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Archive for February 2011

10 Steps To Becoming a Savvy Home Buyer: Step 1-Additional Tips on Choosing the Right Agent

Tuesday, February 22nd, 2011
By:Vicki Holton-The Kirk Holton Team
In the first part of our series we talked about the wrong reason to choose an agent. She is your mom’s best friend from High School, You met him at your child’s soccer game…certainly these can all be ways in which you are ultimately introduced to the right agent, but be sure to do your homework.
Below are a list of attributes to consider when choosing an agent:
Possesses market knowledge
Educated
Experienced
Hard working
Caring
Diligent
Prompt
Courteous
Dependable
Knowledge of area you are focusing on (Buyer) or area in which
you live (Listing)
If you have a trusted friend or relative who has just bought a home, they may have an agent who did a good job for them that they would recommend, then interview that agent. Searching for an agent on line is also a good idea.
You might interview a few agents and see with whom you have a good rapport, check out their website, and their resume. You may want to ask
if they are a career agent or a part-time agent. You will want someone who is there for you when need assistance.  Ask how many hours a week they work and how many transactions they have per year.
Remember, this is one of the biggest investments of your life and it is important that you have faith, trust, a good rapport with your agent, and confidence in her knowledge and expertise.

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Posted in Choosing a Real Estate Agent | No Comments »

Finding a Deal in the St. Louis Real Estate Market: Buyer Tips on Finding the Right House at the Right Price

Tuesday, February 22nd, 2011

By: Katie Kirk-The Kirk Holton Team

So often buyers call to tell me that it is time to buy and that they want me to send them information on short sales and foreclosure properties. At this point, I begin by asking why it is that they want to look only at these types of properties? The answer of course is because they think they will get a “deal.” It is important that we then begin the discussion about what they define as a deal.

Short sales and foreclosures have grown to comprise roughly 30% of the homes sold in today’s market. Buyers need to know that it is not always these types of properties that offer the best discount.

Keep in mind that when dealing with a foreclosure or short sale you are dealing with banks that are trying to recoup as close to possible the current fair market value of the homes they are trying to sell. These properties are often already priced to sell. A traditional seller may price higher than market value to see if they can get someone to bite. Banks want these properties off the books sooner, than later. Therefore list price is usually priced to sell.  Some banks even have a rule of rejecting offers more than 10% below the list price.

So let’s take a look at a different category of sellers that might be more motivated, and in the end leave a buyer feeling like they got a “deal.” Who are the motivated sellers out there? Often times they are people who need to sell…moving out of state for a new job, new addition to the family on the way…people who are emotionally invested to sell. Banks as sellers lack the emotional component. Combine this with a house that has a history of being on the market for several months (high DOM-days on market) and you add to the level of motivation.

In the end, buyers should NOT limit themselves to just foreclosures/short sales. Find the motivated seller, who is emotionally invested to sell where the home has been on the market for a while. Chances are with a good Buyer’s Agent you can negotiate a sale and feel great about your purchase. Good luck!!!

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Posted in Foreclosures | No Comments »

10 Steps to Becoming a Savvy Homebuyer-The Series: Step One Choosing an Agent

Wednesday, February 16th, 2011

10 steps to becoming a Savvy homebuyer: Choosing an Agent

By: Katie Kirk and Vicki Holton-The Kirk Holton Team

Step 1: How to choose an Agent..or..how NOT to choose an Agent

If you choose an agent for the following reasons, you are possibly headed for trouble. ..

-The agent is my mother’s best friend from High School
-The agent is the mother of of my son’s best friend in 3rd grade
-The agent looks attractive and friendly in his/her ads
-The agent works out at my gym
-The agent has the same name as my daughter

Believe it or not…people have chosen agents for these reasons.  And I am sure these are perfectly wonderful people! A big mistake people make when choosing an agent is that they don’t know what questions to ask. Having the right agent with the right experience to guide you through the buying process is very important. You want to be sure you ask him or her the right questions before you begin the process.

Our  next article will be regarding the right steps toward choosing a great Real Estate Agent who will be a good fit for you. Stay tuned!

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Buyer Qualification: An Important Step in Selling Your Home

Wednesday, February 16th, 2011

Buyer qualification: An important step in selling your home

By: Katie Kirk-Kirk Holton Real Estate Team

How do you know if a buyer is qualified to purchase your home? You don’t! That is why you need an agent to help you, the seller, determine if the buyer is for real. Believe it or not, agents run into situations where they have buyers present as a person who can truly close on the property. When closing day approaches, they vanish. Luckily this is not the norm but it does happen. Sellers be aware! There are some things that your agent can do to help you make sure they are valid buyers. It is usually a good sign when a buyer is working with an agent. Most buyer’s agents do some type of initial check to make sure they are able to purchase. Buyers wandering around without an agent have not necessarily been screened on this point.

In general, it is customary for the buyer’s agent to submit a pre-approval letter with an offer for the property. If not, the listing agent should request one. This is the first step in verifying that a buyer has talked to a lender and is going through the process of getting qualified for a loan.It is not advised to move forward with anyone who can only tell you verballythat they are qualified. In the end, they should be able to provide some type of documentation that they are a qualified buyer. If it is not a pre-approval letter because they have indicated they are paying cash, they should be able to provide some documentation indicating they have the funds.

If you miss this step, you can end up at closing, ready to move on, and the buyer never brings funds to the closing table. Then you have a real mess! Believe me this happens to people because they did not follow up with making sure the buyer was qualified.

The smartest thing to do is hire an agent to help you through this important step, along with the additional steps in the process. The goal is to lead you to a successful sale. Hire a professional with the knowledge and experience to get you to closing table as smoothly as possible.

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Posted in Buyer loan pre-qualification | No Comments »

Dear Rita: Price Reductions…What is an effective percentage in my price reduction to appeal to a new buyer group?

Wednesday, February 16th, 2011

Dear Rita,

I have had my home listed for six weeks. Overall, I am happy with my realtor but she called last night to discuss a price reduction. Showings have dropped off a bit. My husband and would really only consider a 3% reduction. We talked with our realtor about this and she said it is really not worth it unless you do at least 6%. We are looking for second opinion on this issue. Any thoughts?

Sarah N.

Dear Sarah,


I have to say I agree with your Realtor. If you are getting very little activity at this point it is likely because of price. Agents don’t want to take the time to show a home that they feel they cannot sell, so they end up not making appointments. Also, buyers sometimes make offers up to 20% off the price. Isn’t it likely that if no one has made that kind of offer, then 3% is not going to give you different activity?  The whole idea of a price reduction is to bring the home to a different audience. If a property is well priced there will be appointments made. A fisherman changes his bait when the fish aren’t biting. In order to have success, he won’t sit there doing the same thing! Maybe a compromise is in order—a reduction of 4.5 to 5% would be helpful. Good Luck!
Rita the Realtor

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Posted in Reducing Sale Price | No Comments »

Top 10 Buyer Mistakes

Monday, February 7th, 2011

Top Ten Buyer Mistakes
By Vicki Holton-Kirk Holton Team

Several things that buyers do when searching for a home that can often create additional challenges…

Let’s face it….the home buying process may be new to you. It can be a bumpy road , or a smooth one, depending on how you approach it and prepare for it. Here is a list of “don’ts” for buyers put together by the Kirk Holton Team. It includes many mistakes buyers make which cause headaches, unexpected and UNPLANNED FOR costs, and negative feelings down the road as a homeowner. Above all, your first move should be to hire an excellent agent who works in the area you have targeted.
Interviewing a few qualified agents is a good idea. Read our list of dont’s… and if you see yourself here…think about it! (they are somewhat sarcastic, just for fun!)

1. charm! charm! charm!….get carried away by the decor…never mind the upkeep, size, or condition. You love it now..but the sellers possessions and decor are gone on closing day!

2. bring the 3 kids…you can chase them around the house and make a good business decision at the same time

3. Don’t talk to a lender..just call them at the last minute..after you have found the home you love ..then they can hustle for you

4. Don’t use an agent…just attend open houses and make offers..even verbal offers

5. Bring your friends and parents…they are a good sounding board… these big decisions need to be made by a committee

6. Who cares if the neighbors are sloppy ….or don’t mow the lawn, or have a car up on blocks..they seem real friendly

7. Don’t worry about crime statistics in the area

8. Don’t look into the school district

9. By all means, skip the building inspection..save some money….Uncle Bob went through and would have caught anything major

10.Forget the survey…you can see the boundary lines

The lesson…be savvy, do the research, and take the time to consult with professionals throughout the entire process. There are people who are there to be a resource for you-lenders, agents, inspectors. Utilize their expertise from start to finish!

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Posted in Buy a House | No Comments »

Dear Rita Realtor: When Should I put my house on the market?

Monday, February 7th, 2011

Dear Rita the Realtor,

This may sound like a silly question, but are my husband and I foolish to list our home  during the cold, dreary winter months? Our Realtor says we should go ahead and put it on the market, and that there are lots of buyers out there, but my tulips and jonquils are so gorgeous in the Springtime .I feel like our pretty yard would really help the house sell. Also, our pool would be open. What do you think? What is your best advice and why?

Rosie

Dear Rosie,

I appreciate your dilema. It is shared by many sellers.
The rule of thumb with buyers, however, is that spring begins in the housing market on January 1st, (weather permitting.) The Holidays are over and folks are ready to get their springtime plans in order. Plus, Real Estate is no longer such a seasonal business.  If there are ice storms/snow storms, this slows down the process…but the minute people can get out again, appointments are being made, and homes are selling.
True, your home may not show as well, but look at your competition….overpriced homes from last summer and last fall’s market…low inventory. This is an opportunity! Once Spring is in full swing, there will be many homes with beautiful landscaping and swimming pools with which you would be competing . Why not be “the only girl at the dance?”….less competition gets the job done. I had a client once who was finally ready to list her home in mid June. Guess what? She had very slow traffic because so many buyers had already bought and closed on their homes. They ended up selling in the fall. If you want to sell your home this spring, I would follow your Realtor’s advice…..as long as your home is in good showing condition, and priced reasonably, ….go for a winter listing! Good luck!

Rita the Realtor

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Posted in Housing Market | No Comments »

Four Reasons You Should Reduce Price of Your Home:Know the Signs

Wednesday, February 2nd, 2011

Four Reasons to Reduce the Sale Price of your Home, and the Warning Signs that you Should!

By:Vicki Holton-Kirk Holton Team

Many sellers feel that in the present economy, a price reduction won’t make a difference. If the folks out there aren’t buying, then they aren’t buying, this is a familiar attitude. Here are some signs that a seller SHOULD reduce the price. Maybe these signs will make sense to you. If you are selling your home, and it has been on the market for awhile, please take note.

1 )You have had very few lookers:

This is a very good sign that either the price is too high, the pictures are not enticing, or the home is not a good “drive by.”

Ask your agent for her candid opinion on these issues.

2) You have had lots of lookers but no offers:

If  30 or more people have viewed the home on appointments with agents, and not made an offer, then your price is definitely too high.

3) You can’t make upgrades:

If you have run out of available cash for paint, clean up, repairs, etc., or if your home is at the same price point but not in as good shape as the other comps in your neighborhood,  then buyers will expect you to make the home a bargain by reducing the price.

4) The competition has changed:

If your home has been on the market through the winter, with no offers, and new homes, similar to yours come on the market at a better price, then your price needs to be adjusted accordingly.

If any of these signs speak to your situation…maybe it’s time to think about a price reduction!

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Posted in Reducing Sale Price of Home | No Comments »

Dear Rita Realtor: What is the Most Important Factor When Choosing A Real Estate Agent?

Wednesday, February 2nd, 2011

Dear Rita,

I am about to put my house on the market. I have interviewed three agents and they are all experienced and very professional. Commission is not an
issue b/c they all are offering the same commission structure. What do you think is one of the most important factors when choosing an agent/broker
to sell my home?

Thanks!

Margaret J.

Dear Margaret,
Your question is very timely since the real estate market is very challenging at the moment. There are many important factors when choosing an agent. Beyond the issues of professionalism and experience, I would be very keyed into the agent’s specific experience in your area, and his/her first hand knowledge of  recent sales and active properties. A”feel” for the neighborhood is just as important as hard facts.
I also think that rapport is very important. Is he/she approachable, comfortable to talk to, easily reached  by phone or email? Are you happy with his /her demeanor, communication skills, and appearance representing you at open houses, etc. You will be amazed by the number of things you will be discussing with your agent. Is he/she too busy to attend to your needs?  to return your calls in a timely manner?  You might ask the agents for some recent references.Some of these issues seem unimportant in the beginning, but loom up as your listing continues.
In a nutshell, there is so much more to the equation of choosing an agent than price and commission. Be a diligent seller and keep in mind the tips I gave above. You will be much more likely to have a positive selling experience.
Good luck!
Rita

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