Posted by Mark Salchak in General on March 24th, 2009 at 2:02 PM
Move UP in a Down Market!
It seems that every day, we are bombarded with news headlines, sound bites and announcements about the declining real estate market, the downturn in number of home sales, and the decrease in home sales prices across the country. Because we, at Salchak Realty, Inc., assist home sellers, home buyers, investors and national institutions with the acquisition and disposition of real estate daily, when people speak on T.V. or write in the papers, we pay attention. Usually, there is some expert spewing out the "national housing trend" like the guru on top of the mountain. This morning, on the Today Show, Ohio got lumped together with eight or ten other states in our mid-west section of the country. The facts are correct. We (Northeast Ohio) is in a correction phase. We are suffering from a downward trend resulting from predatory lending, high foreclosure rates, and a bad attitude.
We can't really do anything about the lender fallout and high foreclosures, but we can do something. We can change the way we think as home sellers, home buyers and real estate professionals. Adjustments need to be made, but there is an abundance of good, quality housing out there. The interest rates are excellent. This market place may make for some of the best housing opportunities (and NOT just for the investor) ever.
"Do you mean that if I take less on my house when I sell, I can still make money," you might inquire? Sounds like we're talking nonsense, but YES. Yes, there is opportunity of actually making money by selling when things seem their lowest. If we change our attitude, change our perspective and change our perception, we can use the same techniques used by Donald Trump, Sam Zell, Ed Debartolo, and Mort Zuckerman...all multi-billionaire real estate moguls[according to Forbes Magazine], to "MOVE UP IN A DOWN MARKET." This information is not in our knowledge base yet, so if you'd like to know more...contact us.
We can change our attitudes with the right information.
Make it a great day...
Posted by Mark Salchak in General on March 24th, 2009 at 2:01 PM
Here are a few tips to help you get started on your way to purchasing a new home!
- Lender pre-approval: Begin by getting pre-approved by a reputable lender.
- Your agent should recommend three lenders to you.
- Find out what lender can offer you the best “package” to fit your needs.
- Be aware of lender fees, closing costs, down payment, interest rate, discount points, etc.
- Do independent research: Know and understand your market and what you can afford, don’t over-extend yourself. Your agent and lender can help to guide you in the right direction.
- Work with a reputable real estate agent: Find that reputable Realtor who will guide and help you in the buying process from start to finish. Look for someone who:
- Understands your wants and needs
- Makes time for you, remember YOU are the customer!
- Is technically savvy
- Is willing to get the job done
- Know your top 3 “must have’s”: Make sure your agent is aware of you must have’s (this is a helpful time saving tip). Be flexible and remember there is no perfect house.
- MLS Prospecting System: Make sure your agent sets you up on the MLS Prospecting System if you have internet access. This database will open you up to all the homes for sale within your specified search criteria. You will recieve automated email updates as new homes come onto the market. This will make things easier for both you and your realtor.
- Major Repairs: Be aware of major repairs or updates that are needed when looking at homes. These items will have a major impact on the purchase price. Some examples:
- Furnace/Air
- Electrical issues
- Pest infestations
- Mold
- Water damage
- Roof
- Plumbing
- Structural issues and more
Your agent can help to guide you on these issues and help find a local contractor to give estimates and/or treat the issues.
- Making an offer:When making an offer, your agent should run a market analysis of the area, street and similar home sales to help you set an offer price. The agent can also find out what repairs the sellers have done so that you understand what they have spent on the home.
- Be open to negotiations!
Contact Salchak Realty, Inc. 330-724-5541
Posted by Mark Salchak in General on March 24th, 2009 at 2:00 PM
PREPARATION PUTS ODDS FOR HOME TO SELL IN YOUR FAVOR!
One of the most important things you can do when selling your home is to prepare your home to sell or "Set The Stage." These few tips can help you be successful without having to spend a fortune.
1. Clean the clutter! LESS = MORE
Remove as many personal items as possible. This provides the buyer with a blank canvas in which they can better imagine how it would look with their belongings.
2. Deep clean: Make your home sparkle and shine!
3. Make rooms seem as large as possible: Remove furniture and accessories that are not needed/used. If necessary, rent a small storage unit.
4. Touch up paint: Paint any areas with noticeable wear and tear. A little fresh paint goes a long way and can earn back its cost ten-fold.
5. What's that smell? Make sure your home smells fresh. You might not notice it, but other's will. A few dollars spent on some plug-ins and air fresheners will go a long way!
6. Make repairs: Make any significant repairs necessary.
7. Curb appeal! Make sure your yard is mowed and clear of debris. Plant a few vibrant colored flowers to showcase the curb appeal of your home.
Mark Salchak
SALCHAK REALTY, INC.
Investment Specialist
Cell: 330.715.8135
Office: 330.724.5541
Fax: 330.724.1030
