refrigerator, etc.), that lights are working, the appliances are working, the seller has finished moving their belongings out, etc.
The Listing Agent is preparing to leave for the closing when the phone rang. It was the Buyer's Agent. The trees which had been assumed to be replaced looked a bit odd so they took a closer look and found they were instead spray painted green! (This is most likely the seller's only claim to having any sort of green thumb, and probably index finger.) I assured the Agent that someday we would laugh about this, and a successful closing ensued never the less.
This was a bizarre occurrence and I'm not suggesting that buyers walk the property to ensure that all evergreen trees are what they seem. By and large the pre-closing walkthrough goes off without a hitch. This is presented more as a humorous aside to an otherwise normal part of the closing process. But I do take my digital camera to a walkthrough, just in case!
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Feb. 23, 2007 - Receive a CMA When You Buy or Sell
A Comparative Market Analysis, known as a CMA, is a written report that should be prepared by the Real Estate Agent and presented to a seller to help establish a listing price for their home and also prepared by a Buyer’s Agent to help the buyer determine a price to offer for a particular property of interest.
The CMA’s format varies from agent to agent and company to company, but each report should include some basic information. It should compare 2 to 5 or more properties that are currently on the market, sold within the past few years, or are under contract in a reasonable proximity to the home being evaluated. Although no two properties are equal, the comparables used should include listings with approximately the same number of bedrooms and bathrooms, square footage, architectural style, and acreage. It also indicates the number of days on the market, the original list price, and the final selling price.
When you are presented with a properly researched CMA, a seller will have a realistic idea of how much to list their house for, and a buyer will know how much to offer for a home. For the seller, there is a strong possibility that your house will sell quicker if priced within the CMA suggested range. For a buyer, having hard numbers to work with will provide the advantage of knowing if you are paying or offering too much for your dream home.
Whichever side of a real estate transaction you are on, make sure you have the hard numbers presented in a CMA before making your decision.
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Feb. 20, 2007 - Why You May Want to Wait Before Buying
I got an email from someone yesterday that is trying to decide if this is a good time for her to buy. I responded to her that it is sometimes a good idea to hold off on purchasing a home and to contact me if she needed help in deciding. I like to earn a living as much as the next person, but not at the expense of my clients! If I feel it isn't a good idea for a client to buy a home at a given time, I will tell them. When the time is right, I will still be here.
When is it NOT a good idea to make an immediate purchase? Several reasons come to mind. Here are a few:
- Your life is in transition or in a period of instability. Perhaps you are in the process of changing jobs or your current company is in a downsizing. Or you may be in the midst of a divorce and this causes a significant change in your finances, or even impairs your ability to emotionally go through the process of buying a home. These may be a good times to stay in contact with your realtor and continue to receive market updates from them.
- You won't be in the area for long enough to realize an appreciation on your home. Fortunately, the Ithaca real estate market enjoys a climate where homes traditionally appreciate more than homes in neighboring communities. In the worst case scenario, you don't have a good down payment to put on a home or you have a "no money down" mortgage. Two years pass and it is time to move. Not only do you not have any equity built up in your home, but you may not have enough money for closing costs. Again, my advice is to stay in contact with your Realtor, have them inform you of new listings that fit your criteria when they come on the market and keep you apprised of real estate market conditions.
There's no better feeling than investing in a new home at the right time. As I said before, when the time is right, I will be here.
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Feb. 19, 2007 - 4th Quarter Market Report
I've completed the statistics for the 4th Quarter 2006 sold information by school district for residential properties. Each home put on the market and each sale in your neighborhood directly affects the value of your home, so this information would be of value to you as a homeowner for assessment purposes, or for those of you buying or selling a home in the near future. Just send me a quick email with your contact information and the reason you would like this information and I'll be happy to send it to you.
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Feb. 16, 2007 - Wikipedia and other Useful Sites for Homeowners
Have you heard of wikipedia.org? It's a free Internet encyclopedia that anyone can edit and is written by volunteers from around the world where you can learn, among thousands of other topics, all about Ithaca and our various neighborhoods and outlying areas, real estate pricing and real estate trends.
The Consumer Protection Guide provides information on everything from home safety to where you can register air travel complaints (and who can’t use that?) to mold and your homeowner’s policy.
Are you a first-time homebuyer? Check out the Better Housing of Tompkins County website. The site also provides information on how to get help with home repairs, and more.
The Home Energy Saver website is a pretty interesting site and bills itself as the first web-based energy auditing tool. The site is designed to help consumers identify the best ways to save energy in their homes, and find the resources to make the savings happen.
Have you found other websites that have been helpful to you as a homeowner? Feel free to share that information with us!
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The Ithaca Area is a great place to live! This blog is designed to be a resource for buyers, sellers, homeowners, and those relocating to and from Ithaca and surrounding areas. Your comments are welcome! I would be delighted to help you with your real estate needs. Just contact me by phone (607 220-5416) or email (msnow@IthacaAreaHomes.com). And don�t forget to visit my website at www.IthacaAreaHomes.com.
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