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10 Ways To Make Your
Home More Salable
There's little doubt that the real estate marketplace is now in transition. Sale volume has begun to weaken and in many markets the days of quick sales and multiple offers are going or gone.
"The cooling from overheated sales conditions in recent months is helping to bring inventory levels up to the point where buyers have more choices than they've seen in the last five years," says David Lereah, NAR's chief economist. "Annual price appreciation is still running at double-digit rates, but the cause of those sharp increases is going away. As the market readjusts, price appreciation should return to more normal rates of
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growth this year."
Translation: Homes are not selling as quickly as before -- that's good news for buyers. Sharp increases in value are moderating -- that's also good for buyers. Values are not falling -- that's great news
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Hold Emotions at Bay During Real Estate Transactions
Buying or selling a house -- or at least the decision to do so -- is fraught with emotional bombshells. As you approach the prospects of buying your next home or investment property or selling either, for that matter, keep in mind that you're about to go through a Grand Canyon of emotional ups and downs.
One sales training website I came across says, "People buy products to gain emotional rewards and justify buying with logical reasons. Your ad copy must trigger emotion(s) that will persuade your prospects to buy your product."
Having spent a few years in various sales positions, I can tell you the above is very true. The reason people buy a lot of products is because of the emotional factor. A University of Florida study on emotions and their effects on the buying process, headlined that "Americans More Likely to Let Their Emotions Do the Buying." The study contends that "emotions were nearly twice as important as knowledge in buying decisions."
In fact, sales training courses have
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Pricing as Much Art as Science
Pricing property can be more art than science in today's market. New home builders probably have the easiest time of it -- at least without shocking the buyers -- because everything is new. There are no bare areas in the carpet, fingerprints on the appliances, nicotine stained ceiling tiles in the rec room -- and definitely no cat and dog odors that are promised to be dealt with by installing new carpet after the buyer moves in.
With resale homes, the first weapon to use in the battle to sell the home is to price it correctly. The challenge for sellers is that they want as much as the last sale, however, in today's market that's not as guaranteed as it was a year ago. The seller can still walk away with hundreds of thousands of dollars in gain, but maybe not the absolute highest amount of gain ever in the community.
Thus, pricing is the key. There are only a few ways to price a home for sale and sellers who don't want to wait around on the sale of their home need to adapt to the accepted modes of pricing and get over the fact that their house may not be worth as much as it was 12 months ago.
The first model is probably the most popular -- the comparable. By pulling up only the sales of your particular model, the Realtor can determine a trend price for your home. The challenge in a slowing market is that your particular model may
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Self-directed IRA and IRA LLC for Real Estate
Many people are concerned with building wealth so that they can retire comfortably. A decades-old form of investing and creating wealth is gaining in popularity as people search for creative ways to buy real estate.
Investing using your IRA is a complex strategy, but because it is often misunderstood and generates so much interest, it's well worth further exploration.
The self-directed IRA and IRA LLC (Limited Liability Company) are vehicles to invest in real estate. However, they are not often used because many people are erroneously told by their IRA trustees that you cannot use the account to invest in real estate.
Actually what you have to do is simply find a company that offers the option of using a self-directed IRA to invest in real estate. This can be an extremely beneficial investment tool because IRAs come in two forms: tax-deferred and tax free.
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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