Many people ask us whether they should hire an agent to sell their home or whether they should first try as a For Sale by Owner (FSBO). In today’s volatile market, we believe this is an easy decision: you need an experienced professional!
You need an expert guide if you are traveling a dangerous path
The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a buyer willing to pay fair market value for your home at a time that there are mass inventories of foreclosures and short sales will take a true real estate professional. Finding reasonable financing can also be tricky in today’s lending environment.
You need a skilled negotiator
In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands of dollars. Each step of the way – from the original offer, to the possible re-negotiation of that off after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.
Realize that when an agent is negotiating their commission with you, they are negotiating their own salary; the salary that keeps a roof over their family’s head; the salary that puts food on their family’s table. If they are quick to take less when negotiating for themselves and their families, what makes you think they will not act the same way when negotiating for you and your family? If they were Clark Kent when negotiating with you, they will not turn into Superman when negotiating with the buyer or seller in your deal.
Bottom Line
We believe that famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.
by admin on April 28, 2011
The slopes have closed (except A basin and Loveland) we are getting days of warm weather in the 50′s and snowy days in the 20′s. The town is clearing out and mud season is about to start in a week or so. Many businesses closed during May and others stay open and offer specials like 2 for 1 dinners. We had an amazing ski season with over 500 inches of snow and great tourism because of the heavy snowfall. Many sellers are starting to put their properties on the market now that rental income is over for a few months. It’s an excellent time to look for great deals as they are out there!
by admin on April 12, 2011
In an effort to keep my readers up to date on market and real estate finance, I consider this post essential for people that are on the fence about buying real estate. Many changes are coming and most are not good for buyers. Here are 4 reasons you might want to consider buying now and not waiting.
1. INTEREST RATES ARE GOING UP- The rates have increased about 3/4 of a point in the last six months. Experts in finance expect rates to continue to rise through this year. When buying there are 2 factors to consider. Interest rates and prices. Even with prices softening in some parts of the country, if interest rates rise, it may be less expensive to buy now rather than wait.
2. 30 YEAR MORTGAGE MAY DISAPPEAR- The federal governments role in providing support for home ownership is being discussed and debated. If Fannie Mae and Freddie Mac’s roles are eliminated or limited, it may mean the end of the 30 year mortgage.
3. QRM REQUIREMENTS COULD BE MUCH MORE STRICT- QRM’s are Qualified Residential Mortgage. Here are some of the changes being proposed:
a) Certain mortgage types would be eliminated
b) You would need a minimum of a 20% downpayment
c) You will need a minimum 690 FICO credit score.
d) The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36% with debts)
There will still be FHA type loans available for buyers that can’t or don’t qualify under the new guidelines but they can expect the costs and rates to be higher.
4. RENTS ARE EXPECTED TO INCREASE- The supply of available rentals is decreasing and demand is increaing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quoted a report by Reis, INC: Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.
by admin on February 21, 2011
Currently there are 849 listings in Breckenridge for the week 2/13-2/19/2011. For the week there were 42 new listings, 24 new under contracts and 16 properties sold and closed. We are seeing much more activity as interest rates are starting to climb.
