Real Estate

What determines home value

Many factors go into determining home value. The square footage and number of bedrooms and bathrooms plays a large part.

How to find your home value and set your price

There are many tools available to help you determine your home value. The most obvious is your real estate agent. Your agent should have a good understanding of the current market in your area, allowing them to review comparable homes and estimate how your home sizes up.

One final factor in determining your price is your time. If you are not in a hurry to sell, you can price your house higher because you have the luxury to wait for the right buyer.

1. Doing it alone. Buying a house is a complex transaction. Even if you don’t use an agent, you’ll need a complete, dependable team: lender, lawyer, inspector, insurer, as well as referrals and advice from friends and family.

2. Buying at first sight. You may be in love with the place, but does it fit your family’s needs and budget? Make a list of your needs and wants.

3. Not getting pre-qualified and pre-approved. Being pre-qualified gives you a general idea of how much you can afford to borrow.

4. Overbuying. You may qualify to borrow more, but can you afford to? Analyze your monthly costs: debt, food, transportation, entertainment, and savings.

5. Misplacing your trust. No matter how much you like the agent, sellers, inspector, or the guy down the block who vouches for them, remember this is a business transaction.

6. Relying on oral agreements. Get it right and get it in writing. Written agreements almost always trump oral ones when it comes to contracts.

7. Skipping the fine print. You need to understand what you’re signing before you pick up a pen. Ask for documents in advance, make time to read them and ask questions.

8. Forgetting or betting on resale. Avoid buying a home that costs 50 pecent more than neighboring homes and think before buying the most expensive home on the block.

9. Making an unconditional offer. Protect yourself with at least two of these contingencies in your offer:

• Mortgage financing -- You’re pre-approved, but is the house? Before a bank will lend you money, it will want a formal appraisal of the property to confirm that there is sufficient equity in it to warrant the loan.
  
• Inspection -- never buy an existing or new home without a thorough home inspection. Walk through the home with the inspector to learn more about the house and any concerns he or she may have.
• Insurance -- confirm you can get adequate coverage. In some areas, it’s difficult to get hazard insurance.

10. Having buyer’s remorse. No place is perfect. There will always be surprises. Don’t let a few initial blips spoil the whole ride.

When is the best time of the year to buy a home? There are at least two days of the year that give buyers the edge. Would you like to guess which two days are best for buying a home?

Every spring, as tulips struggle to poke through melting snow in the North and rosebuds cautiously open in Southern climes, sure as tootin' real estate signs begin multiplying like bunnies across the country. Soon as the For Sale signs are mounted on the posts, swarms of activity buzz in the streets as sellers, buyers and real estate agents crawl out from wherever they hibernated for the winter to welcome the spring sales season.

There is nothing like a spring real estate market. Offers fly over FAX machines and cell phones ring constantly. Everybody wants a deal, and everybody wants to sell. Typically the marketplace is flooded with inventory. There is more on the market in the spring than any other time of the year.

It's also the worst time to buy a home. Except for one day. There is one day in the spring that a buyer will have the edge against all the other buyers.

The second best day of the year to buy a home is Easter Sunday.

A buyer looking for a fixer on the outskirts of downtown Sacramento lucked out last Easter. A home came on the market at an attractive price. The buyer immediately inspected the home and wrote an offer. Fortunately, the selling agent was also the seller, so it was very easy to present an offer. The offer was signed and accepted on Easter Sunday because there was no competition. Come Monday, offers were rolling in, but it was too late.

• Easter falls sometime between March 22 and April 25.
• It is the first Sunday after the ecclesiastical moon after the vernal equinox.
• The vernal equinox falls on March 20th or 21st, depending on the year.

Nobody looks at homes on Christmas Day. But buying on Christmas Day is a smart move. If you scout out the homes on which you'd like to make offers a few days before Christmas, you'll be better positioned. Why is Christmas Day so attractive?

• People are in good moods, celebrating, opening presents, enjoying family.
• People are more inclined to be generous, even if it means coming down on the price. "Hey, it's Christmas, hon; just sign it."
• Home prices are at a 12-month low in December.
• If a person has their home on the market over Christmas, that person is definitely serious about negotiating and selling that home. You can bet on it. Better yet, why not write an offer?

Should You Buy a Home With a Swimming Pool?

A lesson many pool owners learn the hard way, as I did, is that proper pool maintenance is of primary importance. Of course, most pools are located outdoors, which makes taking care of them a bit easier, but you should also find out if your pool complies with federal and local pool barrier laws regarding enhanced safety regulations.

Who Buys Homes With Swimming Pools?

When it comes to buying a home with a pool, most home buyers fall into one of three camps:

• Home Buyers Who Won't Look at Homes Without a Pool

  For these buyers, a pool is paramount because a home is not a home without a pool. Pools are very popular in warm states, where they are used year round.

• Home Buyers Who Won't Look at Homes With a Pool

  Buyers with small children are often concerned about accidental deaths by drowning. Some buyers don't want the upkeep or expense of a pool.

• Home Buyers Who Never Thought About a Pool

  If the home has everything else a buyer desires but it also has a pool, these buyers may face a quick decision they hadn't anticipated. Some buy the house and fill the pool with rocks.