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February 2008
Buy a home and you may experience an unusual real estate malady. This strange condition tends to strike within twenty-four hours of signing a purchase contract, yet when left untreated, usually disappears within a few days.
What is this mystifying ailment? Known by two names - “first-night jitters” and “buyers' remorse,” it is a state of mind sometimes marked by confusion, doubt, and anxiety.
Buying a home involves emotionally charged situations. Decisions about location, style and size home required, and price may require intense reflection.
The home search itself can take weeks of looking, inspecting, and deliberating, and compromises may be necessary. Family members may not be in total agreement. Nevertheless, a firm choice is made and a purchase contract negotiated and signed. What happens next, however, can be unnerving.
With a solid contract in hand, the buyers may almost immediately begin questioning their purchase. Is the home large enough? What if the loan isn't approved? Was that other home a better buy?
Those questions, accompanied by feelings of doubt, are quite normal. Buying a home is a big decision, and getting the “jitters” should not be cause for alarm. If questions persist, buyers should ask the agent for clarification. The best cure for buyers' remorse is to relax and look forward to the move!
2:29 PM - Feb. 29, 2008 - {0} -
View more entries tagged with: Buyer Remorse
Two situations have left many homeowners insured for less than their homes are currently worth.
Many homes today are priced at higher levels than they were just a few years ago. In addition, homeowners have poured a great deal of money into their homes for everything from backyard decks to new kitchens and bathrooms.
In 2005, an estimated $155 billion, up 27 percent from the previous year, was spent on home improvements in the U.S. With the cost of lumber, building supplies, and labor increasing by about 7 percent last year, the value of improvements in 2006 would be even higher.
People who haven't updated their insurance policies could be in for a nasty surprise if they have to make a claim. A survey by Marshall & Swift/Boeckh, a firm that supplies building-cost data to insurers, shows that 60 percent of homes are undervalued for insurance purposes. The average homeowner could rebuild about 80 percent of his or her home.
Robert Dowdell, CEO of Marshall Swift/Boeckh, says: "The most typical type of underinsured homes are older homes because the cost of reconstructing an older home is just more expensive than a modern home."
Dowdell contends that most homeowners get hit when they haven't changed their policies for more than five years or they remodel without updating their insurance. Plus, the old-fashioned "square foot" formula, where you simply pay by the size of your house, doesn't work for today's customized homes. The amount of coverage you need also depends on what your personal property is worth.
Call me today to arrange for a Replacement Cost Appraisal of your property. As a state certified residential appraiser, I am trained and experienced in these type of appraisal assignments, and I'll give you peace of mind knowing that if you suffer property damage or loss, you'll have the right amount of insurance.
1:56 PM - Feb. 22, 2008 - {0} -
View more entries tagged with: Property Insurance
Vince Kleinknecht, Realtor ®, licensed appraiser, and manager of Peddicord Rice Auction Realty in Dresden, joined with hundreds of top real estate agents around the country to write “Real Estate in 2008” in less than a month.
“Real Estate in 2008” (www.realestatein2008.org) helps buyers, sellers, and agents succeed in a challenging 2008 market by providing hundreds of ideas from top agents. Chapters include ideas on how to find motivated buyers, how to help buyers to buy, how to guide sellers to price/position their homes, and other creative ideas from all around the country. These are ideas from top real estate agents who collaborated in an industry-wide effort which was launched during the National Association of Realtor’s (NAR) conference in November 2007.
Vince provides a number of ideas as to why buyers should buy in 2008 and how sellers can prepare, price and position their homes to be sure they get sold in 2008. “Sellers must present the best possible product to the marketplace,” said Vince. “High inventory and a finite amount of buyers equal a very competitive market into the foreseeable future.” Vince adds “For buyers, there is no better time to invest than today. Interest rates are low, and selection is at an all time high.”
“Vince contributed some great ideas to the book and shared his knowledge with other agents and consumers,” said Steve Kantor, President of Best Agent Business and author of Billion Dollar Agent – Lessons Learned. “Hundreds of top agents around the country brainstormed and contributed ideas to write Real Estate in 2008 in record time. We wanted to help agents, buyers and sellers make the most of the 2008 real estate market.”
Vince Kleinknecht has been a Realtor for 21 years and is with Peddicord Rice Auction Realty. His website, www.kleinknecht.net, provides detailed information and buying and selling tips for the area.
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