Wilmington Real Estate

I heard this parable today and thought it was perfect with everything we have been hearing about the Real Estate Market lately.

This is "The Hot Dog Parable"...

There was a man that lived by the side of the road and he sold hot dogs. He had eye problems so he did not read newspapers nor did he watch television. He sold good Hot Dogs.

He put signs up along the road to advertise his good hot dogs and he stood by the roadside and cried "Buy a hot dog?". Business was good, people bought hot dogs. He increased his meat and bun orders. He bought a bigger stove and finally he got his son home from college to help him with the family business.

When his son came home, he said "Father, haven't you been reading the newspapers? The stock market is falling, the economy couldn't be worse!"

The father thought,"My son has been to college, he reads the newspapers, he watches the news, he is an educated boy. If the economy was bad he would surely know." So the father took down his signs, he no longer stood by the roadside and cried "Buy a hot dog?".

His hot dog sales fell almost overnight.

"You're right son," the father said to the boy. "The economy is horrible."

I heard this parable today and thought it was perfect with everything we have been hearing about the Real Estate Market lately.

This is "The Hot Dog Parable"...

There was a man that lived by the side of the road and he sold hot dogs.  He had eye problems so he did not read newspapers nor did he watch television.  He sold good Hot Dogs.

He put signs up along the road to advertise his good hot dogs and he stood by the roadside and cried "Buy a hot dog?".  Business was good, people bought hot dogs.  He increased his meat and bun orders.  He bought a bigger stove and finally he got his son home from college to help him with the family business.

When his son came home, he said "Father, haven't you been reading the newspapers?  The stock market is falling, the economy couldn't be worse!"

The father thought,"My son has been to college, he reads the newspapers, he watches the news, he is an educated boy.  If the economy was bad he would surely know."  So the father took down his signs, he no longer stood by the roadside and cried "Buy a hot dog?". 

His hot dog sales fell almost overnight. 

"You're right son," the father said to the boy.  "The economy is horrible."

First Time Home Buyer's Guide to Real Estate

by Kinan Beck

When you set out to buy your first house, you certainly want to buy a piece of real estate you can consider to be "home" and not just an investment. At the same time, the best real estate purchase is one that can fill both of these roles. Therefore, when you begin the search for your home, there are a few things you should keep in mind in order to make the best purchase possible. These include:

• location,
• house size and
• lot specifications.

By carefully considering these three areas, you will be more likely be happy with your real estate purchase for years to come.

Considering the Location

Everyone has heard that location is the most important aspect of real estate – and for good reason. After all, if the real estate you buy is in a poor location, you are not likely to be happy living there and you will have a difficult time selling the property later.

When considering a piece of real estate, you will want to look into the area's crime statistics. Just looking up the numbers for the area is not enough, however, as this does not paint a clear picture of the specific neighborhood you are considering. Find out as much as you can about your neighbors before moving in, as living next door to the wrong people can make your life miserable and can significantly decrease your property value.

You can learn more about your neighbors by driving through the neighborhood at night on a couple of different occasions. You can also ask your local police station to provide you with a list the calls they received within a one mile radius of the home over the past two years. This list will tell you when the calls where made, where the police were dispatched and why they were called in the first place.

Considering the Size of the Home

The size of the house you are looking to buy is another important consideration. Obviously, the houses in the neighborhood will vary somewhat is size, but most should be pretty similar. When it comes to resell value, you don't want to buy the largest home in the neighborhood. Because, if the homes around the one you are looking to buy are smaller than yours your home most likely will not appreciate in value as quickly. At the same time, purchasing a home that is smaller than the other properties in the neighborhood will help to increase its value faster. Of course, you need to purchase a home large enough for you and your family. Therefore, when making your decision, you will have to weigh your needs against the potential resale value of the home.

Considering the Lot

Although most of the value of your real estate purchase will be tied up in the actual home, you certainly want to consider the lot as well. Don't worry too much if the lot does not have a great deal of landscaping done to it. You can add your own landscaping later, which will give the value of the home a nice boost. More importantly, you want to select a lot that is not overly crowded, oddly shaped or situated in a strange position. All of these factors can make it more difficult for you to sell the home later.

When you buy a house, you definitely want to get a place you can call "home." At the same time, you want to shop smart and purchase a piece of real estate that will increase in value and serve as a wise investment.

With so many houses on the market, what can you do to help your home stand out?

There are many inexpensive things everyone can do to make their home more desirable to buyers.

Start with the front yard, buyers need a reason to want to see more:

• Sweep all the walkways and sidewalks.
• Remove toys, bikes, etc.
• Park extra cars away from the property.
• Clean the gutters.
• Trim the shrubs.
• Mow the lawn and plant flowers.
• Clean the windows.
• Fresh paint and hardware on the front door is a welcoming and simple improvement.

Inside the house:

• Clean everything, kitchens and baths should shine.
• Remove clutter. Decide what you need, store everything else somewhere else. Try to avoid moving everything to the garage or attic.
• Paint walls and trim. (Neutral colors are best)
• Clean rugs and carpeting, if it is very worn or damaged consider replacing the carpet.
• Regrout tile.
• Clean pet areas.
• Straighten closets.
• Open the drapes and turn on all the lights.
• Putting fresh flowers around the house add a nice touch.

The bottom line is people are still buying houses.  Buyers have the luxury of taking their time to decide and they can be picky.  With so many houses for sale the chance of getting someone to come back are slim.  In today's market you may only have one chance to make a lasting impression.  

I found some helpful information for getting your house ready to sell at RealEstateABC.com

Are you considering For Sale By Owner? If so, I commend you on making the decision to save money. Selling a home takes a lot of work. It is not my intention to talk you out of selling your home, but to give you enough information to make an informed decision.

For Sale By Owner is very possible. I sold my house For Sale By Owner before I became a Realtor®. Before you decide to sell on your own, ask yourself a few questions:

• How well will I handle other people criticizing my home?
• Will I be available to show my home, when the buyer wants to see it?
• Can I negotiate price without taking low offers as personal attacks?
• Am I able to handle the contracts, inspections, etc that go along with the sale of my home?

Did you answer yes to all of these questions? If so, you may be someone that can successfully sell your own home. If you answered no to any of these questions, you might consider having someone help you with the details or enlist a Realtor® to help. I would appreciate the opportunity to show you my marketing plan for your home.

Want to sell on your own? Do you want to cooperate with Realtors® with potential buyers for your home? If your decision is to sell on your own, do not be discouraged if it takes longer than expected the average time on the market is 90 days.

I have a webpage dedicated to For Sale By Owners in the Wilmington, NC area. If you would like your home to be included please contact me at (910) 431-5686 or MichelleRoberts@RealExit.com for details.

Please note I do not represent the Sellers in For Sale By Owner transactions. Please review Working with Real Estate Agents, for more information.

There are more than 3,700 houses for sale in New Hanover County, what can you do to help your home sell in this market? ….you can start with price. Buyers will not even look at your house if it is not in their price range. What is the first thing you tell a Realtor® when you are looking for a house? Is it price?

The single most important factor when selling your house is price. “Pricing your home is a balancing act. You want the highest price possible but do not want your house to sit on the market ...” (Realtor® Magazine Online)

How do you price your house? A good starting place is the recently sold houses. I recently read that the current time on market is 94 days. If you can wait that long price you home accordingly, if you want to sell sooner price your house a little lower, etc.

Competitive prices attract qualified buyers. Serious buyers that are looking for good deals will not view your home if it is overpriced. By the time you decide to reduce your price it may be too late and/or buyers may become wary about the price reduction. Not to mention, more Realtors? will put forth the effort to sell a well priced home. Remember the agent’s duty is to protect the interests of their client, if your house is overpriced, a Realtor® will advise accordingly.

Selling your home can be a very emotional experience; a Realtor® can help guide you through the process.

There is a good article by Marcie Geffner at Realtor.com  http://www.realtor.com/Basics/Sell/SetPrice/Price.asp?poe=realtor